Exhibit 99.2




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EARNINGS RELEASE FINANCIAL SUPPLEMENT

THIRD QUARTER 2025









JPMORGAN CHASE & CO.
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TABLE OF CONTENTS
Page(s)
Consolidated Results
Consolidated Financial Highlights2–3
Consolidated Statements of Income4
Consolidated Balance Sheets5
Condensed Average Balance Sheets and Annualized Yields6
Reconciliation from Reported to Managed Basis7
Segment & Corporate Results - Managed Basis
8
Capital and Other Selected Balance Sheet Items9–10
Earnings Per Share and Related Information11
Business Segment & Corporate Results
Consumer & Community Banking (“CCB”)12–15
Commercial & Investment Bank (“CIB”)16–19
Asset & Wealth Management (“AWM”)
20–22
Corporate23
Credit-Related Information24-27
Non-GAAP Financial Measures28
Glossary of Terms and Acronyms (a)
(a)    Refer to the Glossary of Terms and Acronyms on pages 327–333 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”).























JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q25 Change2025 Change
SELECTED INCOME STATEMENT DATA 3Q252Q251Q254Q243Q242Q253Q24202520242024
Reported Basis
Total net revenue$46,427 $44,912 $45,310 $42,768 $42,654 3 %9 %$136,649 $134,788 (h)1 %
Total noninterest expense24,281 23,779 23,597 (g)22,762 22,565 2 8 71,657 69,035 (g)4 
Pre-provision profit (a)22,146 21,133 21,713 20,006 20,089 5 10 64,992 65,753 (1)
Provision for credit losses3,403 2,849 3,305 2,631 3,111 19 9 9,557 8,047 19 
NET INCOME14,393 14,987 14,643 14,005 12,898 (4)12 44,023 44,466 (1)
Managed Basis (b)
Total net revenue47,120 45,680 46,014 43,738 43,315 3 9 138,814 136,855 (h)1 
Total noninterest expense24,281 23,779 23,597 (g)22,762 22,565 2 8 71,657 69,035 (g)4 
Pre-provision profit (a)22,839 21,901 22,417 20,976 20,750 4 10 67,157 67,820 (1)
Provision for credit losses3,403 2,849 3,305 2,631 3,111 19 9 9,557 8,047 19 
NET INCOME14,393 14,987 14,643 14,005 12,898 (4)12 44,023 44,466 (1)
EARNINGS PER SHARE DATA
Net income: Basic$5.08 $5.25 $5.08 $4.82 $4.38 (3)16 $15.41 $14.97 3 
Diluted5.07 5.24 5.07 4.81 4.37 (3)16 15.38 14.94 3 
Average shares: Basic2,762.4 2,788.7 2,819.4 2,836.9 2,860.6 (1)(3)2,790.2 2,886.2 (3)
Diluted2,767.6 2,793.7 2,824.3 2,842.4 2,865.9 (1)(3)2,795.2 2,891.2 (3)
MARKET AND PER COMMON SHARE DATA
Market capitalization$858,683 $797,181 $681,712 $670,618 $593,643 8 45 $858,683 $593,643 45 
Common shares at period-end2,722.2 2,749.7 2,779.1 2,797.6 2,815.3 (1)(3)2,722.2 2,815.3 (3)
Book value per share124.96 122.51 119.24 116.07 115.15 2 9 124.96 115.15 9 
Tangible book value per share (“TBVPS”) (a)105.70 103.40 100.36 97.30 96.42 2 10 105.70 96.42 10 
Cash dividends declared per share1.50 1.40 1.40 1.25 1.25 7 20 4.30 3.55 21 
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)17 %18 %18 %17 %16 %17 %19 %
Return on tangible common equity (“ROTCE”) (a)20 21 21 21 19 21 23 
Return on assets1.26 1.35 1.40 1.35 1.23 1.34 1.46 
CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio (e)
14.8 %(f)15.1 %15.4 %15.7 %15.3 %14.8 %(f)15.3 %
Tier 1 capital ratio (e)
15.8 (f)16.1 16.5 16.8 16.4 15.8 (f)16.4 
Total capital ratio (e)
17.7 (f)17.8 18.2 18.5 18.2 17.7 (f)18.2 
Tier 1 leverage ratio6.9 (f)6.9 7.2 7.2 7.1 6.9 (f)7.1 
Supplementary leverage ratio (“SLR”)5.8 (f)5.9 6.0 6.1 6.0 5.8 (f)6.0 
 
(a)Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (“TCE”) is also a non-GAAP financial measure; refer to page 10 for a reconciliation of common stockholders’ equity to TCE. Refer to page 28 for a further discussion of these measures.
(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(c)Ratios are based upon annualized amounts.
(d)As of January 1, 2025, the benefit from the Current Expected Credit Losses (“CECL”) capital transition provision had been fully phased-out. As of December 31, 2024 and September 30, 2024, CET1 capital reflected the remaining $720 million CECL benefit. Refer to Note 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, and Note 27 of the Firm’s 2024 Form 10-K for additional information.
(e)Reflects the Firm’s ratios under the Basel III Standardized approach. Refer to page 9 for further information on the Firm’s capital metrics.
(f)Estimated.
(g)Included an FDIC special assessment accrual release of $323 million for the three months ended March 31, 2025, and an accrual increase of $725 million for the three months ended March 31, 2024. Refer to Note 6 on page 228 of the Firm’s 2024 Form 10-K for additional information.
(h)Included a $7.9 billion net gain related to Visa shares recorded in the second quarter of 2024. Refer to Note 2 of the Firm’s 2024 Form 10-K for additional information on the exchange offer for Visa Class B-1 common stock.


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JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratios, employee data and where otherwise noted)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q25 Change2025 Change
3Q252Q251Q254Q243Q242Q253Q24202520242024
SELECTED BALANCE SHEET DATA (period-end)
Total assets$4,560,205 $4,552,482 $4,357,856 $4,002,814 $4,210,048 — %8 %$4,560,205 $4,210,048 8 %
Loans:
Consumer, excluding credit card loans393,084 394,040 391,138 392,810 394,945 — — 393,084 394,945 — 
Credit card loans235,475 232,943 223,384 232,860 219,542 1 7 235,475 219,542 7 
Wholesale loans806,687 785,009 741,173 722,318 725,524 3 11 806,687 725,524 11 
Total loans1,435,246 1,411,992 1,355,695 1,347,988 1,340,011 2 7 1,435,246 1,340,011 7 
Deposits:
U.S. offices:
Noninterest-bearing589,105 591,177 581,623 592,500 611,334 — (4)589,105 611,334 (4)
Interest-bearing1,433,404 1,441,905 1,416,585 1,345,914 1,326,489 (1)8 1,433,404 1,326,489 8 
Non-U.S. offices:
Noninterest-bearing34,255 29,976 29,856 26,806 31,607 14 8 34,255 31,607 8 
Interest-bearing491,712 499,322 467,813 440,812 461,342 (2)7 491,712 461,342 7 
Total deposits2,548,476 2,562,380 2,495,877 2,406,032 2,430,772 (1)5 2,548,476 2,430,772 5 
Long-term debt427,203 419,802 407,224 401,418 410,157 2 4 427,203 410,157 4 
Common stockholders’ equity340,167 336,879 331,375 324,708 324,186 1 5 340,167 324,186 5 
Total stockholders’ equity360,212 356,924 351,420 344,758 345,836 1 4 360,212 345,836 4 
Loans-to-deposits ratio56 %55 %54 %56 %55 %56 %55 %
Employees318,153 317,160 318,477 317,233 316,043 — 1 318,153 316,043 1 
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR (a)$33 $42 $50 $40 $45 (21)(27)
Earnings-at-Risk (in billions) (b)(c)
Parallel shift:
+100 bps shift in rates$1.7 (e)$1.8 $2.2 $2.3 $2.8 (3)(39)
-100 bps shift in rates(2.1)(e)(2.0)(2.2)(2.5)(2.9)(2)29 
LINE OF BUSINESS & CORPORATE NET REVENUE (d)
Consumer & Community Banking$19,473 $18,847 $18,313 $18,362 $17,791 3 9 $56,633 $53,145 7 
Commercial & Investment Bank19,878 19,535 19,666 17,598 17,015 2 17 59,079 52,516 12 
Asset & Wealth Management 6,066 5,760 5,731 5,778 5,439 5 12 17,557 15,800 11 
Corporate1,703 1,538 2,304 2,000 3,070 11 (45)5,545 15,394 (64)
TOTAL NET REVENUE$47,120 $45,680 $46,014 $43,738 $43,315 3 9 $138,814 $136,855 1 
LINE OF BUSINESS & CORPORATE NET INCOME
Consumer & Community Banking$5,009 $5,169 $4,425 $4,516 $4,046 (3)24 $14,603 $13,087 12 
Commercial & Investment Bank6,901 6,650 6,942 6,636 5,691 4 21 20,493 18,210 13 
Asset & Wealth Management 1,658 1,473 1,583 1,517 1,351 13 23 4,714 3,904 21 
Corporate825 1,695 1,693 1,336 1,810 (51)(54)4,213 9,265 (55)
NET INCOME$14,393 $14,987 $14,643 $14,005 $12,898 (4)12 $44,023 $44,466 (1)
(a)Effective April 1, 2025, the Firm refined the historical proxy time series inputs to one of its VaR models to more appropriately reflect the risk exposure from certain securitization warehousing loan positions. With this refined time series, the average Total VaR for the three months ended March 31, 2025, December 31, 2024 and September 30, 2024 would have been lower by $(5) million, $(5) million and $(4) million, respectively. Refer to Commercial & Investment Bank VaR on page 19 for further information.
(b)Earnings-at-risk estimates the Firm’s interest rate exposure for a given interest rate scenario. It is presented as a sensitivity to a baseline, which includes net interest income and certain interest rate sensitive fees. The baseline reflects certain assumptions relating to the Federal Reserve’s balance sheet policy (e.g., quantitative tightening and usage at the Reverse Repurchase Facility) that require management judgment. The Firm’s actual net interest income for the rate shifts presented may differ as the earnings-at-risk scenarios are modelled as instantaneous shifts and exclude any actions that could be taken by the Firm or its clients and customers in response to instantaneous rate changes. Other significant assumptions in the earnings-at-risk scenarios may also differ from actual results, including mortgage prepayments and deposits rates paid. Refer to pages 147-148 of the Firm’s Annual Report on Form 10-K for the year ended December 31, 2024 for additional information.
(c)Reflects the simultaneous shift of U.S. dollar and non-U.S. dollar rates. At September 30, 2024 represents the total of the Firm’s U.S. dollar and non-U.S. dollar sensitivities as presented in Structural interest rate risk management of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024.
(d)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(e)Estimated.
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JPMORGAN CHASE & CO.
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CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q25 Change2025 Change
REVENUE3Q252Q251Q254Q243Q242Q253Q24202520242024
Investment banking fees $2,612 $2,499 $2,178 $2,421 $2,231 5 %17 %$7,289 $6,489 12 %
Principal transactions7,109 7,149 7,614 5,195 5,988 (1)19 21,872 19,592 12 
Lending- and deposit-related fees2,349 2,248 2,132 1,952 1,924 4 22 6,729 5,654 19 
Asset management fees5,120 4,806 4,700 4,874 4,479 7 14 14,626 12,927 13 
Commissions and other fees2,204 2,194 2,033 1,865 1,936 — 14 6,431 5,665 14 
Investment securities gains/(losses)
105 (54)(37)(92)(16)NMNM14 (929)NM
Mortgage fees and related income383 363 278 376 402 6 (5)1,024 1,025 — 
Card income1,140 1,344 1,216 1,602 1,345 (15)(15)3,700 3,895 (5)
Other income1,439 1,154 1,923 1,225 960 25 50 4,516 11,237 
(f)
(60)
Noninterest revenue22,461 21,703 22,037 19,418 19,249 3 17 66,201 65,555 1 
Interest income49,439 48,241 46,853 47,566 50,416 2 (2)144,533 146,367 (1)
Interest expense25,473 25,032 23,580 24,216 27,011 2 (6)74,085 77,134 (4)
Net interest income23,966 23,209 23,273 23,350 23,405 3 2 70,448 69,233 2 
TOTAL NET REVENUE46,427 44,912 45,310 42,768 42,654 3 9 136,649 134,788 1 
Provision for credit losses3,403 2,849 3,305 2,631 3,111 19 9 9,557 8,047 19 
NONINTEREST EXPENSE
Compensation expense 13,566 13,710 14,093 12,469 12,817 (1)6 41,369 38,888 6 
Occupancy expense1,420 1,264 1,302 1,309 1,258 12 13 3,986 3,717 7 
Technology, communications and equipment expense 2,839 2,704 2,578 2,516 2,447 5 16 8,121 7,315 11 
Professional and outside services 3,173 3,006 2,839 3,007 2,780 6 14 9,018 8,050 12 
Marketing1,480 1,279 1,304 1,335 1,258 16 18 4,063 3,639 12 
Other expense (a)1,803 1,816 1,481 
(e)
2,126 2,005 (1)(10)5,100 7,426 
(e)(g)
(31)
TOTAL NONINTEREST EXPENSE24,281 23,779 23,597 22,762 22,565 2 8 71,657 69,035 4 
Income before income tax expense18,743 18,284 18,408 17,375 16,978 3 10 55,435 57,706 (4)
Income tax expense4,350 3,297 
(d)
3,765 3,370 4,080 32 7 11,412 
(d)
13,240 (14)
NET INCOME$14,393 $14,987 $14,643 $14,005 $12,898 (4)12 $44,023 $44,466 (1)
NET INCOME PER COMMON SHARE DATA
Basic earnings per share$5.08 $5.25 $5.08 $4.82 $4.38 (3)16 $15.41 $14.97 3 
Diluted earnings per share5.07 5.24 5.07 4.81 4.37 (3)16 15.38 14.94 3 
FINANCIAL RATIOS
Return on common equity (b)17 %18 %18 %17 %16 %17 %19 %
Return on tangible common equity (b)(c)20 21 21 21 19 21 23 
Return on assets (b)1.26 1.35 1.40 1.35 1.23 1.34 1.46 
Effective income tax rate23.2 18.0 
(d)
20.5 19.4 24.0 20.6 
(d)
22.9 
Overhead ratio52 53 52 53 53 52 51 
(a)Included Firmwide legal expense of $62 million, $118 million, $121 million, $236 million and $259 million for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively, and $301 million and $504 million for the nine months ended September 30, 2025 and September 30, 2024, respectively.
(b)Ratios are based upon annualized amounts.
(c)Refer to page 28 for a further discussion of ROTCE.
(d)Included a $774 million income tax benefit in Corporate 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.
(e)Included an FDIC special assessment accrual release of $323 million for the three months ended March 31, 2025, and an accrual increase of $725 million for the three months ended March 31, 2024. Refer to Note 6 on page 228 of the Firm’s 2024 Form 10-K for additional information.
(f)Included a $7.9 billion net gain related to Visa shares recorded in the second quarter of 2024. Refer to footnote (h) on page 2 for further 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 Note 2 of the Firm’s 2024 Form 10-K for additional information.


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JPMORGAN CHASE & CO.
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CONSOLIDATED BALANCE SHEETS
(in millions)
Sep 30, 2025
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2025202520252024202420252024
ASSETS
Cash and due from banks $21,821 $23,759 $22,066 $23,372 $22,896 (8)%(5)%
Deposits with banks 281,615 396,568 403,837 445,945 411,364 (29)(32)
Federal funds sold and securities purchased under
resale agreements425,815 470,589 429,506 295,001 390,821 (10)9 
Securities borrowed248,368 223,976 238,702 219,546 252,434 11 (2)
Trading assets:
Debt and equity instruments892,928 829,510 814,664 576,817 734,928 8 21 
Derivative receivables59,849 60,346 60,539 60,967 52,561 (1)14 
Available-for-sale (“AFS”) securities490,499 (a)485,380 399,363 406,852 334,548 1 47 
Held-to-maturity (”HTM”) securities293,446 (a)260,559 265,084 274,468 299,954 13 (2)
Investment securities, net of allowance for credit losses783,945 745,939 664,447 681,320 634,502 5 24 
Loans1,435,246 1,411,992 1,355,695 1,347,988 1,340,011 2 7 
Less: Allowance for loan losses25,735 24,953 25,208 24,345 23,949 3 7 
Loans, net of allowance for loan losses1,409,511 1,387,039 1,330,487 1,323,643 1,316,062 2 7 
Accrued interest and accounts receivable
141,876 124,463 117,845 101,223 122,565 14 16 
Premises and equipment35,063 33,562 32,811 32,223 31,525 4 11 
Goodwill, MSRs and other intangible assets64,442 64,465 64,525 64,560 64,455 — — 
Other assets194,972 192,266 178,427 178,197 175,935 1 11 
TOTAL ASSETS$4,560,205 $4,552,482 $4,357,856 $4,002,814 $4,210,048 — 8 
LIABILITIES
Deposits$2,548,476 $2,562,380 $2,495,877 $2,406,032 $2,430,772 (1)5 
Federal funds purchased and securities loaned or sold
under repurchase agreements567,574 595,340 533,046 296,835 389,337 (5)46 
Short-term borrowings69,355 65,293 64,980 52,893 50,638 6 37 
Trading liabilities:
Debt and equity instruments195,859 173,292 149,871 153,222 204,593 13 (4)
Derivative payables46,403 48,110 37,232 39,661 38,665 (4)20 
Accounts payable and other liabilities 316,896 303,641 293,538 280,672 314,356 4 1 
Beneficial interests issued by consolidated VIEs28,227 27,700 24,668 27,323 25,694 2 10 
Long-term debt427,203 419,802 407,224 401,418 410,157 2 4 
TOTAL LIABILITIES4,199,993 4,195,558 4,006,436 3,658,056 3,864,212 — 9 
STOCKHOLDERS’ EQUITY
Preferred stock20,045 20,045 20,045 20,050 21,650 — (7)
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital90,865 90,576 90,223 90,911 90,638 — — 
Retained earnings407,401 397,424 386,616 376,166 365,966 3 11 
Accumulated other comprehensive loss (“AOCI”)
(5,878)(7,243)(9,111)(12,456)(6,784)19 13 
Treasury stock, at cost(156,326)(147,983)(140,458)(134,018)(129,739)(6)(20)
TOTAL STOCKHOLDERS’ EQUITY360,212 356,924 351,420 344,758 345,836 1 4 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$4,560,205 $4,552,482 $4,357,856 $4,002,814 $4,210,048 — 8 
(a) During the third quarter of 2025, the Firm transferred $44.1 billion of investment securities from AFS to HTM for asset-liability management purposes.
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JPMORGAN CHASE & CO.
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CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q25 Change2025 Change
AVERAGE BALANCES3Q252Q251Q254Q243Q242Q253Q24202520242024
ASSETS
Deposits with banks $360,156 $405,213 $446,044 $448,992 $464,704 (11)%(22)%$403,490 $504,043 (20)%
Federal funds sold and securities purchased under resale agreements424,346 432,714 377,998 337,553 404,174 (2)5 411,857 366,464 12 
Securities borrowed234,112 234,024 241,003 232,500 217,716 — 8 236,355 202,103 17 
Trading assets - debt instruments 580,985 562,967 495,143 452,091 496,176 3 17 546,679 457,351 20 
Investment securities768,599 727,651 664,970 661,361 622,835 6 23 720,785 594,413 21 
Loans1,417,466 1,380,726 1,339,391 1,339,378 1,325,440 3 7 1,379,480 1,316,733 5 
All other interest-earning assets (a)110,100 102,687 103,835 100,085 90,721 7 21 105,564 84,912 24 
Total interest-earning assets 3,895,764 3,845,982 3,668,384 3,571,960 3,621,766 1 8 3,804,210 3,526,019 8 
Trading assets - equity and other instruments264,681 239,996 225,468 204,126 217,790 10 22 243,526 210,013 16 
Trading assets - derivative receivables61,842 57,601 59,099 58,643 54,575 7 13 59,524 56,455 5 
All other noninterest-earning assets 297,658 294,039 282,363 290,438 282,877 1 5 291,408 280,258 4 
TOTAL ASSETS$4,519,945 $4,437,618 $4,235,314 $4,125,167 $4,177,008 2 8 $4,398,668 $4,072,745 8 
LIABILITIES
Interest-bearing deposits $1,913,958 $1,902,337 $1,842,888 $1,793,337 $1,749,353 1 9 $1,886,654 $1,732,844 9 
Federal funds purchased and securities loaned or
sold under repurchase agreements567,920 558,043 465,203 358,508 425,795 2 33 530,765 365,604 45 
Short-term borrowings
53,755 55,059 49,291 41,346 40,234 (2)34 52,717 39,003 35 
Trading liabilities - debt and all other interest-bearing liabilities (b)
314,591 300,126 288,140 304,599 329,850 5 (5)301,051 317,229 (5)
Beneficial interests issued by consolidated VIEs28,884 26,185 25,775 25,881 26,556 10 9 26,959 26,728 1 
Long-term debt 350,368 348,372 344,945 346,485 347,910 1 1 347,915 343,628 1 
Total interest-bearing liabilities 3,229,476 3,190,122 3,016,242 2,870,156 2,919,698 1 11 3,146,061 2,825,036 11 
Noninterest-bearing deposits 610,601 602,777 587,417 623,654 633,957 1 (4)600,350 643,608 (7)
Trading liabilities - equity and other instruments 48,628 44,159 37,671 36,228 32,739 10 49 43,526 30,613 42 
Trading liabilities - derivative payables47,926 40,865 41,087 40,621 39,936 17 20 43,318 39,120 11 
All other noninterest-bearing liabilities 226,934 209,853 208,539 216,082 206,376 8 10 215,175 198,617 8 
TOTAL LIABILITIES4,163,565 4,087,776 3,890,956 3,786,741 3,832,706 2 9 4,048,430 3,736,994 8 
Preferred stock20,045 20,045 20,013 20,050 22,408 — (11)20,035 25,398 (21)
Common stockholders’ equity336,335 329,797 324,345 318,376 321,894 2 4 330,203 310,353 6 
TOTAL STOCKHOLDERS’ EQUITY356,380 349,842 344,358 338,426 344,302 2 4 350,238 335,751 4 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$4,519,945 $4,437,618 $4,235,314 $4,125,167 $4,177,008 2 8 $4,398,668 $4,072,745 8 
AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks 3.25 %3.36 %3.76 %3.97 %4.59 %3.47 %4.72 %
Federal funds sold and securities purchased under resale agreements4.24 4.24 4.52 4.76 5.14 4.33 5.20 
Securities borrowed3.67 3.79 3.88 4.09 4.53 3.78 4.51 
Trading assets - debt instruments 4.30 4.50 4.56 4.52 4.51 4.44 4.45 
Investment securities3.86 3.85 3.84 3.86 3.96 3.85 3.80 
Loans 6.74 6.71 6.80 6.87 7.07 6.75 7.05 
All other interest-earning assets (a)(d)7.43 6.87 7.63 8.26 9.11 7.31 9.80 
Total interest-earning assets 5.05 5.04 5.19 5.31 5.55 5.09 5.56 
INTEREST-BEARING LIABILITIES
Interest-bearing deposits 2.41 2.40 2.44 2.66 2.94 2.42 2.90 
Federal funds purchased and securities loaned or
sold under repurchase agreements4.22 4.29 4.52 4.81 5.36 4.33 5.41 
Short-term borrowings
4.35 4.42 4.40 5.03 5.38 4.39 5.41 
Trading liabilities - debt and all other interest-bearing liabilities (b)2.92 3.04 2.94 3.09 3.17 2.97 3.31 
Beneficial interests issued by consolidated VIEs4.58 4.55 4.66 4.85 5.27 4.59 5.34 
Long-term debt 5.16 5.16 5.16 5.38 5.53 5.16 5.53 
Total interest-bearing liabilities 3.13 3.15 3.17 3.36 3.68 3.15 3.65 
INTEREST RATE SPREAD1.92 1.89 2.02 1.95 1.87 1.94 1.91 
NET YIELD ON INTEREST-EARNING ASSETS2.45 2.43 2.58 2.61 2.58 2.49 2.64 
Memo: Net yield on interest-earning assets excluding Markets (e)3.73 3.71 3.80 3.79 3.86 3.74 3.85 
(a) Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets, on the Consolidated Balance Sheets.
(b)    All other interest-bearing liabilities include brokerage-related customer payables.
(c)    Includes the effect of derivatives that qualify for hedge accounting. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm’s 2024 Form 10-K for additional information on hedge accounting.
(d) The rates reflect the impact of interest earned on cash collateral where the cash collateral has been netted against certain derivative payables.
(e)    Net yield on interest-earning assets excluding Markets is a non-GAAP financial measure. Refer to page 28 for a further discussion of this measure.

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JPMORGAN CHASE & CO.
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RECONCILIATION FROM REPORTED TO MANAGED BASIS
(in millions, except ratios)
The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with other companies’ U.S. GAAP financial statements. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. Refer to the notes on Non-GAAP Financial Measures on page 28 for additional information on managed basis.

The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q25 Change2025 Change
3Q252Q251Q254Q243Q242Q253Q24202520242024
OTHER INCOME
Other income - reported$1,439 $1,154 $1,923 $1,225 $960 25 %50 %$4,516 $11,237 (60)%
Fully taxable-equivalent adjustments (a)588 663 602 849 541 (11)9 1,853 1,711 8 
Other income - managed$2,027 $1,817 $2,525 $2,074 $1,501 12 35 $6,369 $12,948 (51)
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported$22,461 $21,703 $22,037 $19,418 $19,249 3 17 $66,201 $65,555 1 
Fully taxable-equivalent adjustments588 663 602 849 541 (11)9 1,853 1,711 8 
Total noninterest revenue - managed$23,049 $22,366 $22,639 $20,267 $19,790 3 16 $68,054 $67,266 1 
NET INTEREST INCOME
Net interest income - reported$23,966 $23,209 $23,273 $23,350 $23,405 3 2 $70,448 $69,233 2 
Fully taxable-equivalent adjustments (a)105 105 102 121 120 — (13)312 356 (12)
Net interest income - managed$24,071 $23,314 $23,375 $23,471 $23,525 3 2 $70,760 $69,589 2 
TOTAL NET REVENUE
Total net revenue - reported$46,427 $44,912 $45,310 $42,768 $42,654 3 9 $136,649 $134,788 1 
Fully taxable-equivalent adjustments693 768 704 970 661 (10)5 2,165 2,067 5 
Total net revenue - managed$47,120 $45,680 $46,014 $43,738 $43,315 3 9 $138,814 $136,855 1 
PRE-PROVISION PROFIT
Pre-provision profit - reported$22,146 $21,133 $21,713 $20,006 $20,089 5 10 $64,992 $65,753 (1)
Fully taxable-equivalent adjustments693 768 704 970 661 (10)5 2,165 2,067 5 
Pre-provision profit - managed$22,839 $21,901 $22,417 $20,976 $20,750 4 10 $67,157 $67,820 (1)
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported$18,743 $18,284 $18,408 $17,375 $16,978 3 10 $55,435 $57,706 (4)
Fully taxable-equivalent adjustments693 768 704 970 661 (10)5 2,165 2,067 5 
Income before income tax expense - managed$19,436 $19,052 $19,112 $18,345 $17,639 2 10 $57,600 $59,773 (4)
INCOME TAX EXPENSE
Income tax expense - reported$4,350 $3,297 $3,765 $3,370 $4,080 32 7 $11,412 $13,240 (14)
Fully taxable-equivalent adjustments693 768 704 970 661 (10)5 2,165 2,067 5 
Income tax expense - managed$5,043 $4,065 $4,469 $4,340 $4,741 24 6 $13,577 $15,307 (11)
OVERHEAD RATIO
Overhead ratio - reported52 %53 %52 %53 %53 %52 %51 %
Overhead ratio - managed52 52 51 52 52 52 50 
(a)For other income, recognized in CIB, and for net interest income, predominantly recognized in CIB and Corporate.

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JPMORGAN CHASE & CO.
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SEGMENT & CORPORATE RESULTS - MANAGED BASIS
(in millions)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q25 Change2025 Change
3Q252Q251Q254Q243Q242Q253Q24202520242024
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking$19,473 $18,847 $18,313 $18,362 $17,791 3 %9 %$56,633 $53,145 7 %
Commercial & Investment Bank
19,878 19,535 19,666 17,598 17,015 2 17 59,079 52,516 12 
Asset & Wealth Management 6,066 5,760 5,731 5,778 5,439 5 12 17,557 15,800 11 
Corporate1,703 1,538 2,304 2,000 3,070 11 (45)5,545 15,394 
(a)
(64)
TOTAL NET REVENUE$47,120 $45,680 $46,014 $43,738 $43,315 3 9 $138,814 $136,855 1 
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking$10,296 $9,858 $9,857 $9,728 $9,586 4 7 $30,011 $28,308 6 
Commercial & Investment Bank
9,722 9,641 9,842 8,712 8,751 1 11 29,205 26,641 10 
Asset & Wealth Management3,818 3,733 3,713 3,772 3,639 2 5 11,264 10,642 6 
Corporate445 547 185 550 589 (19)(24)1,177 3,444 
(b)
(66)
TOTAL NONINTEREST EXPENSE$24,281 $23,779 $23,597 $22,762 $22,565 2 8 $71,657 $69,035 4 
PRE-PROVISION PROFIT
Consumer & Community Banking$9,177 $8,989 $8,456 $8,634 $8,205 2 12 $26,622 $24,837 7 
Commercial & Investment Bank
10,156 9,894 9,824 8,886 8,264 3 23 29,874 25,875 15 
Asset & Wealth Management2,248 2,027 2,018 2,006 1,800 11 25 6,293 5,158 22 
Corporate1,258 991 2,119 1,450 2,481 27 (49)4,368 11,950 (63)
PRE-PROVISION PROFIT$22,839 $21,901 $22,417 $20,976 $20,750 4 10 $67,157 $67,820 (1)
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking$2,538 $2,082 $2,629 $2,623 $2,795 22 (9)$7,249 $7,351 (1)
Commercial & Investment Bank
809 696 705 61 316 16 156 2,210 701 215 
Asset & Wealth Management59 46 (10)(35)4 28 NM95 (33)NM
Corporate(3)25 (19)(18)(4)NM25 3 28 (89)
PROVISION FOR CREDIT LOSSES$3,403 $2,849 $3,305 $2,631 $3,111 19 9 $9,557 $8,047 19 
NET INCOME
Consumer & Community Banking $5,009 $5,169 $4,425 $4,516 $4,046 (3)24 $14,603 $13,087 12 
Commercial & Investment Bank
6,901 6,650 6,942 6,636 5,691 4 21 20,493 18,210 13 
Asset & Wealth Management 1,658 1,473 1,583 1,517 1,351 13 23 4,714 3,904 21 
Corporate 825 1,695 1,693 1,336 1,810 (51)(54)4,213 9,265 (55)
TOTAL NET INCOME$14,393 $14,987 $14,643 $14,005 $12,898 (4)12 $44,023 $44,466 (1)
(a)Included a $7.9 billion net gain related to Visa shares recorded in the second quarter of 2024. Refer to footnote (h) on page 2 for further information.
(b)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Note 2 of the Firm’s 2024 Form 10-K for additional information.
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JPMORGAN CHASE & CO.
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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
Sep 30, 2025
ChangeNINE MONTHS ENDED SEPTEMBER 30,
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,2025 Change
2025202520252024202420252024202520242024
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital$287,297 (c)$283,854 $279,791 $275,513 $272,964 1 %5 %
Tier 1 capital306,602 (c)303,189 299,132 294,881 292,333 1 5 
Total capital343,211 (c)335,307 330,533 325,589 324,585 2 6 
Risk-weighted assets 1,935,332 (c)1,882,718 1,815,045 1,757,460 1,782,722 3 9 
CET1 capital ratio14.8 %(c)15.1 %15.4 %15.7 %15.3 %
Tier 1 capital ratio15.8 (c)16.1 16.5 16.8 16.4 
Total capital ratio17.7 (c)17.8 18.2 18.5 18.2 
Advanced
CET1 capital$287,297 (c)$283,854 $279,791 $275,513 $272,964 1 5 
Tier 1 capital 306,602 (c)303,189 299,132 294,881 292,333 1 5 
Total capital328,360 (c)320,809 316,529 311,898 310,764 2 6 
Risk-weighted assets1,934,486 (c)1,873,142 1,799,055 1,740,429 1,762,991 3 10 
CET1 capital ratio14.9 %(c)15.2 %15.6 %15.8 %15.5 %
Tier 1 capital ratio15.8 (c)16.2 16.6 16.9 16.6 
Total capital ratio17.0 (c)17.1 17.6 17.9 17.6 
Leverage-based capital metrics
Adjusted average assets (b)$4,464,444 (c)$4,382,220 $4,180,147 $4,070,499 $4,122,332 2 8 
Tier 1 leverage ratio6.9 %(c)6.9 %7.2 %7.2 %7.1 %
Total leverage exposure$5,274,370 (c)$5,161,360 $4,953,480 $4,837,568 $4,893,662 2 8 
SLR5.8 %(c)5.9 %6.0 %6.1 %6.0 %
Total Loss-Absorbing Capacity (“TLAC”)
Eligible external TLAC$567,622 (c)$559,897 $558,303 $546,564 $543,616 1 4 
MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance$283,854 $279,791 $275,513 $272,964 $267,196 1 6 $275,513 $250,585 10 %
Net income applicable to common equity14,111 14,705 14,388 13,746 12,612 (4)12 43,204 43,466 (1)
Dividends declared on common stock(4,134)(3,897)(3,938)(3,546)(3,570)(6)(16)(11,969)(10,240)(17)
Net purchase of treasury stock(8,343)(7,525)(6,440)(4,279)(6,372)(11)(31)(22,308)(13,522)(65)
Changes in additional paid-in capital289 353 (688)273 310 (18)(7)(46)510 NM
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities1,509 (188)953 (2,633)2,297 NM(34)2,274 2,546 (11)
Translation adjustments, net of hedges(12)868 489 (887)389 NMNM1,345 29 NM
Fair value hedges37 (8)28 (54)(20)NMNM57 (33)NM
Defined benefit pension and other postretirement employee benefit plans
4 (28)(16)(58)(28)NMNM(40)(5)NM
Changes related to other CET1 capital adjustments(18)(c)(217)(498)(13)150 92 NM(733)(c)(372)(97)
Change in Standardized/Advanced CET1 capital3,443 (c)4,063 4,278 2,549 5,768 (15)(40)11,784 (c)22,379 (47)
Standardized/Advanced CET1 capital, ending balance$287,297 (c)$283,854 $279,791 $275,513 $272,964 1 5 $287,297 (c)$272,964 5 
(a)As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased-out. As of December 31, 2024 and September 30, 2024, CET1 capital and TLAC reflected the remaining $720 million CECL benefit. Refer to Note 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, and Note 27 of the Firm’s 2024 Form 10-K for additional information.
(b)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, and other intangible assets.
(c)Estimated.




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JPMORGAN CHASE & CO.
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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED
(in millions, except ratio data)
Sep 30, 2025
ChangeNINE MONTHS ENDED SEPTEMBER 30,
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,2025 Change
2025202520252024202420252024202520242024
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity$340,167 $336,879 $331,375 $324,708 $324,186 1 %5 %
Less: Goodwill52,717 52,747 52,621 52,565 52,711 — — 
Less: Other intangible assets2,615 2,722 2,777 2,874 2,991 (4)(13)
Add: Certain deferred tax liabilities (b)2,906 2,923 2,928 2,943 2,962 (1)(2)
Total tangible common equity$287,741 $284,333 $278,905 $272,212 $271,446 1 6 
TANGIBLE COMMON EQUITY (average) (a) 
Common stockholders’ equity$336,335 $329,797 $324,345 $318,376 $321,894 2 4 $330,203 $310,353 6 %
Less: Goodwill52,731 52,692 52,581 52,617 52,658 — — 52,669 52,630 — 
Less: Other intangible assets2,678 2,741 2,830 2,921 3,007 (2)(11)2,749 3,083 (11)
Add: Certain deferred tax liabilities (b)2,917 2,926 2,938 2,952 2,963 — (2)2,927 2,976 (2)
Total tangible common equity$283,843 $277,290 $271,872 $265,790 $269,192 2 5 $277,712 $257,616 8 
INTANGIBLE ASSETS (period-end)
Goodwill$52,717 $52,747 $52,621 $52,565 $52,711 — — 
Mortgage servicing rights9,110 8,996 9,127 9,121 8,753 1 4 
Other intangible assets2,615 2,722 2,777 2,874 2,991 (4)(13)
Total intangible assets$64,442 $64,465 $64,525 $64,560 $64,455 — — 
(a)Refer to page 28 for further discussion of TCE.
(b)Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating TCE.

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JPMORGAN CHASE & CO.
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EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data) 
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q25 Change2025 Change
3Q252Q251Q254Q243Q242Q253Q24202520242024
EARNINGS PER SHARE
Basic earnings per share
Net income$14,393 $14,987 $14,643 $14,005 $12,898 (4)%12 %$44,023 $44,466 (1)%
Less: Preferred stock dividends282 282 255 259 286 — (1)819 1,000 (18)
Net income applicable to common equity14,111 14,705 14,388 13,746 12,612 (4)12 43,204 43,466 (1)
Less: Dividends and undistributed earnings allocated to
participating securities68 75 71 77 75 (9)(9)213 267 (20)
Net income applicable to common stockholders$14,043 $14,630 $14,317 $13,669 $12,537 (4)12 $42,991 $43,199 — 
Total weighted-average basic shares outstanding2,762.4 2,788.7 2,819.4 2,836.9 2,860.6 (1)(3)2,790.2 2,886.2 (3)
Net income per share$5.08 $5.25 $5.08 $4.82 $4.38 (3)16 $15.41 $14.97 3 
Diluted earnings per share
Net income applicable to common stockholders$14,043 $14,630 $14,317 $13,669 $12,537 (4)12 $42,991 $43,199 — 
Total weighted-average basic shares outstanding2,762.4 2,788.7 2,819.4 2,836.9 2,860.6 (1)(3)2,790.2 2,886.2 (3)
Add: Dilutive impact of unvested performance share units
    (“PSUs”), nondividend-earning restricted stock units
    (“RSUs”) and stock appreciation rights (“SARs”)		5.2 5.0 4.9 5.5 5.3 4 (2)5.0 5.0 — 
Total weighted-average diluted shares outstanding2,767.6 2,793.7 2,824.3 2,842.4 2,865.9 (1)(3)2,795.2 2,891.2 (3)
Net income per share$5.07 $5.24 $5.07 $4.81 $4.37 (3)16 $15.38 $14.94 3 
COMMON DIVIDENDS
Cash dividends declared per share (a)$1.50 $1.40 $1.40 $1.25 $1.25 

7 20 $4.30 $3.55 21 
Dividend payout ratio29 %27 %27 %26 %28 %28 %24 %
COMMON SHARE REPURCHASE PROGRAM (b)
Total shares of common stock repurchased28.0 29.8 30.0 18.5 30.3 (6)(8)87.7 73.2 20 
Average price paid per share of common stock$297.10 $251.67 $252.50 $233.37 $209.61 18 42 $266.44 $198.37 34 
Aggregate repurchases of common stock8,315 7,500 7,563 4,313 6,361 11 31 23,378 14,528 61 
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans0.4 0.4 11.5 0.8 0.5 — (20)12.3 11.9 3 
Net impact of employee issuances on stockholders’ equity (c)
$339 $419 $476 $343 $354 (19)(4)$1,234 $1,614 (24)
(a)On September 16, 2025, March 18, 2025, and September 17, 2024, the Board of Directors declared quarterly common stock dividends of $1.50, $1.40 and $1.25 per share, respectively.
(b)The Firm’s Board of Directors authorized a new common share repurchase program of up to $50 billion effective July 1, 2025, which replaces the previous program that commenced in the third quarter of 2024 and authorized repurchases of up to $30 billion.
(c)The net impact of employee issuances on stockholders’ equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares.













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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q25 Change2025 Change
3Q252Q251Q254Q243Q242Q253Q24202520242024
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees$969 $888 $839 $872 $863 9 %12 %$2,696 $2,515 7 %
Asset management fees1,189 1,110 1,093 1,067 1,022 7 16 3,392 2,947 15 
Mortgage fees and related income372 347 263 368 390 7 (5)982 1,010 (3)
Card income514 687 653 973 743 (25)(31)1,854 2,166 (14)
All other income (a)1,573 1,420 1,323 1,214 1,196 11 32 4,316 3,517 23 
Noninterest revenue4,617 4,452 4,171 4,494 4,214 4 10 13,240 12,155 9 
Net interest income14,856 14,395 14,142 13,868 13,577 3 9 43,393 40,990 6 
TOTAL NET REVENUE19,473 18,847 18,313 18,362 17,791 3 9 56,633 53,145 7 
Provision for credit losses2,538 2,082 2,629 2,623 2,795 22 (9)7,249 7,351 (1)
NONINTEREST EXPENSE
Compensation expense4,424 4,336 4,448 4,301 4,275 2 3 13,208 12,744 4 
Noncompensation expense (b)5,872 5,522 5,409 5,427 5,311 6 11 16,803 15,564 8 
TOTAL NONINTEREST EXPENSE10,296 9,858 9,857 9,728 9,586 4 7 30,011 28,308 6 
Income before income tax expense6,639 6,907 5,827 6,011 5,410 (4)23 19,373 17,486 11 
Income tax expense 1,630 1,738 1,402 1,495 1,364 (6)20 4,770 4,399 8 
NET INCOME$5,009 $5,169 $4,425 $4,516 $4,046 (3)24 $14,603 $13,087 12 
REVENUE BY BUSINESS
Banking & Wealth Management $11,040 $10,698 $10,254 $10,154 $10,090 3 9 $31,992 $30,789 4 
Home Lending1,260 1,250 1,207 1,297 1,295 1 (3)3,717 3,800 (2)
Card Services & Auto 7,173 6,899 6,852 6,911 6,406 4 12 20,924 18,556 13 
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue173 151 110 186 154 15 12 434 441 (2)
Net mortgage servicing revenue (c)199 196 153 182 236 2 (16)548 569 (4)
Mortgage fees and related income$372 $347 $263 $368 $390 7 (5)$982 $1,010 (3)
FINANCIAL RATIOS
ROE35 %36 %31 %32 %29 %34 %31 %
Overhead ratio 53 52 54 53 54 53 53 
(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $987 million, $896 million, $824 million, $722 million and $699 million for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively, and $2.7 billion and $2.0 billion for the nine months ended September 30, 2025 and 2024, respectively.
(b)Included depreciation expense on leased assets of $649 million, $577 million, $499 million, $410 million and $387 million for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively, and $1.7 billion and $1.2 billion for the nine months ended September 30, 2025 and 2024, respectively.
(c)Included MSR risk management results of $55 million, $47 million, $9 million, $21 million and $100 million for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively, and $111 million and $138 million for the nine months ended September 30, 2025 and 2024, respectively.


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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except employee data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q25 Change2025 Change
3Q252Q251Q254Q243Q242Q253Q24202520242024
SELECTED BALANCE SHEET DATA (period-end)
Total assets$652,275 $652,379 $636,105 $650,268 $633,038 — %3 %$652,275 $633,038 3 %
Loans:
Banking & Wealth Management
33,259 33,749 33,098 33,221 31,614 (1)5 33,259 31,614 5 
Home Lending (a)
240,633 241,618 241,427 246,498 247,663 — (3)240,633 247,663 (3)
Card Services235,491 233,051 223,517 233,016 219,671 1 7 235,491 219,671 7 
Auto 71,095 72,182 72,116 73,619 73,215 (2)(3)71,095 73,215 (3)
Total loans 580,478 580,600 570,158 586,354 572,163 — 1 580,478 572,163 1 
Deposits1,058,388 1,063,137 1,080,138 1,056,652 1,054,027 — — 1,058,388 1,054,027 — 
Equity56,000 56,000 56,000 54,500 54,500 — 3 56,000 54,500 3 
SELECTED BALANCE SHEET DATA (average)
Total assets$650,277 $642,284 $639,664 $638,783 $631,117 1 3 $644,114 $629,252 2 
Loans:
Banking & Wealth Management33,351 33,536 33,160 32,599 30,910 (1)8 33,350 31,189 7 
Home Lending (b)
241,772 242,665 244,282 247,415 250,581 — (4)242,897 254,264 (4)
Card Services234,412 228,446 224,493 224,263 217,327 3 8 229,153 210,740 9 
Auto 70,895 71,410 72,462 73,323 73,675 (1)(4)71,583 75,575 (5)
Total loans580,430 576,057 574,397 577,600 572,493 1 1 576,983 571,768 1 
Deposits1,058,025 1,060,363 1,053,677 1,050,636 1,053,701 — — 1,057,371 1,068,774 (1)
Equity56,000 56,000 56,000 54,500 54,500 — 3 56,000 54,500 3 
Employees
144,235 144,898 145,530 
(c)
144,989 143,964 — — 144,235 
(c)
143,964 — 
(a)At September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, Home Lending loans held-for-sale and loans at fair value were $9.4 billion, $8.9 billion, $6.4 billion, $8.1 billion and $6.9 billion, respectively.
(b)Average Home Lending loans held-for sale and loans at fair value were $10.1 billion, $8.9 billion, $7.5 billion, $7.8 billion and $8.4 billion for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively, and $8.9 billion and $6.9 billion for the nine months ended September 30, 2025 and 2024, respectively.
(c)In the first quarter of 2025, 419 employees were transferred to Corporate as a result of the centralization of certain functions.


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JPMORGAN CHASE & CO.
image1a.jpg
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q25 Change2025 Change
3Q252Q251Q254Q243Q242Q253Q24202520242024
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)
$3,596 $3,891 $3,266 $3,366 (c)$3,252 (8)%11 %$3,596 $3,252 11 %
Net charge-offs/(recoveries)
Banking & Wealth Management85 102 97 105 82 (17)4 284 337 (16)
Home Lending(63)(21)(26)(15)(44)(200)(43)(110)(91)(21)
Card Services1,860 1,938 1,983 1,862 1,768 (4)5 5,781 5,286 9 
Auto81 67 100 114 113 21 (28)248 330 (25)
Total net charge-offs/(recoveries)$1,963 $2,086 $2,154 $2,066 $1,919 (6)2 $6,203 $5,862 6 
Net charge-off/(recovery) rate
Banking & Wealth Management
1.01 %1.22 %1.19 %1.28 %1.06 %1.14 %1.44 %
Home Lending(0.11)(0.04)(0.04)(0.02)(0.07)(0.06)(0.05)
Card Services3.15 3.40 3.58 3.30 3.24 3.37 3.35 
Auto 0.46 0.38 0.56 0.62 0.62 0.46 0.59 
Total net charge-off/(recovery) rate1.37 1.48 1.54 1.44 1.35 1.46 1.39 
30+ day delinquency rate
Home Lending (b)
0.89 %0.93 %1.04 %0.78 %(c)0.77 %0.89 %0.77 %
Card Services2.14 2.06 2.21 2.17 2.20 2.14 2.20 
Auto1.17 1.12 1.20 1.43 1.23 1.17 1.23 
90+ day delinquency rate - Card Services1.07 1.07 1.16 1.14 1.10 1.07 1.10 
Allowance for loan losses
Banking & Wealth Management $765 $790 $794 $764 $709 (3)8 $765 $709 8 
Home Lending647 547 557 447 447 18 45 647 447 45 
Card Services15,558 15,008 15,008 14,608 14,106 4 10 15,558 14,106 10 
Auto 587 637 637 692 692 (8)(15)587 692 (15)
Total allowance for loan losses$17,557 $16,982 $16,996 $16,511 $15,954 3 10 $17,557 $15,954 10 
(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $65 million, $68 million, $81 million, $84 million and $88 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.
(b)At September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $95 million, $99 million, $114 million, $122 million and $126 million, respectively. These amounts have been excluded based upon the government guarantee.
(c)Prior-period amount and rate have been revised to conform with the presentation in the Firm’s 2024 Form 10-K.




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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q25 Change2025 Change
3Q252Q251Q254Q243Q242Q253Q24202520242024
BUSINESS METRICS
Number of:
Branches5,018 4,994 4,972 4,966 4,906 — %2 %5,018 4,906 2 %
    Active digital customers (in thousands) (a)74,041 73,014 72,480 70,813 70,063 1 6 74,041 70,063 6 
    Active mobile customers (in thousands) (b)60,924 59,898 59,036 57,821 56,985 2 7 60,924 56,985 7 
Debit and credit card sales volume (in billions)$492.3 $487.2 $448.7 $477.6 $453.4 1 9 $1,428.2 $1,327.8 8 
Total payments transaction volume (in trillions) (c)1.8 1.8 1.6 1.6 1.7 — 6 5.2 4.8 8 
Banking & Wealth Management
Average deposits $1,040,402 $1,044,158 $1,038,964 $1,035,184 $1,037,953 — — $1,041,180 $1,054,084 (1)
Deposit margin 2.79 %2.76 %2.69 %2.61 %2.60 %2.75 %2.68 %
Business Banking average loans$18,922 $19,217 $19,474 $19,538 $19,472 (2)(3)$19,202 $19,460 (1)
Business Banking origination volume 824 893 815 985 1,091 (8)(24)2,532 3,533 (28)
Client investment assets (d)1,232,390 1,155,017 1,079,833 1,087,608 1,067,931 7 15 1,232,390 1,067,931 15 
Number of client advisors6,025 5,948 5,860 5,755 5,775 1 4 6,025 5,775 4 
Home Lending (in billions)
Mortgage origination volume by channel
Retail $8.4 $8.7 $5.5 $7.7 $6.5 (3)29 $22.6 $17.8 27 
Correspondent 5.5 4.8 3.9 4.4 4.9 15 12 14.2 10.9 30 
Total mortgage origination volume (e)$13.9 $13.5 $9.4 $12.1 $11.4 3 22 $36.8 $28.7 28 
Third-party mortgage loans serviced (period-end)663.6 653.3 661.6 648.0 656.1 2 1 663.6 656.1 1 
MSR carrying value (period-end)9.1 9.0 9.1 9.1 8.7 1 5 9.1 8.7 5 
Card Services
Sales volume, excluding commercial card (in billions)$344.4 $340.0 $310.6 $335.1 $316.6 1 9 $995.0 $924.2 8 
Net revenue rate10.03 %10.06 %10.38 %10.47 %9.91 %10.15 %9.87 %
Net yield on average loans10.28 10.04 10.31 9.86 9.71 10.21 9.69 
Auto
Loan and lease origination volume (in billions)$12.0 $11.3 $10.7 $10.6 $10.0 6 20 $34.0 $29.7 14 
Average auto operating lease assets16,986 15,218 13,641 11,967 11,192 12 52 15,294 10,775 42 
(a)Users of all web and/or mobile platforms who have logged in within the past 90 days.
(b)Users of all mobile platforms who have logged in within the past 90 days.
(c)Total payments transaction volume includes debit and credit card sales volume and gross outflows of ACH, ATM, teller, wires, BillPay, PayChase, Zelle, person-to-person and checks.
(d)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 20-22 for additional information.
(e)Firmwide mortgage origination volume was $16.9 billion, $16.3 billion, $11.2 billion, $14.2 billion and $13.3 billion for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively, and $44.4 billion and $33.2 billion for the nine months ended September 30, 2025 and 2024, respectively.


Page 15

JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q25 Change2025 Change
3Q252Q251Q254Q243Q242Q253Q24202520242024
INCOME STATEMENT
REVENUE
Investment banking fees$2,627 $2,513 $2,248 $2,479 $2,267 5 %16 %$7,388 $6,637 11 %
Principal transactions7,090 7,109 7,608 5,158 5,899 — 20 21,807 19,224 13 
Lending- and deposit-related fees1,315 1,296 1,230 1,020 997 1 32 3,841 2,894 33 
Commissions and other fees1,493 1,493 1,437 1,320 1,349 — 11 4,423 3,958 12 
Card income613 645 551 617 589 (5)4 1,809 1,693 7 
All other income660 736 748 1,132 521 (10)27 2,144 2,121 1 
Noninterest revenue13,798 13,792 13,822 11,726 11,622 — 19 41,412 36,527 13 
Net interest income6,080 5,743 5,844 5,872 5,393 6 13 17,667 15,989 10 
TOTAL NET REVENUE (a)19,878 19,535 19,666 17,598 17,015 2 17 59,079 52,516 12 
Provision for credit losses809 696 705 61 316 16 156 2,210 701 215 
NONINTEREST EXPENSE
Compensation expense4,862 5,014 5,330 4,033 4,510 (3)8 15,206 14,158 7 
Noncompensation expense4,860 4,627 4,512 4,679 4,241 5 15 13,999 12,483 12 
TOTAL NONINTEREST EXPENSE9,722 9,641 9,842 8,712 8,751 1 11 29,205 26,641 10 
Income before income tax expense9,347 9,198 9,119 8,825 7,948 2 18 27,664 25,174 10 
Income tax expense 2,446 2,548 2,177 2,189 2,257 (4)8 7,171 6,964 3 
NET INCOME$6,901 $6,650 $6,942 $6,636 $5,691 4 21 $20,493 $18,210 13 
FINANCIAL RATIOS
ROE18 %17 %18 %19 %17 %18 %18 %
Overhead ratio49 49 50 50 51 49 51 
Compensation expense as percentage of total net revenue24 26 27 23 27 26 27 
REVENUE BY BUSINESS
Investment Banking$2,694 $2,684 $2,268 $2,602 $2,354 — 14 $7,646 $7,034 9 
Payments4,917 4,735 4,565 4,703 4,370 4 13 14,217 13,382 6 
Lending1,872 1,829 1,915 1,916 1,894 2 (1)5,616 5,554 1 
Other— — 6 47 28 — NM6 29 (79)
Total Banking & Payments9,483 9,248 8,754 9,268 8,646 3 10 27,485 25,999 6 
Fixed Income Markets (b)5,613 5,690 5,849 5,006 4,651 (1)21 17,152 15,060 14 
Equity Markets (b)3,331 3,246 3,814 2,043 2,501 3 33 10,391 7,898 32 
Securities Services 1,423 1,418 1,269 1,314 1,326 — 7 4,110 3,770 9 
Credit Adjustments & Other (c)28 (67)(20)(33)(109)NMNM(59)(211)72 
Total Markets & Securities Services10,395 10,287 10,912 8,330 8,369 1 24 31,594 26,517 19 
TOTAL NET REVENUE$19,878 $19,535 $19,666 $17,598 $17,015 2 17 $59,079 $52,516 12 
Banking & Payments revenue by client coverage segment (d)
Global Corporate Banking & Global Investment Banking (e)$6,544 $6,319 $5,929 $6,369 $5,755 4 %14 %$18,792 $17,411 8 %
Commercial Banking2,939 2,929 2,825 2,899 2,891 — 2 8,693 8,588 1 
Commercial & Specialized Industries (f)2,038 2,067 1,956 1,965 1,931 (1)6 6,061 5,794 5 
Commercial Real Estate Banking901 862 869 934 960 5 (6)2,632 2,794 (6)
Total Banking & Payments revenue$9,483 $9,248 $8,754 $9,268 $8,646 3 10 $27,485 $25,999 6 
(a)Included tax equivalent adjustments primarily from income tax credits from investments in alternative energy, affordable housing and new markets, income from tax-exempt securities and loans, and the related amortization and other tax benefits of the investments in alternative energy and affordable housing of $644 million, $722 million, $658 million, $915 million and $607 million for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively, and $2.0 billion and $1.9 billion for the nine months ended September 30, 2025 and 2024, respectively.
(b)In the fourth quarter of 2024, certain net funding costs that were previously allocated to Fixed Income Markets were reclassified to Equity Markets. Prior-period amounts have been revised to conform with the current presentation.
(c)Consists primarily of centrally managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.
(d)Refer to page 78 of the Firm’s Annual Report on Form 10-K for the annual period ended December 31, 2024 for a description of each of the client coverage segments.
(e)In the second quarter of 2025, amounts were reclassified from Other to Global Corporate Banking & Global Investment Banking reflecting the subsequent alignment of certain business activities after the Firm’s Business Segment reorganization in the second quarter of 2024. Prior-period amounts have been revised to conform with the current presentation.
(f)In the second quarter of 2025, the Middle Market Banking client coverage segment was renamed Commercial & Specialized Industries.



Page 16

JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q25 Change2025 Change
3Q252Q251Q254Q243Q242Q253Q24202520242024
SELECTED BALANCE SHEET DATA (period-end)
Total assets$2,328,000 $2,260,825 $2,174,123 $1,773,194 $2,047,022 (g)3 %14 %$2,328,000 $2,047,022 14 %
Loans:
Loans retained538,016 526,174 497,657 483,043 483,915 2 11 538,016 483,915 11 
Loans held-for-sale and loans at fair value (a)56,057 57,659 48,201 40,324 47,728 (3)17 56,057 47,728 17 
Total loans
594,073 583,833 545,858 523,367 531,643 2 12 594,073 531,643 12 
Equity149,500 149,500 149,500 132,000 132,000 — 13 149,500 132,000 13 
Banking & Payments loans by client coverage segment (period-end) (b)
Global Corporate Banking & Global Investment Banking (c)$132,560 $133,017 $121,776 (e)$125,270 $134,750 — (2)$132,560 $134,750 (2)
Commercial Banking222,464 222,044 219,220 217,674 218,733 — 2 222,464 218,733 2 
Commercial & Specialized Industries (d)
76,010 75,859 74,334 72,814 73,782 — 3 76,010 73,782 3 
Commercial Real Estate Banking146,454 146,185 144,886 144,860 144,951 — 1 146,454 144,951 1 
Total Banking & Payments loans355,024 355,061 340,996 342,944 353,483 — — 355,024 353,483 — 
SELECTED BALANCE SHEET DATA (average)
Total assets$2,266,445 $2,205,619 $2,045,105 $1,930,491 $2,008,127 (g)3 13 $2,173,201 $1,906,414 14 
Trading assets - debt and equity instruments 796,017 758,113 685,039 613,142 663,302 5 20 746,796 627,689 19 
Trading assets - derivative receivables 61,132 56,815 58,987 57,884 54,133 8 13 58,986 56,741 4 
Loans:
Loans retained528,135 511,562 482,304 482,316 476,256 3 11 507,502 473,113 7 
Loans held-for-sale and loans at fair value (a)55,545 50,287 46,422 43,203 44,868 10 24 50,784 43,762 16 
Total loans583,680 561,849 528,726 525,519 521,124 4 12 558,286 516,875 8 
Deposits1,194,410 1,170,063 1,106,158 1,088,439 1,064,402 2 12 1,157,201 1,052,438 10 
Equity149,500 149,500 149,500 132,000 132,000 — 13 149,500 132,000 13 
Banking & Payments loans by client coverage segment (average) (b)
Global Corporate Banking & Global Investment Banking (c)$132,101 $125,554 $121,387 (e)$126,305 $129,024 5 2 $126,386 $129,232 (2)
Commercial Banking221,534 219,886 218,560 218,672 219,406 1 1 220,005 220,826 — 
Commercial & Specialized Industries (d)
75,270 74,384 73,629 73,205 74,660 1 1 74,434 76,411 (3)
Commercial Real Estate Banking146,264 145,502 144,931 145,467 144,746 1 1 145,571 144,415 1 
Total Banking & Payments loans353,635 345,440 339,947 344,977 348,430 2 1 346,391 350,058 (1)
Employees
94,191 93,237 92,755 (f)93,231 93,754 1 — 94,191 93,754 — 
(a)Loans held-for-sale and loans at fair value primarily reflect lending-related positions originated and purchased in Markets, including loans held for securitization.
(b)Refer to page 78 of the Firm’s Annual Report on Form 10-K for the annual period ended December 31, 2024 for a description of each of the client coverage segments.
(c)In the second quarter of 2025, amounts were reclassified from Other to Global Corporate Banking & Global Investment Banking reflecting the subsequent alignment of certain business activities after the Firm’s Business Segment reorganization in the second quarter of 2024. Prior-period amounts have been revised to conform with the current presentation.
(d)In the second quarter of 2025, the Middle Market Banking client coverage segment was renamed Commercial & Specialized Industries.
(e)On January 1, 2025, $5.6 billion of loans were realigned from Global Corporate Banking to Fixed Income Markets.
(f)In the first quarter of 2025, 219 employees were transferred to Corporate as a result of the centralization of certain functions.
(g)Prior-period amounts have been revised to conform with the presentation in the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024.


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JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q25 Change2025 Change
3Q252Q251Q254Q243Q242Q253Q24202520242024
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$567 $325 $177 $300 (d)$156 74 %263 %$1,069 $389 175 %
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)4,033 3,678 3,413 3,258 2,857 10 41 4,033 2,857 41 
Nonaccrual loans held-for-sale and loans at fair value (b)1,338 1,207 1,255 1,502 1,187 11 13 1,338 1,187 13 
Total nonaccrual loans 5,371 4,885 4,668 4,760 4,044 10 33 5,371 4,044 33 
Derivative receivables224 349 169 145 210 (36)7 224 210 7 
Assets acquired in loan satisfactions197 208 211 213 216 (5)(9)197 216 (9)
Total nonperforming assets 5,792 5,442 5,048 5,118 4,470 6 30 5,792 4,470 30 
Allowance for credit losses:
Allowance for loan losses7,609 7,408 7,680 7,294 7,427 3 2 7,609 7,427 2 
Allowance for lending-related commitments2,798 2,757 2,113 1,976 2,013 1 39 2,798 2,013 39 
Total allowance for credit losses10,407 10,165 9,793 9,270 9,440 2 10 10,407 9,440 10 
Net charge-off/(recovery) rate (c)0.43 %0.25 %0.15 %0.25 %0.13 %0.28 %0.11 %
Allowance for loan losses to period-end loans retained1.41 1.41 1.54 1.51 1.53 1.41 1.53 
Allowance for loan losses to nonaccrual loans retained (a)189 201 225 224 260 189 260 
Nonaccrual loans to total period-end loans0.90 0.84 0.86 0.91 0.76 0.90 0.76 
(a)Allowance for loan losses of $724 million, $655 million, $566 million, $435 million and $366 million were held against these nonaccrual loans at September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively.
(b)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $93 million, $45 million, $36 million, $37 million and $38 million, respectively.
(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
(d)Includes $72 million related to a purchased credit deteriorated (“PCD”) loan that was charged off in the fourth quarter of 2024.
























Page 18

JPMORGAN CHASE & CO.
image1a.jpg
COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q25 Change2025 Change
3Q252Q251Q254Q243Q242Q253Q24202520242024
BUSINESS METRICS
Advisory$926 $844 $694 $1,060 $847 10 %9 %$2,464 $2,230 10 %
Equity underwriting527 465 324 498 344 13 53 1,316 1,194 10 
Debt underwriting1,174 1,204 1,230 921 1,076 (2)9 3,608 3,213 12 
Total investment banking fees$2,627 $2,513 $2,248 $2,479 $2,267 5 16 $7,388 $6,637 11 
Client deposits and other third-party liabilities (average) (a)1,111,143 1,089,781 1,034,382 1,011,634 966,025 2 15 1,078,717 944,862 14 
Assets under custody (“AUC”) (period-end) (in billions)$40,128 $38,028 $35,678 $35,280 $35,832 6 12 $40,128 $35,832 12 
95% Confidence Level - Total CIB VaR (average) (b)
CIB trading VaR by risk type: (c)
Fixed income$33 $37 $37 $34 $37 (11)(11)
Foreign exchange9 10 9 14 15 (10)(40)
Equities14 17 25 10 8 (18)75 
Commodities and other19 24 29 8 8 (21)138 
Diversification benefit to CIB trading VaR (d)(50)(55)(55)(33)(33)9 (52)
CIB trading VaR (c)25 33 45 33 35 (24)(29)
Credit Portfolio VaR (e)21 22 21 20 21 (5)— 
Diversification benefit to CIB VaR (d)(15)(17)(19)(16)(14)12 (7)
CIB VaR$31 $38 $47 $37 $42 (18)(26)
(a)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.
(b)Effective April 1, 2025, the Firm refined the historical proxy time series inputs to one of its VaR models to more appropriately reflect the risk exposure from certain securitization warehousing loan positions. With this refined time series, the average VaR for each of the following reported components would have been lower by the following amounts: CIB trading VaR by fixed income risk type of $(7) million, $(6) million and $(6) million, CIB trading VaR of $(6) million, $(5) million and $(4) million, and CIB VaR of $(5) million, $(6) million and $(5) million for the three months ended March 31, 2025, December 31, 2024 and September 30, 2024, respectively.
(c)CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. Refer to VaR measurement on pages 143–145 of the Firm’s 2024 Form 10-K and pages 77–80 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 for further information.
(d)Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across CIB risks.
(e)Credit Portfolio VaR includes the derivative CVA, hedges of the CVA and credit protection purchased against certain retained loans and lending-related commitments, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value.
Page 19

JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and employee data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q25 Change2025 Change
3Q252Q251Q254Q243Q242Q253Q24202520242024
INCOME STATEMENT
REVENUE
Asset management fees$3,885 $3,642 $3,595 $3,792 $3,427 7 %13 %$11,122 $9,901 12 %
Commissions and other fees296 314 273 225 224 (6)32 883 649 36 
All other income 156 117 125 60 148 33 5 398 396 1 
Noninterest revenue 4,337 4,073 3,993 4,077 3,799 6 14 12,403 10,946 13 
Net interest income1,729 1,687 1,738 1,701 1,640 2 5 5,154 4,854 6 
TOTAL NET REVENUE6,066 5,760 5,731 5,778 5,439 5 12 17,557 15,800 11 
Provision for credit losses 59 46 (10)(35)4 28 NM95 (33)NM
NONINTEREST EXPENSE
Compensation expense 2,155 2,112 2,096 2,058 1,994 2 8 6,363 5,926 7 
Noncompensation expense 1,663 1,621 1,617 1,714 1,645 3 1 4,901 4,716 4 
TOTAL NONINTEREST EXPENSE3,818 3,733 3,713 3,772 3,639 2 5 11,264 10,642 6 
Income before income tax expense2,189 1,981 2,028 2,041 1,796 10 22 6,198 5,191 19 
Income tax expense 531 508 445 524 445 5 19 1,484 1,287 15 
NET INCOME $1,658 $1,473 $1,583 $1,517 $1,351 13 23 $4,714 $3,904 21 
REVENUE BY BUSINESS
Asset Management $2,916 $2,705 $2,671 $2,887 $2,525 8 15 $8,292 $7,288 14 
Global Private Bank3,150 3,055 3,060 2,891 2,914 3 8 9,265 8,512 9 
TOTAL NET REVENUE $6,066 $5,760 $5,731 $5,778 $5,439 5 12 $17,557 $15,800 11 
FINANCIAL RATIOS
ROE40 %36 %39 %38 % 34 % 39 %33 %
Overhead ratio63 65 65 65 67 64 67 
Pretax margin ratio:
Asset Management35 33 32 35 32 33 30 
Global Private Bank37 36 38 36 34 37 35 
Asset & Wealth Management36 34 35 35 33 35 33 
Employees
29,714 29,363 29,516 
(a)
29,403 29,112 1 2 29,714 29,112 2 
Number of Global Private Bank client advisors4,050 3,756 3,781 3,775 3,753 8 8 4,050 3,753 8 
(a)In the first quarter of 2025, 130 employees were transferred to Corporate as a result of the centralization of certain functions.



Page 20

JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q25 Change2025 Change
3Q252Q251Q254Q243Q242Q253Q24202520242024
SELECTED BALANCE SHEET DATA (period-end)
Total assets $282,322 $268,966 $258,354 $255,385 $253,750 5 %11 %$282,322 $253,750 11 %
Loans 257,988 245,526 237,201 236,303 233,903 5 10 257,988 233,903 10 
Deposits239,999 242,356 250,219 248,287 248,984 (1)(4)239,999 248,984 (4)
Equity16,000 16,000 16,000 15,500 15,500 — 3 16,000 15,500 3 
SELECTED BALANCE SHEET DATA (average)
Total assets $272,954 $261,128 $253,372 $253,612 $247,768 5 10 $262,556 $243,784 8 
Loans 250,730 240,585 233,937 233,768 229,299 4 9 241,812 225,630 7 
Deposits241,454 248,375 244,107 248,802 236,470 (3)2 244,635 230,560 6 
Equity16,000 16,000 16,000 15,500 15,500 — 3 16,000 15,500 3 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$62 $(1)$1 $(2)$12 NM417 $62 $23 170 
Nonaccrual loans1,129 1,035 675 
(a)
700 764 9 48 1,129 764 48 
Allowance for credit losses:
Allowance for loan losses 555 552 530 539 566 1 (2)555 566 (2)
Allowance for lending-related commitments52 58 33 35 38 (10)37 52 38 37 
Total allowance for credit losses607 610 563 574 604 — — 607 604 — 
Net charge-off/(recovery) rate0.10 %— %— %— %0.02 %0.03 %0.01 %
Allowance for loan losses to period-end loans 0.22 0.22 0.22 
(a)
0.23 0.24 0.22 0.24 
Allowance for loan losses to nonaccrual loans49 53 93 
(a)
77 74 49 74 
Nonaccrual loans to period-end loans0.44 0.42 0.28 0.30 0.33 0.44 0.33 
(a)Includes $107 million of nonaccrual loans held-for-sale at March 31, 2025, which are excluded from the allowance coverage ratio calculations.


Page 21

JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
Sep 30, 2025
ChangeNINE MONTHS ENDED SEPTEMBER 30,
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,2025 Change
CLIENT ASSETS2025202520252024202420252024202520242024
Assets by asset class
Liquidity $1,174 $1,131 $1,120 $1,083 $983 4 %19 %$1,174 $983 19 %
Fixed income 971 925 879 851 854 5 14 971 854 14 
Equity1,371 1,258 1,128 1,128 1,094 9 25 1,371 1,094 25 
Multi-asset855 809 764 764 763 6 12 855 763 12 
Alternatives228 220 222 219 210 4 9 228 210 9 
TOTAL ASSETS UNDER MANAGEMENT4,599 4,343 4,113 4,045 3,904 6 18 4,599 3,904 18 
Custody/brokerage/administration/deposits2,239 2,078 1,889 1,887 1,817 8 23 2,239 1,817 23 
TOTAL CLIENT ASSETS (a)$6,838 $6,421 $6,002 $5,932 $5,721 6 20 $6,838 $5,721 20 
Assets by client segment
Private Banking (b)$1,364 $1,270 $1,201 $1,162 $1,115 7 22 $1,364 $1,115 22 
Global Institutional1,837 1,772 1,705 1,692 1,622 4 13 1,837 1,622 13 
Global Funds (b)1,398 1,301 1,207 1,191 1,167 7 20 1,398 1,167 20 
TOTAL ASSETS UNDER MANAGEMENT$4,599 $4,343 $4,113 $4,045 $3,904 6 18 $4,599 $3,904 18 
Private Banking (b)$3,423 $3,191 $2,949 $2,902 $2,806 7 22 $3,423 $2,806 22 
Global Institutional1,994 1,907 1,828 1,820 1,739 5 15 1,994 1,739 15 
Global Funds (b)1,421 1,323 1,225 1,210 1,176 7 21 1,421 1,176 21 
TOTAL CLIENT ASSETS (a)$6,838 $6,421 $6,002 $5,932 $5,721 6 20 $6,838 $5,721 20 
Assets under management rollforward
Beginning balance$4,343 $4,113 $4,045 $3,904 $3,682 $4,045 $3,422 
Net asset flows:
Liquidity 37 5 36 94 34 78 46 
Fixed income 31 27 11 18 37 69 73 
Equity31 16 37 41 21 84 73 
Multi-asset4 (2)3 14 10 5 5 
Alternatives6 (10)3 3 4 (1)7 
Market/performance/other impacts147 194 (22)(29)116 319 278 
Ending balance$4,599 $4,343 $4,113 $4,045 $3,904 $4,599 $3,904 
Client assets rollforward
Beginning balance$6,421 $6,002 $5,932 $5,721 $5,387 $5,932 $5,012 
Net asset flows147 80 120 224 140 347 262 
Market/performance/other impacts270 339 (50)(13)194 559 447 
Ending balance$6,838 $6,421 $6,002 $5,932 $5,721 $6,838 $5,721 
BUSINESS METRICS
Firmwide Wealth Management
Client assets (in billions) (c)$4,373 $4,087 $3,791 $3,756 $3,648 7 20 $4,373 $3,648 20 
Number of client advisors10,075 9,704 9,641 9,530 9,528 4 6 10,075 9,528 6 
Stock Plan Administration (d)
Number of stock plan participants (in thousands)1,796 1,594 1,500 1,327 1,118 13 61 1,796 1,118 61 
Client assets (in billions)357 314 281 270 254 14 41 357 254 41 
(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.
(b)In the first quarter of 2025, the Firm realigned certain client assets from Private Banking to Global Funds to reflect them in the client segment where the assets are invested. Prior period amounts have been revised to conform with the current presentation.
(c)Consists of Global Private Bank in AWM and client investment assets in J.P. Morgan Wealth Management in CCB.
(d)The increase in the fourth quarter of 2024 includes the impact of onboarding participants in the Firm’s employee stock plans into an equity plan administration platform that was acquired in 2022.




Page 22

JPMORGAN CHASE & CO.
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CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except employee data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q25 Change2025 Change
3Q252Q251Q254Q243Q242Q253Q24202520242024
INCOME STATEMENT
REVENUE
Principal transactions$(54)$(54)$(87)$28 $(1)— %NM$(195)$124 NM
Investment securities gains/(losses)
105 (54)(37)(92)(16)NMNM14 (928)NM
All other income 246 157 777 34 172 57 43 %1,180 8,442 (j)(86)%
Noninterest revenue297 49 653 (30)155 NM92 999 7,638 (87)
Net interest income 1,406 1,489 1,651 2,030 2,915 (6)(52)4,546 7,756 (41)
TOTAL NET REVENUE (a)1,703 1,538 2,304 2,000 3,070 11 (45)5,545 15,394 (64)
Provision for credit losses(3)25 (19)(18)(4)NM25 3 28 (89)
NONINTEREST EXPENSE445 547 185 (g)550 589 (19)(24)1,177 (g)3,444 (g)(k)(66)
Income before income tax expense
1,261 966 2,138 1,468 2,485 31 (49)4,365 11,922 (63)
Income tax expense/(benefit)
436 (729)(f)445 132 675 NM(35)152 (f)2,657 (94)
NET INCOME
$825 $1,695 $1,693 $1,336 $1,810 (51)(54)$4,213 $9,265 (55)
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)
1,687 1,649 1,564 2,083 3,154 2 (47)4,900 7,555 (35)
Other Corporate16 (111)740 (83)(84)NMNM645 7,839 (92)
TOTAL NET REVENUE$1,703 $1,538 $2,304 $2,000 $3,070 11 (45)$5,545 $15,394 (64)
NET INCOME/(LOSS)
Treasury and CIO1,166 1,121 1,158 1,568 2,291 4 (49)3,445 5,445 (37)
Other Corporate (341)574 535 (232)(481)NM29 768 3,820 (80)
TOTAL NET INCOME
$825 $1,695 $1,693 $1,336 $1,810 (51)(54)$4,213 $9,265 (55)
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,297,608 $1,370,312 $1,289,274 $1,323,967 $1,276,238 (i)(5)2 $1,297,608 $1,276,238 2 
Loans2,707 2,033 2,478 1,964 2,302 33 18 2,707 2,302 18 
Deposits (b)34,145 27,952 25,064 27,581 30,170 22 13 34,145 30,170 13 
Employees
50,013 49,662 50,676 (h)49,610 49,213 1 2 50,013 (h)49,213 2 
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains/(losses)
$105 $(54)$(37)$(92)$(16)NMNM$14 $(928)NM
Available-for-sale securities (average) 495,777 (e)462,179 391,997 371,415 306,244 7 62 450,365 (e)259,003 74 
Held-to-maturity securities (average) (c)
269,717 
(e)
262,479 269,906 286,993 313,898 3 (14)267,366 (e)332,932 (20)
Investment securities portfolio (average)$765,494 $724,658 $661,903 $658,408 $620,142 6 23 $717,731 $591,935 21 
Available-for-sale securities (period-end)487,277 (e)482,269 396,316 403,796 331,715 1 47 487,277 (e)331,715 47 
Held-to-maturity securities (period-end) (c)
293,446 
(e)
260,559 265,084 274,468 299,954 13 (2)293,446 (e)299,954 (2)
Investment securities portfolio, net of allowance for credit losses (period-end) (d)
$780,723 $742,828 $661,400 $678,264 $631,669 5 24 $780,723 $631,669 24 
(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $39 million, $38 million, $36 million, $44 million and $44 million for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively, and $113 million and $138 million for the nine months ended September 30, 2025 and 2024, respectively.
(b)Predominantly relates to the Firm's international consumer initiatives.
(c)At September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, the estimated fair value of the HTM securities portfolio was $274.9 billion, $239.3 billion, $242.3 billion, $247.9 billion and $279.6 billion, respectively.
(d)At September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, the allowance for credit losses on investment securities was $72 million, $75 million, $85 million, $105 million and $123 million, respectively.
(e)During the third quarter of 2025, the Firm transferred $44.1 billion of investment securities from AFS to HTM for asset-liability management purposes.
(f)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.
(g)Included an FDIC special assessment accrual release of $323 million for the three months ended March 31, 2025, and an accrual increase of $725 million for the three months ended March 31, 2024. Refer to Note 6 on page 228 of the Firm’s 2024 Form 10-K for additional information.
(h)In the first quarter of 2025, 768 employees were transferred from the lines of business to Corporate as a result of the centralization of certain functions.
(i)Prior-period amount has been revised to conform with the presentation in the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024.
(j)Included a $7.9 billion net gain related to Visa shares recorded in the second quarter of 2024. Refer to footnote (h) on page 2 for further information.
(k)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Note 2 of the Firm’s 2024 Form 10-K for additional information.
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JPMORGAN CHASE & CO.
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CREDIT-RELATED INFORMATION
(in millions)
Sep 30, 2025
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2025202520252024202420252024
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained$369,859 $371,855 $372,892 $376,334 $377,938 (1)%(2)%
Loans held-for-sale and loans at fair value 23,225 22,185 18,246 16,476 17,007 5 37 
Total consumer, excluding credit card loans393,084 394,040 391,138 392,810 394,945 — — 
Credit card loans
Loans retained235,475 232,943 223,384 232,860 219,542 1 7 
Total credit card loans235,475 232,943 223,384 232,860 219,542 1 7 
Total consumer loans 628,559 626,983 614,522 625,670 614,487 — 2 
Wholesale loans (b)
Loans retained764,451 740,675 704,714 690,396 687,890 3 11 
Loans held-for-sale and loans at fair value 42,236 44,334 36,459 31,922 37,634 (5)12 
Total wholesale loans 806,687 785,009 741,173 722,318 725,524 3 11 
Total loans 1,435,246 1,411,992 1,355,695 1,347,988 1,340,011 2 7 
Derivative receivables 59,849 60,346 60,539 60,967 52,561 (1)14 
Receivables from customers (c)68,493 53,099 49,403 51,929 53,270 29 29 
Total credit-related assets 1,563,588 1,525,437 1,465,637 1,460,884 1,445,842 3 8 
Lending-related commitments
Consumer, excluding credit card 48,015 47,064 46,149 44,844 45,322 2 6 
Credit card (d)1,069,963 1,050,275 1,031,481 1,001,311 989,594 2 8 
Wholesale 596,028 559,654 (g)548,853 531,467 541,560 
(g)
6 10 
Total lending-related commitments1,714,006 1,656,993 1,626,483 1,577,622 1,576,476 3 9 
Total credit exposure $3,277,594 $3,182,430 $3,092,120 $3,038,506 $3,022,318 3 8 
Memo: Total by category
Consumer exposure (e)$1,746,537 $1,724,322 $1,692,152 $1,671,825 $1,649,403 1 6 
Wholesale exposure (f)1,531,057 1,458,108 1,399,968 1,366,681 1,372,915 5 12 
Total credit exposure$3,277,594 $3,182,430 $3,092,120 $3,038,506 $3,022,318 3 8 
    
(a)Includes scored loans held in CCB, scored mortgage and home equity loans held in AWM, and scored mortgage loans held in CIB and Corporate.
(b)Includes loans held in CIB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and J.P. Morgan Wealth Management loans held in Banking & Wealth Management, and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses.
(c)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.
(d)Also includes commercial card lending-related commitments primarily in CIB.
(e)Represents total consumer loans and lending-related commitments.
(f)Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers.
(g)Prior-period amount has been revised to conform with the presentation in the Firm’s Quarterly Report on Form 10-Q for the quarterly periods ended June 30, 2025 and September 30, 2024.




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JPMORGAN CHASE & CO.
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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Sep 30, 2025
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2025202520252024202420252024
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
   Loans retained $3,954 $3,938 $3,318 $3,233 (c)$3,316 — %19 %
   Loans held-for-sale and loans at fair value 646 731 441 693 397 (12)63 
Total consumer nonaccrual loans4,600 4,669 3,759 3,926 3,713 (1)24 
Wholesale nonaccrual loans
Loans retained4,740 4,479 3,895 3,942 3,517 6 35 
Loans held-for-sale and loans at fair value 766 673 964 969 845 14 (9)
Total wholesale nonaccrual loans 5,506 5,152 4,859 4,911 4,362 7 26 
Total nonaccrual loans10,106 9,821 8,618 8,837 8,075 3 25 
Derivative receivables 224 349 169 145 210 (36)7 
Assets acquired in loan satisfactions305 310 318 318 343 (2)(11)
Total nonperforming assets 10,635 10,480 9,105 9,300 8,628 1 23 
Wholesale lending-related commitments (b) 1,025 922 793 737 619 11 66 
Total nonperforming exposure$11,660 $11,402 $9,898 $10,037 $9,247 2 26 
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans 0.70 %0.70 %0.64 %0.66 %(c)0.60 %
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans 1.17 1.18 0.96 1.00 0.94 
Total wholesale nonaccrual loans to total
wholesale loans 0.68 0.66 0.66 0.68 0.60 
(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $158 million, $113 million, $117 million, $121 million and $126 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance. Refer to Note 12 of the Firm’s 2024 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.
(b)Represents commitments that are risk rated as nonaccrual.
(c)Prior-period amount and ratio have been revised to conform with the presentation in the Firm’s 2024 Form 10-K.


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JPMORGAN CHASE & CO.
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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q25 Change2025 Change
3Q252Q251Q254Q243Q242Q253Q24202520242024
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance$24,953 $25,208 $24,345 $23,949 $22,991 (1)%9 %$24,345 $22,420 9 %
Net charge-offs:
Gross charge-offs3,181 2,944 2,816 2,845 2,567 8 24 8,941 7,674 17 
Gross recoveries collected(588)(534)(484)(481)(480)(10)(23)(1,606)(1,400)(15)
Net charge-offs2,593 2,410 2,332 2,364 2,087 8 24 7,335 6,274 17 
Provision for loan losses 3,376 2,151 3,193 2,696 3,040 57 11 8,720 7,798 12 
Other(1)4 2 64 5 NMNM5 5 — 
Ending balance$25,735 $24,953 $25,208 $24,345 $23,949 3 7 $25,735 $23,949 7 
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance$2,932 $2,226 $2,101 $2,142 $2,068 32 42 $2,101 $1,974 6 
Provision for lending-related commitments 31 706 125 (40)74 (96)(58)862 168 413 
Other1 — — (1)— NMNM1 — NM
Ending balance$2,964 $2,932 $2,226 $2,101 $2,142 1 38 $2,964 $2,142 38 
ALLOWANCE FOR INVESTMENT SECURITIES$105 $108 $118 $152 $175 (3)(40)$105 $175 (40)
Total allowance for credit losses (a)$28,804 $27,993 $27,552 $26,598 $26,266 3 10 $28,804 $26,266 10 
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans 0.12 %0.14 %0.18 %0.20 %0.17 %0.15 %0.17 %
Credit card retained loans3.15 3.40 3.58 3.30 3.23 3.37 3.35 
Total consumer retained loans1.29 1.38 1.45 1.36 1.29 1.37 1.29 
Wholesale retained loans0.33 0.19 0.11 0.18 0.09 0.21 0.10 
Total retained loans 0.76 0.73 0.74 0.73 0.65 0.74 0.66 
Memo: Average retained loans
Consumer retained, excluding credit card loans$370,073 $372,005 $374,466 $376,976 $379,459 (1)(2)$372,166 $386,359 (4)
Credit card retained loans234,354 228,320 224,350 224,124 217,204 3 8 229,044 210,645 9 
Total average retained consumer loans604,427 600,325 598,816 601,100 596,663 1 1 601,210 597,004 1 
Wholesale retained loans747,045 721,105 686,585 687,197 674,939 4 11 718,467 668,648 7 
Total average retained loans$1,351,472 $1,321,430 $1,285,401 $1,288,297 $1,271,602 2 6 $1,319,677 $1,265,652 4 
(a)At September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, excludes an allowance for credit losses associated with certain accounts receivable in CIB of $285 million, $288 million, $283 million, $268 million and $277 million, respectively.






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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Sep 30, 2025
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2025202520252024202420252024
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific
$(621)$(683)$(727)$(728)$(756)9 %18 %
Portfolio-based2,524 2,532 2,585 2,535 2,491 — 1 
Total consumer, excluding credit card1,903 1,849 1,858 1,807 1,735 3 10 
Credit card
Portfolio-based15,554 15,001 15,000 14,600 14,100 4 10 
Total credit card15,554 15,001 15,000 14,600 14,100 4 10 
Total consumer17,457 16,850 16,858 16,407 15,835 4 10 
Wholesale
Asset-specific
838 781 692 526 499 7 68 
Portfolio-based7,440 7,322 7,658 7,412 7,615 2 (2)
Total wholesale8,278 8,103 8,350 7,938 8,114 2 2 
Total allowance for loan losses 25,735 24,953 25,208 24,345 23,949 3 7 
Allowance for lending-related commitments2,964 2,932 2,226 2,101 2,142 1 38 
Allowance for investment securities105 108 118 152 175 (3)(40)
Total allowance for credit losses$28,804 $27,993 $27,552 $26,598 $26,266 3 10 
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans0.51 %0.50 %0.50 %0.48 %0.46 %
Credit card allowance to total credit card retained loans6.61 6.44 6.71 6.27 6.42 
Wholesale allowance to total wholesale retained loans1.08 1.09 1.18 1.15 1.18 
Total allowance to total retained loans1.88 1.85 1.94 1.87 1.86 
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (a)
48 47 56 56 52 
Total allowance, excluding credit card allowance, to retained
 nonaccrual loans, excluding credit card nonaccrual loans (a)
117 118 142 136 144 
Wholesale allowance to wholesale retained nonaccrual loans175 181 214 201 231 
Total allowance to total retained nonaccrual loans296 296 349 339 (b)350 
(a)Refer to footnote (a) on page 25 for information on the Firm’s nonaccrual policy for credit card loans.
(b)Prior-period ratio has been revised to conform with the presentation in the Firm’s 2024 Form 10-K.



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NON-GAAP FINANCIAL MEASURES
Non-GAAP Financial Measures
(a)In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm as a whole and for each of the reportable business segments and Corporate 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. These financial measures allow management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by each of the lines of business and Corporate.
(b)Pre-provision profit is a non-GAAP financial measure which represents total net revenue less total noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.
(c)TCE, ROTCE, and TBVPS are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.
(d)In addition to reviewing net interest income (“NII”), net yield, and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding Markets, which is composed of Fixed Income Markets and Equity Markets, as shown below. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income.These metrics, which exclude Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For additional information on Markets revenue, refer to pages 81-82 of the Firm’s 2024 Form 10-K.
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q25 Change2025 Change
(in millions, except rates)3Q252Q251Q254Q243Q242Q253Q24202520242024
Net interest income - reported$23,966 $23,209 $23,273 $23,350 $23,405 3 %2 %$70,448 $69,233 2 %
Fully taxable-equivalent adjustments105 105 102 121 120 — (13)312 356 (12)
Net interest income - managed basis
$24,071 $23,314 $23,375 $23,471 $23,525 3 2 $70,760 $69,589 2 
Less: Markets net interest income680 561 785 457 78 21 NM2,026 184 NM
Net interest income excluding Markets
$23,391 $22,753 $22,590 $23,014 $23,447 3 — $68,734 $69,405 (1)
Average interest-earning assets$3,895,764 $3,845,982 $3,668,384 $3,571,960 $3,621,766 1 8 $3,804,210 $3,526,019 8 
Less: Average Markets interest-earning assets
1,404,633 1,387,584 1,255,149 1,157,421 1,206,085 1 16 1,349,670 1,118,326 21 
Average interest-earning assets excluding Markets$2,491,131 $2,458,398 $2,413,235 $2,414,539 $2,415,681 1 3 $2,454,540 $2,407,693 2 
Net yield on average interest-earning assets - managed basis (a)2.45 %2.43 %2.58 %2.61 %2.58 %2.49 %2.64 %
Net yield on average Markets interest-earning assets
0.19 0.16 0.25 0.16 0.03 0.20 0.02 
Net yield on average interest-earning assets excluding Markets (a)3.73 3.71 3.80 3.79 3.86 3.74 3.85 
Noninterest revenue - reported$22,461 $21,703 $22,037 $19,418 $19,249 3 17 $66,201 $65,555 1 
Fully taxable-equivalent adjustments588 663 602 849 541 (11)9 1,853 1,711 8 
Noninterest revenue - managed basis$23,049 $22,366 $22,639 $20,267 $19,790 3 16 $68,054 $67,266 1 
Less: Markets noninterest revenue
8,264 8,375 8,878 6,592 7,074 (1)17 25,517 22,774 12 
Noninterest revenue excluding Markets$14,785 $13,991 $13,761 $13,675 $12,716 6 16 $42,537 $44,492 (4)
Memo: Markets total net revenue$8,944 $8,936 $9,663 $7,049 $7,152 — 25 $27,543 $22,958 20 
(a) Includes the effect of derivatives that qualify for hedge accounting. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm’s 2024 Form 10-K for additional information on hedge accounting.



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