JP Morgan Chase & Co. (JPM) Jun 2026 Filing Analysis

The Q4 2025 Card Services net charge-off rate was 3.34%, effectively in line with the approximately 3.3% guidance and within the specified roughly 5% tolerance. (1 met across 1 tracked commitment)

JPMorganChase announced that Chase will become the new issuer of Apple Card. (+2 more commitments)

CIB revenue increased from $19.878 billion in Q3 2025 to $24.853 billion in Q2 2026, up approximately 25.0%. Its firmwide revenue share also expanded, from about 42.2% to 43.4%. Q3 2025 already showed 17% year-over-year growth, led by Markets and investment banking; the later baseline reports 27% year-over-year growth. (5 expanding)

The deposit base expanded from $2.548 trillion at September 30, 2025 to $2.714 trillion at June 30, 2026, about 6.5%, while the loans-to-deposits ratio moved from 56% to 57%. Q3 2025 average total deposits cost 1.83%; U.S. noninterest-bearing deposits averaged $577.1 billion, while U.S. interest-bearing demand and savings averaged $1.206 trillion. The later baseline also describes a large U.S. low-cost deposit base but does not provide a directly comparable firmwide deposit beta, so a deposit-beta change cannot be measured from these disclosures. (5 expanding)

The FY2025 filing reports $47.930 billion of CIB revenue in North America and $30.524 billion internationally. North America represented 61.1% of CIB revenue. The baseline's Q2 2026 split is 57.0% North America, a 4.1 percentage-point reduction in share; however, periods and regional definitions are not identical, so this is a directional comparison rather than a strict like-for-like change. (1 contracting, 1 expanding)

Corporate revenue increased from $1.703 billion in Q3 2025 to $6.046 billion in Q2 2026, a rise of approximately 255%. The later baseline attributes much of its Q2 2026 revenue to exceptional Visa-share and equity-investment gains, so this expansion is chiefly a one-time, less dependable revenue shift rather than evidence of comparable recurring-business growth. Q3 2025 Corporate revenue was down 45% year over year. (2 expanding, 1 contracting, 2 shifted across 4 engines)

The bank's financial strength is supported by $303 billion of Common Equity Tier 1 capital and a 14.2% standardized CET1 ratio at June 30, 2026. Its average liquidity coverage ratio was 110% firmwide and 118% at JPMorgan Chase Bank, N.A., and it reported approximately $1.5 trillion of liquidity sources. These resources support resilience and the capacity to serve clients through market stress, while capital ratios are subject to Federal Reserve, OCC, and FDIC requirements.

AWM assets under management reached $3.9 trillion and total client assets reached $5.7 trillion, each up 23% year over year. These growth rates are faster than the previously extracted +18% AUM and +19% client-asset growth. The quarter also brought $106 billion in net AUM inflows, alongside $116 billion of market/performance/other gains. The trajectory is accelerating, though part of the increase came from rising markets and not only new client money. (5 accelerating across 5 signals)

Fee growth is strong across both businesses. Asset-management fees grew 18% year over year in the first half and 16% in Q2, a modest slowdown in the latest quarter. Investment-banking fees grew 29% in the first half and 30% in Q2, effectively steady at a high rate. Because the signal combines two fee streams with different latest-quarter direction, the overall classification is STEADY, with investment banking currently the faster-growing contributor. (1 steady across 1 signal)

The June 2025 filing reports average AWM loans of $240.6 billion, up 7% year over year, and up 3% quarter over quarter. The newer extracted signal reports $284.3 billion and +18% year over year. Against these available observations, lending growth accelerated markedly, although the filed Q2 FY25 metric was $240.6 billion rather than the previously extracted later-period amount. (2 accelerating, 3 decelerating across 5 signals)

This September 2024 filing contains no disclosure of the Apple Card portfolio purchase, its expected closing date, or the related commitment amount. Since absence of mention is not evidence that the initiative was abandoned, no trend direction can be assigned from this document. (1 discontinued, 2 new trend, 1 steady across 4 signals, 1 leading indicator)

Digital customer activity continued to rise: active mobile customers reached 60.9 million, up 7% year over year, and active digital customers reached 74.0 million, up 6%. Compared with the prior report's 6% mobile and 5% digital growth, both growth rates improved modestly, indicating acceleration in customer adoption. The filing does not quantify digital lending share or the proportion of transactions shifting online. (1 accelerating, 1 decelerating, 3 steady across 5 signals)

The reserve increased from $26.866 billion at year-end 2024 to $29.089 billion in Q3 2025, with a $2.2 billion net addition over the nine-month period. Management’s downside scenario sensitivity remains material: modeled losses rise by about $3.8 billion for credit cards and $5.2 billion for wholesale loans and commitments versus the central scenario. The additional reserve and stress scenario weighting indicate active protection, while the larger reserve and downside sensitivity leave meaningful forecast risk. No comparable June 2026 reserve figure is provided here for an older-to-baseline comparison. (5 intensifying, 2 high-severity)

In FY2025, net interest income excluding Markets was $92.6 billion, essentially flat year over year, while net yield excluding Markets declined from 3.84% to 3.75%. The filing attributes margin pressure to deposit margin compression and lower rates. The later baseline reports net yield excluding Markets of 3.65%, down from 3.71% a year earlier, while NII excluding Markets increased 4% year over year in Q2. The yield measure continued to decline, but NII growth is a countervailing factor; overall trajectory INTENSIFYING for margin pressure, with mixed revenue support. (2 intensifying)

Standardized CET1 fell to 14.8% in Q3 2025 from 15.7% at year-end 2024, while risk-weighted assets grew about $178 billion over the first nine months. The ratio remained above the then-applicable 12.3% requirement, but the cushion narrowed. The filing also describes proposed Federal Reserve, OCC, and FDIC leverage-rule changes and a lower stress-capital-buffer requirement of 2.5%, affirmed by the Federal Reserve in August 2025. The later baseline reports CET1 of 14.2% in June 2026, confirming further decline; overall capital pressure is intensifying even though the stated requirement change in this filing was favorable. (4 intensifying)

The 2025 filing estimated approximately $104 billion of total credit exposure at expected closing, including about $23 billion of drawn loans, and recorded a $2.2 billion allowance for the transaction. The later baseline estimates approximately $106 billion of commitments, including approximately $24 billion included in portfolio-based commitments, and still expects closing about two years after the December 2025 commitment. Exposure estimates have risen modestly and the acquisition remains pending, so the risk is INTENSIFYING modestly; no evidence in the baseline indicates the transaction has closed. (2 intensifying, 1 stable)

The Q3 2025 filing shows that a 100-basis-point parallel rate increase was estimated to add $1.8 billion to 12-month earnings, while a 100-basis-point decline was estimated to reduce earnings by $2.2 billion. The later baseline estimates a $2.4 billion reduction for a 100-basis-point cut, indicating greater modeled downside to falling rates. The risk is therefore intensifying on the comparable falling-rate sensitivity, despite hedge activity. (2 intensifying, 2 easing)