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Get filing alertsJPMorgan Q2 2026 net income rises 41.2% to $21.2B; new litigation on cash sweep, Trump suit
Filed August 6, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 5, 2025 · ~2 min read
Key Financials
SEC XBRL| Metric | PriorJun 30, 2025 | CurrentJun 30, 2026 | Δ |
|---|---|---|---|
| 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 →
Key Number Changes
Prior filing · verify on EDGAR →
The Firm believes the estimate of the aggregate range of reasonably possible losses, in excess of reserves established, for its legal proceedings is from $0 to approximately $1.1 billion at June 30, 2025.
Current filing · verify on EDGAR →
The Firm estimates the aggregate range of reasonably possible losses, in excess of reserves established, for its legal proceedings is from $0 to approximately $1.3 billion at June 30, 2026.
Prior filing · verify on EDGAR →
The Firm’s legal expense was $118 million and $317 million for the three months ended June 30, 2025 and 2024, respectively.
Current filing · verify on EDGAR →
The Firm’s legal expense was $116 million and $118 million for the three months ended June 30, 2026 and 2025, respectively.
Prior filing · verify on EDGAR →
Total assets measured at fair value on a recurring basis $ 834,995 $ 1,734,828 $ 25,494 $ (596,489) $ 1,998,828
Current filing · verify on EDGAR →
Total assets measured at fair value on a recurring basis $ 1,037,455 $ 1,807,859 $ 29,965 $ (622,833) $ 2,252,446
Prior filing · verify on EDGAR →
Total liabilities measured at fair value on a recurring basis $ 147,103 $ 1,348,805 $ 60,542 $ (604,238) $ 952,212
Current filing · verify on EDGAR →
Total liabilities measured at fair value on a recurring basis $ 181,315 $ 1,459,202 $ 76,139 $ (642,150) $ 1,074,506
Prior 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.
Prior filing · view on EDGAR →
Year-to-date 59,754,580 $ 252.09 $ 15,063 $ 4,263
Current filing · view on EDGAR →
Year-to-date 49,255,001 $ 305.16 $ 15,031 $ 18,392
Key Changes
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high
Net income rose 41.2% to $21.2B in Q2 2026, with diluted EPS up 46.9% to $7.70. The Firm repurchased $15.1B of shares year-to-date through June 30, 2026, and announced a new $50B buyback program effective July 1, 2026.
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high
New litigation: putative class actions filed over interest rates paid to brokerage clients in the cash sweep program. District Court partially denied dismissal in February 2026, allowing breach of contract claims; plaintiffs filed for class certification in June 2026.
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high
President Trump filed a civil lawsuit in January 2026 against JPMorgan Chase Bank and its CEO regarding banking access policies, following an August 2025 Executive Order on fair banking. The suit was removed to federal court; the Firm is also responding to government requests and other investigations at various stages.
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high
U.S. dollar LIBOR litigation resolved favorably: Southern District of New York granted summary judgment for defendants in September 2025, decertified the class, and dismissed all claims with prejudice. Plaintiffs have appealed.
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medium
Reasonably possible loss range for legal proceedings increased $200M to $1.3B at June 30, 2026, reflecting evolving litigation exposure. Interchange litigation opt-out settlement coverage rose from over 80% to over 90% of payment card sales volume.
Summary
JPMorgan Chase reported strong Q2 2026 results with net income rising 41.2% to $21.2 billion and diluted EPS up 46.9% to $7.70. The Firm executed $15.1 billion of share repurchases year-to-date and announced a new $50 billion buyback program effective July 1, 2026. The litigation landscape shifted materially: new putative class actions over cash sweep interest rates survived partial dismissal and are moving toward class certification, while President Trump's January 2026 lawsuit over banking access policies adds regulatory and reputational exposure tied to the August 2025 Executive Order on fair banking.
On the positive side, the Firm won summary judgment on all remaining U.S. dollar LIBOR claims in September 2025, though plaintiffs have appealed. The reasonably possible loss range increased $200 million to $1.3 billion, reflecting the evolving litigation portfolio, but the Firm resolved opt-out interchange actions covering over 90% of payment card sales volume and saw the 1MDB matter drop from disclosure. Watch for class certification rulings in the cash sweep litigation and the outcome of the Trump lawsuit as it proceeds in federal court.
Section-by-Section Diff
Legal Proceedings
Reasonably possible loss range increased $200M to $1.3B; new Fair Access to Banking litigation added; 1MDB matter removed; progress on several matters.
Previous filing · verify on EDGAR →
The Firm believes the estimate of the aggregate range of reasonably possible losses, in excess of reserves established, for its legal proceedings is from $0 to approximately $1.1 billion at June 30, 2025.
Current filing · verify on EDGAR →
The Firm estimates the aggregate range of reasonably possible losses, in excess of reserves established, for its legal proceedings is from $0 to approximately $1.3 billion at June 30, 2026.
The upper bound of JPMorgan's estimated reasonably possible losses increased from $1.1 billion to $1.3 billion year-over-year, a $200 million increase. This reflects evolving litigation exposure across the portfolio of legal proceedings, though the filing does not attribute the increase to any single matter.
Added in current filing · verify on EDGAR →
Cash Sweep Related Matters. Putative class actions have been filed against the Firm relating to interest rates paid to non-managed brokerage clients in the Firm’s cash sweep program. The matters have been consolidated in the United States District Court for the Southern District of New York. In February 2026, the District Court issued a ruling granting, in part, and denying, in part, the Firm’s motion to dismiss, leaving express and implied breach of contract claims. In June 2026, the plaintiffs filed a motion to certify the consolidated matter as a class action. In addition, certain state securities regulators have requested information related to the Firm’s cash sweep program.
New disclosure of putative class actions and state regulatory inquiries regarding interest rates paid to brokerage clients in JPMorgan's cash sweep program. The District Court partially denied the Firm's motion to dismiss in February 2026, allowing breach of contract claims to proceed, and plaintiffs filed for class certification in June 2026.
Added in current filing · verify on EDGAR →
Fair Access to Banking. In August 2025, the President of the United States issued an Executive Order entitled “Guaranteeing Fair Banking for All Americans” that addressed access to financial services and directed several actions by certain federal agencies, including a review and revision of their internal policies and manuals. JPMorganChase is responding to requests from government authorities and other external parties regarding, among other things, the Firm’s policies and processes and the provision of services to customers and potential customers. Certain of these matters are at various stages, including reviews, investigations, and legal proceedings. These include a civil lawsuit filed in January 2026 in Florida state court by President Donald J. Trump, in his personal capacity, and several affiliated corporate entities, against JPMorgan Chase Bank, N.A. and its CEO, which defendants have removed to federal court and plaintiffs are challenging.
New disclosure of multiple matters stemming from an August 2025 Executive Order on banking access. JPMorgan is responding to government requests regarding customer access policies and faces a civil lawsuit filed by President Trump in January 2026 (removed to federal court). The matters are at various stages including reviews, investigations, and litigation.
Removed from previous filing · verify on EDGAR →
1MDB Litigation. J.P. Morgan (Suisse) SA was named as a defendant in a civil litigation filed in May 2021 in Malaysia by 1Malaysia Development Berhad (“1MDB”), a Malaysian state-owned and controlled investment fund. The claim alleges “dishonest assistance” against J.P. Morgan (Suisse) SA in relation to payments of $300 million and $500 million, from 2009 and 2010, respectively, received from 1MDB and paid into an account at J.P. Morgan (Suisse) SA held by 1MDB PetroSaudi Limited, a joint venture company between 1MDB and PetroSaudi Holdings (Cayman) Limited. In March 2024, the Court upheld the Firm's challenge to the validity of service and the Malaysian Court’s jurisdiction to hear the claim. That decision has been appealed by 1MDB. In August 2023, the Court denied an application by 1MDB to discontinue its claim with permission to re-file a new claim in the future. That decision was appealed by both 1MDB and the Firm, and an appeals court is scheduled to hear both appeals in November 2025. In its appeal, the Firm seeks to prevent any claim from continuing. In addition, in November 2023, the Federal Office of the Attorney General (OAG) in Switzerland notified J.P. Morgan (Suisse) SA that it is conducting an investigation into possible criminal liability in connection with transactions arising from J.P. Morgan (Suisse) SA’s relationship with the 1MDB PetroSaudi joint venture and its related persons for the period September 2009 through August 2015. The OAG investigation is ongoing.
The 1MDB litigation and Swiss criminal investigation disclosure has been removed from the current filing. The baseline disclosed both a Malaysian civil lawsuit (with appeals scheduled for November 2025) and an ongoing Swiss criminal investigation by the OAG. No status update or resolution is provided in the current filing.
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With respect to civil litigation matters, some FX-related individual and putative class actions filed outside the U.S., including in the U.K., Israel, the Netherlands, Brazil and Australia remain. In July 2023, the U.K. Court of Appeal overturned the Competition Appeal Tribunal's earlier denial of a request for class certification on an opt-out basis. The defendants have appealed this decision to the U.K. Supreme Court. In Israel, a settlement in principle has been reached on the putative class action, which remains subject to court approval. In Australia, the parties have reached an agreement in principle to settle the class action. The settlement is subject to Court approval.
Current filing · verify on EDGAR →
With respect to civil litigation matters, some FX-related individual and putative class actions filed outside the U.S., including in the U.K., Israel, the Netherlands and Brazil remain. In December 2025, the U.K. Supreme Court confirmed the initial decision of the Competition Appeal Tribunal, which denied a request for class certification on an opt-out basis. In Israel, a settlement in principle has been reached on the putative class action, which remains subject to court approval.
The U.K. Supreme Court ruled in December 2025, confirming the denial of opt-out class certification (favorable to JPMorgan). The Australian class action settlement reference was removed, suggesting that matter has been resolved or is no longer material. The list of jurisdictions with remaining actions no longer includes Australia.
Previous filing · verify on EDGAR →
In June 2024, the District Court denied preliminary approval of a settlement of the injunctive class action in which Visa and Mastercard agreed to certain changes to their respective network rules and system-wide reductions in interchange rates for U.S.-based merchants. The parties are considering next steps.
Current filing · verify on EDGAR →
In June 2024, the District Court for the Eastern District of New York denied preliminary approval of a settlement of the injunctive class action in which Visa and Mastercard agreed to certain changes to their respective network rules and system-wide reductions in interchange rates for U.S.-based merchants. In June 2026, the District Court granted preliminary approval of a superseding and amended class settlement between those parties, and has set a hearing on final approval of that settlement in November 2026.
After the June 2024 denial of preliminary approval, the parties negotiated a superseding settlement that received preliminary approval in June 2026. A final approval hearing is scheduled for November 2026. This represents progress toward resolving the injunctive relief class action.
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Of the merchants who opted out of the damages class settlement, certain merchants filed individual actions raising similar allegations against Visa and Mastercard, as well as against the Firm and other banks. While some of those actions remain pending, the defendants have reached settlements with the merchants who opted out representing over 80% of the combined Mastercard-branded and Visa-branded payment card sales volume. A number of these actions are pending in the United States District Court for the Southern District of New York, and that court has scheduled a trial of the claims brought by several merchants to begin in April 2026.
Current filing · verify on EDGAR →
Of the merchants who opted out of the damages class settlement, certain merchants filed individual actions raising similar allegations against Visa and Mastercard, as well as against the Firm and other banks. The defendants have reached settlements with the merchants who opted out representing over 90% of the combined Mastercard-branded and Visa-branded payment card sales volume. The remaining opt out actions are pending. The parties resolved actions which were pending in the United States District Court for the Southern District of New York and were scheduled to begin trial in April 2026. Other actions are pending in the United States District Court for the Northern District of Illinois and are scheduled for trial in September 2026.
JPMorgan and co-defendants increased their settlement coverage of opt-out merchants from over 80% to over 90% of payment card sales volume. The Southern District of New York actions scheduled for April 2026 trial were resolved. Remaining actions in the Northern District of Illinois are scheduled for trial in September 2026.
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In addition, the Firm has been named as a defendant along with other banks in various individual and putative class actions related to benchmark rates, including U.S. dollar LIBOR. In actions related to U.S. dollar LIBOR during the period that it was administered by the BBA, the United States District Court for the Southern District of New York granted class certification of antitrust claims related to bonds and interest rate swaps sold directly by the defendants, including the Firm. The Firm has obtained dismissal of certain actions and resolved certain other actions, and as to all remaining actions has moved for summary judgment. In addition, a lawsuit filed by a group of individual plaintiffs asserting antitrust claims, alleging that the Firm and other defendants were engaged in an unlawful agreement to set U.S. dollar LIBOR and conspired to monopolize the market for LIBOR-based consumer loans and credit cards was dismissed in October 2023 and affirmed on appeal by the United States Court of Appeals for the Ninth Circuit in December 2024. In June 2025, the United States Supreme Court denied these plaintiffs’ petition for certiorari. The Firm has resolved all non-U.S. dollar LIBOR actions.
Current filing · verify on EDGAR →
In addition, the Firm was named as a defendant along with other banks in various individual and putative class actions related to benchmark rates, including U.S. dollar LIBOR. In September 2025, the United States District Court for the Southern District of New York granted summary judgment in favor of the defendants on all remaining claims related to U.S. dollar LIBOR, decertified the class, and dismissed all claims in their entirety with prejudice to refiling. Plaintiffs have filed an appeal.
In September 2025, the Southern District of New York granted summary judgment for defendants on all remaining U.S. dollar LIBOR claims, decertified the class, and dismissed all claims with prejudice. This is a significant favorable development. Plaintiffs have appealed. The prior disclosure about class certification, pending summary judgment motions, and the Ninth Circuit consumer-loan case has been replaced with this outcome.
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Russian courts have entered judgment against the Firm in a number of claims, including one for $439 million, and a judgment has been executed against assets held onshore by the Firm in Russia. The total amount of the judgments exceeds the total amount of available assets that the Firm holds in Russia. Russian courts have nevertheless allowed plaintiffs to withhold dividends due to the Firm’s clients for the purpose of satisfying judgments, which the Firm is opposing as unlawful. The Firm continues to appeal the Russian courts' decisions, and judgments may not be executed while on appeal.
Current filing · verify on EDGAR →
Russian courts have ... entered judgment against the Firm in a number of claims. This includes one claim for $439 million, for which the courts have stayed the enforcement of the judgment against the Firm's unprotected assets in Russia pending the outcome of an appeal, and a judgment for another claim has been executed against assets held onshore by the Firm in Russia. The total amount of the judgments exceeds the total amount of available assets that the Firm holds in Russia. Russian courts have allowed plaintiffs to withhold dividends due to the Firm’s clients for the purpose of satisfying ... judgments, which the Firm is opposing as unlawful. The Firm continues to appeal the Russian courts' decisions, but certain judgments are now enforceable against Firm assets in Russia.
The Russian litigation disclosure now states that the $439 million judgment has a stay on enforcement pending appeal, but also notes that "certain judgments are now enforceable against Firm assets in Russia" (replacing the prior statement that "judgments may not be executed while on appeal"). This reflects a mixed enforcement picture with some judgments now executable.
Show 4 minor / wording changes
Previous filing · verify on EDGAR →
Amrapali. India’s Enforcement Directorate (“ED”) is investigating J.P. Morgan India Private Limited in connection with investments made in 2010 and 2012 by two offshore funds formerly managed by JPMorganChase entities into residential housing projects developed by the Amrapali Group (“Amrapali”) relating to delays in delivering or failure to deliver residential units. In August 2021, the ED issued an order fining J.P. Morgan India Private Limited approximately $31.5 million, and the Firm is appealing that order. Relatedly, in July 2019, the Supreme Court of India issued an order making preliminary findings that Amrapali and other parties, including unspecified JPMorganChase entities and the offshore funds that had invested in the projects, violated certain criminal currency control and money laundering provisions, and ordered the ED to conduct a further inquiry. The Firm is responding to and cooperating with the inquiry.
Current filing · verify on EDGAR →
Amrapali. India’s Enforcement Directorate (“ED”) is investigating J.P. Morgan India Private Limited in connection with investments made in 2010 and 2012 by two offshore funds formerly managed by JPMorganChase entities into residential housing projects developed by the Amrapali Group (“Amrapali”) relating to delays in delivering or failure to deliver residential units. In July 2019, the Supreme Court of India issued an order making preliminary findings that Amrapali and other parties, including unspecified JPMorganChase entities, violated certain criminal currency control and money laundering provisions, and ordered the ED to conduct a further inquiry. The Firm is cooperating with the inquiry. In addition, in August 2021, the ED issued an order fining J.P. Morgan India Private Limited approximately $31.5 million, which the Firm is appealing.
The Amrapali disclosure was reorganized to present the July 2019 Supreme Court order chronologically before the August 2021 fine, and the reference to "the offshore funds that had invested in the projects" was removed from the list of parties found to have violated provisions. The substantive facts remain unchanged.
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The Firm appealed a December 2016 decision by the European Commission against the Firm and other banks finding an infringement of European antitrust rules relating to EURIBOR. In December 2023, the European General Court annulled the fine imposed by the European Commission, but exercised its discretion to re-impose a fine in an identical amount. In March 2024, the Firm filed an appeal of this decision with the Court of Justice of the European Union.
Current filing · verify on EDGAR →
The Firm appealed a December 2016 decision by the European Commission against the Firm and other banks finding an infringement of European antitrust rules relating to EURIBOR. In December 2023, the European General Court annulled the fine imposed by the European Commission, but exercised its discretion to re-impose a fine in an identical amount. In March 2024, the Firm filed an appeal of this decision with the Court of Justice of the European Union, which held a hearing in January 2026 and reserved judgment.
The Court of Justice of the European Union held a hearing on JPMorgan's EURIBOR fine appeal in January 2026 and has reserved judgment. This is a procedural update indicating the appeal is progressing.
Removed from previous filing · verify on EDGAR →
Shareholder Litigation. A shareholder derivative action purporting to act on behalf of the Firm is pending in the United States District Court for the Eastern District of New York against the Firm, its Board of Directors and certain of its current and former officers relating to historical trading practices by former employees in the precious metals and U.S. treasuries markets and related conduct which were the subject of the Firm’s resolutions with the DOJ, CFTC and SEC in September 2020. Defendants have moved to dismiss the complaint.
The shareholder derivative action related to historical precious metals and U.S. treasuries trading practices is no longer disclosed as a material legal proceeding. The baseline indicated defendants had moved to dismiss; the current filing does not provide a resolution update.
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The Firm’s legal expense was $118 million and $317 million for the three months ended June 30, 2025 and 2024, respectively.
Current filing · verify on EDGAR →
The Firm’s legal expense was $116 million and $118 million for the three months ended June 30, 2026 and 2025, respectively.
Quarterly legal expense decreased slightly from $118 million in Q2 2025 to $116 million in Q2 2026. The prior-year comparison (Q2 2024 at $317 million) is no longer shown, but the year-over-year trend from 2024 to 2025 showed a significant decline that has now stabilized.
MD&A
Glossary and controls boilerplate updated for new fiscal year; no material operational or financial changes disclosed.
Show 7 minor / wording changes
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MEV: Macroeconomic variable
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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 current filing expands the MEV acronym definition from a bare term to a full explanation including examples (unemployment rates, GDP growth, interest rates) and the purpose (used in credit-loss models). This is a disclosure enhancement, not a change in methodology or risk profile.
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RWA: “Risk-weighted assets”: Basel III establishes two comprehensive approaches for calculating RWA (a Standardized approach and an Advanced approach) which include capital requirements for credit risk, market risk, and in the case of Basel III Advanced, also ... operational risk.
Current filing · verify on EDGAR →
RWA: “Risk-weighted assets”: Basel III establishes two comprehensive approaches for calculating RWA (a Standardized approach and an Advanced approach) which include capital requirements for credit risk, market risk, and in the case of Advanced, also operational risk.
The current filing shortens "Basel III Advanced" to "Advanced" and "Basel III Standardized" to "Standardized" throughout the RWA definition. This is a stylistic simplification with no change to the underlying capital framework or calculation methodology.
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Stock Plan Administration: Relates to an equity plan administration business which was acquired in 2022 with the Firm’s purchase of Global Shares.
The current filing adds a new glossary entry for Stock Plan Administration, describing it as an equity plan administration business acquired in 2022 via the Global Shares purchase. This is a disclosure addition for an existing business line, not a new acquisition or strategic shift.
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Weighted-average macroeconomic outlook: Refers to the forecast of macroeconomic conditions used by the Firm in its models to estimate credit losses which reflects the weighted average results of the five internally-developed macroeconomic scenarios over an eight-quarter forecast period and incorporates macroeconomic variables and any qualitative adjustments (such as changes in the weight placed on an upside or adverse scenario).
The current filing adds a new glossary entry defining the weighted-average macroeconomic outlook used in credit-loss models, specifying five scenarios over an eight-quarter forecast period. This is a disclosure enhancement for an existing modeling practice, not a change in credit-loss methodology.
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Total payments transaction volume: Total payments transaction volume includes debit and credit card sales volume and gross outflows of ACH, ATM, teller, wires, BillPay, PayChase, Zelle, person-to-person and checks.
The current filing adds a new glossary entry defining total payments transaction volume, listing the included payment types (cards, ACH, ATM, wires, Zelle, etc.). This is a disclosure addition for an existing metric, not a change in business operations or payment-processing capabilities.
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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.
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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 current filing updates the cross-reference from the 2024 Form 10-K (pages 141-149) to the 2025 Form 10-K (pages 133-142). This is a routine annual update reflecting the new fiscal year's 10-K, not a change in market-risk disclosure content.
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Refer to “Management’s report on internal control over financial reporting” on page 168 of JPMorganChase’s 2024 Form 10-K for further information.
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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 current filing updates the cross-reference from the 2024 Form 10-K (page 168) to the 2025 Form 10-K (page 161). This is a routine annual update reflecting the new fiscal year's 10-K, not a change in internal-control status or effectiveness.
Notes
Notes to Consolidated Financial Statements show routine updates to fair value tables, glossary definitions, and cross-references to 2025 Form 10-K.
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Total assets measured at fair value on a recurring basis $ 834,995 $ 1,734,828 $ 25,494 $ (596,489) $ 1,998,828
Current filing · verify on EDGAR →
Total assets measured at fair value on a recurring basis $ 1,037,455 $ 1,807,859 $ 29,965 $ (622,833) $ 2,252,446
Total assets measured at fair value on a recurring basis increased from $2.0 trillion at June 30, 2025 to $2.3 trillion at June 30, 2026. The increase is distributed across Level 1 (up $202 billion), Level 2 (up $73 billion), and Level 3 (up $5 billion), with derivative netting adjustments also increasing. This reflects growth in the trading portfolio and derivative positions consistent with higher market activity.
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Total liabilities measured at fair value on a recurring basis $ 147,103 $ 1,348,805 $ 60,542 $ (604,238) $ 952,212
Current filing · verify on EDGAR →
Total liabilities measured at fair value on a recurring basis $ 181,315 $ 1,459,202 $ 76,139 $ (642,150) $ 1,074,506
Total liabilities measured at fair value on a recurring basis increased from $952 billion at June 30, 2025 to $1.1 trillion at June 30, 2026. The increase is concentrated in Level 2 (up $110 billion) and Level 3 (up $16 billion), primarily driven by higher structured note issuances (long-term debt) and increased derivative payables. This reflects expanded client-driven structured product activity.
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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 Firm announced a new $50 billion share repurchase program on June 24, 2026 (effective July 1, 2026), replacing the prior $50 billion program announced July 1, 2025. The baseline filing referenced a $30 billion program from June 28, 2024. This is a routine annual refresh of the buyback authorization, with the new program maintaining the $50 billion size.
Previous filing · view on EDGAR →
Year-to-date 59,754,580 $ 252.09 $ 15,063 $ 4,263
Current filing · view on EDGAR →
Year-to-date 49,255,001 $ 305.16 $ 15,031 $ 18,392
Year-to-date share repurchases through June 30, 2026 totaled 49.3 million shares for $15.0 billion at an average price of $305.16, compared to 59.8 million shares for $15.1 billion at $252.09 in the prior year. The Firm repurchased fewer shares in 2026 but at a higher average price, reflecting the stock's appreciation. The dollar spend was essentially flat year-over-year.
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These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes thereto included in JPMorganChase’s 2024 Form 10-K.
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These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes thereto included in JPMorganChase’s 2025 Form 10-K.
The filing now references the 2025 Form 10-K (prior period referenced 2024 Form 10-K). This is a routine annual update reflecting the most recent audited financial statements. All subsequent references to the Form 10-K throughout the notes section have been updated from 2024 to 2025.
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At June 30, 2026, includes the Firm’s Visa C shares that are held at fair value. Refer to page 112 for additional information.
The current filing adds a new footnote disclosure that the Firm's Visa C shares are held at fair value and included in Other assets (Level 1) at June 30, 2026. The baseline filing contained no such disclosure. This is a new transparency item regarding the Firm's Visa equity holdings.
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Stock Plan Administration: Relates to an equity plan administration business which was acquired in 2022 with the Firm’s purchase of Global Shares.
The current filing adds a new glossary entry for "Stock Plan Administration" under the Asset & Wealth Management section, describing it as an equity plan administration business acquired with Global Shares in 2022. The baseline filing did not include this glossary term. This is a new disclosure item providing context for a business line within AWM.
Removed from previous filing · view on EDGAR →
Iran threat reduction disclosure Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) to the Securities Exchange Act of 1934, an issuer is required to disclose in its annual or quarterly reports, as applicable, whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran or with individuals or entities designated pursuant to certain Executive Orders. Disclosure may be required even where the activities, transactions or dealings were conducted in compliance with applicable law. Except as set forth below, as of the date of this report, the Firm is not aware of any other activity, transaction or dealing by any of its affiliates during the quarter ended June 30, 2025 that requires disclosure under Section 219. 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. The Firm did not charge a fee for these transactions. The payments were for the renewal of travel documentation for the client’s three minor children and were therefore exempt transactions pursuant to 31 C.F.R. 560.219(d). The Firm does not intend to engage in such transactions in the future.
The baseline filing disclosed three exempt payments (totaling approximately USD 390) processed by a non-U.S. subsidiary for travel documentation renewals involving the Iranian Embassy in London during Q2 2025. The current filing (Q2 2026) contains no Iran threat reduction disclosure, indicating no such transactions occurred in Q2 2026. This is a lifecycle removal — the prior-period disclosure described discrete one-time transactions that are no longer current news.
Added in current filing · view on EDGAR →
10.1 Forms of JPMorgan Chase & Co. Long-Term Incentive Plan Terms and Conditions for restricted stock units for Operating Committee members, dated as of June 24, 2026.(a)
The current filing adds a new exhibit (10.1) for the forms of Long-Term Incentive Plan Terms and Conditions for restricted stock units for Operating Committee members, dated June 24, 2026. The baseline filing did not include this exhibit. This is a routine disclosure of executive compensation plan documents.
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). Certain of the Firm's Section 16 Directors or Officers may participate in employee stock purchase plans, 401(k) plans or dividend reinvestment plans of the Firm that have been designed to comply with Rule 10b5-1(c).
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"). These trading arrangements are intended to satisfy the affirmative defense of Rule 10b5-1(c). Certain of the Firm's Section 16 Directors or Officers may participate in employee stock purchase plans, 401(k) plans or dividend reinvestment plans of the Firm that have been designed to comply with Rule 10b5-1(c). No non-Rule 10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934) were adopted by any Section 16 Director or Officer during the second quarter of 2026. Additionally, no Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were terminated by any Section 16 Director or Officer in the second quarter of 2026. Name Title Adoption date Duration(a) Aggregate number of shares to be sold Robin Leopold Head of Human Resources April 22, 2026 April 22, 2026 – December 31, 2026 5,000
The current filing discloses that Robin Leopold (Head of Human Resources) adopted a Rule 10b5-1 trading arrangement on April 22, 2026 to sell 5,000 shares through December 31, 2026. The baseline filing reported no trading arrangements adopted or terminated in Q2 2025. This is a routine quarterly update reflecting new insider trading plan activity.
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.
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