UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024

JPMorgan Chase & Co.
(Exact name of registrant as specified in its charter)

Item 1. Business
JPMorgan Chase & Co. operates as a financial services company worldwide. It operates through four segments: Consumer & Community Banking (CCB), Corporate & Investment Bank (CIB), Commercial Banking (CB), and Asset & Wealth Management (AWM).

Item 1A. Risk Factors
The following risk factors could materially affect our business, financial condition, or results of operations:
- Interest rate volatility affecting net interest income.
- Credit quality deterioration in commercial real estate.
- Cybersecurity threats to financial infrastructure.
- Regulatory capital requirements (Basel III endgame).
- Additional general economic risks including inflation and interest rates.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Overview
We are a leading global company...

Results of Operations
Total net sales were $128,695.0 million for the year ended December 31, 2024.
Net income was $37,676.0 million.
Operating income: $45,000.0 million.

Future Outlook
Management expects revenue growth of approximately 3.0% for the next fiscal year. EBITDA margins are targeted at 35.0%. NII expected to normalize.

Liquidity and Capital Resources
Cash and cash equivalents: $526,780.0 million.
Total debt was $298,450.0 million as of December 31, 2024.

Capital Structure:
Senior Notes: $250,000.0 million
Revolver Drawn: $0.0 million
Subordinated Debt: $48,450.0 million




SNC Regulatory Rating: N/A.
Justification: Financial Institution - GSIB.

Item 8. Financial Statements and Supplementary Data
Consolidated Balance Sheets
(In millions)
Assets
Total assets: $3,665,743.0

Liabilities and Stockholders’ Equity
Total liabilities: $3,373,405.0
Total stockholders’ equity: $292,338.0