JPM

jpm-20260714

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): July 14, 2026

JPMorgan Chase & Co.

(Exact name of registrant as specified in its charter)

Delaware1-580513-2624428

(State or other jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. employer identification no.)

270 Park Avenue,

New York,New York10017

(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (212) 270-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered

Common stockJPMThe New York Stock Exchange

Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DDJPM PR DThe New York Stock Exchange

Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EEJPM PR CThe New York Stock Exchange

Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GGJPM PR JThe New York Stock Exchange

Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJJPM PR KThe New York Stock Exchange

Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LLJPM PR LThe New York Stock Exchange

Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MMJPM PR MThe New York Stock Exchange

Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC JPM/32The New York Stock Exchange

Guarantee of Alerian MLP Index ETNs due January 28, 2044 of JPMorgan Chase Financial Company LLCAMJBNYSE Arca, Inc.

Guarantee of Inverse VIX Short-Term Futures ETNs due March 22, 2045 of JPMorgan Chase Financial Company LLCVYLDNYSE Arca, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On July 14, 2026, JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”) reported 2026 second quarter net income of $21.2 billion, or $7.70 per share, compared with net income of $15.0 billion, or $5.24 per share, in the second quarter of 2025. A copy of the 2026 second quarter earnings release is attached hereto as Exhibit 99.1, and a copy of the earnings release financial supplement is attached hereto as Exhibit 99.2.

EX-99.1

2 a1q26erfexhibit991narrative.htm

JPMORGAN CHASE & CO. EARNINGS RELEASE - FIRST QUARTER 2026 RESULTS

Document

Exhibit 99.1

JPMorgan Chase & Co.

270 Park Avenue, New York, NY 10017-2070

NYSE symbol: JPM

www.jpmorganchase.com

JPMORGANCHASE REPORTS FIRST-QUARTER 2026 NET INCOME OF $16.5 BILLION ($5.94 PER SHARE)

FIRST-QUARTER 2026 RESULTS 1

ROE 19%

ROTCE2 23%

CET1 Capital Ratios3

Std. 14.3% | Adv. 14.1%

Total Loss-Absorbing Capacity3 $572B

Std. RWA3 $2.0T

Cash and marketable securities4 $1.5T

Average loans $1.5T

Firmwide Metrics n Reported revenue of $49.8 billion and managed revenue of $50.5 billion2

n Expense of $26.9 billion; reported overhead ratio of 54% and managed overhead ratio2 of 53%

n Credit costs of $2.5 billion with $2.3 billion of net charge-offs and a $191 million net reserve build

n Average loans up 11% YoY, up 2% QoQ; average deposits up 7% YoY, up 1% QoQ

CCB

ROE 32%

n Average deposits up 2% YoY and QoQ; client investment assets up 18% YoY

n Average loans up 1% YoY and flat QoQ; Card Services net charge-off rate of 3.47%

n Debit and credit card sales volume5 up 9% YoY

n Active mobile customers6 up 7% YoY

CIB

ROE 21%

n Investment Banking fees up 28% YoY, up 23% QoQ; #1 ranking for Global Investment Banking fees with 9.8% wallet share in 1Q26

n Markets revenue up 20% YoY, with Fixed Income Markets up 21% and Equity Markets up 17%

n Average Banking & Payments loans up 10% YoY, up 4% QoQ; average client deposits7 up 13% YoY, up 1% QoQ

AWM

ROE 44%

n AUM8 of $4.8 trillion, up 16% YoY

n Average loans up 15% YoY, up 3% QoQ; average deposits up 4% YoY, up 3% QoQ

Jamie Dimon, Chairman and CEO, commented: “The Firm delivered strong results in the first quarter, reporting net income of $16.5 billion.”

Dimon continued: “Performance was strong across our businesses. In the CIB, revenue grew 19%. Markets revenue reached a record $11.6 billion, while IB fees increased 28% due to stronger advisory and ECM activity. Additionally, Payments continued to deliver very strong results, with double-digit growth in deposits and fees. In CCB, revenue rose 7%. We continued to acquire new customers at a robust rate across the franchise, including achieving record net inflows in self-directed investing and opening more than 450,000 net new checking accounts. Finally, in AWM, revenue increased 11%, and flows remained healthy with $54 billion of long-term AUM net inflows.”

Dimon added: “Regarding capital, we were pleased to see that the recent capital re-proposals mitigated the most severe consequences of the 2023 proposals. However, there are still aspects of the proposed rules that need to be addressed. We have ample amounts of capital and liquidity, with $291 billion in CET1 capital, $572 billion in total loss-absorbing capacity and $1.5 trillion in cash and marketable securities. We hope that regulators prioritize well-designed regulation and address these aspects of the proposed rules to allow banks of all sizes to deploy their resources to support the real economy.”

Dimon added: "The U.S. economy remained resilient in the quarter, with consumers still earning and spending and businesses still healthy. Several tailwinds are supporting this resiliency, including increased fiscal stimulus, the benefits of deregulation, AI-driven capital investment and the Fed's asset purchases. At the same time, there is an increasingly complex set of risks—such as geopolitical tensions and wars, energy price volatility, trade uncertainty, large global fiscal deficits and elevated asset prices. While we cannot predict how these risks and uncertainties will ultimately play out, they are significant and they reinforce why we prepare the Firm for a wide range of environments.”

Dimon concluded: “I want to express my deep gratitude to our employees across the globe for how they work to support our customers and communities every single day.”

CAPITAL DISTRIBUTIONS

n    Common dividend of $4.1 billion or $1.50 per share

n    $8.1 billion of common stock net repurchases9

n    Net payout LTM9,10 of 82%

FORTRESS PRINCIPLES

n Book value per share of $128.38, up 8% YoY; tangible book value per share2 of $108.87, up 8% YoY

n    Basel III common equity Tier 1 capital3 of $291 billion, Standardized ratio3 of 14.3% and Advanced ratio3 of 14.1%

n    Firm supplementary leverage ratio of 5.6%

SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES

n    Approximately $855 billion of credit and capital11 raised in 1Q26:

n    $72 billion of credit for consumers

n    $8 billion of credit for U.S. small businesses

n    $750 billion of credit and capital for corporations and non-U.S. government entities

n    $25 billion of credit and capital for nonprofit and U.S. government entities, including states, municipalities, hospitals and universities

Investor Contact: Mikael Grubb (212) 270-2479 Media Contact: Joseph Evangelisti (212) 270-7438

Note: Totals may not sum due to rounding.

1 Percentage comparisons are for

EX-99.1

2 a4q25erfexhibit991narrative.htm

JPMORGAN CHASE & CO. EARNINGS RELEASE - FOURTH QUARTER 2025 RESULTS

Document

Exhibit 99.1

JPMorgan Chase & Co.

270 Park Avenue, New York, NY 10017-2070

NYSE symbol: JPM

www.jpmorganchase.com

JPMORGANCHASE REPORTS FOURTH-QUARTER 2025 NET INCOME OF $13.0 BILLION ($4.63 PER SHARE),

NET INCOME EXCLUDING A SIGNIFICANT ITEM OF $14.7 BILLION ($5.23 PER SHARE),

FULL-YEAR 2025 NET INCOME OF $57.0 BILLION ($20.02 PER SHARE)

FOURTH-QUARTER 2025 RESULTS 1

ROE 15%

ROTCE2 18%

CET1 Capital Ratios3

Std. 14.5% | Adv. 14.1%

Total Loss-Absorbing Capacity3 $564B

Std. RWA3 $2.0T

Cash and marketable securities4 $1.5T

Average loans $1.5T

Firmwide Metrics

2025 ROE 17%

2025 ROTCE 20%

n Reported revenue of $45.8 billion and managed revenue of $46.8 billion2

n Expense of $24.0 billion; reported overhead ratio of 52% and managed overhead ratio2 of 51%

n Credit costs of $4.7 billion with $2.5 billion of net charge-offs and a $2.1 billion net reserve build

n Average loans up 9% YoY, up 3% QoQ; average deposits up 6% YoY, up 2% QoQ

CCB

4Q25 ROE 25%

2025 ROE 32%

n Average deposits up 1% YoY and flat QoQ; client investment assets up 17% YoY

n Average loans up 1% YoY and QoQ; Card Services net charge-off rate of 3.14%

n Debit and credit card sales volume5 up 7% YoY

n Active mobile customers6 up 7% YoY

CIB

4Q25 ROE 19%

2025 ROE 18%

n Investment Banking fees down 5% YoY, down 11% QoQ; #1 ranking for Global Investment Banking fees with 8.4% wallet share for the year

n Markets revenue up 17% YoY, with Fixed Income Markets up 7% and Equity Markets up 40%

n Average Banking & Payments loans7 up 5% YoY, up 2% QoQ; average client deposits8 up 14% YoY, up 4% QoQ

AWM

4Q25 ROE 44%

2025 ROE 40%

n AUM9 of $4.8 trillion, up 18% YoY

n Average loans up 12% YoY, up 4% QoQ; average deposits down 1% YoY, up 2% QoQ

Jamie Dimon, Chairman and CEO, commented: “The Firm concluded the year with a strong fourth quarter, generating net income of $14.7 billion excluding a significant item.”

Dimon continued: “Each line of business performed well. In the CIB, revenue rose 10%. Markets continued to benefit from demand for financing and robust client activity, pushing revenue up 17%. Additionally, Payments revenue reached a record $5.1 billion due to ongoing deposit and fee growth. In CCB, revenue rose 6%, and the franchise continued to acquire new customers at a robust pace. This year, we opened 1.7 million net new checking accounts and 10.4 million new credit card accounts, and we also grew wealth management households to over 3 million. Looking ahead, we are excited to become the new issuer of the Apple Card. Finally, in AWM, revenue rose 13% in the quarter to a record $6.5 billion. More impressively, client asset net inflows totaled $553 billion for the year, helping drive client assets to over $7 trillion.”

Dimon continued: “These results were the product of strong execution, years of investment, a favorable market backdrop and selective deployment of excess capital. Looking ahead, we remain committed to investing our capital to drive future growth, and the Apple Card is one example of patient and thoughtful deployment of our excess capital into attractive opportunities.”

Dimon added: “The U.S. economy has remained resilient. While labor markets have softened, conditions do not appear to be worsening. Meanwhile, consumers continue to spend, and businesses generally remain healthy. These conditions could persist for some time, particularly with ongoing fiscal stimulus, the benefits of deregulation and the Fed’s recent monetary policy. However, as usual, we remain vigilant, and markets seem to underappreciate the potential hazards—including from complex geopolitical conditions, the risk of sticky inflation and elevated asset prices.”

Dimon concluded: “I want to reiterate how proud I am of our employees across the globe and how they work to support our customers and communities every single day.”

SIGNIFICANT ITEM IN 4Q25 RESULTS

n    $2.2 billion credit reserve established for the forward purchase commitment of the Apple credit card portfolio ($0.60 decrease in EPS10)

CAPITAL DISTRIBUTIONS

n    Common dividend of $4.1 billion or $1.50 per share

n    $7.9 billion of common stock net repurchases11

n    Net payout LTM11,12 of 82%

FORTRESS PRINCIPLES

n Book value per share of $126.99, up 9% YoY; tangible book value per share2 of $107.56, up 11% YoY

n    Basel III common equity Tier 1 capital3 of $288 billion, Standardized ratio3 of 14.5% and Advanced ratio3 of 14.1%

n    Firm supplementary leverage ratio of 5.8%

SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES

n    Approximately $3.3 trillion of credit and capital13 raised in 2025:

n    $280 billion of credit for consumers

n    $33 billion of credit for U.S. small businesses

n    $2.9 trillion of credit and capital for corporations and non-U.S. government entities

n    $76 billion of credit and capital for nonprofit and U.S. g