Derivatives (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional or Contractual Amounts and Fair Values of Derivatives

Table 13.1 presents the total notional or contractual amounts and fair values for our derivatives. Derivative transactions can be measured in terms of the notional amount, but this amount is not recognized on our consolidated balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the instruments. The notional amount is generally not exchanged, but is used only as the basis on which derivative cash flows are determined.

Table 13.1: Notional or Contractual Amounts and Fair Values of Derivatives


	December 31, 2025					December 31, 2024
	Notional or contractual amount		Fair value			Notional or contractual amount	Fair value
			Derivative assets		Derivative liabilities		Derivative assets	Derivative liabilities
(in millions)
Derivatives designated as hedging instruments
Interest rate contracts	$	377,837	447		852	294,127	352	863
Commodity contracts	8,854		2		279	4,756	17	10
Foreign exchange contracts	6,455		24		180	3,326	12	370
Total derivatives designated as qualifying hedging instruments			473		1,311		381	1,243
Derivatives not designated as hedging instruments














Interest rate contracts	11,919,067		21,896		21,923	9,510,281	28,463	30,272
Commodity contracts	117,863		3,245		4,126	96,321	2,624	1,623
Equity contracts	634,436		20,788		22,714	487,097	15,201	15,606
Foreign exchange contracts	5,601,838		38,047		36,797	3,506,412	51,944	50,555
Credit contracts	62,336		81		85	47,557	96	50

Total derivatives not designated as hedging instruments			84,057		85,645		98,328	98,106
Total derivatives before netting			84,530		86,956		98,709	99,349
Netting			(62,720)		(73,332)		(78,697)	(83,014)
Total			$	21,810	13,624		20,012	16,335

Offsetting of Derivative Assets and Liabilities

Table 13.2 provides information on the fair values of derivative assets and liabilities subject to legally enforceable master netting arrangements with the same counterparty, the balance sheet netting adjustments and the resulting net fair value amount recognized on our consolidated balance sheet, as well as the non-

cash collateral associated with such arrangements. In addition to the netting amounts included in the table, we also have balance sheet netting related to resale and repurchase agreements that are disclosed within Note 17 (Securities Financing Activities).

Table 13.2: Offsetting of Derivative Assets and Liabilities


	December 31, 2025			December 31, 2024
(in millions)	Derivative Assets		Derivative Liabilities	Derivative Assets	Derivative Liabilities
Interest rate contracts
Over-the-counter (OTC)	$	20,594	20,835	26,350	27,786
OTC cleared	445		366	961	1,126
Exchange traded	58		65	178	121
Total interest rate contracts	21,097		21,266	27,489	29,033
Commodity contracts
OTC	2,432		3,764	1,936	1,121
Exchange traded	405		252	301	327
Total commodity contracts	2,837		4,016	2,237	1,448
Equity contracts
OTC	6,836		12,149	6,139	9,977
Exchange traded	12,274		8,476	7,195	4,271
Total equity contracts	19,110		20,625	13,334	14,248
Foreign exchange contracts
OTC	37,437		36,757	51,541	50,654

Total foreign exchange contracts	37,437		36,757	51,541	50,654
Credit contracts
OTC	81		83	91	46

Total credit contracts	81		83	91	46
Total derivatives subject to enforceable master netting arrangements, gross	80,562		82,747	94,692	95,429
Less: Gross amounts offset
Counterparty netting (1)	(57,957)		(57,777)	(69,080)	(68,945)
Cash collateral netting	(4,763)		(15,555)	(9,617)	(14,069)
Total derivatives subject to enforceable master netting arrangements, net	17,842		9,415	15,995	12,415
Derivatives not subject to enforceable master netting arrangements	3,968		4,209	4,017	3,920
Total derivatives recognized in consolidated balance sheet, net	21,810		13,624	20,012	16,335
Non-cash collateral	(4,906)		(3,091)	(4,024)	(2,853)
Total derivatives, net	$	16,904	10,533	15,988	13,482

(1)Represents amounts with counterparties subject to enforceable master netting arrangements that have been offset on our consolidated balance sheet, including portfolio level valuation adjustments related to customer accommodation and other trading derivatives. These valuation adjustments were substantially all related to interest rate and foreign exchange contracts. Table 13.7 and Table 13.8 present information related to derivative valuation adjustments.

Gains (Losses) Recognized on Cash Flow Hedging Relationships

Table 13.3 and Table 13.4 show the net gains (losses) related to derivatives in cash flow and fair value hedging relationships, respectively.

Table 13.3: Gains (Losses) Recognized on Cash Flow Hedging Relationships


	Net interest income				Total recognized in net income	Total recognized in OCI
(in millions)	Loans		Other interest income	Long-term debt	Derivative gains (losses)	Derivative gains (losses)























Year ended December 31, 2025

Total amounts presented in the consolidated statement of income and other comprehensive income (1)	$	54,737	1,101	(10,268)	N/A	1,245
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income	(392)		(223)	—	(615)	615
Net unrealized gains (losses) (pre-tax) recognized in OCI	N/A		N/A	N/A	N/A	602
Total gains (losses) (pre-tax) on interest rate contracts	(392)		(223)	—	(615)	1,217
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income	—		—	(6)	(6)	6
Net unrealized gains (losses) (pre-tax) recognized in OCI	N/A		N/A	N/A	N/A	—
Total gains (losses) (pre-tax) on foreign exchange contracts	—		—	(6)	(6)	6
Total gains (losses) (pre-tax) recognized on cash flow hedges	$	(392)	(223)	(6)	(621)	1,223

Year ended December 31, 2024

Total amounts presented in the consolidated statement of income and other comprehensive income (1)	$	57,895	1,137	(12,463)	N/A	(356)
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income	(444)		(396)	—	(840)	840
Net unrealized gains (losses) (pre-tax) recognized in OCI	N/A		N/A	N/A	N/A	(1,222)
Total gains (losses) (pre-tax) on interest rate contracts	(444)		(396)	—	(840)	(382)
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income	—		—	(7)	(7)	7
Net unrealized gains (losses) (pre-tax) recognized in OCI	N/A		N/A	N/A	N/A	(1)
Total gains (losses) (pre-tax) on foreign exchange contracts	—		—	(7)	(7)	6
Total gains (losses) (pre-tax) recognized on cash flow hedges	$	(444)	(396)	(7)	(847)	(376)
Year ended December 31, 2023
Total amounts presented in the consolidated statement of income and other comprehensive income (1)	$	57,155	1,068	(11,572)	N/A	545
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income	(267)		(449)	—	(716)	716
Net unrealized gains (losses) (pre-tax) recognized in OCI	N/A		N/A	N/A	N/A	(201)
Total gains (losses) (pre-tax) on interest rate contracts	(267)		(449)	—	(716)	515
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income	—		—	(8)	(8)	8
Net unrealized gains (losses) (pre-tax) recognized in OCI	N/A		N/A	N/A	N/A	—
Total gains (losses) (pre-tax) on foreign exchange contracts	—		—	(8)	(8)	8
Total gains (losses) (pre-tax) recognized on cash flow hedges	$	(267)	(449)	(8)	(724)	523

(1)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities, with corresponding changes to our consolidated statement of income. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies).

Gains (Losses) Recognized on Fair Value Hedging Relationships

Table 13.4: Gains (Losses) Recognized on Fair Value Hedging Relationships


	Net interest income				Noninterest income		Total recognized in net income		Total recognized in OCI
(in millions)	Available-for-sale and held-to-maturity debt securities (1)		Deposits	Long-term debt		Net gains from trading and securities (1)		Derivative gains (losses)		Derivative gains (losses)


Year ended December 31, 2025
Total amounts presented in the consolidated statement of income and other comprehensive income (1)	$	13,975	(20,449)	(10,268)		5,247		N/A		1,245
Interest rate contracts
Amounts related to cash flows on derivatives	342		(7)	(1,907)		—		(1,572)		N/A
Recognized on derivatives	(903)		71	2,910		—		2,078		—
Recognized on hedged items	905		(72)	(2,944)		—		(2,111)		N/A
Total gains (losses) (pre-tax) on interest rate contracts	344		(8)	(1,941)		—		(1,605)		—
Foreign exchange contracts
Amounts related to cash flows on derivatives	(2)		—	(87)		—		(89)		N/A
Recognized on derivatives	—		—	(38)		125		87		22
Recognized on hedged items	—		—	13		(117)		(104)		N/A
Total gains (losses) (pre-tax) on foreign exchange contracts	(2)		—	(112)		8		(106)		22
Commodity contracts
Recognized on derivatives	—		—	—		(5,067)		(5,067)		—
Recognized on hedged items	—		—	—		4,972		4,972		N/A
Total gains (losses) (pre-tax) on commodity contracts	—		—	—		(95)		(95)		—
Total gains (losses) (pre-tax) recognized on fair value hedges	$	342	(8)	(2,053)		(87)		(1,806)		22


Year ended December 31, 2024
Total amounts presented in the consolidated statement of income and other comprehensive income (1)	$	13,001	(24,282)	(12,463)		5,516		N/A		(356)
Interest rate contracts
Amounts related to cash flows on derivatives	864		(398)	(3,752)		—		(3,286)		N/A
Recognized on derivatives	212		(57)	(2,109)		—		(1,954)		—
Recognized on hedged items	(202)		47	2,072		—		1,917		N/A
Total gains (losses) (pre-tax) on interest rate contracts	874		(408)	(3,789)		—		(3,323)		—
Foreign exchange contracts
Amounts related to cash flows on derivatives	—		—	(114)		—		(114)		N/A
Recognized on derivatives	—		—	6		(103)		(97)		20
Recognized on hedged items	—		—	(19)		105		86		N/A
Total gains (losses) (pre-tax) on foreign exchange contracts	—		—	(127)		2		(125)		20
Commodity contracts
Recognized on derivatives	—		—	—		(372)		(372)		—
Recognized on hedged items	—		—	—		456		456		N/A
Total gains (losses) (pre-tax) on commodity contracts	—		—	—		84		84		—
Total gains (losses) (pre-tax) recognized on fair value hedges	$	874	(408)	(3,916)		86		(3,364)		20
Year ended December 31, 2023
Total amounts presented in the consolidated statement of income and other comprehensive income (1)	$	12,320	(16,503)	(11,572)		4,448		N/A		545
Interest contracts
Amounts related to cash flows on derivatives	1,137		(346)	(3,490)		—		(2,699)		N/A
Recognized on derivatives	(536)		312	2,634		—		2,410		—
Recognized on hedged items	534		(304)	(2,631)		—		(2,401)		N/A
Total gains (losses) (pre-tax) on interest rate contracts	1,135		(338)	(3,487)		—		(2,690)		—
Foreign exchange contracts
Amounts related to cash flows on derivatives	—		—	(223)		—		(223)		N/A
Recognized on derivatives	—		—	75		108		183		22
Recognized on hedged items	—		—	(98)		(99)		(197)		N/A
Total gains (losses) (pre-tax) on foreign exchange contracts	—		—	(246)		9		(237)		22
Commodity contracts
Recognized on derivatives	—		—	—		34		34		—
Recognized on hedged items	—		—	—		45		45		N/A
Total gains (losses) (pre-tax) on commodity contracts	—		—	—		79		79		—
Total gains (losses) (pre-tax) recognized on fair value hedges	$	1,135	(338)	(3,733)		88		(2,848)		22

Hedged Items in Fair Value Hedging Relationships

Table 13.5 shows the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships.

Table 13.5: Hedged Items in Fair Value Hedging Relationships


	Hedged items currently designated			Hedged items no longer designated
(in millions)	Carrying amount of assets/(liabilities) (1)(2)		Hedge accounting basis adjustment assets/(liabilities) (3)	Carrying amount of assets/(liabilities) (2)	Hedge accounting basis adjustment assets/(liabilities)
December 31, 2025
Available-for-sale debt securities (4)(5)	$	94,388	(698)	21,489	285
Trading assets (6)	9,107		1,726	—	—
Interest-bearing deposits	(64,595)		(130)	—	—
Long-term debt	(154,397)		9,825	—	—
December 31, 2024
Available-for-sale debt securities (4)(5)	$	37,410	(1,546)	10,778	312
Trading assets (6)	4,787		100	—	—
Interest-bearing deposits	(54,084)		(56)	—	—
Long-term debt	(151,743)		12,858	—	—

(1)Does not include the carrying amount of hedged items where only foreign currency risk is the designated hedged risk. The carrying amount excluded $892 million and $260 million for AFS debt securities where only foreign currency risk is the designated hedged risk as of December 31, 2025 and 2024, respectively.

(2)Represents the full carrying amount of the hedged asset or liability item as of the balance sheet date, except for circumstances in which only a portion of the asset or liability was designated as the hedged item in which case only the portion designated is presented.

(3)The balance includes $100 million and $455 million of trading assets and long-term debt cumulative basis adjustments, respectively, as of December 31, 2025, and $(23) million and $566 million of trading assets and long-term debt cumulative basis adjustments, respectively, as of December 31, 2024, on terminated hedges whereby the hedged items have subsequently been re-designated into existing hedges.

(4)Carrying amount represents the amortized cost.

(5)At December 31, 2025 and 2024, the amortized cost of closed portfolios of AFS debt securities using the portfolio layer method was $43.2 billion and $18.6 billion, respectively, of which $15.3 billion and $9.0 billion was designated as hedged, respectively. The balance includes cumulative basis adjustments of $75 million and $(43) million as of December 31, 2025 and 2024, respectively, related to certain AFS debt securities designated as the hedged item in a fair value hedge using the portfolio layer method.

(6)Trading assets consists of hedged physical commodities inventory. In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies).

Gains (Losses) on Economic Hedge and Other Derivatives

Table 13.6 shows the net gains (losses) related to economic hedge and other derivatives. Gains (losses) on customer accommodation trading derivatives are excluded from Table 13.6. See Note 20 (Revenue and Expenses) for additional information on net gains and (losses) from trading activities.

Table 13.6: Gains (Losses) on Economic Hedge and Other Derivatives




	Year ended December 31,
(in millions)		2025		2024	2023
Interest rate contracts (1)		$	269	(633)	(321)

Equity contracts (2)		139		(17)	(177)
Foreign exchange contracts (3)		(846)		300	(824)
Credit contracts (4)		(84)		4	13

Net gains (losses) recognized related to economic hedge derivatives		$	(522)	(346)	(1,309)

(1)Includes economic hedge and other derivative gains and (losses) related to mortgage banking activities, which were recognized in mortgage banking noninterest income. These activities include derivative loan commitments and hedges of residential MSRs, residential mortgage LHFS, derivative loan commitments, and other interests held. For additional information on our mortgage banking interest rate contracts, see Note 6 (Mortgage Banking Activities). Other derivative gains and (losses) not related to mortgage banking were recognized in other noninterest income.

(2)Includes derivative gains and (losses) used to economically hedge the deferred compensation plan liabilities, which were recognized in personnel noninterest expense, and other derivative instruments related to our previous sales of shares of Visa Inc. Class B common stock, which were recognized in other noninterest income.

(3)Includes derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. In 2025 and 2024, gains and (losses) were recognized in net gains from trading and securities within noninterest income. Prior to 2024, gains and (losses) were recognized in other noninterest income.

(4)Includes credit derivatives used to hedge certain loan exposures. Gains and (losses) were recognized in other noninterest income.

Net Gains (Losses) from Derivative Valuation Adjustments

Table 13.7 presents the impact of derivative valuation adjustments (excluding the effect of any related hedges), which are included in net gains (losses) from trading and securities on the consolidated statement of income. For additional information, see Note 20 (Revenue and Expenses).

Table 13.7: Net Gains (Losses) from Derivative Valuation Adjustments


	Year ended December 31,

(in millions)		2025		2024	2023
CVA		$	(11)	17	80
DVA		(26)		4	(109)
FVA		(8)		(85)	—
Total		$	(45)	(64)	(29)

Derivative Valuation Adjustments

Table 13.8 presents the impact of derivative valuation adjustments on derivative fair values.

Table 13.8: Derivative Valuation Adjustments


	Contra Liability (Contra Asset)
(in millions)	Dec 31, 2025		Dec 31, 2024
CVA	$	(286)	(275)
DVA	200		226
FVA, net	(93)		(85)
Total derivative valuation adjustments	$	(179)	(134)

Sold Credit Derivatives

Table 13.9 provides details of sold credit derivatives.

Table 13.9: Sold Credit Derivatives


	Credit protection sold - Notional amount
(in millions)	Total		Non-investment grade
December 31, 2025
Credit default swaps	$	12,568	922
Risk participation swaps	6,208		4,052
Total credit derivatives	$	18,776	4,974
December 31, 2024
Credit default swaps	$	10,516	684
Risk participation swaps	6,007		3,779
Total credit derivatives	$	16,523	4,463

Credit-Risk Contingent Features

Table 13.10 illustrates our exposure to OTC bilateral derivative contracts with credit-risk contingent features, collateral we have posted, and the additional collateral we would be required to post if the credit rating of our debt was downgraded below investment grade.

Table 13.10: Credit-Risk Contingent Features


(in billions)	Dec 31, 2025		Dec 31, 2024
Net derivative liabilities with credit-risk contingent features	$	26.3	23.8
Collateral posted	22.7		19.8
Additional collateral to be posted upon a below investment grade credit rating (1)	3.7		4.1

(1)Any credit rating below investment grade requires us to post the maximum amount of collateral.