JPM · 10-Q · 2026Q2 · Full report

Income Tax Rate Changes

JPMORGAN CHASE & CO · 2026-08-06 · Importance 77 · Surprise 82 · Matches filing data

The second-quarter effective tax rate increased to 23.1% from 18.0% a year earlier, raising income tax expense to $6.4 billion from $3.3 billion. For the first six months, the effective tax rate increased to 21.6% from 19.2%, and tax expense increased to $10.3 billion from $7.1 billion. The quarterly increase primarily reflected the absence of a $774 million prior-year tax benefit from tax-audit resolutions and tax regulations. Changes in the mix of income and expenses subject to U.S. federal, state and local taxes also increased the rate, partly offset year to date by higher benefits from employee share-based awards.

Key facts

• Income tax expense was $6,361 million for the three months ended June 30, 2026 and $3,297 million for the three months ended June 30, 2025. source
• Effective tax rate for the three months ended June 30, 2026: 23.1%, versus 18.0% in the prior-year period source

Impact estimates