JPMORGAN CHASE & CO

Consolidated balance sheets analysis

The following is a discussion of the significant changes between September 30, 2026 and December 31, 2025. Refer to pages 86-88 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 Balance Sheets.

Cash and due from banks and deposits with banks decreased driven by Markets activities in CIB, higher loans, and net purchases of investment securities in Treasury and CIO, predominantly offset by the impact of higher deposits, and higher long-term debt.

Federal funds sold and securities purchased under resale agreements increased driven by Markets, reflecting higher client-driven market-making activities, as well as when compared with seasonally lower levels at year-end.

Securities borrowed increased driven by Markets, predominantly due to a higher demand for securities to cover short positions.

Refer to Note 10 for additional information on securities purchased under resale agreements and securities borrowed.

Trading assets increased due to higher levels of equity and debt instruments in Markets, primarily related to client-driven market-making activities, as well as when compared with seasonally lower levels at year-end. Refer to Notes 2 and 4 for additional information.

Investment securities increased due to:

•higher available-for-sale ("AFS") securities, reflecting net purchases, predominantly U.S. Treasuries, non-U.S. government debt securities, and U.S. GSE and government agency MBS, largely offset by maturities

and paydowns and unrealized losses, recognized in accumulated other comprehensive income (“AOCI”); and

•higher held to-maturity (“HTM”) securities driven by purchases of U.S. Treasuries, predominantly offset by maturities and paydowns.

Refer to Corporate results on pages 41-43, Investment Portfolio Risk Management on page 78, and Notes 2 and 9 for additional information.

Loans increased as a result of:

•higher securities-based lending and custom lending in AWM due to higher client demand, and

•higher wholesale loans in CIB Banking and Markets due to higher client demand.

Theallowance for loan losses increased, reflecting a net addition of $507 million, and consisted of:

•$624 million inwholesale, largely driven by the impact of a net increase in the loan portfolio and changes in the credit quality of certain exposures, and

•a net reduction of $117 million inconsumer, driven by updates to certain macroeconomic variables, including improvements in home prices in the first quarter of 2026, predominantly offset by loan growth.

Refer to Consolidated Results of Operations and Credit and Investment Risk Management on pages 9-14 and pages 60-78, respectively, Critical Accounting Estimates Used by the Firm on pages 86-88, and Notes 2, 3, 11 and 12 for additional information on loans and the total allowance for credit losses.

Accrued interest and accounts receivable increased predominantly due to client-driven activities in Markets, including prime brokerage.

Premises and equipment increased, reflecting the fixed asset additions to and improvements in the Firm's

properties, including its corporate headquarters, other corporate offices and retail branches. Refer to Note 16 for additional information.

Goodwill, MSRs and other intangible assets: refer to Note 14 for additional information.

Other assets increased predominantly due to a higher level of securities financing transactions, and higher cash collateral placed with central counterparties ("CCP"), both in Markets; higher equity investments, predominantly in Corporate related to the Security and Resiliency Initiative; and higher deferred tax assets.

Deposits increased, reflecting:

•an increase in CIB due to net inflows related to client-driven activities, primarily in Payments and Securities Services,

•an increase in CCB predominantly driven by growth in new accounts, and

•an increase in AWM driven by growth in both new accounts and balances in existing accounts, including the impact of higher-yielding product offerings, offset by continued migration into other investment products and seasonal tax outflows.

Federal funds purchased and securities loaned or sold under repurchase agreements increased driven by Markets, reflecting higher client-driven market-making activities and higher secured financing of trading assets, as well as when compared with seasonally lower levels at year-end.

Short-term borrowings increased primarily due to higher short-term funding and liquidity management activity in Treasury and CIO.

Refer to Liquidity Risk Management on pages 53-59 for additional information on deposits, federal funds purchased and securities loaned or sold under repurchase agreements, and short-term borrowings;

and Notes 2 and 15 for deposits; and Note 10 for federal funds purchased and securities loaned or sold under repurchase agreements.

Trading liabilities increased due to:

•client-driven market-making activities, which resulted in higher levels of short positions, and

•higher derivative payables, primarily as a result of market movements.

Refer to Notes 2 and 4 for additional information.

Accounts payable and other liabilities increased predominantly due to client-driven activities and the impact of a higher level of securities financing transactions in Markets, including prime brokerage.

Beneficial interests issued by consolidated VIEs: refer to Liquidity Risk Management on pages 53-59 and Notes 13 and 22 for additional information related to Firm-sponsored VIEs and loan securitization trusts.

Long-term debt increased as a result of:

•net issuances of structured notes in Markets due to client demand, and

•net issuances of long-term debt, predominantly offset by fair value hedge accounting adjustments related to higher rates in Treasury and CIO.

Refer to Liquidity Risk Management on pages 53-59 for additional information.

Stockholders’ equity increased, reflecting:

•net income,

predominantly offset by

•the impact of capital actions, including net repurchases of common shares and dividend payments on common and preferred stock, and

•higher net unrealized losses in AOCI, driven by the impact of higher interest rates on the AFS securities portfolio and cash flow hedges in Treasury and CIO.

Refer to Consolidated statements of changes in stockholders’ equity on page 95, Capital Actions on page 50, and Note 19 for additional information.

Consolidated cash flows analysis

The following is a discussion of cash flow activities during the nine months ended September 30, 2026 and 2025.

Operating activities

•In 2026, cash used resulted from higher trading assets, higher accrued interest and accounts receivable, higher securities borrowed and higher other assets, partially offset by higher trading liabilities and higher accounts payable and other liabilities.

•In 2025, cash used resulted from higher trading assets, higher accrued interest and accounts receivable, higher securities borrowed and net originations and purchases of loans held-for-sale, partially offset by higher trading liabilities.

Investing activities

•In 2026, cash used resulted from higher securities purchased under resale agreements, net loan originations and net purchases of investment securities.

•In 2025, cash used resulted from higher securities purchased under resale agreements, net purchases of investment securities and net originations of loans.

Financing activities

•In 2026, cash provided reflected higher securities loaned or sold under repurchase agreements, higher deposits, and net proceeds from long- and short-term borrowings.

•In 2025, cash provided reflected higher securities loaned or sold under repurchase agreements, higher deposits, and net proceeds from long- and short-term borrowings.

•For both periods, cash was used for repurchases of common stock and cash dividends on common and preferred stock.

Refer to Consolidated Balance Sheets Analysis on pages 15-17, Capital Risk Management on pages 45-52, and Liquidity Risk Management on pages 53-59, and the Consolidated Statements of Cash Flows on page 96 of this Form 10-Q, and pages 100–107 of JPMorganChase’s 2025 Form 10-K for a further discussion of the activities affecting the Firm’s cash flows.