NYSE: BAC · Diversified Banks
Bank of America Corporation
Bank of America is a U.S. bank holding company with four businesses: Consumer Banking (deposits, cards, mortgages and small business for about 69 million clients), Global Wealth & Investment Management (Merrill and the Private Bank, with $4.8 trillion of client balances), Global Banking (corporate lending, treasury services and investment banking) and Global Markets (sales and trading). In 2025, revenue net of interest expense rose 7% to $113.1 billion, net income rose 13% to $30.5 billion and diluted EPS rose 19% to $3.81. Net interest income — the spread between what it earns on loans and securities and what it pays on deposits and debt — was $60.1 billion, about half of revenue. The bank repurchased $21.4 billion of stock in 2025, and in Q3 2026 EPS fell to $0.91 (from $1.04) after a $1.2 billion charge for anti-money-laundering and sanctions penalties, while revenue rose 3%.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-2510-Q (quarter ended 2026-09-30) · filed 2026-10-30
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 5.7%
- Net marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 27.0%
- Return on equityROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- 10.2%
- Equity ratioEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 8.9%
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 0.41x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 11.4x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.08
Higher than 32% of 44 financial companies
Average yearly growth over the years shown
Higher than 73% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 27% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 29% of 45 financial companies
Equity ÷ total assets
Higher than 11% of 44 financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$50.83close on 2026-11-04
Market cap$366.61B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 11.4x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 1.3x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- —
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 2.1%
At FY2025 year-end: 14.4x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.4x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 0.0%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$29.04B → $29.96B (vs. a year earlier)↑ +3.2%$29.04B → $29.96B (vs. a year earlier)
- Net income$8.33B → $6.93B (vs. a year earlier)↓ −16.8%$8.33B → $6.93B (vs. a year earlier)
- Diluted EPS$1.04 → $0.91 (vs. a year earlier)↓ −12.5%$1.04 → $0.91 (vs. a year earlier)
- Cash$229.75B → $249.64B (vs. previous quarter-end)↑ +8.7%$229.75B → $249.64B (vs. previous quarter-end)
- Long-term debt$339.86B → $318.69B (vs. previous quarter-end)↓ −6.2%$339.86B → $318.69B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 14, 2026.
Key changes
Q3 revenue up 3% to $30.0B; net interest income up 8% to $16.4B. Source sentence
EPS of $0.91 3Q26 Revenue Up 3% YoY to $30.0 Billion,1 Net Interest Income Up 8% YoY to $16.4 Billion ($16.6 Billion FTE)(A) Results Include a Regulatory Settlement Charge of $1.2 Billion, or $0.17 Per Share 3Q26 Adjusted Net Income of $8.1 Billion, Adjusted EPS of $1.082(B) See page 10 for endnotes.
Results included a $1.2B non-tax-deductible regulatory settlement charge. Source sentence
Net loss of $1.4 billion included a non-tax-deductible regulatory settlement charge of $1.2 billion • The Corporation’s effective tax rate (ETR) for the quarter was approximately 23% – Excluding the non-tax-deductible regulatory settlement charge, the adjusted ETR was approximately 20%3
Returned $8.3B to shareholders. Source sentence
This helped enable us to invest for growth and return $8.3 billion to shareholders through common stock dividends and share repurchases.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- BANK OF AMERICA CORP /DE/
- Headquarters
- CHARLOTTE, NC
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: BAC
- Industry
- Diversified Banks
- CIK
- 70858
Workforce (as of FY2025 year-end)
Employees
213,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 14 days after quarter end (Jan 14, 2026). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 14–15 days after quarter end over the last 4 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 14, 2026 (+14 days) | Oct 30, 2026 10-Q (+30 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 14, 2026 (+14 days) | Jul 31, 2026 10-Q (+31 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 15, 2026 (+15 days) | May 1, 2026 10-Q (+31 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 14, 2026 (+14 days) | Feb 25, 2026 10-K (+56 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Consumer Banking
Deposits and payments
Examples: Checking and savings accounts, debit and credit cards
38.9 million consumer checking accounts in Q3 2026.
Consumer Banking
Consumer lending
Examples: Credit cards, mortgages, auto loans, small business loans
Average loans and leases of $321B in Q3 2026.
GWIM
Merrill and Private Bank
Examples: Advisory, brokerage, trust, retirement
$2.4T of assets under management in Q3 2026.
Global Banking
Corporate banking
Examples: Commercial loans, treasury management, trade finance
Average deposits of $669B in Q3 2026.
Global Banking
Investment banking
Examples: Debt and equity underwriting, M&A advisory
Fees up 7% in 2025.
Global Markets
Sales and trading
Examples: FICC and equities
Sales and trading revenue of $5.1B in Q3 2026.
From the FY2025 Form 10-K and the Q3 2026 earnings release.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Banking and financial services
Financial institutions worldwide
U.S. share
—
Not disclosedWorldwide share
One of the largest
Company-disclosed
Sources:
07
Recent strategic focusSite analysis
FY2025 from the 10-K, and 2026 events from the Q3 earnings release, 10-Q and 8-Ks.
Q3 2026 results
Revenue $30.0B (+3%), with net interest income $16.4B (+8%); net income $6.9B and EPS $0.91 (vs $1.04), or $8.1B and $1.08 excluding the $1.2B regulatory settlement charge. Investment banking fees fell 11% and sales and trading revenue 5%.
Source: Q3 2026 earnings release
Capital returns
Returned $8.3B in Q3 2026 ($2.2B dividends, $6.0B buybacks); CET1 ratio 10.9%.
Source: Q3 2026 earnings release
AML and sanctions settlement
On October 13, 2026 the OCC, FinCEN and OFAC announced resolutions of BSA/AML and sanctions compliance matters; Bank of America took a $1.2B non-tax-deductible charge in Q3 2026.
Source: Form 10-Q (quarter ended 2026-09-30)
Dividend increase
Quarterly dividend raised from $0.28 to $0.32 per share (+14%).
Source: 8-K filed 2026-07-24
CEO pay
The board set 2025 total compensation for Chair and CEO Brian Moynihan at $41M (2024: $35M).
Source: 8-K filed 2026-02-13
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Total revenue (FY2025)
$113.1B
As reported in the 10-K
Revenue CAGR (5 years)
+5.7%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($113,097M ÷ $85,528M) ^ (1÷5) − 1 = 5.7%
termsCAGR · ^ (exponent) · Revenue (net sales)
ROE (FY2025)
10.2%▲favorable
6-year average: 9.5%
As reported in the 10-K
- ▲
Revenue grew +5.7% a year over 5 years (strong growth)
From $85.53B in FY2020 to $113.1B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
ROE averaged 9.5% over 6 years (latest: 10.2%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
Consumer Banking
Taking deposits- Lending to consumers and small businesses
Global Wealth & Investment Management
Investment management and brokerage- Banking, trust and retirement products
Global Banking
Commercial lending and leasing- Treasury management
Global Markets
Market-making- Financing and securities clearing
06 · what it draws on
Key resources
Consumer Banking
Customer deposits (low-cost funding)- About 3,600 financial centers and 15,000 ATMs
Global Wealth & Investment Management
Network of financial advisors- Client assets
Global Banking
Corporate deposits- Global offices and client relationship teams
Global Markets
Balance sheet and trading capital- Institutional client relationships
02 · why customers buy
Value propositions
- A full range of banking, card, lending, wealth (Merrill, Private Bank) and markets services for consumers, companies and institutions.
04 · how it keeps them
Customer relationships
- Competes on customer service and convenience, and the pricing, quality and range of products.
03 · how it reaches them
Channels
- About 3,600 financial centers and ATMs, plus digital banking.
- Merrill advisors and corporate and investment banking teams.
01 · who it serves
Customer segments
Consumer Banking
About 69 million consumer and small business clients in the U.S.Global Wealth & Investment Management
Affluent, high net worth and ultra-high net worth clientsGlobal Banking
Corporations, middle-market companies and businessesGlobal Markets
Institutional investors- Corporate and commercial clients
09 · where money goes
Cost structure
FY2025, share of revenue ($113.1B)
- Interest expense69.4%
- Operating expenses (as reported)61.7%
Revenue here is reported net of interest expense, so these lines overlap and add up to more than 100%.
Depreciation & amortization (inside the costs above): $2.31B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Consumer Banking
Net interest income on deposits and loans- Card income and service charges
Global Wealth & Investment Management
Asset management fees- Brokerage fees
Global Banking
Net interest income- Treasury service charges
Global Markets
Sales and trading revenue- Net interest income on financing
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Consumer Banking
Deposits, credit and debit cards, consumer loans and mortgages, and small business banking, offered through about 3,600 financial centers, about 15,000 ATMs and digital channels.
01 what it draws on
Inputs & resources
- Customer deposits (low-cost funding)
- About 3,600 financial centers and 15,000 ATMs
- Digital platforms with about 49 million active users
02 what it does
Activities
- Taking deposits
- Lending to consumers and small businesses
- Card payments
03 who it serves
Customers
- About 69 million consumer and small business clients in the U.S.
04 how money comes in
How it earns
- Net interest income on deposits and loans
- Card income and service charges
Consumer Banking: how it makes money
- Revenue $43.7B and net income $12.2B in 2025 — the largest segment.
- Q3 2026: average deposits $949B, and the release states #1 in U.S. consumer deposits.
Global Wealth & Investment Management (GWIM)
Merrill Wealth Management, for clients with over $250,000 in investable assets, and Bank of America Private Bank, for high and ultra-high net worth clients.
01 what it draws on
Inputs & resources
- Network of financial advisors
- Client assets
02 what it does
Activities
- Investment management and brokerage
- Banking, trust and retirement products
03 who it serves
Customers
- Affluent, high net worth and ultra-high net worth clients
04 how money comes in
How it earns
- Asset management fees
- Brokerage fees
- Net interest income on deposits and loans
Global Wealth & Investment Management (GWIM): how it makes money
- Revenue $24.9B and net income $4.7B in 2025; noninterest income (mostly fees) was $17.7B.
- Client balances reached $5.1T in Q3 2026, up 9%.
Global Banking
Global Corporate Banking, Global Commercial Banking, Business Banking and Global Investment Banking: lending, treasury and working capital services, and underwriting and advisory.
01 what it draws on
Inputs & resources
- Corporate deposits
- Global offices and client relationship teams
02 what it does
Activities
- Commercial lending and leasing
- Treasury management
- Debt and equity underwriting, M&A advisory
03 who it serves
Customers
- Corporations, middle-market companies and businesses
04 how money comes in
How it earns
- Net interest income
- Treasury service charges
- Investment banking fees
Global Banking: how it makes money
- Revenue $24.1B and net income $7.8B in 2025.
- Q3 2026 investment banking fees (excluding self-led) were $1.8B, down 11%.
Global Markets
Sales, trading and research for institutional clients across fixed income, credit, currencies, commodities and equities, plus financing, clearing and custody.
01 what it draws on
Inputs & resources
- Balance sheet and trading capital
- Institutional client relationships
02 what it does
Activities
- Market-making
- Financing and securities clearing
- Risk management products
03 who it serves
Customers
- Institutional investors
- Corporate and commercial clients
04 how money comes in
How it earns
- Sales and trading revenue
- Net interest income on financing
Global Markets: how it makes money
- Revenue $24.1B and net income $6.1B in 2025.
- Q3 2026 sales and trading revenue $5.1B, down 5%; FICC down 17%, equities up 11%.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Bank of America is supervised by bank regulators, earns interchange fees subject to Federal Reserve rules, and invests in tax-credit programs.
Approvals & licenses
Bank capital and supervision
In December 2024 the OCC issued a Consent Order against BANA over aspects of its BSA, anti-money-laundering and sanctions compliance programs.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Regulated prices & reimbursement
Interchange fees
Gross interchange fees and merchant income were $13.8B in 2025; debit interchange is capped by Federal Reserve rules.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Government funding & tax credits
Tax-credit investments
Unconsolidated tax-credit VIEs held $86.5B of assets at end-2025.
Supports the businessTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Consumer Banking
43,673 (37%)profit 12,245 · margin 28.0%
Global Wealth & Investment Management
24,883 (21%)profit 4,670 · margin 18.8%
Global Banking
24,108 (21%)profit 7,793 · margin 32.3%
Global Markets
24,096 (21%)profit 6,111 · margin 25.4%
Source: Form 10-K (FY2025) — Note 23, Business Segment Information Revenue is net of interest expense on a fully taxable-equivalent (FTE) basis; profit is net income. All Other (revenue -$3,054M, net loss $310M) is not shown.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
As a bank, Bank of America earns mainly from the spread between interest on loans and securities and the interest it pays on deposits and debt, plus fees from wealth management, investment banking, trading and cards. Loans totaled $1.19 trillion and deposits $2.02 trillion at year-end 2025.
Net interest income
$60.1B (53% of 2025 revenue)
Typical term: Interest earned on loans and securities less interest paid on deposits and borrowings
A record, up 7% in 2025; the 10-K says lower interest rates could reduce it.
Noninterest income
$53.0B (47%)
Typical term: Fees and commissions, trading and other income
Asset management fees grew 12% in 2025.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
U.S. consumers and small businesses, affluent and wealthy individuals, companies, governments and institutional investors worldwide.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- About 69 million consumer and small business clients. (Form 10-K (FY2025), MD&A)
- About 77% of employees are located in the U.S. (Form 10-K (FY2025), Item 1)
Suppliers
Depositors and debt investors are the main source of funding.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- Total deposits of $2.02T and long-term debt averaging $245.8B in 2025. (Form 10-K (FY2025), Table 1 and Table 6)
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K describes competition from banks, thrifts, credit unions, investment banks, brokers, asset managers, insurers, card issuers, hedge funds, private equity, and internet and nonbank firms, but names no company. The proxy names five primary competitors.
Competitors named in the 10-K
Bank of America's 10-K lists types of competitors but doesn't name companies.
Peer group the company chose
2025 competitor group (executive compensation), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Five primary competitors — U.S. financial institutions that compete directly for customers, employees and investors — plus eleven leading financial institutions in global/regional banking, money management and cards/payments.
- Citigroupsite ↗
- Goldman Sachssite ↗
- JPMorgan Chasesite ↗
- Morgan Stanleysite ↗
- Wells Fargosite ↗
- Barclayssite ↗
- Deutsche Banksite ↗
- HSBCsite ↗
- PNC Financial Servicessite ↗
- Truist Financialsite ↗
- UBSsite ↗
- U.S. Bancorpsite ↗
- BlackRocksite ↗
- Blackstonesite ↗
- American Expresssite ↗
- Capital Onesite ↗
Primary competitors
Source: Proxy statement (DEF 14A, filed 2026-03-23) — 2025 Competitor GroupCompany names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Total revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
| Line item | FY2020In next year’s 10-K | FY2021In next year’s 10-K | FY2022In next year’s 10-K | FY2023In next year’s 10-K | FY2024In next year’s 10-K | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 85,528 | 89,113 | 94,950 | 102,769 | 105,856 | 113,097 |
| Pretax income | 18,995 | 33,976 | 30,969 | 32,530 | 33,223 | 37,695 |
| Net income (attributable) | 17,894 | 31,978 | 27,528 | 26,305 | 26,973 | 30,509 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 4.2% | 6.6% | 8.2% | 3.0% | 6.8% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 20.9% | 35.9% | 29.0% | 25.6% | 25.5% | 27.0% |
| Balance sheet ($M) | ||||||
| Total assets | 2,819,627 | 3,169,495 | 3,051,375 | 3,180,151 | 3,261,299 | 3,411,738 |
| Total equity | 272,924 | 270,066 | 273,197 | 290,209 | 293,963 | 303,243 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 262,934 | 280,117 | 285,882 | 315,304 | 307,479 | 338,216 |
| Equity ratio | 9.7% | 8.5% | 9.0% | 9.1% | 9.0% | 8.9% |
| ROE | 6.6% | 11.8% | 10.1% | 9.3% | 9.2% | 10.2% |
| Cash flow ($M) | ||||||
| Operating CF | 37,993 | -7,193 | -6,327 | 44,982 | -8,805 | 12,613 |
| Investing CF | -177,665 | -313,291 | -2,529 | -35,387 | -90,693 | -145,157 |
| Financing CF | 355,819 | 291,650 | -106,039 | 93,345 | 60,369 | 69,948 |
| Cash and equivalents | 380,463 | 348,221 | 230,203 | 333,073 | 290,114 | 231,845 |
| Per share & other | ||||||
| EPS ($) | 1.87 | 3.57 | 3.19 | 3.05 | 3.19 | 3.81 |
| BVPS ($) | 28.72 | 30.37 | 30.61 | 33.16 | 35.58 | 38.44 |
| Dividend per share ($) | 0.72 | 0.78 | 0.86 | 0.92 | 1.00 | 1.08 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 38.5% | 21.8% | 27.0% | 30.2% | 31.3% | 28.3% |
| P/E (x) | 16.2 | 12.5 | 10.4 | 11.0 | 13.8 | 14.4 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.06 | 1.46 | 1.08 | 1.02 | 1.24 | 1.43 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $29.96B+3.2% | $6.93B-16.8% | $0.91 |
| 2026-06-30 | $31.56B+15.0% | $9.07B+26.6% | $1.21 |
| 2026-03-31 | $30.27B+7.2% | $8.58B+16.6% | $1.11 |
| 2025-12-31 † | $28.37B-3.2% | $7.65B+17.5% | — |
| 2025-09-30 | $29.04B | $8.33B | $1.04 |
| 2025-06-30 | $27.44B | $7.17B | $0.90 |
| 2025-03-31 | $28.25B | $7.36B | $0.89 |
| 2024-12-31 † | $29.32B | $6.51B | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Measures that fit this businessFrom SEC data
ROIC and free cash flow don’t suit a bank, so these are the usual yardsticks instead.
- CET1 capital ratio
- 11.4%
Standardized approach, December 31, 2025
As stated by the company: Form 10-K (FY2025)
| Measure | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Return on equityNet income ÷ stockholders’ equity. | 6.6% | 11.8% | 10.1% | 9.3% | 9.2% | 10.2% |
| Net interest income ÷ average assetsSpread earned on the balance sheet; a stand-in for net interest margin, which uses earning assets. | — | 1.4% | 1.7% | 1.8% | 1.7% | 1.8% |
| Noninterest expense ÷ revenueThe efficiency ratio. Lower means less cost for each dollar of revenue. | 64.6% | 67.0% | 64.7% | 64.1% | 63.1% | 61.7% |
| Credit provision ÷ average loansCredit cost: what the year set aside for expected loan losses. Negative means a net release. | — | -0.4% | — | — | — | — |
| Credit allowance ÷ loansThe reserve held against loan losses at year-end. | 2.0% | 1.3% | 1.2% | 1.3% | 1.2% | 1.1% |
| Loans ÷ depositsHow much of the deposit base is lent out. | 51.7% | 47.4% | 54.2% | 54.8% | 55.8% | 58.7% |
| Equity ÷ total assetsThe accounting cushion. Regulatory capital ratios are listed separately above when the filing states them. | 9.7% | 8.5% | 9.0% | 9.1% | 9.0% | 8.9% |
Computed from SEC XBRL figures. A dash means the company doesn’t tag that figure or the result fell outside a plausible range. Tagging differs between filers, so check the filing before comparing two companies closely.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Banks, insurers, and similar financial companies aren’t compared this way, since deposits/policies are the business itself and debt can’t be cleanly separated from operating capital.
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not applied to banks, insurers, and similar financial companies: their operating cash flow includes deposits or premiums held for customers, so it isn’t free cash flow available to investors.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
Financial companies’ operating cash flow behaves differently from an operating company’s, so this analysis doesn’t apply.
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 76.8%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 23.2%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 335 of 416
- Beta (adjusted)
- 1.08
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 80% of covered companies have more
above 1 = swings more than the market
- 5,368.2M shares reported by 3,605 13F filers ÷ 6,992.7M shares outstanding on 2026-07-30. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-23 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-30)
19
Strengths & weaknessesSite analysis
Strengths
1. Large, low-cost deposit base
$2.02T of deposits at year-end 2025; the Q3 2026 release states #1 in U.S. consumer deposits.
Evidence: Form 10-K (FY2025); Q3 2026 earnings release
2. Diversified earnings
All four segments earned between $4.7B and $12.2B in 2025, and noninterest income was 47% of revenue.
Evidence: Form 10-K (FY2025), Note 23
3. Capital returns
$21.4B of buybacks in 2025 under a $40B authorization; the quarterly dividend was raised 14% to $0.32 in July 2026.
Evidence: Form 10-K (FY2025); 8-K filed 2026-07-24
Weaknesses
1. Sensitivity to interest rates
The 10-K says falling interest rates could reduce results, and rising rates have reduced the fair value of its debt securities.
Evidence: Form 10-K (FY2025), Item 1A
2. High cost base
Noninterest expense was $69.7B in 2025, 61% of it compensation and benefits; the Q3 2026 efficiency ratio was 66% (62% excluding the regulatory settlement charge).
Evidence: Form 10-K (FY2025); Q3 2026 earnings release
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
14.4x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
1.96%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
28%
Dividends per share ÷ diluted EPS
1. Steady earnings growth
Net income rose 13% in 2025; Q3 2026 revenue rose 3%, though net income fell to $6.9B on the $1.2B regulatory settlement charge.
- What has to hold
- Credit stays healthy and markets activity stays strong.
- The other side
- Trading and investment banking revenue can swing with markets.
Evidence: Form 10-K (FY2025); Q3 2026 earnings release
2. Shareholder returns
Buybacks reduced shares outstanding from 8.08B (2021) to 7.21B (2025), and the dividend has risen each year.
- What has to hold
- Capital stays above regulatory minimums.
- The other side
- Stress test results can raise required capital and limit buybacks.
Evidence: SEC EDGAR XBRL; Form 10-K (FY2025)
These summarize facts in Bank of America's filings, not a recommendation.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
For an insurer or bank, debt-coverage ratios like these don’t describe its ability to absorb losses — that depends on its capital, reserves, and investment portfolio, which are covered in part 3 below.
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Net income | -13.9% in FY2022 ($31.98B → $27.53B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Capital
CET1 ratio 11.4% at year-end 2025 (minimum 10.0%); 10.9% at September 30, 2026.
Source: Form 10-K (FY2025); Q3 2026 earnings release
Liquidity
Average global liquidity sources of $914B in Q3 2026.
Source: Q3 2026 earnings release
Earnings record
The proxy says Bank of America is one of only 4 U.S. companies with over $15.0B of net income in each of the last eleven years.
Source: Proxy statement (DEF 14A, filed 2026-03-23)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
In October 2026 Bank of America resolved its BSA/AML and sanctions compliance matters with the OCC, FinCEN and OFAC, taking a $1.2 billion charge; remedial work under the consent orders continues. It estimates reasonably possible losses above accruals across disclosed matters at $0 to $200 million, and its FDIC deposit-insurance interest dispute ended in its favor in 2026.
0 open matters · 2 settled or closed
BSA/AML and sanctions consent orders (OCC, FinCEN, OFAC)
SettledEnforcement / sanctionOffice of the Comptroller of the Currency; Financial Crimes Enforcement Network; Office of Foreign Assets Control
On October 13, 2026 the OCC, FinCEN and OFAC announced resolutions of aspects of the BSA/AML and sanctions compliance programs: consent orders with the OCC and FinCEN and a settlement agreement with OFAC. FinCEN's order and the December 2024 OCC consent order require remedial actions, including independent consultant reviews of historical transactions and due diligence.
- Amounts
- $1.2 billion non-tax-deductible charge in Q3 2026 for the civil money penalties.
Source: Form 10-Q (quarter ended 2026-09-30) — Regulatory Settlement / Litigation and Regulatory Matters
FDIC deposit insurance assessment dispute
ResolvedLawsuitBANA v. FDIC (D.D.C.)
On March 31, 2026 the court ruled BANA did not owe the FDIC additional interest. No appeal was filed by June 15, 2026, so the case ended and pledged security was released.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Company statement: Management does not believe pending matters will have a material adverse effect on BofA's financial condition or liquidity, but outcomes could be material to results in a given period. Litigation and regulatory expense was $376 million in the first half of 2026.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Credit losses
- Company disclosure (summarized from the 10-K)
- A recession, rising unemployment or falling property values could raise defaults; the 2025 provision for credit losses was $5.7B.
- Company’s stated mitigation
- Allowance for credit losses; the proxy cites the lowest stressed credit loss rates among peers in 12 of the past 13 Federal Reserve CCAR exams.
- This site’s assessment
- Impact High / Likelihood Med
- 2FX & interest rates
Interest rates
- Company disclosure (summarized from the 10-K)
- Lower rates could reduce net interest income; higher rates reduce the value of debt securities that support liquidity.
- Company’s stated mitigation
- Hedging strategies, which the 10-K notes can be less effective in times of market stress.
- This site’s assessment
- Impact Med / Likelihood High
- 3Law & regulation
Capital and liquidity rules
- Company disclosure (summarized from the 10-K)
- As a G-SIB, Bank of America faces stress tests, a stress capital buffer (2.5%) and resolution planning; changing rules can alter required capital.
- Company’s stated mitigation
- CET1 ratio of 11.4% at year-end 2025 against a 10.0% minimum.
- This site’s assessment
- Impact Med / Likelihood High
- 4Funding & liquidity
Funding and credit ratings
- Company disclosure (summarized from the 10-K)
- Deposit outflows, loss of capital market access or rating downgrades could raise funding costs or require more collateral.
- Company’s stated mitigation
- $914B of average global liquidity sources in Q3 2026.
- This site’s assessment
- Impact High / Likelihood Low
- 5Competition & technology shift
Broad competition
- Company disclosure (summarized from the 10-K)
- Competes with banks, brokers, asset managers, card issuers, fintech and e-commerce firms, and firms using digital assets.
- Company’s stated mitigation
- Investment in technology; 66% of 2025 sales digitally enabled (proxy).
- This site’s assessment
- Impact Med / Likelihood High
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (6)
We use, and expect to increasingly use, emerging technologies, including AI, across our operations, including business processes, services and products, and we expect greater AI adoption by our third parties, clients, counterparties, clearinghouses and financial intermediaries. Expanded use of AI, including emerging third‑party AI services and autonomous AI agents, may result in increased data risk, unpredictable system interactions, inadequate controls or safeguards, AI failure, or produce unintended operations or consequences. AI services used by our clients or third parties may interact with our systems or communicate directly with our employees, and may act without authorization, make execution errors, behave unpredictably or be misaligned with intended outcomes, which could result in additional operational, legal and regulatory risk, and reputational harm.
Emerging technologies, such as AI and quantum computing, are expected to increase these risks. Read more
For example, AI lowers the entry barriers to plan and execute cyberattacks, enables more personalized and harder to detect social engineering, and improves vulnerability discovery, which may result in the increased likelihood of exploitation and the speed, scope, scale, and sophistication of cyberattacks. Advances in quantum computing may introduce cryptography risks that threaten the
security of our information and systems and strengthen threat actor capabilities in ways that are difficult to anticipate. Read more
These technologies, alone or in combination with others, may amplify the risks they pose.
risks could result in further legal and regulatory risk and losses and adversely affect our reputation and results of operations.
Also, U.S. banking regulators are expected to release proposals in 2026 to revise methodologies for measuring and reporting risk-based capital adequacy, including the calculation of RWA and G-SIB surcharge. Read more
The timing and composition of such proposals are uncertain. Final rules issued following those proposals could adversely impact our capital requirements.
We also face transition risk associated with the shift to a low-carbon economy. Read more
Changes in consumer preferences, market pressures, technology advancements and additional legislation,
No longer in the text (4)
machine learning and generative AI) and robotics, increases our cybersecurity risks and exposure, including by making fraud detection and authentication more difficult.
In particular, we are the subject of litigation regarding our processing of electronic payments through the Zelle network,
In 2023, U.S. banking regulators issued notices of proposed rulemaking to revise the measurement of RWA and the G-SIB surcharge calculation, both of which may be re-proposed. Read more
Also, in 2023, U.S. banking regulators issued proposed changes to the long-term debt requirements for TLAC, which may impact eligibility of certain debt instruments, and in 2024, the Federal Reserve separately confirmed it is considering changes to existing, as well as new, liquidity requirements. The timing and composition of any such proposals or re-proposals remain uncertain due to various factors, including changes of leadership positions in the U.S. bank regulatory agencies.
Changes to and compliance with the regulatory capital and liquidity requirements may impact our operations by requiring us to liquidate assets, increase borrowings, issue additional securities, reduce common stock repurchases or dividends, limit compensation practices, cease or alter certain operations, pricing strategies and business activities or hold highly liquid assets, adversely affecting our results of operations.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 25, 2026 ↗ with the 10-K filed Feb 25, 2025 ↗.
25
What to watch going forwardSite analysis
- Net interest income as interest rates change.
- Net charge-offs and the provision for credit losses.
- CET1 ratio versus the 10.0% minimum, and the pace of buybacks.
- Investment banking and trading revenue, which rose sharply in Q2 2026 but fell in Q3 2026.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-25
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Bank of America Corporation’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.