v3.26.1
Preferred Stock
 6 Months Ended
Jun. 30, 2026
Stockholders' Equity Note [Abstract]  
Preferred Stock Preferred stock
Refer to Note 21 of JPMorganChase’s 2025 Form 10-K for a further discussion on preferred stock.
The following is a summary of JPMorganChase’s non-cumulative preferred stock outstanding as of June 30, 2026 and December 31, 2025, and the quarterly dividend declarations for the three and six months ended June 30, 2026 and 2025.
Shares(a)
Carrying value
 (in millions)
Contractual rate in effect at June 30, 2026
Earliest redemption date(b)
Floating annualized rate(c)
Dividend declared
per share
June 30, 2026December 31, 2025June 30, 2026December 31, 2025Issue dateThree months ended June 30,Six months ended June 30,
2026202520262025
Fixed-rate:
Series DD169,625 169,625 $1,696 $1,696 9/21/20185.750 %12/1/2023NA$143.75 $143.75 $287.50$287.50
Series EE185,000 185,000 1,850 1,850 1/24/20196.000 3/1/2024NA150.00 150.00 300.00300.00
Series GG90,000 90,000 900 900 11/7/20194.750 12/1/2024NA118.75 118.75 237.50237.50
Series JJ150,000 150,000 1,500 1,500 3/17/20214.550 6/1/2026NA113.75 113.75 227.50227.50
Series LL185,000 185,000 1,850 1,850 5/20/20214.625 6/1/2026NA115.63 115.63 231.26231.26
Series MM200,000 200,000 2,000 2,000 7/29/20214.200 9/1/2026NA105.00 105.00 210.00210.00
Fixed-to-floating rate:
Series CC125,750 125,750 1,258 1,258 10/20/2017
SOFR + 2.58
11/1/2022
SOFR + 2.58
169.85 181.89 328.87354.25
Series II150,000 150,000 1,500 1,500 2/24/2020
SOFR + 2.745
4/1/2025
SOFR + 2.745
162.71 

178.02 
(d)
321.08278.02
(d)
Series KK— 200,000 — 2,000 5/12/2021— 6/1/2026
CMT + 2.85
91.25 91.25 182.50182.50
Series NN250,000 250,000 2,496 2,496 3/12/20246.875 6/1/2029
CMT + 2.737
171.88 171.88 

343.76343.76 
Series OO300,000 300,000 2,995 2,995 2/4/20256.500 4/1/2030
CMT + 2.152
162.50 162.50 325.00265.42
(e)
Series PP300,000 NA2,995 NA5/7/20266.100 7/1/2031
CMT + 2.08
91.50 
(e)
NA91.50
(e)
NA
Total preferred stock2,105,375 2,005,375 $21,040 $20,045 
(a)Represented by depositary shares.
(b)Each series of fixed-to-floating rate preferred stock converts to a floating rate at the earliest redemption date.
(c)References in the table to “SOFR” mean a floating annualized rate equal to three-month term SOFR (plus, in the case of the Series CC preferred stock, a spread adjustment of 0.26% per annum) plus the spreads noted. References to “CMT” mean a floating annualized rate equal to the five-year Constant Maturity Treasury (“CMT”) rate plus the spreads noted.
(d)The dividend rate for Series II preferred stock became floating and payable quarterly starting on April 1, 2025; prior to which the dividend rate was fixed at 4.00% or $200.00 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on April 1, 2025 was three-month term SOFR plus the spread of 2.745%.
(e)The initial dividend declared was prorated based on the number of days outstanding for the period. Dividends were declared quarterly thereafter at the contractual rate.
Each series of preferred stock has a liquidation value and redemption price per share of $10,000, plus accrued but unpaid dividends. The aggregate liquidation value was $21.2 billion at June 30, 2026.
Issuances
On May 7, 2026, the Firm issued $3.0 billion of fixed-rate reset non-cumulative preferred stock, Series PP.
On February 4, 2025, the Firm issued $3.0 billion of fixed-rate reset non-cumulative preferred stock, Series OO.
Redemptions
On June 1, 2026, the Firm redeemed all $2.0 billion of its fixed-rate reset non-cumulative preferred stock, Series KK.