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JPMJPMorgan Chase

Financials · Banks · NYSE

JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”, NYSE: JPM), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. 10-K, Item 1

JPM quote by TradingView
Employees
318,512
Headquarters
New York, NY
CEO
James Dimon
Next results
around Jan 12, 2027
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10-K 0001628280-26-008131 (2026-02-13) vs 10-K 0000019617-25-000270 (2025-02-14)

SectionCompared textWords nowChanged
Risk FactorsItem 1A14,106 47.5%
MD&AItem 752,773 15.8%
Legal ProceedingsItem 3, via Note 30 – Litigation2,133 40.5%
Accounting PoliciesItem 8, Note 1 – Basis of presentation2,363 7.2%

The redline: what was cut and what was added

In each section, the paragraph that changed most, marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 234 words changed in this paragraph; it is 41% similar to last year's version.
Year ended (in millions) December 31, (in millions) December 31, 2025 2024 Total stockholders’ equity $ 362,438 $ 344,758 Less: Preferred stock 20,045 20,050 Common stockholders’ equity 342,393 324,708 Add: Certain deferred tax liabilities(a) 2,916 2,943 Other CET1 capital adjustments(b) (198) 4,499 Less: Goodwill(c) 54,082 53,763 Other intangible assets 2,560 2,874 Standardized/Advanced CET1 capital at December 31, 2023 $ 250,585 Net income applicable to common equity 57,212 Dividends declared on common 288,469 275,513 Add: Preferred stock (13,786) Net purchase of treasury stock (17,801) Changes in additional paid-in capital 783 Changes related to AOCI applicable to capital: Unrealized gains/(losses) on investment securities (87) Translation adjustments, net of hedges(a) (858) Fair value hedges (87) Defined benefit pension and other postretirement employee benefit (“OPEB”) plans (63) Changes related to other CET1 capital adjustments(b) (385) Change in Standardized/Advanced CET1 capital 24,928 Standardized/Advanced CET1 capital at $ 275,513 December 31, 2024 20,045 20,050 Less: Other Tier 1 adjustments 884 682 Standardized/Advanced Tier 1 capital at December 31, 2023 $ 277,306 Change in CET1 capital(b) 24,928 Net redemptions of noncumulative perpetual preferred stock (7,354) Other 1 Change in Standardized/Advanced Tier 1 capital 17,575 Standardized/Advanced Tier 1 capital at December 31, 2024 307,630 $ 294,881 Standardized Tier 2 capital at December 31, 2023 $ 31,191 Change in long-term Long-term debt and other instruments qualifying as Tier 2 (1,467) Change capital $ 13,539 $ 10,312 Qualifying allowance for credit losses(d) 23,733 20,992 Other (1,059) (596) Standardized Tier 2 capital $ 36,213 $ 30,708 Standardized Total capital $ 343,843 $ 325,589 Adjustment in qualifying allowance for credit losses(b) 890 Other 94 Change in Standardized losses for Advanced Tier 2 capital (483) Standardized Tier 2 capital at December 31, 2024 $ 30,708 Standardized Total capital at December 31, 2024 $ 325,589 capital(e)(f) (14,881) (13,691) Advanced Tier 2 capital at December 31, 2023 $ 18,111 Change in long-term debt and other instruments qualifying as Tier 2 (1,467) Change in qualifying allowance for credit losses(b)(c) 279 Other 94 Change in Advanced Tier 2 capital (1,094) Advanced Tier 2 capital at December 31, 2024 21,332 $ 17,017 Advanced Total capital at December 31, 2024 $ 328,962 $ 311,898

Source: Item 7, 10-K 0001628280-26-008131 vs Item 7, 10-K 0000019617-25-000270

Risk Factors 229 words changed in this paragraph; it is 43% similar to last year's version.
New competitors in the financial services industry continue to emerge. For example, technological advances and the growth of e-commerce have made it possible for non-depository institutions to offer products and services that traditionally were banking products. These advances have also allowed financial institutions and other companies to provide electronic and internet-based financial solutions, including electronic securities and cryptocurrency trading, lending and other extensions of credit to consumers, payments processing and online automated algorithmic-based investment advice. Furthermore, both financial institutions and their non-banking competitors face the risk that of disruption to payments processing and other products and services, including deposits and other traditional banking products, could be significantly disrupted by services from the use of new technologies, such as cryptocurrencies and other applications using secure distributed ledgers, technologies that may not require intermediation. intermediation, such as tokenized securities or other products that leverage distributed ledger technology. New technologies have required and could require JPMorganChase to spend more increase expenditures to modify or adapt its products to attract and retain clients and customers or to match products and services offered by its competitors, including technology companies. If JPMorganChase does not keep pace with rapidly changing technological advances, including the adoption of generative AI, it risks losing clients and market share to competitors, which could negatively impact revenues, operating costs and its competitive position. Competition could be intensified as the feasibility, capability and scalability of new technologies improves. In addition, new technologies may (including generative AI) could be used by customers, customers or bad actors in unexpected or disruptive ways, or could be breached or infiltrated by third parties, in unexpected ways, which can could increase JPMorganChase’s costs for complying with laws, rules compliance expenses and regulations that apply reduce its income related to the offering of products and services through those technologies and reduce the income that JPMorganChase earns from providing products and services through those technologies.

Source: Item 1A, 10-K 0001628280-26-008131 vs Item 1A, 10-K 0000019617-25-000270

Legal Proceedings 161 words changed in this paragraph; it is 38% similar to last year's version.
In addition, the Firm has been was named as a defendant along with other banks in various individual and putative class actions related to benchmark rates, including U.S. dollar LIBOR. In actions related to U.S. dollar LIBOR during the period that it was administered by the BBA, September 2025, the United States District Court for the Southern District of New York granted class certification summary judgment in favor of antitrust the defendants on all remaining claims related to bonds and interest rate swaps sold directly by the defendants, including the Firm. The Firm has obtained dismissal of certain actions and resolved certain other actions, and as to all remaining actions has moved for summary judgment. In addition, a lawsuit filed by a group of individual plaintiffs asserting antitrust claims, alleging that the Firm and other defendants were engaged in an unlawful agreement to set U.S. dollar LIBOR LIBOR, decertified the class, and conspired dismissed all claims in their entirety with prejudice to monopolize the market for LIBOR-based consumer loans and credit cards was dismissed in October 2023 and affirmed on appeal by the United States Court of Appeals for the Ninth Circuit in December 2024. The Firm has resolved all non-U.S. dollar LIBOR actions. refiling. Plaintiffs have filed an appeal.

Source: Item 3, via Note 30 – Litigation, 10-K 0001628280-26-008131 vs Item 3, via Note 30 – Litigation, 10-K 0000019617-25-000270

Accounting Policies 66 words changed in this paragraph; it is 51% similar to last year's version.
The guidance expanded the types of tax-oriented investments, beyond affordable housing tax credit investments, that the Firm can elect on a program by program basis, to be accounted for using the proportional amortization method. This method requires the cost of eligible investments, within an elected program, to be amortized in proportion to the tax benefits received with the resulting amortization reported directly in income tax expense, which aligns with the associated tax credits and other tax benefits. Eligible investments must meet certain criteria, including that substantially all of the return is from income tax credits and other income tax benefits.

Source: Item 8, Note 1 – Basis of presentation, 10-K 0001628280-26-008131 vs Item 8, Note 1 – Basis of presentation, 10-K 0000019617-25-000270

Every change, by type

Sentences and paragraphs of JPM's Risk Factors and MD&A, 10-K 2026-02-13 against 10-K 2025-02-14. Each links to the text at sec.gov.

All 814 Added 182Removed 253Reworded 365Quiet changes 14

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
“governmental authorities” means governmental and regulatory agencies, legislative and judicial bodies and other governmental entities and authorities in the countries, states, municipalities, territories, regions and other jurisdictions in which JPMorganChase does business.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
JPMorganChase must comply with applicable law in all of the jurisdictions around the world where it does business. Like other financial services firms, JPMorganChase is subject to extensive supervision and regulation that significantly affects the way that it conducts its business and structures its operations. The supervisory and regulatory framework also imposes requirements for JPMorganChase to implement and maintain compliance programs, and the complexity of these programs can increase its risks of non-compliance. In addition, entering into or acquiring a new business or expanding current business could increase the scope of applicable law or supervision and regulation to which JPMorganChase is subject.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
These types of changes could increase JPMorganChase’s costs or reduce its revenues. In addition, any failure by JPMorganChase to comply with applicable law or meet supervisory expectations could result in:

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
Furthermore, regulators or governmental authorities could adopt new interpretations of applicable law or supervisory expectations, and in certain circumstances, JPMorganChase could be required to demonstrate that prior conduct complies with these new interpretations. This situation could increase the risks associated with non-compliance and result in the imposition of penalties or enforcement actions. In addition, the business or operations of financial services firms such as JPMorganChase may be negatively affected by executive orders or other executive branch actions that seek to regulate those businesses or operations.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
Differences in the supervision and regulation of financial services firms could require JPMorganChase to modify its operations and incur higher operational and compliance costs.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
Various factors could influence the scope of applicable law and supervision for a firm that provides financial services, such as the size of the firm, the businesses in which it engages and its jurisdiction of organization. For example:

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
•certain competitors, such as financial technology companies, may not be subject to banking regulation, or may be subject to less stringent oversight, or

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
A highly-regulated financial services firm such as JPMorganChase can be vulnerable to competition from firms that are less regulated or unregulated. In addition, differences in regulatory implementation between the U.S. and other countries could adversely affect JPMorganChase’s businesses. For example, a national financial services regulator may impose requirements

Read it in 10-K 2026-02-13 at sec.gov ↗

RemovedRisk Factors
JPMorganChase is a financial services firm with operations worldwide. JPMorganChase must comply with the laws, rules and regulations that apply to its operations in all of the jurisdictions around the world in which it does business, and financial services firms such as JPMorganChase are subject to extensive and constantly-evolving regulation and supervision.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
rules and regulations. These types of developments could result in JPMorganChase incurring additional costs or experiencing a reduction in revenues to comply with applicable laws, rules and regulations, which could reduce its profitability. Furthermore, JPMorganChase’s entry into or acquisition of a new business or an increase in its principal investments may require JPMorganChase to comply with additional laws, rules, and regulations.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
Additionally, JPMorganChase’s ability to execute certain business initiatives could become more challenging due to increased regulation in the financial services industry, such as limitations on late payment, overdraft and interchange fees. This could adversely affect JPMorganChase’s earnings from its consumer businesses, prompting the reevaluation or adjustment of certain businesses or product offerings, as well as the reallocation of resources and incurrence of restructuring costs, which could impact revenue and profitability in the affected lines of business.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
In response to new and existing laws, rules and regulations and expanded supervision, JPMorganChase has in the past been and could in the future be, required to:

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
•pay higher taxes (including as part of any minimum global tax regime), assessments, levies or other governmental charges, including in connection with the resolution of tax examinations

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
Differences and inconsistencies in financial services regulation and supervision can negatively impact JPMorganChase’s businesses, operations and financial results.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
The content and application of laws, rules and regulations affecting financial services firms can vary according to factors such as the size of the firm, the jurisdiction in which it is organized or operates, and other criteria. For example:

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
•financial technology companies and other non-traditional competitors may not be subject to banking regulation, or may be supervised by a national or state regulatory agency that does not have the same resources or regulatory priorities as the regulatory agencies that supervise more diversified financial services firms, or

Read it in 10-K 2025-02-14 at sec.gov ↗

RewordedRisk Factors
These consequences could be significantly worse if high levels of consumer debt, such as outstanding student loans, impair the ability of customers to pay their other consumer loan obligations, or in certain geographies, including geographies where declining industrial or manufacturing activity has resulted in or could result in higher levels of unemployment, or where high levels of consumer debt, such as outstanding student loans, could impair the ability of customers to pay their other consumer loan obligations. unemployment.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
If an external party obtains access to customer account data on JPMorganChase’s systems, In addition, if a third-party, whether authorized or unauthorized, obtains and that party misappropriates that data, this could result in negative outcomes for data from JPMorganChase’s systems, JPMorganChase and its clients and customers, customers could experience negative outcomes, including a heightened risk of fraudulent transactions using JPMorganChase’s systems, losses from fraudulent transactions and reputational harm arising from the perception that JPMorganChase’s systems may not be secure. perceived system insecurity.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
In addition, new technologies may (including generative AI) could be used by customers, customers or bad actors in unexpected or disruptive ways, or could be breached or infiltrated by third parties, in unexpected ways, which can could increase JPMorganChase’s costs for complying with laws, rules compliance expenses and regulations that apply reduce its income related to the offering of products and services through those technologies and reduce the income that JPMorganChase earns from providing products and services through those technologies.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
Furthermore, both financial institutions and their non-banking competitors face the risk that of disruption to payments processing and other products and services, including deposits and other traditional banking products, could be significantly disrupted by services from the use of new technologies, such as cryptocurrencies and other applications using secure distributed ledgers, technologies that may not require intermediation. intermediation, such as tokenized securities or other products that leverage distributed ledger technology.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
If The values and growth prospects of JPMorganChase’s businesses could suffer and its earnings could decline if management makes strategic choices about these strategies and goals that prove to be incorrect, are based on incomplete, inaccurate or fraudulent information, do not accurately assess the competitive landscape and industry trends, or fail to address changing regulatory and market environments or the expectations of clients, customers, investors, employees and other stakeholders, then the franchise values and growth prospects of JPMorganChase’s businesses may suffer and its earnings could decline. stakeholders.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
A default by, or the financial or operational failure of, If a CCP through which JPMorganChase executes contracts suffers a financial or operational failure or otherwise defaults, JPMorganChase would require JPMorganChase be required to replace those the relevant contracts, thereby increasing which would increase its operational costs and potentially resulting result in losses.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
An adverse change in market conditions in particular segments of the economy, such as a sudden and severe downturn in oil and gas prices or an increase in commodity prices, severe declines in commercial real estate values, or sustained changes in consumer behavior that affect specific economic sectors, could have a material adverse effect on clients of JPMorganChase whose operations or financial condition are directly or indirectly dependent on significantly impacted by the health or stability of those market segments or economic sectors, as well as clients that are engaged in related businesses.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
Furthermore, a single event involving a potential violation of applicable law or regulation may could give rise to numerous and overlapping investigations and proceedings, either including by multiple federal, state or local agencies and officials governmental authorities in the U.S. or, in some instances, regulators and other governmental officials in as well as non-U.S. jurisdictions. authorities.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
There can be no assurance that JPMorganChase’s Firmwide resiliency framework will fully mitigate all potential resiliency risks to JPMorganChase, its clients, clients and customers customers, and the third parties parties, including service providers with which it does business, or that its the resiliency framework will be adequate able to anticipate or defend against every form of disruption or adequately address the effects of simultaneous occurrences of multiple or extended disruption events. prolonged disruptions.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
In JPMorganChase’s wholesale businesses, market Market and economic factors can affect the volume of transactions that JPMorganChase executes for its clients or and advisory engagements for which it advises clients, and, therefore, JPMorganChase is engaged and the related revenue that JPMorganChase receives from those transactions. activities.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
Data quality is essential to JPMorganChase’s business and operations, and if JPMorganChase fails Any failure to maintain adequate data management processes, this processes could adversely affect its JPMorganChase’s ability to effectively manage its businesses, comply with applicable laws, rules and regulations, law or remain competitive. make informed business decisions.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
In addition, JPMorganChase may experience increased uncertainty in its estimates the reliability of JPMorganChase’s models and estimations could become more uncertain if assets acquired differ from those used to develop those models, models and estimations, which may lead to could also result in unexpected losses.

Read it in 10-K 2026-02-13 at sec.gov ↗

Quiet changesRisk Factors
Higher interest rates can could also negatively affect the payment performance on loans within JPMorganChase’s consumer and wholesale loan portfolios that are linked to variable interest rates.

Read it in 10-K 2026-02-13 at sec.gov ↗

Quiet changesRisk Factors
JPMorganChase’s results may could be materially affected by market fluctuations and significant changes in the valuation of financial instruments.

Read it in 10-K 2026-02-13 at sec.gov ↗

Quiet changesRisk Factors
The value of securities, derivatives and other financial instruments which that JPMorganChase owns or in which it makes markets can could be materially affected by market fluctuations.

Read it in 10-K 2026-02-13 at sec.gov ↗

Quiet changesRisk Factors
Market volatility, illiquid market conditions and other disruptions fluctuations in the financial markets may could make it extremely difficult to value certain financial instruments.

Read it in 10-K 2026-02-13 at sec.gov ↗

Quiet changesRisk Factors
Subsequent valuations of financial instruments in future periods, in light of factors then prevailing, may could result in significant changes in the value of these instruments.

Read it in 10-K 2026-02-13 at sec.gov ↗

Quiet changesRisk Factors
Any of these factors could cause a decline in the value of financial instruments that JPMorganChase owns or in which it makes markets, which may could have an adverse effect on JPMorganChase’s its results of operations.

Read it in 10-K 2026-02-13 at sec.gov ↗

Quiet changesRisk Factors
Furthermore, JPMorganChase can could be subject to bearing its share of non-default losses incurred by a CCP, including losses from custodial, settlement or investment activities or due to cyber or other security breaches.

Read it in 10-K 2026-02-13 at sec.gov ↗

Quiet changesRisk Factors
If JPMorganChase is unable to reduce positions effectively during a market dislocation, this can could increase both the market and credit risks associated with those positions and the level of risk-weighted-assets (“RWA”) that JPMorganChase holds on its balance sheet.

Read it in 10-K 2026-02-13 at sec.gov ↗

Quiet changesRisk Factors
Similarly, retailers, payment systems and processors, data aggregators aggregators, and other external parties with which JPMorganChase’s customers do business can could increase JPMorganChase’s operational risk.

Read it in 10-K 2026-02-13 at sec.gov ↗

Quiet changesRisk Factors
While such an investigation is ongoing, JPMorganChase may not necessarily know the full extent of the harm caused by the cyber attack, and that damage may could continue to spread.

Read it in 10-K 2026-02-13 at sec.gov ↗

Quiet changesRisk Factors
Enhanced regulatory and other standards for the oversight of JPMorganChase’s vendors and other service providers can could result in higher costs and other potential exposures.

Read it in 10-K 2026-02-13 at sec.gov ↗

Quiet changesRisk Factors
JPMorganChase’s business and operations in certain countries can could be adversely affected by local economic, political, regulatory and social factors.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedMD&A
Apple Card transaction: On January 7, 2026, JPMorganChase announced that Chase will become the new issuer of Apple Card. The Firm entered into a forward purchase commitment on December 30, 2025 to acquire the Apple credit card portfolio, with an expected closing in approximately 24 months (the “Apple Card transaction”).

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedMD&A
–higher consumer nonaccrual loans, predominantly due to the impact of the wildfires in California in January 2025, as well as higher loans at fair value in CIB, and

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedMD&A
–higher wholesale nonaccrual loans, reflecting downgrades to exposures in certain industries, predominantly offset by net portfolio activity and upgrades.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedMD&A
•On December 8, 2025, JPMorganChase announced that Todd A. Combs had resigned from the Firm’s Board of Directors and would join the Firm as the head of the Strategic Investment Group within the Firm’s Security and Resiliency Initiative.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedMD&A
The Firm provided the following outlook information on January 13, 2026 in connection with announcing its results for the year and quarter ended December 31, 2025:

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedMD&A
•higher advisory fees benefiting from higher fees from deals in the Financial Institutions and Technology sectors, partially offset by lower fees from deals in the Media & Telecommunications sector, and

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedMD&A
•in CIB, a reduction in client credits applied to deposit-related fees, as well as higher cash management fees in Payments as a result of higher volume, and

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedMD&A
•$2.7 billion in wholesale, driven by net increases in the loan and lending-related commitment portfolios, net changes in credit quality of client-specific exposures, an update to loss assumptions on certain leveraged loans, and estimated losses related to borrower fraud in certain secured lending facilities, partially offset by the impact of changes in the Firm's weighted-average macroeconomic outlook. Net charge-offs were $1.6 billion and the net addition to the allowance for credit losses was $1.1 billion.

Read it in 10-K 2026-02-13 at sec.gov ↗

RemovedMD&A
A description of each of the Firm’s reportable business segments, and the products and services that they provide to their respective client bases, as well as a description of Corporate activities, is provided in the Management’s discussion and analysis of financial condition and results of operations section of this Form 10-K (“Management’s discussion and analysis” or “MD&A”) under the heading “Business Segment & Corporate Results,” which begins on page 70, and in Note 32.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
First Republic: On May 1, 2023, JPMorganChase acquired certain assets and assumed certain liabilities of First Republic Bank (the “First Republic acquisition”) from the Federal Deposit Insurance Corporation (“FDIC”). References in this Form 10-K to “associated with First Republic,” “impact of First Republic” or similar expressions refer to the relevant effects of the First Republic acquisition, as well as subsequent related business and activities, as applicable. Refer to Note 34 for additional information.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
Visa shares: On April 8, 2024, Visa Inc. commenced an initial exchange offer for its Class B-1 common shares. On May 6, 2024, the Firm announced that Visa had accepted the Firm’s tender of its 37.2 million Visa Class B-1 common shares in exchange for a combination of Visa Class B-2 common shares and Visa Class C common shares (“Visa C shares”), resulting in a $7.9 billion net gain related to Visa shares recorded in the second quarter of 2024. As of September 30, 2024, the Firm had disposed of all of its Visa C shares through sales and through a contribution to the Firm’s Foundation. Refer to Market Risk Management on pages 141–149, and Notes 2 and 6 for additional information.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
First Republic: JPMorganChase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC on May 1, 2023. As a result, the year-to-date results include the twelve-month impact of First Republic compared with eight months in the prior-year period. Where meaningful to the results, this is referred to in this Form 10-K as the "timing impact" of First Republic. Refer to Notes 6 and 34 for additional information.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
•The Firm’s nonperforming assets totaled $9.3 billion at December 31, 2024, up 22%, driven by higher wholesale nonaccrual loans, which reflected downgrades in Real Estate, concentrated in Office, partially offset by lower consumer nonaccrual loans, which included loan sales. Refer to Wholesale Credit Portfolio and Consumer Credit Portfolio on pages 126–136 and pages 120–125, respectively, for additional information.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
–Daniel Pinto, President and Chief Operating Officer (“COO”), will retire at the end of 2026. Mr. Pinto will relinquish his responsibilities as President and COO as of June 30, 2025. He will continue to serve the Firm as Vice Chairman through the end of 2026.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
–Jennifer Piepszak, Co-Chief Executive Officer of the Commercial & Investment Bank (“CIB”), was named a COO of the Firm, effective January 14, 2025.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
•On December 12, 2024, the Firm announced that Michele G. Buck, 63, had been elected as a director of the Firm, effective March 17, 2025. Ms. Buck is Chairman of the Board, President and CEO of The Hershey Company.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
On May 1, 2023, JPMorganChase acquired certain assets and assumed certain liabilities of First Republic Bank (the "First Republic acquisition") from the Federal Deposit Insurance Corporation (“FDIC”), as receiver.

Read it in 10-K 2025-02-14 at sec.gov ↗

RewordedMD&A
Unrealized gains/(losses) on investment securities (87) 3,569 Translation adjustments, net of hedges(a) (858) 1,339 Fair value hedges (87) 64 Defined benefit pension and other postretirement employee benefit (“OPEB”) plans (63) 579 Changes related to other CET1 capital adjustments(b) (385) (2,114) Change in Standardized/Advanced CET1 capital 24,928 12,956 Standardized/Advanced CET1 capital at $ 275,513 December 31, 2024 Standardized/Advanced Tier 1 capital at December 31, 2023 2025 $ 277,306 Change in CET1 capital(b) 24,928 Net redemptions of noncumulative perpetual preferred stock (7,354) Other 1 Change in Standardized/Advanced Tier 1 capital 17,575 288,469 Standardized/Advanced Tier 1 capital at December 31, 2024 $ 294,881 Change in CET1 capital(b) 12,956 Net redemptions of noncumulative perpetual preferred stock (5) Other (202) Change in Standardized/Advanced Tier 1 capital 12,749 Standardized/Advanced Tier 1 capital at December 31, 2025 $ 307,630 Standardized Tier 2 capital at December 31, 2023 2024 $ 31,191 30,708 Change in long-term debt and other instruments qualifying as Tier 2 (1,467) 2(c) 3,227 Change in qualifying allowance for credit losses(b) 890 2,741 Other 94 (463) Change in Standardized Tier 2 capital (483) 5,505 Standardized Tier 2 capital at December 31, 2025 $ 36,213 Standardized Total capital at December 31, 2025 $ 343,843 Advanced Tier 2 capital at December 31, 2024 $ 30,708 Standardized Total capital at December 31, 2024 $ 325,589 Advanced Tier 2 capital at December 31, 2023 $ 18,111 17,017 Change in long-term debt and other instruments qualifying as Tier 2 (1,467) 2(c) 3,227 Change in qualifying allowance for credit losses(b)(c) 279 losses(b)(d) 1,551 Other 94 (463) Change in Advanced Tier 2 capital (1,094) 4,315 Advanced Tier 2 capital at December 31, 2024 2025 $ 17,017 21,332 Advanced Total capital at December 31, 2024 2025 $ 311,898 328,962

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
Min Max CIB trading VaR by risk type(a) type Fixed income $ 35 $ 27 $ 51 $ 34 $ 26 $ 53 $ 49 $ 31 $ 71 Foreign exchange 9 6 15 15 7 23 12 6 26 Equities 17 7 138 (e) 8 4 15 7 3 11 Commodities and other 24 10 48 8 6 13 11 6 19 Diversification benefit to CIB trading VaR (b) (32) (a) (51) NM NM (42) (32) NM NM CIB trading VaR 34 21 142 33 27 42 37 24 55 Credit Portfolio VaR(c) VaR(b) 21 16 27 22 18 28 14 8 26 Diversification benefit to CIB VaR(b) (16) VaR(a) (18) NM NM (11) (16) NM NM CIB VaR 37 23 133 39 27 52 40 23 58 CCB VaR 4 2 7 3 1 6 7 1 15 AWM VaR(d) VaR(c) 9 8 12 9 5 10 1 — Corporate VaR(d) 10 Corporate VaR(d)(e) 9 12 23 7 102 12 9 17 Diversification benefit to other VaR(b) (10) VaR(a) (11) NM NM (6) (10) NM NM Other VaR 12 10 14 25 10 101 14 9 22 Diversification benefit to CIB and other VaR(b) (17) VaR(a) (9) NM NM (11) (17) NM NM Total VaR $ 40 $ 25 $ 136 $ 47 $ 30 $ 91 $ 43 $ 26 $ 57

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RewordedMD&A
Selected metrics As of or for the year ended December 31, (in billions, except ratios and where otherwise noted) 2025 2024 2023 2022 Business Metrics CCB Consumer customers (in millions) 86.6 84.4 82.1 79.2 CCB Small business customers (in millions) 7.4 7.0 6.4 5.7 Number of branches 5,083 4,966 4,897 4,787 Active digital customers 74,646 70,813 66,983 63,136 (in thousands)(a) Active mobile customers 61,736 57,821 53,828 49,710 (in thousands)(b) Debit and credit card $ 1,940.7 $ 1,805.4 $ 1,678.6 $ 1,555.4 sales volume Total payments transaction volume (in trillions)(c) 7.0 6.4 5.9 5.6 Banking & Wealth Management Average deposits $ 1,040.8 $ 1,049.3 $ 1,111.7 $ 1,145.7 Deposit margin 2.74 % 2.66 % 2.84 % 1.71 % Business Banking $ 19.1 $ 19.5 $ 19.6 $ 22.3 average loans Business Banking 3.2 4.5 4.8 4.3 origination volume Client investment 1,269.9 1,087.6 951.1 647.1 assets(d) Number of client advisors 6,049 5,755 5,456 5,029 Home Lending Mortgage origination volume by channel Retail $ 33.0 $ 25.5 $ 22.4 $ 38.5 Correspondent 19.8 15.3 12.7 26.9 Total mortgage origination volume(e) $ 52.8 $ 40.8 $ 35.1 $ 65.4 Third-party mortgage loans serviced (period-end) $ 661.9 $ 648.0 $ 631.2 $ 584.3 MSR carrying value 9.1 9.1 8.5 8.0 (period-end) Card Services Sales volume, excluding commercial card $ 1,354.7 $ 1,259.3 $ 1,163.6 $ 1,064.7 Net revenue rate 10.08 % 10.03 % 9.72 % 9.87 % Net yield on average 10.26 9.73 9.61 9.77 loans New credit card accounts 10.4 10.0 10.0 9.6 opened (in millions) Cards in force 116.5 111.7 106.8 (in millions)(f) Auto Loan and lease $ 44.8 $ 40.3 $ 41.3 $ 30.4 origination volume Average auto 16.2 11.1 10.9 14.3 operating lease assets

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
Financial performance of JPMorganChase Year ended December 31, (in millions, except per share data and ratios) 2025 2024 2023 Change Selected income statement data Noninterest revenue $ 87,004 $ 84,973 $ 68,837 23% 2% Net interest income 95,443 92,583 89,267 4 3 Total net revenue 182,447 177,556 158,104 12 3 Total noninterest expense 95,640 91,797 87,172 5 4 Pre-provision profit 86,807 85,759 70,932 21 1 Provision for credit losses 14,212 10,678 9,320 15 33 Net income 57,048 58,471 49,552 18 (2) Diluted earnings per share 20.02 19.75 16.23 22 1 Selected ratios and metrics Return on common equity 17 % 18 % 17 % Return on tangible common equity 20 22 21 Book value per share $ 126.99 $ 116.07 $ 104.45 11 9 Tangible book value per share 107.56 97.3 86.08 13 11 Capital ratios(a)(b) ratios - Standardized(a)(b) CET1 capital 14.6 % 15.7 % 15.0 % Tier 1 capital 15.5 16.8 16.6 Total capital 18.5 17.4 18.5 Memo:

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
Selected Consolidated balance sheets data December 31, (in millions) 2025 2024 2023 Change Assets Cash and due from banks $21,742 $23,372 $29,066 (20)% (7)% Deposits with banks 321,596 445,945 595,085 (25) (28) Federal funds sold and securities purchased under resale agreements 336,426 295,001 276,152 7 14 Securities borrowed 286,191 219,546 200,436 10 30 Trading assets 802,873 637,784 540,607 18 26 Available-for-sale securities 507,198 406,852 201,704 102 25 Held-to-maturity securities 270,134 274,468 369,848 (26) (2) Investment securities, net of allowance for credit losses 777,332 681,320 571,552 19 14 Loans 1,493,429 1,347,988 1,323,706 2 11 Allowance for loan losses (25,765) (24,345) (22,420) 9 6 Loans, net of allowance for loan losses 1,467,664 1,323,643 1,301,286 2 11 Accrued interest and accounts receivable 111,599 101,223 107,363 (6) 10 Premises and equipment 36,244 32,223 30,157 7 12 Goodwill, MSRs and other intangible assets 64,458 64,560 64,381 — Other assets 198,775 178,197 159,308 12 Total assets $4,424,900 $4,002,814 $3,875,393 3% 11%

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
The principal considerations for our determination that performing procedures relating to the fair value of certain level 3 financial instruments is a critical audit matter are (i) the significant judgment and estimation by management in determining the inputs to estimate fair value, which in turn led to (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and in evaluating audit evidence obtained related to the fair value of these financial instruments, aforementioned unobservable inputs; and (ii) (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
The principal considerations for our determination that performing procedures relating to the fair value of certain level 3 financial instruments is a critical audit matter are (i) the significant judgment and estimation by management in determining the inputs to estimate fair value, which in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures and in evaluating audit evidence obtained related to when developing the fair value estimate of these financial instruments, and (ii) the audit effort involved the use of professionals with specialized skill and knowledge. certain level

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
Total credit portfolio December 31, Credit exposure Nonperforming(c) Nonperforming(d) (in millions) 2025 2024 2023 2025 2024 2023 Loans retained $ 1,408,905 $ 1,299,590 $ 1,280,870 8,273 $ 7,175 $ 5,989 Loans held-for-sale 13,840 7,048 3,985 67 160 184 Loans at fair value 70,684 41,350 38,851 1,517 1,502 744 Total loans 1,493,429 1,347,988 1,323,706 9,857 8,837 6,917 Derivative receivables 57,777 60,967 54,864 204 145 364 Receivables from customers(a) 47,336 51,929 47,625 — — Total credit-related assets 1,598,542 1,460,884 1,426,195 10,061 8,982 7,281 Assets acquired in loan satisfactions Real estate owned NA NA 267 284 274 Other NA NA 31 34 42 Total assets acquired in loan satisfactions NA NA 298 318 316 Lending-related commitments 1,817,307 (c) 1,577,622 1,497,847 925 737 464 Total credit portfolio $ 3,415,849 $ 3,038,506 $ 2,924,042 11,284 $ 10,037 $ 8,061 Credit derivatives and credit-related notes used in credit portfolio management activities(b) $ (24,383) $ (41,367) $ (37,779) $ — $ — Liquid securities and other cash collateral held against derivatives (28,891) (28,160) (22,461) NA NA

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
Wholesale credit portfolio December 31, Credit exposure Nonperforming (in millions) 2025 2024 2023 2025 2024 2023 Loans retained $ 792,367 $ 690,396 $ 672,472 4,398 $ 3,942 $ 2,346 Loans held-for-sale 13,506 6,103 3,498 8 5 89 Loans at fair value 37,501 25,819 26,520 778 964 279 Loans 843,374 722,318 702,490 5,184 4,911 2,714 Derivative receivables 57,777 60,967 54,864 204 145 364 Receivables from customers(a) 47,336 51,929 47,625 — — Total wholesale credit-related assets 948,487 835,214 804,979 5,388 5,056 3,078 Assets acquired in loan satisfactions Real estate owned NA NA 164 206 154 Other NA NA — — Total assets acquired in loan satisfactions NA NA 164 206 154 Lending-related commitments 595,954 531,467 536,786 925 737 464 Total wholesale credit portfolio $ 1,544,441 $ 1,366,681 $ 1,341,765 6,477 $ 5,999 $ 3,696 Credit derivatives and credit-related notes used in credit portfolio management activities(b) $ (23,898) $ (40,888) $ (36,989) $ — $ — Liquid securities and other cash collateral held against derivatives (28,891) (28,160) (22,461) NA NA

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
Consumer credit portfolio December 31, Credit exposure Nonaccrual loans(i) loans(j) (in millions) 2025 2024 2023 2025 2024 2023 Consumer, excluding credit card Residential real estate(a) $ 303,531 $ 309,513 $ 326,409 3,632 $ 2,984 $ 3,466 Auto and other(b)(c) 65,210 66,821 70,866 243 249 177 Total loans - retained 368,741 376,334 397,275 3,875 3,233 3,643 Loans held-for-sale 334 945 487 59 155 95 Loans at fair value(d) 33,183 15,531 12,331 739 538 465 Total consumer, excluding credit card loans 402,258 392,810 410,093 4,673 3,926 4,203 Lending-related commitments(e) 43,587 44,844 45,403 Total consumer exposure, excluding credit card 445,845 437,654 455,496 Credit card Loans retained(f) 247,797 232,860 211,123 NA NA Total credit card loans 247,797 232,860 211,123 NA NA Lending-related commitments(e)(g) 1,177,766 (i) 1,001,311 915,658 Total credit card exposure 1,425,563 1,234,171 1,126,781 Total consumer credit portfolio $ 1,871,408 $ 1,671,825 $ 1,582,277 4,673 $ 3,926 $ 4,203 Credit-related notes used in credit portfolio management activities(h) $ (485) $ (479) $ (790)

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
Selected income statement data Year ended December 31, 2025 2024 2023 2022 (in millions, except ratios) Revenue Asset management fees $ 15,494 $ 13,693 $ 11,826 $ 11,510 Commissions and other fees 1,184 874 697 $ 662 All other income income(a) 563 456 (a) 1,037 (a)(b) 335 (b) Noninterest revenue 17,241 15,023 13,560 12,507 Net interest income 6,832 6,555 6,267 5,241 Total net revenue 24,073 21,578 19,827 17,748 Provision for credit losses 97 (68) 159 128 Noninterest expense Compensation expense 8,645 7,984 7,115 6,336 Noncompensation expense 6,687 6,430 5,665 5,493 Total noninterest expense 15,332 14,414 12,780 11,829 Income before income tax expense 8,644 7,232 6,888 5,791 Income tax expense 2,122 1,811 1,661 1,426 Net income $ 6,522 $ 5,421 $ 5,227 $ 4,365 Revenue by line of business Asset Management $ 11,700 $ 10,175 $ 9,129 $ 8,818 Global Private Bank 12,373 11,403 10,698 8,930 Total net revenue $ 24,073 $ 21,578 $ 19,827 $ 17,748 Financial ratios Return on equity 40 % 34 % 31 % 25 % Overhead ratio 64 67 64 67 Pre-tax margin ratio:

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RewordedMD&A
The principal considerations for our determination that performing procedures relating to the allowance for loan losses for the portfolio-based component of the wholesale and credit card retained loan portfolios is a critical audit matter are (i) the significant judgment and estimation by management in when developing the forecast allowance for loan losses related to the portfolio-based component of macroeconomic variables, specifically U.S. unemployment the wholesale and U.S. real gross domestic product, as the Firm’s forecasts of economic conditions significantly affect its estimate of expected credit losses at the balance sheet date, (ii) the significant card retained loan portfolios;

Read it in 10-K 2026-02-13 at sec.gov ↗

Quiet changesMD&A
Commercial Banking provides banking products and services generally to middle market clients, including start-ups, small and mid-sized companies, local governments, municipalities, and nonprofits, as well as to commercial real estate clients.

Read it in 10-K 2026-02-13 at sec.gov ↗

Work on JPM in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/JPM/export.csv") into a cell.