摩根大通美股招股说明书(2026-02-18版)

Filed Pursuant to Rule 424(b)(2)Registration Statement Nos. 333-270004 and 333-270004-01 Subject to Completion. Dated February 17, 2026.Pricing Supplement tothe Prospectus and Prospectus Supplement, each dated April 13, 2023,the Underlying Supplement No. 1-I dated April 13, 2023,the Product Supplement No. 4-I dated April 13, 2023andthe Prospectus Addendum dated June 3, 2024 JPMorgan Chase Financial Company LLC Medium-Term Notes, Series A$Capped Buffered Enhanced Participation Basket-Linked Notes due 2028 The notes will not bear interest.The amount that you will be paid on your notes on the stated maturity date (January 21, 2028, subject to adjustment) is based on the performance ofan unequally weighted basket (which we refer to as the basket) consisting of the EURO STOXX 50®Index (40.00% initial weight), the TOPIX® Index (25.00% initial weight), the FTSE®100 Index (17.00% initial weight), the Swiss Market Index (11.00% initial weight) and the S&P/ASX 200 Index (7.00% initial weight) as measured from and including the trade date (onor about February 19, 2026) to and including the determination date (January 19, 2028, subject to adjustment). The initial basket level is 100 and the final basket level will equal the sumof theproducts, as calculated for each basket underlier, of: (i) the closing level on the determination datedividedby the initial basket underlier level (set on the trade date)multiplied by(ii) the applicable initial weighted value for such basket underlier. If the final basket level on the determination date is greater than the initial basket level (set on the tradedate), the return on your notes will be positive, subject to the maximum settlement amount (expected to be between $1,232.99 and $1,273.93 for each $1,000 principal amount note). Ifthe basket declines by up to 15.00% from the initial basket level to the final basket level, you will receive the principal amount of your notes. If the basket declines by more than 15.00%from the initial basket level to the final basket level, the return on your notes will be negative.You could lose your entire investment in the notes. Any payment on the notes is stated maturity date, for each $1,000 principal amount note, you will receive an amount in cash equal to: if the basket return ispositive(the final basket level isgreater thanthe initial basket level), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) 2.30times(c) thebasket return, subject to the maximum settlement amount; if the basket return iszeroornegativebutnot below-15.00% (the final basket level isequal to or less thanthe initial basket level but not by more than 15.00%), $1,000; orif the basket return isnegativeand isbelow-15.00% (the final basket level isless thanthe initial basket level by more than 15.00%), thesumof (i) $1,000plus(ii) theproductof (a) A decrease in the level of one or more basket underliers may offset increases in the levels of the other basket underliers. Due to the unequal weightings of the basketunderliers, the performances of the EURO STOXX 50®Index, the TOPIX®Index and the FTSE®100 Index will have a significantly larger impact on your return on the notesthan the performance of the Swiss Market Index or the S&P/ASX 200 Index. Your investment in the notes involves certain risks, including, among other things, our credit risk. See “Risk Factors” on page S-2 of the accompanying prospectussupplement, Annex A to the accompanying prospectus addendum, “Risk Factors” on page PS-11 of the accompanying product supplement and “Selected Risk Factors”on page PS-16 of this pricing supplement. The foregoing is only a brief summary of the terms of your notes. You should read the additional disclosure provided herein so that you may better understand the terms and risks of prices of the notes.Original issue date (settlement date):on or about February 24, 2026Original issue price:100.00% of the principal amount Underwriting commission/discount:0.00% of the principal amountNet proceeds to the issuer:100.00% of the principal amountSee “Summary Information — Supplemental Use of Proceeds” on page PS-9 of this pricing supplement for information about the components of the original issue price of the notes. J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will not receive selling commissions for these notes and will sell the notes to anunaffiliated dealer at 100.00% of the principal amount. See “Plan of Distribution (Conflicts of Interest)” on page PS-86 of the accompanying product supplement. Neither the Securities and Exchange Commission (the “SEC”) nor any other regulatory body has approved or disapproved of these securities or passed upon theaccuracy or adequacy of this pricing supplement, the accompanying product supplement, the accompanying underlying supplement, the accompanying prospectussupplement, the accompanying prospectus or the accompanying prospectus addendum. Any representation to the contrary is a c