v3.25.4
Revenue and Expenses (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue by Operating Segment Table 20.1 presents our revenue by operating segment. For additional description of our
operating segments, including additional financial information and information related to the management reporting process, see Note 19 (Operating Segments).
Table 20.1: Revenue by Operating Segment

(in millions)
Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment ManagementCorporateReconciling
Items (1)		Consolidated
Company
Year ended December 31, 2025
Net interest income$29,183 7,902 7,557 3,684 (539)(303)47,484 
Noninterest income:
Deposit-related fees2,694 1,290 1,086 27 2 — 5,099 
Lending-related fees89 565 844 16 — — 1,514 
Investment advisory and other asset-based fees (2)2 79 158 10,259 — — 10,498 
Commissions and brokerage services fees— — 395 2,162 (1)— 2,556 
Investment banking fees(5)130 2,985 — (83)— 3,027 
Card fees:
Interchange and merchant services fees (3)3,721 191 53 4 4 — 3,973 
Other card fees616 — — — — — 616 
Total card fees4,337 191 53 4 4 — 4,589 
Mortgage banking (4)769 — 394 (13)2 — 1,152 
Net gains from trading activities (5)— — 4,987 118 42 — 5,147 
Net gains (losses) from debt securities (4)— 4 — — (148)— (144)
Net gains (losses) from equity securities (4)5 75 66 (12)110 — 244 
Other (3)(4)(5)(6)288 1,742 707 83 1,358 (1,645)2,533 
Total noninterest income8,179 4,076 11,675 12,644 1,286 (1,645)36,215 
Total revenue$37,362 11,978 19,232 16,328 747 (1,948)83,699 
Year ended December 31, 2024
Net interest income$28,303 9,096 7,935 3,473 (791)(340)47,676 
Noninterest income:
Deposit-related fees2,734 1,180 1,073 24 4 — 5,015 
Lending-related fees92 555 842 11 — — 1,500 
Investment advisory and other asset-based fees (2)— 84 157 9,534 — — 9,775 
Commissions and brokerage services fees— — 368 2,153 — — 2,521 
Investment banking fees(4)84 2,675 — (90)— 2,665 
Card fees:
Interchange and merchant services fees (3)3,567 205 55 4 2 — 3,833 
Other card fees509 — — — — — 509 
Total card fees4,076 205 55 4 2 — 4,342 
Mortgage banking (4)650 — 410 (13)— — 1,047 
Net gains (losses) from trading activities (5)— (2)5,173 155 40 — 5,366 
Net losses from debt securities (4)— — — — (920)— (920)
Net gains (losses) from equity securities (4)(2)21 19 15 1,017 — 1,070 
Other (3)(4)(5)(6)352 1,555 637 80 1,076 (1,461)2,239 
Total noninterest income7,898 3,682 11,409 11,963 1,129 (1,461)34,620 
Total revenue$36,201 12,778 19,344 15,436 338 (1,801)82,296 

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(in millions)
Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment ManagementCorporateReconciling
Items (1)		Consolidated
Company
Year ended December 31, 2023
Net interest income$30,185 10,034 9,498 3,966 (888)(420)52,375 
Noninterest income:
Deposit-related fees2,702 998 976 22 (4)— 4,694 
Lending-related fees117 531 790 8 — — 1,446 
Investment advisory and other asset-based fees (2)— 74 150 8,446 — — 8,670 
Commissions and brokerage services fees— — 317 2,058 — — 2,375 
Investment banking fees(6)61 1,738 — (144)— 1,649 
Card fees:
Interchange and merchant services fees (3)3,540 223 60 4 2 — 3,829 
Other card fees427 — — — — — 427 
Total card fees3,967 223 60 4 2 — 4,256 
Mortgage banking (4)512 — 329 (12)— — 829 
Net gains (losses) from trading activities (5)— (10)4,633 162 94 — 4,879 
Net gains (losses) from debt securities (4)— 25 — — (15)— 10 
Net losses from equity securities (4)— (58)(4)(2)(377)— (441)
Other (3)(4)(5)(6)442 1,571 704 39 875 (1,776)1,855 
Total noninterest income7,734 3,415 9,693 10,725 431 (1,776)30,222 
Total revenue$37,919 13,449 19,191 14,691 (457)(2,196)82,597 
(1)Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for affordable housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results.
(2)We earned trailing commissions of $945 million, $943 million and $904 million for the years ended December 31, 2025, 2024, and 2023, respectively.
(3)The cost of credit card rewards and rebates of $3.0 billion, $2.7 billion and $2.6 billion for the years ended December 31, 2025, 2024, and 2023, respectively, are presented net against the related revenue. In April 2025, we completed our acquisition of the remaining interest in our merchant services joint venture and recognized a net gain of $253 million in other noninterest income in Corporate. Following the acquisition, the revenue from this business has been included in card fees. Prior to the acquisition, our share of the net earnings of the joint venture, which was accounted for as an equity method investment, was included in other noninterest income.
(4)For additional information on these revenue types, see Note 6 (Mortgage Banking Activities), Note 2 (Available-for-Sale and Held-to-Maturity Debt Securities), Note 4 (Equity Securities), and Note 7 (Leasing Activity).
(5)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities. In connection with these changes, we reclassified the gains (losses) related to our physical commodities inventory, including the related hedging impacts, from other noninterest income to net gains from trading activities. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies).
(6)In fourth quarter 2025, we reclassified lease income into other noninterest income. Prior period balances have been revised to conform with the current period presentation.
Net Gains (Losses) from Trading Activities, by Risk Type Table 20.2 provides the noninterest income associated with trading assets and liabilities. The table excludes revenue from securities purchased under resale agreements and expense from securities sold or loaned under agreements to repurchase in our Corporate and Investment Banking (CIB) Markets business.
Table 20.2: Net Gains (Losses) from Trading Activities, by Risk Type (1)
Year ended December 31,
(in millions)202520242023
Interest rate$1,762 823 444 
Commodity (2)809 464 452 
Equity1,181 1,195 1,106 
Foreign exchange902 2,299 2,124 
Credit493 585 753 
Total net gains from trading activities (2)$5,147 5,366 4,879 
(1)Includes gains (losses) on portfolio level derivative valuation adjustments, as well as remeasurement gains (losses) on foreign currency-denominated assets and liabilities, including related hedges. See Note 13 (Derivatives) for additional information. Also includes gains (losses) on structured debt portfolios where we have elected the fair value option. See Note 14 (Fair Value Measurements) for additional information.
(2)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities. In connection with these changes, we reclassified the gains (losses) related to our physical commodities inventory, including the related hedging impacts, from other noninterest income to net gains from trading activities. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies).
Other Expense Other noninterest expense on our consolidated statement of income included amounts presented in Table 20.3.
Table 20.3: Other Expense

Year ended December 31,
(in millions)
202520242023
Regulatory charges and assessments (1)
$851 1,365 3,065 
Legal actions (2)168 290 179 
Customer remediation (3)65 722 207 
Other operating losses (4)674 745 797 
(1)Regulatory charges and assessments predominantly consists of Federal Deposit Insurance Corporation (FDIC) deposit assessment expense, including $(271) million, $243 million, and $1.9 billion for the years ended December 31, 2025, 2024, and 2023, respectively, for an FDIC special assessment to recover losses to the FDIC deposit insurance fund as a result of bank failures in the first half of 2023. We expect the ultimate amount of the special assessment may continue to change as the FDIC determines the actual net losses to the deposit insurance fund.
(2)Legal actions includes expenses related to litigation and regulatory matters. For additional information on legal actions, see Note 12 (Legal Actions).
(3)Customer remediation includes expenses related to our efforts to provide remediation as appropriate to customers who may have experienced financial harm. We had accrued liabilities for the probable and estimable costs related to our customer remediation activities of $95 million and $236 million as of December 31, 2025 and 2024, respectively.
(4)Includes fraud losses for credit card and deposit accounts, and deposit overdraft losses.