JPMORGAN CHASE & CO. (JPM) — DATA TABLES

Companion to the investment report | Fiscal year ended December 31, 2025

Sources: [K25] Annual Report on Form 10-K for FY2025 (filed February 2026; auditor's report dated February 13, 2026). [K24] Form 10-K for FY2024, used only for comparison and for the December 31, 2023 balance sheet. [PX] 2026 Proxy Statement (covers FY2025; step 1 of the proxy rule). [MKT] Market data supplied with the request: closing price US$322.22 on December 31, 2025; 2,697,032,375 shares outstanding on January 31, 2026.

All figures in US$ millions unless stated. not available = the document does not give it. not applicable = the item does not exist for this company.

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A.1 Table 1 — The statements

A.1.1 Income statement [K25 p.165]

Line	FY2025	FY2024	FY2023
Investment banking fees	9,615	8,910	6,519
Principal transactions	27,212	24,787	24,460
Lending- and deposit-related fees	9,093	7,606	7,413
Asset management fees	20,327	17,801	15,220
Commissions and other fees	8,539	7,530	6,836
Investment securities losses	(57)	(1,021)	(3,180)
Mortgage fees and related income	1,381	1,401	1,176
Card income	4,720	5,497	4,784
Other income	6,174	12,462	5,609
Noninterest revenue	87,004	84,973	68,837
Interest income	193,341	193,933	170,588
Interest expense	97,898	101,350	81,321
Net interest income	95,443	92,583	89,267
Total net revenue	182,447	177,556	158,104
Provision for credit losses	14,212	10,678	9,320
Compensation expense	54,487	51,357	46,465
Occupancy expense	5,461	5,026	4,590
Technology, communications and equipment	11,029	9,831	9,246
Professional and outside services	12,356	11,057	10,235
Marketing	5,531	4,974	4,591
Other expense	6,776	9,552	12,045
Total noninterest expense	95,640	91,797	87,172
Income before income tax expense	72,595	75,081	61,612
Income tax expense	15,547	16,610	12,060
Net income	57,048	58,471	49,552
Preferred stock dividends [K25 Note 23]	1,099	1,259	1,501
Net income applicable to common equity [K25 Note 23]	55,949	57,212	48,051
Net income applicable to common stockholders (after participating securities)	55,681	56,868	47,760
EPS basic (US$)	20.05	19.79	16.25
EPS diluted (US$)	20.02	19.75	16.23
Weighted-average basic shares (mn)	2,776.5	2,873.9	2,938.6
Weighted-average diluted shares (mn)	2,781.5	2,879.0	2,943.1
Cost of goods sold	not applicable (bank: no cost of sales line)
Gross profit	not applicable

One-off items identified by the document: FY2025 First Republic-related gain 588 in other income (Corporate) [K25 p.52]; FY2025 FDIC special assessment accrual release 763 in other expense [K25 p.54]; FY2025 income tax benefit 774 (Corporate) [K25 p.54]. FY2024 net gain on Visa shares 7.9 bn in other income and 1.0 bn contribution of Visa shares to the Foundation in other expense; FDIC accrual increase 725 [K25 p.44, 54]. FY2023 estimated bargain purchase gain 2,775 (cash flow statement line) [K25 p.169].

A.1.2 Managed basis and segments [K25 p.59, 64]

	FY2025	FY2024	FY2023
FTE adjustments to revenue	3,134	3,037	4,262
Total net revenue — managed	185,581	180,593	162,366
NII — managed	95,868	93,060	89,747
Markets NII	3,277	641	(294)
NII excluding Markets	92,591	92,419	90,041
NIR — managed	89,713	87,533	72,619
Markets NIR	32,505	29,366	28,258
NIR excluding Markets	57,208	58,167	44,361
Total Markets net revenue	35,782	30,007	27,964
Average interest-earning assets	3,834,359	3,537,567	3,325,708
Average Markets interest-earning assets	1,363,174	1,128,153	985,777
Average IEA excluding Markets	2,471,185	2,409,414	2,339,931
Net yield on IEA — managed	2.50%	2.63%	2.70%
Net yield excluding Markets	3.75%	3.84%	3.85%

Segment (managed)	Revenue FY25	FY24	FY23	Noninterest expense FY25	Provision FY25	Net income FY25	FY24	FY23	ROE FY25 / FY24 / FY23
Consumer & Community Banking (CCB)	76,029	71,507	70,148	40,267	11,493	18,245	17,603	21,232	32% / 32% / 38%
Commercial & Investment Bank (CIB)	78,454	70,114	64,353	38,216	2,615	27,761	24,846	20,272	18% / 18% / 14%
Asset & Wealth Management (AWM)	24,073	21,578	19,827	15,332	97	6,522	5,421	5,227	40% / 34% / 31%
Corporate	7,025	17,394	8,038	1,825	7	4,520	10,601	2,821	NM
Total	185,581	180,593	162,366	95,640	14,212	57,048	58,471	49,552	17% / 18% / 17%

Revenue by business [K25 p.65, 69, 76]: CCB — Banking & Wealth Management 42,862 / 40,943 / 43,199; Home Lending 4,966 / 5,097 / 4,140; Card Services & Auto 28,201 / 25,467 / 22,809. CIB — Investment Banking 10,198 / 9,636 / 7,076; Payments 19,331 / 18,085 / 17,818; Lending 7,601 / 7,470 / 6,896; Other 6 / 76 / 107; Fixed Income Markets 22,532 / 20,066 / 19,180; Equity Markets 13,250 / 9,941 / 8,784; Securities Services 5,599 / 5,084 / 4,772; Credit Adjustments & Other (63) / (244) / (280). AWM — Asset Management 11,700 / 10,175 / 9,129; Global Private Bank 12,373 / 11,403 / 10,698.

A.1.3 Revenue by geography [K25 Note 31, p.305] (reported basis)

Region	FY2025	Share	FY2024	FY2023	Change FY25
North America	139,689	76.56%	139,323	123,231	+0.26%
Europe/Middle East/Africa	24,478	13.42%	22,353	20,974	+9.51%
Asia-Pacific	14,065	7.71%	11,995	10,605	+17.26%
Latin America/Caribbean	4,215	2.31%	3,885	3,294	+8.49%
Total	182,447	100.00%	177,556	158,104	+2.75%

A.1.4 Balance sheet [K25 p.167; December 31, 2023 from K24]

Line	Dec 31, 2025	% of total assets	Dec 31, 2024	Dec 31, 2023 [K24]
Cash and due from banks	21,742	0.49%	23,372	29,066
Deposits with banks	321,596	7.27%	445,945	595,085
Fed funds sold and resale agreements	336,426	7.60%	295,001	276,152
Securities borrowed	286,191	6.47%	219,546	200,436
Trading assets	802,873	18.14%	637,784	540,607
Available-for-sale securities	507,198	11.46%	406,852	201,704
Held-to-maturity securities	270,134	6.10%	274,468	369,848
Loans	1,493,429	33.75%	1,347,988	1,323,706
Allowance for loan losses	(25,765)		(24,345)	(22,420)
Accrued interest and accounts receivable	111,599	2.52%	101,223	107,363
Premises and equipment	36,244	0.82%	32,223	30,157
Goodwill, MSRs and other intangibles	64,458	1.46%	64,560	64,381
Other assets	198,775	4.49%	178,197	159,308
Total assets	4,424,900		4,002,814	3,875,393
Deposits	2,559,320	57.84%	2,406,032	2,400,688
Fed funds purchased and repurchase agreements	442,396	10.00%	296,835	216,535
Short-term borrowings	64,776	1.46%	52,893	44,712
Trading liabilities	216,019	4.88%	192,883	180,428
Accounts payable and other liabilities	316,794	7.16%	280,672	290,307
Beneficial interests issued by consolidated VIEs	27,951	0.63%	27,323	23,020
Long-term debt	435,206	9.84%	401,418	391,825
Total liabilities	4,062,462		3,658,056	3,547,515
Preferred stock	20,045		20,050	27,404
Common stock	4,105		4,105	4,105
Additional paid-in capital	91,114		90,911	90,128
Retained earnings	416,055		376,166	332,901
AOCI	(4,290)		(12,456)	(10,443)
Treasury stock, at cost	(164,591)		(134,018)	(116,217)
Total stockholders' equity	362,438	8.19%	344,758	327,878
Common stockholders' equity	342,393		324,708	300,474
Tangible common equity (non-GAAP) [K25 p.61; K24]	290,018		272,212	247,611
Noncontrolling interests	not available (not shown separately)
Common shares outstanding at period-end (mn)	2,696.2		2,797.6	2,876.6
Book value per share (US$)	126.99		116.07	104.45
Tangible book value per share (US$)	107.56		97.30	86.08
Employees	318,512		317,233	309,926

Average balances [K25 p.61, 315]: average common equity 332,754 / 312,370 / 282,056; average TCE 280,292 / 259,671 / 230,109; average total assets 4,431,624 / 4,085,922 / 3,822,224.

A.1.5 Cash flow statement [K25 p.169]

Line	FY2025	FY2024	FY2023
Net income	57,048	58,471	49,552
Provision for credit losses	14,212	10,678	9,320
Depreciation and amortization	8,821	7,938	7,512
Deferred tax (benefit)/expense	5,611	2,004	(4,534)
Bargain purchase gain, First Republic	—	(103)	(2,775)
Initial gain on Visa share exchange	—	(7,990)	—
Other	1,309	1,985	4,301
Loans held-for-sale: originations and purchases	(260,772)	(212,238)	(115,245)
Loans held-for-sale: sales, securitizations, paydowns	235,232	205,303	116,430
Net change in trading assets	(156,461)	(95,729)	(74,091)
Net change in securities borrowed	(66,648)	(18,762)	(14,902)
Net change in accrued interest and accounts receivable	(11,514)	5,735	19,928
Net change in other assets	(12,582)	(7,650)	32,970
Net change in trading liabilities	23,134	2,276	5,315
Net change in accounts payable and other liabilities	5,270	(90)	(25,388)
Other operating adjustments	9,558	6,160	4,581
Net cash from operating activities	(147,782)	(42,012)	12,974
Net cash from investing activities	(265,565)	(163,403)	67,643
of which AFS purchases	(308,772)	(352,712)	(115,499)
of which other changes in loans, net	(188,497)	(83,176)	(88,343)
of which proceeds from sales and securitizations of loans held-for-investment	57,565	57,921	47,312
Net cash from financing activities	269,533	63,447	(25,571)
of which net change in deposits	153,168	3,299	(32,196)
Proceeds from long-term borrowings	120,761	109,915	75,417
Payments of long-term borrowings	(108,100)	(96,605)	(64,880)
Proceeds from issuance of preferred stock	3,000	2,500	—
Redemption of preferred stock	(3,000)	(9,850)	—
Treasury stock repurchased	(31,591)	(18,830)	(9,824)
Dividends paid (common and preferred)	(16,625)	(14,783)	(13,463)
Effect of exchange rates	17,835	(12,866)	1,871
Net change in cash and deposits with banks	(125,979)	(154,834)	56,917
Cash interest paid	96,436	99,642	77,114
Cash income taxes paid, net	5,309	11,715	9,908
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)

A.1.6 Equity rollforward items [K25 p.168]

	FY2025	FY2024	FY2023
Common dividends declared	16,060	13,786	12,055
Dividends declared per share (US$)	5.80	4.80	4.10
Treasury stock repurchased (equity statement, cost)	31,924	19,007	9,980
Treasury stock reissued	1,351	1,206	1,099
Shares repurchased (mn) [Note 22]	114.4	91.7	69.5
Aggregate purchase price, excl. excise tax and commissions [Note 22]	31,640	18,841	9,898
Shares reissued for employee plans (mn) [Note 22]	13.0	12.7	11.9
Noncash share-based compensation expense [Note 9]	3,614	3,504	3,117
Other comprehensive income/(loss)	8,166	(2,013)	6,898

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A.2 Table 2 — The notes

Income taxes [K25 Note 25, p.288–291]. Effective tax rate 21.4% / 22.1% / 19.6%. Reconciliation FY2025 (US$ mn, % of pretax): statutory 15,245 (21.0%); state and local 2,688 (3.7%); foreign tax effects 1,386 (1.9%); changes in tax laws (134) (−0.2%); cross-border tax laws (342) (−0.5%); tax credits (2,144) (−3.0%), of which alternative energy (1,135); change in valuation allowances 248 (0.3%); nontaxable/nondeductible (246) (−0.3%); changes in unrecognized tax benefits (387) (−0.5%); other (767) (−1.0%). Current tax 9,936 / 14,606 / 16,594; deferred 5,611 / 2,004 / (4,534). Cash taxes paid 5,309 / 11,715 / 9,908; U.S. federal cash taxes (1,099) / 3,465 / 2,797. Gross DTA 17,667 (2024: 17,849); valuation allowance (476) (249); gross DTL 10,243 (5,425), of which depreciation and amortization 2,343 (—), leasing transactions 4,291 (2,249); net DTA 6,948 (12,175). Tax attribute carryforwards DTA 2,252 (352): GBC 1.7 bn (expire 2045), FTC 257 (2030–2035). Unrecognized tax benefits 5,624 / 6,159 / 5,401, of which 4.6 bn would reduce the ETR. Accrued interest and penalties 1.9 bn. Pretax income: U.S. 56,184, non-U.S. 16,411.

Long-term debt [K25 Note 20, p.281]. Total 435,206 (2024: 401,418). Parent senior 234,532 (fixed 226,071, variable 8,461; 3.90%); parent subordinated 18,507 (4.89%); FHLB advances 18,159 (2024: 29,257); Purchase Money Note to FDIC 49,435 (3.40%, five-year, prepayable); subsidiary senior 112,979; junior subordinated 1,594. By maturity: under 1 year 42,589; 1–5 years 232,318; after 5 years 160,299. Maturities: 2026 42.6 bn; 2027 55.8 bn; 2028 105.4 bn; 2029 31.4 bn; 2030 39.8 bn. Fair-value-option debt 134.6 bn (2024: 100.8 bn). Secured LTD 70.0 bn. Weighted contractual rate excl. structured notes 3.89%; including hedges 4.75% (2024: 5.15%). Covenants: not available (none disclosed). Undrawn committed lines: not available.

Leases [K25 Note 18]. Operating lease ROU assets 8,901; lease liabilities 9,337, inside accounts payable and other liabilities. Average operating lease assets (auto) 16.2 bn (2024: 11.1 bn) [K25 p.68].

Share-based compensation [K25 Note 9]. Expense 3,614; unrecognized cost about 1.0 bn over 1.6 years; tax benefits 1.4 bn; no capitalization of share-based compensation.

Shares [K25 Note 22, 23, Item 5]. 2025 repurchases by quarter: Q1 29,953,620 at US$252.50 (7,563); Q2 29,800,960 at 251.67 (7,500); Q3 27,987,016 at 297.10 (8,315); Q4 26,666,700 at 309.81 (8,262); year 114,408,296 at US$276.55 (31,640). Authorization: US$50 bn from July 1, 2025; US$33,423 mn remaining at year-end; US$4.3 bn of the previous authorization cancelled. Dilutive impact of PSUs/RSUs/SARs 5.0 mn shares. Antidilutive securities: not available. Shares reserved for issuance about 50.0 mn.

Revenue [K25 Note 6]. Card income components: interchange and merchant processing 36,222 / 33,847 / 31,021; reward costs and partner payments (29,720) / (26,784) / (24,601); other (1,782) / (1,566) / (1,636). Operating lease income 3.8 bn / 2.8 bn / 2.8 bn. Deferred revenue and remaining performance obligations: not available in a form material to the analysis.

Litigation [K25 Note 30]. Reasonably possible losses in excess of reserves: US$0 to about 1.2 bn. Legal expense 361 / 740 / 1,436. Matters named: Amrapali (India, fine about US$31.5 mn under appeal); Fair Access to Banking (Executive Order August 2025; civil lawsuit filed January 2026 in Florida against JPMorgan Chase Bank, N.A. and its CEO); FX (South Africa); interchange (opt-out trial scheduled April 2026); LIBOR/EURIBOR (EU appeal heard January 2026); Russian litigation (one judgment of US$439 mn stayed; judgments exceed Firm assets in Russia); shareholder derivative action (precious metals and Treasuries trading). Amounts accrued per matter: not available.

Goodwill and intangibles [K25 Note 15]. Goodwill 52,731: CCB 32,116; CIB 11,259; AWM 8,634; Corporate 722. No impairment at the annual test; fair value exceeded carrying value by at least 20% for each reporting unit [K25 p.156]; an "immaterial" goodwill write-off in Q3 2025. Other intangibles 2,560 (2024: 2,874). MSRs 9,167.

Fair value [K25 Note 2; p.155]. Long-term debt measured at fair value "predominantly relates to structured notes"; structured notes total 130,621 (2024: 98,792). Assets at fair value 1,831,870, of which level 3 26,499 (recurring level 3 25,107). Recurring level 1 assets 790,135. Liabilities at fair value (recurring) 770,827, of which level 3 66,954 (2024: 51,780). CAM-scope level 3 liabilities: deposits 2.4 bn, short-term borrowings 5.6 bn, long-term debt 46.7 bn.

Investment securities [K25 Note 10]. AFS amortized cost 507,226, fair value 507,198. HTM amortized cost 270,134, fair value 253,344 (unrealized losses 17,053, gains 263); 2024: 274,468 vs 247,900. Transfer of 44.1 bn from AFS to HTM in Q3 2025 [K25 p.55].

Credit [K25 p.44, 53, 67, 72, 154]. Allowance for credit losses 31,230 / 26,866 / 24,765; allowance for loan losses 25,765; ratio to retained loans 1.83% / 1.87% / 1.75%. Net charge-offs 9,849 / 8,638 / 6,209; NCO rate 0.74% / 0.68% / 0.52%. Nonperforming assets 10,359 / 9,300 / 7,597. Provision by portfolio FY2025: consumer ex-card 693; card 10,829; wholesale 2,718; securities (28). Card: allowance 15,558; NCO 7,678 (rate 3.31%); 30+ day delinquency 2.16%; 90+ day 1.10%. Wholesale criticized exposure 48.5 bn (2024: 44.7 bn), of which 42.9 bn performing. CIB NCO 1,509 (2024: 689). Sensitivity, relative adverse vs central scenario: +1.2 bn residential real estate, +4.4 bn credit card, +5.1 bn wholesale.

Commitments [K25 Note 28]. Lending-related commitments 1,817,307 (2024: 1,577,622), of which credit card 1,177,766 and wholesale 595,954. Apple Card forward purchase commitment (December 30, 2025; closing expected in about 24 months): estimated total credit exposure about 104 bn, of which about 23 bn drawn loans; allowance 2,200. Securities lending indemnifications 405,910 (collateral 431.9 bn). Exchange and clearing house guarantees 433,537.

Other items cited [K25]. Visa Class B-2 shares held: about 18.6 mn, conversion rate 1.5108, carried at nominal carryover basis; Visa authorized a further exchange offer on February 13, 2026 (Note 2). Wholesale credit exposure: Asset Managers 152,848; Banks & Finance Companies 75,653. Allowance build FY2025: consumer 3.3 bn (incl. 2.2 bn Apple Card), wholesale 1.1 bn (p.53). During 2025 the Firm "further increased the weight placed on the adverse scenarios"; numerical weights not disclosed. Relative adverse scenario: U.S. unemployment about 2.0 points higher on average, peak difference about 2.8 points (p.154). Operating losses 1,292 / 1,417 / 1,228 (p.54). Earnings-at-risk ±200 bp: +3.7 bn / −6.0 bn (2024: +4.6 / −4.9). Enhanced SLR final rule November 2025; SCB averaging proposal. Indicative SCB by June 30, 2026.

Pension [K25 Note 8]. Projected benefit obligation 14,724; plan assets 23,603; net funded status +8,879 (2024: +7,742).

Rewards liability [K25 p.156; Note 19]. 16.0 bn (2024: 14.4 bn); +25 bp redemption rate and +1 bp cost per point would add about 512.

Capital [K25 p.94–97]. CET1 capital 288,469 (2024: 275,513). Standardized RWA 1,981,692 (1,757,460); Advanced RWA 2,045,249 (1,740,429). CET1 ratio Standardized 14.6% (15.7%), Advanced 14.1% (15.8%); requirement 11.5% under both (2024 Standardized: 12.3%). Apple Card: about 23 bn Standardized RWA and about 110 bn Advanced RWA (about 25 bp and 90 bp of CET1); Advanced expected to fall to about 30 bn RWA. SLR 5.8% (6.1%); Tier 1 leverage 6.9% (7.2%). Common dividend payout ratio 29% / 24% / 25%. Allocated equity at January 1, 2026: CCB 61.5 bn, CIB 166.5 bn, AWM 16.0 bn, Corporate 98.4 bn (January 1, 2025: 56.0 / 149.5 / 16.0 / 120.9). HQLA about 915 bn; liquidity sources about 1.5 trillion.

Interest rate sensitivity [K25 p.141]. Earnings-at-risk, 12 months: +100 bp +2.1 bn (2024: +2.3 bn); −100 bp −2.4 bn (−2.5 bn); +200 bp +3.7 bn (+4.6 bn); −200 bp −6.0 bn (−4.9 bn).

Auditor [K25 p.162–164; PX]. PricewaterhouseCoopers LLP, auditor since 1965. Unqualified opinion; internal control effective. Critical Audit Matters: (1) allowance for loan losses, portfolio-based component of wholesale (7.6 bn on 788.0 bn loans) and credit card (15.6 bn on 247.8 bn loans) retained portfolios; (2) fair value of certain level 3 financial instruments (deposits 2.4 bn, short-term borrowings 5.6 bn, long-term debt 46.7 bn). PwC fees 135.0 (2024: 119.0), of which audit 91.0. Material weaknesses: none reported. Subsequent events relevant: Apple Card announcement January 7, 2026; dividend of US$1.50 per quarter declared December 9, 2025.

Related parties, governance [PX]. Related Persons Policy described; no material transaction quantified. Directors and executive officers as a group: 8,573,082 shares owned beneficially plus 2,518,835 underlying units (February 28, 2026). J. Dimon: 6,266,647 shares beneficially owned plus 653,426 units. Holders above 5%: Vanguard 9.86%, BlackRock 7.15%. CEO 2025 performance-year compensation US$43.0 mn (salary 1.5, cash 5.0, PSUs 36.5); SCT total 2025 US$40.6 mn. PSU metric: three-year average ROTCE, absolute (maximum at 18% or more, zero below 6%) and relative to ten named competitors; CET1 hurdle at 8%.

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A.3 Arithmetic checks (3.2)

Check	Computation	Result
Gross profit = revenue − cost of goods sold	not applicable: the bank reports no cost of sales	n/a
Net interest income = interest income − interest expense	193,341 − 97,898 = 95,443	✓
Total net revenue = NIR + NII	87,004 + 95,443 = 182,447	✓
Noninterest revenue = sum of lines	9,615 + 27,212 + 9,093 + 20,327 + 8,539 − 57 + 1,381 + 4,720 + 6,174 = 87,004	✓
Noninterest expense = sum of lines	54,487 + 5,461 + 11,029 + 12,356 + 5,531 + 6,776 = 95,640	✓
Pretax = revenue − provision − expense	182,447 − 14,212 − 95,640 = 72,595	✓
Pretax − tax = net income	72,595 − 15,547 = 57,048	✓
Segments = managed total	76,029 + 78,454 + 24,073 + 7,025 = 185,581	✓
Managed − FTE = reported	185,581 − 3,134 = 182,447	✓
Segment net income = total	18,245 + 27,761 + 6,522 + 4,520 = 57,048	✓
Geography = total	139,689 + 24,478 + 14,065 + 4,215 = 182,447; shares 76.56 + 13.42 + 7.71 + 2.31 = 100.00%	✓
Markets = FICC + Equities	22,532 + 13,250 = 35,782	✓
Long-term debt = sum of components	253,039 + 180,573 + 1,594 = 435,206	✓
LTD by maturity	42,589 + 232,318 + 160,299 = 435,206	✓
Total assets = total liabilities + equity	4,062,462 + 362,438 = 4,424,900	✓
Equity rollforward (retained earnings)	376,166 + 57,048 − 1,099 − 16,060 = 416,055	✓
Treasury rollforward	−134,018 − 31,924 + 1,351 = −164,591	✓
Cash flow sections sum to change in cash	−147,782 − 265,565 + 269,533 + 17,835 = −125,979	✓
Cash flow − capex = free cash flow	not applicable: capex not disclosed	n/a
Segment operating income − unallocated = consolidated	pretax by segment 24,269 + 37,623 + 8,644 + 5,193 = 75,729 = managed pretax; − FTE 3,134 = 72,595	✓
Shares outstanding rollforward	4,104.9 − 1,307.3 − 114.4 + 13.0 = 2,696.2	✓
Card income components	36,222 − 29,720 − 1,782 = 4,720	✓
Tax rate reconciliation	15,245 + 2,688 + 1,386 − 134 − 342 − 2,144 + 248 − 246 − 387 − 767 = 15,547	✓

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A.4 Table 3 — Items for calculations

Item	FY2025	FY2024	FY2023	Source
Depreciation and amortization	8,821	7,938	7,512	K25 p.169
of which auto lease depreciation	2.4 bn	1.7 bn	1.7 bn	K25 p.65
Inventory	not applicable
Gross loans / allowance	1,493,429 / 25,765	1,347,988 / 24,345	1,323,706 / 22,420	K25 p.167, K24
Loans at fair value	70,684	41,350	not available	K25 p.167
Accounts payable	not applicable as trade payables; brokerage payables 186,658 (2024: 153,153)			K25 Note 19
Change in working capital per cash flow statement	not meaningful (trading assets and securities borrowed)
Acquisitions net of cash	—	(2,362)	(9,920)	K25 p.169
Premises and equipment, net	36,244	32,223	30,157
Capitalized costs of the year (internal-use software)	not available			K25 Note 16
R&D	not applicable; technology, communications and equipment expense 11,029 / 9,831 / 9,246
Long-term debt issued / repaid	120,761 / (108,100)	109,915 / (96,605)	75,417 / (64,880)	K25 p.169
Goodwill + other intangibles	52,731 + 2,560	52,565 + 2,874	52,634 + not available	Note 15
Dividend per share (US$)	5.80	4.80	4.10
Average deposits; noninterest-bearing	2,506,565; 604,183	2,386,642; 638,592	2,359,067; 660,538	K25 p.106, 315
Average rate, interest-bearing deposits	2.37%	2.84%	2.36%	K25 p.314–315
Average rate, total deposits	1.80%	2.08%	1.70%	K25 p.106
Average loan yield (FTE)	6.72%	7.00%	6.70%	K25 p.314–315
Average long-term debt rate	5.10%	5.49%	5.33%	K25 p.314–315
CCB BWM average deposits (US$ bn) / deposit margin	1,040.8 / 2.74%	1,049.3 / 2.66%	1,111.7 / 2.84%	K25 p.68
Card average loans / net yield / NCO rate	231,720 / 10.26% / 3.31%	214,139 / 9.73% / 3.34%	191,424 / 9.61% / 2.45%	K25 p.67–68
Card sales volume ex commercial (US$ bn)	1,354.7	1,259.3	1,163.6	K25 p.68
CIB average trading assets, debt and equity	764,098	624,032	508,792	K25 p.72
AWM AUM / client assets (US$ bn)	4,791 / 7,118	4,045 / 5,932	3,422 / 5,012	K25 p.78
Market capitalization (company, year-end)	868,793	670,618	489,320	K25 p.44

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A.5 Business metrics used in the report [K25 p.68, 72–74, 77–78]

CCB consumer customers 86.6 mn (84.4; 82.1); branches 5,083 (4,966; 4,897); active mobile customers 61.7 mn (57.8; 53.8); debit and credit card sales volume US$1,940.7 bn (1,805.4); client investment assets US$1,269.9 bn (1,087.6); mortgage origination US$52.8 bn (40.8); cards in force 116.5 mn (111.7); new card accounts 10.4 mn (10.0). CIB: Investment banking fees 9,735 (advisory 3,497; equity underwriting 1,732; debt underwriting 4,506); global IB fee wallet share 8.4% (9.1%; 8.6%), rank #1 (source Dealogic, cited by the company); assets under custody US$41,172 bn (35,280); Payments and Securities Services average client deposits 1,097,581 (961,646); Markets loss days 2 (1; 2). AWM: net client asset flows US$553 bn (486); share of mutual fund and ETF AUM rated 4 or 5 stars 60% (69%; 69%); share in first or second quartile over 1 year 44% (73%; 40%).

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A.6 Bases of calculation and reconciliations (3.4)

Item	Base used in the report	Other base	Reconciliation
Buybacks	Program purchase price 31,640 (excludes excise tax and commissions) for price paid; net treasury purchase 30,573 (CET1 rollforward) for capital retained	Equity statement 31,924; cash flow 31,591	31,924 − 31,640 = 284 excise tax and commissions; 31,924 − 31,591 = 333 timing of settlement and accrued excise tax; 31,924 − 1,351 reissuance = 30,573
Taxes	Income statement expense 15,547	Current 9,936; cash paid 5,309	15,547 − 5,611 deferred = 9,936; 9,936 − 5,309 = 4,627 timing between current tax and payments not explained further by the document
Debt	Carrying value 435,206	Contractual principal not given in total; zero-coupon notes carry 18.1 bn vs 57.6 bn principal at maturity	difference arises from discounting and fair value option
Share-based compensation	Note 9 expense 3,614	Equity statement APIC change 220	APIC line nets shares delivered from treasury and tax effects
Shares	Weighted-average diluted 2,781.5 mn for per-share values; period-end 2,696.2 mn for book values; MKT 2,697.0 mn for multiples
Revenue	Reported 182,447 for consolidated ratios; managed 185,581 for segment shares		difference = FTE adjustments 3,134
NII in outlook comparison	Managed 95,868 (outlook basis not stated)	Reported 95,443	difference FTE 425
One-off revenue items	Visa net gain 7.9 bn (income statement footnote)	Cash flow "initial gain" 7,990	the report uses the 7.9 bn net figure
Owner earnings	not calculable (capex not disclosed; "working capital" in the cash flow statement is trading inventory)

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A.7 Derivations, grouped by report section

Section 1

• Card share of lending commitments: 1,177,766 (includes commercial card).
• Segment shares of managed revenue: CCB 76,029 / 185,581 = 40.97%; CIB 78,454 / 185,581 = 42.27%; AWM 24,073 / 185,581 = 12.97%; Corporate 7,025 / 185,581 = 3.79%.
• Revenue growth outside North America: (24,478 + 14,065 + 4,215) − (22,353 + 11,995 + 3,885) = 42,758 − 38,233 = 4,525 of total 182,447 − 177,556 = 4,891.
• Rewards paid away: 29,720 / 36,222 = 82.05% (2024: 26,784 / 33,847 = 79.13%; 2023: 24,601 / 31,021 = 79.30%).
• Noninterest-bearing share of average deposits: 604,183 / 2,506,565 = 24.10% (2024: 638,592 / 2,386,642 = 26.76%; 2023: 660,538 / 2,359,067 = 28.00%).

Section 2

• Revenue excluding identified one-offs: FY2025 182,447 − 588 = 181,859; FY2024 177,556 − 7,900 = 169,656; FY2023 158,104 − 2,775 = 155,329. Growth FY2025 181,859 / 169,656 − 1 = 7.19%; FY2024 169,656 / 155,329 − 1 = 9.22%.
• Reported revenue growth: 182,447 / 177,556 − 1 = 2.75%.

Section 3

• Reported growth FY2025: revenue 2.75%; managed revenue 185,581 / 180,593 − 1 = 2.76%; NII 95,443 / 92,583 − 1 = 3.09%; expense 95,640 / 91,797 − 1 = 4.19%; provision 14,212 / 10,678 − 1 = 33.10%; net income 57,048 / 58,471 − 1 = −2.43%; net income to common 55,949 / 57,212 − 1 = −2.21%.
• Segment revenue growth: CCB 76,029 / 71,507 − 1 = 6.32%; CIB 78,454 / 70,114 − 1 = 11.89%; AWM 24,073 / 21,578 − 1 = 11.56%; Corporate 7,025 / 17,394 − 1 = −59.61%.
• Average IEA growth 3,834,359 / 3,537,567 − 1 = 8.39%; FICC 22,532 / 20,066 − 1 = 12.29%; Equities 13,250 / 9,941 − 1 = 33.29%; AUM 4,791 / 4,045 − 1 = 18.44%; loans 1,493,429 / 1,347,988 − 1 = 10.79%.
• Pre-provision profit excluding one-offs: FY2025 181,859 − 96,403 = 85,456; FY2024 169,656 − 90,072 = 79,584; growth 7.38%.
• Reported NII growth: 95,443 − 92,583 = 2,860; Markets NII change 3,277 − 641 = 2,636; NII ex Markets change 92,591 − 92,419 = 172.
• Transfer-pricing shift: CCB NII 58,234 − 54,858 = +3,376; Corporate NII 6,114 − 9,786 = −3,672.
• Average noninterest-bearing deposits: 604,183 − 638,592 = −34,409.
• Asset management fee rate (our construction, average of opening and closing AUM): FY2025 15,494 / ((4,791 + 4,045) / 2) = 0.351%; FY2024 13,693 / ((4,045 + 3,422) / 2) = 0.367%; FY2023 11,826 / ((3,422 + 2,766) / 2) = 0.382%. AWM asset management fees growth 15,494 / 13,693 − 1 = 13.15%. Net AUM flows 183 + 94 + 95 + 16 + 4 = 392. Liquidity share of AUM 1,279 / 4,791 = 26.70%; 1,083 / 4,045 = 26.77%.
• Payments 19,331 / 18,085 − 1 = 6.89%; CIB investment banking fees 9,735 / 9,116 − 1 = 6.79%; debt underwriting 4,506 / 4,134 − 1 = 9.00%; advisory 3,497 / 3,290 − 1 = 6.29%; client deposits 1,097,581 / 961,646 − 1 = 14.14%.
• Segment revenue changes: Markets 35,782 − 30,007 = 5,775; Card Services & Auto 28,201 − 25,467 = 2,734; AWM 24,073 − 21,578 = 2,495; Banking & Wealth Management 42,862 − 40,943 = 1,919; Corporate 7,025 − 17,394 = −10,369.
• Securities borrowed 286,191 / 219,546 − 1 = 30.36%; repurchase liabilities 442,396 / 296,835 − 1 = 49.04%; trading assets 802,873 / 637,784 − 1 = 25.88%.
• Expense excluding identified one-offs: FY2025 95,640 + 763 = 96,403; FY2024 91,797 − 1,000 − 725 = 90,072; growth 7.03%.
• Pre-provision profit growth: 86,807 / 85,759 − 1 = 1.22%.
• Markets revenue per dollar of average Markets interest-earning assets (our construction): FY2025 35,782 / 1,363,174 = 2.62%; FY2024 30,007 / 1,128,153 = 2.66%; FY2023 27,964 / 985,777 = 2.84%. Asset growth FY2025 1,363,174 / 1,128,153 − 1 = 20.83%; FY2024 14.44%. Revenue growth FY2025 19.25%; FY2024 7.31%.
• BWM deposit income proxy (our construction, average deposits × deposit margin): FY2025 1,040.8 × 2.74% = 28.52 bn; FY2024 1,049.3 × 2.66% = 27.91 bn; FY2023 1,111.7 × 2.84% = 31.57 bn.
• Card net interest proxy (average loans × net yield): FY2025 231,720 × 10.26% = 23,774; FY2024 214,139 × 9.73% = 20,836; FY2023 191,424 × 9.61% = 18,396. Risk-adjusted yield (net yield − NCO rate): 10.26 − 3.31 = 6.95%; 9.73 − 3.34 = 6.39%; 9.61 − 2.45 = 7.16%.
• Average IEA excluding Markets change: 2,471,185 − 2,409,414 = 61,771 (+2.56%).
• Line growth FY2025: compensation 54,487 / 51,357 − 1 = 6.09%; technology, communications and equipment (includes auto lease depreciation) 11,029 / 9,831 − 1 = 12.19%; professional services 11.75%; marketing 11.20%; occupancy 8.65%; asset management fees 14.19%; lending- and deposit-related fees 19.55%; principal transactions 9.78%; IB fees 7.91%; card income −14.13%; other income −50.46%.

Section 4

• Reserve build: 14,212 − 9,849 = 4,363.
• Tax gap: 15,547 − 5,309 = 10,238; current tax less cash paid 9,936 − 5,309 = 4,627; cash taxes over pretax 5,309 / 72,595 = 7.31%; three-year cash/expense (5,309 + 11,715 + 9,908) / (15,547 + 16,610 + 12,060) = 26,932 / 44,217 = 60.91%.
• Deterioration comparisons: accrued interest and accounts receivable 111,599 / 101,223 − 1 = 10.25% vs revenue 2.75% (gap 7.5 pt); allowance for loan losses 25,765 / 24,345 − 1 = 5.83% vs loans not carried at fair value (1,493,429 − 70,684) / (1,347,988 − 41,350) − 1 = 8.89% (our construction; the company's "retained loans" also exclude loans held for sale) (gap −3.1 pt); reward costs 10.96% vs interchange 7.02% (gap 3.9 pt); rewards liability 16.0 / 14.4 − 1 = 11.11% vs card income −14.13%.
• One-off items in pretax FY2025: 588 + 763 = 1,351; 1,351 / 72,595 = 1.86%.
• Legal expense excluded from adjusted expense, three years: 361 + 740 + 1,436 = 2,537; 2,537 / 57,048 = 4.45%.

Section 5

• Goodwill and other intangibles: 52,731 + 2,560 = 55,291; goodwill at January 1, 2023: 51,662 (Note 15).
• Fair value assets share: 1,831,870 / 4,424,900 = 41.40% (levels 1, 2 and 3 together).
• ROE gap (reported minus treasury-adjusted): FY2025 16.81 − 11.61 = 5.20 pt; FY2024 18.32 − 13.08 = 5.24 pt; FY2023 17.04 − 12.20 = 4.84 pt.
• Deposit growth: 2,559,320 / 2,406,032 − 1 = 6.37%. Other payables and liabilities 130,136.
• Change in deposits with banks: 321,596 − 445,945 = −124,349.
• HTM unrealized net loss: 270,134 − 253,344 = 16,790 (2024: 274,468 − 247,900 = 26,568); 16,790 / 290,018 TCE = 5.79%.
• Fair value share: 1,831,870 / 4,424,900 = 41.40%; level 3 26,499 / 4,424,900 = 0.60%; level 1 recurring 790,135 / 4,424,900 = 17.86%; retained loans 1,422,745 / 4,424,900 = 32.15%.
• ROE with treasury stock added back (average of opening and closing treasury): FY2025 55,949 / (332,754 + 149,305) = 11.61%; FY2024 57,212 / (312,370 + 125,118) = 13.08%; FY2023 48,051 / (282,056 + 111,777) = 12.20%. Reported basis ROE: 55,949 / 332,754 = 16.81%; 57,212 / 312,370 = 18.32%; 48,051 / 282,056 = 17.04%.
• Interest expense to interest income: 97,898 / 193,341 = 50.63%. Long-term debt in years of net income: 435,206 / 57,048 = 7.63.
• Cash and deposits with banks per share: 343,338 / 2,696.2 = 127.34; net of long-term debt and short-term borrowings (343,338 − 435,206 − 64,776) / 2,696.2 = −58.10.
• CET1 surplus over requirement (our construction): Standardized (14.6% − 11.5%) × 1,981,692 = 61.4 bn; Advanced (14.1% − 11.5%) × 2,045,249 = 53.2 bn.
• Retained earnings change: 416,055 − 376,166 = 39,889 = 57,048 − 1,099 − 16,060.

Section 6

• CET1 rollforward: net income to common 55,949; dividends 16,060 + net treasury 30,573 = 46,633; AOCI items 3,569 + 1,339 + 64 + 579 = 5,551; change in CET1 12,956; share from AOCI 5,551 / 12,956 = 42.85%.
• ROTCE (our recomputation): 55,949 / 280,292 = 19.96%; buyer's return at supplied price 19.96% / 3.00 = 6.65%.
• Dividend per share growth 5.80 / 4.80 − 1 = 20.83%.
• Per share (diluted average): revenue 182,447 / 2,781.5 = 65.59; 177,556 / 2,879.0 = 61.67; 158,104 / 2,943.1 = 53.72. Net income to common 55,949 / 2,781.5 = 20.11; 57,212 / 2,879.0 = 19.87; 48,051 / 2,943.1 = 16.33. Revenue per share growth FY2025 6.36%; diluted shares −3.39%; BVPS +9.41%; TBVPS +10.54%.
• Incremental return on average common equity, FY2023→FY2025: (55,949 − 48,051) / (332,754 − 282,056) = 7,898 / 50,698 = 15.58%. On TCE: 7,898 / (280,292 − 230,109) = 15.74%. FY2024→FY2025: (55,949 − 57,212) / (332,754 − 312,370) = −6.20%.
• Retention: (55,949 − 16,060 − 30,573) / 55,949 = 16.65%; implied growth 16.65% × 16.81% = 2.80%; total distribution (16,060 + 30,573) / 55,949 = 83.35%.
• RWA growth: 1,981,692 / 1,757,460 − 1 = 12.76% vs CET1 capital 288,469 / 275,513 − 1 = 4.70%. Advanced RWA growth 17.51%.
• Multiples on MKT data: market capitalization 322.22 × 2,697,032,375 = 869.0 bn; P/E 322.22 / 20.02 = 16.09x; P/BV 322.22 / 126.99 = 2.54x; P/TBV 322.22 / 107.56 = 3.00x; earnings yield 20.02 / 322.22 = 6.21%; dividend yield 5.80 / 322.22 = 1.80%.

Section 7

• Adverse sensitivity: 1.2 + 4.4 + 5.1 = 10.7 bn; 10.7 / 31.23 = 34.26% of the allowance; 10,700 / 72,595 = 14.74% of pretax income.
• Level 3 liabilities growth 66,954 / 51,780 − 1 = 29.30%; 66,954 / 362,438 = 18.47% of equity.
• Apple Card allowance on expected drawn loans (our arithmetic): 2,200 / 23,000 = 9.57%. Own card allowance 15,558 / 247,753 = 6.28%.

Section 8

• Three-year totals: net income to common 55,949 + 57,212 + 48,051 = 161,212; dividends declared 16,060 + 13,786 + 12,055 = 41,901; net treasury purchases (31,924 − 1,351) + (19,007 − 1,206) + (9,980 − 1,099) = 30,573 + 17,801 + 8,881 = 57,255; (41,901 + 57,255) / 161,212 = 61.51%.
• FY2025 distribution: (16,060 + 30,573) / 55,949 = 83.35%.
• Net securities purchases: 308,772 + 5,432 − 141,295 − 37,414 − 54,791 = 80,704.
• PwC fees 135.0 / 119.0 − 1 = 13.45%. Share-based compensation 3,614 / 57,048 = 6.34%.
• Price paid for buybacks (program price / shares): FY2025 31,640 / 114.408 = 276.55; FY2024 18,841 / 91.7 = 205.46; FY2023 9,898 / 69.5 = 142.42. Multiples paid on year-end TBVPS: 276.55 / 107.56 = 2.57x; 205.46 / 97.30 = 2.11x; 142.42 / 86.08 = 1.65x. On diluted EPS: 13.81x; 10.40x; 8.77x. Earnings yield bought: 7.24%; 9.61%; 11.40%. 2025 average price vs year-end close: 276.55 / 322.22 − 1 = −14.17%.
• Net shares retired: 114.4 − 13.0 = 101.4 mn; period-end shares 2,696.2 / 2,797.6 − 1 = −3.62%.
• Insider ownership: group 8,573,082 / 2,697,032,375 = 0.32%; J. Dimon 6,266,647 / 2,697,032,375 = 0.23%, worth 6,266,647 × 322.22 = 2.02 bn at the supplied price.

Section 10

• Card NCO variance: 3.31 − 3.60 = −0.29 pt.
• FY2026 guidance arithmetic: implied Markets NII 103 − 95 = about 8 bn; adjusted expense 105,000 / 95,279 − 1 = 10.20%; NII 103,000 / 95,868 − 1 = 7.44%.
• FY2025 outlook vs realized: NII 95,868 managed (95,443 reported) vs about 94.0 bn; NII ex Markets 92,591 vs about 90.0 bn; adjusted expense 95,640 − 361 = 95,279 vs about 95.0 bn; Card NCO 3.31% vs about 3.60%.