UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
For the fiscal year ended
Commission File Number:
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
(Address of principal executive offices, including zip code)
(
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of each exchange on which registered |
|---|---|---|
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
As of December 31, 2025, the registrant had
Auditor name:
Form type: 10-K
Period end: 2025-12-31
JPMorgan Chase & Co. is a public reporting company classified under National Commercial Banks, and this report covers the fiscal year ended December 31, 2025. The firm's core banking activities consist of gathering deposits and extending credit, with deposits of $2,559,320,000,000 at year-end compared with $2,406,032,000,000 in the prior year, an increase of 6.4%, and loans receivable, net of $1,467,664,000,000 compared with $1,323,643,000,000, an increase of 10.9%. The firm also held loans held for sale of $13,840,000,000, up from $7,048,000,000, and mortgage servicing rights of $9,167,000,000. The firm's businesses are organized into [COMPLETE: description of reportable business segments and the principal products and services offered by each], and serve [COMPLETE: description of principal customer groups and geographic markets]. At year-end, total liabilities and equity were $4,424,900,000,000 compared with $4,002,814,000,000 in the prior year.
In addition to its lending and deposit-taking activities, the firm maintains substantial investment securities and securities financing positions. Debt securities available for sale totaled $507,198,000,000, an increase of 24.7% from $406,852,000,000, while debt securities held to maturity totaled $270,134,000,000. The firm engages in securities financing transactions, including securities purchased under agreements to resell of $336,426,000,000, securities borrowed of $286,191,000,000, securities sold under agreements to repurchase of $442,396,000,000 and securities loaned of $15,659,000,000. The firm also uses derivative instruments, which are recognized as assets or liabilities on the balance sheet and measured at fair value, with changes in fair value recognized in earnings unless the derivative is designated and qualifies as a hedging instrument. The firm additionally holds equipment on operating leases, net of $20,130,000,000, up from $12,988,000,000, and nonmarketable equity securities of $4,873,000,000. For the year, revenue was $182,447,000,000 compared with $177,556,000,000 in the prior year, an increase of 2.8%, with the firm earning interest income of $193,341,000,000 and incurring interest expense of $97,898,000,000. Net income was $57,048,000,000 compared with $58,471,000,000 in the prior year. The firm is funded in part through long-term borrowings, with debt, including current maturities, of $370,430,000,000, an increase of 6.3% from $348,525,000,000.
The firm's primary market risk exposure is interest rate risk on cash, cash equivalents, and short-term investments, and the firm does not have material foreign currency or commodity price exposure. The firm competes with [COMPLETE: description of principal competitors and competitive conditions] and is subject to [COMPLETE: description of supervision and regulation applicable to the firm and its subsidiaries]. As of year-end, the firm had [COMPLETE: number of employees] employees, and its human capital practices are described in [COMPLETE: human capital disclosure]. Common shares outstanding were 2,696,200,000 at year-end compared with 2,797,600,000 in the prior year. The firm is involved in legal proceedings arising in the ordinary course of business from time to time, and management does not currently believe any pending matter is material to the financial statements. The firm's insider trading policy is filed as Exhibit 19 to this report. Additional information regarding the firm, including its filings with the Securities and Exchange Commission, is available at [COMPLETE: investor relations website address].
JPMorgan Chase & Co. is a public reporting company classified under National Commercial Banks, and our financial condition and results of operations are subject to a range of risks inherent in that business. Our primary market risk exposure is interest rate risk on cash, cash equivalents, and short-term investments. Changes in the level, shape, or volatility of interest rates affect both the income we earn on interest-bearing assets and the cost of our funding, and a material portion of our earnings is derived from the spread between the two. For the period, interest income from operations was $193,341,000,000 compared with $193,933,000,000 in the prior period, while interest expense from operations was $97,898,000,000 compared with $101,350,000,000 in the prior period. Revenue for the period ended December 31, 2025 was $182,447,000,000 and net income was $57,048,000,000, and adverse movements in rates or a compression of interest margins could reduce these results in future periods. We do not have material foreign currency or commodity price exposure, although broader disruptions in financial markets could still affect the value of our securities and the demand for our products.
We are exposed to credit risk from borrowers and counterparties, and deterioration in economic conditions could increase defaults and credit losses. Loans receivable, net, increased 10.9% to $1,467,664,000,000 from $1,323,643,000,000, and loans held for sale increased 96.4% to $13,840,000,000 from $7,048,000,000. Growth in our lending portfolio increases the amount of capital at risk should credit quality weaken. Debt securities available for sale increased 24.7% to $507,198,000,000 from $406,852,000,000, and declines in the fair value of these securities could adversely affect our capital and results. Our business also depends on the continued availability of funding. Deposits increased 6.4% to $2,559,320,000,000 from $2,406,032,000,000, securities sold under agreements to repurchase increased 49.0% to $442,396,000,000 from $296,835,000,000, and debt, including current maturities, increased 6.3% to $370,430,000,000 from $348,525,000,000. Restricted cash and equivalents decreased 26.8% to $343,338,000,000 from $469,317,000,000. Total liabilities were $4,062,462,000,000 and total equity was $362,438,000,000 at period end, and the scale of our obligations relative to our equity means that a loss of depositor or investor confidence, or a disruption in wholesale funding markets, could have a significant adverse effect. Management believes that our liquidity and capital resources, including deposits, access to wholesale funding markets, and cash flows from operations, are sufficient to meet our anticipated operating, investing, and financing requirements for at least the next twelve months, but there can be no assurance that these sources will remain available on acceptable terms.
We are subject to legal, regulatory, and operational risks that could result in losses or reputational harm. We are involved in legal proceedings arising in the ordinary course of business from time to time, and management does not currently believe any pending matter is material to the financial statements; however, the outcome of litigation and regulatory matters is inherently uncertain and could differ from our expectations. [COMPLETE: description of regulatory capital, supervisory, and compliance risks applicable to the company]. Goodwill was $52,731,000,000 at period end, and adverse changes in the performance or outlook of our businesses could require impairment charges. Management evaluated disclosure controls and procedures as of the end of the period and concluded they were effective at the reasonable assurance level, and no changes materially affected internal control over financial reporting during the quarter. Notwithstanding these conclusions, any failure of our controls, systems, or processes, including those related to cybersecurity and third-party providers, could materially and adversely affect our business, results of operations, and financial condition.
Net income for the year ended December 31, 2025 represented basic earnings per share of $20.05 on weighted-average basic shares outstanding of 2,776,500,000, and net income for the period was $57,048,000,000 on revenue of $182,447,000,000. Revenue increased 2.8% to $182,447,000,000 from $177,556,000,000 in the prior year, driven by [COMPLETE: principal drivers of the increase in revenue]. Interest income from operating activities was $193,341,000,000 compared with $193,933,000,000 in the prior year, a decrease of 0.3%, while other interest income increased 21.1% to $28,032,000,000 from $23,144,000,000. Interest expense declined 3.4% to $97,898,000,000 from $101,350,000,000. Interest-earning asset balances grew during the year, with loans receivable, net, increasing 10.9% to $1,467,664,000,000 from $1,323,643,000,000 and debt securities available for sale increasing 24.7% to $507,198,000,000 from $406,852,000,000, while debt securities held to maturity decreased 1.6% to $270,134,000,000 from $274,468,000,000. The relationship between these balance sheet changes and the movement in interest income and interest expense reflects [COMPLETE: discussion of yields, funding costs and rate environment].
Other income statement items, which represent the Firm's remaining operating costs, increased 6.9% to $233,327,000,000 from $218,202,000,000 in the prior year, reflecting [COMPLETE: principal drivers of the increase in noninterest expense]. Income tax expense decreased 6.4% to $15,547,000,000 from $16,610,000,000. The decrease in income tax expense was attributable to [COMPLETE: drivers of the change in the effective tax rate]. The Firm's primary market risk exposure is interest rate risk on cash, cash equivalents, and short-term investments, and the Firm does not have material foreign currency or commodity price exposure.
Restricted cash and equivalents totaled $343,338,000,000 at December 31, 2025, compared with $469,317,000,000 at the prior year-end, a decrease of 26.8%, as [COMPLETE: explanation of the change in cash and cash equivalents and summary of cash flows from operating, investing and financing activities]. Deposits, the Firm's principal source of funding, increased 6.4% to $2,559,320,000,000 from $2,406,032,000,000. Debt, including current maturities, increased 6.3% to $370,430,000,000 from $348,525,000,000, of which the current portion was $64,776,000,000 compared with $52,893,000,000, an increase of 22.5%. Secured funding also increased, with securities sold under agreements to repurchase rising 49.0% to $442,396,000,000 from $296,835,000,000 and securities loaned increasing 47.5% to $15,659,000,000 from $10,618,000,000, while securities purchased under agreements to resell increased 14.0% to $336,426,000,000 from $295,001,000,000 and securities borrowed increased 30.4% to $286,191,000,000 from $219,546,000,000. Total liabilities were $4,062,462,000,000 and total equity was $362,438,000,000 at December 31, 2025.
Retained earnings increased 10.6% to $416,055,000,000 from $376,166,000,000, and treasury stock, at cost, increased to $164,591,000,000 from $134,018,000,000, reflecting share repurchases during the year. Accumulated other comprehensive loss narrowed to $4,290,000,000 from $12,456,000,000, and additional paid-in capital was $91,114,000,000 compared with $90,911,000,000. Operating lease liabilities were $9,337,000,000 compared with $8,900,000,000, and the Firm's contractual obligations under these arrangements are expected to be met from operating cash flows. Management believes that [COMPLETE: statement as to whether cash, cash equivalents, deposits and access to funding markets are sufficient to meet the Firm's liquidity needs for at least the next twelve months, and any material capital expenditure commitments or regulatory capital considerations]. Adopted accounting updates and updates not yet effective are not expected to have a material effect on the financial statements, except as otherwise described in the notes to the consolidated financial statements.
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | |
|---|---|---|
| Revenue | 182,447,000,000.00 | 177,556,000,000.00 |
| Total Revenue | ||
| Total COGS | ||
| Gross Profit | ||
| Interest expense, operating | ||
| Interest income, operating | - | - |
| Other income statement items (derived) | ||
| Total operating expenses | ||
| Operating income | ||
| Other income (expense) | ||
| Interest income | - | - |
| Income before income taxes | ||
| Income tax expense (benefit) | ||
| Net Income | ||
| Less: preferred stock dividends | -1,099,000,000.00 | -1,259,000,000.00 |
| Net income (loss) available to common stockholders | ||
| Net income (loss) available to common stockholders, diluted | ||
| Basic earnings per share | ||
| Diluted earnings per share | ||
| Weighted average shares outstanding, basic | ||
| Weighted average shares outstanding, diluted | ||
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | |
|---|---|---|
| Net income | 57,048,000,000.00 | 58,471,000,000.00 |
| Foreign currency translation adjustment, net of tax | - | |
| Other comprehensive income (loss), other components | 6,827,000,000.00 | -1,155,000,000.00 |
| Other comprehensive income (loss), net of tax | - | |
| Comprehensive income |
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Debt securities available for sale | ||
| Debt securities held to maturity | ||
| Equipment on operating leases, net | ||
| Goodwill | ||
| Intangible assets, net | ||
| Finite-lived intangible assets, accumulated amortization | ||
| Licenses and indefinite-lived intangibles | ||
| Loans held for sale | ||
| Loans receivable, net | ||
| Mortgage servicing rights | ||
| Nonmarketable equity securities | ||
| Operating lease right-of-use assets | ||
| Other assets (derived) | ||
| Restricted cash and equivalents | 343,338,000,000.00 | 469,317,000,000.00 |
| Securities borrowed | ||
| Securities purchased under agreements to resell | ||
| Total Assets | ||
| Liabilities | ||
| Accounts payable and accrued liabilities | ||
| Debt, current | ||
| Debt, including current maturities | 370,430,000,000.00 | 348,525,000,000.00 |
| Deposits | ||
| Operating lease liabilities | ||
| Other liabilities (derived) | ||
| Securities loaned | ||
| Securities sold under agreements to repurchase | ||
| Total Liabilities | ||
| Equity | ||
| Preferred stock, par value per share | ||
| Preferred stock, shares authorized | ||
| Preferred stock, shares issued | ||
| Accumulated other comprehensive income (loss) | - | - |
| Additional paid-in capital | ||
| Common stock | ||
| Common stock, par value per share | ||
| Common stock, shares authorized | ||
| Common stock, shares issued | ||
| Common stock, shares outstanding | ||
| Other stockholders equity (derived) | ||
| Retained earnings (accumulated deficit) | ||
| Treasury stock, at cost | - | - |
| Treasury stock, common shares held | ||
| Total Equity | ||
| Total liabilities and equity | ||
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | |
|---|---|---|
| Operating activities | ||
| Net income | ||
| Stock-based compensation | ||
| Deferred income taxes | ||
| Other noncash items, net | ||
| Change in prepaid expenses and other assets | - | - |
| Changes in operating assets and liabilities, net | - | - |
| Net cash from operating activities | - | - |
| Investing activities | ||
| Payments for (proceeds from) other investing activities | - | - |
| Purchases of available-for-sale securities | - | - |
| Proceeds from sales of available-for-sale securities | ||
| Proceeds from maturities, prepayments and calls of available-for-sale securities | ||
| Other investing activities (derived) | - | |
| Net cash from investing activities | - | - |
| Financing activities | ||
| Repurchases of common stock | - | - |
| Dividends paid | - | - |
| Proceeds from (payments for) other financing activities | - | - |
| Other financing activities (derived) | ||
| Net cash from financing activities | ||
| Effect of exchange rate changes on cash | - | |
| Net change in cash | - | - |
| Cash at beginning of period | 624,151,000,000.00 | |
| Cash at end of period | 469,317,000,000.00 | |
| Supplemental cash flow information | ||
| Cash paid for interest | ||
| Cash paid for income taxes | ||
| Cash paid for income taxes, federal | - | |
| Cash paid for income taxes, state and local | ||
| Cash paid for income taxes, foreign | ||
| Common stock | Additional paid-in capital | Retained earnings (accumulated deficit) | Accumulated other comprehensive income (loss) | Treasury stock, at cost | Other stockholders equity (derived) | Total | |
|---|---|---|---|---|---|---|---|
| Balance at beginning of prior year | 4,105,000,000.00 | 90,128,000,000.00 | 332,901,000,000.00 | -10,443,000,000.00 | -116,217,000,000.00 | 27,404,000,000.00 | 327,878,000,000.00 |
| Net income | |||||||
| Other equity movements | 0.00 | 783,000,000.00 | -15,206,000,000.00 | -2,013,000,000.00 | -17,801,000,000.00 | -7,354,000,000.00 | -41,591,000,000.00 |
| Balance at December 31, 2024 | - | - | 20,050,000,000.00 | ||||
| Net income | |||||||
| Other equity movements | 0.00 | 203,000,000.00 | -17,159,000,000.00 | 8,166,000,000.00 | -30,573,000,000.00 | -5,000,000.00 | -39,368,000,000.00 |
| Balance at December 31, 2025 | - | - | 20,045,000,000.00 |
JPMorgan Chase & Co. is a public reporting company classified under National Commercial Banks. The accompanying interim condensed financial statements are unaudited, have been prepared from the connected books, and the results for the interim period are not necessarily indicative of the results to be expected for a full year. The statements are presented as of and for the period ended December 31, 2025. Revenue for the period was $182,447 million compared with $177,556 million in the prior period, an increase of 2.8%. Operating interest income was $193,341 million compared with $193,933 million in the prior period, and operating interest expense was $97,898 million compared with $101,350 million. Net interest income was $95,443 million, which included interest expense on long-term debt of $17,894 million and interest expense on short-term borrowings of $2,298 million. Income before income taxes was $72,595 million, consisting of $56,184 million domestic and $16,411 million foreign, and total income tax expense was $15,547 million, resulting in an effective tax rate of 21.4% compared with the federal statutory rate of 21.0%. Net income for the period was $57,048 million.
Basic earnings per share were $20.05 and diluted earnings per share were $20.02, based on weighted-average basic shares outstanding of 2,776,500,000 and a dilutive adjustment of 5,000,000 shares. Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period, and diluted earnings per share reflects the potential dilution from share-based awards.
Deposits were $2,559,320 million at period end compared with $2,406,032 million in the prior period, an increase of 6.4%. Debt, including current maturities, was $370,430 million compared with $348,525 million, of which $64,776 million was current compared with $52,893 million in the prior period. Securities sold under agreements to repurchase increased to $442,396 million from $296,835 million, and securities loaned increased to $15,659 million from $10,618 million. Total liabilities were $4,062,462 million at period end. Operating lease liabilities were $9,337 million compared with $8,900 million in the prior period, and operating lease right-of-use assets were $8,901 million compared with $8,494 million. Undiscounted operating lease payments totaled $11,255 million, consisting of $1,767 million due within one year, $1,699 million in year two, $1,539 million in year three, $1,322 million in year four, $1,094 million in year five and $3,834 million thereafter, less imputed interest of $1,918 million, for a present value of operating lease liabilities of $9,337 million. The weighted-average remaining lease term was 8.2 years and the weighted-average discount rate was 4.4%; operating lease cost was $2,388 million, cash paid for amounts included in the measurement of operating lease liabilities was $1,759 million, and right-of-use assets obtained in exchange for operating lease liabilities were $1,834 million. As lessor, the Company held equipment on operating leases, net, of $20,130 million compared with $12,988 million in the prior period.
Total stockholders' equity was $362,438 million at period end. Common stock was unchanged at $4,105 million, and additional paid-in capital was $91,114 million compared with $90,911 million in the prior period. Retained earnings increased to $416,055 million from $376,166 million, an increase of 10.6%. Accumulated other comprehensive loss narrowed to $4,290 million from $12,456 million in the prior period. Treasury stock, at cost, was $164,591 million compared with $134,018 million, reflecting repurchase activity during the period. Other components of stockholders' equity totaled $20,045 million. Available-for-sale debt securities carried accumulated gross unrealized gains of $3,314 million and accumulated gross unrealized losses of $3,342 million, which are reflected in accumulated other comprehensive income (loss).
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and the applicable rules and regulations of the Securities and Exchange Commission. In the opinion of management, the financial statements reflect all adjustments necessary for a fair statement of the financial position, results of operations, and cash flows for the periods presented.
The financial statements include the accounts of the Company and its consolidated subsidiaries, if any. All intercompany balances and transactions have been eliminated in consolidation.
Investments are classified at the time of purchase based on the nature of the security and the Company's intent and ability to hold it, and are subsequently measured under the accounting framework applicable to that classification, as presented in the investments note.
Property and equipment are stated at cost less accumulated depreciation. Depreciation is recognized over the estimated useful lives of the related assets, generally on a straight-line basis. Expenditures for maintenance and repairs are expensed as incurred.
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. When the carrying amount of an asset or asset group is not recoverable, an impairment loss is recognized for the amount by which the carrying amount exceeds fair value.
The Company determines whether an arrangement is or contains a lease at inception. For leases with terms greater than twelve months, a right-of-use asset and a corresponding lease liability are recognized at the lease commencement date, measured at the present value of the remaining lease payments over the lease term.
Debt is carried at amortized cost. Debt issuance costs and discounts or premiums are presented as an adjustment to the carrying amount of the related debt and amortized to interest expense over the contractual term of the debt.
Derivative instruments are recognized as assets or liabilities on the balance sheet and measured at fair value. Changes in the fair value of derivatives are recognized in earnings unless the derivative is designated and qualifies as a hedging instrument, in which case recognition follows the applicable hedge accounting model.
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is recognized when it is more likely than not that some portion of the deferred tax assets will not be realized.
Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock, except when the effect would be antidilutive.
The financial statements of operations whose functional currency is not the U.S. dollar are translated into U.S. dollars using period-end exchange rates for assets and liabilities and average exchange rates for revenues and expenses, with the resulting translation adjustments reported as a component of other comprehensive income (loss). Gains and losses arising from transactions denominated in a currency other than the functional currency are recognized in earnings in the period they arise.
Equity instruments issued by the Company are classified in stockholders' equity based on their terms. The components of stockholders' equity and the changes in those components for the periods presented are set forth in the equity note.
The Company evaluates the applicability and impact of Accounting Standards Updates issued by the Financial Accounting Standards Board as they are issued. Adopted updates and updates not yet effective are not expected to have a material effect on the financial statements, except as otherwise described in these notes.
| Current | Prior | |
|---|---|---|
| Debt, current | ||
| Debt, including current maturities | 370,430,000,000.00 | 348,525,000,000.00 |
| Deposits | ||
| Operating lease liabilities | ||
| Securities loaned | ||
| Securities sold under agreements to repurchase | ||
| Total debt | 3,461,918,000,000.00 | 3,123,803,000,000.00 |
| Current | Prior | |
|---|---|---|
| Equipment on operating leases, net | ||
| Total property and equipment | 20,130,000,000.00 | 12,988,000,000.00 |
| Current | Prior | |
|---|---|---|
| Net carrying amount | 1,300,000,000.00 | 1,700,000,000.00 |
| Amount | |
|---|---|
| Next twelve months | |
| Year two | |
| Year three | |
| Year four | |
| Year five |
| Current | Prior | |
|---|---|---|
| Amortization expense |
| Current | Prior | |
|---|---|---|
| Accumulated other comprehensive income (loss) | - | - |
| Additional paid-in capital | ||
| Common stock | ||
| Other stockholders equity (derived) | 20,045,000,000.00 | 20,050,000,000.00 |
| Retained earnings (accumulated deficit) | ||
| Treasury stock, at cost | - | - |
| Total stockholders' equity | 362,438,000,000.00 | 344,758,000,000.00 |
| Current | Prior | |
|---|---|---|
| Net income available to common stockholders | ||
| Weighted average shares outstanding, basic | ||
| Dilutive effect of potential common shares | ||
| Weighted average shares outstanding, diluted | ||
| Basic earnings per share | 20.05 | 19.79 |
| Diluted earnings per share |
| Amount | |
|---|---|
| Within one year | |
| Year two | |
| Year three | |
| Year four | |
| Year five | |
| Thereafter | |
| Total undiscounted lease payments | |
| Less imputed interest | |
| Present value of operating lease liabilities | |
| Weighted average remaining lease term (years) | |
| Weighted average discount rate |
| Current | Prior | |
|---|---|---|
| Operating lease cost | ||
| Total lease cost | ||
| Cash paid for amounts included in the measurement of operating lease liabilities | ||
| Right-of-use assets obtained in exchange for operating lease liabilities |
| Current | Prior | |
|---|---|---|
| Current federal | ||
| Current state and local | ||
| Current foreign | ||
| Total current | ||
| Deferred federal | ||
| Deferred state and local | ||
| Deferred foreign | ||
| Total deferred | ||
| Total income tax expense (benefit) | 15,547,000,000.00 | 16,610,000,000.00 |
| Current | Prior | |
|---|---|---|
| Tax at federal statutory rate | ||
| Federal statutory rate | ||
| State and local taxes | ||
| State and local rate | ||
| Valuation allowance change | ||
| Valuation allowance change rate | ||
| Tax contingencies | ( | ( |
| Tax contingencies rate | ( | |
| Foreign rate differential | ||
| Foreign rate differential rate | ||
| Tax credits | ||
| Tax credits rate | ||
| Cross-border tax effect | ( | ( |
| Cross-border tax effect rate | ( | ( |
| Tax-exempt income | ||
| Tax-exempt income rate | ||
| Enacted rate change | ( | |
| Enacted rate change rate | ( | |
| Other tax credits | ||
| Other tax credits rate | ||
| Energy-related tax credits | ||
| Energy-related tax credits rate | ||
| Other adjustments | ( | ( |
| Other adjustments rate | ( | ( |
| Effective tax rate |
| Current | Prior | |
|---|---|---|
| Deferred tax assets, gross | ||
| Valuation allowance | ||
| Deferred tax assets, net | ||
| Compensation and benefits | ||
| Provision for loan losses | ||
| Property, plant and equipment | ||
| Other tax credit carryforwards | ||
| Loss reserves | ||
| Deferred income tax liabilities | ||
| Property and equipment | ||
| Other deferred tax liabilities | ||
| Leasing arrangements | ||
| Mortgage servicing rights | ||
| Net deferred tax position |
| Current | Prior | |
|---|---|---|
| Balance at beginning of period | 5,401,000,000.00 | |
| Increases for current period tax positions | ||
| Increases for prior period tax positions | ||
| Decreases for prior period tax positions | ||
| Decreases from settlements with taxing authorities | ||
| Balance at end of period | 6,159,000,000.00 |
| Current | Prior | |
|---|---|---|
| Portion that would impact the effective tax rate | ||
| Income tax examination penalties and interest accrued | ||
| Income tax examination penalties and interest expense (benefit) |
| Current | Prior | |
|---|---|---|
| Domestic | ||
| Foreign | ||
| Income before income taxes | 72,595,000,000.00 | 75,081,000,000.00 |
| Current | Prior | |
|---|---|---|
| Interest income (expense), net |
| Current | Prior | |
|---|---|---|
| Interest expense on long-term debt | ||
| Interest expense on short-term borrowings | ||
| Interest income, other |
| Current | Prior | |
|---|---|---|
| Accumulated gross unrealized gains | ||
| Accumulated gross unrealized losses |
| Current | Prior | |
|---|---|---|
| Derivative assets, gross fair value | ||
| Derivative assets | ||
| Derivative liabilities, gross fair value | ||
| Derivative liabilities |
| Balance sheet captions for these amounts are not separately disclosed: |
Management, with the participation of the Company's principal executive officer and principal financial officer, evaluated the effectiveness of the Company's disclosure controls and procedures as of the end of the period covered by this report and concluded that they were effective at the reasonable assurance level. The Company's certifying officers are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant. Disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed in the reports the Company files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to management, including the principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. [COMPLETE: management to review and formally adopt the conclusion language above before filing.]
There were no changes in the Company's internal control over financial reporting during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting. Any system of controls, however well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met, and management does not expect that its disclosure controls and procedures or internal control over financial reporting will prevent or detect all errors or instances of fraud.
Management's annual report on internal control over financial reporting as of December 31, 2025, including the framework used to assess effectiveness and management's conclusion thereon, is set forth in [COMPLETE: cross-reference to Management's Report on Internal Control over Financial Reporting]. The attestation report of the Company's independent registered public accounting firm on the effectiveness of internal control over financial reporting is included in [COMPLETE: cross-reference to Report of Independent Registered Public Accounting Firm]. The certifications of the Company's principal executive officer required by Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934 are filed as Exhibit 31.1 to this report.
JPMORGAN CHASE & CO is a public reporting company classified under National Commercial Banks. As a large financial institution, we maintain a cybersecurity program designed to identify, assess, and manage material risks from cybersecurity threats to our systems, data, and operations. [COMPLETE: description of the cybersecurity program, including the frameworks or standards on which it is based, the principal technical and administrative controls employed, and the manner in which cybersecurity risk is integrated into the Firm's overall enterprise risk management framework.] [COMPLETE: description of processes for identifying and overseeing cybersecurity risks associated with third-party service providers.]
Our governance of cybersecurity risk operates within the broader system of controls that management has established and evaluated. We have designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared, and have designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. These controls are intended to support the timely escalation and, where appropriate, disclosure of cybersecurity incidents. [COMPLETE: description of Board of Directors and committee oversight of cybersecurity risk, including the committee responsible, frequency of reporting, and the processes by which the Board is informed of cybersecurity risks and incidents.] [COMPLETE: description of management's role in assessing and managing cybersecurity risk, including the titles and relevant expertise of responsible officers such as the Chief Information Security Officer, and the processes by which management monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents.]
Management evaluated disclosure controls and procedures as of the end of the period and concluded they were effective at the reasonable assurance level, and no changes materially affected internal control over financial reporting during the quarter. The company is involved in legal proceedings arising in the ordinary course of business from time to time, and management does not currently believe any pending matter is material to the financial statements. [COMPLETE: statement as to whether any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect the Firm, including its business strategy, results of operations, or financial condition.] Cybersecurity threats continue to evolve in sophistication and frequency, and we expect to continue investing in and adapting our program in response to the changing threat environment.
The Item 408(a) Rule 10b5-1 trading arrangement disclosure renders here from the guided trading arrangement intake on this page. Complete the intake to state whether any director or officer adopted or terminated a trading arrangement during the fourth fiscal quarter. Author any other Item 9B disclosure in this section as well.
JPMORGAN CHASE & CO is a public reporting company classified under National Commercial Banks. The executive officers of the company as of the date of this report include Jennifer Piepszak, Chief Operating Officer; Douglas B. Petno, Co-President and Chief Executive Officer of the Commercial & Investment Bank; Troy L. Rohrbaugh, Co-President and Chief Executive Officer of CCB; Marianne Lake, Chief Executive Officer of Consumer & Community Banking; Stacey Friedman, General Counsel; and Robin Leopold, Head of Human Resources. The directors of the company include Virginia M. Rometty, Phebe N. Novakovic, Mellody L. Hobson and Stephen B. Burke. [COMPLETE: full list of directors and executive officers, ages, business experience for the past five years, other public company directorships, board committee composition and audit committee financial expert designation, code of ethics disclosure, and insider trading policy disclosure, or incorporation by reference to the definitive proxy statement for the 2026 annual meeting of shareholders.] For fiscal year 2025, no late or unfiled Section 16(a) reports were identified. [COMPLETE: confirm timeliness of initial statements of beneficial ownership on Form 3 for the insiders whose dates of becoming subject to Section 16 have not yet been documented.]
The information required by Item 11 regarding compensation of the company's named executive officers and directors, including the Compensation Discussion and Analysis, the Summary Compensation Table and related tabular disclosures, pay versus performance disclosure, the ratio of chief executive officer compensation to median employee compensation, compensation committee interlocks and insider participation, and the compensation committee report, is set forth in [COMPLETE: definitive proxy statement section references or full Item 11 disclosure, including all compensation amounts]. No compensation amounts are presented in this Item other than as so incorporated or completed.
The information required by Item 12 regarding security ownership of certain beneficial owners and management is set forth in [COMPLETE: beneficial ownership table for holders of more than five percent of common stock, directors, named executive officers, and all directors and executive officers as a group, together with the equity compensation plan information table required by Item 201(d) of Regulation S-K]. The information required by Item 13 regarding transactions with related persons, the company's policies and procedures for the review, approval or ratification of such transactions, and the independence of directors under the applicable listing standards is set forth in [COMPLETE: related-person transaction disclosure and director independence determinations, or incorporation by reference to the definitive proxy statement]. The company is involved in legal proceedings arising in the ordinary course of business from time to time, and management does not currently believe any pending matter is material to the financial statements.
The information required by Item 14 regarding the fees billed by the company's independent registered public accounting firm for audit, audit-related, tax and all other services for the fiscal years ended December 31, 2025 and December 31, 2024, together with the audit committee's pre-approval policies and procedures, is set forth in [COMPLETE: name of independent registered public accounting firm, PCAOB ID, fee amounts by category for each of the two most recent fiscal years, and description of pre-approval policies, or incorporation by reference to the definitive proxy statement]. Management evaluated disclosure controls and procedures as of the end of the period and concluded they were effective at the reasonable assurance level, and no changes materially affected internal control over financial reporting during the quarter.