JPMorganChase lends, takes deposits, trades for clients, advises on and underwrites deals, processes payments and manages money. Four segments carry it: the Commercial & Investment Bank (US$78.5 billion of managed revenue), Consumer & Community Banking (US$76.0 billion), Asset & Wealth Management (US$24.1 billion) and Corporate. 318,512 people worked there at year end. Total assets were US$4.42 trillion against US$342.4 billion of common equity.
The business in one page
The year earned US$57.0 billion, 2.43% less than FY2024, and the fall is the provision and the comparison with an absent gain: removing the one-off items the filing names, revenue grew 7.19% and expense 7.03%. Return on common equity was 17%, after 18% and 17% — a one-point range over three years — and return on tangible common equity, the measure the company and its incentive plan use, was 19.96%.
Where the growth came from matters more than the total. Net interest income outside Markets was flat at US$92.6 billion while the assets behind it grew 2.56%, and the net yield on them fell nine basis points to 3.75%: average noninterest-bearing deposits fell US$34.4 billion. Almost all the reported US$2.9 billion of net interest income growth is Markets, whose balance sheet grew 20.83% while its revenue per dollar of assets slipped from 2.84% to 2.62% in two years. Card Services grew on 10.4 million new accounts at a net yield of 10.26%, and assets under management reached US$4.79 trillion with the fee rate falling from 0.382% to 0.351%.
The provision was US$14.2 billion against US$9.8 billion of net charge-offs, so US$4.4 billion is reserve built ahead of losses — including US$2.2 billion for the Apple Card portfolio the Firm does not yet own. The allowance is US$31.2 billion and the company’s own adverse scenario would add about US$10.7 billion, 14.74% of pretax income. Meanwhile the Firm distributed 83.35% of earnings, buying back US$31.6 billion of stock at 2.57 times tangible book against 1.65 times two years earlier, and risk-weighted assets grew 12.76% against CET1 capital at 4.70%.
Figures for 3 fiscal years, taken from the Key Metrics tables of each annual report. When a later filing restates a figure, we use the figure reported for that year's own filing.
Key metrics
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $158.1B | $177.6B | $182.4B |
| Net margin (GAAP) | 31.3% | 32.9% | 31.3% |
| Dividends + buybacks | $21.8B | $32.4B | $47.1B |
| Shareholders’ equity | $300.5B | $324.7B | $342.4B |
| Effective tax rate | 19.6% | 22.1% | 21.4% |
| Return on common equity (company figure) | 17.0% | 18.0% | 17.0% |
How JPMorgan Chase & Co. makes money
Competitive advantage
The evidence in the filing is funding and scale. Average deposits of US$2.51 trillion cost 1.80%, below the cost of long-term debt, and the deposit base funds US$1.49 trillion of loans.
Return on equity held between 17% and 18% across three years, and three of the four segments earn 18% or more on the equity the Firm allocates them: 32% in Consumer & Community Banking, 40% in Asset & Wealth Management, 18% in the Commercial & Investment Bank.
Against that, the filing shows the franchise is not static: noninterest-bearing deposits fell to 24.10% of the total, and the net yield outside Markets fell for the second year.
Whether the advantage is widening or narrowing cannot be established from the document.
Pricing power
It is visible in deposits and not in fees. The cost of interest-bearing deposits fell 47 basis points while the loan yield fell 28, which is pricing power on the funding side.
In asset management the fee rate fell for the second year, from 0.382% to 0.367% to 0.351%, and the filing gives no explanation; liquidity funds held at about 26.7% of assets, so mix does not account for it.
In Markets, revenue per dollar of balance sheet fell three years running.
In Card Services the risk-adjusted yield recovered to 6.95% from 6.39%, but rewards cost grew 10.96% against interchange at 7.02%: card income fell 14.13% while card interest rose.
Transparency of growth
Growth was organic: there were no acquisitions in FY2025 and First Republic has been in the base since May 2023.
The filing names its one-off items, and removing them revenue grew 7.19% against 2.75% reported.
One internal change moves income between segments without affecting the total: since the fourth quarter of 2024 the Firm credits consumer deposits with a larger funding benefit, fully offset in Corporate. Consumer & Community Banking net interest income rose US$3.4 billion and Corporate fell US$3.7 billion; the filing does not split how much of each is the reallocation.
Scalability
The overhead ratio was 52% in both years.
Compensation grew 6.09%, below underlying revenue growth of 7.19%, on higher headcount.
Three lines grew faster than revenue: technology, communications and equipment 12.19% (including auto lease depreciation), professional and outside services 11.75%, and marketing 11.20%.
For a bank, capital intensity is not capex but regulatory capital: risk-weighted assets grew 12.76% against CET1 capital at 4.70%, which is what pushed the ratio down. Growth here consumes capital rather than plant.
Catalysts identified in the filing
- The Apple Card portfolio
About US$104 billion of exposure to be acquired, with US$2.2 billion of reserve already built. Price and terms are not disclosed, and the portfolio had not transferred at year end.
- Capital allocation to the Commercial & Investment Bank
For 2026 the Firm raised CIB’s allocated equity to US$166.5 billion from US$149.5 billion — more capital to the segment with the lowest return of the three at 18%.
- The remaining repurchase authorisation
The programme continues at a multiple of tangible book that has risen from 1.65 to 2.57 times in two years.
- Deposit repricing
The cost of interest-bearing deposits fell 47 basis points to 2.37% while the loan yield fell 28. Noninterest-bearing deposits are 24.10% of the total, down again.
- Asset management flows
Net inflows added US$392 billion and markets US$354 billion, taking assets under management to US$4.79 trillion while the fee rate fell to 0.351%.
Financial analysis
Click any line to chart it.
| Income statement · $ millions | FY2023 | FY2024 | FY2025 | Where in the filing |
|---|---|---|---|---|
| Investment banking fees | 6,519 | 8,910 | 9,615 | |
| Principal transactions | 24,460 | 24,787 | 27,212 | |
| Lending- and deposit-related fees | 7,413 | 7,606 | 9,093 | |
| Asset management fees | 15,220 | 17,801 | 20,327 | |
| Commissions and other fees | 6,836 | 7,530 | 8,539 | |
| Investment securities losses | (3,180) | (1,021) | (57) | |
| Mortgage fees and related income | 1,176 | 1,401 | 1,381 | |
| Card income | 4,784 | 5,497 | 4,720 | |
| Other income | 5,609 | 12,462 | 6,174 | |
| Noninterest revenue | 68,837 | 84,973 | 87,004 | |
| Interest income | 170,588 | 193,933 | 193,341 | |
| Interest expense | 81,321 | 101,350 | 97,898 | |
| Net interest income | 89,267 | 92,583 | 95,443 | |
| Total net revenue | 158,104 | 177,556 | 182,447 | |
| % change year on year | – | 12.3% | 2.8% | computed |
| Provision for credit losses | 9,320 | 10,678 | 14,212 | |
| Compensation expense | 46,465 | 51,357 | 54,487 | |
| Occupancy expense | 4,590 | 5,026 | 5,461 | |
| Technology, communications and equipment | 9,246 | 9,831 | 11,029 | |
| Professional and outside services | 10,235 | 11,057 | 12,356 | |
| Marketing | 4,591 | 4,974 | 5,531 | |
| Other expense | 12,045 | 9,552 | 6,776 | |
| Total noninterest expense | 87,172 | 91,797 | 95,640 | |
| Income before income tax expense | 61,612 | 75,081 | 72,595 | |
| Income tax expense | 12,060 | 16,610 | 15,547 | |
| Net income | 49,552 | 58,471 | 57,048 | |
| % net margin | 31.3% | 32.9% | 31.3% | computed |
| Preferred stock dividends [K25 Note 23] | 1,501 | 1,259 | 1,099 | |
| Net income applicable to common equity [K25 Note 23] | 48,051 | 57,212 | 55,949 | |
| Net income applicable to common stockholders (after participating securities) | 47,760 | 56,868 | 55,681 | |
| EPS basic (US$) | 16 | 20 | 20 | |
| EPS diluted (US$) | 16 | 20 | 20 | |
| Weighted-average basic shares (mn) | 2,939 | 2,874 | 2,777 | |
| Weighted-average diluted shares (mn) | 2,943 | 2,879 | 2,782 | |
| Cost of goods sold | – | – | not applicable (bank: no cost of sales line) | |
| Gross profit | – | – | not applicable |
| Balance sheet · $ millions | FY2023 | FY2024 | FY2025 | Where in the filing |
|---|---|---|---|---|
| Cash and due from banks | 29,066 | 23,372 | 21,742 | |
| Deposits with banks | 595,085 | 445,945 | 321,596 | |
| Fed funds sold and resale agreements | 276,152 | 295,001 | 336,426 | |
| Securities borrowed | 200,436 | 219,546 | 286,191 | |
| Trading assets | 540,607 | 637,784 | 802,873 | |
| Available-for-sale securities | 201,704 | 406,852 | 507,198 | |
| Held-to-maturity securities | 369,848 | 274,468 | 270,134 | |
| Loans | 1,323,706 | 1,347,988 | 1,493,429 | |
| Allowance for loan losses | (22,420) | (24,345) | (25,765) | |
| Accrued interest and accounts receivable | 107,363 | 101,223 | 111,599 | |
| Premises and equipment | 30,157 | 32,223 | 36,244 | |
| Goodwill, MSRs and other intangibles | 64,381 | 64,560 | 64,458 | |
| Other assets | 159,308 | 178,197 | 198,775 | |
| Total assets | 3,875,393 | 4,002,814 | 4,424,900 | |
| Deposits | 2,400,688 | 2,406,032 | 2,559,320 | |
| Fed funds purchased and repurchase agreements | 216,535 | 296,835 | 442,396 | |
| Short-term borrowings | 44,712 | 52,893 | 64,776 | |
| Trading liabilities | 180,428 | 192,883 | 216,019 | |
| Accounts payable and other liabilities | 290,307 | 280,672 | 316,794 | |
| Beneficial interests issued by consolidated VIEs | 23,020 | 27,323 | 27,951 | |
| Long-term debt | 391,825 | 401,418 | 435,206 | |
| Total liabilities | 3,547,515 | 3,658,056 | 4,062,462 | |
| Preferred stock | 27,404 | 20,050 | 20,045 | |
| Common stock | 4,105 | 4,105 | 4,105 | |
| Additional paid-in capital | 90,128 | 90,911 | 91,114 | |
| Retained earnings | 332,901 | 376,166 | 416,055 | |
| AOCI | (10,443) | (12,456) | (4,290) | |
| Treasury stock, at cost | (116,217) | (134,018) | (164,591) | |
| Total stockholders' equity | 327,878 | 344,758 | 362,438 | |
| Common stockholders' equity | 300,474 | 324,708 | 342,393 | |
| Tangible common equity (non-GAAP) [K25 p.61; K24] | 247,611 | 272,212 | 290,018 | |
| Noncontrolling interests | – | – | not available (not shown separately) | |
| Common shares outstanding at period-end (mn) | 2,877 | 2,798 | 2,696 | |
| Book value per share (US$) | 104 | 116 | 127 | |
| Tangible book value per share (US$) | 86 | 97 | 108 | |
| Employees | 309,926 | 317,233 | 318,512 |
| Cash flow statement · $ millions | FY2023 | FY2024 | FY2025 | Where in the filing |
|---|---|---|---|---|
| Net income | 49,552 | 58,471 | 57,048 | |
| Provision for credit losses | 9,320 | 10,678 | 14,212 | |
| Depreciation and amortization | 7,512 | 7,938 | 8,821 | |
| Deferred tax (benefit)/expense | (4,534) | 2,004 | 5,611 | |
| Bargain purchase gain, First Republic | (2,775) | (103) | – | |
| Initial gain on Visa share exchange | – | (7,990) | – | |
| Other | 4,301 | 1,985 | 1,309 | |
| Loans held-for-sale: originations and purchases | (115,245) | (212,238) | (260,772) | |
| Loans held-for-sale: sales, securitizations, paydowns | 116,430 | 205,303 | 235,232 | |
| Net change in trading assets | (74,091) | (95,729) | (156,461) | |
| Net change in securities borrowed | (14,902) | (18,762) | (66,648) | |
| Net change in accrued interest and accounts receivable | 19,928 | 5,735 | (11,514) | |
| Net change in other assets | 32,970 | (7,650) | (12,582) | |
| Net change in trading liabilities | 5,315 | 2,276 | 23,134 | |
| Net change in accounts payable and other liabilities | (25,388) | (90) | 5,270 | |
| Other operating adjustments | 4,581 | 6,160 | 9,558 | |
| Net cash from operating activities | 12,974 | (42,012) | (147,782) | |
| Net cash from investing activities | 67,643 | (163,403) | (265,565) | |
| of which AFS purchases | (115,499) | (352,712) | (308,772) | |
| of which other changes in loans, net | (88,343) | (83,176) | (188,497) | |
| of which proceeds from sales and securitizations of loans held-for-investment | 47,312 | 57,921 | 57,565 | |
| Net cash from financing activities | (25,571) | 63,447 | 269,533 | |
| of which net change in deposits | (32,196) | 3,299 | 153,168 | |
| Proceeds from long-term borrowings | 75,417 | 109,915 | 120,761 | |
| Payments of long-term borrowings | (64,880) | (96,605) | (108,100) | |
| Proceeds from issuance of preferred stock | – | 2,500 | 3,000 | |
| Redemption of preferred stock | – | (9,850) | (3,000) | |
| Treasury stock repurchased | (9,824) | (18,830) | (31,591) | |
| Dividends paid (common and preferred) | (13,463) | (14,783) | (16,625) | |
| Effect of exchange rates | 1,871 | (12,866) | 17,835 | |
| Net change in cash and deposits with banks | 56,917 | (154,834) | (125,979) | |
| Cash interest paid | 77,114 | 99,642 | 96,436 | |
| Cash income taxes paid, net | 9,908 | 11,715 | 5,309 | |
| Capital expenditure | – | – | not available (the cash flow statement does not separate purchases of premises and equipment; they sit in "All other investing activities, net" of (12,665)) | |
| Free cash flow | – | – | not calculable (no capex line; operating cash flow is dominated by trading inventory) |
| Per share · $ per diluted share | FY2023 | FY2024 | FY2025 | Where in the filing |
|---|---|---|---|---|
| Revenue | 53.72 | 61.67 | 65.59 | computed |
| Net income to common | 16.33 | 19.87 | 20.11 | computed |
| Book value (year-end shares) | 104.45 | 116.07 | 126.99 | computed |
| Tangible book value (year-end shares) | 86.08 | 97.30 | 107.56 | computed |
| Dividends declared | 4.10 | 4.80 | 5.80 | computed |
Revenue and net income to common use the weighted average diluted share count the filing reports (2,781.5 million in FY2025, 2,879.0 in FY2024, 2,943.1 in FY2023), checked against the diluted earnings per share printed in the filing (US$20.02, US$19.75, US$16.23, computed by the two-class method). Book value and tangible book value are the company’s own figures on year-end shares. Free cash flow per share is not calculable for a bank.
| Ratios · percent | FY2023 | FY2024 | FY2025 | Where in the filing |
|---|---|---|---|---|
| Returns and margins | ||||
| Revenue growth | – | 12.3% | 2.8% | computed |
| Net margin | 31.3% | 32.9% | 31.3% | from the statements |
| Return on common equity (company figure) | 17.0% | 18.0% | 17.0% | our construction |
| Effective tax rate | 19.6% | 22.1% | 21.4% | from the statements |
Every ratio is computed from the figures in the statements on the left; none is a target or a benchmark.
The three statements as the Form 10-K presents them. A bank has no cost of sales and no gross profit, and the rows say so. The cash flow statement does not answer whether the profit is cash: operating cash flow was negative US$147.8 billion because trading assets absorbed US$156.5 billion and securities borrowed US$66.6 billion — inventory and financing positions funded by repos and deposits that appear under financing. Capital expenditure is not separated and free cash flow is not calculable. Amounts in US$ million.
Operating measures
| Measure | FY2025 | FY2024 | Change / detail | Where in the filing |
|---|---|---|---|---|
| Markets: average interest-earning assets | $1,363.2bn | $1,128.2bn | +20.83% | Non-GAAP reconciliation |
| Markets: revenue per dollar of those assets | 2.62% | 2.66% | our construction; revenue +19.25% on assets +20.83% | CIB section; non-GAAP reconciliation |
| Card Services: average card loans | $231.7bn | $211.0bn | 10.4 million new accounts; 116.5 million cards in force | CCB metrics |
| Card Services: net yield on average loans | 10.26% | 9.73% | company measure | CCB metrics |
| Card Services: net charge-off rate | 3.31% | 3.34% | risk-adjusted yield 6.95% against 6.39% and 7.16% | CCB metrics |
| Assets under management | $4.79tn | $4.04tn | +18.44%; net inflows $392bn, markets $354bn | AWM section |
| Asset management: fee rate on average assets | 0.351% | 0.367% | our construction; no explanation given for the decline | AWM section |
| Net interest income excluding Markets | $92,591M | $92,419M | +0.19% on assets +2.56% | Non-GAAP reconciliation |
| Net yield excluding Markets | 3.75% | 3.84% | −9 basis points | Non-GAAP reconciliation |
| Average deposits / average cost | $2.51tn / 1.80% | not comparable | noninterest-bearing deposits 24.10% of the total | MD&A |
| Allowance for credit losses | $31.2bn | $27.6bn | adverse scenario adds about $10.7bn; a Critical Audit Matter | Note 13 |
| Provision / net charge-offs | $14,212M / $9,800M | $10,678M / not comparable | $4.4bn reserve build, of which $2.2bn for Apple Card | IS; Note 13 |
| CET1 ratio (standardised) | 14.6% | 15.7% | 14.1% on the binding advanced measure; RWA +12.76% against CET1 capital +4.70% | Capital section |
| Criticized wholesale exposure | $48.5bn | not comparable | the line that would show whether FY2025 losses were isolated | Credit risk section |
| Overhead ratio | 52% | 52% | company measure | MD&A |
| Employees | 318,512 | 317,233 | +0.4% | Item 1 |
Documents behind these figures: Annual Report on Form 10-K for the fiscal year ended December 31, 2025 — FY2023-FY2025 · Form 10-K for the fiscal year ended December 31, 2024 — comparison of stated expectations and the December 2023 balance sheet · 2026 Proxy Statement — governance, ownership, compensation
Key risks
The main weaknesses and risks identified in the latest annual report, in the order the report presents them.
- The core spread did not grow
Net interest income excluding Markets rose US$172 million to US$92.6 billion while the assets behind it grew 2.56% and the net yield fell nine basis points to 3.75%. Average noninterest-bearing deposits fell US$34.4 billion, to 24.10% of the total.
- Markets bought its growth with balance sheet
Revenue per dollar of average Markets earning assets fell from 2.84% to 2.66% to 2.62%. In FY2025 assets grew 20.83% and revenue 19.25%; trading assets rose 25.88%, securities borrowed 30.36% and repurchase financing 49.04%. The filing publishes no trading volumes, no client counts and no split between financing and intermediation revenue.
- Buying its own stock at a rising multiple
US$31.6 billion of repurchases at 2.57 times tangible book, against 1.65 times two years earlier, with the spend roughly tripled over the same period. The document allows the price paid to be measured, not compared with any value of the business, which it does not give.
- Capital consumed faster than it is generated
Risk-weighted assets grew 12.76% against CET1 capital at 4.70%, so the CET1 ratio fell from 15.7% to 14.6%, and to 14.1% on the binding advanced measure. The Apple Card portfolio adds about US$104 billion of exposure, at a price the filing does not disclose. More than two fifths of the year’s CET1 growth came from unrealised gains through other comprehensive income.
- The credit position is sized but not placed
The allowance is US$31.2 billion and the company’s adverse scenario would add about US$10.7 billion, 14.74% of pretax income. The auditor names the allowance a Critical Audit Matter. The filing gives one sensitivity and does not state where in the cycle it sits.
Open questions the filing does not answer
- What is capital expenditure, and how much software is capitalised? Neither is disclosed, so physical capital intensity cannot be read.
- Where is the credit cycle? Only one adverse scenario sensitivity is given, and the filing does not state the phase.
- Why is there a US$4.6 billion gap between current tax and cash taxes paid? The note does not explain it, and over three years cash taxes were 60.91% of tax expense.
- What are the price and terms of the Apple Card purchase? Neither is disclosed, although US$2.2 billion of reserve has already been built for it.
- How does Markets revenue split between financing and intermediation? Without it, the fall in revenue per dollar of assets cannot be attributed.
- How much of Consumer & Community Banking’s US$3.4 billion of net interest income growth is the internal transfer-pricing change? Corporate lost US$3.7 billion on the same mechanism, and the filing does not split it.
At US$322.22 the market capitalises JPMorganChase at US$869.0 billion: 16.09 times diluted earnings, 2.54 times book and 3.00 times tangible book, for an earnings yield of 6.21% and a dividend yield of 1.80%. A buyer paying 3.00 times tangible book for a 19.96% return on tangible common equity earns 6.65% on the price paid, before any change in that return. Enterprise-value multiples are not meaningful here, because a bank’s debt is its inventory.
The spread franchise held but did not grow: net interest income outside Markets was flat on more assets, and the year’s growth came from Markets committing 20.83% more balance sheet at a lower return per dollar, from card balances at a higher yield, and from asset fees carried by markets rather than by price. The reading holds if the net yield excluding Markets, now 3.75%, stops falling; it weakens if Markets revenue per dollar keeps slipping below 2.62% while the balance sheet expands.
Profit is reported after a conservative reserve build, but the adverse case of US$10.7 billion is a third of the allowance and the Apple Card commitment adds exposure before any revenue; the document gives the size of the sensitivity, not the phase of the cycle. On capital, the Firm returns 83.35% of what it earns and does not compound its 16.81% return inside the business — the growth in per-share figures comes from a share count down 3.39%, bought at a rising multiple. More than two fifths of the year’s CET1 growth came from market movements through other comprehensive income, which can reverse.
Strengths
- A return that does not move
Return on common equity was 17%, 18% and 17% across the three years, and return on tangible common equity 19.96% in FY2025. Asset & Wealth Management earned 40% on US$16.0 billion of allocated equity and Consumer & Community Banking 32% on US$56.0 billion.
- A deposit base that costs 1.80%
Average deposits of US$2.51 trillion at an average cost of 1.80%, well below the cost of long-term debt. The cost of interest-bearing deposits fell 47 basis points to 2.37% while the loan yield fell only 28 basis points to 6.72%.
- Credit charged ahead of the losses incurred
The provision of US$14.2 billion exceeded net charge-offs of US$9.8 billion by US$4.4 billion, of which US$2.2 billion is for a portfolio not yet owned. Reported profit is lower than realised losses alone would justify.
- Per share, the shareholder moved ahead of the company
Diluted shares fell 3.39%, so revenue per share grew 6.36% against 2.75% in total, and tangible book value per share grew 10.54% to US$107.56 after US$5.80 of dividends.
- Every stated FY2025 outlook item met or beaten
Card net charge-offs came in at 3.31% against guidance of about 3.60%, and the other outlook items were met. The comparison is made line by line against the FY2024 filing.
Last year’s watch-list, checked against this filing
| What we flagged | What happened | Result |
|---|---|---|
| Card net charge-off rate of about 3.60% for 2025 (FY2024 outlook) | 3.31%, better than the outlook. | DONE - beaten |
| The other stated FY2025 outlook items | Met or beaten; the comparison is made line by line against the FY2024 filing. | DONE - met |
| FDIC special assessment accrual of US$2.9 billion booked in FY2023 | Raised by US$725 million in FY2024 and released by US$763 million in FY2025. Each movement changes profit without changing cash. | MOVED in both directions |
| Apple Card portfolio acquisition | Not closed at year end; US$2.2 billion of reserve already built for about US$104 billion of exposure. Price and terms not disclosed. | TO BE CHECKED NEXT YEAR |
| Capital allocation for 2026 | The Commercial & Investment Bank’s allocated equity raised to US$166.5 billion from US$149.5 billion. Stated in this filing; not yet verifiable. | TO BE CHECKED NEXT YEAR |
What to watch in the next filing
- Net interest income excluding Markets, US$92.6 billion today, with the net yield excluding Markets at 3.75%. Whether the deposit franchise grows again or keeps compressing.
- Markets revenue per dollar of average Markets earning assets, 2.62% today on US$1.36 trillion. Whether balance-sheet growth in Markets still earns its keep.
- Card net charge-off rate and card allowance, 3.31% and US$15.6 billion today. How much of the profit is a position in the credit cycle.
- Criticized wholesale exposure, US$48.5 billion today. Whether FY2025’s wholesale losses were isolated.
- CET1 ratio on the binding advanced measure, 14.1% today, read with buyback spend of US$31.6 billion at 2.57 times tangible book. Whether capital returns are sustained by capital generation.
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