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Life, Liberty and the Pursuit of Happiness Annual Report 2025
Financial Highlights As of or for the year ended December 31, (in millions, except per share, ratio data and employees) 2025 2024 Selected income statement data Total net revenue Total noninterest expense Pre-provision profit(a) Provision for credit losses Net income $ 182,447 95,640 86,807 14,212 (e) 57,048 Per common share data Net income per share: Basic Diluted Book value per share Tangible book value per share (TBVPS)(a) Cash dividends declared per share 20.05 20.02 126.99 107.56 5.80 19.79 19.75 116.07 97.30 4.80 Selected ratios Return on common equity (ROE) Return on tangible common equity (ROTCE)(a) Liquidity coverage ratio (average)(b) Common equity Tier 1 capital ratio Standardized(c)(d) Tier 1 capital ratio Standardized(c)(d) Total capital ratio Standardized(c)(d) 17 % 20 111 14.6 (f) 15.5 (f) 17.4 (f) 18 % 22 113 15.7 16.8 18.5 2023 177,556 (g) 158,104 91,797 (g) 87,172 85,759 70,932 10,678 9,320 58,471 49,552 16.25 16.23 104.45 86.08 4.10 17 % 21 113 15.0 16.6 18.5 Selected balance sheet data (period-end) Loans $ 1,493,429 $ 1,347,988 $ 1,323,706 Total assets 4,424,900 4,002,814 3,875,393 Deposits 2,559,320 2,406,032 2,400,688 Common stockholders equity 342,393 324,708 300,474 Total stockholders equity 362,438 344,758 327,878 Market data Closing share price $ Market capitalization Common shares at period-end Employees 322.22 868,793 2,696.2 239.71 670,618 2,797.6 170.10 489,320 2,876.6 318,512 317,233 309,926 (a) Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (TCE) is also a non-GAAP financial measure. Refer to Explanation and Reconciliation of the Firm s Use of Non-GAAP Financial Measures on pages 59 61 for a discussion of these measures. (b) Refer to Liquidity Risk Management on pages 100 107 for additional information on this measure. (c) Refer to Note 27 for additional information on these measures. (d) As of December 31, 2025, the Advanced risk-based ratios became more binding on the Firm than the Standardized risk-based ratios. Refer to Capital Risk Management on pages 89 99 for additional information. (e) Includes a provision for lending-related commitments of $2.2 billion related to the Apple Card transaction. Refer to Executive Overview on page 47 for additional information. (f) Includes a decrease of approximately 25 basis points under the Standardized approach related to the Apple Card transaction. Refer to Capital Risk Management on pages 89 99 for additional information. (g) Total net revenue included a $7.9 billion net gain related to Visa shares, and total noninterest expense included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation. Refer to Note 6 for additional information. JPMorganChase (NYSE: JPM) is a leading financial services firm with assets of $4.4 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the firm serves millions of customers, predominantly in the U.S., and many of the world s most prominent corporate, institutional and government clients globally. Information about J.P. Morgan s capabilities can be found at jpmorgan.com and about Chase s capabilities at chase.com. Information about JPMorganChase is available at jpmorganchase.com.
2025 Another Year of Firsts #1 #1 IN DEPOSITS AND FOR SMALL BUSINESSES COMMERCIAL & INVESTMENT BANK Named #1 in retail deposit market share and #1 primary bank for U.S. small businesses Generated $28 billion of net income on revenue of $78 billion #1 #1 PRIVATE BANK AND ASSET MANAGER IN ARTIFICIAL INTELLIGENCE Named Best Private Bank in the World by Global Finance magazine and #1 asset manager by active flows Ranked #1 for overall artificial intelligence capabilities on the Evident AI Index for the fourth year in a row #1 #1 IN CREDIT CARDS TRADITIONAL MIDDLE MARKET BOOKRUNNER #1 credit card issuer in the U.S. by sales Ranked #1 Traditional Middle Market Bookrunner in the U.S. TOP 10 TOP 10 TOP COMPANIES FOR CAREER GROWTH MOST ADMIRED COMPANIES Ranked in the top 10 on LinkedIn s 2025 Top Companies list, which ranks the 50 best large U.S. companies for career growth Ranked in the top 10 on Fortune magazine s Most Admired Companies list for the ninth year in a row 1
Dear Fellow Shareholders, Jamie Dimon, Chairman and Chief Executive Officer In 2026, America is celebrating its 250th anniversary. Also this year, we are celebrating the 227th anniversary of JPMorganChase, which was founded in April 1799. This is the perfect time to rededicate ourselves to the values that made this great nation of ours freedom, liberty and opportunity and to recognize that we all stand on our country s shoulders. The challenges we all face are significant. The list is long but at the top are the terrible ongoing war and violence in Ukraine, the current war in Iran and the broader hostilities in the Middle East, terrorist activity and growing geopolitical tensions, importantly with China. Our hearts go out to those whose lives are profoundly affected by these crises. We sincerely hope these global conflicts are properly resolved and that one day all of Europe and the Middle East will attain long-term stability and prosperity. Even in troubled times, we have confidence that America will do what it has always done look to the values that have defined our singular nation and sustained our leadership of the free world. Despite the unsettling landscape, the U.S. economy continues to be resilient, with consumers still earning and spending (though with some recent weakening) and businesses still healthy. It is important to note that our economy has been fueled 2 INTRODUCTION
by large amounts of government deficit spending and past stimulus and that increased expenditure on infrastructure remains a growing need. Now, because of the war in Iran, we additionally face the potential for significant ongoing oil and commodity price shocks, along with the reshaping of global supply chains, which may lead to stickier inflation and ultimately higher interest rates than markets currently expect. Continual trade negotiations exacerbate the tense geopolitical issues. And high asset prices, which certainly feel good in the short run, create additional risk if anything goes wrong. In Section III of this letter, I describe in greater detail how we are dealing with these risks. JPMorganChase, a company that historically has worked across borders and boundaries, will do its part to ensure that the global economy is safe and secure, but we cannot confidently predict the outcome of current events, and our company is not immune to their ultimate effects. As we have for more than two centuries, we will continue to work through all of the complexities that confront us and continue to help our clients, including governments, always defending our values, even when challenged. Remember the poem If by Rudyard Kipling that begins If you can keep your head when all about you are losing theirs ? We will stay true to this. We must deal with the world we have and strive for the one we want. Two things are absolutely foundational to our long-term success: The first is that we run a great company, and the second, which is maybe more important, is that the vitality of America domestically and the future of the free and democratic world are strong. In the first part of this letter, I talk about issues unique to JPMorganChase and how we are addressing them, including constantly surmounting complexity, bureaucracy and complacency. And in the last two sections, I focus on the perils before us, both nationally and internationally, that require urgent, effective solutions. Throughout 2025, JPMorganChase demonstrated the power of its investment philosophy and guiding principles, as well as the value of being there for clients as we always are in both good times and bad times. The result was continued broad healthy growth across all our franchises, with the firm generating record revenue for the eighth consecutive year and setting numerous records in each of our lines of business. We earned revenue in 2025 of $185.6 billion1 and net income of $57.0 billion, with return on tangible common equity (ROTCE) of 20%, reflecting a strong underlying performance across all of our businesses. 1 Represents managed revenue. We also increased our quarterly common dividend from $1.25 per share to $1.40 per share in the first quarter of 2025 and again to $1.50 per share in the third quarter of 2025 while continuing to reinforce our fortress balance sheet. We grew market share in several of our businesses and continued to make INTRODUCTION 3
 • shareholder letter icon 4/6/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/4/2023 AMJ Stockholder Letter
 • stockholder letter icon 4/8/2024 AMJ Stockholder Letter
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AMJ Shareholder/Stockholder Letter Transcript:

Life, Liberty and
the Pursuit of
Happiness
Annual Report 2025

Financial Highlights
As of or for the year ended December 31,
(in millions, except per share, ratio data and employees)   
2025   
2024   
Selected income statement data
Total net revenue
Total noninterest expense    
Pre-provision profit(a)    
Provision for credit losses    
Net income   $

182,447
95,640   
86,807   
14,212 (e)   
57,048   

Per common share data
Net income per share:
Basic
Diluted    
Book value per share   
Tangible book value per share (TBVPS)(a)    
Cash dividends declared per share    
20.05  
20.02   
126.99   
107.56   
5.80   
19.79   
19.75   
116.07   
97.30   
4.80   
Selected ratios
Return on common equity (ROE)    
Return on tangible common equity (ROTCE)(a)    
Liquidity coverage ratio (average)(b)    
Common equity Tier 1 capital ratio     Standardized(c)(d)
Tier 1 capital ratio     Standardized(c)(d)    
Total capital ratio     Standardized(c)(d)    
17 %  
20   
111   
14.6 (f)   
15.5 (f)   
17.4 (f)   
18 %  
22    
113   
15.7   
16.8   
18.5   
2023
177,556 (g)
158,104
91,797 (g)   87,172
85,759   
70,932
10,678   
9,320
58,471  
49,552
16.25
16.23
104.45
86.08
4.10
17 %
21
113
15.0
16.6
18.5
Selected balance sheet data (period-end)
Loans
$ 1,493,429  
$ 1,347,988  
$ 1,323,706
Total assets
   4,424,900    4,002,814    3,875,393
Deposits
   2,559,320    2,406,032    2,400,688
Common stockholders    equity
342,393    324,708    300,474
Total stockholders    equity   
362,438    344,758   
327,878
Market data
Closing share price  $
Market capitalization
Common shares at period-end
Employees
322.22  
868,793   
2,696.2   
239.71  
670,618   
2,797.6   
170.10
489,320
2,876.6
318,512   
317,233   
309,926
(a)  Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (TCE) is also a non-GAAP financial measure.
Refer to Explanation and Reconciliation of the Firm   s Use of Non-GAAP Financial Measures on pages 59   61 for a discussion of these measures.
(b)   Refer to Liquidity Risk Management on pages 100   107 for additional information on this measure.
(c)  Refer to Note 27 for additional information on these measures.
(d)  As of December 31, 2025, the Advanced risk-based ratios became more binding on the Firm than the Standardized risk-based ratios. Refer to
Capital Risk Management on pages 89   99 for additional information.
(e)  Includes a provision for lending-related commitments of $2.2 billion related to the Apple Card transaction. Refer to Executive Overview on page
47 for additional information.
(f)  Includes a decrease of approximately 25 basis points under the Standardized approach related to the Apple Card transaction. Refer to Capital
Risk Management on pages 89   99 for additional information.
(g)  Total net revenue included a $7.9 billion net gain related to Visa shares, and total noninterest expense included a $1.0 billion contribution of Visa
shares to the JPMorgan Chase Foundation. Refer to Note 6 for additional information.
JPMorganChase (NYSE: JPM) is a leading financial services firm with assets of $4.4 trillion
and operations worldwide. The firm is a leader in investment banking, financial services
for consumers and small businesses, commercial banking, financial transaction processing
and asset management. Under the J.P. Morgan and Chase brands, the firm serves millions
of customers, predominantly in the U.S., and many of the world   s most prominent corporate,
institutional and government clients globally.
Information about J.P. Morgan   s capabilities can be found at jpmorgan.com and about Chase   s
capabilities at chase.com. Information about JPMorganChase is available at jpmorganchase.com.

2025
Another Year of Firsts
#1
#1
IN DEPOSITS AND FOR SMALL BUSINESSES
COMMERCIAL & INVESTMENT BANK
Named #1 in retail deposit market share
and #1 primary bank for U.S. small businesses
Generated $28 billion of net income
on revenue of $78 billion
#1
#1
PRIVATE BANK AND ASSET MANAGER
IN ARTIFICIAL INTELLIGENCE
Named Best Private Bank in the World
by Global Finance magazine
and #1 asset manager by active flows
Ranked #1 for overall artificial intelligence
capabilities on the Evident AI Index
for the fourth year in a row
#1
#1
IN CREDIT CARDS
TRADITIONAL MIDDLE MARKET BOOKRUNNER
#1 credit card issuer
in the U.S. by sales
Ranked #1
Traditional Middle Market Bookrunner in the U.S.
TOP 10
TOP 10
TOP COMPANIES FOR CAREER GROWTH
MOST ADMIRED COMPANIES
Ranked in the top 10 on LinkedIn   s 2025
Top Companies list, which ranks the 50 best large
U.S. companies for career growth
Ranked in the top 10 on
Fortune magazine   s Most Admired Companies list
for the ninth year in a row
1

Dear Fellow Shareholders,
Jamie Dimon,
Chairman and
Chief Executive Officer
In 2026, America is celebrating its 250th anniversary. Also this year, we are
celebrating the 227th anniversary of JPMorganChase, which was founded in April
1799. This is the perfect time to rededicate ourselves to the values that made this
great nation of ours     freedom, liberty and opportunity     and to recognize that
we all stand on our country   s shoulders.
The challenges we all face are significant. The list is long but at the top are the
terrible ongoing war and violence in Ukraine, the current war in Iran and the
broader hostilities in the Middle East, terrorist activity and growing geopolitical
tensions, importantly with China. Our hearts go out to those whose lives are
profoundly affected by these crises. We sincerely hope these global conflicts are
properly resolved and that one day all of Europe and the Middle East will attain
long-term stability and prosperity. Even in troubled times, we have confidence
that America will do what it has always done     look to the values that have
defined our singular nation and sustained our leadership of the free world.
Despite the unsettling landscape, the U.S. economy continues to be resilient, with
consumers still earning and spending (though with some recent weakening) and
businesses still healthy. It is important to note that our economy has been fueled
2
INTRODUCTION

by large amounts of government deficit spending and past stimulus and that
increased expenditure on infrastructure remains a growing need. Now, because
of the war in Iran, we additionally face the potential for significant ongoing oil and
commodity price shocks, along with the reshaping of global supply chains, which
may lead to stickier inflation and ultimately higher interest rates than markets
currently expect. Continual trade negotiations exacerbate the tense geopolitical
issues. And high asset prices, which certainly feel good in the short run, create
additional risk if anything goes wrong. In Section III of this letter, I describe in
greater detail how we are dealing with these risks.
JPMorganChase, a company that historically has worked across borders and
boundaries, will do its part to ensure that the global economy is safe and secure,
but we cannot confidently predict the outcome of current events, and our
company is not immune to their ultimate effects. As we have for more than two
centuries, we will continue to work through all of the complexities that confront us
and continue to help our clients, including governments, always defending our
values, even when challenged.
Remember the poem    If       by Rudyard Kipling that begins    If you can keep your
head when all about you are losing theirs   ? We will stay true to this. We must deal
with the world we have     and strive for the one we want.
Two things are absolutely foundational to our long-term success: The first is
that we run a great company, and the second, which is maybe more important,
is that the vitality of America domestically and the future of the free and
democratic world are strong. In the first part of this letter, I talk about issues
unique to JPMorganChase and how we are addressing them, including constantly
surmounting complexity, bureaucracy and complacency. And in the last two
sections, I focus on the perils before us, both nationally and internationally, that
require urgent, effective solutions.
Throughout 2025, JPMorganChase demonstrated the power of its investment
philosophy and guiding principles, as well as the value of being there for clients    
as we always are     in both good times and bad times. The result was continued
broad healthy growth across all our franchises, with the firm generating record
revenue for the eighth consecutive year and setting numerous records in each of
our lines of business. We earned revenue in 2025 of $185.6 billion1 and net income
of $57.0 billion, with return on tangible common equity (ROTCE) of 20%, reflecting
a strong underlying performance across all of our businesses.
1 Represents managed
revenue.
We also increased our quarterly common dividend from $1.25 per share to
$1.40 per share in the first quarter of 2025     and again to $1.50 per share in the
third quarter of 2025     while continuing to reinforce our fortress balance sheet.
We grew market share in several of our businesses and continued to make
INTRODUCTION
3


shareholder letter icon 4/6/2026 Letter Continued (Full PDF)
 

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