JPMorgan Chase & Co.

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	58,028	56,533	59,695	58,471	53,773	54,026
Net Income
Depreciation & Amortization	8,474	8,172	7,964	7,938	9,310	9,362
Depreciation and Amortization
Net Change in Loans Held-for-Sale	-6,771	-13,666	-10,477	-6,935	-10,736	-4,154
Originations and Purchases of Loans Held-for-Sale
Proceeds from Sales, Securitizations and Paydowns of Loans Held-for-Sale
Other Adjustments	7,815	4,699	5,429	-4,109	2,173	-1,318
Deferred Tax Benefit
Estimated Bargain Purchase Gain Associated with the First Republic Acquisition
Initial Gain on the Visa Share Exchange
Other
Changes in Trading Assets	-162,956	-150,228	-116,168	-95,729	-160,696	-86,444
Change in Trading Assets
Changes in Securities Borrowed	4,098	-24,785	-40,017	-18,762	-63,738	-35,148
Change in Securities Borrowed
Changes in Accrued Interest and Accounts Receivable	-20,167	10,423	11,212	5,725	4,603	-24,730
Accrued Interest and Accounts Receivable
Changes in Trading Liabilities	-3,071	-21,186	-49,274	2,276	28,023	63,386
Change in Trading Liabilities
Changes in Accounts Payable	-11,505	-21,013	-10,425	-90	3,966	12,338
Accounts Payable and Other Liabilities
Changes in Other Operating Activities	-5,891	-9,470	-1,632	-1,490	1,030	1,251
Change in Other Assets
Other Operating Adjustments
Cash from Operating Activities	-119,748	-148,615	-139,693	-42,012	-129,539	-10,339
Net Cash Provided by Operating Activities

Cash Flow Statement	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23	Jun '23	Mar '23	Dec '22	Sep '22	Jun '22
Provision for Credit Losses	12,188	11,896	12,099	10,678	10,809	9,082
Provision for Credit Losses

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Change in Short-Term Interbank Lending and Reverse Repurchase Agreements	-34,952	-77,660	-98,814	-18,706	-40,561	-67,006
Deposits with Banks
Federal Funds Sold and Securities Purchased Under Resale Agreements
Net Change in Loans Held-for-Investment	-99,507	-86,987	-43,803	-25,255	-24,682	-22,698
Proceeds from Sales and Securitizations of Loans Held-for-Investment
Other Changes in Loans, Net
Net Change in Securities and Investments	-147,620	-146,115	-89,967	-114,934	-28,330	23,582
Proceeds from Paydowns and Maturities
Purchases
Proceeds from Paydowns and Maturities
Proceeds from Sales
Purchases
Payments for Business Acquisitions	—	—	—	-2,362	—	—
Net Cash Provided by the First Republic Acquisition
Other Investing Activities	-12,748	-6,159	-3,154	-2,146	-2,848	-6,008
Net Purchases of Assets Pursuant to Nonrecourse Advances Provided by the FRBB Under the MMLF
All Other Investing Activities, Net
Cash from Investing Activities	-294,827	-316,921	-238,100	-163,403	-101,141	-75,526
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Change in Deposits	120,587	163,973	63,319	3,299	33,153	-11,626
Deposits
Net Change in Short-Term Interbank Borrowing and Repurchase Agreements	178,247	194,474	207,352	80,288	120,506	134,518
Federal Funds Purchased and Securities Loaned or Sold Under Repurchase Agreements
Issuance of Short-Term Debt	16,249	15,907	16,813	7,439	2,118	3,505
Change in Short-Term Borrowings
Net Issuance / (Repayments) of Short-Term Debt	16,249	15,907	16,813	7,439	2,118	3,505
Issuance of Long-Term Debt	115,980	109,696	110,455	109,915	111,549	110,163
Proceeds from Long-Term Borrowings
Repayments of Long-Term Debt	-107,837	-100,716	-103,809	-96,605	-83,503	-79,587
Payments of Long-Term Borrowings
Net Issuance / (Repayments) of Long-Term Debt	8,143	8,980	6,646	13,310	28,046	30,576
Repurchases of Common Shares	-27,628	-25,696	-23,526	-18,830	-16,804	-12,825
Treasury Stock Repurchased
Net Issuance / (Repurchases) of Common Shares	-27,628	-25,696	-23,526	-18,830	-16,804	-12,825
Issuance of Preferred Shares	—	—	—	2,500	—	—
Proceeds from Issuance of Preferred Stock
Repurchases of Preferred Shares	—	-8,350	-12,850	-9,850	—	—
Redemption of Preferred Stock
Net Issuance / (Repurchases) of Preferred Shares	—	-8,350	-12,850	-7,350	—	—
Common Share Dividends Paid	-16,066	-15,541	-15,113	-14,783	-14,351	-14,082
Dividends Paid
Other Financing Activities	-547	-2,343	-5,303	74	-8,663	-3,373
Beneficial Interests Issued by Consolidated VIES
All Other Financing Activities, Net
Cash from Financing Activities	277,385	335,904	240,338	63,447	143,255	128,193
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	-119,748	-148,615	-139,693	-42,012	-129,539	-10,339
Levered Free Cash Flow	-109,967	-128,047	-116,640	-22,515	-95,270	26,312
Unlevered Free Cash Flow	-191,018	-208,087	-198,340	-100,132	-177,502	-59,985
Net Change in Cash	-137,190	-129,632	-137,455	-141,968	-87,425	42,328