JPMORGAN CHASE & CO

This section provides a comparative discussion of JPMorganChase’s Consolidated Results of Operations on a reported basis for the three and nine months ended September 30, 2026 and 2025, unless otherwise specified. Factors that relate primarily to a single business segment or Corporate are discussed in more detail in the results of that segment or Corporate. Refer to pages 86-88 of this Form 10-Q and pages 154–157 of JPMorganChase’s 2025 Form 10-K for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Results of Operations.

Visa shares: On April 13, 2026, Visa Inc. commenced an exchange offer for Visa Class B-2 common shares. On May 11, 2026, Visa accepted the Firm’s tender of its 18.6 million Visa Class B-2 common shares in exchange for a combination of Visa Class B-3 common shares and Visa Class C common shares (“Visa C shares”), resulting in a $4.6 billion net gain in Corporate for the three months ended June 30, 2026. As of September 30, 2026, the Firm had sold all of its Visa C shares.

Gains on certain equity investments: The second quarter of 2026 results included $1.0 billion of gains on certain equity investments, consisting of $763 million in Corporate and $263 million in CIB. These gains represented a measurement alternative markup on an equity investment and initial gains on transition from measurement alternative to recurring fair value on certain other equity investments.

(a)Included operating lease income of $1.2 billion and $990 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. Refer to Note 5 for additional information.

(b)Included a $4.6 billion net gain related to Visa shares and $1.0 billion of gains on certain equity investments, both recorded in the second quarter of 2026. Refer to Note 5 for additional information.

Investment banking fees increased, reflecting in CIB:

•higher advisory fees 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,

•higher debt underwriting fees driven by higher non-investment grade loans, largely offset by lower non-investment grade bonds, and

•higher equity underwriting fees driven by higher revenue from follow-on offerings, partially offset by lower revenue from private placements.

Refer to CIB segment results on pages 28-35 and Note 5 for additional information.

Principal transactions revenue decreased, reflecting in CIB:

•lower Fixed Income Markets revenue across products,

largely offset by

•higher Equity Markets revenue predominantly driven by Equity Derivatives and Prime Finance.

Principal transactions revenue in CIB generally has offsets across other revenue lines, including net interest income. The Firm assesses the performance of its Markets business on a total net revenue basis.

Refer to CIB segment results on pages 28-35 and Note 5 for additional information.

Lending- and deposit-related fees increased, reflecting:

•in CIB, higher cash management fees in Payments, as a result of higher volume, and

•in CCB, higher deposit-related fees as a result of higher transaction volume and new accounts.

Refer to CCB and CIB segment results on pages 23-27 and pages 28-35, respectively, and Note 5 for additional information.

Asset management fees increased driven by higher average market levels and net inflows in AWM and CCB. Refer to CCB and AWM segment results on pages 23-27 and pages 36-40, respectively, and Note 5 for additional information.

Commissions and other fees increased in CIB and AWM, predominantly due to higher brokerage commissions on higher volume and, to a lesser extent, higher custody fees as a result of higher market levels and client activity. Refer to CIB and AWM segment results on pages 28-35 and pages 36-40, respectively, and Note 5 for additional information.

Investment securitieswas a net loss, compared with a net gain in the prior year, associated with repositioning the investment securities portfolio in Treasury and CIO. The current quarter net loss was primarily related to sales of U.S. Treasuries. Refer to Corporate results on pages 41-43 and Note 9 for additional information.

Mortgage fees and related income decreased in Home Lending predominantly driven by lower production revenue, primarily associated with warehouse loans held-for-sale. Refer to CCB segment results on pages 23-27 and Note 14 for additional information.

Card income increased, primarily in CCB, reflecting higher annual fees. Refer to CCB segment results on pages 23-27 and Note 5 for additional information.

Other income increased, primarily reflecting:

•higher auto operating lease income in CCB due to growth in volume,

predominantly offset by

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

Refer to CCB and CIB segment and Corporate results on pages 23-27, pages 28-35 and pages 41-43, respectively, for additional information.

Net interest income increased driven by higher Markets net interest income, higher deposit balances across the LOBs and Corporate, higher revolving balances in Card Services, and higher wholesale loan balances, partially offset by the impact of lower rates.

The Firm’s average interest-earning assets were $4.3 trillion, up $440 billion, and the yield was 4.86%, down 19 basis points (“bps”). The net yield on these assets,

on an FTE basis, was 2.48%, an increase of 3 bps. The net yield excluding Markets was 3.70%, down 3 bps.

Refer to the Consolidated average balance sheets, interest and rates schedule on pages 191-192 for additional information. Net yield excluding Markets is a non-GAAP financial measure. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 19-20 for an additional discussion of net yield excluding Markets.

Investment banking fees increased, reflecting in CIB:

•higher advisory fees 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,

•higher equity underwriting fees driven by higher revenue across all products, and

•higher debt underwriting fees driven by higher investment grade loans and bonds, partially offset by lower non-investment grade bonds.

Principal transactions revenue increased, reflecting the net impact in CIB of:

•higher Equity Markets revenue predominantly driven by Prime Finance and Equity Derivatives, and

•lower Fixed Income Markets revenue driven by Securitized Products, Rates, Fixed Income Financing and Currencies & Emerging Markets, partially offset by higher revenue in Credit.

Principal transactions revenue in CIB generally has offsets across other revenue lines, including net interest income. The Firm assesses the performance of its Markets business on a total net revenue basis.

Lending- and deposit-related fees increased, reflecting:

•in CIB, higher cash management fees, and higher lending-related fees, primarily loan commitment fees, both as a result of higher volume, and

•in CCB, higher deposit-related fees as a result of higher transaction volume and new accounts.

Asset management fees increased driven by higher average market levels and net inflows in AWM and CCB.

Commissions and other fees increased in CIB and AWM, predominantly due to higher brokerage commissions on higher volume and, to a lesser extent, higher custody fees as a result of higher market levels and client activity.

Investment securities was a net loss, compared with a net gain in the prior year, associated with repositioning the investment securities portfolio in Treasury and CIO. The current year net loss was primarily related to sales of U.S. GSE and government agency MBS and U.S. Treasuries.

Mortgage fees and related income decreased in Home Lending largely driven by lower production revenue, primarily associated with warehouse loans held-for-sale.

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

Other income increased, reflecting:

•the $4.6 billion net gain related to Visa shares in Corporate recorded in the second quarter of 2026,

•higher net gains on certain equity investments, including the $1.0 billion of gains recorded in the second quarter of 2026, consisting of $763 million in Corporate and $263 million in CIB,

•higher auto operating lease income in CCB due to growth in volume, and

•higher investment valuation gains in AWM,

•lower First Republic-related revenues primarily driven by the absence of the $588 million gain recorded in the prior year in Corporate.

Refer to Note 5 for additional information.

Net interest income increased driven by higher Markets net interest income, higher deposit balances across the LOBs and Corporate, higher revolving balances in Card Services, and higher wholesale loan balances, partially offset by the impact of lower rates.

The Firm’s average interest-earning assets were $4.3 trillion, up $450 billion, and the yield was 4.82%, down 27 bps. The net yield on these assets, on an FTE basis, was 2.46%, a decrease of 3 bps. The net yield excluding Markets was 3.69%, down 5 bps.

The provision for credit losses was $2.7 billion. Net charge-offs were $2.2 billion and the net addition to the allowance for credit losses was $539 million.

The provision for credit losses included:

•$2.1 billion inconsumer, reflecting net charge-offs of $2.0 billion, predominantly driven by Card Services. The net addition to the allowance for credit losses was $104 million, driven by Card Services, and

•$667 million inwholesale, 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 $435 million and net charge-offs were $232 million.

In the prior year, the provision was $3.4 billion, net charge-offs were $2.6 billion and the net addition to the allowance for credit losses was $810 million.

Refer to CCB, CIB and AWM segment and Corporate results on pages 23-27, pages 28-35, pages 36-40, and pages 41-43, respectively; Allowance for Credit Losses on pages 75-77; Critical Accounting Estimates Used by the Firm on pages 86-88; and Notes 11 and 12 for additional information on the credit portfolio and the allowance for credit losses.

The provision for credit losses was $7.8 billion. Net charge-offs were $6.9 billion and the net addition to the allowance for credit losses was $879 million.

The provision for credit losses included:

•$6.3 billion inconsumer, reflecting net charge-offs of $6.3 billion, predominantly driven by Card Services. The net reduction in the allowance for credit losses was $24 million, driven by updates to certain macroeconomic variables, including improvements in home prices in the first quarter of 2026, predominantly offset by loan growth, and

•$1.5 billion inwholesale, 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 $914 million and net charge-offs were $561 million.

In the prior year, the provision was $9.6 billion, net charge-offs were $7.3 billion and the net addition to the allowance for credit losses was $2.2 billion.

(a)Includes depreciation expense associated with auto operating lease assets. Refer to Note 16 for additional information.

(b)Refer to Note 5 for additional information.

Compensation expense increased predominantly driven by:

•higher revenue-related compensation across the LOBs,

•the impact of wage inflation, and

•growth in the number of employees, particularly front office employees.

Noncompensation expense increased, reflecting:

•continued investments in technology across the LOBs and Corporate, and in marketing, primarily in CCB,

•higher brokerage expense in CIB and higher distribution fees in AWM,

•higher depreciation expense on higher auto operating lease assets in CCB,

•higher FDIC-related expense, primarily in Corporate, which included the absence of an FDIC special assessment accrual release of $79 million recorded in the prior year, and

•higher occupancy expense, reflecting the impact of net additions to and improvements in the Firm’s properties, including its corporate headquarters, other corporate offices and retail branches.

Refer to Note 5 for additional information on other expense.

Compensation expense increased driven by:

•higher revenue-related compensation across the LOBs,

•the impact of wage inflation, and

•growth in the number of employees, particularly front office employees.

Noncompensation expense increased, reflecting:

•continued investments in technology across the LOBs and Corporate, and in marketing, primarily in CCB,

•higher brokerage expense in CIB and higher distribution fees in AWM,

•higher depreciation expense on higher auto operating lease assets in CCB,

•higher FDIC-related expense, primarily in Corporate, driven by the absence of FDIC special assessment accrual releases of $437 million recorded in the prior year, and

•higher occupancy expense, reflecting the impact of net additions to and improvements in the Firm’s properties, including its corporate headquarters, other corporate offices and retail branches,

•lower operating losses largely in CCB.

Theeffective tax rate increased driven by:

•the 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,

largely offset by

•tax benefits related to the resolution of certain tax audits.

Theeffective tax rate increased 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 prior year,

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

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

•higher tax benefits related to the vesting of employee share-based awards.