JP MORGAN CHASE(JPM) - 2025 Q3 - Quarterly Results

Consolidated Results Consolidated Financial Highlights 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 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][16] Consolidated Balance Sheets 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] Condensed Average Balance Sheets and Annualized Yields 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 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][107] Segment & Corporate Results - Managed Basis 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] Capital and Other Selected Balance Sheet Items 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] - Net income applicable to common equity (9 Months 2025): $43,204 million[32] - Dividends declared on common stock (9 Months 2025): $(11,969) million[32] - Net purchase of treasury stock (9 Months 2025): $(22,308) million[32] - Standardized/Advanced CET1 capital, ending balance (9 Months 2025): $287,297 million[32] Earnings Per Share and Related Information 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] - Aggregate repurchases of common stock in 3Q25: $8,315 million[38] - A new common share repurchase program of up to $50 billion was authorized, effective July 1, 2025, replacing the previous $30 billion program[39] Business Segment & Corporate Results Consumer & Community Banking ("CCB") 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] - Active mobile customers increased by 2% QoQ and 7% YoY to 60.9 million[50] - Client investment assets grew by 7% QoQ and 15% YoY to $1,232.4 billion[50] - Total net charge-offs increased by 6% QoQ and 2% YoY to $1,963 million, primarily driven by Card Services[48] - Total allowance for loan losses increased by 3% QoQ and 10% YoY to $17,557 million[48] Commercial & Investment Bank ("CIB") 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] - Total nonaccrual loans increased by 10% QoQ and 33% YoY to $5,371 million[68] - Assets under custody (period-end) grew by 6% QoQ and 12% YoY to $40,128 billion[73] - 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] Asset & Wealth Management ("AWM") 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] - Firmwide Wealth Management Client assets increased by 7% QoQ and 20% YoY to $4,373 billion[84] - Number of Global Private Bank client advisors increased by 8% YoY to 4,050[79] 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] - Investment securities gains/(losses) for 3Q25 were $105 million, a significant improvement from losses in previous quarters[87] - Average Available-for-Sale (AFS) securities increased by 7% QoQ and 62% YoY to $495.8 billion[87] - During 3Q25, $44.1 billion of investment securities were transferred from AFS to HTM for asset-liability management purposes[89] Credit-Related Information Credit Exposure 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 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 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] - Pre-provision profit is used to assess a lending institution's ability to generate income in excess of credit losses[107] - TCE, ROTCE, and TBVPS are used by the Firm, investors, and analysts to assess the Firm's use of equity[107] - Metrics excluding Markets (Fixed Income Markets and Equity Markets) are reviewed to assess performance apart from volatility associated with Markets activities[107] Glossary of Terms and Acronyms (a) This section refers to the Glossary of Terms and Acronyms in the 2024 Annual Report on Form 10-K for definitions