Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Repurchases under the common share repurchase program

Refer to Capital Risk Management on pages 44-50 of this Form 10-Q and pages 97–107 of JPMorganChase’s 2024 Form 10-K for information regarding repurchases under the Firm’s common share repurchase program.

On July 1, 2025, the Firm announced that its Board of Directors had authorized a new $50 billion common share repurchase program, effective July 1, 2025. Through June 30, 2025, the Firm was authorized to purchase up to $30 billion of common shares under its previously-approved common share repurchase program that was announced on June 28, 2024.

Shares repurchased pursuant to the common share repurchase program during the nine months ended September 30, 2025 were as follows:


Nine months ended September 30, 2025	Total number of shares of common stock repurchased	Average price paid per share of common stock(a)		Aggregate purchase price of common stock repurchases (in millions)(a)		Dollar value of remaining authorized repurchase (in millions)(a)



First quarter	29,953,620	$	252.50	$	7,563	$	11,763




Second quarter	29,800,960	$	251.67	$	7,500	$	4,263	(b)
July	9,223,719	291.74		2,691		47,309
August	9,605,280	292.95		2,814		44,495
September	9,158,017	306.84		2,810		41,685		(c)
Third quarter	27,987,016	297.10		8,315		41,685		(c)
Year-to-date	87,741,596	$	266.44	$	23,378	$	41,685	(c)

(a)Excludes excise tax and commissions.

(b)The $4.3 billion under the prior Board authorization was canceled when the $50 billion repurchase program was authorized by the Board of Directors effective July 1, 2025.

(c)Represents the amount remaining under the $50 billion repurchase program.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

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