JPMORGAN CHASE & CO

Capital risk is the risk that the Firm has an insufficient level or composition of capital to support the Firm’s business activities and associated risks during normal economic environments and under stressed conditions.

Refer to pages 97–107 of JPMorganChase’s 2024 Form 10-K, Note 21 of this Form 10-Q and the Firm’s Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for a further discussion of the Firm’s capital risk management.

Basel III Overview

The capital rules under Basel III establish minimum capital ratios and overall capital adequacy standards for large and internationally active U.S. Bank Holding Companies (“BHCs”) and banks, including the Firm and JPMorgan Chase Bank, N.A. The minimum amount of regulatory capital that must be held by BHCs and banks is determined by calculating risk-weighted assets ("RWA"), which are on-balance sheet assets and off-balance sheet exposures, weighted according to risk. Under the rules currently in effect, two comprehensive approaches are prescribed for calculating Basel III RWA: a standardized approach (“Standardized”), and an advanced approach (“Advanced”).

For each of these risk-based capital ratios, the capital adequacy of the Firm is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements.

As of September 30, 2025, the Firm’s Standardized risk-based ratios continue to be more binding than the Advanced risk-based ratios.

Additionally, Basel III requires that Advanced Approaches banking organizations, including the Firm, calculate their SLRs.

Refer to page 47 of this Form 10-Q and page 104 of JPMorganChase's 2024 Form 10-K for additional information on SLR.

Key Regulatory Developments

Enhanced Supervisory Stress Test Transparency and Public Accountability Proposals

In October 2025, the Federal Reserve issued proposals to enhance the transparency and public accountability of its annual supervisory stress test used to set the Stress Capital Buffer ("SCB") for large bank holding companies, including the Firm. The proposals would require the Federal Reserve to publish comprehensive documentation of the supervisory stress test models and annual stress test scenarios for public comment, including the scenarios for the upcoming 2026 stress test. The proposals also introduce an enhanced disclosure process, under which material changes to stress test models and scenarios would be subject to

public comment prior to implementation. Based on the Federal Reserve’s analysis, the proposed changes to the stress test models and scenarios are not expected to materially change the SCB for firms, such as JPMorganChase, that are subject to the supervisory stress test.

SCB Volatility Reduction Proposal

In April 2025, the Federal Reserve proposed changes to the calculation of the SCB for large bank holding companies, including the Firm. The proposal aims to reduce SCB volatility by using the average of supervisory stress results from the previous two annual stress tests to calculate the SCB. The proposal would also modify the annual effective date of the SCB from October 1 to January 1 and make targeted changes to reporting requirements to streamline data collection.

Enhanced SLR Proposal

In June 2025, the Federal Reserve, the Office of the Comptroller of the Currency ("OCC"), and the FDIC released a proposal to amend the enhanced Supplementary Leverage Ratio (“eSLR”) requirements for Global Systemically Important Banks (“GSIB”) BHCs and their insured depository institution (“IDI”) subsidiaries by revising the current static leverage buffers at the BHC and IDI levels to 50 percent of the parent GSIB’s U.S. Method 1 GSIB Surcharge, which is referred to as the “eSLR buffer.” In addition, the proposal would make corresponding adjustments to the leverage-based total loss-absorbing capacity (“TLAC”) and eligible long-term debt (“eligible LTD”) requirements by replacing the current TLAC leverage buffer with the eSLR buffer and replacing the current static leverage-based eligible LTD requirement with a requirement of 2.5% plus the eSLR buffer. Further, the proposal would remove the eSLR threshold for an IDI subsidiary of a U.S. GSIB to be considered “well capitalized” under the prompt corrective action framework and instead apply the eSLR as a capital buffer requirement.

Refer to page 100 of JPMorganChase's 2024 Form 10-K for information on the U.S. Method 1 GSIB Surcharge.

Refer to page 99 of JPMorganChase's 2024 Form 10-K for information on other Key Regulatory Developments.

Selected capital and RWA data

The following tables present the Firm’s risk-based capital metrics under both the Standardized and Advanced approaches and leverage-based capital metrics. Refer to Capital Risk Management on pages 97–107 of JPMorganChase’s 2024 Form 10-K for a further discussion of these capital metrics. Refer to Note 21 for JPMorgan Chase Bank, N.A.’s risk-based and leverage-based capital metrics.

(a)As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. For the period ended December 31, 2024, CET1 capital reflected a $720 million benefit. Refer to Note 21 for additional information.

(b)Represents minimum requirements and regulatory buffers applicable to the Firm. Refer to Note 21 for additional information.

(c)Includes the impacts of certain assets associated with First Republic to which the Standardized approach has been applied as permitted by the transition provisions in the U.S. capital rules. Refer to page 102 and Note 34 of JPMorganChase’s 2024 Form 10-K for additional information on First Republic.

(a)As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. The capital metrics for the period ended December 31, 2024 reflected the CECL capital transition provisions. Refer to Note 21 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)Represents minimum requirements and regulatory buffers applicable to the Firm. Refer to Note 21 for additional information.

Capital components

The following table presents reconciliations of total stockholders’ equity to CET1 capital, Tier 1 capital and Total capital as of September 30, 2025 and December 31, 2024.

(a)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 CET1 capital.

(b)As of September 30, 2025 and December 31, 2024, included a net benefit associated with cash flow hedges and debit valuation adjustments ("DVA") related to structured notes recorded in AOCI of $2.2 billion and $5.2 billion. As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. The period ended December 31, 2024 included benefit from the CECL capital transition provisions of $720 million.

(c)Goodwill deducted from capital includes goodwill associated with equity method investments in nonconsolidated financial institutions based on regulatory requirements. Refer to page 78 for additional information on principal investment risk.

(d)Represents the allowance for credit losses eligible for inclusion in Tier 2 capital up to 1.25% of credit risk RWA. As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. The period ended December 31, 2024 included the impact of the CECL capital transition provision with any excess deducted from RWA. Refer to Note 21 for additional information on the CECL capital transition.

(e)Represents an adjustment to qualifying allowance for credit losses for the excess of eligible credit reserves over expected credit losses up to 0.6% of credit risk RWA. As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. The period ended December 31, 2024 included the impact of the CECL capital transition provision with any excess deducted from RWA.

(f)As of September 30, 2025 and December 31, 2024, included an incremental $481 million and $541 million allowance for credit losses, respectively, on certain assets associated with First Republic to which the Standardized approach has been applied, as permitted by the transition provisions in the U.S. capital rules.

Capital rollforward

The following table presents the changes in CET1 capital, Tier 1 capital and Tier 2 capital for the nine months ended September 30, 2025.

(a)Includes foreign currency translation adjustments and the impact of related derivatives.

(b)Reflects the final phase out of the CECL benefit. Refer to Note 21 for additional information on the CECL capital transition.

(c)Includes issuance of $4.0 billion of subordinated notes due 2036. Refer to Long-term funding on page 57 of this Form 10-Q and Note 20 of JPMorganChase’s 2024 Form 10-K for additional information on the Firm’s subordinated debt.

(d)As of September 30, 2025 and December 31, 2024, included an incremental $481 million and $541 million allowance for credit losses, respectively, on certain assets associated with First Republic to which the Standardized approach has been applied, as permitted by the transition provisions in the U.S. capital rules.

RWA rollforward

The following table presents changes in the components of RWA under Standardized and Advanced approaches for the nine months ended September 30, 2025. The amounts in the rollforward categories are estimates, based on the predominant driver of the change.

(a)Model & data changes refer to material movements in levels of RWA as a result of revised methodologies and/or treatment per regulatory guidance (exclusive of rule changes).

(b)Movement in portfolio levels (inclusive of rule changes) refers to: for Credit risk RWA, changes in book size, changes in composition and credit quality, market movements, and deductions for excess eligible allowances for credit losses not eligible for inclusion in Tier 2 capital; for Market risk RWA, changes in position, market movements, and changes in the Firm’s regulatory multiplier as a result of Regulatory VaR backtesting exceptions as prescribed by the capital rules; and for Operational risk RWA, updates to cumulative losses, macroeconomic model inputs and other model parameters.

(c)As of September 30, 2025 and December 31, 2024, the Standardized Credit risk RWA included wholesale and retail off balance-sheet RWA of $243.1 billion and $208.0 billion, respectively; and the Advanced Credit risk RWA included wholesale and retail off balance-sheet RWA of $235.1 billion and $192.1 billion, respectively.

(d)As of September 30, 2025 and December 31, 2024, Credit risk RWA reflected approximately $38.5 billion and $43.3 billion, respectively, of RWA calculated under the Standardized approach for certain assets associated with First Republic as permitted by the transition provisions in the U.S. capital rules.

Refer to the Firm’s Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for further information on Credit risk RWA, Market risk RWA and Operational risk RWA.

Supplementary leverage ratio

Refer to Supplementary Leverage Ratio on page 104 of JPMorganChase’s 2024 Form 10-K for additional information.

The following table presents the components of the Firm’s SLR.

(a)For purposes of calculating the SLR, 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, other intangible assets. As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. The period ended December 31, 2024 included adjustments for the CECL capital transition provisions. Refer to Note 21 for additional information on the CECL capital transition.

(b)Adjusted average assets used for the calculation of Tier 1 leverage ratio.

(c)Off-balance sheet exposures are calculated as the average of the three month-end spot balances on applicable regulatory exposures during the reporting quarter. Refer to the Firm’s Pillar 3 Regulatory Capital Disclosures reports for additional information.

Line of business and Corporate equity

Each LOB and Corporate is allocated capital by taking into consideration a variety of factors including capital levels of similarly rated peers and applicable regulatory capital requirements. Refer to Line of business and Corporate equity on page 104 of JPMorganChase’s 2024 Form 10-K for additional information on capital allocation.

The following table presents the capital allocated to each LOB and Corporate.

Capital actions

Common stock dividends

The Firm’s common stock dividends are planned as part of the Capital Management governance framework in line with the Firm’s capital management objectives.

On September 16, 2025, the Firm announced that its Board of Directors had declared a quarterly common stock dividend of $1.50 per share, payable on October 31, 2025, an increase from the prior dividend of $1.40 per share. The Firm’s dividends are subject to approval by the Board of Directors on a quarterly basis.

Common stock repurchases

On July 1, 2025, the Firm announced that its Board of Directors had authorized a new $50 billion common share repurchase program, effective July 1, 2025. Through June 30, 2025, the Firm was authorized to purchase up to $30 billion of common shares under its previously-approved common share repurchase program that was announced on June 28, 2024.

The following table sets forth the Firm’s repurchases of common stock for the three and nine months ended September 30, 2025 and 2024.

(a)Excludes excise tax and commissions.

The Board of Directors’ authorization to repurchase common shares is utilized at management’s discretion. The common share repurchase program approved by the Board of Directors does not establish specific price targets or timetables. Management determines the amount and timing of common share repurchases based on various factors, including market conditions; legal and regulatory considerations affecting the amount and timing of repurchase activity; the Firm’s capital position (taking into account goodwill and intangibles); organic capital generation; current and proposed future capital requirements; and other investment opportunities. The amount of common shares that the Firm repurchases in any period may be substantially more or less than the amounts estimated or actually repurchased in prior periods, reflecting the dynamic nature of the decision-making process. The Firm’s common share repurchases may be suspended by management at any time.

Refer to Capital actions on page 105 of JPMorganChase’s 2024 Form 10-K for additional information.

Refer to Part II, Item 2: Unregistered Sales of Equity Securities and Use of Proceeds and Part II, Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities on pages 203-204 of this Form 10-Q and page 39 of JPMorganChase’s 2024 Form 10-K, respectively, for additional information regarding repurchases of the Firm’s equity securities.

Preferred stock

Preferred stock dividends were $282 million and $286 million, and $819 million and $1.0 billion, for the three and nine months ended September 30, 2025 and 2024, respectively.

During the nine months ended September 30, 2025, the Firm issued and redeemed certain series of non-cumulative preferred stock. Refer to Note 17 of this Form 10-Q and Note 21 of JPMorganChase’s 2024 Form 10-K for additional information on the Firm’s preferred stock, including the issuance and redemption of preferred stock.

Capital planning and stress testing

Comprehensive Capital Analysis and Review

On July 1, 2025, the Firm announced that under the current SCB framework, its preliminary requirement provided by the Federal Reserve is 2.5% (down from 3.3%), and the Firm’s Standardized CET1 capital ratio requirement, including regulatory buffers, is 11.5% (down from 12.3%). On August 29, 2025, the Federal Reserve affirmed these requirements. The SCB requirement became effective on October 1, 2025 and will remain in effect until September 30, 2026 based on the current rules.

Refer to page 44 for Key Regulatory Developments related to proposed changes to the SCB requirement.

Refer to Capital planning and stress testing on pages 97–98 of JPMorganChase’s 2024 Form 10-K for additional information on CCAR.

Other capital requirements

Total Loss-Absorbing Capacity

The Federal Reserve’s TLAC rule requires the U.S. GSIB top-tier holding companies, including the Firm, to maintain minimum levels of external TLAC and eligible LTD.

The following table presents the eligible external TLAC and eligible LTD amounts, as well as a representation of these amounts as a percentage of the Firm’s total RWA and total leverage exposure. As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. The period ended December 31, 2024 included the impact of the CECL capital transition provisions.

Refer to Liquidity Risk Management on pages 51-58 for further information on long-term debt issued by the Parent Company.

Refer to Part I, Item 1A: Risk Factors on pages 10–37 of JPMorganChase’s 2024 Form 10-K for information on the financial consequences to holders of the Firm’s debt and equity securities in a resolution scenario.

Refer to Other capital requirements on page 106 of JPMorganChase’s 2024 Form 10-K for additional information on TLAC.

U.S. broker-dealer regulatory capital

J.P. Morgan Securities

JPMorganChase’s principal U.S. broker-dealer subsidiary is J.P. Morgan Securities. J.P. Morgan Securities is subject to the regulatory capital requirements of Rule 15c3-1 under the Securities Exchange Act of 1934 (the “Net Capital Rule”). J.P. Morgan Securities is also registered as a futures commission merchant and is subject to regulatory capital requirements, including those imposed by the SEC, the Commodity Futures Trading Commission (“CFTC”), the Financial Industry Regulatory Authority (“FINRA”) and the National Futures Association (“NFA”).

The following table presents J.P. Morgan Securities’ net capital.

Non-U.S. subsidiary regulatory capital

J.P. Morgan Securities plc

J.P. Morgan Securities plc is a wholly-owned subsidiary of JPMorgan Chase Bank, N.A. and has authority to engage in banking, investment banking and broker-dealer activities. J.P. Morgan Securities plc is jointly regulated in the U.K. by the Prudential Regulation Authority (“PRA”) and the Financial Conduct Authority (“FCA”). J.P. Morgan Securities plc is subject to the Capital Requirements Regulation (“CRR”), as adopted and amended in the U.K., and the capital rules in the PRA Rulebook. These requirements collectively represent the U.K.’s implementation of the Basel III standards. The PRA has announced that it intends to delay the U.K.’s implementation of the final Basel III standards until January 1, 2027, with a three-year transitional period for certain aspects.

The Bank of England requires that U.K. banks, including U.K. regulated subsidiaries of overseas groups, maintain minimum requirements for own funds and eligible liabilities (“MREL”). As of September 30, 2025, J.P. Morgan Securities plc was compliant with its MREL requirements.

The following table presents J.P. Morgan Securities plc’s risk-based and leverage-based capital metrics.

(a)Represents minimum Pillar 1 requirements specified by the PRA. J.P. Morgan Securities plc's capital ratios as of September 30, 2025 exceeded the minimum requirements, including the additional capital requirements specified by the PRA.

(b)At least 75% of the Tier 1 leverage ratio minimum must be met with CET1 capital.

J.P. Morgan SE

JPMSE is a wholly-owned subsidiary of JPMorgan Chase Bank, N.A. and has authority to engage in banking, investment banking and markets activities. JPMSE is regulated by the European Central Bank (“ECB”), the German Financial Supervisory Authority and the German Central Bank, as well as the local regulators in each of the countries in which it operates, and it is subject to EU capital requirements under Basel III. JPMSE is subject to the EU implementation of the final Basel III standards. Those standards became effective beginning on January 1, 2025, with the exception of market risk aspects for which the effective date is January 1, 2027.

JPMSE is required by the EU Single Resolution Board to maintain MREL. As of September 30, 2025, JPMSE was compliant with its MREL requirements.

The following table presents JPMSE’s risk-based and leverage-based capital metrics.

(a)Represents minimum Pillar 1 requirements specified by the EU CRR. J.P. Morgan SE’s capital and leverage ratios as of September 30, 2025 exceeded the minimum requirements, including the additional capital requirements specified by EU regulators.

Refer to U.S. broker-dealer and Non-U.S. subsidiary regulatory capital on page 107 of JPMorganChase’s 2024 Form 10-K for further information.