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NYSE: JPM JPMORGAN CHASE & CO 10-Q

JPMorgan Chase's second-quarter net income rose 41.2% to $21.16B, including a $4.51B initial gain on the Visa share exchange.

Filed August 6, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 5, 2025 · ~1 min read

Key Financials

SEC XBRL
Metric PriorJun 30, 2025 CurrentJun 30, 2026 Δ
Net interest and noninterest income $44.9B $57.3B ▲ +27.7%
Net income $15.0B $21.2B ▲ +41.2%
Net income (to common) $14.6B $20.8B ▲ +41.8%
Diluted EPS $5.24 $7.70 ▲ +46.9%
Cash & equivalents $420.3B $309.8B ▼ -26.3%
Total assets $4,552.5B $5,015.1B ▲ +10.2%

As reported in XBRL by the filer · 10-Q vs 10-Q. Income figures cover the fiscal quarter (not year-to-date); cash & assets are period-end balances. n/m = not meaningful (sign change; a % would mislead). about this table · verify on EDGAR →

7 key changes 4 high relevance 5 sections

Key Changes

  • high

    Total net revenue increased 27.7% to $57.35B in the second quarter, with noninterest revenue up 46.7% to $31.84B.

  • high

    Net income rose 41.2% to $21.16B, including a $4.51B initial gain on the Visa share exchange, and diluted earnings per share increased 46.9% to $7.70.

  • medium

    The Commercial & Investment Bank segment's net income grew 45.5% to $9.68B, including a $4.51B initial gain on the Visa share exchange, while Consumer & Community Banking net income rose 2.7% to $5.31B.

  • medium

    Total assets reached $5,015.07B at June 30, 2026, up 13.3% from year-end 2025.

  • high

    The Board authorized a new $50 billion common share repurchase program effective July 1, 2026, replacing the prior $50 billion program.

  • medium

    The Firm added new material legal proceedings, including Cash Sweep Related Matters and Fair Access to Banking, and the upper end of the estimated aggregate range of reasonably possible losses increased to $1.3 billion.

  • high

    In the quarter, pre-tax income rose 50.5% to $27.52B while net income rose 41.2% to $21.16B; income taxes were 23.1% of pre-tax income, against 18.0% a year earlier.

Summary

JPMorgan Chase reported strong second-quarter results, with total net revenue rising 27.7% to $57.35B. Net interest income increased 9.9% to $25.51B, while noninterest revenue surged 46.7% to $31.84B. Net income rose 41.2% to $21.16B, including a $4.51B initial gain on the Visa share exchange, and diluted earnings per share increased 46.9% to $7.70.

By segment, the Commercial & Investment Bank delivered net income of $9.68B, up 45.5%, including a $4.51B initial gain on the Visa share exchange. Consumer & Community Banking net income increased 2.7% to $5.31B, while Asset & Wealth Management net income rose 32.9% to $1.96B.

The balance sheet expanded, with total assets reaching $5,015.07B at June 30, 2026, up 13.3% from year-end 2025. The Board authorized a new $50 billion common share repurchase program effective July 1, 2026, replacing the prior $50 billion program. The Firm also disclosed new material legal proceedings, including Cash Sweep Related Matters and Fair Access to Banking, and the upper end of the estimated aggregate range of reasonably possible losses increased to $1.3 billion.

Section-by-Section Diff

MD&A

~5,400 words (+4% vs prior)

The MD&A glossary and line-of-business metrics were updated with minor definitional changes, including a new 'Stock Plan Administration' entry and revised Basel III terminology.

1 Added 3 Modified
Show 4 minor / wording changes
Substantive Edit MEV definition low

Previous filing · verify on EDGAR →

MEV: Macroeconomic variable

Current filing · verify on EDGAR →

MEVs: "Macroeconomic variables": Refer to quantitative measures of current and forecasted macroeconomic conditions - such as the unemployment rates, gross domestic product growth rate and interest rates - used by the Firm in its models to estimate credit losses.

The definition of MEV was expanded from a simple term to a detailed description of macroeconomic variables used in credit loss models.

Added Stock Plan Administration low

Added in current filing · verify on EDGAR →

Stock Plan Administration: Relates to an equity plan administration business which was acquired in 2022 with the Firm’s purchase of Global Shares.

A new glossary entry was added for Stock Plan Administration, describing the business acquired in 2022.

Substantive Edit Market risk disclosure reference low

Previous filing · verify on EDGAR →

Refer to the Market Risk Management section of Management’s discussion and analysis and pages 141–149 of JPMorganChase’s 2024 Form 10-K for a discussion of the quantitative and qualitative disclosures about market risk.

Current filing · verify on EDGAR →

Refer to the Market Risk Management section of Management’s discussion and analysis and pages 133-142 of JPMorganChase’s 2025 Form 10-K for a discussion of the quantitative and qualitative disclosures about market risk.

The cross-reference to the Form 10-K was updated from the 2024 to the 2025 filing and the page numbers changed accordingly.

Substantive Edit Internal control report reference low

Previous filing · verify on EDGAR →

Refer to “Management’s report on internal control over financial reporting” on page 168 of JPMorganChase’s 2024 Form 10-K for further information.

Current filing · verify on EDGAR →

Refer to “Management’s report on internal control over financial reporting” on page 161 of JPMorganChase’s 2025 Form 10-K for further information.

The reference to the internal control report was updated to the 2025 Form 10-K and the page number changed from 168 to 161.

Risk Factors

~80 words (unchanged vs prior)

Risk factors section updated to reference the 2025 Form 10-K and revised page numbers.

2 Modified
Show 2 minor / wording changes
Substantive Edit Reference to Form 10-K and page numbers low

Previous filing · verify on EDGAR →

Refer to Part I, Item 1A: Risk Factors on pages 10–37 of JPMorganChase’s 2024 Form 10-K and Forward-Looking Statements on page 90 of this Form 10-Q

Current filing · verify on EDGAR →

Refer to Part I, Item 1A: Risk Factors on pages 9–31 of JPMorganChase’s 2025 Form 10-K and Forward-Looking Statements on page 92 of this Form 10-Q

The risk factors section now refers to the 2025 Form 10-K instead of the 2024 Form 10-K, with updated page numbers for the risk factors discussion and forward-looking statements.

Substantive Edit Supervision and regulation reference low

Previous filing · verify on EDGAR →

Refer to the Supervision and regulation section on pages 2–7 of JPMorganChase’s 2024 Form 10-K

Current filing · verify on EDGAR →

Refer to the Supervision and regulation section on pages 2-6 of JPMorganChase’s 2025 Form 10-K

The supervision and regulation reference now points to the 2025 Form 10-K with updated page numbers.

Notes

~67,800 words (unchanged vs prior)

The Firm disclosed a new $50 billion common share repurchase program authorized on June 24, 2026, effective July 1, 2026, replacing the prior $50 billion program.

1 Removed 2 Modified
Substantive Edit Common share repurchase program authorization medium

Previous filing · verify on EDGAR →

On July 1, 2025, the Firm announced that its Board of Directors had authorized a new $50 billion common share repurchase program, effective July 1, 2025. Through June 30, 2025, the Firm was authorized to purchase up to $30 billion of common shares under its previously-approved common share repurchase program that was announced on June 28, 2024.

Current filing · verify on EDGAR →

On June 24, 2026, the Firm announced that its Board of Directors had authorized a new $50 billion common share repurchase program, effective July 1, 2026. Through June 30, 2026, the Firm was authorized to purchase up to $50 billion of common shares under its previously-approved common share repurchase program that was announced on July 1, 2025.

The Board authorized a new $50 billion repurchase program effective July 1, 2026, replacing the prior $50 billion program announced July 1, 2025.

Show 2 minor / wording changes
Substantive Edit Rule 10b5-1 trading arrangement disclosure low

Previous filing · verify on EDGAR →

During the second quarter of 2025, no director or officer who is subject to the filing requirements of Section 16 of the Securities Exchange Act of 1934 ("Section 16 Director or Officer") adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (each, as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934).

Current filing · verify on EDGAR →

The following table provides information concerning Rule 10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934) adopted in the second quarter of 2026, by any director or officer who is subject to the filing requirements of Section 16 of the Securities Exchange Act of 1934 (each a "Section 16 Director or Officer").

The current filing discloses a Rule 10b5-1 trading arrangement adopted by an officer in the second quarter of 2026, whereas the prior filing stated no such arrangements were adopted or terminated in the second quarter of 2025.

Removed Iran threat reduction disclosure low

Removed from previous filing · verify on EDGAR →

During the second quarter of 2025, a non-U.S. subsidiary of the Firm processed three payments, each valued at the equivalent of approximately USD 130, for its client, a non-U.S. person, where the Iranian Embassy in London, U.K. was the beneficiary.

This disclosure is absent from the current filing.

Controls

~300 words (unchanged vs prior)

No material changes; only the page reference to the Form 10-K was updated.

1 Modified
Show 1 minor / wording change
Substantive Edit Form 10-K page reference low

Previous filing · verify on EDGAR →

Refer to “Management’s report on internal control over financial reporting” on page 168 of JPMorganChase’s 2024 Form 10-K for further information.

Current filing · verify on EDGAR →

Refer to “Management’s report on internal control over financial reporting” on page 161 of JPMorganChase’s 2025 Form 10-K for further information.

The page number and year of the referenced Form 10-K were updated from page 168 of the 2024 Form 10-K to page 161 of the 2025 Form 10-K.

Financial Statements

Primary statements as printed on the EDGAR filing (iXBRL face). Companyfacts is used only when a statement is not on the HTML face. Not generated by the model.

As filed

Consolidated statements of income (Unaudited)

(in millions, except per share data)

Description Three months ended June 30, 2026 Three months ended June 30, 2025 Six months ended June 30, 2026 Six months ended June 30, 2025
Revenue
Investment banking fees 3,208 2,499 6,066 4,677
Principal transactions 9,007 7,149 16,994 14,763
Lending- and deposit-related fees 2,511 2,248 4,905 4,380
Asset management fees 5,658 4,806 11,173 9,506
Commissions and other fees 2,614 2,194 5,096 4,227
Investment securities losses (395) (54) (331) (91)
Mortgage fees and related income 336 363 645 641
Card income 1,348 1,344 2,538 2,560
Other income 7,549 1,154 9,220 3,077
Noninterest revenue 31,836 21,703 56,306 43,740
Interest income 50,624 48,241 99,815 95,094
Interest expense 25,113 25,032 48,938 48,612
Net interest income 25,511 23,209 50,877 46,482
Total net revenue 57,347 44,912 107,183 90,222
Provision for credit losses 2,515 2,849 5,022 6,154
Noninterest expense
Compensation expense 15,159 13,710 30,498 27,803
Occupancy expense 1,482 1,264 2,929 2,566
Technology, communications and equipment expense 3,107 2,704 6,128 5,282
Professional and outside services 3,855 3,006 7,338 5,845
Marketing 1,670 1,279 3,274 2,583
Other expense 2,043 1,816 3,999 3,297
Total noninterest expense 27,316 23,779 54,166 47,376
Income before income tax expense 27,516 18,284 47,995 36,692
Income tax expense 6,361 3,297 10,346 7,062
Net income 21,155 14,987 37,649 29,630
Net income applicable to common stockholders 20,752 14,630 36,901 28,948
Net income per common share data
Basic earnings per share 7.71 5.25 13.65 10.32
Diluted earnings per share 7.70 5.24 13.63 10.31
Weighted-average basic shares 2,689.9 2,788.7 2,703.1 2,804.0
Weighted-average diluted shares 2,694.2 2,793.7 2,707.2 2,809.0

Consolidated balance sheets (Unaudited)

(in millions, except share data)

Description June 30, 2026 December 31, 2025
Assets
Cash and due from banks 24,720 21,742
Deposits with banks 285,091 321,596
Federal funds sold and securities purchased under resale agreements (included $432,939 and $327,018 at fair value) 446,143 336,426
Securities borrowed (included $118,384 and $98,111 at fair value) 362,487 286,191
Trading assets (included assets pledged of $267,907 and $165,927) 1,062,072 802,873
Available-for-sale securities (amortized cost of $538,689 and $507,226; included assets pledged of $12,007 and $7,735) 536,048 507,198
Held-to-maturity securities 268,474 270,134
Investment securities, net of allowance for credit losses 804,522 777,332
Loans (included $62,889 and $70,684 at fair value) 1,542,462 1,493,429
Allowance for loan losses (26,152) (25,765)
Loans, net of allowance for loan losses 1,516,310 1,467,664
Accrued interest and accounts receivable 179,939 111,599
Premises and equipment 37,701 36,244
Goodwill, MSRs and other intangible assets 64,304 64,458
Other assets (included $32,431 and $15,849 at fair value and assets pledged of $16,137 and $11,984) 231,780 198,775
Total assets(a) 5,015,069 4,424,900
Liabilities
Deposits (included $26,229 and $20,930 at fair value) 2,713,700 2,559,320
Federal funds purchased and securities loaned or sold under repurchase agreements (included $568,730 and $360,194 at fair value) 704,918 442,396
Short-term borrowings (included $29,967 and $32,460 at fair value) 72,430 64,776
Trading liabilities 275,136 216,019
Accounts payable and other liabilities (included $18,383 and $6,660 at fair value) 384,290 316,794
Beneficial interests issued by consolidated VIEs (included $5 and $5 at fair value) 29,474 27,951
Long-term debt (included $156,056 and $134,559 at fair value) 460,523 435,206
Total liabilities(a) 4,640,471 4,062,462
Commitments and contingencies (refer to Notes 22, 23 and 24)
Stockholders’ equity
Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,105,375 and 2,005,375 shares) 21,040 20,045
Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares) 4,105 4,105
Additional paid-in capital 90,559 91,114
Retained earnings 445,020 416,055
Accumulated other comprehensive losses (7,693) (4,290)
Treasury stock, at cost (1,446,747,700 and 1,408,661,319 shares) (178,433) (164,591)
Total stockholders’ equity 374,598 362,438
Total liabilities and stockholders’ equity 5,015,069 4,424,900

Consolidated statements of cash flows (Unaudited)

(in millions)

Description Six months ended June 30, 2026 Six months ended June 30, 2025
Operating activities
Net income 37,649 29,630
Adjustments to reconcile net income to net cash used in operating activities:
Provision for credit losses 5,022 6,154
Depreciation and amortization 4,681 4,240
Deferred tax (benefit)/expense 127 (418)
Initial gain on the Visa share exchange (4,509) —
Other 1,432 979
Originations and purchases of loans held-for-sale (138,988) (133,098)
Proceeds from sales, securitizations and paydowns of loans held-for-sale 145,881 120,504
Net change in:
Trading assets (253,978) (245,618)
Securities borrowed (76,298) (4,434)
Accrued interest and accounts receivable (69,352) (23,853)
Other assets (24,142) (5,048)
Trading liabilities 74,762 29,763
Accounts payable and other liabilities 59,493 (7,760)
Other operating adjustments 1,176 6,667
Net cash (used in) operating activities (237,044) (222,292)
Investing activities
Net change in:
Federal funds sold and securities purchased under resale agreements (109,784) (175,516)
Held-to-maturity securities:
Proceeds from paydowns and maturities 24,438 18,147
Purchases (23,058) (3,167)
Available-for-sale securities:
Proceeds from paydowns and maturities 26,155 17,957
Proceeds from sales 110,842 85,495
Purchases (172,073) (172,126)
Proceeds from sales and securitizations of loans held-for-investment 29,127 25,940
Other changes in loans, net (91,082) (83,166)
All other investing activities, net (5,941) (4,700)
Net cash (used in) investing activities (211,376) (291,136)
Financing activities
Net change in:
Deposits 149,395 153,462
Federal funds purchased and securities loaned or sold under repurchase agreements 262,558 298,493
Short-term borrowings 6,954 10,772
Beneficial interests issued by consolidated VIEs (517) (31)
Proceeds from long-term borrowings 85,466 53,884
Payments of long-term borrowings (59,953) (50,821)
Proceeds from issuance of preferred stock 3,000 3,000
Redemption of preferred stock (2,000) (3,000)
Treasury stock repurchased (15,113) (15,034)
Dividends paid (8,716) (8,028)
All other financing activities, net (1,595) (1,834)
Net cash provided by financing activities 419,479 440,863
Effect of exchange rate changes on cash and due from banks and deposits with banks (4,586) 23,575
Net decrease in cash and due from banks and deposits with banks (33,527) (48,990)
Cash and due from banks and deposits with banks at the beginning of the period 343,338 469,317
Cash and due from banks and deposits with banks at the end of the period 309,811 420,327
Cash interest paid 48,435 47,937
Cash income taxes paid, net 6,036 4,685

Amounts as printed on the EDGAR/iXBRL face — (in millions, except per share data); (in millions, except share data); (in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗

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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 26, 2026 · How we verify