| Segment results and reconciliation |
The following table provides a summary of the Firm’s segment results as of or for the three and six months ended June 30, 2025 and 2024, on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the reportable business segments) on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. Refer to Note 32 of JPMorganChase’s 2024 Form 10-K for additional information on the Firm’s managed basis. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Segment & Corporate results and reconciliation(a) | | As of or for the three months
ended June 30,
(in millions, except ratios) | Consumer &
Community Banking | | Commercial &
Investment Bank | | Asset & Wealth Management | | | 2025 | | 2024 | | 2025 | 2024 | | 2025 | | 2024 | | | Noninterest revenue | $ | 4,452 | | $ | 3,996 | | $ | 13,792 | $ | 12,744 | | $ | 4,073 | | $ | 3,633 | | | Net interest income | 14,395 | | 13,705 | | 5,743 | 5,173 | | 1,687 | | 1,619 | | | Total net revenue | 18,847 | | 17,701 | | 19,535 | 17,917 | | 5,760 | | 5,252 | | Provision for credit losses | 2,082 | | 2,643 | | 696 | 384 | | 46 | | 20 | | Compensation expense(b) | 4,336 | | 4,240 | | 5,014 | 4,752 | | 2,112 | | 1,960 | | Noncompensation expense(c)(d) | 5,522 | | 5,185 | | 4,627 | 4,414 | | 1,621 | | 1,583 | | | Total noninterest expense | 9,858 | | 9,425 | | 9,641 | 9,166 | | 3,733 | | 3,543 | | Income/(loss) before income tax expense/(benefit) | 6,907 | | 5,633 | | 9,198 | 8,367 | | 1,981 | | 1,689 | | | Income tax expense/(benefit) | 1,738 | | 1,423 | | 2,548 | 2,470 | | 508 | | 426 | | Net income | $ | 5,169 | | $ | 4,210 | | $ | 6,650 | $ | 5,897 | | $ | 1,473 | | $ | 1,263 | | Average equity | $ | 56,000 | | $ | 54,500 | | $ | 149,500 | $ | 132,000 | | $ | 16,000 | | $ | 15,500 | | | Total assets | 652,379 | | 638,493 | | 2,260,825 | 1,939,038 | | 268,966 | | 247,353 | | | ROE | 36 | % | | 30 | % | | 17 | % | 17 | % | | 36 | % | | 32 | % | | | Overhead ratio | 52 | | | 53 | | | 49 | | 51 | | | 65 | | | 67 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of or for the three months
ended June 30,
(in millions, except ratios) | Corporate | | Reconciling Items(a) | | Total | | | 2025 | | 2024 | | 2025 | 2024 | | 2025 | | 2024 | | | Noninterest revenue | $ | 49 | | $ | 7,758 | (f) | $ | (663) | $ | (677) | | $ | 21,703 | (f) | $ | 27,454 | | | Net interest income | 1,489 | | 2,364 | | (105) | (115) | | 23,209 | | 22,746 | | | Total net revenue | 1,538 | | 10,122 | | (768) | (792) | | 44,912 | | 50,200 | | Provision for credit losses | 25 | | 5 | | — | — | | 2,849 | | 3,052 | | Total noninterest expense(d) | 547 | | 1,579 | (g) | — | — | | 23,779 | (g) | 23,713 | | | Income/(loss) before income tax expense/(benefit) | 966 | | 8,538 | | (768) | (792) | | 18,284 | | 23,435 | | | Income tax expense/(benefit) | (729) | (e) | 1,759 | | (768) | (792) | | 3,297 | | 5,286 | | Net income | $ | 1,695 | | $ | 6,779 | | $ | — | $ | — | | $ | 14,987 | | $ | 18,149 | | Average equity | $ | 108,297 | | $ | 106,763 | | NA | NA | | $ | 329,797 | | $ | 308,763 | | | Total assets | 1,370,312 | | 1,318,119 | | NA | NA | | 4,552,482 | | 4,143,003 | | | ROE | NM | | NM | | NM | NM | | 18 | % | | 23 | % | | | Overhead ratio | NM | | NM | | NM | NM | | 53 | | | 47 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of or for the six months ended June 30, (in millions, except ratios) | Consumer &
Community Banking | | Commercial &
Investment Bank | | Asset & Wealth Management | | 2025 | | 2024 | | 2025 | 2024 | | 2025 | | 2024 | | Noninterest revenue | $ | 8,623 | | $ | 7,941 | | $ | 27,614 | $ | 24,905 | | $ | 8,066 | | $ | 7,147 | | Net interest income | 28,537 | | 27,413 | | 11,587 | 10,596 | | 3,425 | | 3,214 | | Total net revenue | 37,160 | | 35,354 | | 39,201 | 35,501 | | 11,491 | | 10,361 | | Provision for credit losses | 4,711 | | 4,556 | | 1,401 | 385 | | 36 | | (37) | Compensation expense(b) | 8,784 | | 8,469 | | 10,344 | 9,648 | | 4,208 | | 3,932 | Noncompensation expense(c)(d) | 10,931 | | 10,253 | | 9,139 | 8,242 | | 3,238 | | 3,071 | | Noninterest expense | 19,715 | | 18,722 | | 19,483 | 17,890 | | 7,446 | | 7,003 | | Income/(loss) before income tax expense/(benefit) | 12,734 | | 12,076 | | 18,317 | 17,226 | | 4,009 | | 3,395 | | Income tax expense/(benefit) | 3,140 | | 3,035 | | 4,725 | 4,707 | | 953 | | 842 | Net income | $ | 9,594 | | $ | 9,041 | | $ | 13,592 | $ | 12,519 | | $ | 3,056 | | $ | 2,553 | | Average equity | $ | 56,000 | | $ | 54,500 | | $ | 149,500 | $ | 132,000 | | $ | 16,000 | | $ | 15,500 | | Total assets | 652,379 | | 638,493 | | 2,260,825 | 1,939,038 | | 268,966 | | 247,353 | | ROE | 34 | % | | 33 | % | | 18 | % | 18 | % | | 38 | % | | 32 | % | | Overhead ratio | 53 | | | 53 | | | 50 | | 50 | | | 65 | | | 68 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of or for the six months ended June 30, (in millions, except ratios) | Corporate | | Reconciling Items(a) | | Total | | 2025 | | 2024 | | 2025 | 2024 | | 2025 | | 2024 | | Noninterest revenue | $ | 702 | | $ | 7,483 | (f) | $ | (1,265) | $ | (1,170) | | $ | 43,740 | (f) | $ | 46,306 | | Net interest income | 3,140 | | 4,841 | | (207) | (236) | | 46,482 | | 45,828 | | Total net revenue | 3,842 | | 12,324 | | (1,472) | (1,406) | | 90,222 | | 92,134 | Provision for credit losses | 6 | | 32 | | — | — | | 6,154 | | 4,936 | | Noninterest expense | 732 | | 2,855 | (g) | — | — | | 47,376 | (g) | 46,470 | | Income/(loss) before income tax expense/(benefit) | 3,104 | | 9,437 | | (1,472) | (1,406) | | 36,692 | | 40,728 | | Income tax expense/(benefit) | (284) | (e) | 1,982 | | (1,472) | (1,406) | | 7,062 | | 9,160 | Net income | $ | 3,388 | | $ | 7,455 | | $ | — | $ | — | | $ | 29,630 | | $ | 31,568 | Average equity | $ | 105,586 | | $ | 102,519 | | NA | NA | | $ | 327,086 | | $ | 304,519 | | Total assets | 1,370,312 | | 1,318,119 | | NA | NA | | 4,552,482 | | 4,143,003 | | ROE | NM | | NM | | NM | NM | | 18 | % | | 20 | % | | Overhead ratio | NM | | NM | | NM | NM | | 53 | | | 50 | |
(a)Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results. (b)Excludes expense related to services provided by Corporate support units, which is allocated from Corporate to each respective reportable business segment, as applicable, through noncompensation expense. (c)Reflects occupancy; technology, communications and equipment; professional and outside services; marketing; and other expense. Refer to Note 5 for additional information on other expense. (d)Certain services are provided by Corporate and used by each of the reportable business segments. The costs of these services, including compensation-related costs, are allocated from Corporate to the respective reportable business segments, with the allocations recorded in noncompensation expense. (e)Included a $774 million income tax benefit driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025. (f)Included the net gain related to Visa shares of $7.9 billion recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information. (g)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.
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