JPMorgan prices CPI‑linked notes due Feb 2031 (NYSE: AMJB)

Rhea-AI Filing Summary

JPMorgan Financial is offering fixed-to-floating rate notes linked to the Consumer Price Index that mature on February 27, 2031. The notes pay a 4.00% initial interest rate for the initial period ending February 27, 2027, and thereafter pay a rate equal to the year‑over‑year CPI Rate plus a 1.20% spread, subject to a 0.00% minimum. The notes price on February 25, 2026 with an original issue date/settlement of February 27, 2026, and have a principal amount of $1,000 per note. The pricing supplement discloses CUSIP 48136JK37, secondary‑market and tax risks, and that final tax treatment (Single Rate VRDI or CPDI) will be determined and disclosed in the final pricing supplement.

Insights

Structured Products Analyst

These notes convert from a fixed initial coupon to a CPI‑linked floating coupon (CPI + 1.20%), with a 0.00% floor.

The structure pays 4.00% during the initial year through February 27, 2027, then resets each Interest Period based on the CPI Rate calculated using CPI t-2 and CPI t-14. The Determination Date example shows February 25, 2027, will reference year‑over‑year CPI change between December 2025 and December 2026.

Secondary market pricing, hedging costs, and dealer commissions are disclosed as drivers of liquidity and potential mark‑down; the excerpt states selling commissions would be approximately $1.10 per $1,000 note if priced today. Timing and cash‑flow mechanics are set by the product supplement and pricing supplement language.

Tax Counsel (Fixed Income)

U.S. federal tax treatment is uncertain; issuer will state intended treatment in the final pricing supplement.

The issuer may treat the notes as either Single Rate VRDIs or as Contingent Payment Debt Instruments (CPDIs). The tax characterization affects whether holders recognize interest as ordinary income as accrued or must accrue original issue discount using a comparable yield.

Purchasers should note the pricing supplement promises disclosure of the comparable yield and projected payment schedule if treated as CPDIs; consult tax advisers for consequences tied to the disclosed outcome.

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

Subject to completion dated February 17, 2026

Pricing supplement To prospectus dated April 13, 2023, prospectus supplement dated April 13, 2023, product supplement no. 1-I dated April 13, 2023 and prospectus addendum dated June 3, 2024 Registration Statement Nos. 333-270004 and 333-270004-01
Dated February     , 2026 Rule 424(b)(2)  

JPMorgan Chase Financial Company LLC

$

Fixed to Floating Rate Notes Linked to the Consumer Price Index due February 27, 2031

Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.

General

· The notes are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, which we refer to as JPMorgan Financial, the payment on which is fully and unconditionally guaranteed by JPMorgan Chase & Co. Any payment on the notes is subject to the credit risk of JPMorgan Financial, as issuer of the notes, and the credit risk of JPMorgan Chase & Co., as guarantor of the notes.

· The notes are designed for investors who seek (i) periodic interest payments that (1) for the Initial Interest Periods, are fixed at 4.00% per annum and (2) for each Interest Period (other than the Initial Interest Periods) are linked to the year-over-year change in the Consumer Price Index as determined on the applicable Determination Date plus 1.20%, provided that this rate will not be less than the Minimum Interest Rate of 0.00% per annum, and (ii) the return of their principal amount at maturity.

· The notes may be purchased in minimum denominations of $1,000 and in integral multiples of $1,000 thereafter.

Key Terms

Issuer:	JPMorgan Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase & Co.
Guarantor:	JPMorgan Chase & Co.
Payment at Maturity:	On the Maturity Date, we will pay you the principal amount of your notes plus any accrued and unpaid interest.
Interest:	We will pay you interest in arrears on each Interest Payment Date based on the applicable Interest Rate and the applicable Day Count Fraction, subject to the Interest Accrual Convention described below and in the accompanying product supplement.
Initial Interest Period(s):	The Interest Periods beginning on and including the Original Issue Date and ending on but excluding February 27, 2027
Initial Interest Rate:	4.00% per annum
Interest Periods:	The period beginning on and including the Original Issue Date and ending on but excluding the first Interest Payment Date, and each successive period beginning on and including an Interest Payment Date and ending on but excluding the next succeeding Interest Payment Date, subject to the Interest Accrual Convention described below and in the accompanying product supplement
Interest Payment Dates:	Interest on the notes will be payable in arrears on the 27th calendar day of each calendar month, beginning on March 27, 2026 to and including the Maturity Date (each, an “Interest Payment Date”), subject to the Business Day Convention and the Interest Accrual Convention described below and in the accompanying product supplement.
Interest Rate:	With respect to each Initial Interest Period, a rate per annum equal to the Initial Interest Rate, and, notwithstanding anything to the contrary in the accompanying product supplement, with respect to each Interest Period thereafter, a rate per annum equal to the CPI Rate, as determined on the applicable Determination Date, plus 1.20% (the “Spread”), provided that this rate will not be less than the Minimum Interest Rate.  Notwithstanding anything to the contrary in the accompanying product supplement, the Interest Rate with respect to each Interest Period will be rounded to 3 decimal places.
Minimum Interest Rate:	0.00% per annum
CPI Rate:	For any Determination Date, the CPI Rate will be calculated as follows: CPIt-2 - CPIt-14 CPIt-14 where: “CPIt-2” means, with respect to that Determination Date, the published level of the Consumer Price Index for the calendar month that is two (2) calendar months immediately preceding the calendar month in which that Determination Date falls, which we refer to as the “reference month”; and “CPIt-14” means, with respect to that Determination Date, the published level of the Consumer Price Index for the calendar month that is fourteen (14) calendar months immediately preceding the calendar month in which that Determination Date falls.
CPI or Consumer Price Index:	The non-seasonally adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers, as published on the Bloomberg Professional® service (“Bloomberg”) page “CPURNSA” (or any successor source) or any successor index, as determined by the calculation agent in accordance with the procedures set forth under “The Underlyings — Base Rates — CPI Rate” in the accompanying product supplement. Notwithstanding anything to the contrary in the accompanying product supplement, if by 3:00 p.m. New York City time on the applicable Determination Date, the CPI for any relevant month has not been published by the Bureau of Labor Statistics of the U.S. Labor Department (the “BLS”), the calculation agent will determine the CPI for that month in its sole discretion, taking into account all available information that it considers relevant.
Determination Date:	For each Interest Period after the Initial Interest Periods, the second business day immediately preceding the beginning of that Interest Period.  For example, February 25, 2027 (which is two business days immediately prior to February 27, 2027) is the Determination Date of the CPI Rate with respect to interest due and payable on March 27, 2027.  On the February 2027 Determination Date, interest will be based on year-over-year change in CPI between December 2025 and December 2026.
Pricing Date:	February 25, 2026, subject to the Business Day Convention
Original Issue Date:	February 27, 2026, subject to the Business Day Convention (Settlement Date)
Maturity Date:	February 27, 2031, subject to the Business Day Convention
Other Key Terms:	See “Additional Key Terms” in this pricing supplement.

Investing in the notes involves a number of risks. See “Risk Factors” beginning on page S-2 of the accompanying prospectus supplement, Annex A to the accompanying prospectus addendum, “Risk Factors” beginning on page PS-11 of the accompanying product supplement and “Selected Risk Considerations” beginning on page PS-2 of this pricing supplement.

Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying product supplement, prospectus supplement, prospectus and prospectus addendum. Any representation to the contrary is a criminal offense. 

	Price to Public (1)	Fees and Commissions (2)	Proceeds to Issuer
Per note	$1,000	$	$
Total	$	$	$

(1) The price to the public includes the estimated cost of hedging our obligations under the notes through one or more of our affiliates.

(2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it receives from us to other affiliated or unaffiliated dealers. If the notes priced today, the selling commissions would be approximately $1.10 per $1,000 principal amount note and in no event will these selling commissions exceed $2.00 per $1,000 principal amount note. See “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement.

The notes are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency and are not obligations of, or guaranteed by, a bank.

Additional Terms Specific to the Notes

You may revoke your offer to purchase the notes at any time prior to the time at which we accept such offer by notifying the applicable agent. We reserve the right to change the terms of, or reject any offer to purchase, the notes prior to their issuance. In the event of any changes to the terms of the notes, we will notify you and you will be asked to accept such changes in connection with your purchase. You may also choose to reject such changes in which case we may reject your offer to purchase.

You should read this pricing supplement together with the accompanying prospectus, as supplemented by the accompanying prospectus supplement relating to our Series A medium-term notes of which these notes are a part, the accompanying prospectus addendum and the more detailed information contained in the accompanying product supplement. This pricing supplement, together with the documents listed below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth in the “Risk Factors” sections of the accompanying prospectus supplement and the accompanying product supplement and in Annex A to the accompanying prospectus addendum, as the notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the notes.

You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

· Product supplement no. 1-I dated April 13, 2023:
http://www.sec.gov/Archives/edgar/data/1665650/000121390023029554/ea152829_424b2.pdf

· Prospectus supplement and prospectus, each dated April 13, 2023:
http://www.sec.gov/Archives/edgar/data/19617/000095010323005751/crt_dp192097-424b2.pdf

· Prospectus addendum dated June 3, 2024:
http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm

Our Central Index Key, or CIK, on the SEC website is 1665650, and JPMorgan Chase & Co.’s CIK is 19617. As used in this pricing supplement, “we,” “us” and “our” refer to JPMorgan Financial.

Additional Key Terms

Business Day:	Any day other than a day on which banking institutions in the City of New York are authorized or required by law, regulation or executive order to close or a day on which transactions in U.S. dollars are not conducted.
Business Day Convention:	Following
Interest Accrual Convention:	Unadjusted
Day Count Convention:	30/360
CUSIP:	48136JK37

Selected Purchase Considerations

· PRESERVATION OF CAPITAL AT MATURITY — Regardless of the year-over-year change in the CPI, we will pay you at least the principal amount of your notes if you hold the notes to maturity. Because the notes are our unsecured and unsubordinated obligations, the payment of which is fully and unconditionally guaranteed by JPMorgan Chase & Co., payment of any amount on the notes is subject to our ability to pay our obligations as they become due and JPMorgan Chase & Co.’s ability to pay its obligations as they become due.

· PERIODIC INTEREST PAYMENTS — The notes offer periodic interest payments on each Interest Payment Date. With respect to the Initial Interest Periods, your notes will pay an annual interest rate equal to the Initial Interest Rate, and for the applicable Interest Periods thereafter, your notes will pay an interest rate per annum equal to the CPI Rate as determined on the applicable Determination Date plus the Spread, provided that this rate will not be less than the Minimum Interest Rate. The yield on the notes may be less than the overall return you would receive from a conventional debt security that you could purchase today with the same maturity as the notes.

· POTENTIAL INFLATION PROTECTION — For each Interest Period after the Initial Interest Periods, the Interest Rate on the notes will be a rate per annum equal to the CPI Rate as determined on the applicable Determination Date plus the Spread, provided that this rate will not be less than the Minimum Interest Rate. In no event will the Interest Rate for any Interest Period be less than the Minimum Interest Rate. However, an investment in the notes may not fully offset any inflation actually experienced by any holder of the notes.

· TAX TREATMENT — You should review carefully the section entitled “Material U.S. Federal Income Tax Consequences” in this pricing supplement and the section entitled “Material U.S. Federal Income Tax Consequences” in the accompanying product supplement and consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the notes.

Selected Risk Considerations

An investment in the notes involves significant risks. These risks are explained in more detail in the “Risk Factors” sections of the accompanying prospectus supplement and the accompanying product supplement and in Annex A to the accompanying prospectus addendum.

JPMorgan Structured Investments —	PS- 1
Floating Rate Notes Linked to the Consumer Price Index

Risks Relating to the Notes Generally

· THE NOTES ARE NOT ORDINARY DEBT SECURITIES BECAUSE, OTHER THAN DURING THE INITIAL INTEREST PERIODS, THE INTEREST RATE ON THE NOTES IS A FLOATING RATE AND MAY BE EQUAL TO THE MINIMUM INTEREST RATE — With respect to the Initial Interest Periods, your notes will pay a rate equal to the Initial Interest Rate, and for the applicable Interest Periods thereafter, your notes will pay a rate per annum equal to the CPI Rate as determined on the applicable Determination Date (which is based on the year-over-year change in the level of the CPI) plus the Spread of 1.20%, provided that this rate will not be less than the Minimum Interest Rate. If the CPI for the same month in successive years does not increase, which is likely to occur when there is little or no inflation, you will receive an interest payment for the applicable Interest Period (other than the Initial Interest Periods) with an Interest Rate that is less than or equal to the Spread. If the CPI for the same month in successive years decreases, which is likely to occur when there is deflation, you will receive an interest payment for the applicable Interest Period (other than the Initial Interest Periods) with an Interest Rate that is less than the Spread. If the Interest Rate for an Interest Period after the Initial Interest Periods is equal to the Minimum Interest Rate, which will occur if the CPI Rate on the applicable Determination Date is less than or equal to -1.20% per annum, no interest will be payable with respect to that Interest Period.  Accordingly, if the CPI Rate on the Determination Dates for some or all of the Interest Periods after the Initial Interest Periods is less than or equal to -1.20% per annum, you may not receive any interest payments for an extended period over the term of the notes.

· AFTER THE INITIAL INTEREST PERIODS, THE INTEREST RATE ON THE NOTES IS BASED ON THE CPI RATE — The amount of interest, if any, payable on the notes will depend on a number of factors that could affect the levels of the CPI Rate, and in turn, could affect the value of the notes. These factors include (but are not limited to) the expected volatility of the CPI Rate, interest and yield rates in the market generally, the performance of capital markets, monetary policies, fiscal policies, regulatory or judicial events, inflation, general economic conditions and public expectations with respect to such factors. These and other factors may have a negative impact on the CPI Rate and on the value of the notes in the secondary market. The effect that any single factor may have on the CPI Rate may be partially offset by other factors. We cannot predict the factors that may cause the CPI Rate, and consequently the Interest Rate for an Interest Period (other than an Initial Interest Period), to increase or decrease. A decrease in the CPI Rate will result in a reduction of the applicable Interest Rate used to calculate the Interest for any Interest Period (after the Initial Interest Periods).

· FLOATING RATE NOTES DIFFER FROM FIXED RATE NOTES — After the Initial Interest Periods, the rate of interest on your notes will be variable and determined based on the CPI Rate plus the Spread, provided that this rate will not be less than the Minimum Interest Rate, which may be less than returns otherwise payable on notes issued by us with similar maturities. You should consider, among other things, the overall potential annual percentage rate of interest to maturity of the notes as compared to other investment alternatives.

· CREDIT RISKS OF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO. — The notes are subject to our and JPMorgan Chase & Co.’s credit risks, and our and JPMorgan Chase & Co.’s credit ratings and credit spreads may adversely affect the market value of the notes. Investors are dependent on our and JPMorgan Chase & Co.’s ability to pay all amounts due on the notes. Any actual or potential change in our or JPMorgan Chase & Co.’s creditworthiness or credit spreads, as determined by the market for taking that credit risk, is likely to adversely affect the value of the notes. If we and JPMorgan Chase & Co. were to default on our payment obligations, you may not receive any amounts owed to you under the notes and you could lose your entire investment.

· AS A FINANCE SUBSIDIARY, JPMORGAN FINANCIAL HAS NO INDEPENDENT OPERATIONS AND HAS LIMITED ASSETS — As a finance subsidiary of JPMorgan Chase & Co., we have no independent operations beyond the issuance and administration of our securities and the collection of intercompany obligations. Aside from the initial capital contribution from JPMorgan Chase & Co., substantially all of our assets relate to obligations of JPMorgan Chase & Co. to make payments under loans made by us to JPMorgan Chase & Co. or under other intercompany agreements. As a result, we are dependent upon payments from JPMorgan Chase & Co. to meet our obligations under the notes. We are not a key operating subsidiary of JPMorgan Chase & Co. and in a bankruptcy or resolution of JPMorgan Chase & Co. we are not expected to have sufficient resources to meet our obligations in respect of the notes as they come due. If JPMorgan Chase & Co. does not make payments to us and we are unable to make payments on the notes, you may have to seek payment under the related guarantee by JPMorgan Chase & Co., and that guarantee will rank pari passu with all other unsecured and unsubordinated obligations of JPMorgan Chase & Co. For more information, see the accompanying prospectus addendum.

· LACK OF LIQUIDITY — The notes will not be listed on any securities exchange. JPMS intends to offer to purchase the notes in the secondary market but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes easily. Because other dealers are not likely to make a secondary market for the notes, the price at which you may be able to trade your notes is likely to depend on the price, if any, at which JPMS is willing to buy the notes.

Risks Relating to Conflicts of Interest

· POTENTIAL CONFLICTS — We and our affiliates play a variety of roles in connection with the issuance of the notes, including acting as calculation agent and as an agent of the offering of the notes and hedging our obligations under the notes. In performing these duties, our and JPMorgan Chase & Co.’s economic interests and the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the notes. In addition, our and JPMorgan Chase & Co.’s business activities, including hedging and trading activities for our and JPMorgan Chase & Co.’s own accounts or on behalf of customers, could cause our and JPMorgan Chase & Co.’s economic interests to be adverse to yours and could adversely affect any payment on the notes and the value of the notes. It is possible that hedging or trading activities of ours or our affiliates in connection with the notes could result in substantial returns for us or our affiliates while the value of the notes declines. Please refer to “Risk Factors — Risks Relating to Conflicts of Interest” in the accompanying product supplement for additional information about these risks.

Risks Relating to Secondary Market Prices of the Notes

· CERTAIN BUILT-IN COSTS ARE LIKELY TO AFFECT ADVERSELY THE VALUE OF THE NOTES PRIOR TO MATURITY — While the payment at maturity described in this pricing supplement is based on the full principal amount of your notes, the original issue price of the notes includes the agent’s commission and the estimated cost

JPMorgan Structured Investments —	PS- 2
Floating Rate Notes Linked to the Consumer Price Index

of hedging our obligations under the notes through one or more of our affiliates. As a result, the price, if any, at which JPMS will be willing to purchase notes from you in secondary market transactions, if at all, will likely be lower than the original issue price and any sale prior to the Maturity Date could result in a substantial loss to you. This secondary market price will also be affected by a number of factors aside from the agent’s commission and hedging costs, including those referred to under “— Many Economic and Market Factors Will Impact the Value of the Notes” below.

The notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to maturity.

· MANY ECONOMIC AND MARKET FACTORS WILL IMPACT THE VALUE OF THE NOTES — In addition to the level of the CPI on any day, the value of the notes will be affected by a number of economic and market factors that may either offset or magnify each other, including, but not limited to:

· any actual or potential change in our creditworthiness or credit spreads;

· the actual and expected volatility of the CPI;

· the time to maturity of the notes;

· interest and yield rates in the market generally, as well as the volatility of those rates;

· fluctuations in the prices of various consumer goods and energy resources;

· inflation and expectations concerning inflation; and

· a variety of economic, financial, political, regulatory or judicial events.

Risks Relating to the CPI Rate

· THE CPI AND THE WAY THE BLS CALCULATES THE CPI MAY CHANGE IN THE FUTURE, AND, IN THE EVENT THE BLS DOES NOT PUBLISH THE CPI FOR A PARTICULAR MONTH, THE CALCULATION AGENT WILL DETERMINE THE CPI FOR SUCH MONTH — There can be no assurance that the BLS will not change the method by which it calculates the CPI or that the CPI will be published each month. In addition, changes in the way the CPI is calculated could reduce the level of the CPI and lower the interest payable with respect to the notes after the Initial Interest Periods. Accordingly, the amount of interest payable on the notes after the Initial Interest Periods, and therefore the value of the notes, may be significantly reduced. If the CPI is not published, discontinued or substantially altered, a successor index may be employed to calculate the interest payable on the notes after the Initial Interest Periods and that substitution may adversely affect the value of the notes. In certain circumstances, including as a result of government shutdowns or other disruptions, the CPI for a particular month may not be published by the BLS. If the CPI for any relevant month is not published by the BLS, the calculation agent will determine the CPI for that month in its sole discretion, taking into account all available information that it considers relevant. The CPI level determined by the calculation agent in these circumstances may differ from the CPI level that would have been reported had publication occurred as scheduled, or from any CPI level that may be published subsequently. Any such determination by the calculation agent could adversely affect the return on and value of the notes.

· THE INTEREST RATE ON THE NOTES AFTER THE INITIAL INTEREST PERIODS MAY NOT REFLECT ACTUAL LEVELS OF INFLATION AFFECTING HOLDERS OF THE NOTES — The CPI is just one measure of inflation and may not reflect the actual levels of inflation affecting holders of the notes. Further, the CPI Rate for any Interest Period after the Initial Interest Periods is based on the lagging percentage change in the level of the CPI over a specified period. Accordingly, an investment in the notes may not fully offset any inflation actually experienced by any holder of the notes.

JPMorgan Structured Investments —	PS- 3
Floating Rate Notes Linked to the Consumer Price Index

Hypothetical Interest Rates Based on Historical CPI Levels

Provided below are historical levels of the CPI from January 2015 to January 2026. Also provided below are the hypothetical Interest Rates for a hypothetical Interest Period (that is not an Initial Interest Period) ending in the calendar months from January 2017 to April 2026 that would have resulted from the year-over-year change in the historical levels of the CPI presented below plus the Spread, subject to the Minimum Interest Rate. We obtained the historical information included below from Bloomberg, without independent verification.

The historical levels of the CPI should not be taken as an indication of future levels of the CPI, and no assurance can be given as to the level of the CPI for any reference month. The hypothetical Interest Rates for a hypothetical Interest Period that is not an Initial Interest Period set forth below are intended to illustrate the effect of general trends in the CPI on the amount of interest payable to you on the notes after the Initial Interest Periods and assume that the change in the CPI will be measured on a year-over-year basis. However, the CPI may not increase or decrease over the term of the notes in accordance with any of the trends depicted by the historical information in the table below, and the size and frequency of any fluctuations in the CPI level over the term of the notes, which we refer to as the volatility of the CPI, may be significantly different than the historical volatility of the CPI. Additionally, for ease of presentation, the hypothetical Interest Rates set forth below have only been calculated to the third decimal point and rounded to the nearest second decimal point, which is different from the rounding convention applicable to the notes. As a result, the hypothetical Interest Rates depicted in the table below should not be taken as an indication of the actual Interest Rates that will be payable with regard to the Interest Periods after the Initial Interest Periods over the term of the notes.

Historical Levels of CPI													Hypothetical Interest Rates Payable*
	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
January	233.707	236.916	242.839	247.867	251.712	257.971	261.582	281.148	299.170	308.417	317.671	325.252	2.836%	3.241%	3.722%	2.964%	2.382%	7.422%	8.945%	4.441%	3.798%	N/A**
February	234.722	237.111	243.603	248.991	252.776	258.678	263.014	283.716	300.840	310.326	319.082		2.893%	3.403%	3.377%	3.251%	2.375%	8.009%	8.310%	4.337%	3.949%	3.935%
March	236.119	238.132	243.801	249.554	254.202	258.115	264.877	287.504	301.836	312.332	319.799		3.275%	3.309%	3.110%	3.485%	2.562%	8.236%	7.654%	4.552%	4.088%	3.877%
April	236.599	239.261	244.524	250.546	255.548	256.389	267.054	289.109	303.363	313.548	320.795		3.700%	3.271%	2.751%	3.687%	2.600%	8.680%	7.610%	4.291%	4.200%	3.586%
May	237.805	240.229	244.733	251.588	256.092	256.394	269.195	292.296	304.127	314.069	321.465		3.938%	3.412%	2.720%	3.535%	2.876%	9.071%	7.236%	4.353%	4.022%
June	238.638	241.018	244.955	251.989	256.143	257.797	271.696	296.311	305.109	314.175	322.561		3.581%	3.560%	3.063%	2.739%	3.820%	9.742%	6.185%	4.677%	3.591%
July	238.654	240.628	244.786	252.006	256.571	259.101	273.003	296.276	305.691	314.540	323.048		3.400%	3.663%	3.196%	1.529%	5.360%	9.459%	6.130%	4.557%	3.511%
August	238.316	240.849	245.519	252.146	256.558	259.918	273.567	296.171	307.026	314.796	323.976		3.075%	4.001%	2.990%	1.318%	6.193%	9.782%	5.248%	4.469%	3.555%
September	237.945	241.428	246.819	252.439	256.759	260.280	274.310	296.808	307.789	315.301	324.800		2.833%	4.072%	2.848%	1.846%	6.591%	10.260%	4.169%	4.171%	3.869%
October	237.838	241.729	246.663	252.885	257.346	260.388	276.589	298.012	307.671	315.664	N/A**		2.928%	4.150%	3.011%	2.186%	6.565%	9.725%	4.378%	4.095%	3.905%
November	237.336	241.353	246.669	252.038	257.208	260.229	277.948	297.711	307.051	315.493	324.122		3.139%	3.899%	2.950%	2.510%	6.451%	9.463%	4.865%	3.731%	4.116%
December	236.525	241.432	246.524	251.233	256.974	260.474	278.802	296.797	306.746	315.605	324.054		3.433%	3.477%	2.911%	2.571%	6.590%	9.402%	4.900%	3.641%	4.213%

*The Interest Rate cannot be less than the Minimum Interest Rate of 0.00% per annum with respect to years 2 to 5.

**Due to the 2025 federal government shutdown, there was no CPI data release for October 2025 and correspondingly the Hypothetical Interest Rate Payable for January 2026 cannot be calculated with the approach below.

Hypothetical Example of Calculation of the CPI Rate

The following example illustrates how the CPI Rate is calculated for a particular Interest Period after the Initial Interest Periods. The hypothetical CPI Rate in the following example is for illustrative purposes only and may not correspond to the actual CPI Rate for any Interest Period after the Initial Interest Periods applicable to a purchaser of the notes. The numbers appearing in the following examples have been rounded for ease of analysis.

On the Determination Date occurring on the Determination Date occurring in February 2026, the relevant CPI Rate is calculated based on the percent change in the CPI for the one-year period from December 2024 (315.605) to December 2025 (324.054) as follows:

The Determination Date of February 2026 used in the example above is for illustrative purposes only and does not correspond to any actual Determination Date for any Interest Period after the Initial Interest Periods, which begin on and include the Original Issue Date and end on but exclude February 27, 2027.

JPMorgan Structured Investments —	PS- 4
Floating Rate Notes Linked to the Consumer Price Index

Hypothetical Interest Rate for an Interest Period (Other Than an Initial Interest Period)

The following table illustrates the Interest Rate determination for an Interest Period (other than an Initial Interest Period) for a hypothetical range of performance of the CPI Rate and reflects the Minimum Interest Rate set forth on the cover of this pricing supplement. The hypothetical CPI Rate and interest payments set forth in the following examples are for illustrative purposes only and may not be the actual CPI Rate or interest payment applicable to a purchaser of the notes.

Hypothetical CPI Rate				Spread				Hypothetical Interest Rate for Years 2 to 5*
9.00%		+		1.20%		=		10.20%
8.00%		+		1.20%		=		9.20%
7.00%		+		1.20%		=		8.20%
6.00%		+		1.20%		=		7.20%
5.00%		+		1.20%		=		6.20%
4.00%		+		1.20%		=		5.20%
3.00%		+		1.20%		=		4.20%
2.00%		+		1.20%		=		3.20%
1.50%		+		1.20%		=		2.70%
1.00%		+		1.20%		=		2.20%
0.50%		+		1.20%		=		1.70%
0.00%		+		1.20%		=		1.20%
-0.50%		+		1.20%		=		0.70%
-1.00%		+		1.20%		=		0.20%*
-1.20%		+		1.20%		=		0.00%*
-2.00%		+		1.20%		=		0.00%*
-3.00%		+		1.20%		=		0.00%*

*The Interest Rate cannot be less than the Minimum Interest Rate of 0.00% per annum.

Hypothetical Examples of Interest Rate Calculation for an Interest Period (Other Than an Initial Interest Period)

The following examples illustrate how the hypothetical Interest Rate is calculated for a particular Interest Period occurring after the Initial Interest Periods and assume that that the Day Count Fraction for the applicable Interest Period is equal to 30/360. The actual Day Count Fraction for an Interest Period will be calculated in the manner set forth in the accompanying product supplement. The hypothetical Interest Rates in the following examples are for illustrative purposes only and may not correspond to the actual Interest Rate for any Interest Period applicable to a purchaser of the notes. The numbers appearing in the following examples have been rounded for ease of analysis.

Example 1: After the Initial Interest Periods, with respect to a particular Interest Period, the CPI Rate is 1.00% on the applicable Determination Date. The Interest Rate applicable to this Interest Period is 2.20% per annum.

The corresponding interest payment per $1,000 principal amount note is calculated as follows:

$1,000 × (1.00% + 1.20%) × (30/360) = $1.8333

Example 2: After the Initial Interest Periods, with respect to a particular Interest Period, the CPI Rate is -2.00% on the applicable Determination Date. Because the CPI Rate of -2.00% plus 1.20% is less than the Minimum Interest Rate of 0.00% per annum, the Interest Rate applicable to this Interest Period is 0.00% per annum and no interest is payable with respect to this Interest Period.

The hypothetical payments on the notes shown above apply only if you hold the notes for their entire term.  These hypotheticals do not reflect fees or expenses that would be associated with any sale in the secondary market.  If these fees and expenses were included, the hypothetical payments shown above would likely be lower.

JPMorgan Structured Investments —	PS- 5
Floating Rate Notes Linked to the Consumer Price Index

What Is the Consumer Price Index?

The Consumer Price Index for purposes of the notes is the non-seasonally adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers (“CPI”), reported monthly by the Bureau of Labor Statistics of the U.S. Department of Labor (“BLS”) and published on Bloomberg screen CPURNSA or any successor source, as determined by the calculation agent in accordance with the procedures set forth under “The Underlyings — Base Rates — CPI Rate” in the accompanying product supplement. The CPI for a particular month is published during the following month.

The CPI is a measure of the average change in consumer prices over time for a fixed market basket of goods and services, including food and beverages, housing, apparel, transportation, medical care, recreation, and education and communication, and other goods and services. In calculating the CPI, price changes for the various items are averaged together with weights that represent their importance in the spending of urban households in the United States. The contents of the market basket of goods and services and the weights assigned to the various items are updated periodically by the BLS to take into account changes in consumer expenditure patterns. The CPI is expressed in relative terms in relation to a time base reference period for which the level is set at 100.0. The base reference period for these notes is the 1982-1984 average.

Historical Information

The following graph sets forth the monthly historical performance of the year-over-year change in the CPI from January 2021 through January 2025.* We obtained the rates used to construct the graph below from Bloomberg, without independent verification. The rates displayed below do not reflect the Spread.

The year-over-year change in the CPI for the month of January 2026 (as compared to January 2025) was 2.40% based on Bloomberg page “CPI YOY.” The actual CPI Rate for any Determination Date will be determined in the manner described in “Key Terms — CPI Rate” in this pricing supplement and not by reference to the Bloomberg page “CPI YOY.”

The historical year-over-year change in CPI should not be taken as an indication of future results, and no assurance can be given as to the CPI Rate on any Determination Date. There can be no assurance that the performance of the CPI Rate will result in an Interest Rate for any Interest Period (after the Initial Interest Periods) that is greater than the Minimum Interest Rate.

* Due to the 2025 federal government shutdown, there was no CPI data release for October 2025.

JPMorgan Structured Investments —	PS- 6
Floating Rate Notes Linked to the Consumer Price Index

Tax Treatment

There is uncertainty regarding the U.S. federal income tax consequences of an investment in the notes due to the lack of governing authority. You should review carefully the section entitled “Material U.S. Federal Income Tax Consequences,” and in particular the subsection thereof entitled “— Tax Consequences to U.S. Holders — Notes Treated as Debt Instruments and That Have a Term of More than One Year— Notes Treated as Variable Rate Debt Instruments” and “— Notes Treated as Contingent Payment Debt Instruments” in the accompanying product supplement no. 1-I.

It is unclear whether the notes should be treated for U.S. federal income tax purposes as “variable rate debt instruments” that pay a single variable rate, as described in the subsection of the accompanying product supplement entitled “— Tax Consequences to U.S. Holders — Notes Treated as Debt Instruments and That Have a Term of More than One Year— Notes Treated as Variable Rate Debt Instruments” (“Single Rate VRDIs”), or “contingent payment debt instruments,” as described in the subsection of the accompanying product supplement entitled “— Tax Consequences to U.S. Holders — Notes Treated as Debt Instruments and That Have a Term of More than One Year— Notes Treated as Contingent Payment Debt Instruments” (“CPDIs”). We will determine how we intend to treat the notes based on market conditions as of the pricing date, and the final pricing supplement will give further information on this issue.

If the notes are treated as Single Rate VRDIs, as described in the accompanying product supplement, interest would be taxable to you as ordinary interest income at the time it is accrued or received, in accordance with your method of tax accounting. Upon a sale, exchange or retirement of Single Rate VRDIs, you generally would recognize capital gain or loss equal to the difference between the amount realized on the sale, exchange or retirement (other than amounts attributable to accrued interest, which would be taxed as described above) and your tax basis in the Single Rate VRDIs that are sold, exchanged or retired. The deductibility of capital losses is subject to limitations. You should consult your tax adviser concerning the application of these rules.

If the notes are treated as CPDIs, as discussed in the accompanying product supplement, unlike a traditional debt instrument that provides for periodic payments of interest at a single fixed rate, with respect to which a cash-method investor generally recognizes income only upon receipt of stated interest, you generally will be required to accrue original issue discount (“OID”) on your notes in each taxable year at the “comparable yield,” as determined by us, subject to certain adjustments to reflect the difference between the actual and “projected” amounts of any payments you receive during the year, with the result that your taxable income in any year may differ significantly from the interest payments, if any, you receive in that year. Upon sale or exchange (including at maturity) of a CPDI, you will recognize taxable income or loss equal to the difference between the amount received from the sale or exchange and your adjusted basis in the CPDI, which generally will equal the cost thereof, increased by the amount of OID you have accrued in respect of the note (determined without regard to any of the adjustments described above), and decreased by the amount of any projected payments in respect of the CPDI through the date of the sale or exchange. You generally must treat any income as interest income and any loss as ordinary loss to the extent of previous interest inclusions, and the balance as capital loss. The deductibility of capital losses is subject to limitations. You should consult your tax adviser concerning the application of these rules. Purchasers who are not initial purchasers of CPDIs at their issue price should consult their tax advisers with respect to the tax consequences of an investment in CPDIs, including the treatment of the difference, if any, between the basis in their CPDIs and the CPDIs’ adjusted issue price.

The discussions herein and in the accompanying product supplement do not address the consequences to taxpayers subject to special tax accounting rules under Section 451(b) of the Code.

The discussions in the preceding paragraphs, when read in combination with the section entitled “Material U.S. Federal Income Tax Consequences” (and in particular the subsection thereof entitled “— Tax Consequences to U.S. Holders — Notes Treated as Debt Instruments and That Have a Term of More than One Year) in the accompanying product supplement, to the extent they reflect statements of law, constitute the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal income tax consequences of owning and disposing of the notes.

Comparable Yield and Projected Payment Schedule

If we treat the notes as CPDIs, we will determine the comparable yield for the notes and will provide that comparable yield and the related projected payment schedule (or information about how to obtain them) in the pricing supplement for the notes, which we will file with the SEC. The comparable yield for the notes will be determined based upon a variety of factors, including actual market conditions and our borrowing costs for debt instruments of comparable maturities at the time of issuance. The comparable yield and projected payment schedule are determined solely to calculate the amount on which you will be taxed with respect to the notes in each year and are neither a prediction nor a guarantee of what the actual yield will be.

JPMorgan Structured Investments —	PS- 6
Floating Rate Notes Linked to the Consumer Price Index

FAQ

What are the key terms of the AMJB CPI‑linked notes?

The notes mature on February 27, 2031, have an original issue date of February 27, 2026, and pay a 4.00% initial coupon through February 27, 2027, then a CPI-based rate plus a 1.20% spread, floored at 0.00%.

How is the post‑initial Interest Rate determined for AMJB notes?

For each Interest Period after the initial year, the Interest Rate equals the year‑over‑year CPI Rate plus a 1.20% spread, rounded to three decimals and not less than 0.00%, with CPI values set on the Determination Date.

When are interest payments made on these notes (AMJB)?

Interest is payable in arrears monthly on the 27th calendar day of each month, beginning March 27, 2026 and continuing to and including maturity on February 27, 2031, subject to the Business Day Convention.

What commission and secondary‑market considerations are disclosed for AMJB notes?

The pricing supplement states selling commissions would be approximately $1.10 per $1,000 note if priced today and may not exceed $2.00; secondary market prices may be lower than issue due to hedging and market factors.

What tax treatment applies to holders of the AMJB CPI‑linked notes?

Tax treatment is uncertain; the issuer will state whether notes are treated as Single Rate VRDIs or CPDIs in the final pricing supplement, which affects whether income is taxed as ordinary interest or requires OID accrual using a comparable yield.