Exhibit 99.2 EARNINGS RELEASE FINANCIAL SUPPLEMENT SECOND QUARTER 2025 JPMORGAN CHASE & CO. TABLE OF CONTENTS | | Page(s) | | --- | --- | | Consolidated Results | | | Consolidated Financial Highlights | 2–3 | | Consolidated Statements of Income | 4 | | Consolidated Balance Sheets | 5 | | Condensed Average Balance Sheets and Annualized Yields | 6 | | Reconciliation from Reported to Managed Basis | 7 | | Segment & Corporate Results - Managed Basis | 8 | | Capital and Other Selected Balance Sheet Items | 9–10 ...

Group 1: Inflation Dynamics - The report highlights a critical turning point in U.S. inflation dynamics, with actual tariffs rising from 2.3% at the beginning of the year to approximately 13%, potentially approaching 20% for the year if industry-specific tariffs are implemented [1] - Despite the overall CPI remaining low at 2.4% in May, economists warn that the annualized inflation rate could surge to 5% in the second half of the year, closely linked to the delayed market response to tariff policies and oil prices [1] Group 2: Oil Prices and Corporate Strategies - The current inflation is being dulled by the suppression of oil prices, with Brent crude prices declining year-on-year, but this favorable impact is diminishing as oil prices have been rising since April [1] - Companies initially chose to internalize tariff costs due to concerns over consumer acceptance of price increases and the need to maintain market share, but some have begun to pass on costs, particularly in the automotive and luxury goods sectors [1] Group 3: Economic Impact and Currency Trends - The report predicts a short-term rebound in the dollar, but a continued weak trend in the medium term, which historically correlates with rising import inflation [1] - A sustained depreciation of the dollar could lead to increased prices for imported goods, further elevating the CPI and creating a "tariff-exchange rate-inflation" transmission loop [1] Group 4: Industry Strategies - Morgan Stanley holds a cautious view on the energy sector while expressing optimism for mining companies, reiterating a "double upgrade" rating for the mining sector due to weak dollar conditions and low global metal inventories benefiting mining profitability [2] - The industrial sector shows differentiation, with most companies managing to offset tariff costs through price increases, but some may face profit pressure due to limitations on price adjustments [2] Group 5: Corporate Responses - Corporate strategies are characterized by three phases: initially focusing on internal cost absorption, then attempting price adjustments, and finally shifting towards supply chain optimization [3] - Examples include H&M adjusting pricing strategies, Inditex leveraging global procurement to mitigate risks, and ArcelorMittal quantifying tariff costs (approximately $800 million/year, accounting for 10% of EBITDA) while benefiting from rising U.S. steel prices [3] Group 6: Conclusion on Market Dynamics - The core strategy emphasizes that inflation rebound is driven by a combination of factors including oil prices, corporate behavior, and currency fluctuations [4] - The industry allocation recommendations reflect a preference for resource assets while cautioning about short-term pain in the industrial sector, highlighting the need for investors to monitor corporate cost transfer capabilities and supply chain resilience to seize structural opportunities amid rising inflation [4]

Core Insights - Morgan Stanley has revised its economic forecasts, now expecting US GDP growth of 1.3% in 2025, a downward adjustment of 0.2% from previous estimates [1] - The forecast for PCE inflation has been increased to 2.7%, up by 0.2% from earlier predictions [1] - Core PCE inflation expectations have also been raised to 3.1%, reflecting an increase of 0.3% from prior forecasts [1] Economic Indicators - US GDP growth forecast for 2025: 1.3% [1] - PCE inflation forecast: 2.7% [1] - Core PCE inflation forecast: 3.1% [1]

Core Insights - The article discusses the impact of tariffs on inflation in the U.S. market, with a focus on the upcoming June Consumer Price Index (CPI) data that is expected to show a significant increase in prices due to tariffs [1][3][4] Group 1: Inflation Expectations - The market anticipates a 0.3% month-over-month increase in the June CPI, a notable acceleration from May's 0.1% [1][3] - Core CPI is also expected to rise by 0.3% month-over-month, matching the overall CPI expectation [1][4] - Year-over-year core CPI is projected to be in the range of 2.8% to 3.1% [1] Group 2: Analyst Perspectives - Analysts from Goldman Sachs and Deutsche Bank expect the impact of tariffs to become more pronounced in the second half of the year, with differing views on whether this will lead to sustained inflation pressure [3][4] - Goldman Sachs predicts a core CPI increase of 0.23% for June, slightly below market consensus, and anticipates a core CPI annual increase of 3.1% by December 2025, excluding tariff effects [4] - Wells Fargo suggests that while inflation may rise, it is not alarming enough to concern Federal Reserve officials at this stage [5] Group 3: Market Reactions and Predictions - The market has already priced in an average tariff rate increase of about 10%, according to Deutsche Bank [6] - Morgan Stanley indicates that the risk-reward for the CPI data leans towards an upside surprise, but significant market reactions may not occur until the next month [8] - The S&P 500 index is expected to react variably based on the core CPI growth, with potential declines if the growth exceeds certain thresholds [8]

Group 1 - JPMorgan Chase is set to report second-quarter earnings, providing insights into U.S. consumer and corporate performance [1] - The largest banks in the U.S. are expected to benefit from strong trading revenue due to market volatility influenced by trade policies [2] - Investment banking revenue is anticipated to show signs of recovery, supported by high asset levels and positive performance in wealth management divisions [3] Group 2 - The lending arms of major banks have not faced significant credit loss concerns, aided by better-than-expected U.S. employment levels [4] - Bank shares have seen a boost, with the S&P 500 Banks Index rising 14.4% in the last quarter, outperforming other financial sectors [4] - Other major banks, including Citigroup, Wells Fargo, Goldman Sachs, Bank of America, and Morgan Stanley, are also scheduled to report quarterly results [5] Group 3 - JPMorgan Chase's earnings are projected at $4.48 per share, with total revenue expected to reach $44.16 billion [6] - Net interest income for JPMorgan Chase is estimated at $23.6 billion, with trading revenue comprising $5.2 billion from fixed income and $3.2 billion from equities [6]

Core Viewpoint - The current conservative market expectations for Wall Street earnings may create favorable conditions for the continued strong performance of bank stocks, as evidenced by significant gains in the banking sector [1]. Group 1: Market Performance - The KBW Bank Index, which includes 24 institutions such as JPMorgan Chase and Citigroup, has risen approximately 37% since its low in April, nearing historical highs, outperforming both the S&P 500 and the Nasdaq 100 indices [1]. - Financial stocks are expected to contribute 18.6% to the overall earnings of the S&P 500, despite their current weight in the index being only 13.7%, indicating a significant expectation gap [1]. Group 2: Earnings Expectations - Analysts predict that the S&P 500 financial stock index will see a year-over-year earnings decline of about 1% in the second quarter, but cautious investor sentiment suggests potential upside if actual profits exceed expectations [1]. - Major banks, including JPMorgan Chase, Citigroup, and Wells Fargo, are set to report earnings this week, with expectations of improved performance due to a favorable regulatory environment [1]. Group 3: Regulatory Environment and Capital Management - The completion of stress tests by the Federal Reserve is expected to lead banks to update their capital management plans, potentially increasing stock buybacks, while the potential weakening of Basel III capital rules may further enhance capital flexibility [2]. - The anticipated growth in trading revenue, following the announcement of tariff policies, is also boosting market confidence [2]. Group 4: Risks and Opportunities - The banking sector faces challenges such as the high forward P/E ratio of approximately 17 for the S&P 500 financial stock index, which exceeds the 10-year average of 14 [2]. - Factors like trade wars, uncertainty in the Federal Reserve's interest rate path, and potential fluctuations in consumer credit quality pose risks to bank profitability [3]. - However, analysts believe that regulatory easing and profit growth could drive the sector higher, with some suggesting that current stock prices do not fully reflect the potential for improvement in the industry fundamentals [3].

Jamie Dimon says private credit is dangerous—but he’s having JPMorgan jump in with a $50 billion bet https://t.co/5Q515Qbzbr ...

J P M O R G A N Global FX Strategy 11 July 2025 Key Currency Views Why the bearish dollar view still holds Figure 1: Various systematic/technical indicators have turned less USD-bearish; while this could lead to consolidation in the near term, we are downplaying the significance on the medium-term view Source: J.P. Morgan See page 49 for analyst certification and important disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be ...

Investment Rating - The report indicates a bearish outlook for the Asian economy, suggesting a potential slowdown in growth due to rising effective tariffs and the unwinding of frontloading and transshipment activities [6][15][25]. Core Insights - Asian growth has been supported by low effective tariffs on US imports, but this is expected to change as tariffs rise and scrutiny on transshipment increases [1][6]. - The first half of 2025 saw significant frontloading of exports, particularly in the tech sector, with annualized export momentum reaching nearly 20% [2][5]. - China's export performance has been resilient, with a 20% quarter-on-quarter growth despite punitive tariffs, largely due to transshipment through third countries [3][10]. - Effective tariff rates in Emerging Asia (excluding India and China) are currently around 11%, but could rise to 20.3% if no trade deals are reached [11][15]. - The report forecasts a sharp decline in GDP growth for Emerging Asia, from an average of 3% in the first half of 2025 to 1.3% in the second half [15][16]. Summary by Sections Export Dynamics - Frontloading of exports has significantly boosted growth, with tech exports showing an annualized momentum of 60% [2][5]. - Transshipment of Chinese goods has mitigated the impact of US tariffs, with exports to the US declining by 40% but offset by new markets [3][10]. Tariff Implications - The US has proposed higher tariffs, with a potential doubling of effective rates for many Asian economies if no agreements are reached [11][15]. - Current effective tariff rates are much lower than initially feared, particularly for semiconductors and pharmaceuticals, which are crucial for economies like Taiwan and Singapore [5][12]. Economic Outlook - The report anticipates a significant slowdown in growth, with EMAX GDP growth expected to drop to less than half of the first half's pace [15][16]. - Monetary policy is expected to play a crucial role in supporting growth, as inflation remains benign and central banks are likely to continue easing cycles [23][25].

Market Expectations & Potential Catalysts - Optimism is high for large-cap banks' Q2 earnings, with focus on loan growth and investment banking activity in the second half of the year [2][3] - IPO market recovery is seen as a potential catalyst for investment banks [3] - High valuations (e g, Bank of America trading at a PE of around 15) suggest caution going into earnings announcements [4] - Regulatory changes are a significant driver for bank stock movements this year [6] Key Metrics & Risk Factors - Net interest income growth, impacted by net interest margin, is a key focus [9] - Credit quality remains generally good, but commercial real estate office market and low FICO score consumers are potential areas of concern [8] - Risk-on sentiment suggests less concern about credit picture, while risk-off would increase focus on credit [7][8] Mergers and Acquisitions - Industry expects consolidation among regional banks due to deregulation [13] - The top 5-7 banks control 85-90% of the assets, with smaller banks controlling the rest, indicating increased polarization in banking [14] - Potential for big regionals to merge or be acquired by G-SIBs exists [15] - Clarity on Basel III endgame proposal is needed before M&A activity accelerates [15] Leadership Transition - Jamie Dimon's leadership has significantly impacted JP Morgan's stock [10] - Jamie Dimon's eventual retirement will likely negatively impact the stock on the day of the announcement [12] - Marianne Lake is considered a potential successor to Jamie Dimon [11]