v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 164,259 $ 182,092
Collateralized agreements    
Securities purchased under agreements to resell (includes $126,007 and $179,793 at fair value) 126,007 180,062
Securities borrowed (includes $51,581 and $46,902 at fair value) 208,208 194,645
Customer and other receivables (includes $315 and $23 at fair value) 185,842 133,717
Trading assets (at fair value and includes $158,641 and $148,417 pledged as collateral) 656,796 570,555
Investments:    
Available-for-sale securities (at fair value; amortized cost of $99,116 and $80,777) 99,244 79,458
Held-to-maturity securities 69,193 78,713
Other investments (includes $24,938 and $25,284 at fair value) 25,825 26,343
Loans (net of allowance of $2,148 and $4,666, and includes $4,905 and $5,460 at fair value) 237,734 196,200
Other assets (includes $180 and $194 at fair value) 36,212 34,187
Total assets 1,809,320 1,675,972
Liabilities and shareholders’ equity    
Deposits (includes $76,569 and $44,855 at fair value) 501,422 433,013
Collateralized financings    
Securities sold under agreements to repurchase (at fair value) 223,384 274,380
Securities loaned (includes $11,995 and $10,246 at fair value) 53,644 56,060
Other secured financings (includes $27,833 and $27,985 at fair value) 28,021 28,150
Customer and other payables 231,865 223,255
Trading liabilities (at fair value) 262,552 202,555
Unsecured short-term borrowings 70,459 69,709
Unsecured long-term borrowings (includes $112,683 and $89,189 at fair value) 285,500 242,634
Other liabilities (includes $111 and $84 at fair value) 27,501 24,220
Total liabilities 1,684,348 1,553,976
Commitments, contingencies and guarantees
Shareholders’ equity    
Preferred stock; aggregate liquidation preference of $15,153 and $13,253 15,153 13,253
Common stock; 931,995,446 and 927,499,667 shares issued, and 296,476,742 and 310,653,708 shares outstanding 9 9
Share-based awards 5,795 5,148
Nonvoting common stock; no shares issued and outstanding 0 0
Additional paid-in capital 61,906 61,376
Retained earnings 165,288 153,412
Accumulated other comprehensive loss (2,260) (2,702)
Stock held in treasury, at cost; 635,518,706 and 616,845,961 shares (120,919) (108,500)
Total shareholders’ equity 124,972 121,996
Total liabilities and shareholders’ equity $ 1,809,320 $ 1,675,972