The bank reported a 12% jump in profit that beat expectations, reaping the benefits of a surge in trading and dealmaking. ...

Core Insights - Morgan Stanley reported that its asset management scale reached $4.6 trillion in the third quarter, indicating a robust performance despite some signs of softening in the economy [1] - The overall U.S. economy remains resilient, although there are concerns regarding geopolitical complexities, tariffs, trade uncertainties, high asset prices, and potential inflation [1] - Increased client activity continues to benefit the company, with third-quarter FICC sales and trading revenue at $5.61 billion, surpassing market expectations of $5.33 billion [1] - Equity sales and trading revenue reached $3.33 billion, exceeding market forecasts of $3.04 billion [1] - The company expects full-year net interest income to be approximately $95.8 billion, slightly up from previous estimates of $95.5 billion [1]

LIVE Bank of America Profit Soars 23%, Continuing Sector's Strong Start to Earnings Season Last Updated: 1 day ago JPMorgan Profit Climbs 12% as Dimon Calls U.S. Economy 'Generally Resilient' By Rebecca Ungarino A Chase bank ATM. (Joe Raedle/Getty Images) JPMorgan Chase, the largest U.S. bank by assets, said third-quarter net income rose 12% from a year earlier to $14.4 billion. That amounted to $5.07 a share, ahead of forecasts of $4.85. Network Cryptocurrencies Data Magazine Markets Stock Picks Barron's L ...

Group 1: Market Sentiment and Trends - Traders are heavily buying put options for Bitcoin and Ethereum, indicating a hedge against potential downside risks following a recent market crash [1] - The cryptocurrency market has seen a total evaporation of $380 billion in value, with approximately $131 billion coming from altcoins, raising concerns about the future of the altcoin ecosystem [2] - The funding rates for cryptocurrencies have dropped to their lowest point since the 2022 crash, marking one of the most severe leverage resets in cryptocurrency history [4] Group 2: Regulatory Developments - The U.S. SEC's cryptocurrency working group chief legal advisor Mike Selig is still the top candidate to replace the CFTC chairman, with a focus on coordinating regulatory efforts between the SEC and CFTC [5] - Kenya's parliament has passed a virtual asset service provider bill aimed at attracting more investment into the sector by providing regulatory clarity [11] - Dubai has announced a new financial strategy that includes virtual assets as a core pillar, aiming to increase the sector's contribution to GDP to 3%, approximately 13 billion AED [12] Group 3: Institutional Involvement - JPMorgan plans to engage in cryptocurrency trading but has no immediate plans for custody services, opting instead to explore partnerships with third-party custodians [6][4] - BlackRock's CEO Larry Fink has acknowledged that cryptocurrencies, like Bitcoin, serve a similar purpose to gold as alternative assets, although he advises against them occupying a large portion of investment portfolios [7][8] - Citibank is planning to launch cryptocurrency custody services by 2026, indicating a significant move by traditional financial institutions into the digital asset space [9] Group 4: Corporate Actions - The Dogecoin Foundation's commercial branch, House of Doge, is set to go public through a merger with Nasdaq-listed Brag House Holdings, expected to be completed in early 2026 [10]

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh. ...

Core Insights - JPMorgan Chase & Co. has released its third-quarter 2025 financial results, which can be accessed on the Firm's Investor Relations website [1] - As of September 30, 2025, JPMorgan Chase had $4.6 trillion in assets and $360 billion in stockholders' equity [2] - The Firm is recognized as a leader in various financial services, including investment banking, consumer and small business financial services, commercial banking, financial transaction processing, and asset management [2] Company Overview - JPMorgan Chase & Co. is a prominent financial services firm based in the United States, with a global operational footprint [2] - The Firm serves millions of customers in the U.S. and many of the world's leading corporate, institutional, and government clients [2]

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 摩根大通三季度经调整后营收471.2亿美元，预估454.8亿美元。 三季度每股收益5.07美元。 摩根大通美 股盘前涨0.5%。 风险提示及免责条款 ...

Core Insights - JPMorgan Chase's profit increased in the third quarter, driven by multi-billion dollar deals and IPOs that enhanced its investment banking segment, alongside improved trading performance [1] Group 1: Financial Performance - The profit rise in the third quarter indicates strong financial health for JPMorgan Chase, attributed to significant contributions from investment banking activities [1] - The performance in trading also showed strength, suggesting a robust operational environment for the bank [1] Group 2: Investment Banking - Multi-billion dollar deals and IPOs were key factors in boosting the investment banking division, highlighting the bank's active role in capital markets [1]

Consolidated Results [Consolidated Financial Highlights](index=2&type=section&id=Consolidated%20Financial%20Highlights) JPMorgan Chase & Co. reported **strong** 3Q25 financial performance, with net revenue **up 9% YoY** and net income **up 12% YoY** Consolidated Financial Highlights (Reported Basis) | Metric (Reported Basis) | 3Q25 (millions) | 3Q25 Change (YoY) | 9 Months 2025 (millions) | 9 Months 2025 Change (YoY) | | :---------------------- | :-------------- | :---------------- | :----------------------- | :-------------------------- | | Total net revenue | $46,427 | 9% | $136,649 | 1% | | Total noninterest expense | $24,281 | 8% | $71,657 | 4% | | NET INCOME | $14,393 | 12% | $44,023 | (1)% | Consolidated Financial Highlights (Managed Basis) | Metric (Managed Basis) | 3Q25 (millions) | 3Q25 Change (YoY) | 9 Months 2025 (millions) | 9 Months 2025 Change (YoY) | | :--------------------- | :-------------- | :---------------- | :----------------------- | :-------------------------- | | Total net revenue | $47,120 | 9% | $138,814 | 1% | | NET INCOME | $14,393 | 12% | $44,023 | (1)% | Per Share Metrics | Metric | 3Q25 | 3Q25 Change (YoY) | 9 Months 2025 | 9 Months 2025 Change (YoY) | | :---------------------- | :-------- | :---------------- | :------------ | :------------------------- | | Diluted EPS | $5.07 | 16% | $15.38 | 3% | | Book value per share | $124.96 | 9% | $124.96 | 9% | | Tangible book value per share | $105.70 | 10% | $105.70 | 10% | | Cash dividends declared per share | $1.50 | 20% | $4.30 | 21% | Estimated Capital Ratios | Capital Ratio (Estimated) | 3Q25 | 3Q24 | | :------------------------ | :------ | :------ | | Common equity Tier 1 (CET1) | 14.8 % | 15.3 % | | Tier 1 capital ratio | 15.8 % | 16.4 % | | Total capital ratio | 17.7 % | 18.2 % | | Tier 1 leverage ratio | 6.9 % | 7.1 % | | Supplementary leverage ratio (SLR) | 5.8 % | 6.0 % | Period-End Balance Sheet Metrics | Metric (Period-End) | 3Q25 (millions) | 3Q25 Change (YoY) | 9 Months 2025 (millions) | 9 Months 2025 Change (YoY) | | :------------------ | :-------------- | :---------------- | :----------------------- | :-------------------------- | | Total assets | $4,560,205 | 8% | $4,560,205 | 8% | | Total loans | $1,435,246 | 7% | $1,435,246 | 7% | | Total deposits | $2,548,476 | 5% | $2,548,476 | 5% | | Common stockholders' equity | $340,167 | 5% | $340,167 | 5% | Managed Net Revenue by Line of Business | Line of Business (Managed Net Revenue) | 3Q25 (millions) | 3Q25 Change (YoY) | 9 Months 2025 (millions) | 9 Months 2025 Change (YoY) | | :------------------------------------- | :-------------- | :---------------- | :----------------------- | :-------------------------- | | Consumer & Community Banking | $19,473 | 9% | $56,633 | 7% | | Commercial & Investment Bank | $19,878 | 17% | $59,079 | 12% | | Asset & Wealth Management | $6,066 | 12% | $17,557 | 11% |\ | Corporate | $1,703 | (45)% | $5,545 | (64)% | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Total net revenue **increased 3% QoQ**, but net income **decreased 4% QoQ** due to higher tax expense Consolidated Revenue Breakdown | Revenue Category (millions) | 3Q25 | 2Q25 | 1Q25 | 3Q24 | 3Q25 Change (QoQ) | 3Q25 Change (YoY) | | :-------------------------- | :------ | :------ | :------ | :------ | :---------------- | :---------------- | | Noninterest revenue | $22,461 | $21,703 | $22,037 | $19,249 | 3% | 17% | | Interest income | $49,439 | $48,241 | $46,853 | $50,416 | 2% | (2)% |\ | Interest expense | $25,473 | $25,032 | $23,580 | $27,011 | 2% | (6)% | | Net interest income | $23,966 | $23,209 | $23,273 | $23,405 | 3% | 2% | | TOTAL NET REVENUE | $46,427 | $44,912 | $45,310 | $42,654 | 3% | 9% | Consolidated Expenses and Profit | Expense/Profit (millions) | 3Q25 | 2Q25 | 1Q25 | 3Q24 | 3Q25 Change (QoQ) | 3Q25 Change (YoY) | | :------------------------ | :------ | :------ | :------ | :------ | :---------------- | :---------------- | | Provision for credit losses | $3,403 | $2,849 | $3,305 | $3,111 | 19% | 9% | | TOTAL NONINTEREST EXPENSE | $24,281 | $23,779 | $23,597 | $22,565 | 2% | 8% | | Income before income tax expense | $18,743 | $18,284 | $18,408 | $16,978 | 3% | 10% | | Income tax expense | $4,350 | $3,297 | $3,765 | $4,080 | 32% | 7% | | NET INCOME | $14,393 | $14,987 | $14,643 | $12,898 | (4)% | 12% | - The effective income tax rate **increased to 23.2%** in 3Q25 from **18.0%** in 2Q25, primarily due to a **$774 million income tax benefit** recorded in Corporate in 2Q25 related to tax audit resolutions and foreign currency translation regulations[15](index=15&type=chunk)[16](index=16&type=chunk) [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) Total assets **increased QoQ** to **$4.56 trillion**, with loans **up 2% QoQ** and deposits **down 1% QoQ** Consolidated Assets | Asset Category (millions) | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | QoQ Change | YoY Change | | :------------------------ | :----------- | :----------- | :----------- | :----------- | :----------- | :--------- | :--------- | | Total assets | $4,560,205 | $4,552,482 | $4,357,856 | $4,002,814 | $4,210,048 | —% | 8% | | Loans, net of allowance for loan losses | $1,409,511 | $1,387,039 | $1,330,487 | $1,323,643 | $1,316,062 | 2% | 7% | | Investment securities, net of allowance for credit losses | $783,945 | $745,939 | $664,447 | $681,320 | $634,502 | 5% | 24% | | Trading assets: Debt and equity instruments | $892,928 | $829,510 | $814,664 | $576,817 | $734,928 | 8% | 21% | Consolidated Liabilities and Equity | Liability/Equity Category (millions) | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | QoQ Change | YoY Change | | :----------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | :--------- | :--------- | | Deposits | $2,548,476 | $2,562,380 | $2,495,877 | $2,406,032 | $2,430,772 | (1)% | 5% | | Long-term debt | $427,203 | $419,802 | $407,224 | $401,418 | $410,157 | 2% | 4% | | TOTAL LIABILITIES | $4,199,993 | $4,195,558 | $4,006,436 | $3,658,056 | $3,864,212 | —% | 9% | | TOTAL STOCKHOLDERS' EQUITY | $360,212 | $356,924 | $351,420 | $344,758 | $345,836 | 1% | 4% | - During the third quarter of 2025, the Firm transferred **$44.1 billion** of investment securities from Available-for-Sale (AFS) to Held-to-Maturity (HTM) for asset-liability management purposes[20](index=20&type=chunk) [Condensed Average Balance Sheets and Annualized Yields](index=7&type=section&id=Condensed%20Average%20Balance%20Sheets%20and%20Annualized%20Yields) Average interest-earning assets **increased 1% QoQ** to **$3.9 trillion**, with net yield at **2.45%** and spread at **1.92%** Condensed Average Balances | Average Balance (millions) | 3Q25 | 2Q25 | 1Q25 | 3Q24 | 3Q25 Change (QoQ) | 3Q25 Change (YoY) | | :------------------------- | :---------- | :---------- | :---------- | :---------- | :---------------- | :---------------- | | Total interest-earning assets | $3,895,764 | $3,845,982 | $3,668,384 | $3,621,766 | 1% | 8% | | Loans | $1,417,466 | $1,380,726 | $1,339,391 | $1,325,440 | 3% | 7% | | Investment securities | $768,599 | $727,651 | $664,970 | $681,320 | 6% | 23% | | Total interest-bearing liabilities | $3,229,476 | $3,190,122 | $3,016,242 | $2,919,698 | 1% | 11% | | Noninterest-bearing deposits | $610,601 | $602,777 | $587,417 | $633,957 | 1% | (4)% | Annualized Yields and Rates | Average Rate (%) | 3Q25 | 2Q25 | 1Q25 | 3Q24 | 3Q25 Change (QoQ) | 3Q25 Change (YoY) | | :---------------- | :--- | :--- | :--- | :--- | :---------------- | :---------------- | | Total interest-earning assets | 5.05 | 5.04 | 5.19 | 5.55 | 0.01 pp | (0.50) pp | | Total interest-bearing liabilities | 3.13 | 3.15 | 3.17 | 3.68 | (0.02) pp | (0.55) pp | | INTEREST RATE SPREAD | 1.92 | 1.89 | 2.02 | 1.87 | 0.03 pp | 0.05 pp | | NET YIELD ON INTEREST EARNING ASSETS | 2.45 | 2.43 | 2.58 | 2.58 | 0.02 pp | (0.13) pp | [Reconciliation from Reported to Managed Basis](index=8&type=section&id=Reconciliation%20from%20Reported%20to%20Managed%20Basis) Managed basis total net revenue was **$47.1 billion**, **up 3% QoQ** and **9% YoY**, with overhead ratio stable at **52%** Non-GAAP Revenue Reconciliation | Metric (millions) | Reported 3Q25 | Managed 3Q25 | Managed 3Q25 Change (QoQ) | Managed 3Q25 Change (YoY) | | :---------------- | :------------ | :----------- | :------------------------ | :------------------------ | | Other income | $1,439 | $2,027 | 12% | 35% | | Total noninterest revenue | $22,461 | $23,049 | 3% | 16% | | Net interest income | $23,966 | $24,071 | 3% | 2% | | Total net revenue | $46,427 | $47,120 | 3% | 9% | | Pre-provision profit | $22,146 | $22,839 | 4% | 10% | | Income before income tax expense | $18,743 | $19,436 | 2% | 10% | | Income tax expense | $4,350 | $5,043 | 24% | 6% | Overhead Ratio Reconciliation | Ratio | Reported 3Q25 | Managed 3Q25 | | :------------ | :------------ | :----------- | | Overhead ratio | 52% | 52% | - Managed basis results include fully taxable-equivalent adjustments to revenue, which allow for comparability of revenue from both taxable and tax-exempt sources; these adjustments do not impact net income[26](index=26&type=chunk)[107](index=107&type=chunk) [Segment & Corporate Results - Managed Basis](index=9&type=section&id=Segment%20%26%20Corporate%20Results%20-%20Managed%20Basis) Most segments reported **YoY growth** in revenue and net income, but Corporate **declined significantly** due to a prior-year Visa share gain Managed Net Revenue by Segment | Segment (Managed Net Revenue) | 3Q25 (millions) | 3Q25 Change (QoQ) | 3Q25 Change (YoY) | 9 Months 2025 (millions) | 9 Months 2025 Change (YoY) | | :---------------------------- | :-------------- | :---------------- | :---------------- | :----------------------- | :-------------------------- | | Consumer & Community Banking | $19,473 | 3% | 9% | $56,633 | 7% | | Commercial & Investment Bank | $19,878 | 2% | 17% | $59,079 | 12% | | Asset & Wealth Management | $6,066 | 5% | 12% | $17,557 | 11% | | Corporate | $1,703 | 11% | (45)% | $5,545 | (64)% | | TOTAL NET REVENUE | $47,120 | 3% | 9% | $138,814 | 1% | Managed Net Income by Segment | Segment (Managed Net Income) | 3Q25 (millions) | 3Q25 Change (QoQ) | 3Q25 Change (YoY) | 9 Months 2025 (millions) | 9 Months 2025 Change (YoY) | | :--------------------------- | :-------------- | :---------------- | :---------------- | :----------------------- | :-------------------------- | | Consumer & Community Banking | $5,009 | (3)% | 24% | $14,603 | 12% | | Commercial & Investment Bank | $6,901 | 4% | 21% | $20,493 | 13% | | Asset & Wealth Management | $1,658 | 13% | 23% | $4,714 | 21% | | Corporate | $825 | (51)% | (54)% | $4,213 | (55)% | | TOTAL NET INCOME | $14,393 | (4)% | 12% | $44,023 | (1)% | - Corporate's **significant YoY decline** in net revenue and net income for both 3Q25 and the nine months ended September 30, 2025, is largely attributable to a **$7.9 billion net gain** related to Visa shares recorded in 2Q24[30](index=30&type=chunk) [Capital and Other Selected Balance Sheet Items](index=10&type=section&id=Capital%20and%20Other%20Selected%20Balance%20Sheet%20Items) The firm maintained **strong** capital, with estimated CET1 ratio at **14.8%** and TCE **increasing 6% YoY** to **$287.7 billion** Estimated Capital Ratios | Capital Metric (Estimated) | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Standardized CET1 capital ratio | 14.8 % | 15.1 % | 15.4 % | 15.7 % | 15.3 % | | Advanced CET1 capital ratio | 14.9 % | 15.2 % | 15.6 % | 15.8 % | 15.5 % | | Tier 1 leverage ratio | 6.9 % | 6.9 % | 7.2 % | 7.2 % | 7.1 % | | Supplementary leverage ratio (SLR) | 5.8 % | 5.9 % | 6.0 % | 6.1 % | 6.0 % | Tangible Common Equity | Tangible Common Equity (millions) | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | QoQ Change | YoY Change | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | :--------- | :--------- | | Total tangible common equity (period-end) | $287,741 | $284,333 | $278,905 | $272,212 | $271,446 | 1% | 6% | | Total tangible common equity (average) | $283,843 | $277,290 | $271,872 | $265,790 | $269,192 | 2% | 5% | - CET1 capital, beginning balance (9 Months 2025): **$275,513 million**[32](index=32&type=chunk) - Net income applicable to common equity (9 Months 2025): **$43,204 million**[32](index=32&type=chunk) - Dividends declared on common stock (9 Months 2025): **$(11,969) million**[32](index=32&type=chunk) - Net purchase of treasury stock (9 Months 2025): **$(22,308) million**[32](index=32&type=chunk) - Standardized/Advanced CET1 capital, ending balance (9 Months 2025): **$287,297 million**[32](index=32&type=chunk) [Earnings Per Share and Related Information](index=12&type=section&id=Earnings%20Per%20Share%20and%20Related%20Information) Diluted EPS **decreased 3% QoQ** but **increased 16% YoY** to **$5.07**, with cash dividends **up 20% YoY** to **$1.50** Earnings Per Share | EPS Metric (per share) | 3Q25 | 2Q25 | 1Q25 | 3Q24 | 3Q25 Change (QoQ) | 3Q25 Change (YoY) | | :--------------------- | :---- | :---- | :---- | :---- | :---------------- | :---------------- | | Basic earnings per share | $5.08 | $5.25 | $5.08 | $4.38 | (3)% | 16% | | Diluted earnings per share | $5.07 | $5.24 | $5.07 | $4.37 | (3)% | 16% | Common Dividends and Payout Ratio | Common Dividends (per share) | 3Q25 | 2Q25 | 1Q25 | 3Q24 | 3Q25 Change (QoQ) | 3Q25 Change (YoY) | | :--------------------------- | :---- | :---- | :---- | :---- | :---------------- | :---------------- | | Cash dividends declared per share | $1.50 | $1.40 | $1.40 | $1.25 | 7% | 20% | | Dividend payout ratio | 29% | 27% | 27% | 28% | | | - Total shares of common stock repurchased in 3Q25: **28.0 million**[38](index=38&type=chunk) - Aggregate repurchases of common stock in 3Q25: **$8,315 million**[38](index=38&type=chunk) - A new common share repurchase program of **up to $50 billion** was authorized, effective July 1, 2025, replacing the previous **$30 billion** program[39](index=39&type=chunk) Business Segment & Corporate Results [Consumer & Community Banking ("CCB")](index=13&type=section&id=Consumer%20%26%20Community%20Banking%20%28%22CCB%22%29) CCB reported **strong** 3Q25 results, with net revenue **up 9% YoY** and net income **up 24% YoY** CCB Income Statement | CCB Income Statement (millions) | 3Q25 | 2Q25 | 1Q25 | 3Q24 | 3Q25 Change (QoQ) | 3Q25 Change (YoY) | | :------------------------------ | :------ | :------ | :------ | :------ | :---------------- | :---------------- | | TOTAL NET REVENUE | $19,473 | $18,847 | $18,313 | $17,791 | 3% | 9% | | Provision for credit losses | $2,538 | $2,082 | $2,629 | $2,795 | 22% | (9)% | | TOTAL NONINTEREST EXPENSE | $10,296 | $9,858 | $9,857 | $9,586 | 4% | 7% | | NET INCOME | $5,009 | $5,169 | $4,425 | $4,046 | (3)% | 24% | CCB Revenue by Business | CCB Revenue by Business (millions) | 3Q25 | 2Q25 | 1Q25 | 3Q24 | 3Q25 Change (QoQ) | 3Q25 Change (YoY) | | :--------------------------------- | :------ | :------ | :------ | :------ | :---------------- | :---------------- | | Banking & Wealth Management | $11,040 | $10,698 | $10,254 | $10,090 | 3% | 9% | | Home Lending | $1,260 | $1,250 | $1,207 | $1,295 | 1% | (3)% | | Card Services & Auto | $7,173 | $6,899 | $6,852 | $6,406 | 4% | 12% | - Active digital customers **increased by 1% QoQ** and **6% YoY** to **74.0 million**[50](index=50&type=chunk) - Active mobile customers **increased by 2% QoQ** and **7% YoY** to **60.9 million**[50](index=50&type=chunk) - Client investment assets **grew by 7% QoQ** and **15% YoY** to **$1,232.4 billion**[50](index=50&type=chunk) - Total net charge-offs **increased by 6% QoQ** and **2% YoY** to **$1,963 million**, primarily driven by Card Services[48](index=48&type=chunk) - Total allowance for loan losses **increased by 3% QoQ** and **10% YoY** to **$17,557 million**[48](index=48&type=chunk) [Commercial & Investment Bank ("CIB")](index=17&type=section&id=Commercial%20%26%20Investment%20Bank%20%28%22CIB%22%29) CIB delivered **strong** 3Q25 results, with net revenue **up 17% YoY** and net income **up 21% YoY** CIB Income Statement | CIB Income Statement (millions) | 3Q25 | 2Q25 | 1Q25 | 3Q24 | 3Q25 Change (QoQ) | 3Q25 Change (YoY) | | :------------------------------ | :------ | :------ | :------ | :------ | :---------------- | :---------------- | | TOTAL NET REVENUE | $19,878 | $19,535 | $19,666 | $17,015 | 2% | 17% | | Provision for credit losses | $809 | $696 | $705 | $316 | 16% | 156% | | TOTAL NONINTEREST EXPENSE | $9,722 | $9,641 | $9,842 | $8,751 | 1% | 11% | | NET INCOME | $6,901 | $6,650 | $6,942 | $5,691 | 4% | 21% | CIB Revenue by Business | CIB Revenue by Business (millions) | 3Q25 | 2Q25 | 1Q25 | 3Q24 | 3Q25 Change (QoQ) | 3Q25 Change (YoY) | | :--------------------------------- | :------ | :------ | :------ | :------ | :---------------- | :---------------- | | Investment Banking | $2,694 | $2,684 | $2,268 | $2,354 | —% | 14% | | Fixed Income Markets | $5,613 | $5,690 | $5,849 | $4,651 | (1)% | 21% | | Equity Markets | $3,331 | $3,246 | $3,814 | $2,501 | 3% | 33% | | Securities Services | $1,423 | $1,418 | $1,269 | $1,326 | —% | 7% | - Net charge-offs **increased by 74% QoQ** and **263% YoY** to **$567 million**[68](index=68&type=chunk) - Total nonaccrual loans **increased by 10% QoQ** and **33% YoY** to **$5,371 million**[68](index=68&type=chunk) - Assets under custody (period-end) **grew by 6% QoQ** and **12% YoY** to **$40,128 billion**[73](index=73&type=chunk) - Total investment banking fees **increased by 5% QoQ** and **16% YoY** to **$2,627 million**, with **strong growth** in Equity underwriting (**53% YoY**) and Debt underwriting (**9% YoY**)[73](index=73&type=chunk) [Asset & Wealth Management ("AWM")](index=21&type=section&id=Asset%20%26%20Wealth%20Management%20%28%22AWM%22%29) AWM reported **robust** 3Q25 performance, with net revenue **up 12% YoY** and net income **up 23% YoY** AWM Income Statement | AWM Income Statement (millions) | 3Q25 | 2Q25 | 1Q25 | 3Q24 | 3Q25 Change (QoQ) | 3Q25 Change (YoY) | | :------------------------------ | :------ | :------ | :------ | :------ | :---------------- | :---------------- | | TOTAL NET REVENUE | $6,066 | $5,760 | $5,731 | $5,439 | 5% | 12% | | Provision for credit losses | $59 | $46 | $(10) | $4 | 28% | **NM** | | TOTAL NONINTEREST EXPENSE | $3,818 | $3,733 | $3,713 | $3,639 | 2% | 5% | | NET INCOME | $1,658 | $1,473 | $1,583 | $1,351 | 13% | 23% | AWM Revenue by Business | AWM Revenue by Business (millions) | 3Q25 | 2Q25 | 1Q25 | 3Q24 | 3Q25 Change (QoQ) | 3Q25 Change (YoY) | | :--------------------------------- | :------ | :------ | :------ | :------ | :---------------- | :---------------- | | Asset Management | $2,916 | $2,705 | $2,671 | $2,525 | 8% | 15% | | Global Private Bank | $3,150 | $3,055 | $3,060 | $2,914 | 3% | 8% | AWM Client Assets | Client Assets (billions) | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | QoQ Change | YoY Change | | :----------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | :--------- | :--------- | | TOTAL ASSETS UNDER MANAGEMENT | $4,599 | $4,343 | $4,113 | $4,045 | $3,904 | 6% | 18% | | TOTAL CLIENT ASSETS | $6,838 | $6,421 | $6,002 | $5,932 | $5,721 | 6% | 20% | - Net asset flows into AUM for 3Q25 were **positive** across all asset classes: Liquidity (**$37B**), Fixed income (**$31B**), Equity (**$31B**), Multi-asset (**$4B**), and Alternatives (**$6B**)[84](index=84&type=chunk) - Firmwide Wealth Management Client assets **increased by 7% QoQ** and **20% YoY** to **$4,373 billion**[84](index=84&type=chunk) - Number of Global Private Bank client advisors **increased by 8% YoY** to **4,050**[79](index=79&type=chunk) [Corporate](index=24&type=section&id=Corporate) Corporate net income **decreased 51% QoQ** and **54% YoY**, with total net revenue **down 45% YoY** due to a prior-year Visa gain Corporate Income Statement | Corporate Income Statement (millions) | 3Q25 | 2Q25 | 1Q25 | 3Q24 | 3Q25 Change (QoQ) | 3Q25 Change (YoY) | | :------------------------------------ | :------ | :------ | :------ | :------ | :---------------- | :---------------- | | TOTAL NET REVENUE | $1,703 | $1,538 | $2,304 | $3,070 | 11% | (45)% | | Provision for credit losses | $(3) | $25 | $(19) | $(4) | **NM** | 25% | | NONINTEREST EXPENSE | $445 | $547 | $185 | $589 | (19)% | (24)% | | NET INCOME | $825 | $1,695 | $1,693 | $1,810 | (51)% | (54)% | Corporate Segment Memo Items | Corporate Memo (millions) | 3Q25 | 2Q25 | 1Q25 | 3Q24 | 3Q25 Change (QoQ) | 3Q25 Change (YoY) | | :------------------------ | :------ | :------ | :------ | :------ | :---------------- | :---------------- | | Treasury and CIO Net Revenue | $1,687 | $1,649 | $1,564 | $3,154 | 2% | (47)% | | Other Corporate Net Revenue | $16 | $(111) | $740 | $(84) | **NM** | **NM** | | Treasury and CIO Net Income | $1,166 | $1,121 | $1,158 | $2,291 | 4% | (49)% | | Other Corporate Net Income | $(341) | $574 | $535 | $(481) | **NM** | 29% | - The **significant YoY decline** in total net revenue and net income is largely due to a **$7.9 billion net gain** related to Visa shares recorded in 2Q24[91](index=91&type=chunk) - Investment securities gains/(losses) for 3Q25 were **$105 million**, a **significant improvement** from losses in previous quarters[87](index=87&type=chunk) - Average Available-for-Sale (AFS) securities **increased by 7% QoQ** and **62% YoY** to **$495.8 billion**[87](index=87&type=chunk) - During 3Q25, **$44.1 billion** of investment securities were transferred from AFS to HTM for asset-liability management purposes[89](index=89&type=chunk) Credit-Related Information [Credit Exposure](index=25&type=section&id=Credit%20Exposure) Total credit exposure **increased 3% QoQ** and **8% YoY** to **$3.28 trillion**, driven by loan growth Total Credit Exposure | Credit Exposure (millions) | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | QoQ Change | YoY Change | | :------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | :--------- | :--------- | | Total consumer loans | $628,559 | $626,983 | $614,522 | $625,670 | $614,487 | —% | 2% | | Total wholesale loans | $806,687 | $785,009 | $741,173 | $722,318 | $725,524 | 3% | 11% | | Total loans | $1,435,246 | $1,411,992 | $1,355,695 | $1,347,988 | $1,340,011 | 2% | 7% | | Lending-related commitments | $1,714,006 | $1,656,993 | $1,626,483 | $1,577,622 | $1,576,476 | 3% | 9% | | Total credit exposure | $3,277,594 | $3,182,430 | $3,092,120 | $3,038,506 | $3,022,318 | 3% | 8% | Credit Exposure by Category | Credit Exposure by Category (millions) | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | QoQ Change | YoY Change | | :------------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | :--------- | :--------- | | Consumer exposure | $1,746,537 | $1,724,322 | $1,692,152 | $1,671,825 | $1,649,403 | 1% | 6% | | Wholesale exposure | $1,531,057 | $1,458,108 | $1,399,968 | $1,366,681 | $1,372,915 | 5% | 12% | [Nonperforming Assets](index=26&type=section&id=Nonperforming%20Assets) Total nonperforming assets **increased 1% QoQ** and **23% YoY** to **$10.6 billion**, driven by nonaccrual loans Nonperforming Assets and Exposure | Nonperforming Assets (millions) | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | QoQ Change | YoY Change | | :------------------------------ | :----------- | :----------- | :----------- | :----------- | :----------- | :--------- | :--------- | | Total consumer nonaccrual loans | $4,600 | $4,669 | $3,759 | $3,926 | $3,713 | (1)% | 24% | | Total wholesale nonaccrual loans | $5,506 | $5,152 | $4,859 | $4,911 | $4,362 | 7% | 26% | | Total nonaccrual loans | $10,106 | $9,821 | $8,618 | $8,837 | $8,075 | 3% | 25% | | Total nonperforming assets | $10,635 | $10,480 | $9,105 | $9,300 | $8,628 | 1% | 23% | | Total nonperforming exposure | $11,660 | $11,402 | $9,898 | $10,037 | $9,247 | 2% | 26% | Nonaccrual Loan Ratios | Nonaccrual Loan-Related Ratios | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :----------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Total nonaccrual loans to total loans | 0.70 % | 0.70 % | 0.64 % | 0.66 % | 0.60 % | | Total consumer, excluding credit card nonaccrual loans to total consumer, excluding credit card loans | 1.17 % | 1.18 % | 0.96 % | 1.00 % | 0.94 % | | Total wholesale nonaccrual loans to total wholesale loans | 0.68 % | 0.66 % | 0.66 % | 0.68 % | 0.60 % | [Summary of Changes in the Allowances](index=27&type=section&id=Summary%20of%20Changes%20in%20the%20Allowances) Total allowance for credit losses **increased 3% QoQ** and **10% YoY** to **$28.8 billion**, driven by higher loan loss provisions Allowance for Credit Losses | Allowance (millions) | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | QoQ Change | YoY Change | | :------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | :--------- | :--------- | | Allowance for Loan Losses | $25,735 | $24,953 | $25,208 | $24,345 | $23,949 | 3% | 7% | | Allowance for Lending-Related Commitments | $2,964 | $2,932 | $2,226 | $2,101 | $2,142 | 1% | 38% | | Allowance for Investment Securities | $105 | $108 | $118 | $152 | $175 | (3)% | (40)% | | Total allowance for credit losses | $28,804 | $27,993 | $27,552 | $26,598 | $26,266 | 3% | 10% | Net Charge-Off Rates | Net Charge-Off/(Recovery) Rates | 3Q25 | 2Q25 | 1Q25 | 3Q24 | | :------------------------------ | :----- | :----- | :----- | :----- | | Consumer retained, excluding credit card loans | 0.12 % | 0.14 % | 0.18 % | 0.17 % | | Credit card retained loans | 3.15 % | 3.40 % | 3.58 % | 3.23 % | | Wholesale retained loans | 0.33 % | 0.19 % | 0.11 % | 0.09 % | | Total retained loans | 0.76 % | 0.73 % | 0.74 % | 0.65 % | Allowance for Loan Losses Components | Allowance Components (millions) | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :------------------------------ | :----------- | :----------- | :----------- | :----------- | :----------- | | Total consumer allowance for loan losses | $17,457 | $16,850 | $16,858 | $16,407 | $15,835 | | Total wholesale allowance for loan losses | $8,278 | $8,103 | $8,350 | $7,938 | $8,114 | Non-GAAP Financial Measures This section reconciles non-GAAP financial measures like managed basis results, TCE, and metrics excluding Markets, for clearer performance assessment Non-GAAP Revenue Reconciliation | Metric (millions) | Reported 3Q25 | Managed 3Q25 | Managed 3Q25 Excl. Markets | | :---------------- | :------------ | :----------- | :------------------------- | | Net interest income | $23,966 | $24,071 | $23,391 | | Noninterest revenue | $22,461 | $23,049 | $14,785 | | Total net revenue (Memo) | N/A | N/A | $8,944 (Markets) | Non-GAAP Yields and Rates | Yield/Rate (%) | Managed 3Q25 | Managed 3Q25 Excl. Markets | | :------------- | :----------- | :------------------------- | | Net yield on average interest-earning assets | 2.45 | 3.73 | - Managed basis results include fully taxable-equivalent adjustments to revenue for comparability, with no impact on net income[107](index=107&type=chunk) - Pre-provision profit is used to assess a lending institution's ability to generate income in excess of credit losses[107](index=107&type=chunk) - TCE, ROTCE, and TBVPS are used by the Firm, investors, and analysts to assess the Firm's use of equity[107](index=107&type=chunk) - Metrics excluding Markets (Fixed Income Markets and Equity Markets) are reviewed to assess performance apart from volatility associated with Markets activities[107](index=107&type=chunk) [Glossary of Terms and Acronyms (a)](index=2&type=section&id=Glossary%20of%20Terms%20and%20Acronyms%20%28a%29) This section refers to the Glossary of Terms and Acronyms in the 2024 Annual Report on Form 10-K for definitions

Core Insights - JPMorgan Chase plans to invest $10 billion in companies critical to US national security, aiming to enhance America's defenses [1] - The investment strategy focuses on supply chain independence, energy independence, defense and aerospace technologies, and frontier technologies like quantum computing and artificial intelligence [3] Investment Plans - JPMorgan aims to facilitate and finance $1.5 trillion for national security-related companies over the next decade, which is a 50% increase from previous plans [5] - The bank's investment is seen as a response to the US's reliance on unreliable sources for critical minerals and products [2] Market Reaction - Following the announcement, shares in JPMorgan rose by 2.3%, indicating market confidence in the bank's strategic direction [5] - The investment has positively impacted US rare earth miners, with MP Materials shares rising by 21.3% and USA Rare Earth by 18.6% [4]