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JPMORGAN CHASE & CO

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JPMORGAN CHASE & CO

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$JPM-PJ

JPMORGAN CHASE & CO

CIK:0000019617|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Investment banking fees	$ 3,208	$ 2,499	$ 6,066	$ 4,677
Principal transactions	9,007	7,149	16,994	14,763
Lending- and deposit-related fees	2,511	2,248	4,905	4,380
Asset management fees	5,658	4,806	11,173	9,506
Commissions and other fees	2,614	2,194	5,096	4,227
Investment securities losses	(395)	(54)	(331)	(91)
Mortgage fees and related income	336	363	645	641
Card income	1,348	1,344	2,538	2,560
Other income	7,549	1,154	9,220	3,077
Noninterest revenue	31,836	21,703	56,306	43,740
Interest income	50,624	48,241	99,815	95,094
Interest expense	25,113	25,032	48,938	48,612
Net interest income	25,511	23,209	50,877	46,482
Total net revenue	57,347	44,912	107,183	90,222
Provision for credit losses	2,515	2,849	5,022	6,154
Noninterest expense
Compensation expense	15,159	13,710	30,498	27,803
Occupancy expense	1,482	1,264	2,929	2,566
Technology, communications and equipment expense	3,107	2,704	6,128	5,282
Professional and outside services	3,855	3,006	7,338	5,845
Marketing	1,670	1,279	3,274	2,583
Other expense	2,043	1,816	3,999	3,297
Total noninterest expense	27,316	23,779	54,166	47,376
Income/(loss) before income tax expense/(benefit)	27,516	18,284	47,995	36,692
Income tax expense	6,361	3,297	10,346	7,062
Net income	21,155	14,987	37,649	29,630
Basic net income applicable to common stockholders	20,752	14,630	36,901	28,948
Diluted net income applicable to common stockholders	$ 20,752	$ 14,630	$ 36,901	$ 28,948
Net income per common share data
Basic earnings per share (in dollars per share)	$ 7.71	$ 5.25	$ 13.65	$ 10.32
Diluted earnings per share (in dollars per share)	$ 7.70	$ 5.24	$ 13.63	$ 10.31
Weighted-average basic shares (in shares)	2,689.9	2,788.7	2,703.1	2,804.0
Weighted-average diluted shares (in shares)	2,694.2	2,793.7	2,707.2	2,809.0

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 37,649	$ 29,630
Adjustments to reconcile net income to net cash used in operating activities:
Provision for credit losses	5,022	6,154
Depreciation and amortization	4,681	4,240
Deferred tax (benefit)/expense	127	(418)
Initial gain on the Visa share exchange	(4,509)	0
Other	1,432	979
Originations and purchases of loans held-for-sale	(138,988)	(133,098)
Proceeds from sales, securitizations and paydowns of loans held-for-sale	145,881	120,504
Net change in:
Trading assets	(253,978)	(245,618)
Securities borrowed	(76,298)	(4,434)
Accrued interest and accounts receivable	(69,352)	(23,853)
Other assets	(24,142)	(5,048)
Trading liabilities	74,762	29,763
Accounts payable and other liabilities	59,493	(7,760)
Other operating adjustments	1,176	6,667
Net cash (used in) operating activities	(237,044)	(222,292)
Net change in:
Federal funds sold and securities purchased under resale agreements	(109,784)	(175,516)
Held-to-maturity securities:
Proceeds from paydowns and maturities	24,438	18,147
Purchases	(23,058)	(3,167)
Available-for-sale securities:
Proceeds from paydowns and maturities	26,155	17,957
Proceeds from sales	110,842	85,495
Purchases	(172,073)	(172,126)
Proceeds from sales and securitizations of loans held-for-investment	29,127	25,940
Other changes in loans, net	(91,082)	(83,166)
All other investing activities, net	(5,941)	(4,700)
Net cash (used in) investing activities	(211,376)	(291,136)
Net change in:
Deposits	149,395	153,462
Federal funds purchased and securities loaned or sold under repurchase agreements	262,558	298,493
Short-term borrowings	6,954	10,772
Beneficial interests issued by consolidated VIEs	(517)	(31)
Proceeds from long-term borrowings	85,466	53,884
Payments of long-term borrowings	(59,953)	(50,821)
Proceeds from issuance of preferred stock	3,000	3,000
Redemption of preferred stock	(2,000)	(3,000)
Treasury stock repurchased	(15,113)	(15,034)
Dividends paid	(8,716)	(8,028)
All other financing activities, net	(1,595)	(1,834)
Net cash provided by financing activities	419,479	440,863
Effect of exchange rate changes on cash and due from banks and deposits with banks	(4,586)	23,575
Net decrease in cash and due from banks and deposits with banks	(33,527)	(48,990)
Cash and due from banks and deposits with banks at the beginning of the period	343,338	469,317
Cash and due from banks and deposits with banks at the end of the period	309,811	420,327
Cash interest paid	48,435	47,937
Cash income taxes paid, net	$ 6,036	$ 4,685

Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions

Jun. 30, 2026

Dec. 31, 2025

Assets

Cash and due from banks

$ 24,720

$ 21,742

Deposits with banks

285,091

321,596

Federal funds sold and securities purchased under resale agreements (included $432,939 and $327,018 at fair value)

446,143

336,426

Securities borrowed (included $118,384 and $98,111 at fair value)

362,487

286,191

Trading assets (included assets pledged of $267,907 and $165,927)

1,062,072

802,873

Available-for-sale securities (amortized cost of $538,689 and $507,226; included assets pledged of $12,007 and $7,735)

536,048

507,198

Held-to-maturity securities

268,474

270,134

Investment securities, net of allowance for credit losses

804,522

777,332

Loans (included $62,889 and $70,684 at fair value)

1,542,462

1,493,429

Allowance for loan losses

(26,152)

(25,765)

Loans, net of allowance for loan losses

1,516,310

1,467,664

Accrued interest and accounts receivable

179,939

111,599

Premises and equipment

37,701

36,244

Goodwill, MSRs and other intangible assets

64,304

64,458

Other assets (included $32,431 and $15,849 at fair value and assets pledged of $16,137 and $11,984)

231,780

198,775

Total assets

^[1]

5,015,069

4,424,900

Liabilities

Deposits (included $26,229 and $20,930 at fair value)

2,713,700

2,559,320

Federal funds purchased and securities loaned or sold under repurchase agreements (included $568,730 and $360,194 at fair value)

704,918

442,396

Short-term borrowings (included $29,967 and $32,460 at fair value)

72,430

64,776

Trading liabilities

275,136

216,019

Accounts payable and other liabilities (included $18,383 and $6,660 at fair value)

384,290

316,794

Beneficial interests issued by consolidated VIEs (included $5 and $5 at fair value)

29,474

27,951

Long-term debt (included $156,056 and $134,559 at fair value)

460,523

435,206

Total liabilities

^[1]

4,640,471

4,062,462

Commitments and contingencies (refer to Notes 22, 23 and 24)

Stockholders’ equity

Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,105,375 and 2,005,375 shares)

21,040

20,045

Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)

4,105

Additional paid-in capital

90,559

91,114

Retained earnings

445,020

416,055

Accumulated other comprehensive losses

(7,693)

(4,290)

Treasury stock, at cost (1,446,747,700 and 1,408,661,319 shares)

(178,433)

(164,591)

Total stockholders’ equity

374,598

362,438

Total liabilities and stockholders’ equity

5,015,069

4,424,900

VIEs consolidated by the Firm

Assets

Trading assets (included assets pledged of $267,907 and $165,927)

6,094

4,835

Loans, net of allowance for loan losses

34,178

37,777

Other assets (included $32,431 and $15,849 at fair value and assets pledged of $16,137 and $11,984)

734

683

Total assets

41,006

43,295

Liabilities

Beneficial interests issued by consolidated VIEs (included $5 and $5 at fair value)

29,474

27,951

All other liabilities

813

691

Total liabilities

$ 30,287

$ 28,642

[1]

The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at June 30, 2026 and December 31, 2025. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorganChase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.


(in millions)	June 30, 2026		December 31, 2025
Assets
Trading assets	$	6,094	$	4,835
Loans	34,178		37,777
All other assets	734		683
Total assets	$	41,006	$	43,295
Liabilities
Beneficial interests issued by consolidated VIEs	$	29,474	$	27,951
All other liabilities	813		691
Total liabilities	$	30,287	$	28,642