JPMORGAN CHASE & CO

This section provides a comparative discussion of JPMorganChase’s Consolidated Results of Operations on a reported basis for the three months ended March 31, 2026 and 2025, unless otherwise specified. Factors that relate primarily to a single business segment or Corporate are discussed in more detail in the results of that segment or Corporate. Refer to pages 75-77 of this Form 10-Q and pages 154–157 of JPMorganChase’s 2025 Form 10-K for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Results of Operations.

(a)Included operating lease income of $1.2 billion and $829 million for the three months ended March 31, 2026 and 2025, respectively. Refer to Note 5 for additional information.

Investment banking fees increased, reflecting in CIB:

•higher advisory fees largely driven by higher fees from deals in the Diversified Industries and Natural Resource Group sectors, and

•higher equity underwriting fees predominantly driven by higher revenue across all products,

•lower debt underwriting fees largely driven by lower non-investment grade loans.

Refer to CIB segment results on pages 22-26 and Note 5 for additional information.

Principal transactions revenue increased, reflecting the net impact in CIB of:

•higher Fixed Income Markets revenue driven by higher revenue in Commodities and Credit, largely offset by lower revenue in Securitized Products and Rates, and

•lower Equity Markets revenue, particularly in Equity Derivatives, predominantly offset by higher revenue in Prime Finance.

Principal transactions revenue in CIB generally has offsets across other revenue lines, including net interest income. The Firm assesses the performance of its Markets business on a total net revenue basis.

Refer to CIB segment results on pages 22-26 and Note 5 for additional information.

Lending- and deposit-related fees increased, reflecting:

•in CIB, higher cash management fees in Payments as a result of higher volume, and

•in CCB, higher deposit-related fees as a result of higher transaction volume and new accounts.

Refer to CCB and CIB segment results on pages 19-21 and pages 22-26, respectively, and Note 5 for additional information.

Asset management fees increased predominantly driven by higher average market levels and net inflows in AWM and CCB. Refer to CCB and AWM segment results on pages 19-21 and pages 27-29, respectively, and Note 5 for additional information.

Commissions and other fees increased in CIB and AWM, predominantly due to higher brokerage commissions on higher volume and, to a lesser extent, higher custody fees as a result of higher market levels and client activity. Refer to CIB and AWM segment results on pages 22-26 and pages 27-29, respectively, and Note 5 for additional information.

Investment securities was a net gain compared with a net loss in the prior year; these results were associated with repositioning the investment securities portfolio in Treasury and CIO. Refer to Corporate results on pages 30-31 and Note 9 for additional information.

Mortgage fees and related income: refer to Note 14 for additional information.

Card income decreased driven by lower income in CCB, reflecting an increase in amortization related to new account origination costs, predominantly offset by higher annual fees. Net interchange income was relatively flat as the impact of increased debit and credit card sales volume was offset by higher rewards costs and partner payments. Refer to CCB segment results on pages 19-21 and Note 5 for additional information.

Other income decreased, reflecting:

•lower First Republic-related revenue primarily driven by the absence of the $588 million gain recorded in the prior year in Corporate,

largely offset by

•higher auto operating lease income in CCB due to growth in volume.

Refer to CCB segment and Corporate results on pages 19-21 and pages 30-31, respectively, for additional information; and Note 5 for additional information on the First Republic acquisition.

Net interest income increased driven by higher Markets net interest income, higher deposit balances, and higher revolving balances in Card Services, partially offset by the impact of lower rates.

The Firm’s average interest-earning assets were $4.1 trillion, up $467 billion, and the yield was 4.83%, down 36 basis points (“bps”). The net yield on these assets, on an FTE basis, was 2.50%, a decrease of 8 bps. The net yield excluding Markets was 3.72%, down 8 bps.

Refer to the Consolidated average balance sheets, interest and rates schedule on page 169 for additional information. Net yield excluding Markets is a non-GAAP financial measure. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 15-16 for an additional discussion of net yield excluding Markets.

The provision for credit losses was $2.5 billion. Net charge-offs were $2.3 billion and the net addition to the allowance for credit losses was $191 million.

The provision for credit losses included:

•$2.1 billion inconsumer, consisting of net charge-offs of $2.2 billion, predominantly driven by Card Services, and a net reduction in the allowance for credit losses of $139 million. The net reduction was predominantly driven by improvements in home prices, and

•$447 million inwholesale, predominantly driven by changes in the credit quality of certain exposures. The net addition to the allowance for credit losses was $327 million and net charge-offs were $120 million.

In the prior year, the provision was $3.3 billion, net charge-offs were $2.3 billion and the net addition to the allowance for credit losses was $973 million.

Refer to CCB, CIB and AWM segment and Corporate results on pages 19-21, pages 22-26, pages 27-29, and pages 30-31, respectively; Allowance for Credit Losses on pages 63-65; Critical Accounting Estimates Used by the Firm on pages 75-77; and Notes 11 and 12 for additional information on the credit portfolio and the allowance for credit losses.

(a)Includes depreciation expense associated with auto operating lease assets. Refer to Note 16 for additional information.

(b)Refer to Note 5 for additional information.

Compensation expense increased predominantly driven by:

•higher revenue-related compensation across the LOBs, and

•growth in the number of employees, primarily front office employees.

Noncompensation expense increased, reflecting:

•higher investments in technology across the LOBs and Corporate and in marketing in CCB,

•higher brokerage expense in CIB and higher distribution fees in AWM,

•higher FDIC-related expense as the prior year included an FDIC special assessment accrual release of $323 million in Corporate,

•higher depreciation expense on higher auto operating lease assets in CCB, and

•higher occupancy expense, reflecting net additions and improvements to the Firm’s properties, including its new headquarters, bank branches and other corporate offices.

Refer to Note 5 for additional information on other expense.

Theeffective tax rate decreased predominantly driven by higher tax benefits related to the vesting of employee share-based awards as a result of the higher market price of the Firm's common shares.