Dear Fellow Shareholders,

In 2026, America is celebrating its 250th anniversary. Also this year, we are

celebrating the 227th anniversary of JPMorganChase, which was founded in April

1799. This is the perfect time to rededicate ourselves to the values that made this

great nation of ours — freedom, liberty and opportunity — and to recognize that

we all stand on our country’s shoulders.

The challenges we all face are significant. The list is long but at the top are the

terrible ongoing war and violence in Ukraine, the current war in Iran and the

broader hostilities in the Middle East, terrorist activity and growing geopolitical

tensions, importantly with China. Our hearts go out to those whose lives are

profoundly affected by these crises. We sincerely hope these global conflicts are

properly resolved and that one day all of Europe and the Middle East will attain

long-term stability and prosperity. Even in troubled times, we have confidence

that America will do what it has always done — look to the values that have

defined our singular nation and sustained our leadership of the free world.

Despite the unsettling landscape, the U.S. economy continues to be resilient, with

consumers still earning and spending (though with some recent weakening) and

businesses still healthy. It is important to note that our economy has been fueled

Jamie Dimon,

Chairman and

Chief Executive Officer

by large amounts of government deficit spending and past stimulus and that

increased expenditure on infrastructure remains a growing need. Now, because

of the war in Iran, we additionally face the potential for significant ongoing oil and

commodity price shocks, along with the reshaping of global supply chains, which

may lead to stickier inflation and ultimately higher interest rates than markets

currently expect. Continual trade negotiations exacerbate the tense geopolitical

issues. And high asset prices, which certainly feel good in the short run, create

additional risk if anything goes wrong. In Section III of this letter, I describe in

greater detail how we are dealing with these risks.

JPMorganChase, a company that historically has worked across borders and

boundaries, will do its part to ensure that the global economy is safe and secure,

but we cannot confidently predict the outcome of current events, and our

company is not immune to their ultimate effects. As we have for more than two

centuries, we will continue to work through all of the complexities that confront us

and continue to help our clients, including governments, always defending our

values, even when challenged.

Remember the poem “If—” by Rudyard Kipling that begins “If you can keep your

head when all about you are losing theirs”? We will stay true to this. We must deal

with the world we have — and strive for the one we want.

Two things are absolutely foundational to our long-term success: The first is

that we run a great company, and the second, which is maybe more important,

is that the vitality of America domestically and the future of the free and

democratic world are strong. In the first part of this letter, I talk about issues

unique to JPMorganChase and how we are addressing them, including constantly

surmounting complexity, bureaucracy and complacency. And in the last two

sections, I focus on the perils before us, both nationally and internationally, that

require urgent, effective solutions.

Throughout 2025, JPMorganChase demonstrated the power of its investment

philosophy and guiding principles, as well as the value of being there for clients —

as we always are — in both good times and bad times. The result was continued

broad healthy growth across all our franchises, with the firm generating record

revenue for the eighth consecutive year and setting numerous records in each of

our lines of business. We earned revenue in 2025 of $185.6 billion1 and net income

of $57.0 billion, with return on tangible common equity (ROTCE) of 20%, reflecting

a strong underlying performance across all of our businesses.

We also increased our quarterly common dividend from $1.25 per share to

$1.40 per share in the first quarter of 2025 — and again to $1.50 per share in the

third quarter of 2025 — while continuing to reinforce our fortress balance sheet.

We grew market share in several of our businesses and continued to make

significant investments in products, people and technologies while exercising

strict risk disciplines. We have achieved our decades-long consistency by

adhering to our key principles and strategies (see the sidebar on our steadfast

principles on page 5), which allow us to drive good organic growth and promote

proper management of our capital (including dividends and stock buybacks).

The charts on pages 6–12 show our performance results and illustrate how we

have grown our franchises, how we compare with our competitors and how we

look at our fortress balance sheet. Please peruse them and the CEO and COO

letters in this Annual Report, all of which provide specific details about our

businesses and our plans for the future.

In 2025, we continued to play a forceful and essential role in advancing economic

growth. In total, we extended credit and raised capital amounting to $3.3 trillion

for our consumer and institutional clients around the world. On a daily basis, we

move nearly $12 trillion in 120+ currencies and more than 160 countries, as well

as safeguard over $41 trillion in assets. Bank deregulation will make it easier for

financial institutions to support our growing economy, and, I believe, if properly

done, it can actually make the banking system safer. More on this in Section I.

Amidst the extreme challenges of the last two decades, we have never stopped

doing all the things we should be doing to serve our clients and our communities.

As you know, we are champions of banking’s essential role in a community — its

potential for bringing people together, for enabling companies and individuals to

attain their goals, and for being a source of strength in difficult times. We remain

as committed as ever to reaching out to all communities in an effort to create a

stronger, more inclusive economy.

We recently launched two ambitious initiatives, the Security and Resiliency

Initiative (described in detail in Sections I and IV) and the American Dream

Initiative (highlighted in Section I), both inspired by our resolve to offer our

expertise to help address the needs of our country and what’s best for all

Americans. We hope these commitments also demonstrate how business and

government leaders can work together to solve seemingly intractable problems.

These efforts are also commercial in nature — and they are no different from

what most businesses large and small are trying to do in towns across America.

I often remind our employees that the work we do matters and has impact. United

by our principles and purpose, we help people and institutions finance and

achieve their aspirations, lifting up individuals, homeowners, small businesses,

larger corporations, schools, hospitals, cities and countries in all regions of the

world. I remain proud of our company’s resiliency and of what our hundreds of

thousands of employees around the world have achieved, collectively and

individually. We owe them a great debt of gratitude.

Steadfast principles worth repeating

Looking back on the past two+ decades

— starting from my time as Chairman

and CEO of Bank One in 2000 — there is

one common theme: our unwavering

dedication to help clients, communities

and countries throughout the world.

Clearly our financial discipline, constant

investment in innovation and ongoing

development of our people have

enabled us to achieve this consistency

and commitment. In addition, across the

firm, we uphold certain steadfast tenets

that are worth repeating.

First, our work has very real human

impact. While JPMorganChase stock is

owned by large institutions, pension

plans, mutual funds and directly by sin-

gle investors, the ultimate beneficiaries,

in almost all cases, are individuals in our

communities. More than 100 million

people in the United States own stocks;

many, in one way or another, own

JPMorganChase stock. Frequently,

these shareholders are veterans, teach-

ers, police officers, firefighters, health-

care workers, retirees, or those saving

for a home, education or retirement.

Often our employees also bank these

shareholders, as well as their families

and their companies. Our management

team goes to work every day recogniz-

ing the enormous responsibility that we

have to all of our shareholders.

Second, shareholder value can be built

only if you maintain a healthy and

vibrant company, which means doing a

good job of taking care of your custom-

ers, employees and communities.

Conversely, how can you have a healthy

company if you neglect any of these

stakeholders? As we have learned over

the past few years, there are myriad

ways an institution can demonstrate

compassion for its employees and its

communities while still strengthening

shareholder value.

Third, while we don’t run the company

worrying about the stock price in the

short run, in the long run we consider

our stock price a measure of our prog-

ress over time. This progress is a func-

tion of continual investments in our

people, systems and products, in good

and bad times, to build our capabilities.

These important investments also

drive our company’s future prospects

and position it to grow and prosper for

decades. Measured by stock perfor-

mance, our progress is exceptional.

For example, whether looking back 10

years or even further to 2004, when the

JPMorganChase/Bank One merger

took place, we have outperformed the

Standard & Poor’s 500 Index and the

Standard & Poor’s Financials Index.

Fourth, we are united behind basic

principles and strategies (you can see

the principles for How We Do Business

on our website and our Purpose state-

ment in my letter from 2022) that have

helped build this company and made

it thrive. These allow us to maintain a

fortress balance sheet, constantly

invest and nurture talent, fully satisfy

regulators, continually improve risk,

governance and controls, and serve

customers and clients while lifting up

communities worldwide. This philoso-

phy is embedded in our company cul-

ture and influences nearly every role in

the firm.

Fifth, we strive to build enduring busi-

nesses, which rely on and benefit from

one another, but we are not a conglom-

erate. This structure helps generate

our superior returns. Nonetheless,

despite our best efforts, the walls that

protect this company are not particu-

larly high — and we face extraordinary

competition. I have written about this

reality extensively in the past and cover

it again in this letter. We recognize our

strengths and vulnerabilities, and we

play our hand as best we can.

Sixth, we must be a source of strength,

particularly in tough times, for our

clients and the countries in which we

operate. We must take seriously our

role as one of the guardians of the

world’s financial systems.

Seventh, we operate with a very

important silent partner — the U.S. gov-

ernment — noting, as my friend Warren

Buffett points out, that his company’s

success is predicated upon the extraor-

dinary conditions our country creates.

He is right to have said to his sharehold-

ers that when they see the American

flag, they all should say thank you. We

should, too. JPMorganChase is a healthy

and thriving company, and we always

want to give back and pay our fair share.

We do pay our fair share — and we want

it to be spent well and have the greatest

impact. To give you an idea of where our

taxes and fees go: In the last 10 years,

we paid more than $44 billion in federal,

state and local taxes in the United

States and over $30 billion in taxes out-

side of the United States. Additionally,

we paid the Federal Deposit Insurance

Corporation (FDIC) over $13 billion so

that it has the resources to cover fail-

ures in the American banking sector.

Our partner — the federal government

— also imposes significant regulations

upon us, and it is imperative that we

meet all legal and regulatory require-

ments imposed on our company.

Eighth and finally, we know the founda-

tion of our success rests with our

people. They are the front line, both

individually and as teams, serving our

customers and communities, building

the technology, making the strategic

decisions, managing the risks, deter-

mining our investments and driving

innovation. However you view the world

— its complexity, risks and opportuni-

ties — a company’s prosperity requires

a great team of people with guts,

brains, integrity, enormous capabilities

and high standards of professional

excellence to ensure its ongoing

success.