Form type: 10-K
Period end: 2025-12-31
JPMorgan Chase & Co. is a public reporting company classified under National Commercial Banks. Additional detail regarding the Firm's principal products, services, markets, and strategy is provided in [COMPLETE: description of the Firm's principal products, services, markets, and strategy from prior SEC filings].
As reflected in its financial position as of December 31, 2025, the Firm's banking operations are anchored by deposits of $2,559,320,000,000, an increase of 6.4% from the prior period, and net loans receivable of $1,467,664,000,000, an increase of 10.9% from the prior period. The Firm also maintains substantial investment and securities financing activities, including debt securities available for sale of $507,198,000,000, debt securities held to maturity of $270,134,000,000, securities purchased under agreements to resell of $336,426,000,000, and securities borrowed of $286,191,000,000. The Firm funds these activities in part through debt, including current maturities, of $370,430,000,000 and securities sold under agreements to repurchase of $442,396,000,000. For the period, the Firm generated revenue of $182,447,000,000, an increase of 2.8% over the prior period, and net income of $57,048,000,000, and its capital base consisted of stockholders' equity of $362,438,000,000, an increase of 5.1% from the prior period.
The Firm's primary market risk exposure is interest rate risk on cash, cash equivalents, and short-term investments, and it does not have material foreign currency or commodity price exposure. 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.
As a public reporting company classified under National Commercial Banks, we are subject to a broad range of risks inherent in the banking industry, including credit, market, liquidity, and interest rate risks. Our primary market risk exposure is interest rate risk on cash, cash equivalents, and short-term investments, and we do not have material foreign currency or commodity price exposure. Changes in interest rates could adversely affect the substantial interest income we generate, which was $193,341,000,000 for the current period, as well as our interest expense, which was $97,898,000,000 for the current period. Our results are also sensitive to the value of our securities portfolios, including debt securities available for sale of $507,198,000,000 and debt securities held to maturity of $270,134,000,000, which may fluctuate with market conditions. If interest rates or market values move adversely, our financial condition and results of operations could be materially and adversely affected.
Credit risk represents a significant exposure for our business. Our loans receivable, net, totaled $1,467,664,000,000 as of the current period, an increase of 10.9% from $1,323,643,000,000 in the prior period, and loans held for sale increased 96.4% to $13,840,000,000. Deterioration in economic conditions, borrower creditworthiness, or collateral values could result in increased credit losses that exceed our allowances and adversely affect our earnings. In addition, our securities financing activities, including securities purchased under agreements to resell of $336,426,000,000 and securities borrowed of $286,191,000,000, expose us to counterparty credit risk. The failure of counterparties to perform their obligations could result in losses that materially affect our results of operations.
We rely on stable and diverse funding sources, and disruptions to those sources could impair our liquidity. Deposits, our largest funding source, totaled $2,559,320,000,000 as of the current period, and we also rely on wholesale funding, including securities sold under agreements to repurchase of $442,396,000,000, which increased 49.0% from the prior period, and debt, including current maturities, of $370,430,000,000. Our total liabilities were $4,062,462,000,000 as compared to total stockholders' equity of $362,438,000,000, and this degree of leverage, which is characteristic of banking organizations, magnifies the potential effect of adverse developments on our capital position. Restricted cash and equivalents declined 26.8% to $343,338,000,000, and further reductions in liquid resources could constrain our ability to meet obligations as they come due. An inability to access funding on acceptable terms, or a loss of depositor or investor confidence, could materially and adversely affect our business and financial condition.
We are involved in legal proceedings arising in the ordinary course of business from time to time, and although management does not currently believe any pending matter is material to the financial statements, adverse outcomes in such matters could result in losses or reputational harm. Our results of operations, including revenue of $182,447,000,000 and net income of $57,048,000,000 for the period ended December 31, 2025, may not be indicative of future performance if any of the foregoing risks materialize. Any of these risks, individually or in combination, could have a material adverse effect on our business, financial condition, results of operations, and prospects.
For the fiscal year ended December 31, 2025, revenue was $182,447 million, an increase of 2.8% from $177,556 million in the prior year. Interest income from operating activities was $193,341 million, essentially consistent with $193,933 million in the prior year, while other interest income increased 21.1% to $28,032 million from $23,144 million. Operating interest expense decreased 3.4% to $97,898 million from $101,350 million. Other income statement items increased 6.9% to $233,327 million from $218,202 million, and income tax expense decreased 6.4% to $15,547 million from $16,610 million in the prior year. Net income for the year was $57,048 million, which, based on weighted-average basic shares outstanding of 2,776,500,000, resulted in basic earnings per share of $20.05.
Our balance sheet reflected continued growth in lending and securities activity during the period. Loans receivable, net, increased 10.9% to $1,467,664 million from $1,323,643 million, and loans held for sale increased 96.4% to $13,840 million from $7,048 million. Debt securities available for sale increased 24.7% to $507,198 million from $406,852 million, while debt securities held to maturity decreased 1.6% to $270,134 million. Securities borrowed increased 30.4% to $286,191 million, securities purchased under agreements to resell increased 14.0% to $336,426 million, and securities sold under agreements to repurchase increased 49.0% to $442,396 million. On the funding side, deposits increased 6.4% to $2,559,320 million from $2,406,032 million, debt including current maturities increased 6.3% to $370,430 million, and accounts payable and accrued liabilities increased 12.9% to $316,794 million. Stockholders' equity increased 5.1% to $362,438 million from $344,758 million, and total liabilities were $4,062,462 million at period end.
With respect to liquidity and capital resources, restricted cash and equivalents were $343,338 million at period end, a decrease of 26.8% from $469,317 million in the prior period, reflecting deployment of cash into the loan and securities growth described above. Current debt increased 22.5% to $64,776 million from $52,893 million, and we continue to fund our operations primarily through our deposit base and secured and unsecured borrowings described above. Based on our current liquidity position, deposit funding, and access to secured and unsecured borrowings, management believes that our existing resources will be sufficient to meet our operating and capital requirements for at least the next twelve months. Our primary market risk exposure is interest rate risk on cash, cash equivalents, and short-term investments, and we do not have material foreign currency or commodity price exposure. 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.
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | |
|---|---|---|
| Revenue | 182,447,000,000 | 177,556,000,000 |
| Total Revenue | ||
| Total COGS | ||
| Gross Profit | ||
| Income tax expense (benefit) | 15,547,000,000 | 16,610,000,000 |
| Interest expense, operating | 97,898,000,000 | 101,350,000,000 |
| Interest income | -28,032,000,000 | -23,144,000,000 |
| Interest income, operating | -193,341,000,000 | -193,933,000,000 |
| Other income statement items (derived) | 233,327,000,000 | 218,202,000,000 |
| Total Expenses | ||
| Net Income | ||
| Less: preferred stock dividends | -1,099,000,000 | -1,259,000,000 |
| Net income (loss) available to common stockholders | ||
| Basic earnings per share |
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Debt securities available for sale | 507,198,000,000 | 406,852,000,000 |
| Debt securities held to maturity | 270,134,000,000 | 274,468,000,000 |
| Equipment on operating leases, net | 20,130,000,000 | 12,988,000,000 |
| Goodwill and intangibles | 52,731,000,000 | 52,565,000,000 |
| Intangible assets, net | 1,300,000,000 | 1,700,000,000 |
| Licenses and indefinite-lived intangibles | 1,300,000,000 | 1,200,000,000 |
| Loans held for sale | 13,840,000,000 | 7,048,000,000 |
| Loans receivable, net | 1,467,664,000,000 | 1,323,643,000,000 |
| Mortgage servicing rights | 9,167,000,000 | 9,121,000,000 |
| Operating lease right-of-use assets | 8,901,000,000 | 8,494,000,000 |
| Other assets (derived) | 1,106,580,000,000 | 920,871,000,000 |
| Restricted cash and equivalents | 343,338,000,000 | 469,317,000,000 |
| Securities borrowed | 286,191,000,000 | 219,546,000,000 |
| Securities purchased under agreements to resell | 336,426,000,000 | 295,001,000,000 |
| Total Assets | ||
| Liabilities | ||
| Accounts payable and accrued liabilities | 316,794,000,000 | 280,672,000,000 |
| Debt, current | 64,776,000,000 | 52,893,000,000 |
| Debt, including current maturities | 370,430,000,000 | 348,525,000,000 |
| Deposits | 2,559,320,000,000 | 2,406,032,000,000 |
| Operating lease liabilities | 9,337,000,000 | 8,900,000,000 |
| Other liabilities (derived) | 283,750,000,000 | 253,581,000,000 |
| Securities loaned | 15,659,000,000 | 10,618,000,000 |
| Securities sold under agreements to repurchase | 442,396,000,000 | 296,835,000,000 |
| Total Liabilities | ||
| Equity | ||
| Stockholders equity | 362,438,000,000 | 344,758,000,000 |
| Total Equity | ||
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | |
|---|---|---|
| Operating activities | ||
| Net income | 57,048,000,000 | 58,471,000,000 |
| Stock-based compensation | 3,614,000,000 | 3,504,000,000 |
| Changes in operating assets and liabilities, net | -208,444,000,000 | -103,987,000,000 |
| Net cash from operating activities | - | - |
| Investing activities | ||
| Investing activities, net | -265,565,000,000 | -163,403,000,000 |
| Net cash from investing activities | - | - |
| Financing activities | ||
| Financing activities, net | 269,533,000,000 | 63,447,000,000 |
| 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 | |
| Cash at end of period | 469,317,000,000 | |
| Amount | |
|---|---|
| Balance at beginning of period | 344,758,000,000 |
| Net income | 57,048,000,000 |
| Other equity movements | -39,368,000,000 |
| Balance at end of period | 362,438,000,000 |
JPMorgan Chase & Co. is a public reporting company classified under National Commercial Banks. The accompanying condensed financial statements as of and for the period ended December 31, 2025 are unaudited and have been prepared from the Company's books and records; in the opinion of management, they reflect all adjustments necessary for a fair presentation, and results for the interim period are not necessarily indicative of the results to be expected for a full fiscal year. 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.
Revenue for the period was $182,447 million, an increase of 2.8% from $177,556 million in the prior period. Interest income, operating, of $193,341 million was substantially consistent with $193,933 million in the prior period, while interest expense, operating, decreased 3.4% to $97,898 million from $101,350 million. Income tax expense was $15,547 million, a decrease of 6.4% from $16,610 million in the prior period. Net income for the period was $57,048 million, and basic earnings per share was $20.05, computed using weighted-average basic shares outstanding of 2,776,500,000.
On the funding side, deposits increased 6.4% to $2,559,320 million from $2,406,032 million, debt including current maturities increased 6.3% to $370,430 million, and accounts payable and accrued liabilities increased 12.9% to $316,794 million. Current debt increased 22.5% to $64,776 million from $52,893 million, and the Company continues to fund its operations primarily through its deposit base and secured and unsecured borrowings. Securities sold under agreements to repurchase increased 49.0% to $442,396 million from $296,835 million, and securities loaned increased 47.5% to $15,659 million from $10,618 million. With respect to leases, operating lease liabilities were $9,337 million, an increase of 4.9% from $8,900 million, operating lease right-of-use assets were $8,901 million, an increase of 4.8% from $8,494 million, and equipment on operating leases, net, increased 55.0% to $20,130 million from $12,988 million. Total liabilities were $4,062,462 million at period end.
Stockholders' equity increased 5.1% to $362,438 million from $344,758 million. The change in equity for the period reflects a balance at the beginning of the period of $344,758 million, net income of $57,048 million, and other equity movements of $(39,368) million, resulting in a balance at the end of the period of $362,438 million.
| Current | Prior | |
|---|---|---|
| Debt, current | 64,776,000,000 | 52,893,000,000 |
| Debt, including current maturities | 370,430,000,000 | 348,525,000,000 |
| Deposits | 2,559,320,000,000 | 2,406,032,000,000 |
| Operating lease liabilities | 9,337,000,000 | 8,900,000,000 |
| Securities loaned | 15,659,000,000 | 10,618,000,000 |
| Securities sold under agreements to repurchase | 442,396,000,000 | 296,835,000,000 |
| Total debt | 3,461,918,000,000 | 3,123,803,000,000 |
| Current | Prior | |
|---|---|---|
| Equipment on operating leases, net | 20,130,000,000 | 12,988,000,000 |
| Total property and equipment | 20,130,000,000 | 12,988,000,000 |
| Current | Prior | |
|---|---|---|
| Stockholders equity | 362,438,000,000 | 344,758,000,000 |
| Total stockholders' equity | 362,438,000,000 | 344,758,000,000 |
Management of JPMorgan Chase & Co., with the participation of its principal executive and principal financial officers, evaluated the effectiveness of the Firm's disclosure controls and procedures as of December 31, 2025, and concluded that the disclosure controls and procedures were effective at the reasonable assurance level. Disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports that the Firm files or submits under the Securities Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to management as appropriate to allow timely decisions regarding required disclosure. Management's conclusion language set forth in this section must be reviewed and adopted by management before filing. [COMPLETE: names and titles of the certifying officers participating in the evaluation]
There were no changes in the Firm's internal control over financial reporting that occurred during the quarter that materially affected, or are reasonably likely to materially affect, the Firm's internal control over financial reporting. While management has concluded that disclosure controls and procedures were effective and that no changes materially affected internal control over financial reporting during the quarter, any future failure to maintain effective internal controls could impair the reliability of the Firm's financial reporting and adversely affect investor confidence. [COMPLETE: management's annual report on internal control over financial reporting, including the framework used for the assessment and management's conclusion on the effectiveness of ICFR as of December 31, 2025] [COMPLETE: attestation report of the independent registered public accounting firm on the effectiveness of internal control over financial reporting]
JPMorgan Chase & Co. is a public reporting company classified under National Commercial Banks, and the Firm maintains processes designed to address risks from cybersecurity threats as part of its overall risk management framework. [COMPLETE: description of the Firm's cybersecurity risk management program, including processes for assessing, identifying, and managing material risks from cybersecurity threats, the integration of such processes into the Firm's overall risk management systems, the use of assessors, consultants, auditors, or other third parties, and processes to oversee and identify risks from cybersecurity threats associated with the use of third-party service providers.] These processes operate alongside the Firm's broader control environment. The Firm'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)), and such controls are designed to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to management, particularly during the period in which reports are being prepared, and 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.
With respect to governance, [COMPLETE: description of the Board of Directors' oversight of risks from cybersecurity threats, including any responsible board committee and the processes by which the board or committee is informed about such risks] and [COMPLETE: description of management's role in assessing and managing material risks from cybersecurity threats, including relevant management positions or committees, their cybersecurity expertise, and the processes by which they are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents]. Consistent with this oversight, management evaluated the Firm's 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.
[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.] More generally, 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 directors and executive officers of JPMorgan Chase & Co., a public reporting company classified under National Commercial Banks, are identified below in accordance with Item 10. The Company's directors include Virginia M. Rometty, Phebe N. Novakovic, Mellody L. Hobson, and Stephen B. Burke. The Company's executive officers include Stacey Friedman, General Counsel; Douglas B. Petno, Co-President and CEO of the Commercial & Investment Bank; Marianne Lake, CEO of Consumer & Community Banking; Jennifer Piepszak, Chief Operating Officer; Troy L. Rohrbaugh, Co-President and CEO of the Commercial & Investment Bank; and Mary E. Erdoes, CEO of Asset & Wealth Management. Information concerning the Company's code of ethics, audit committee composition, and audit committee financial expert designation is set forth at [COMPLETE: code of ethics and audit committee disclosures or incorporation by reference to the definitive proxy statement].
The information required by Item 11 concerning executive compensation, including the Compensation Discussion and Analysis, compensation tables, pay ratio, and pay-versus-performance disclosures, is set forth at [COMPLETE: executive compensation disclosures or incorporation by reference to the definitive proxy statement]. The information required by Item 12 concerning security ownership of certain beneficial owners and management, and securities authorized for issuance under equity compensation plans, is set forth at [COMPLETE: beneficial ownership table and equity compensation plan information]. Beneficial ownership disclosure covers the directors and executive officers named above, including the directors Rometty, Novakovic, Hobson, and Burke and the officers Friedman, Petno, Lake, Piepszak, Rohrbaugh, and Erdoes.
With respect to Item 13, the Company's policies and procedures for the review and approval of related-person transactions, any transactions requiring disclosure, and the determination of director independence are set forth at [COMPLETE: related-party transactions and director independence disclosures]. 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. With respect to Item 14, the fees billed by the Company's principal accountant for audit, audit-related, tax, and all other services, together with the audit committee's pre-approval policies and procedures, are set forth at [COMPLETE: principal accountant fees and services and pre-approval policies]. Management evaluated the Company's 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.