JPMorgan Chase Financial Company LLC is offering $1,787,000 of Auto Callable Accelerated Barrier Notes linked to the S&P 500 Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes mature on July 20, 2028 and may be automatically called on July 23, 2027 if the Index is at or above a specified Call Value, paying $1,000 principal plus a $94 call premium per note.
If not called and the Index is above its Initial Value at maturity, holders receive an uncapped return equal to 2.00 times the Index appreciation. If the Final Value is at or above the 70.00% Barrier Amount but not higher than the Initial Value, investors receive principal only. If the Final Value is below the Barrier Amount, repayment is reduced dollar-for-dollar with Index losses and investors can lose some or all principal.
The notes pay no interest, do not provide dividends on S&P 500 constituents, and are unsecured, unsubordinated obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co. Minimum denomination is $1,000. The price to public is $1,000 per note, including $7.50 in selling commissions, versus an estimated value of $987.00 per note, reflecting embedded costs and hedging assumptions. The tax treatment is uncertain; the issuer intends to treat the notes as open transactions/prepaid financial contracts.
JPMorgan Chase & Co. presented second-quarter 2026 results showing managed revenue of $58.0B and net income of $21.2B, with diluted EPS of $7.70. Net income rose 41% year over year, or 13% excluding significant items, and return on tangible common equity (ROTCE) was 29%, or 23% excluding significant items. Results were boosted by a $4.6B net gain related to Visa shares and $1.0B of gains on certain equity investments.
Net interest income was $25.6B, up 10% year over year, while noninterest revenue reached $32.4B, up 45%. Markets revenue was $12.1B, up 35%, driven mainly by strong Equity Markets. Expense was $27.3B, up 15%, leading to a managed overhead ratio of 47%. Credit costs were $2.5B, including net charge-offs of $2.4B and a modest reserve build.
The balance sheet remained sizeable and capitalized, with CET1 capital of $303B, standardized CET1 ratio of 14.1%, total assets of $5.0T, average loans of $1.5T and average deposits of $2.7T. Capital return was substantial, including a $4.0B common dividend ($1.50 per share) and $6.2B of net share repurchases, for a 73% net payout over the last twelve months. For full-year 2026, the firm expects net interest income of about $105.5B and adjusted expense of about $107.5B, both market dependent.
JPMorgan Chase & Co. reported 2026 second quarter net income of $21.2 billion, or $7.70 per share. This compares with net income of $15.0 billion, or $5.24 per share, in the second quarter of 2025.
The company furnished a detailed second quarter 2026 earnings release and a financial supplement as Exhibits 99.1 and 99.2. Management states that these materials include forward-looking statements subject to significant risks and uncertainties, and refers readers to prior annual and quarterly reports for a discussion of those factors.
JPMorgan Chase Financial Company LLC is offering Auto Callable Contingent Interest Notes linked to the common stock of Amazon.com, Inc. The notes pay contingent interest of at least $29.425 per $1,000 note on qualifying Review Dates, are Strike Date July 7, 2026, expected Pricing Date on or about July 8, 2026, Original Issue Date on or about July 13, 2026, and mature on July 23, 2027.
The notes are automatically called if the Reference Stock closes at or above the Stock Strike Price on a Review Date; an Interest Barrier equals 75.00% of the Stock Strike Price and a Buffer Amount of 25.00% applies. If a Buffer Event occurs, principal at maturity is reduced by 1.33333% for each 1% decline beyond the Buffer Amount; the pricing supplement shows an estimated value of $984.10 per $1,000 note and a minimum estimated value of $970.00.
JPMorgan Chase Financial Company LLC filed an amendment to the pricing supplement for its Capped Accelerated Barrier Notes linked to the State Street® Industrial Select Sector SPDR® ETF, due December 16, 2027, restating the Tax Treatment section.
The amendment replaces the prior tax section and states that, in the opinion of special tax counsel Davis Polk & Wardwell LLP, the notes are reasonably treated as open transactions (not debt) for U.S. federal income tax purposes; if respected, gains held >1 year should be long-term capital gain. The amendment also warns the constructive ownership rules under Section 1260 could apply and that the IRS might disagree. It notes a January 1, 2027 exclusion referenced in recent IRS guidance and states counsel’s view that Section 871(m) should not apply to Non-U.S. Holders, while cautioning the IRS could challenge that determination.
JPMorgan Chase Financial Company LLC is offering structured, callable review notes linked to the MerQube US Gold Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes have a Pricing Date on or about July 31, 2026, an expected settlement on or about August 5, 2026 and a stated maturity of August 3, 2029. The Index level reflects a 6.0% per annum daily deduction. The notes may be automatically called beginning on August 3, 2027 if the Index closing level on a Review Date is at or above the Call Value; call premiums range from at least 23.00% on the first Review Date up to at least 69.00% on the final Review Date. If not called, repayment at maturity depends on the Final Value relative to a Barrier Amount equal to 60.00% of the Initial Value; a Final Value below the Barrier can produce losses greater than 40.00% and could result in a total loss of principal.
JPMorgan Chase Financial Company LLC is offering auto-callable contingent interest notes due April 12, 2027, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are linked to the least performing of three underlyings: the S&P 500® Index, the iShares® Russell 2000 ETF and the State Street® Health Care Select Sector SPDR® ETF.
Key terms: minimum denomination $1,000, expected pricing on or about July 8, 2026 and settlement on or about July 13, 2026. An Interest Barrier is set at 83.00% of each Underlying’s Strike Value; Contingent Interest Payments occur only when each Underlying on a Review Date is ≥ the Interest Barrier. The Contingent Interest Rate will be at least 6.75% over the term (at least 0.75% per month). If not auto‑called, maturity payoff depends on the least performing Underlying and can result in partial or total loss of principal.
JPMorgan Chase Financial Company LLC is offering Auto Callable Barrier Notes linked to the lesser performing of the S&P 500® and the Dow Jones Industrial Average®. Each note has a $1,000 denomination, is expected to price on or about July 14, 2026 and settle on or about July 17, 2026, with maturity on July 17, 2031. The notes may be automatically called beginning on July 14, 2027 on specified Review Dates.
Key structural terms: an Upper Call Value of 100.00% of Initial Value, a Lower Call Value of at most 84.00%, and a Barrier Amount of 80.00%. Payments at call or maturity depend on the lesser performing index; there is no interest or dividend payment and principal is at risk (losses can exceed 20.00% and could be total). The notes are unsecured obligations of the issuer and are fully and unconditionally guaranteed by JPMorgan Chase & Co.
JPMorgan Chase Financial Company LLC is offering uncapped Accelerated Barrier Notes linked to the lesser performing of the iShares MSCI EAFE ETF and the EURO STOXX 50 Index, expected to price on or about July 16, 2026 and to settle on or about July 21, 2026. The notes feature an Upside Leverage Factor of 2.25, a Barrier Amount of 65% of initial value, minimum denominations of $1,000 and CUSIP 46661CPY6. If the lesser performing underlying rises, investors receive principal plus 2.25× that appreciation; if the lesser performing underlying falls below the Barrier Amount at maturity, investors lose pro rata principal (1% loss for each 1% decline). The pricing supplement discloses an estimated value of approximately $970.00 per $1,000 note and states the estimated value when set will be not less than $950.00 per $1,000 note. The notes are unsecured obligations of JPMorgan Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co.; payments depend on the issuer and guarantor creditworthiness. The document highlights liquidity constraints, conflicts of interest, tax complexity including potential Section 871(m) issues, and that secondary market prices will likely be lower than the original issue price.
JPMorgan Chase Financial Company LLC is offering Auto Callable Contingent Interest Notes linked to the least performing of the S&P 500, the Nasdaq-100 and the iShares Russell 2000 ETF, expected to price on or about July 8, 2026 and settle on or about July 13, 2026. The notes pay contingent monthly interest (at least 8.7375% annualized over the term, equal to at least $9.7083 per $1,000 per payment) only if each underlying is >= 82.50% of its Strike Value on a Review Date and will be automatically called early if each underlying is >= its Strike Value on a Review Date. Final payment at maturity depends on the least performing underlying and can result in loss of principal; the Buffer Amount is 17.50% and the Downside Leverage Factor is 1.21212. The estimated value at issuance is $987.40 per $1,000 note (not less than $960.00), and the notes are unsecured obligations of JPMorgan Chase Financial and unconditionally guaranteed by JPMorgan Chase & Co.