JPMORGAN CHASE & CO

This section provides a comparative discussion of JPMorganChase’s Consolidated Results of Operations on a reported basis for the three and six months ended June 30, 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 87-89 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 $901 million for the three months ended June 30, 2026 and 2025, respectively, and $2.4 billion and $1.7 billion for the six months ended June 30, 2026 and 2025, respectively. Refer to Note 5 for additional information.

(b)Included a $4.6 billion net gain related to Visa shares in Corporate and $1.0 billion of gains on certain equity investments, consisting of $763 million in Corporate and $263 million in CIB. Refer to Executive Overview on pages 5–8, and Notes 2 and 5 for additional information.

Investment banking fees increased, reflecting in CIB:

•higher equity underwriting fees predominantly driven by higher revenue from certain large IPOs and convertible securities offerings,

•higher debt underwriting fees predominantly driven by higher investment-grade loans and bonds and non-investment grade bonds, and

•higher advisory fees driven by higher fees from deals in the Financial Institutions, Technology, and Diversified Industries sectors, largely offset by lower fees from deals in the Consumer & Retail sector.

Refer to CIB segment results on pages 27-34 and Note 5 for additional information.

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

•higher Equity Markets revenue driven by Equity Derivatives, Prime Finance and Cash, and

•lower Fixed Income Markets revenue driven by Commodities, Currencies & Emerging Markets, and Securitized Products, partially offset by higher revenue in Credit.

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 27-34 and Note 5 for additional information.

Lending- and deposit-related fees increased, reflecting:

•in CIB, higher deposit-related fees, primarily cash management fees, and higher lending-related fees, primarily loan commitment fees, both 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 22-26 and pages 27-34, respectively, and Note 5 for additional information.

Asset management fees increased driven by higher average market levels and net inflows in AWM and CCB. Refer to CCB and AWM segment results on pages 22-26 and pages 35-39, respectively, and Note 5 for additional information.

Commissions and other fees increased in CIB and AWM, largely 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 27-34 and pages 35-39, respectively, and Note 5 for additional information.

Investment securities losses increased, reflecting higher losses on sales of securities associated with repositioning the investment securities portfolio in Treasury and CIO. The current quarter net loss was primarily related to sales of U.S. GSE and government agency MBS. Refer to Corporate results on pages 40-42 and Note 9 for additional information.

Card income was flat, reflecting in CCB, higher annual fees, predominantly offset by lower net interchange income. Net interchange income decreased as the impact of increased debit and credit card sales volume was more than offset by higher rewards costs and partner payments. Refer to CCB segment results on pages 22-26 and Note 5 for additional information.

Other income increased, reflecting:

•the $4.6 billion net gain related to Visa shares in Corporate,

•$1.0 billion of gains on certain equity investments, consisting of $763 million in Corporate and $263 million in CIB,

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

•higher investment valuation gains in AWM.

Refer to CCB, CIB and AWM segment and Corporate results on pages 22-26, pages 27-34, pages 35-39 and pages 40-42, respectively, for additional information; Notes 2 and 5 for additional information on Visa shares; and Note 5 for additional information on the gains on certain equity investments.

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

The Firm’s average interest-earning assets were $4.3 trillion, up $442 billion, and the yield was 4.75%, down 29 basis points (“bps”). The net yield on these assets, on an FTE basis, was 2.40%, a decrease of 3 bps. The net yield excluding Markets was 3.65%, down 6 bps.

Refer to the Consolidated average balance sheets, interest and rates schedule on pages 190-191 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 18-19 for an additional discussion of net yield excluding Markets.

Investment banking fees increased, reflecting in CIB:

•higher advisory fees largely driven by higher fees from deals in the Diversified Industries, Financial Institutions, and Technology sectors, partially offset by lower fees from deals in the Consumer & Retail sector,

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

•higher debt underwriting fees driven by higher investment-grade loans and bonds and non-investment grade bonds, largely offset by lower non-investment grade loans.

Principal transactions revenue increased, reflecting in CIB, higher Equity Markets revenue predominantly driven by Prime Finance and Equity Derivatives. Fixed Income Markets was relatively flat as higher revenue in Credit was offset by lower revenue in Securitized Products.

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.

Lending- and deposit-related fees increased, reflecting:

•in CIB, higher deposit-related fees, primarily cash management fees, and higher lending-related fees, primarily loan commitment fees, both as a result of higher volume, and

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

Asset management fees increased driven by higher average market levels and net inflows in AWM and CCB.

Commissions and other fees increased in CIB and AWM, largely 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.

Investment securities losses increased, reflecting higher losses on sales of securities associated with repositioning the investment securities portfolio in Treasury and CIO. The current year net loss was primarily related to sales of U.S. GSE and government agency MBS, partially offset by gains on sales of U.S. Treasuries.

Card income was relatively flat, reflecting, primarily in CCB, an increase in amortization related to new account origination costs and lower net interchange income, predominantly offset by higher annual fees. Net interchange income decreased as the impact of increased debit and credit card sales volume was more than offset by higher rewards costs and partner payments.

Other income increased, reflecting:

•the $4.6 billion net gain related to Visa shares in Corporate,

•$1.0 billion of gains on certain equity investments, consisting of $763 million in Corporate and $263 million in CIB,

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

•higher investment valuation gains in AWM,

partially offset by

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

Refer to Note 5 for additional information on the First Republic acquisition.

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

The Firm’s average interest-earning assets were $4.2 trillion, up $455 billion, and the yield was 4.79%, down 32 bps. The net yield on these assets, on an FTE basis, was 2.45%, a decrease of 6 bps. The net yield excluding Markets was 3.69%, down 6 bps.

The provision for credit losses was $2.5 billion. Net charge-offs were $2.4 billion and the net addition to the allowance for credit losses was $149 million.

The provision for credit losses included:

•$2.2 billion inconsumer, reflecting net charge-offs of $2.2 billion, predominantly driven by Card Services, primarily due to loan growth. The allowance for credit losses was relatively flat, and

•$361 million inwholesale, driven by a net increase in the loan portfolio and changes in the credit quality of certain exposures, partially offset by a reduction in the allowance with respect to certain accounts receivable and an update to loss assumptions on certain loans in Markets. Net charge-offs were $209 million and the net addition to the allowance for credit losses was $152 million.

In the prior year, the provision was $2.8 billion, net charge-offs were $2.4 billion and the net addition to the allowance for credit losses was $439 million.

Refer to CCB, CIB and AWM segment and Corporate results on pages 22-26, pages 27-34, pages 35-39, and pages 40-42, respectively; Allowance for Credit Losses on pages 75-77; Critical Accounting Estimates Used by the Firm on pages 87-89; and Notes 11 and 12 for additional information on the credit portfolio and the allowance for credit losses.

The provision for credit losses was $5.0 billion. Net charge-offs were $4.7 billion and the net addition to the allowance for credit losses was $340 million.

The provision for credit losses included:

•$4.2 billion inconsumer, consisting of net charge-offs of $4.4 billion, predominantly driven by Card Services, reflecting loan growth, and a net reduction in the allowance for credit losses of $128 million, predominantly driven by improvements in home prices in the first quarter of 2026, and

•$808 million inwholesale, driven by changes in the credit quality of certain exposures and a net increase in the loan portfolio, partially offset by a reduction in the allowance with respect to certain accounts receivable and an update to loss assumptions on certain loans in Markets. The net addition to the allowance for credit losses was $479 million and net charge-offs were $329 million.

In the prior year, the provision was $6.2 billion, net charge-offs were $4.7 billion and the net addition to the allowance for credit losses was $1.4 billion.

(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,

•the impact of wage inflation, 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 marketing in CCB,

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

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

•higher depreciation expense on higher auto operating lease assets in CCB.

Refer to Note 5 for additional information on other expense.

Compensation expense increased predominantly driven by:

•higher revenue-related compensation across the LOBs,

•the impact of wage inflation, 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 marketing in CCB,

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

•higher FDIC-related expense, which included the absence of an FDIC special assessment accrual release of $323 million recorded in the first quarter of the prior year,

•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.

Theeffective tax rate increased predominantly driven by the absence of a $774 million income tax benefit recorded in the prior year arising from the resolution of certain tax audits and the impact of tax regulations, and changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes.

Theeffective tax rate increased driven by the absence of a $774 million income tax benefit recorded in the prior year arising from the resolution of certain tax audits and the impact of tax regulations, and changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes, partially offset by higher tax benefits related to the vesting of employee share-based awards.