JPM · 10-Q · 2026Q2 · Full report
Liquidity and Cash Position
JPMORGAN CHASE & CO · 2026-08-06 · Importance 66 · Surprise 40 · No source text
At June 30, 2026, JPMorganChase held approximately $956 billion of eligible end-of-period HQLA and $541 billion of unencumbered marketable securities, providing approximately $1.5 trillion of liquidity sources. Total assets increased 13% from December 31, 2025 to $5.02 trillion, while deposits increased to $2.71 trillion and long-term debt increased to $460.5 billion. Six-month operating cash use was $237.0 billion and investing cash use was $211.4 billion, primarily reflecting trading assets, securities financing, loan originations and investment-security purchases. Financing activities provided $419.5 billion through higher repos, deposits and borrowings, while cash and deposits with banks declined $33.5 billion.
Key facts
- Net derivatives payable cash collateral netted: $74.6 billion at June 30, 2026 and $56.5 billion at December 31, 2025. source
- Federal funds purchased and securities loaned or sold under repurchase agreements were $704,918 million at June 30, 2026 (included $568,730 at fair value) and $442,396 million at December 31, 2025 (included $360,194 at fair value). source
- Net cash used in operating activities was $(237,044) million for the six months ended June 30, 2026 and $(222,292) million for the six months ended June 30, 2025. source
- Net derivatives receivable cash collateral netted: $55.2 billion at June 30, 2026 and $54.7 billion at December 31, 2025. source
- The Firm’s average total HQLA was $975,412 million for the three months ended June 30, 2026 (eligible cash $280,257 million; eligible securities $695,155 million). source
- Net cash outflows were $885,521 million for the Firm for the three months ended June 30, 2026. source
- JPMorgan Chase Bank, N.A.’s net excess eligible HQLA was $164,579 million for the three months ended June 30, 2026 (compared with $174,733 million). source
- The fair value of unencumbered marketable securities was approximately $541 billion as of June 30, 2026 and $548 billion as of December 31, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -5.3% | Total short-term secured funding at June 30, 2026: $765,045 million; at December 31, 2025: $498,005 million. |
| cash | negative | realized | -2.2% | Cash and due from banks and deposits with banks at the end of the six months period were $309,811 million for the six months ended June… |
| assets | positive | realized | +2.2% | Federal funds sold and securities purchased under resale agreements were $446,143 million at June 30, 2026 (included $432,939 at fair… |
| cash | positive | realized | +1.6% | Net cash used in investing activities was $(211,376) million for the six months ended June 30, 2026 and $(291,136) million for the six… |
| cash | negative | realized | -0.7% | Deposits with banks were $285,091 million at June 30, 2026 and $321,596 million at December 31, 2025. |
| cash | negative | realized | -0.7% | Net change in federal funds purchased and securities loaned or sold under repurchase agreements was $262,558 million in financing… |
| liability | negative | realized | -0.5% | Total long-term unsecured funding at June 30, 2026: $387,390 million; at December 31, 2025: $361,293 million. |
| liability | negative | realized | -0.4% | Structured notes outstanding at June 30, 2026: $152,533 million; at December 31, 2025: $130,621 million. |
| cash | negative | realized | -0.4% | Net cash provided by financing activities was $419,479 million for the six months ended June 30, 2026 and $440,863 million for the six… |
| liability | negative | realized | -0.4% | Parent Company senior notes issuance in three months ended June 30, 2026: $10,500 million (U.S. market) and $0 in non-U.S. markets;… |
| cash | positive | realized | +0.4% | Parent Company senior notes issuance in three months ended June 30, 2026: $10,500 million (U.S. market) and $0 in non-U.S. markets;… |
| cash | negative | realized | -0.4% | Net derivatives payable cash collateral netted: $74.6 billion at June 30, 2026 and $56.5 billion at December 31, 2025. |