JPMORGAN CHASE & CO
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 4, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of JPMorgan Chase & Co.:
Results of Review of Interim Financial Statements
We have reviewed the accompanying consolidated balance sheet of JPMorgan Chase & Co. and its subsidiaries (the “Firm”) as of September 30, 2025, and the related consolidated statements of income, comprehensive income and changes in stockholders’ equity for the three-month and nine-month periods ended September 30, 2025 and 2024, and the consolidated statements of cash flows for the nine-month periods ended September 30, 2025 and 2024, including the related notes (collectively referred to as the “interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of the Firm as of December 31, 2024, and the related consolidated statements of income, comprehensive income, changes in stockholders’ equity and cash flows for the year then ended (not presented herein), and in our report dated February 14, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet information as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.
Basis for Review Results
These interim financial statements are the responsibility of the Firm’s management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Firm in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
November 4, 2025
PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017
| JPMorgan Chase & Co. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated average balance sheets, interest and rates (unaudited) | ||||||||||||
| (Taxable-equivalent interest and rates; in millions, except rates) | ||||||||||||
| Three months ended September 30, 2025 · Three months ended September 30, 2024 | ||||||||||||
| Averagebalance · Interest(f) · Rate(annualized) · Averagebalance · Interest(f) · Rate(annualized) | ||||||||||||
| Assets | ||||||||||||
| Deposits with banks | $360,156 | $2,946 | 3.25% | $464,704 | $5,366 | 4.59% | ||||||
| Federal funds sold and securities purchased under resale agreements | 424,346 | 4,531 | 4.24 | 404,174 | 5,226 | 5.14 | ||||||
| Securities borrowed | 234,112 | 2,163 | 3.67 | 217,716 | 2,478 | 4.53 | ||||||
| Trading assets – debt instruments | 580,985 | 6,296 | 4.30 | 496,176 | 5,625 | 4.51 | ||||||
| Taxable securities | 741,129 | 7,135 | 3.82 | 595,772 | 5,849 | 3.91 | ||||||
| Nontaxable securities(a) | 27,470 | 335 | 4.84 | 27,063 | 346 | 5.09 | ||||||
| Total investment securities | 768,599 | 7,470 | 3.86(g) | 622,835 | 6,195 | 3.96(g) | ||||||
| Loans | 1,417,466 | 24,077 | 6.74 | 1,325,440 | 23,569 | 7.07 | ||||||
| All other interest-earning assets(b)(c) | 110,100 | 2,061 | 7.43 | 90,721 | 2,077 | 9.11 | ||||||
| Total interest-earning assets | 3,895,764 | 49,544 | 5.05 | 3,621,766 | 50,536 | 5.55 | ||||||
| Allowance for loan losses | (24,897) | (22,946) | ||||||||||
| Cash and due from banks | 22,285 | 22,323 | ||||||||||
| Trading assets – equity and other instruments | 264,681 | 217,790 | ||||||||||
| Trading assets – derivative receivables | 61,842 | 54,575 | ||||||||||
| Goodwill, MSRs and other intangible Assets | 64,366 | 64,185 | ||||||||||
| All other noninterest-earning assets | 235,904 | 219,315 | ||||||||||
| Total assets | $4,519,945 | $4,177,008 | ||||||||||
| Liabilities | ||||||||||||
| Interest-bearing deposits | $1,913,958 | $11,633 | 2.41% | $1,749,353 | $12,914 | 2.94% | ||||||
| Federal funds purchased and securities loaned or sold under repurchase agreements | 567,920 | 6,043 | 4.22 | 425,795 | 5,733 | 5.36 | ||||||
| Short-term borrowings | 53,755 | 590 | 4.35 | 40,234 | 542 | 5.38 | ||||||
| Trading liabilities – debt and all other interest-bearingliabilities(d)(e) | 314,591 | 2,316 | 2.92 | 329,850 | 2,632 | 3.17 | ||||||
| Beneficial interests issued by consolidated VIEs | 28,884 | 333 | 4.58 | 26,556 | 352 | 5.27 | ||||||
| Long-term debt | 350,368 | 4,558 | 5.16 | 347,910 | 4,838 | 5.53 | ||||||
| Total interest-bearing liabilities | 3,229,476 | 25,473 | 3.13 | 2,919,698 | 27,011 | 3.68 | ||||||
| Noninterest-bearing deposits | 610,601 | 633,957 | ||||||||||
| Trading liabilities – equity and other instruments(e) | 48,628 | 32,739 | ||||||||||
| Trading liabilities – derivative payables | 47,926 | 39,936 | ||||||||||
| All other liabilities, including the allowance for lending-related commitments | 226,934 | 206,376 | ||||||||||
| Total liabilities | 4,163,565 | 3,832,706 | ||||||||||
| Stockholders’ equity | ||||||||||||
| Preferred stock | 20,045 | 22,408 | ||||||||||
| Common stockholders’ equity | 336,335 | 321,894 | ||||||||||
| Total stockholders’ equity | 356,380 | 344,302 | ||||||||||
| Total liabilities and stockholders’ equity | $4,519,945 | $4,177,008 | ||||||||||
| Interest rate spread | 1.92% | 1.87% | ||||||||||
| Net interest income and net yield on interest-earning assets | $24,071 | 2.45 | $23,525 | 2.58 | ||||||||
| JPMorgan Chase & Co. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated average balance sheets, interest and rates (unaudited) | ||||||||||||
| (Taxable-equivalent interest and rates; in millions, except rates) | ||||||||||||
| Nine months ended September 30, 2025 · Nine months ended September 30, 2024 | ||||||||||||
| Averagebalance · Interest(f) · Rate(annualized) · Averagebalance · Interest(f) · Rate(annualized) | ||||||||||||
| Assets | ||||||||||||
| Deposits with banks | $403,490 | $10,480 | 3.47% | $504,043 | $17,811 | 4.72% | ||||||
| Federal funds sold and securities purchased under resale agreements | 411,857 | 13,325 | 4.33 | 366,464 | 14,262 | 5.20 | ||||||
| Securities borrowed | 236,355 | 6,681 | 3.78 | 202,103 | 6,821 | 4.51 | ||||||
| Trading assets – debt instruments | 546,679 | 18,173 | 4.44 | 457,351 | 15,233 | 4.45 | ||||||
| Taxable securities | 693,857 | 19,806 | 3.82 | 566,353 | 15,844 | 3.74 | ||||||
| Nontaxable securities(a) | 26,928 | 959 | 4.76 | 28,060 | 1,071 | 5.10 | ||||||
| Total investment securities | 720,785 | 20,765 | 3.85(g) | 594,413 | 16,915 | 3.80(g) | ||||||
| Loans | 1,379,480 | 69,650 | 6.75 | 1,316,733 | 69,454 | 7.05 | ||||||
| All other interest-earning assets(b)(c) | 105,564 | 5,771 | 7.31 | 84,912 | 6,227 | 9.80 | ||||||
| Total interest-earning assets | 3,804,210 | 144,845 | 5.09 | 3,526,019 | 146,723 | 5.56 | ||||||
| Allowance for loan losses | (24,782) | (22,530) | ||||||||||
| Cash and due from banks | 22,533 | 22,694 | ||||||||||
| Trading assets – equity and other instruments | 243,526 | 210,013 | ||||||||||
| Trading assets – derivative receivables | 59,524 | 56,455 | ||||||||||
| Goodwill, MSRs and other intangible Assets | 64,452 | 64,346 | ||||||||||
| All other noninterest-earning assets | 229,205 | 215,748 | ||||||||||
| Total assets | $4,398,668 | $4,072,745 | ||||||||||
| Liabilities | ||||||||||||
| Interest-bearing deposits | $1,886,654 | $34,111 | 2.42% | $1,732,844 | $37,569 | 2.90% | ||||||
| Federal funds purchased and securities loaned or sold under repurchase agreements | 530,765 | 17,197 | 4.33 | 365,604 | 14,810 | 5.41 | ||||||
| Short-term borrowings | 52,717 | 1,732 | 4.39 | 39,003 | 1,579 | 5.41 | ||||||
| Trading liabilities – debt and all other interest-bearingliabilities(d)(e) | 301,051 | 6,685 | 2.97 | 317,229 | 7,872 | 3.31 | ||||||
| Beneficial interests issued by consolidated VIEs | 26,959 | 926 | 4.59 | 26,728 | 1,068 | 5.34 | ||||||
| Long-term debt | 347,915 | 13,434 | 5.16 | 343,628 | 14,236 | 5.53 | ||||||
| Total interest-bearing liabilities | 3,146,061 | 74,085 | 3.15 | 2,825,036 | 77,134 | 3.65 | ||||||
| Noninterest-bearing deposits | 600,350 | 643,608 | ||||||||||
| Trading liabilities – equity and other instruments(e) | 43,526 | 30,613 | ||||||||||
| Trading liabilities – derivative payables | 43,318 | 39,120 | ||||||||||
| All other liabilities, including the allowance for lending-related commitments | 215,175 | 198,617 | ||||||||||
| Total liabilities | 4,048,430 | 3,736,994 | ||||||||||
| Stockholders’ equity | ||||||||||||
| Preferred stock | 20,035 | 25,398 | ||||||||||
| Common stockholders’ equity | 330,203 | 310,353 | ||||||||||
| Total stockholders’ equity | 350,238 | 335,751 | ||||||||||
| Total liabilities and stockholders’ equity | $4,398,668 | $4,072,745 | ||||||||||
| Interest rate spread | 1.94% | 1.91% | ||||||||||
| Net interest income and net yield on interest-earning assets | $70,760 | 2.49 | $69,589 | 2.64 | ||||||||
(a)Represents securities which are tax-exempt for U.S. federal income tax purposes.
(b)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.
(c)The rates reflect the impact of interest earned on cash collateral where the cash collateral has been netted against certain derivative payables.
(d)All other interest-bearing liabilities include brokerage-related customer payables.
(e)The combined balance of trading liabilities – debt and equity instruments was $186.8 billion and $200.8 billion for the three months ended September 30, 2025 and 2024, respectively, and $170.1 billion and $189.1 billion for the nine months ended September 30, 2025 and 2024, respectively.
(f)Interest includes the effect of certain related hedging derivatives. Taxable-equivalent amounts are used where applicable.
(g)The annualized rate for securities based on amortized cost was 3.84% and 3.95% for the three months ended September 30, 2025 and 2024, respectively, and 3.83% and 3.77% for the nine months ended September 30, 2025 and 2024, respectively, and does not give effect to changes in fair value that are reflected in AOCI.
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