JPMorgan Chase & Co.
Other securities:
AMJB
JPM$Cpreferred
JPM$Dpreferred
JPM$Jpreferred
JPM$Kpreferred
JPM$Lpreferred
JPM$Mpreferred
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Item 1. Business.
Overview
JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”, NYSE: JPM), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $4.4 trillion in assets and $362.4 billion in stockholders’ equity as of December 31, 2025. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers, predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally.
JPMorganChase’s principal bank subsidiary is JPMorgan Chase Bank, National Association (“JPMorgan Chase Bank, N.A.”), a national banking association with U.S. branches in 48 states and Washington, D.C. JPMorganChase’s principal non-bank subsidiary is J.P. Morgan Securities LLC (“J.P. Morgan Securities”), a U.S. broker-dealer. The bank and non-bank subsidiaries of JPMorganChase operate nationally as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. The Firm’s principal operating subsidiaries outside the U.S. are J.P. Morgan Securities plc and J.P. Morgan SE (“JPMSE”), which are subsidiaries of JPMorgan Chase Bank, N.A. and are based in the United Kingdom (“U.K.”) and Germany, respectively.
The Firm’s website is www.jpmorganchase.com. JPMorganChase makes available on its website, free of charge, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after it electronically files or furnishes such material to the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov. JPMorganChase makes new and important information about the Firm available on its website at https://www.jpmorganchase.com, including on the Investor Relations section of its website at https://www.jpmorganchase.com/ir. Information on the Firm's website, including documents on the website that are referenced in this Form 10-K, is not incorporated by reference into this Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K” or “Form 10-K”) or the Firm’s other filings with the SEC.
Business segments & Corporate
For management reporting purposes, the Firm has three reportable business segments – Consumer & Community Banking (“CCB”), Commercial & Investment Bank (“CIB”) and Asset & Wealth Management (“AWM”) – with the remaining activities in Corporate. The Firm’s consumer business segment is CCB, and the Firm’s wholesale business segments are CIB and AWM.
A description of the Firm’s reportable business segments and the products and services that they provide to their respective client bases, as well as a description of Corporate activities, is provided in the Management’s discussion and analysis of financial condition and results of operations section of this Form 10-K (“Management’s discussion and analysis” or “MD&A”) under the heading “Business Segment & Corporate Results,” which begins on page 46, and in Note 32.
Competition
JPMorganChase and its subsidiaries and affiliates operate in highly competitive environments. Competitors include other banks, brokerage firms, investment banking companies, merchant banks, hedge funds, commodity trading companies, private equity firms, insurance companies, mutual fund companies, investment managers, credit card companies, mortgage banking companies, trust companies, securities processing companies, automobile financing companies, leasing companies, e-commerce and other internet-based companies, digital asset and other financial technology companies, and other companies engaged in providing similar and new products and services. The Firm’s businesses generally compete on the basis of the quality and variety of the Firm’s products and services, transaction execution, innovation, reputation and price. Competition also varies based on the types of clients, customers, industries and geographies served. With respect to some of its geographies and products, JPMorganChase competes globally; with respect to others, the Firm competes on a national or regional basis. New competitors in the financial services industry continue to emerge, including firms that offer products and services solely through the internet and non-financial companies that offer products and services that disintermediate traditional banking products and services offered by financial services firms such as JPMorganChase.
Part I
Supervision and regulation
The Firm is subject to extensive and comprehensive regulation under U.S. federal and state laws, as well as the applicable laws of the jurisdictions outside the U.S. in which the Firm does business. From time to time, trade organizations representing the financial services industry and others have filed or may file lawsuits challenging various laws, rules and regulations. Such regulatory challenges may affect the scope, requirements or effective dates of the regulations applicable to the Firm.
Financial holding company:
Consolidated supervision. JPMorgan Chase & Co. is a bank holding company (“BHC”) and a financial holding company (“FHC”) under U.S. federal law, and is subject to comprehensive consolidated supervision, regulation and examination by the Board of Governors of the Federal Reserve System (the “Federal Reserve”). The Federal Reserve acts as the supervisor of the consolidated operations of BHCs. Certain of JPMorganChase’s subsidiaries are also regulated directly by additional authorities based on the activities or licenses of those subsidiaries.
JPMorganChase’s national bank subsidiary, JPMorgan Chase Bank, N.A., is supervised and regulated by the Office of the Comptroller of the Currency (“OCC”) and, with respect to certain matters, by the Federal Deposit Insurance Corporation (the “FDIC”).
JPMorganChase’s U.S. broker-dealers are supervised and regulated by the Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”). Subsidiaries of the Firm that engage in certain futures-related and swaps-related activities are supervised and regulated by the Commodity Futures Trading Commission (“CFTC”). J.P. Morgan Securities plc holds a banking license in the U.K. and is regulated by the U.K. Prudential Regulation Authority (the “PRA”) and the U.K. Financial Conduct Authority (“FCA”).
JPMSE is a Germany-based credit institution jointly regulated by the European Central Bank (“ECB”), the German Financial Supervisory Authority and the German Central Bank, as well as the local regulators in each of the countries in which it operates. The Firm’s other non-U.S. subsidiaries are regulated by the banking, securities, prudential, payments and conduct regulatory authorities, as applicable, in the countries in which they operate.
Permissible business activities. The Bank Holding Company Act restricts BHCs from engaging in business activities other than the business of banking and certain closely-related activities. FHCs are permitted to engage in a broader range of financial activities. The Federal Reserve has the authority to limit an FHC’s ability to conduct otherwise permissible activities if the FHC or any of its depository institution subsidiaries ceases to meet applicable eligibility
requirements. The Federal Reserve may also impose corrective capital and/or managerial requirements on the FHC, and if deficiencies are persistent, may require divestiture of the FHC’s depository institutions. If any depository institution controlled by an FHC fails to maintain a satisfactory rating under the Community Reinvestment Act, the Federal Reserve must prohibit the FHC and its subsidiaries from engaging in any new activities other than those permissible for BHCs, or acquiring a company engaged in such activities.
Capital and liquidity requirements. The Federal Reserve establishes capital, liquidity and leverage requirements for JPMorganChase that are generally consistent with the international Basel III capital and liquidity framework and evaluates the Firm’s compliance with those requirements. The OCC establishes similar requirements for JPMorgan Chase Bank, N.A. Certain of the Firm’s non-U.S. subsidiaries and branches are also subject to local capital and liquidity requirements.
Banking supervisors globally continue to refine and enhance the Basel III capital framework for financial institutions. In July 2023, U.S. banking regulators released a proposal to amend the U.S. risk-based capital framework to incorporate certain elements of the revised international Basel III capital framework. That proposal, which has not been finalized, would have significantly revised risk-based capital requirements for banks with assets of $100 billion or more, including the Firm and other U.S. global systemically important banks ("GSIBs"). In September 2025, the Federal Reserve’s Vice Chair for Supervision indicated that U.S. banking regulators may issue an updated proposal to amend the U.S. risk-based capital framework in early 2026, replacing the July 2023 proposal. The timing and content of that revised proposal, including any required implementation date, are uncertain. The Firm continues to monitor developments and potential impacts.
In the EU and U.K., regulators have finalized the rules implementing their Basel III frameworks. The new rules became effective in the EU beginning January 1, 2025, with market risk aspects expected to be delayed until January 1, 2027. In January 2025, the PRA announced that it intends to delay the implementation of the new rules in the U.K. to January 1, 2027. There are certain transitional arrangements applicable in both the EU and U.K. until 2032 and 2030, respectively.
Stress tests. As a large BHC, JPMorganChase is subject to supervisory stress testing administered by the Federal Reserve as part of the Federal Reserve’s annual Comprehensive Capital Analysis and Review (“CCAR”) framework. The Firm must conduct annual company-run stress tests and must also submit an annual capital plan to the Federal Reserve, taking into account the results of separate stress tests designed by each of the Firm and the Federal Reserve. The Federal Reserve uses the results under the severely adverse scenario from its supervisory stress test to determine the Firm’s
Stress Capital Buffer (“SCB”) requirement for the coming year, which forms part of the Firm’s applicable capital buffers. The Firm is required to file its annual CCAR submission on April 6, 2026. The capital plan rules indicate that, unless otherwise determined by the Federal Reserve, the Federal Reserve will notify the Firm of its indicative SCB requirement by June 30, 2026 and final SCB requirement by August 31, 2026 and the Firm’s final SCB requirement will become effective on October 1, 2026. The OCC requires JPMorgan Chase Bank, N.A. to perform separate, similar stress tests annually. Each year, the Firm publishes the results of the annual stress tests for the Firm and JPMorgan Chase Bank, N.A. under the supervisory severely adverse scenarios provided by the Federal Reserve and the OCC.
In October 2025, the Federal Reserve issued two proposals to revise its supervisory stress testing framework. The proposals would require the Federal Reserve to publish for public comment comprehensive documentation concerning the supervisory stress test models and annual stress test scenarios, including the models and scenarios for the 2026 stress test. The proposals also introduce an enhanced disclosure process, under which material changes to stress test models and scenarios would be subject to public comment prior to implementation. Based on the Federal Reserve’s analysis, the proposed changes to the stress test models and scenarios are not expected to materially change the SCB for firms, including JPMorganChase, that are subject to the supervisory stress test. In February 2026, the Federal Reserve released the final 2026 supervisory stress test scenarios, while announcing that SCB requirements for large banks, including the Firm, will remain at current levels through September 30, 2027 with new requirements to be calculated in 2027 based on revised models that incorporate public feedback.
In addition, in April 2025, the Federal Reserve proposed a rule that aims to reduce the volatility in capital requirements resulting from stress testing and the SCB requirement by averaging the SCB requirement over a two-year period and extending the annual effective date of the SCB by one quarter. These proposed updates to the stress testing framework and the SCB requirement, which are subject to public comment, have not been finalized. A pending legal challenge to the manner in which stress testing is currently administered has been stayed.
Refer to Capital Risk Management on pages 89–99 and Liquidity Risk Management on pages 100–107 for more information.
Enhanced prudential standards. As part of its mandate to identify and monitor risks to the financial stability of the U.S. posed by large banking organizations, the Financial Stability Oversight Council (“FSOC”) recommends prudential standards and reporting requirements to the Federal Reserve for systemically
important financial institutions (“SIFIs”), such as JPMorganChase. The Federal Reserve has adopted several rules to implement those heightened prudential standards, including rules relating to risk management and corporate governance of subject BHCs. JPMorganChase is required under these rules to comply with enhanced liquidity and overall risk management standards, including oversight by the board of directors of risk management activities.
Holding company as a source of strength. JPMorgan Chase & Co. is required to serve as a source of financial strength for its depository institution subsidiaries and to commit resources to support those subsidiaries, including when directed to do so by the Federal Reserve.
Regulation of acquisitions. Acquisitions by BHCs and their banks are subject to requirements, limitations and prohibitions established by law and by the Federal Reserve and the OCC. For example, FHCs and BHCs are required to obtain the approval of the Federal Reserve before they acquire more than 5% of the voting shares of an unaffiliated bank. In addition, acquisitions by financial companies are generally prohibited if, as a result of the acquisition, the total liabilities of the financial company would exceed 10% of the total liabilities of all financial companies, as determined under Federal Reserve regulations. Furthermore, for certain acquisitions, the Firm must provide written notice to the Federal Reserve prior to acquiring direct or indirect ownership or control of any voting shares of any company with over $10 billion in assets that is engaged in activities that are “financial in nature.” Moreover, while FHCs may engage in a broader range of activities (including acquisitions) than BHCs, the Federal Reserve has the authority to limit an FHC’s ability to conduct otherwise permissible acquisitions if the FHC or any of its depository institution subsidiaries ceases to meet applicable eligibility requirements.
Ongoing obligations. The Firm remains subject to a consent order entered into in March 2024 with the OCC which relates to the Firm’s processes to inventory trading venues and confirm the completeness of certain data fed to trade surveillance platforms.
Subsidiary banks:
The activities of JPMorgan Chase Bank, N.A., the Firm’s principal subsidiary bank, are limited to those specifically authorized under the National Bank Act and related interpretations of the OCC. The OCC has authority to bring an enforcement action against JPMorgan Chase Bank, N.A. for unsafe or unsound banking practices, which could include limiting JPMorgan Chase Bank, N.A.’s ability to conduct otherwise permissible activities, or imposing corrective capital or managerial requirements on the bank.
FDIC deposit insurance. The FDIC deposit insurance fund provides insurance coverage for certain deposits and is funded through assessments on banks,
Part I
including JPMorgan Chase Bank, N.A. The FDIC is required to maintain a minimum reserve ratio, which measures the balance of reserves in the deposit insurance fund against an estimate of FDIC-insured deposits, of 1.35%. In October 2022, the FDIC adopted a final rule to raise bank assessments and accelerate the time by which the reserve ratio would meet the statutory minimum. In the final rule, the FDIC adopted a restoration plan to bring the reserve ratio up to the required 1.35% by September 30, 2028, with a longer-term target of maintaining a reserve ratio of 2%. As of June 30, 2025, the reserve ratio exceeded the statutory minimum and, as of the third quarter of 2025, the FDIC was no longer operating under a restoration plan. On November 28, 2025, the FDIC announced that the designated reserve ratio, the FDIC’s longer-term goal for the deposit insurance fund, would remain unchanged at 2% for 2026.
FDIC powers upon a bank insolvency. Upon any insolvency of JPMorgan Chase Bank, N.A., the FDIC could be appointed as conservator or receiver under the Federal Deposit Insurance Act. The FDIC has broad powers to transfer assets and liabilities without the approval of the institution’s creditors.
Prompt corrective action.
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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The following is Management’s discussion and analysis of the financial condition and results of operations (“MD&A”) of JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”) for the first quarter of 2026.
This Quarterly Report on Form 10-Q for the first quarter of 2026 (“Form 10-Q”) should be read together with JPMorganChase’s Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”). Refer to the Glossary of terms and acronyms and line of business metrics on pages 170-178 for definitions of terms and acronyms used throughout this Form 10-Q.
This Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current beliefs and expectations of JPMorganChase’s management, speak only as of the date of this Form 10-Q and are subject to significant risks and uncertainties. Refer to Forward-looking Statements on page 79 of this Form 10-Q and Part I, Item 1A, Risk Factors on pages 9–31 of the 2025 Form 10-K for a discussion of certain of those risks and uncertainties and the factors that could cause JPMorganChase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results will be in line with any outlook information set forth herein, and the Firm does not undertake to update any forward-looking statements.
JPMorgan Chase & Co. (NYSE: JPM), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $4.9 trillion in assets and $364.0 billion in stockholders’ equity as of March 31, 2026. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers, predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally.
JPMorganChase’s principal bank subsidiary is JPMorgan Chase Bank, National Association (“JPMorgan Chase Bank, N.A.”), a national banking association with U.S. branches in 48 states and Washington, D.C. JPMorganChase’s principal non-bank subsidiary is J.P. Morgan Securities LLC (“J.P. Morgan Securities”), a U.S. broker-dealer. The bank and non-bank subsidiaries of JPMorganChase operate nationally as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. The Firm’s principal operating subsidiaries outside the U.S. are J.P. Morgan Securities
plc and J.P. Morgan SE (“JPMSE”), which are subsidiaries of JPMorgan Chase Bank, N.A. and are based in the United Kingdom (“U.K.”) and Germany, respectively.
For management reporting purposes, the Firm has three reportable business segments – Consumer & Community Banking (“CCB”), Commercial & Investment Bank (“CIB”) and Asset & Wealth Management (“AWM”) – with the remaining activities in Corporate. The Firm's consumer business segment is CCB, and the Firm's wholesale business segments are CIB and AWM. Refer to Business Segment & Corporate Results on pages 17-31 and Note 25 of this Form 10-Q, and Note 32 of JPMorganChase's 2025 Form 10-K, for a description of the Firm’s reportable business segments and the products and services they provide to their respective client bases, as well as a description of Corporate activities.
The Firm's website is www.jpmorganchase.com. JPMorganChase makes available on its website, free of charge, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after it electronically files or furnishes such material to the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov. JPMorganChase makes new and important information about the Firm available on its website at https://www.jpmorganchase.com, including on the Investor Relations section of its website at https://www.jpmorganchase.com/ir. Information on the Firm's website, including documents on the website that are referenced in this Form 10-Q, is not incorporated by reference into this Form 10-Q or the Firm’s other filings with the SEC.
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This executive overview of the MD&A highlights selected information and does not contain all of the information that is important to readers of this Form 10-Q. For a complete description of the trends and uncertainties, as well as the risks and critical accounting estimates affecting the Firm, this Form 10-Q and the 2025 Form 10-K should be read together and in their entirety.
| Financial performance of JPMorganChase | ||||||||||||||||||||||||||||
(unaudited) As of or for the period ended, (in millions, except per share data and ratios) | Three months ended March 31, | |||||||||||||||||||||||||||
| 2026 | 2025 | Change | ||||||||||||||||||||||||||
Selected income statement data | ||||||||||||||||||||||||||||
| Noninterest revenue | $ | 24,470 | $ | 22,037 | 11 | % | ||||||||||||||||||||||
| Net interest income | 25,366 | 23,273 | 9 | |||||||||||||||||||||||||
| Total net revenue | 49,836 | 45,310 | 10 | |||||||||||||||||||||||||
| Total noninterest expense | 26,850 | 23,597 | 14 | |||||||||||||||||||||||||
| Pre-provision profit | 22,986 | 21,713 | 6 | |||||||||||||||||||||||||
| Provision for credit losses | 2,507 | 3,305 | (24) | |||||||||||||||||||||||||
| Net income | 16,494 | 14,643 | 13 | |||||||||||||||||||||||||
| Diluted earnings per share | 5.94 | 5.07 | 17 | |||||||||||||||||||||||||
| Selected ratios and metrics | ||||||||||||||||||||||||||||
| Return on common equity | 19 | % | 18 | % | ||||||||||||||||||||||||
Return on tangible common equity | 23 | 21 | ||||||||||||||||||||||||||
| Book value per share | $ | 128.38 | $ | 119.24 | 8 | |||||||||||||||||||||||
| Tangible book value per share | 108.87 | 100.36 | 8 | |||||||||||||||||||||||||
Capital ratios - Standardized(a) | ||||||||||||||||||||||||||||
| CET1 capital | 14.3 | % | 15.4 | % | ||||||||||||||||||||||||
| Tier 1 capital | 15.2 | 16.5 | ||||||||||||||||||||||||||
| Total capital | 17.2 | 18.2 | ||||||||||||||||||||||||||
| Memo: | ||||||||||||||||||||||||||||
NII excluding Markets(b) | $ | 23,280 | $ | 22,590 | 3 | |||||||||||||||||||||||
NIR excluding Markets(b) | 15,697 | 13,761 | 14 | |||||||||||||||||||||||||
Markets(c) | 11,559 | 9,663 | 20 | |||||||||||||||||||||||||
| Total net revenue - managed basis | $ | 50,536 | $ | 46,014 | 10 | % | ||||||||||||||||||||||
(a)At March 31, 2026, the Advanced risk-based ratios were more binding on the Firm than the Standardized risk-based ratios. Refer to Capital Risk Management on pages 33-40 of this Form 10-Q and pages 89–99 of JPMorganChase’s 2025 Form 10-K for additional information.
(b)NII and NIR refer to net interest income and noninterest revenue, respectively.
(c)Markets consists of CIB's Fixed Income Markets and Equity Markets businesses. The Firm assesses the performance of its Markets business on a total net revenue basis, as revenues in NII generally have offsets across other revenue lines, primarily Principal transactions revenue.
Comparisons noted in the sections below are for the first quarter of 2026 versus the first quarter of 2025, unless otherwise specified.
Firmwide overview
For the first quarter of 2026, JPMorganChase reported net income of $16.5 billion, up 13%, with earnings per share of $5.94, ROE of 19% and ROTCE of 23%.
•Total net revenue was $49.8 billion, up 10%, reflecting:
–Net interest income ("NII") was $25.4 billion, up 9%, driven by higher Markets net interest income, higher deposit balances, and higher revolving balances in Card Services, partially offset by the impact of lower rates. NII excluding Markets was $23.3 billion, up 3%.
–Noninterest revenue ("NIR") was $24.5 billion, up 11%, driven by higher asset management fees in AWM and CCB, higher investment banking fees, higher Markets noninterest revenue, higher auto operating lease income, and higher Payments fees. These increases were partially offset by the absence of the $588 million First Republic-related gain recorded in the prior year.
•Noninterest expense was $26.9 billion, up 14%, predominantly driven by higher compensation expense, including higher revenue-related compensation and growth in the number of employees, as well as higher brokerage expense and distribution fees, continued investments in marketing, and higher auto lease depreciation. The increase also reflected the absence of an FDIC special assessment accrual release recorded in the prior year.
•The provision for credit losses was $2.5 billion. Net charge-offs were $2.3 billion, down $16 million. The net addition to the allowance for credit losses was $191 million, which included a net addition of $327 million in wholesale and a net reduction of $139 million in consumer.
In the prior year, the provision was $3.3 billion, net charge-offs were $2.3 billion and the net addition to the allowance for credit losses was $973 million.
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•The total allowance for credit losses was $31.4 billion at March 31, 2026. The Firm had an allowance for loan losses to retained loans coverage ratio of 1.82%, compared with 1.94% in the prior year.
Refer to Consolidated Results of Operations and Consolidated Balance Sheets Analysis on pages 9-11 and pages 12-13, respectively, for a further discussion of the Firm's results, including the provision for credit losses.
Pre-provision profit, ROTCE, TCE, TBVPS, NII and NIR excluding Markets, and total net revenue on a managed basis are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 15-16 for a further discussion of each of these measures.
•The Firm’s nonperforming assets totaled $10.0 billion at March 31, 2026, up 10%, driven by:
–higher consumer nonaccrual loans, predominantly due to the impact of the wildfires in California in January 2025, which resulted in forbearance activities starting in the second quarter of 2025, as well as higher loans at fair value in CIB, and
–higher wholesale nonaccrual loans, reflecting net downgrades, predominantly offset by net portfolio activity.
Refer to Consumer Credit Portfolio and Wholesale Credit Portfolio on pages 50-53 and pages 54-62, respectively, for additional information.
•Firmwide average loans of $1.5 trillion were up 11%, predominantly driven by higher loans in CIB and AWM.
•Firmwide average deposits of $2.6 trillion were up 7%, reflecting:
–net inflows related to client-driven activities in Payments and Securities Services,
–growth in new accounts in CCB,
–growth in new accounts related to the Firm's international consumer initiatives, and
–growth in both new accounts and balances in existing accounts in AWM.
Refer to Liquidity Risk Management on pages 41-47 for additional information.
Selected capital and other metrics
•CET1 capital was $291 billion, and the Standardized and Advanced CET1 ratios were 14.3% and 14.1%, respectively.
•SLR was 5.6%.
•TBVPS grew 8%, ending the first quarter of 2026 at $108.87.
•As of March 31, 2026, the Firm had eligible end-of-period High Quality Liquid Assets (“HQLA”) of approximately $941 billion and unencumbered marketable securities with a fair value of approximately $565 billion, resulting in approximately $1.5 trillion of liquidity sources.
Refer to Capital Risk Management and Liquidity Risk Management on pages 33-40 and pages 41-47, respectively, for additional information.
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Business segment highlights
Selected business metrics for each of the Firm’s lines of business ("LOB") are presented below for the first quarter of 2026.
CCB ROE 32% | •Average deposits up 2% year-over-year ("YoY") and quarter-over-quarter ("QoQ"); client investment assets up 18% •Average loans up 1% YoY and flat QoQ; Card Services net charge-off rate of 3.47% •Debit and credit card sales volume(a) up 9% •Active mobile customers up 7% | ||||||
CIB ROE 21% | •Investment Banking fees up 28% YoY, up 23% QoQ; #1 ranking for Global Investment Banking fees with 9.8% wallet share in 1Q26 •Markets revenue up 20%, with Fixed Income Markets up 21% and Equity Markets up 17% •Average Banking & Payments loans up 10% YoY, up 4% QoQ; average client deposits(b) up 13% YoY, up 1% QoQ | ||||||
AWM ROE 44% | •Assets under management ("AUM") of $4.8 trillion, up 16% •Average loans up 15% YoY, up 3% QoQ; average deposits up 4% YoY, up 3% QoQ | ||||||
(a)Excludes Commercial Card.
(b)Represents client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses.
Refer to the Business Segment & Corporate Results on pages 17-31 for a detailed discussion of results by business segment.
Credit provided and capital raised
JPMorganChase continues to support consumers, businesses and communities around the globe. The Firm provided new and renewed credit and raised capital for wholesale and consumer clients during the first three months of 2026, consisting of approximately:
$855 billion | Total credit provided and capital raised (including loans and commitments) | ||||||
| $72 billion | Credit for consumers | ||||||
$8 billion | Credit for U.S. small businesses | ||||||
$750 billion | Credit and capital for corporations and non-U.S. government entities(a) | ||||||
$25 billion | Credit and capital for nonprofit and U.S. government entities(b) | ||||||
(a)Includes Individuals and Individual Entities primarily consisting of Global Private Bank clients within AWM.
(b)Includes states, municipalities, hospitals and universities.
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Recent events
•On April 13, 2026, Visa commenced an exchange offer expiring on May 8, 2026 for any and all outstanding shares of Visa Class B-1 common stock ("Visa B-1 shares") and Visa Class B-2 common stock ("Visa B-2 shares"). Holders participating in the exchange offer would receive a combination of Visa Class B-3 common stock ("Visa B-3 shares") and Visa Class C common stock ("Visa C shares") in exchange for Visa B-1 shares or Visa B-2 shares that are validly tendered and accepted for exchange by Visa. The Firm has tendered its 18.6 million Visa B-2 shares, and that tender is pending Visa’s acceptance. Upon acceptance by Visa of the Firm’s tender, the Visa C shares received by the Firm would be recognized at fair value, which is expected to result in a gain that may be recorded as early as the second quarter of 2026. Refer to Note 2 for additional information.
Outlook
The statements set forth below are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the beliefs and expectations of JPMorganChase’s management, speak only as of the date on which they were made, and are subject to significant risks and uncertainties. Refer to Forward-Looking Statements on page 79 of this Form 10-Q and Part I, Item 1A, Risk Factors on pages 9–31 of the 2025 Form 10-K for a further discussion of certain of those risks and uncertainties and the other factors that could cause JPMorganChase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results in 2026 will be in line with the outlook information set forth below, and the Firm does not undertake to update any forward-looking statements.
JPMorganChase’s outlook for full year 2026 should be viewed against the backdrop of the global and U.S. economies, financial markets activity, the geopolitical environment, the competitive environment, client and customer activity levels, and regulatory and legislative developments in the U.S. and other countries where the Firm does business. Each of these factors will affect the performance of the Firm. The Firm will continue to make appropriate adjustments to its businesses and operations in response to ongoing developments in the business, economic, regulatory and legal environments in which it operates.
The Firm provided the following outlook information on April 14, 2026 in connection with announcing its results for the quarter ended March 31, 2026:
Full-year 2026
•Management expects net interest income to be approximately $103 billion and net interest income excluding Markets to be approximately $95 billion, market dependent.
•Management expects adjusted expense to be approximately $105 billion, market dependent.
•Management expects the net charge-off rate in Card Services to be approximately 3.4%.
Net interest income excluding Markets and adjusted expense are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 15-16.
8
This section provides a comparative discussion of JPMorganChase’s Consolidated Results of Operations on a reported basis for the three months ended March 31, 2026 and 2025, unless otherwise specified. Factors that relate primarily to a single business segment or Corporate are discussed in more detail in the results of that segment or Corporate. Refer to pages 75-77 of this Form 10-Q and pages 154–157 of JPMorganChase’s 2025 Form 10-K for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Results of Operations.
| Revenue | |||||||||||||||||||||||||||||
| Three months ended March 31, | |||||||||||||||||||||||||||||
| (in millions) | 2026 | 2025 | Change | ||||||||||||||||||||||||||
| Investment banking fees | $ | 2,858 | $ | 2,178 | 31 | % | |||||||||||||||||||||||
| Principal transactions | 7,987 | 7,614 | 5 | ||||||||||||||||||||||||||
| Lending- and deposit-related fees | 2,394 | 2,132 | 12 | ||||||||||||||||||||||||||
| Asset management fees | 5,515 | 4,700 | 17 | ||||||||||||||||||||||||||
| Commissions and other fees | 2,482 | 2,033 | 22 | ||||||||||||||||||||||||||
| Investment securities gains/(losses) | 64 | (37) | NM | ||||||||||||||||||||||||||
| Mortgage fees and related income | 309 | 278 | 11 | ||||||||||||||||||||||||||
| Card income | 1,190 | 1,216 | (2) | ||||||||||||||||||||||||||
Other income(a) | 1,671 | 1,923 | (13) | ||||||||||||||||||||||||||
| Noninterest revenue | 24,470 | 22,037 | 11 | ||||||||||||||||||||||||||
| Net interest income | 25,366 | 23,273 | 9 | ||||||||||||||||||||||||||
| Total net revenue | $ | 49,836 | $ | 45,310 | 10 | % | |||||||||||||||||||||||
(a)Included operating lease income of $1.2 billion and $829 million for the three months ended March 31, 2026 and 2025, respectively. Refer to Note 5 for additional information.
Quarterly results
Investment banking fees increased, reflecting in CIB:
•higher advisory fees largely driven by higher fees from deals in the Diversified Industries and Natural Resource Group sectors, and
•higher equity underwriting fees predominantly driven by higher revenue across all products,
partially offset by
•lower debt underwriting fees largely driven by lower non-investment grade loans.
Refer to CIB segment results on pages 22-26 and Note 5 for additional information.
Principal transactions revenue increased, reflecting the net impact in CIB of:
•higher Fixed Income Markets revenue driven by higher revenue in Commodities and Credit, largely offset by lower revenue in Securitized Products and Rates, and
•lower Equity Markets revenue, particularly in Equity Derivatives, predominantly offset by higher revenue in Prime Finance.
Principal transactions revenue in CIB generally has offsets across other revenue lines, including net interest income. The Firm assesses the performance of its Markets business on a total net revenue basis.
Refer to CIB segment results on pages 22-26 and Note 5 for additional information.
Lending- and deposit-related fees increased, reflecting:
•in CIB, higher cash management fees in Payments as a result of higher volume, and
•in CCB, higher deposit-related fees as a result of higher transaction volume and new accounts.
Refer to CCB and CIB segment results on pages 19-21 and pages 22-26, respectively, and Note 5 for additional information.
Asset management fees increased predominantly driven by higher average market levels and net inflows in AWM and CCB. Refer to CCB and AWM segment results on pages 19-21 and pages 27-29, respectively, and Note 5 for additional information.
Commissions and other fees increased in CIB and AWM, predominantly due to higher brokerage commissions on higher volume and, to a lesser extent, higher custody fees as a result of higher market levels and client activity. Refer to CIB and AWM segment results on pages 22-26 and pages 27-29, respectively, and Note 5 for additional information.
Investment securities was a net gain compared with a net loss in the prior year; these results were associated with repositioning the investment securities portfolio in Treasury and CIO. Refer to Corporate results on pages 30-31 and Note 9 for additional information.
Mortgage fees and related income: refer to Note 14 for additional information.
Card income decreased driven by lower income in CCB, reflecting an increase in amortization related to new account origination costs, predominantly offset by higher annual fees. Net interchange income was relatively flat as the impact of increased debit and credit card sales volume was offset by higher rewards costs and partner payments. Refer to CCB segment results on pages 19-21 and Note 5 for additional information.
9
Other income decreased, reflecting:
•lower First Republic-related revenue primarily driven by the absence of the $588 million gain recorded in the prior year in Corporate,
largely offset by
•higher auto operating lease income in CCB due to growth in volume.
Refer to CCB segment and Corporate results on pages 19-21 and pages 30-31, respectively, for additional information; and Note 5 for additional information on the First Republic acquisition.
Net interest income increased driven by higher Markets net interest income, higher deposit balances, and higher revolving balances in Card Services, partially offset by the impact of lower rates.
The Firm’s average interest-earning assets were $4.1 trillion, up $467 billion, and the yield was 4.83%, down 36 basis points (“bps”). The net yield on these assets, on an FTE basis, was 2.50%, a decrease of 8 bps. The net yield excluding Markets was 3.72%, down 8 bps.
Refer to the Consolidated average balance sheets, interest and rates schedule on page 169 for additional information. Net yield excluding Markets is a non-GAAP financial measure. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 15-16 for an additional discussion of net yield excluding Markets.
| Provision for credit losses | ||||||||||||||||||||||||||||
| Three months ended March 31, | ||||||||||||||||||||||||||||
| (in millions) | 2026 | 2025 | Change | |||||||||||||||||||||||||
| Consumer, excluding credit card | $ | 13 | $ | 204 | (94) | % | ||||||||||||||||||||||
| Credit card | 2,044 | 2,382 | (14) | |||||||||||||||||||||||||
| Total consumer | 2,057 | 2,586 | (20) | |||||||||||||||||||||||||
| Wholesale | 447 | 736 | (39) | |||||||||||||||||||||||||
| Investment securities | 3 | (17) | NM | |||||||||||||||||||||||||
| Total provision for credit losses | $ | 2,507 | $ | 3,305 | (24) | % | ||||||||||||||||||||||
Quarterly results
The provision for credit losses was $2.5 billion. Net charge-offs were $2.3 billion and the net addition to the allowance for credit losses was $191 million.
The provision for credit losses included:
•$2.1 billion in consumer, consisting of net charge-offs of $2.2 billion, predominantly driven by Card Services, and a net reduction in the allowance for credit losses of $139 million. The net reduction was predominantly driven by improvements in home prices, and
•$447 million in wholesale, predominantly driven by changes in the credit quality of certain exposures. The net addition to the allowance for credit losses was $327 million and net charge-offs were $120 million.
In the prior year, the provision was $3.3 billion, net charge-offs were $2.3 billion and the net addition to the allowance for credit losses was $973 million.
Refer to CCB, CIB and AWM segment and Corporate results on pages 19-21, pages 22-26, pages 27-29, and pages 30-31, respectively; Allowance for Credit Losses on pages 63-65; Critical Accounting Estimates Used by the Firm on pages 75-77; and Notes 11 and 12 for additional information on the credit portfolio and the allowance for credit losses.
10
| Noninterest expense | |||||||||||||||||||||||||||||
| (in millions) | Three months ended March 31, | ||||||||||||||||||||||||||||
| 2026 | 2025 | Change | |||||||||||||||||||||||||||
Compensation expense | $ | 15,339 | $ | 14,093 | 9 | % | |||||||||||||||||||||||
| Noncompensation expense: | |||||||||||||||||||||||||||||
| Occupancy | 1,447 | 1,302 | 11 | ||||||||||||||||||||||||||
Technology, communications and equipment(a) | 3,021 | 2,578 | 17 | ||||||||||||||||||||||||||
| Professional and outside services | 3,483 | 2,839 | 23 | ||||||||||||||||||||||||||
| Marketing | 1,604 | 1,304 | 23 | ||||||||||||||||||||||||||
Other expense | 1,956 | 1,481 | 32 | ||||||||||||||||||||||||||
| Total noncompensation expense | 11,511 | 9,504 | 21 | ||||||||||||||||||||||||||
Total noninterest expense | $ | 26,850 | $ | 23,597 | 14 | % | |||||||||||||||||||||||
Certain components of other expense(b) | |||||||||||||||||||||||||||||
| Legal expense | $ | 223 | $ | 121 | |||||||||||||||||||||||||
| FDIC-related expense | 332 | (11) | |||||||||||||||||||||||||||
| Operating losses | 286 | 386 | |||||||||||||||||||||||||||
(a)Includes depreciation expense associated with auto operating lease assets. Refer to Note 16 for additional information.
(b)Refer to Note 5 for additional information.
Quarterly results
Compensation expense increased predominantly driven by:
•higher revenue-related compensation across the LOBs, and
•growth in the number of employees, primarily front office employees.
Noncompensation expense increased, reflecting:
•higher investments in technology across the LOBs and Corporate and in marketing in CCB,
•higher brokerage expense in CIB and higher distribution fees in AWM,
•higher FDIC-related expense as the prior year included an FDIC special assessment accrual release of $323 million in Corporate,
•higher depreciation expense on higher auto operating lease assets in CCB, and
•higher occupancy expense, reflecting net additions and improvements to the Firm’s properties, including its new headquarters, bank branches and other corporate offices.
Refer to Note 5 for additional information on other expense.
| Income tax expense | ||||||||||||||||||||||||||||
| (in millions) | Three months ended March 31, | |||||||||||||||||||||||||||
| 2026 | 2025 | Change | ||||||||||||||||||||||||||
| Income before income tax expense | $ | 20,479 | $ | 18,408 | 11 | % | ||||||||||||||||||||||
| Income tax expense | 3,985 | 3,765 | 6 | |||||||||||||||||||||||||
| Effective tax rate | 19.5 | % | 20.5 | % | ||||||||||||||||||||||||
Quarterly results
The effective tax rate decreased predominantly driven by higher tax benefits related to the vesting of employee share-based awards as a result of the higher market price of the Firm's common shares.
11
Consolidated balance sheets analysis
The following is a discussion of the significant changes between March 31, 2026 and December 31, 2025. Refer to pages 154–157 for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Balance Sheets.
| Selected Consolidated balance sheets data | ||||||||||||||
| (in millions) | March 31, 2026 | December 31, 2025 | Change | |||||||||||
| Assets | ||||||||||||||
| Cash and due from banks | $ | 22,039 | $ | 21,742 | 1 | % | ||||||||
| Deposits with banks | 290,103 | 321,596 | (10) | |||||||||||
| Federal funds sold and securities purchased under resale agreements | 482,704 | 336,426 | 43 | |||||||||||
| Securities borrowed | 284,524 | 286,191 | (1) | |||||||||||
| Trading assets | 1,069,335 | 802,873 | 33 | |||||||||||
| Available-for-sale securities | 549,037 | 507,198 | 8 | |||||||||||
| Held-to-maturity securities | 272,142 | 270,134 | 1 | |||||||||||
| Investment securities, net of allowance for credit losses | 821,179 | 777,332 | 6 | |||||||||||
| Loans | ||||||||||||||
Institutional holdings (13F)
Top 10 holdings
| Name | Ticker | Weight | Value |
|---|---|---|---|
| NVIDIA CORPORATION | NVDA | 5.34% | $85,070,322,845 |
| MICROSOFT CORP | MSFT | 4.49% | $71,459,619,996 |
| APPLE INC | AAPL | 3.85% | $61,282,440,217 |
| AMAZON COM INC | AMZN | 2.32% | $36,941,885,767 |
| BROADCOM INC | AVGO | 2.04% | $32,449,939,035 |
| ALPHABET INC | GOOG | 1.98% | $31,569,188,913 |
| SPDR S&P 500 ETF TRUST | SPY | 1.91% | $30,386,644,394 |
| META PLATFORMS INC | META | 1.82% | $28,948,584,546 |
| ALPHABET INC | GOOGL | 1.27% | $20,236,934,283 |
| TESLA INC | TSLA | 1.26% | $20,053,742,576 |
Exposure direction
| Direction | Weight |
|---|---|
| Long exposure | 96.3% |
| Short exposure | -3.7% |
| Total | 92.5% |
Sector
| Sector | Weight |
|---|---|
| Information Technology | 28.0% |
| Consumer Discretionary | 9.1% |
| Industrials | 8.5% |
| Financials | 8.3% |
| Health Care | 7.3% |
| Utilities | 2.3% |
| Materials | 1.9% |
| Real Estate | 1.7% |
| Energy | 1.6% |
| Consumer Staples | 1.6% |
| Communication Services | 1.5% |
| Unknown | 20.9% |
| Total | 92.5% |
Market cap
| Cap | Weight |
|---|---|
| Mega | 35.1% |
| Large | 33.2% |
| Mid | 2.7% |
| Small | 1.5% |
| Micro | 20.7% |
| Total | 93.1% |
Asset class
| Class | Weight |
|---|---|
| Equity-common | 93.1% |
| Derivative-equity | -0.7% |
| Debt | 0.1% |
| Total | 92.5% |
Changes this quarter
New positions
| Name | Ticker | Bought | Now |
|---|---|---|---|
| TOTALENERGIES SE | $1,911,934,603 | $1,911,934,603 | |
| UNILEVER PLC | UL | $162,929,027 | $162,929,027 |
| CUSHMAN AND WAKEFIELD LTD | $88,070,200 | $88,070,200 | |
| AUTOZONE INC C | $84,787,500 | $84,787,500 | |
| TOTALENERGIES SE C | $70,217,510 | $70,217,510 | |
| TOTALENERGIES SE P | $62,423,895 | $62,423,895 | |
| ABIVAX SA | ABVX | $61,483,496 | $61,483,496 |
| QNITY ELECTRONICS INC | Q | $58,406,374 | $58,406,374 |
| ISHARES TR C | $57,696,000 | $57,696,000 | |
| MEDLINE INC | MDLN | $56,706,762 | $56,706,762 |
Exited positions
| Name | Ticker | Sold | Now |
|---|---|---|---|
| INTERPUBLIC GROUP COS INC | $-228,187,773 | — | |
| MR COOPER GROUP INC | $-188,476,615 | — | |
| KELLANOVA | $-180,579,006 | — | |
| WNS HLDGS LTD | $-169,297,128 | — | |
| TOTALENERGIES SE | $-167,326,601 | — | |
| VERONA PHARMA PLC | $-150,970,107 | — | |
| UNILEVER PLC | $-108,547,176 | — | |
| SPDR SERIES TRUST P | $-95,701,020 | — | |
| CUSHMAN WAKEFIELD PLC | $-87,491,353 | — | |
| MERUS N V | $-71,178,624 | — |
Increased
| Name | Ticker | + USD | Now |
|---|---|---|---|
| SPDR S&P 500 ETF TR P | $7,337,301,504 | $17,183,974,848 | |
| NETFLIX INC | NFLX | $-4,743,390,039 | $5,957,058,823 |
| SERVICENOW INC | NOW | $-1,473,410,580 | $5,799,272,553 |
| JPMORGAN BETABUILDERS EUROPE ETF | BBEU | $4,273,913,684 | $6,743,373,041 |
| ISHARES US TREASURY BOND ETF | GOVT | $3,523,900,885 | $4,491,643,992 |
| ELI LILLY & CO | LLY | $6,133,948,964 | $13,968,635,920 |
| AMPHENOL CORP NEW | APH | $2,543,101,881 | $4,638,700,929 |
| ISHARES SILVER TR P | $3,000,867,528 | $4,266,942,446 | |
| ADVANCED MICRO DEVICES INC | AMD | $2,283,732,647 | $4,478,490,814 |
| SPDR GOLD TR C | $1,640,184,858 | $5,589,278,823 |
Decreased
| Name | Ticker | − USD | Now |
|---|---|---|---|
| VANGUARD S&P 500 ETF | VOO | $-9,355,525,506 | $7,330,205,716 |
| ISHARES CORE S&P 500 ETF | IVV | $-7,196,278,070 | $7,598,809,533 |
| META PLATFORMS INC | META | $-11,233,011,297 | $28,948,584,546 |
| NVIDIA CORPORATION | NVDA | $-6,096,777,039 | $85,070,322,845 |
| MICROSOFT CORP | MSFT | $-10,795,344,008 | $71,459,619,996 |
| AMAZON COM INC | AMZN | $-3,165,195,128 | $36,941,885,767 |
| SPDR S&P 500 ETF TR C | $-4,457,939,298 | $4,199,536,128 | |
| SPDR S&P 500 ETF TRUST | SPY | $-2,690,874,727 | $30,386,644,394 |
| APPLE INC | AAPL | $1,022,414,187 | $61,282,440,217 |
| STATE STREET FINANCIAL SELECT | XLF | $-1,890,652,720 | $5,278,611,972 |
Recent insider activity
| Date | Insider | Role | Action | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 2026-05-05 | Piepszak Jennifer | Chief Operating Officer | Sell | -4,919 | $309.42 | -$1,522,037 |
| 2026-05-05 | BACON ASHLEY | Chief Risk Officer | Sell | -4,070 | $309.42 | -$1,259,356 |
| 2026-05-05 | Barnum Jeremy | Chief Financial Officer | Sell | -3,022 | $309.41 | -$935,032 |
Source: SEC Form 4 filings.
Next expected filings
- ~2026-08-05 10-Q expected by 2026-08-12 (in 82 days)
- ~2026-11-04 10-Q expected by 2026-11-11 (in 173 days)
- ~2027-02-12 10-K expected by 2027-03-21 (in 273 days)
- ~2027-05-01 10-Q expected by 2027-05-08 (in 351 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-05-01 10-Q Quarterly Report
- 2026-04-24 424B2 Prospectus Supplement
- 2026-04-24 424B2 Prospectus Supplement
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- 2026-04-24 424B2 Prospectus Supplement
- 2026-04-24 424B2 Prospectus Supplement
- 2026-04-24 424B2 Prospectus Supplement
- 2026-04-24 424B2 Prospectus Supplement
- 2026-04-24 424B2 Prospectus Supplement
- 2026-04-24 424B2 Prospectus Supplement
- 2026-04-24 424B2 Prospectus Supplement
- 2026-04-24 424B2 Prospectus Supplement
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