v3.25.4
Leasing Activity (Tables)
 12 Months Ended
Dec. 31, 2025
Lessor Disclosure [Abstract]  
Leasing Revenue
Table 7.1 presents the composition of our leasing revenue and Table 7.2 provides the components of our investment in lease financing. Noninterest income on leases, included in Table 7.1 is included in other noninterest income on our consolidated statement of income. Lease expense, included in other noninterest expense on our consolidated statement of income, was $606 million, $633 million, and $697 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Table 7.1: Leasing Revenue
Year ended December 31,
(in millions)202520242023
Interest income on lease financing$947 904 740 
Other lease revenue:
Lease financing
91 92 97 
Operating leases
917 961 1,011 
Other lease-related revenue (1)62 178 129 
Noninterest income on leases1,070 1,231 1,237 
Total leasing revenue$2,017 2,135 1,977 
(1)    Includes net gains or (losses) on disposition of assets leased under operating leases or lease financings.
Investment in Lease Financing
Table 7.2: Investment in Lease Financing (1)
(in millions)Dec 31, 2025Dec 31, 2024
Lease receivables$14,719 15,290 
Residual asset values3,078 3,712 
Unearned income
(2,254)(2,589)
Lease financing$15,543 16,413 
(1)    In May 2025, the Company announced it entered into an agreement to sell the assets of its rail car leasing business and transferred lease financing balances to loans held for sale in other assets. This sale closed on January 1, 2026, which included $1.0 billion of finance leases.
Maturities of Lease Receivables
Table 7.3 presents future lease payments owed by our lessees.
Table 7.3: Maturities of Lease Receivables
December 31, 2025
(in millions)Direct financing and sales- type leasesOperating leases
2026$4,426 93 
20273,539 77 
20282,526 57 
20291,555 40 
2030979 29 
Thereafter1,694 42 
Total lease receivables$14,719 338 
Lessee Disclosure [Abstract]  
Operating Lease Right-of-Use (ROU) Assets and Lease Liabilities
Table 7.4 presents balances for our operating leases.
Table 7.4: Operating Lease Right-of-Use (ROU) Assets and Lease Liabilities
(in millions)
Dec 31, 2025Dec 31, 2024
ROU assets$3,641 3,850 
Lease liabilities4,162 4,423 
Lease Costs
Table 7.5 provides the composition of our lease costs, which are included in occupancy expense.
Table 7.5: Lease Costs
Year ended December 31,
(in millions)202520242023
Fixed lease expense – operating leases$968 971 990 
Variable lease expense271 271 268 
Other (1)(61)(43)(52)
Total lease costs$1,178 1,199 1,206 
(1)Includes gains recognized from sale leaseback transactions and sublease rental income.
Lease Payments on Operating Leases
Table 7.6 provides the future lease payments under operating leases as well as information on the remaining average lease term and discount rate as of December 31, 2025.
Table 7.6: Lease Payments on Operating Leases
(in millions, except for weighted averages)Dec 31, 2025
2026$898
2027923
2028781
2029593
2030447
Thereafter
1,105
Total lease payments4,747
Less: imputed interest585
Total operating lease liabilities$4,162
Weighted average remaining lease term (in years)6.4
Weighted average discount rate3.8 %