JPMORGAN CHASE & CO

This executive overview of the MD&A highlights selected information and does not contain all of the information that is important to readers of this Form 10-Q. For a complete description of the trends and uncertainties, as well as the risks and critical accounting estimates affecting the Firm, this Form 10-Q and the 2025 Form 10-K should be read together and in their entirety.

(a)As of September 30, 2026, the Advanced total capital ratio was more binding on the Firm than the Standardized total capital ratio. Refer to Capital Risk Management on pages 45-52 of this Form 10-Q and pages 89–99 of JPMorganChase’s 2025 Form 10-K for additional information.

(b)NII and NIR refer to net interest income and noninterest revenue, respectively.

(c)Markets consists of CIB's Fixed Income Markets and Equity Markets businesses. The Firm assesses the performance of its Markets business on a total net revenue basis, as revenues in NII generally have offsets across other revenue lines, primarily principal transactions revenue.

Comparisons noted in the sections below are for the third quarter of 2026 versus the third quarter of 2025, unless otherwise specified.

Firmwide overview

For the third quarter of 2026, JPMorganChase reported net income of $15.3 billion, up 6%, with earnings per share of $5.57, ROE of 17% and ROTCE of 20%. The Firm's results included $658 million of net investment securities losses ($498 million after tax) in Treasury and CIO.

•Total net revenue was $50.2 billion, up 8%, reflecting:

–Net interest income ("NII") of $27.0 billion, up 13%, driven by higher Markets net interest income, higher deposit balances, higher balances in Card Services, and higher wholesale loan balances,

partially offset by the impact of lower rates. NII excluding Markets was $24.7 billion, up 6%.

–Noninterest revenue ("NIR") of $23.1 billion, up 3%, driven by higher asset management fees in AWM and CCB, higher investment banking fees, higher card income, and higher auto operating lease income, predominantly offset by higher net investment securities losses in Treasury and CIO, lower Markets noninterest revenue, and losses on certain equity investments.

•Noninterest expense was $27.3 billion, up 12%, predominantly driven by higher compensation expense as a result of higher revenue-related compensation, wage inflation, and growth in the number of front office employees, as well as higher brokerage expense and distribution fees, and continued investments in technology and marketing.

•Theprovision for credit losses was $2.7 billion. Net charge-offs were $2.2 billion, down $389 million, driven by wholesale. The net addition to the allowance for credit losses was $539 million, primarily in wholesale.

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.

•The total allowance for credit losses was $32.0 billion at September 30, 2026. The Firm had an allowance for loan losses to retained loans coverage ratio of 1.75%, compared with 1.88% in the prior year.

Refer to Consolidated Results of Operations and Consolidated Balance Sheets Analysis on pages 9-14 and pages 15-17, respectively, for a further discussion of the Firm's results, including the provision for credit losses.

Pre-provision profit, ROTCE, TCE, TBVPS, NII and NIR excluding Markets, and total net revenue on a managed basis are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 19-20 for a further discussion of each of these measures.

•The Firm’snonperforming assets totaled $10.0 billion at September 30, 2026, down 6%, primarily driven by:

–lower wholesale nonaccrual loans, reflecting net portfolio activity, predominantly offset by net downgrades, and

–lower consumer nonaccrual loans, driven by the normalization of loans following the forbearances related to California wildfires that were initiated in the prior year.

Refer to Wholesale Credit Portfolio and Consumer Credit Portfolio on pages 66-74 and pages 62-65, respectively, for additional information.

•Firmwide average loans of $1.6 trillion were up 10%, predominantly driven by higher loans in CIB and AWM.

•Firmwide average depositsof $2.7 trillion were up 8%, reflecting:

–net inflows primarily in Payments,

–growth in new accounts in Corporate related to the Firm's international consumer initiatives

–growth in new accounts in CCB, and

–growth in both new accounts and balances in existing accounts in AWM.

Refer to Liquidity Risk Management on pages 53-59 for additional information.

Selected capital and other metrics

•CET1 capital was $304 billion, and the Standardized and Advanced CET1 ratios were each 14.0%.

•SLR was 5.5%.

•TBVPS grew 7%, ending the third quarter of 2026 at $112.64.

•As of September 30, 2026, the Firm had eligible end-of-period High Quality Liquid Assets (“HQLA”) of approximately $947 billion and unencumbered marketable securities with a fair value of approximately $563 billion, resulting in approximately $1.5 trillion of liquidity sources.

Refer to Capital Risk Management and Liquidity Risk Management on pages 45-52 and pages 53-59, respectively, for additional information.

Business segment highlights

Selected business metrics for each of the Firm’s lines of business ("LOB") are presented below for the third quarter of 2026.

(a)Excludes Commercial Card.

(b)Source: Dealogic as of October 1, 2026.

(c)Represents client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses.

Refer to the Business Segment & Corporate Results on pages 21-43 for a detailed discussion of results by business segment.

Credit provided and capital raised

JPMorganChase continues to support consumers, businesses and communities around the globe. The Firm provided new and renewed credit and raised capital for wholesale and consumer clients during the first nine months of 2026, consisting of approximately:

(a)Represents new and renewed credit, including loans and lending-related commitments, as well as unused amounts of advised uncommitted lines of credit where the Firm has discretion on whether to make a loan under these lines.

(b)Includes Individuals and Individual Entities primarily consisting of Global Private Bank clients within AWM. Corporations include U.S. and non-U.S. corporations.

(c)Includes states, municipalities, hospitals and universities.

Outlook

The statements set forth below are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the beliefs and expectations of JPMorganChase’s management, speak only as of the date on which they were made, and are subject to significant risks and uncertainties. Refer to Forward-Looking Statements on page 91 of this Form 10-Q and Part I, Item 1A, Risk Factors on pages 9–31 of the 2025 Form 10-K for a further discussion of certain of those risks and uncertainties and the other factors that could cause JPMorganChase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results in 2026 will be in line with the outlook information set forth below, and the Firm does not undertake to update any forward-looking statements.

JPMorganChase’s outlook for the fourth quarter and full year 2026 should be viewed against the backdrop of the global and U.S. economies, financial markets activity, the geopolitical environment, the competitive environment, client and customer activity levels, and regulatory and legislative developments in the U.S. and other countries where the Firm does business. Each of these factors will affect the performance of the Firm. The Firm will continue to make appropriate adjustments to its businesses and operations in response to ongoing developments in the business, economic, regulatory and legal environments in which it operates.

The Firm provided the following outlook information on October 13, 2026 in connection with announcing its results for the quarter ended September 30, 2026:

Fourth quarter 2026

•Management expects net interest income to be approximately $28 billion and net interest income excluding Markets to be approximately $25.5 billion, market dependent.

•Management expects adjusted expense to be approximately $27.5 billion, market dependent.

Full-year 2026

•Management expects net interest income to be approximately $106.2 billion and net interest income excluding Markets to be approximately $97.2 billion, market dependent.

•Management expects adjusted expense to be approximately $108.6 billion, market dependent.

•Management expects the net charge-off rate in Card Services to be approximately 3.2%.

Net interest income excluding Markets and adjusted expense are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 19-20.