JPMORGAN CHASE & CO
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 13, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consumer Credit Portfolio
The Firm’s retained consumer portfolio consists primarily of loans and lending-related commitments for residential real estate, credit card, scored auto and business banking. The consumer credit portfolio also includes loans at fair value, predominantly in residential real estate. The Firm’s focus is on serving primarily the prime segment of the consumer credit market. Originated mortgage loans are retained in the residential real estate portfolio, securitized or sold to U.S. government agencies and U.S. government-sponsored enterprises; other types of consumer loans are typically retained on the balance sheet. Refer to Note 12 for further information on the consumer loan portfolio. Refer to Note 28 for further information on lending-related commitments.
The following tables present consumer credit-related information with respect to the scored credit portfolio held in CCB, AWM, CIB and Corporate.
| Consumer credit portfolio | |||||
|---|---|---|---|---|---|
| December 31,(in millions) · Credit exposure · Nonaccrual loans(j) | |||||
| 2025 · 2024 · 2025 · 2024 | |||||
| Consumer, excluding credit card | |||||
| Residential real estate(a) | $303,531 | $309,513 | $3,632 | $2,984 | |
| Auto and other(b)(c) | 65,210 | 66,821 | 243 | 249 | |
| Total loans - retained | 368,741 | 376,334 | 3,875 | 3,233 | |
| Loans held-for-sale | 334 | 945 | 59 | 155 | |
| Loans at fair value(d) | 33,183 | 15,531 | 739 | 538 | |
| Total consumer, excluding credit card loans | 402,258 | 392,810 | 4,673 | 3,926 | |
| Lending-related commitments(e) | 43,587 | 44,844 | |||
| Total consumer exposure, excluding credit card | 445,845 | 437,654 | |||
| Credit card | |||||
| Loans retained(f) | 247,797 | 232,860 | NA | NA | |
| Total credit card loans | 247,797 | 232,860 | NA | NA | |
| Lending-related commitments(e)(g) | 1,177,766(i) | 1,001,311 | |||
| Total credit card exposure | 1,425,563 | 1,234,171 | |||
| Total consumer credit portfolio | $1,871,408 | $1,671,825 | $4,673 | $3,926 | |
| Credit-related notes used in credit portfolio management activities(h) | $(485) | $(479) | |||
| Year ended December 31, | ||||||
|---|---|---|---|---|---|---|
| (in millions, except ratios) · Net charge-offs/(recoveries) · Average loans - retained · Net charge-off/(recovery) rate(k) | ||||||
| 2025 · 2024 · 2025 · 2024 · 2025 · 2024 | ||||||
| Consumer, excluding credit card | ||||||
| Residential real estate | $(115) | $(101) | $305,362 | $316,042 | (0.04)% | (0.03)% |
| Auto and other | 694 | 775 | 65,876 | 67,959 | 1.05 | 1.14 |
| Total consumer, excluding credit card - retained | 579 | 674 | 371,238 | 384,001 | 0.16 | 0.18 |
| Credit card - retained | 7,672 | 7,142 | 231,644 | 214,033 | 3.31 | 3.34 |
| Total consumer - retained | $8,251 | $7,816 | $602,882 | $598,034 | 1.37% | 1.31% |
(a)Includes scored mortgage and home equity loans held in CCB and AWM.
(b)At December 31, 2025 and 2024, excluded operating lease assets of $20.0 billion and $12.8 billion, respectively. These operating lease assets are included in other assets on the Firm’s Consolidated balance sheets. Refer to Note 18 for further information.
(c)Includes scored auto and business banking loans, and overdrafts.
(d)Includes scored mortgage loans held in CCB and CIB, and other consumer unsecured loans in CIB.
(e)Credit card, home equity and certain business banking lending-related commitments represent the total available lines of credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit would be used at the same time. Refer to Note 28 for further information.
(f)Includes billed interest and fees.
(g)Also includes commercial card lending-related commitments primarily in CIB.
(h)Represents the notional amount of protection obtained through the issuance of credit-related notes that reference certain pools of residential real estate and auto loans in the retained consumer portfolio.
(i)Includes estimated total credit exposure related to the Apple Card transaction at the time that the transaction is expected to close of approximately $104 billion, including approximately $23 billion of estimated drawn loans.
(j)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At December 31, 2025 and 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $198 million and $121 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status, as permitted by regulatory guidance.
(k)Average consumer loans held-for-sale and loans at fair value were $23.7 billion and $17.2 billion for the years ended December 31, 2025 and 2024, respectively. These amounts were excluded when calculating net charge-off/(recovery) rates.
Maturities and sensitivity to changes in interest rates
The table below sets forth loan maturities by scheduled repayments, by class of loan and the distribution between fixed and floating interest rates based on the stated terms of the loan agreements. The Firm estimated the principal repayment amounts for both the residential real estate and auto and other loan classes by calculating the weighted-average loan balance and interest rates for loan pools based on remaining loan term. Refer to Note 12 for further information on loan classes.
| December 31, 2025(in millions) · Within1 year(a) · 1-5years · 5-15years · After 15 years · Total | ||||||||
|---|---|---|---|---|---|---|---|---|
| Consumer, excluding credit card | ||||||||
| Residential real estate | $35,842 | $26,960 | $110,981 | $159,365 | $333,148 | |||
| Auto and other | 21,009(b) | 42,518 | 5,579 | 4 | 69,110 | |||
| Total consumer, excluding credit card loans | $56,851 | $69,478 | $116,560 | $159,369 | $402,258 | |||
| Total credit card loans | $245,850 | $1,932 | $15 | $— | $247,797 | |||
| Total consumer loans | $302,701 | $71,410 | $116,575 | $159,369 | $650,055 | |||
| Loans due after one year at fixed interest rates | ||||||||
| Residential real estate | $19,270 | $56,134 | $69,232 | |||||
| Auto and other | 42,358 | 3,121 | 4 | |||||
| Credit card | 1,932 | 15 | — | |||||
| Loans due after one year at variable interest rates | ||||||||
| Residential real estate | $7,690 | $54,847 | $90,133 | |||||
| Auto and other | 160 | 2,458 | — | |||||
| Total consumer loans | $71,410 | $116,575 | $159,369 | |||||
(a)Includes loans held-for-sale and loans at fair value.
(b)Includes overdrafts.
Consumer, excluding credit card
Portfolio analysis
Loans increased compared to December 31, 2024, primarily driven by higher residential real estate loans at fair value.
The following discussions provide information concerning individual loan products. Refer to Note 12 for further information about this portfolio, including information about delinquencies, loan modifications and other credit quality indicators.
Residential real estate: The residential real estate portfolio, including loans held-for-sale and loans at fair value, predominantly consists of prime mortgage loans and home equity lines of credit.
Retained loans decreased compared to December 31, 2024, driven by paydowns, predominantly offset by originations. Retained nonaccrual loans increased compared to December 31, 2024, primarily driven by forbearances granted to certain borrowers impacted by the wildfires in Los Angeles County, California in January 2025. Net recoveries were higher for the year ended December 31, 2025 compared to the prior year, driven by loan sales.
Loans held-for-sale and nonaccrual loans held-for-sale decreased compared to December 31, 2024, reflecting loan sales.
Loans at fair value increased compared to December 31, 2024, as purchases outpaced sales in CIB and originations outpaced warehouse loan sales in Home Lending. Nonaccrual loans at fair value increased compared to December 31, 2024, driven by CIB.
At December 31, 2025 and 2024, the carrying values of retained interest-only residential mortgage loans were $88.8 billion and $88.9 billion, respectively. These loans have an interest-only payment period generally followed by an adjustable-rate or fixed-rate fully amortizing payment period to maturity and are typically originated as higher-balance loans to higher-income borrowers. The credit performance of this portfolio is comparable to the performance of the broader prime mortgage portfolio.
The carrying value of retained home equity lines of credit outstanding was $13.2 billion at December 31, 2025, including $3.3 billion of HELOCs that have recast from interest-only to fully amortizing payments or have been modified, and $3.2 billion of interest-only balloon HELOCs, which primarily mature after 2030. The Firm manages the risk of HELOCs during their revolving period by reducing or canceling the undrawn line in accordance with the contract or to the extent otherwise permitted by law, including when there has been a demonstrable decline in the creditworthiness of the borrower or significant decrease in the value of the underlying property.
The following table provides a summary of the Firm’s
residential mortgage portfolio insured and/or guaranteed by U.S. government agencies, predominantly loans held-for-sale and loans at fair value. The Firm monitors its exposure to certain potential unrecoverable claim payments related to government-insured loans and considers this exposure in estimating the allowance for loan losses.
| (in millions) | December 31, 2025 | December 31, 2024 |
|---|---|---|
| Current | $840 | $462 |
| 30-89 days past due | 121 | 72 |
| 90 or more days past due | 198 | 121 |
| Total government guaranteed loans | $1,159 | $655 |
Geographic composition and current estimated loan-to-value ratio of residential real estate loans
At December 31, 2025, $213.1 billion, or 70%, of the total retained residential real estate loan portfolio, was concentrated in California, New York, Florida, Texas and Massachusetts, compared to $217.7 billion, or 70%, at December 31, 2024.
Average current estimated loan-to-value (“LTV”) ratios were relatively flat compared to December 31, 2024.
Refer to Note 12 for information on the geographic composition and current estimated LTVs of the Firm’s residential real estate loans.
Auto and other: The auto and other loan portfolio, including loans at fair value, generally consists of prime-quality scored auto and business banking loans, other consumer unsecured loans, and overdrafts. The portfolio increased compared to December 31, 2024, primarily driven by an increase in loans at fair value due to net purchases of other consumer unsecured loans in CIB. Net charge-offs decreased compared to the prior year, primarily due to lower scored auto net charge-offs, reflecting improved used vehicle valuations. Refer to Note 14 for further information on securitization activity.
Nonperforming assets
The following table presents information as of December 31, 2025 and 2024, about consumer, excluding credit card, nonperforming assets.
| Nonperforming assets(a) | ||
|---|---|---|
| December 31, (in millions) | 2025 | 2024 |
| Nonaccrual loans | ||
| Residential real estate | $4,381 | $3,665 |
| Auto and other | 292 | 261 |
| Total nonaccrual loans | 4,673 | 3,926 |
| Assets acquired in loan satisfactions | ||
| Real estate owned | 103 | 78 |
| Other | 31 | 34 |
| Total assets acquired in loan satisfactions | 134 | 112 |
| Total nonperforming assets | $4,807 | $4,038 |
(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At December 31, 2025 and 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $198 million and $121 million, respectively.
The following table presents changes in consumer, excluding credit card, nonaccrual loans for the years ended December 31, 2025 and 2024.
| Nonaccrual loan activity | ||
|---|---|---|
| Year ended December 31, (in millions) | 2025 | 2024 |
| Beginning balance | $3,926 | $4,203 |
| Additions: | 4,506 | 3,225 |
| Reductions: | ||
| Principal payments and other | 962 | 894 |
| Sales | 760 | 803 |
| Charge-offs | 643 | 665 |
| Returned to performing status | 1,200 | 963 |
| Foreclosures and other liquidations | 194 | 177 |
| Total reductions | 3,759 | 3,502 |
| Net changes | 747 | (277) |
| Ending balance | $4,673 | $3,926 |
Refer to Note 12 for further information about the consumer credit portfolio, including information about delinquencies, other credit quality indicators and loans that were in the process of active or suspended foreclosure.
Credit card
Total credit card loans increased compared to December 31, 2024, reflecting growth from new accounts and revolving balances. The December 31, 2025 30+ and 90+ day delinquency rates of 2.16% and 1.10%, respectively, decreased compared to the December 31, 2024 30+ and 90+ day delinquency rates of 2.17% and 1.14%, respectively, in line with the Firm’s expectations. Net charge-offs increased for the year ended December 31, 2025 compared to the prior year, reflecting loan growth.
Consistent with the Firm’s policy, all credit card loans typically remain on accrual status until charged off. However, the Firm’s allowance for loan losses includes the estimated uncollectible portion of accrued and billed interest and fee income.
Geographic and FICO composition of credit card loans
At December 31, 2025, $116.3 billion, or 47% of the total retained credit card loan portfolio, was concentrated in California, Texas, New York, Florida and Illinois, compared to $109.0 billion, or 47%, at December 31, 2024.
Refer to Note 12 for further information about this portfolio, including information about delinquencies, geographic and FICO composition.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.