JPMORGAN CHASE & CO

The Firm is managed on an LOB basis. There are three reportable business segments – Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management – with the remaining activities in Corporate.

The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is evaluated by the Firm’s Operating Committee, whose members act collectively as the Firm’s chief operating decision maker. Segment results are presented on a managed basis. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 19-20 for a definition of managed basis.

Description of business segment reporting methodology

Results of the reportable business segments are intended to present each segment as if it were a stand-alone business. The management reporting process that derives business segment results includes the allocation of certain income and expense items. The Firm periodically assesses the assumptions, methodologies and reporting classifications used for segment reporting, and therefore further refinements may be implemented in future periods. The Firm also assesses the level of capital required for each LOB on at least an annual basis. The Firm’s LOBs also provide various business metrics which are utilized by the Firm and its investors and analysts in assessing performance.

Revenue sharing

When business segments or businesses within each segment join efforts to sell products and services to the Firm’s clients and customers, the participating businesses may agree to share revenue from those transactions. Revenue is generally recognized in the segment responsible for the related product or service, with allocations to the other segments or businesses involved in the transaction. The segment and business results reflect these revenue-sharing agreements.

Funds transfer pricing

Funds transfer pricing (“FTP”) is the process by which the Firm allocates interest income and expense to the LOBs and Other Corporate and transfers the primary interest rate risk and liquidity risk to Treasury and CIO.

The funds transfer pricing process considers the interest rate and liquidity risk characteristics of assets and liabilities and off-balance sheet products. Periodically, the methodology and assumptions utilized in the FTP process are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the segments.

Foreign exchange risk

Foreign exchange risk is transferred from the LOBs and Other Corporate to Treasury and CIO for certain revenues and expenses. Treasury and CIO manages these risks centrally and reports the impact of foreign exchange rate movements related to the transferred risk in its results. Refer to Market Risk Management on pages 79-84 for additional information.

Capital allocation

The amount of capital assigned to each LOB and Corporate is referred to as equity. At least annually, the assumptions, judgments and methodologies used to allocate capital are reassessed and, as a result, the capital allocated to the LOBs and Corporate may change. Refer to Line of business and Corporate equity on page 49, and page 96 of JPMorganChase’s 2025 Form 10-K for additional information on capital allocation.

Refer to Business Segment & Corporate Results – Description of business segment reporting methodology on pages 62–82 and Note 32 of JPMorganChase’s 2025 Form 10-K for a further discussion of those methodologies.

Segment & Corporate Results – Managed basis

The following tables summarize the Firm’s results by business segments and Corporate for the periods indicated.

(a)Included a $4.6 billion net gain related to Visa shares and $763 million of gains on certain equity investments, both recorded in the second quarter of 2026. Refer to Consolidated Results of Operations on pages 9-14 and Note 5 for additional information.

Refer to Note 25 for further details on total net revenue and total noninterest expense.

The following sections provide a comparative discussion of the Firm’s results by business segments and Corporate as of or for the three and nine months ended September 30, 2026 and 2025, unless otherwise specified.

CONSUMER & COMMUNITY BANKING

Refer to pages 65–68 of JPMorganChase's 2025 Form 10-K and Line of Business Metrics on page 200 for a discussion of the business profile of CCB.

(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $1.2 billion and $987 million for the three months ended September 30, 2026 and 2025, respectively, and $3.6 billion and $2.7 billion for the nine months ended September 30, 2026 and 2025, respectively.

(b)Included compensation expense recorded in and allocated from Corporate of $827 million and $787 million for the three months ended September 30, 2026 and 2025, respectively, and $2.5 billion and $2.4 billion for the nine months ended September 30, 2026 and 2025, respectively. Refer to Note 25, footnote (d) of the Segment & Corporate results and reconciliation table for additional information on the allocation.

(c)Included depreciation expense on leased assets of $792 million and $649 million for the three months ended September 30, 2026 and 2025, respectively, and $2.2 billion and $1.7 billion for the nine months ended September 30, 2026 and 2025, respectively.

(d)Included MSR risk management results of $73 million and $55 million for the three months ended September 30, 2026 and 2025, respectively, and $97 million and $111 million for the nine months ended September 30, 2026 and 2025, respectively.

(e)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.

Net income was $5.7 billion, up 13%.

Net revenue was $21.2 billion, up 9%.

Net interest income was $15.8 billion, up 6%, predominantly driven by:

•higher Card Services NII on higher revolving balances and higher net yield, and

•higher NII in Banking & Wealth Management ("BWM") on higher average deposit balances.

Noninterest revenue was $5.4 billion, up 16%, driven by:

•higher asset management fees in BWM, reflecting higher average market levels and net inflows,

•higher card income, reflecting higher annual fees, and

•higher auto operating lease income as a result of growth in volume,

•lower production revenue in Home Lending, primarily associated with warehouse loans held-for-sale.

Refer to Note 5 for additional information on asset management fees and card income.

Noninterest expense was $11.6 billion, up 12%, reflecting:

•higher noncompensation expense, predominantly driven by continued investments in marketing and technology, and higher auto lease depreciation on higher auto operating lease assets, as well as

•higher compensation expense, predominantly for advisors and bankers, including higher revenue-related compensation, and for employees in technology.

The provision for credit losses was $2.0 billion. Net charge-offs were $2.0 billion, relatively flat. The net addition to the allowance for credit losses was $50 million, primarily driven by Card Services.

In the prior year, the provision was $2.5 billion, net charge-offs were $2.0 billion and the net addition to the allowance for credit losses was $575 million.

Refer to Credit and Investment Risk Management on pages 60-78 and Allowance for Credit Losses on pages 75-77 for a further discussion of the credit portfolios and the allowance for credit losses.

Net income was $16.0 billion, up 9%.

Net revenue was $61.0 billion, up 8%.

Net interest income was $45.6 billion, up 5%, driven by:

•higher Card Services NII on higher revolving balances and higher net yield, and

•higher NII in BWM, driven by higher average deposit balances, largely offset by lower deposit margin.

Noninterest revenue was $15.4 billion, up 16%, driven by:

•higher auto operating lease income as a result of growth in volume,

•in BWM, higher asset management fees, reflecting higher average market levels and net inflows, as well as higher deposit-related fees as a result of higher transaction volume and new accounts, and

•higher card income, driven by higher annual fees, largely offset by an increase in amortization related to new account origination costs and lower net interchange. Net interchange decreased as the impact of increased debit and credit card sales volume was more than offset by higher rewards costs and partner payments.

Refer to Note 5 for additional information on deposit-related fees.

Noninterest expense was $33.7 billion, up 12%, reflecting:

•higher noncompensation expense, predominantly driven by continued investments in marketing and technology, higher auto lease depreciation on higher auto operating lease assets and higher legal expense, as well as

•higher compensation expense, predominantly for advisors and bankers, including higher revenue-related compensation, and for employees in technology.

The provision for credit losses was $6.2 billion. Net charge-offs were $6.3 billion, up $124 million, driven by Card Services, reflecting loan growth. The net reduction in the allowance for credit losses of $95 million was driven by updates to certain macroeconomic variables, including improvements in home prices in the first quarter of 2026, predominantly offset by loan growth.

In the prior year, the provision was $7.2 billion, net charge-offs were $6.2 billion and the net addition to the allowance for credit losses was $1.0 billion.

(a)At September 30, 2026 and 2025, Home Lending loans held-for-sale and loans at fair value were $12.4 billion and $9.4 billion, respectively.

(b)Average Home Lending loans held-for-sale and loans at fair value were $15.2 billion and $10.1 billion for the three months ended September 30, 2026 and 2025, respectively, and $13.3 billion and $8.9 billion for the nine months ended September 30, 2026 and 2025, respectively.

(c)Refer to footnote (e) on page 23 for further information on the centralization of Risk functions.

(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At September 30, 2026 and 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $60 million and $65 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.

(b)At September 30, 2026 and 2025, excluded mortgage loans insured by U.S. government agencies of $81 million and $95 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(c)Included $2.3 billion associated with the Apple Card transaction. Refer to Note 12 of this Form 10-Q and Note 13 of the Firm's 2025 Form 10-K for additional information.

(a)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 36-40 for additional information.

(b)Firmwide mortgage origination volume was $20.4 billion and $16.9 billion for the three months ended September 30, 2026 and 2025, respectively, and $58.2 billion and $44.4 billion for the nine months ended September 30, 2026 and 2025, respectively.

COMMERCIAL & INVESTMENT BANK

Refer to pages 69–75 of JPMorganChase’s 2025 Form 10-K and Line of Business Metrics on page 200 for a discussion of the business profile of CIB.

(a)Included taxable-equivalent adjustments primarily from income tax credits from investments in alternative energy, affordable housing and new markets, income from tax-exempt securities and loans, and the related amortization and other tax benefits of the investments in alternative energy and affordable housing of $684 million and $644 million for the three months ended September 30, 2026 and 2025, respectively, and $2.0 billion for both the nine months ended September 30, 2026 and 2025.

(b)Included compensation expense recorded in and allocated from Corporate of $1.2 billion and $1.1 billion for the three months ended September 30, 2026 and 2025, respectively, and $3.6 billion and $3.5 billion for the nine months ended September 30, 2026 and 2025, respectively. Refer to Note 25, footnote (d) of the Segment & Corporate results and reconciliation table for additional information on the allocation.

(c)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.

(a)Consists primarily of centrally-managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets. Refer to Notes 2, 3 and 19 for additional information.

(a)Refer to Line of Business Metrics on page 200 for a description of each of the client coverage segments.

Net income was $8.2 billion, up 20%.

Net revenue was $22.7 billion, up 14%.

Banking & Payments revenue was $11.0 billion, up 16%.

•Investment Banking revenue was $3.1 billion, up 15%, predominantly driven by higher investment banking fees. Investment banking fees were up 14%, predominantly driven by higher advisory fees. The Firm ranked #1 for global investment banking fees for the three months ended September 30, 2026, according to Dealogic.

–Advisory fees were $1.2 billion, up 32%, driven by higher fees from deals in the Healthcare, Diversified Industries and Technology sectors, partially offset by lower fees from deals in the Financial Institutions sector.

–Equity underwriting fees were $564 million, up 7%, driven by higher revenue from follow-on offerings, partially offset by lower revenue from private placements.

–Debt underwriting fees were $1.2 billion, up 4%, driven by higher non-investment grade loans, largely offset by lower non-investment grade bonds.

•Payments revenue was $5.6 billion, up 14%, driven by higher average deposits, higher deposit margin and fee growth.

•Lending revenue was $2.2 billion, up 20%, largely driven by lower fair value losses on credit protection purchased against certain retained loans and lending-related commitments, higher loan balances and higher lending-related fees.

Markets & Securities Services revenue was $11.8 billion, up 13%. Markets revenue was $10.3 billion, up 15%.

•Equity Markets revenue was $5.0 billion, up 49%, driven by strong performance across products, particularly in Prime and Derivatives.

•Fixed Income Markets revenue was $5.4 billion, down 4%, driven by lower revenue in Commodities,

Rates, Credit and Public Finance, largely offset by higher revenue in Currencies & Emerging Markets.

•Securities Services revenue was $1.6 billion, up 14%, predominantly driven by fee growth on higher market levels and client activity, as well as higher average deposits and higher deposit margin.

•Credit Adjustments & Other was a loss of $170 million, compared with a gain of $28 million in the prior year.

Noninterest expense was $10.8 billion, up 11%, predominantly driven by higher brokerage expense and higher compensation expense, including higher revenue-related compensation.

The provision for credit losses was $663 million, predominantly driven by the impact of net increases in the loan and lending-related commitment portfolios and changes in the credit quality of certain exposures. The net addition to the allowance for credit losses was $452 million and net charge-offs were $211 million.

In the prior year, the provision was $809 million, the net charge-offs were $567 million and the net addition to the allowance for credit losses was $242 million.

Refer to Credit and Investment Risk Management on pages 60-78, Allowance for Credit Losses on pages 75-77, and Critical Accounting Estimates on pages 86-88 for a further discussion of the credit portfolios and the allowance for credit losses.

Net income was $27.0 billion, up 32%.

Net revenue was $71.0 billion, up 20%.

Banking & Payments revenue was $32.5 billion, up 18%.

•Investment Banking revenue was $10.1 billion, up 33%, predominantly driven by higher investment banking fees and net gains on equity investments. Investment banking fees were up 24%, driven by higher fees across products. The Firm ranked #1 for global investment banking fees for the nine months ended September 30, 2026, according to Dealogic.

–Advisory fees were $3.5 billion, up 42%, driven by higher fees from deals in the Diversified Industries, Healthcare, Technology, Natural Resource Group and Media & Communication sectors, partially offset by lower fees from deals in the Consumer & Retail sector.

–Equity underwriting fees were $1.9 billion, up 42%, driven by higher revenue across all products.

–Debt underwriting fees were $3.8 billion, up 5%, driven by higher investment grade loans and bonds, partially offset by lower non-investment grade bonds.

•Payments revenue was $16.0 billion, up 13%, driven by higher average deposits, fee growth and higher deposit margin.

•Lending revenue was $6.4 billion, up 13%, largely driven by higher loan balances, lower fair value losses on credit protection purchased against certain retained loans and lending-related commitments, and higher lending-related fees.

Markets & Securities Services revenue was $38.4 billion, up 22%. Markets revenue was $34.0 billion, up 23%.

•Equity Markets revenue was $15.5 billion, up 49%, driven by strong performance across products, particularly in Prime and Derivatives.

•Fixed Income Markets revenue was $18.5 billion, up 8%, driven by higher revenue in Currencies & Emerging Markets, Credit, Securitized Products and Commodities, partially offset by lower revenue in Rates.

•Securities Services revenue was $4.8 billion, up 16%, predominantly driven by fee growth on higher market levels and client activity as well as higher average deposits and higher deposit margin.

•Credit Adjustments & Other was a loss of $318 million, compared with a loss of $59 million in the prior year.

Noninterest expense was $33.3 billion, up 14%, predominantly driven by higher compensation, including higher revenue-related compensation, as well as higher brokerage expense.

The provision for credit losses was$1.5 billion, predominantly driven by changes in the credit quality of certain exposures and the impact of net increases in the loan and lending-related commitment portfolios. The net addition to the allowance for credit losses was $963 million and net charge-offs were $538 million.

In the prior year, the provision was$2.2 billion, the net addition to the allowance for credit losseswas $1.1 billion and net charge-offs were $1.1 billion.

(a)Loans held-for-sale and loans at fair value primarily reflect lending-related positions originated and purchased in Markets, including loans held for securitization.

(b)Refer to Line of Business Metrics on page 200 for a description of each of the client coverage segments.

(c)Refer to footnote (c) on page 28 for further information on the centralization of Risk functions.

(d)During the three months ended June 30, 2026, the capital allocated to CIB from Corporate was increased by $8.5 billion, compared with the capital allocated in the first quarter of 2026, in connection with growth in the business.

(a)Allowance for loan losses of $672 million and $724 million were held against these nonaccrual loans at September 30, 2026 and 2025, respectively.

(b)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At September 30, 2026 and 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $207 million and $93 million, respectively.

(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

(a)Represents long-term debt and loan syndications.

(a)Source: Dealogic as of October 1, 2026. Reflects the ranking of revenue wallet and market share.

(b)Global M&A excludes any withdrawn transactions. U.S. M&A revenue wallet represents wallet from client parents based in the U.S.

(c)Global equity and equity-related ranking includes rights offerings and Chinese A-Shares.

(d)Long-term debt rankings include investment grade, high-yield, supranationals, sovereigns, agencies, covered bonds, asset-backed securities ("ABS") and mortgage-backed securities ("MBS"); and exclude money market, short-term debt and U.S. municipal securities.

(e)Global investment banking fees exclude money market, short-term debt and shelf securities.

Markets revenue

The following table summarizes selected income statement data for the Markets businesses. Markets includes both Fixed Income Markets and Equity Markets. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. The Firm assesses its Markets business performance on a total revenue basis, as offsets generally occur across revenue line items. For example, securities that generate net interest income may be risk-managed by derivatives

that are reflected at fair value in principal transactions revenue. Refer to Notes 5 and 6 for a description of the composition of these income statement line items. Refer to Markets revenue on page 73 of JPMorganChase’s 2025 Form 10-K for further information.

For the periods presented below, the primary source of principal transactions revenue was the amount recognized upon executing new transactions.

(a)Consists of mutual funds, unit investment trusts, currencies, annuities, insurance contracts, options and other contracts.

(b)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.

(a)Total net revenue and loans retained (excluding loans held-for-sale and loans at fair value) are based on the location of the trading desk, booking location, or domicile of the client, as applicable.

(b)Client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses, and AUC, are based on the domicile of the client or booking location, as applicable.

ASSET & WEALTH MANAGEMENT

Refer to pages 76–79 of JPMorganChase’s 2025 Form 10-K and Line of Business Metrics on page 201 for a discussion of the business profile of AWM.

(a)Included compensation expense recorded in and allocated from Corporate of $289 million and $279 million for the three months ended September 30, 2026 and 2025, respectively, and $876 million and $820 million for the nine months ended September 30, 2026 and 2025, respectively. Refer to Note 25, footnote (d) of the Segment & Corporate results and reconciliation table for additional information on the allocation.

(b)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.

Net income was $1.8 billion, up 11%.

Net revenue was $6.9 billion, up 14%. Net interest income was $1.9 billion, up 10%. Noninterest revenue was $5.0 billion, up 15%.

Revenue from Asset Management was $3.2 billion, up 11%, driven by:

•higher asset management fees, reflecting higher average market levels and strong net inflows, partially offset by

•lower investment valuation gains.

Revenue from Global Private Bank was $3.7 billion, up 16%, reflecting:

•higher noninterest revenue, predominantly driven by higher management fees due to strong net inflows and higher average market levels, as well as higher brokerage commissions, and

•higher net interest income driven by higher average loans, partially offset by deposit margin compression.

Noninterest expense was $4.4 billion, up 14%, largely driven by higher compensation, primarily higher revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees.

The provision for credit losses was $84 million. The net addition to the allowance for credit losses was $68 million and net charge-offs were $16 million. In the prior year, the provision was $59 million, net charge-offs were $62 million and the net reduction in the allowance for credit losses was $3 million.

Refer to Credit and Investment Risk Management on pages 60-78 and Allowance for Credit Losses on pages 75-77 for further discussions of the credit portfolios and the allowance for credit losses.

Net income was $5.6 billion, up 18%.

Net revenue was $20.1 billion, up 15%. Net interest income was $5.4 billion, up 6%. Noninterest revenue was $14.7 billion, up 18%.

Revenue from Asset Management was $9.6 billion, up 16%, predominantly driven by:

•higher asset management fees, reflecting higher average market levels and strong net inflows, and

•higher investment valuation gains.

Revenue from Global Private Bank was $10.5 billion, up 13%, reflecting:

•higher noninterest revenue, predominantly driven by higher management fees due to strong net inflows and higher average market levels, as well as higher brokerage commissions, and

•higher net interest income driven by higher average loans and deposits, partially offset by narrower spreads on loans and deposit margin compression.

Noninterest expense was $12.7 billion, up 13%, largely driven by higher compensation, primarily higher revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees.

The provision for credit losses was $73 million. The net addition to the allowance for credit losses was $54 million and net charge-offs were $19 million. In the prior year, the provision was $95 million, net charge-offs were $62 million and the net addition in the allowance for credit losses was $33 million.

(a)Represents the Morningstar Rating for all domiciled funds except for Japan domiciled funds which use Nomura. Includes only Asset Management retail active open-ended mutual funds and active ETFs that have a rating. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds.

(b)Quartile ranking sourced from Morningstar, Lipper and Nomura based on country of domicile. Includes only Asset Management retail active open-ended mutual funds and active ETFs that are ranked by the aforementioned sources. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds.

(c)Loans, deposits and related credit data and quality statistics relate to the Global Private Bank business.

(d)Included $67 million of nonaccrual loans held-for-sale at September 30, 2026, which are excluded from the allowance coverage ratio calculations.

(e)Refer to footnote (b) on page 36 for further information on the centralization of Risk functions.

Client assets

Assets under management were $5.2 trillion, up 13%, and client assets were $7.9 trillion, up 15%. These increases were driven by continued net inflows and higher market levels.

(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.

(a)Consists of Global Private Bank in AWM and client investment assets in J.P. Morgan Wealth Management in CCB.

(a)Regional revenue is based on the domicile of the client.

CORPORATE

Refer to pages 80–82 of JPMorganChase’s 2025 Form 10-K for a discussion of Corporate.

(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $42 million and $39 million for the three months ended September 30, 2026 and 2025, respectively, and $130 million and $113 million for the nine months ended September 30, 2026 and 2025, respectively.

(b)Predominantly relates to the Firm's international consumer initiatives.

(c)Included equity investments with a carrying value of $5.7 billion made by the Strategic Investment Group. These investments are generally accounted for under the measurement alternative, except for equity that is publicly traded which is carried at fair value.

(d)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.

(e)Included a $4.6 billion net gain related to Visa shares and $763 million of gains on certain equity investments, recorded in the second quarter of 2026. Refer to Consolidated Results of Operations on pages 9-14 and Note 5 for additional information.

(f)Included an FDIC special assessment accrual release of $437 million for the nine months ended September 30, 2025.

(g)Included a $774 million income tax benefit driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025.

Net loss was $455 million, compared with a net income of $825 million in the prior year.

Net revenue was $93 million, compared with $1.7 billion in the prior year.

Net interest income was $669 million, down $737 million, predominantly driven by the impact of lower rates.

Noninterest revenue was a loss of $576 million, compared with revenue of $297 million in the prior year, predominantly driven by:

•a net loss in investment securities predominantly due to sales of U.S. Treasuries, as compared with a net gain in the prior year, related to repositioning the investment securities portfolio in Treasury and CIO, and

•a net loss compared with a gain in the prior year on certain equity investments.

Refer to Notes 9 and 12 for additional information on the investment securities portfolio and the allowance for credit losses.

Noninterest expense was $586 million, compared with $445 million in the prior year.

Income tax benefit was $8 million, compared with $436 million expense in the prior year, driven by:

•changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes, and

•current-period tax benefits related to the resolution of certain tax audits,

•current-period tax expense related to the filing of prior-year tax returns as compared with a benefit in the prior year.

Net income was $4.5 billion, compared with $4.2 billion in the prior year.

Net revenue was $7.4 billion, compared with $5.5 billion in the prior year.

Net interest income was $2.5 billion, down $2.0 billion, driven by the impact of lower rates, partially offset by higher investment securities balances.

Noninterest revenue was $4.8 billion, compared with $999 million in the prior year. Excluding the $4.6 billion net gain related to Visa shares and $763 million of gains on certain equity investments recorded in the second quarter, noninterest revenue was down $1.6 billion, driven by:

•a net loss in investment securities due to sales of U.S. GSE and government agency MBS and U.S. Treasuries, as compared with a net gain in the prior year, related to repositioning the investment securities portfolio in Treasury and CIO, and

•the absence of the $588 million First Republic-related gain recorded in the first quarter of the prior year.

Refer to Consolidated Results of Operations on pages 9-14 and Note 5 for additional information on Visa shares, the gains on certain equity investments, and the First Republic acquisition.

Noninterest expense was $1.8 billion, compared with $1.2 billion in the prior year, predominantly due to the absence of an FDIC special assessment accrual release in the prior year and higher costs associated with the Firm's international consumer initiatives.

Refer to pages 80–82 and Note 6 of JPMorganChase’s 2025 Form 10-K for additional information on FDIC-related expense.

Income tax expense was $1.2 billion, compared with $152 million expense in the prior year, driven by:

•lower tax benefits related to the resolution of certain tax audits and the impact of tax regulations, including the absence of a $774 million income tax benefit recorded in the second quarter of 2025,

•current-period tax expense related to the filing of prior-year tax returns as compared with a benefit in the prior year, and

•changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes.

Other Corporate includes equity investments made by the Strategic Investment Group, including those associated with the Firm’s Security and Resiliency Initiative, as well as the Firm's international consumer initiatives, which primarily consist of Chase U.K., Chase Europe (which was launched in Germany in May 2026), J.P. Morgan Personal Investing and an ownership stake in C6 Bank.

Treasury and CIO overview

At September 30, 2026, the average credit rating of the Treasury and CIO investment securities comprising the portfolio in the table below was AA+ (based upon external ratings where available and, where not available, based primarily upon internal risk ratings). Refer to Note 9 for further information on the Firm’s investment securities portfolio and internal risk ratings.

Refer to Liquidity Risk Management on pages 53-59 for further information on liquidity and funding risk. Refer to Market Risk Management on pages 79-84 for information on interest rate and foreign exchange risks.

(a)During 2025, the Firm transferred $44.1 billion of investment securities from AFS to HTM for asset-liability management purposes. Refer to Note 10 of JPMorganChase’s 2025 Form 10-K for additional information on transfers from AFS to HTM securities.

(b)As of September 30, 2026 and 2025, the allowance for credit losses on investment securities was $42 million and $72 million, respectively.