v3.26.1
Fair value measurements (Tables) - EBP 002
 12 Months Ended
Dec. 31, 2025
EBP, Investment, Fair Value and NAV [Line Items]  
Schedule of valuation methodologies
The following table describes the valuation methodologies generally used by the Plan to measure its instruments at fair value, including the general classification of such instruments pursuant to the fair value hierarchy.
InstrumentValuation methodologyClassifications in the fair value hierarchy
JPMorgan Chase & Co. common stockClosing price reported on the New York Stock ExchangeLevel 1
Other equity, corporate debt, asset-backed (e.g., CLOs), U.S. federal, state, local and non-U.S. government and mortgage-backed securities, and repurchase agreements (a)
Quoted market pricesLevel 1
In the absence of quoted market prices, securities are valued based on: Level 2
•Observable market prices for similar securities
•Relevant broker quotes
•Independent pricing services
•Discounted cash flows
In addition, the following inputs to discounted cash flows are used for the following products:
Mortgage- and asset-backed securities specific inputs:
•Collateral characteristics
•Deal-specific payment and loss allocations
•Current market assumptions related to yield, prepayment speed, conditional default rates and loss severity
Collateralized loan obligations ("CLOs") specific inputs:
•Collateral characteristics
•Deal-specific payment and loss allocations
•Expected prepayment speed, conditional default rates, loss severity
•Credit spreads
•Credit rating data
Fund investments (e.g., mutual, money market and other) and registered investment companiesNet asset value
•NAV is supported by the ability to redeem and purchase at NAV level
Level 1
•Adjustments to the NAV as required, for restrictions on redemption (e.g., lock-up periods or withdraw limitations) or where observable activity is limited
Level 2(b)
DerivativesNon-exchange traded derivatives that are valued using independent pricing services.Level 2
Refer to Note 6 for further information on derivative instruments.
(a) Repurchase agreements are short-term in duration and recorded at amortized cost, which closely approximates fair value.
(b) Excludes certain investments that are measured at fair value using the net asset value per share (or its equivalents) as a practical expedient.
Schedule of financial instruments carried at fair value
The following tables present the financial instruments carried at fair value as of December 31, 2025 and 2024, by major product category and fair value hierarchy.
Assets and liabilities measured at fair value on a recurring basis
Fair value hierarchy
December 31, 2025Level 1Level 2Total fair value
Equity securities:   
JPMorgan Chase & Co.$10,658,411,527 $— $10,658,411,527 
Other equity securities5,155,537,376 — 5,155,537,376 
Total equity securities15,813,948,903 — 15,813,948,903 
Corporate debt and asset-backed securities— 2,484,139,652 2,484,139,652 
U.S. federal, state, local and non-U.S. government securities703,521,693 72,144,288 775,665,981 
Mortgage-backed securities166,572,811 112,288,050 278,860,861 
Money market funds and other(a)
371,501,605 69,369,443 440,871,048 
Derivative receivables— 468,317 468,317 
Total assets measured at fair value$17,055,545,012 $2,738,409,750 $19,793,954,762 
Investments measured at NAV(b)
37,629,298,821 
  Total investments at fair value$57,423,253,583 
Mortgage-backed securities sold short$2,266,572 — $2,266,572 
Derivative payables— 639,310 639,310 
Total liabilities measured at fair value$2,266,572 $639,310 $2,905,882 
Fair value hierarchy
December 31, 2024Level 1Level 2Total fair value
Equity securities:   
JPMorgan Chase & Co.$8,402,328,583 $— $8,402,328,583 
Other equity securities4,719,291,502 — 4,719,291,502 
Total equity securities13,121,620,085 — 13,121,620,085 
Corporate debt and asset-backed securities— 2,172,643,358 2,172,643,358 
U.S. federal, state, local and non-U.S. government securities702,331,202 15,012,972 717,344,174 
Mortgage-backed securities194,539,161 86,093,741 280,632,902 
Money market funds and other(a)
306,883,597 25,126,893 332,010,490 
Derivative receivables— 786,901 786,901 
Total assets measured at fair value$14,325,374,045 $2,299,663,865 $16,625,037,910 
Investments measured at NAV(b)
31,831,956,536 
  Total investments at fair value$48,456,994,446 
Mortgage-backed securities sold short$2,177,263 — $2,177,263 
Derivative payables— 522,502 522,502 
Total liabilities measured at fair value$2,177,263 $522,502 $2,699,765 
(a)Money market funds and other consists of mutual funds, money market funds and resale agreements.
(b)Investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy.