JPM · 10-Q · 2026Q2 · Full report
Liquidity and Debt Position
JPMORGAN CHASE & CO · 2026-08-06 · Importance 69 · Surprise 64 · No source text
Short-term secured funding increased to $765.0 billion at June 30, 2026 from $498.0 billion at December 31, 2025, driven mainly by a $258.9 billion increase in repurchase-agreement funding for Markets client activity and secured financing of trading assets. Long-term unsecured funding increased to $387.4 billion from $361.3 billion, including structured notes of $152.5 billion versus $130.6 billion. During the first six months of 2026, the Parent Company issued $20.3 billion of senior notes, $3.0 billion of subordinated debt and $22.6 billion of structured notes, against $17.5 billion of long-term unsecured maturities and redemptions. Common stockholders’ equity increased to $353.6 billion from $342.4 billion, while all listed Parent Company and principal subsidiary credit ratings retained stable outlooks.
Key facts
- During the six months ended June 30, 2026, the Firm issued $3.0 billion of subordinated notes due 2037 (included in change in long-term debt qualifying as Tier 2). source
- Long-term debt was $460,523 million at June 30, 2026 (included $156,056 at fair value) and $435,206 million at December 31, 2025 (included $134,559 at fair value). source
- Proceeds from long-term borrowings were $85,466 million for the six months ended June 30, 2026 and $53,884 million for the six months ended June 30, 2025; payments of long-term borrowings were $59,953 million and $50,821 million, respectively. source
- Long-term debt carrying value was $304.4 billion with total estimated fair value $307.5 billion at June 30, 2026 (compared with carrying value $300.6 billion and total estimated fair value $305.1 billion at December 31, 2025). source
- Short-term borrowings were $72,430 million at June 30, 2026 (included $29,967 at fair value) and $64,776 million at December 31, 2025 (included $32,460 at fair value). source
- Long-term debt as of June 30, 2026: $460,523 million, up from $435,206 million at December 31, 2025 source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | positive | realized | +0.5% | Proceeds from long-term borrowings were $85,466 million for the six months ended June 30, 2026 and $53,884 million for the six months… |
| liability | negative | realized | -0.5% | Long-term debt was $460,523 million at June 30, 2026 (included $156,056 at fair value) and $435,206 million at December 31, 2025 (included… |
| liability | negative | realized | -0.1% | Short-term borrowings were $72,430 million at June 30, 2026 (included $29,967 at fair value) and $64,776 million at December 31, 2025… |
| liability | negative | realized | -0.1% | Long-term debt carrying value was $304.4 billion with total estimated fair value $307.5 billion at June 30, 2026 (compared with carrying… |
| liability | negative | realized | -0.1% | During the six months ended June 30, 2026, the Firm issued $3.0 billion of subordinated notes due 2037 (included in change in long-term… |
| cash | positive | realized | +0.1% | During the six months ended June 30, 2026, the Firm issued $3.0 billion of subordinated notes due 2037 (included in change in long-term… |