NYSE: BNY · Asset Management & Custody Banks
The Bank of New York Mellon Corporation
BNY (The Bank of New York Mellon) is a global custody bank and market infrastructure company with $59.3 trillion of assets under custody and/or administration (AUC/A) and $2.2 trillion under management at the end of 2025. It earns fees for safekeeping and servicing securities, clearing (Pershing), corporate trust, treasury services and asset management, plus interest on client deposits. 2025 revenue rose 8% to a record $20.1 billion, pre-tax income rose 21% to $7.1 billion, and the pre-tax margin reached 35%. In Q2 2026 revenue grew 13% to $5.7 billion, and after passing the Fed stress test BNY announced a 19% dividend increase.
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.
- 4.9%
- Net marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 27.6%
- Return on equityROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- 13.0%
- 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.
- 9.4%
- 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.
- 1.21x
- 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.
- 15.8x
- 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.
- 0.91
Higher than 27% of 44 financial companies
Average yearly growth over the years shown
Higher than 78% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 49% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 31% of 45 financial companies
Equity ÷ total assets
Higher than 48% 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$149.99close on 2026-11-04
Market cap$103.23B
- 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
- 15.8x
- 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
- 2.6x
- 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
- 1.3%
At FY2025 year-end: 15.7x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 2.0x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 6.5%
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.
- Net income$1.45B → $1.69B (vs. a year earlier)↑ +17.0%$1.45B → $1.69B (vs. a year earlier)
- Diluted EPS$1.88 → $2.34 (vs. a year earlier)↑ +24.5%$1.88 → $2.34 (vs. a year earlier)
- Cash$7.48B → $6.74B (vs. previous quarter-end)↓ −10.0%$7.48B → $6.74B (vs. previous quarter-end)
- Long-term debt$30.37B → $33.31B (vs. previous quarter-end)↑ +9.7%$30.37B → $33.31B (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 15, 2026.
Key changes
Revenue up 12%. Source sentence
With broad-based growth across our platforms, we increased revenue by 12% year-over-year, delivering significant operating leverage and earnings per share growth of 24%.
Pre-tax margin 39% and ROTCE 29%. Source sentence
For the quarter, we generated a very solid pre-tax margin of 39% and a strong ROTCE of 29%.
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 New York Mellon Corp
- Headquarters
- NEW YORK, NY
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: BNY
- Industry
- Asset Management & Custody Banks
- CIK
- 1390777
- Website
- https://www.bny.com/ ↗
Workforce (as of FY2025 year-end)
Employees
48,100
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 12–15 days after quarter end (Jan 13, 2026; Jan 15, 2025; Jan 12, 2024). 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 11–16 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 15, 2026 (+15 days) | Oct 30, 2026 10-Q (+30 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 15, 2026 (+15 days) | Jul 31, 2026 10-Q (+31 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 16, 2026 (+16 days) | May 1, 2026 10-Q (+31 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 13, 2026 (+13 days) | Feb 25, 2026 10-K (+56 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 16, 2025 (+16 days) | Oct 31, 2025 10-Q (+31 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 15, 2025 (+15 days) | Aug 1, 2025 10-Q (+32 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 11, 2025 (+11 days) | May 2, 2025 10-Q (+32 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 15, 2025 (+15 days) | Feb 27, 2025 10-K (+58 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 11, 2024 (+11 days) | Nov 1, 2024 10-Q (+32 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 12, 2024 (+12 days) | Aug 2, 2024 10-Q (+33 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 16, 2024 (+16 days) | May 3, 2024 10-Q (+33 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 12, 2024 (+12 days) | Feb 28, 2024 10-K (+59 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
Securities Services
Asset servicing and issuer services
Examples: Custody, fund accounting, ETF services, corporate trust
Part of $59.3T of AUC/A.
Market and Wealth Services
Clearing, payments and collateral services
Examples: Clearing for advisors and broker-dealers (including Pershing), payments, collateral
$7.0B of revenue.
Investment and Wealth Management
Investment and wealth management
Examples: Asset management, wealth management
$2.2T of AUM.
From the FY2025 Annual Report.
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.
Depositary receipts services
Worldwide
U.S. share
—
Not disclosedWorldwide share
One of the largest
Company-disclosedPer the latest 10-Q.
Agency securities lending
U.S. and non-U.S. securities lending
U.S. share
—
Not disclosedWorldwide share
One of the largest
Company-disclosedLendable asset pool of about $6.6 trillion in 36 markets, per the latest 10-Q.
07
Recent strategic focusSite analysis
FY2025 from the 10-K and Annual Report, and 2026 events from the Q3 earnings release, 10-Q and 8-Ks.
Q3 2026 results
Revenue $5.7B (+12%), with fee revenue $4.1B (+12%) and net interest income $1.4B (+15%); EPS $2.34 (+24%); pre-tax margin 39%; ROTCE 29%. AUC/A rose 10% and AUM 2%. BNY returned $1.4B of capital ($937M buybacks, $436M dividends).
Source: Q3 2026 earnings release; Form 10-Q (quarter ended 2026-09-30)
Dividend increase
Quarterly dividend to rise 19% to $0.63 after the 2026 Fed stress test.
Source: 8-K filed 2026-06-24
Preferred stock
Issued Series M (March), Series N (July) and Series O (October 2026) preferred stock and redeemed Series F in September 2026.
Source: 8-Ks filed 2026-03-05, 2026-07-23, 2026-08-20 and 2026-10-28
Board
Charles Lowrey (February 2026) and Vikram Malhotra (October 2026) joined the board.
Source: 8-Ks filed 2025-12-11 and 2026-08-13
Capex ÷ D&A (FY2025)
0.84x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$1,553M ÷ $1,852M = 0.84x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$170M
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $1.22B in FY2020 to $1.55B in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Total revenue (FY2025)
$20.08B
As reported in the 10-K
Revenue CAGR (5 years)
+4.9%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($20,080M ÷ $15,808M) ^ (1÷5) − 1 = 4.9%
termsCAGR · ^ (exponent) · Revenue (net sales)
ROE (FY2025)
13.0%▲favorable
6-year average: 9.1%
As reported in the 10-K
- ―
Revenue grew +4.9% a year over 5 years (modest growth)
From $15.81B in FY2020 to $20.08B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Free cash flow was positive in 5 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 9.1% over 6 years (latest: 13.0%)
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
Securities Services
Safekeeping and servicing securities- Fund administration
Market and Wealth Services
Clearing trades- Payments and liquidity
Investment and Wealth Management
Managing portfolios- Private banking
06 · what it draws on
Key resources
Securities Services
Global custody network- Technology platforms
Market and Wealth Services
Clearing and collateral platformsInvestment and Wealth Management
Investment management teams
02 · why customers buy
Value propositions
- Custody, fund accounting, clearing, collateral, payments and investment management at global scale.
04 · how it keeps them
Customer relationships
- Long-term servicing relationships; competition is based on customer service, transaction execution and quality of services.
03 · how it reaches them
Channels
- Serves asset managers, asset owners, broker-dealers, banks, corporations and governments worldwide.
01 · who it serves
Customer segments
Securities Services
Asset managers, pension funds, insurers, sovereigns- Debt issuers
Market and Wealth Services
Broker-dealers, RIAs, banks and corporationsInvestment and Wealth Management
Institutions and high-net-worth clients
09 · where money goes
Cost structure
FY2025, share of revenue ($20.08B)
- Interest expense103.0%
- Operating expenses (as reported)65.0%
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): $1.85B. Capital spending: $1.55B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Securities Services
Fees on assets serviced- Net interest on client deposits
Market and Wealth Services
Clearing and transaction fees- Net interest income
Investment and Wealth Management
Management and performance fees
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Securities Services
Asset servicing (custody, fund accounting, ETF services) and issuer services (corporate trust, depositary receipts) for asset managers, asset owners and issuers.
01 what it draws on
Inputs & resources
- Global custody network
- Technology platforms
- About 48,100 employees
02 what it does
Activities
- Safekeeping and servicing securities
- Fund administration
- Corporate trust
03 who it serves
Customers
- Asset managers, pension funds, insurers, sovereigns
- Debt issuers
04 how money comes in
How it earns
- Fees on assets serviced
- Net interest on client deposits
Securities Services: how it makes money
- 2025 revenue $9.7B (+9%), pre-tax income $3.2B.
Market and Wealth Services
Clearing, custody and related services for broker-dealers and advisors, payments and liquidity services, and clearance and collateral management.
01 what it draws on
Inputs & resources
- Clearing and collateral platforms
02 what it does
Activities
- Clearing trades
- Payments and liquidity
- Collateral management
03 who it serves
Customers
- Broker-dealers, RIAs, banks and corporations
04 how money comes in
How it earns
- Clearing and transaction fees
- Net interest income
Market and Wealth Services: how it makes money
- 2025 revenue $7.0B (+12%), pre-tax income $3.4B — the most profitable segment.
Investment and Wealth Management
Asset management and wealth management for institutions and wealthy individuals.
01 what it draws on
Inputs & resources
- Investment management teams
02 what it does
Activities
- Managing portfolios
- Private banking
03 who it serves
Customers
- Institutions and high-net-worth clients
04 how money comes in
How it earns
- Management and performance fees
Investment and Wealth Management: how it makes money
- 2025 revenue $3.3B (-4%), pre-tax income $543M.
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.
BNY is supervised by the Federal Reserve and non-U.S. regulators.
Approvals & licenses
Bank capital and supervision
Banking subsidiaries are regulated by the Federal Reserve and by non-U.S. authorities.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Government funding & tax credits
Tax-credit investments
Its Other segment includes tax credit investments.
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
Securities Services
9,730 (49%)profit 3,219 · margin 33.1%
Market and Wealth Services
7,000 (35%)profit 3,424 · margin 48.9%
Investment and Wealth Management
3,258 (16%)profit 543 · margin 16.7%
Source: Annual Report 2025 (Exhibit 13.1) — Review of business segments Profit is segment income before income taxes. The Other segment (revenue $58M) 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.
Most revenue is fees for servicing client assets and transactions; net interest income comes from investing client deposits. Fees depend on asset levels, transaction volumes and pricing.
Fee and other revenue
$15.1B (75% of 2025 revenue)
Typical term: Custody, servicing, clearing, management and other fees
Net interest income
$4.9B (25%)
Typical term: Spread on client deposits invested in securities and loans
Net interest margin 1.33%.
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
Asset managers, asset owners, broker-dealers, advisors, banks, corporations, governments and wealthy individuals worldwide.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- International clients accounted for 35% of revenue in 2025. (Annual Report 2025 (Exhibit 13.1))
Suppliers
Technology and market infrastructure providers.
Named by the company
None named in the 10-K or the company’s press releases.
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.
BNY's 10-K says it faces competition in all its businesses: from financial firms and technology providers in custody, trust, clearing, collateral, FX and cash management, and from investment and wealth managers, hedge funds, banks, brokers and insurers in asset management. It names no companies.
Competitors named in the 10-K
BNY's 10-K describes competitor types but doesn't name them.
Peer group the company chose
2025 Compensation Benchmarking Peer Group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Complex financial institutions with comparable businesses (asset management, asset servicing, clearing) that compete with BNY for clients and executive talent.
- Ameriprise Financialsite ↗
- BlackRocksite ↗
- Charles Schwabsite ↗
- Citigroupsite ↗
- FIS (Fidelity National Information Services)site ↗
- Goldman Sachssite ↗
- Intercontinental Exchangesite ↗
- JPMorgan Chasesite ↗
- Morgan Stanleysite ↗
- Northern Trustsite ↗
- PNC Financial Servicessite ↗
- State Streetsite ↗
- S&P Globalsite ↗
- U.S. Bancorpsite ↗
Company 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 | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 15,808 | 15,931 | 16,529 | 17,697 | 18,619 | 20,080 |
| Pretax income | 4,468 | 4,648 | 3,328 | 4,283 | 5,848 | 7,058 |
| Net income (attributable) | 3,617 | 3,759 | 2,556 | 3,302 | 4,530 | 5,549 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 0.8% | 3.8% | 7.1% | 5.2% | 7.8% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 22.9% | 23.6% | 15.5% | 18.7% | 24.3% | 27.6% |
| Balance sheet ($M) | ||||||
| Total assets | 469,633 | 444,438 | 405,560 | 409,877 | 416,064 | 472,300 |
| Total equity | 45,944 | 43,126 | 40,734 | 40,820 | 41,677 | 44,721 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 25,984 | 25,931 | 30,458 | 31,257 | 31,155 | 33,876 |
| Equity ratio | 9.8% | 9.7% | 10.0% | 9.9% | 9.9% | 9.4% |
| ROE | 7.9% | 8.5% | 6.1% | 8.1% | 11.0% | 13.0% |
| Cash flow ($M) | ||||||
| Operating CF | 5,038 | 2,838 | 15,068 | 5,912 | 687 | 6,730 |
| Investing CF | -78,455 | 19,672 | 19,874 | -5,810 | -9,479 | -44,283 |
| Financing CF | 75,508 | -21,962 | -33,654 | -3,519 | 6,338 | 39,714 |
| Free cash flowcalccash flow from operations − capital expenditures | 3,816 | 1,623 | 13,722 | 4,692 | -782 | 5,177 |
| Cash and equivalents | 6,252 | 6,061 | 5,030 | 4,922 | 4,178 | 5,111 |
| Per share & other | ||||||
| EPS ($) | 3.83 | 4.14 | 2.88 | 3.89 | 5.80 | 7.40 |
| BVPS ($) | 46.53 | 47.50 | 44.40 | 47.97 | 51.52 | 57.36 |
| Dividend per share ($) | 1.24 | 1.30 | 1.42 | 1.58 | 1.78 | 2.00 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 32.4% | 31.4% | 49.3% | 40.6% | 30.7% | 27.0% |
| P/E (x) | 11.1 | 14.0 | 15.8 | 13.4 | 13.3 | 15.7 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 0.91 | 1.22 | 1.03 | 1.09 | 1.49 | 2.02 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Periods below 1x are shown in red. 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 | — | $1.69B+17.0% | $2.34 |
| 2026-06-30 | — | $1.76B+23.8% | $2.45 |
| 2026-03-31 | — | $1.63B+33.8% | $2.24 |
| 2025-12-31 † | — | $1.46B+26.5% | — |
| 2025-09-30 | — | $1.45B | $1.88 |
| 2025-06-30 | — | $1.42B | $1.93 |
| 2025-03-31 | — | $1.22B | $1.58 |
| 2024-12-31 | — | $1.16B | $1.54 |
† 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 an asset manager, so these are the usual yardsticks instead.
- Assets under management
- $2.2 trillion
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. | 7.9% | 8.5% | 6.1% | 8.1% | 11.0% | 13.0% |
| Net marginNet income ÷ revenue. | 22.9% | 23.6% | 15.5% | 18.7% | 24.3% | 27.6% |
| Equity ÷ total assetsThe accounting cushion. Regulatory capital ratios are listed separately above when the filing states them. | 9.8% | 9.7% | 10.0% | 9.9% | 9.9% | 9.4% |
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.
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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.
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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
- 86.2%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 13.8%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 249 of 416
- Beta (adjusted)
- 0.91
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 60% of covered companies have more
above 1 = swings more than the market
- 584.7M shares reported by 1,879 13F filers ÷ 678.5M shares outstanding on 2026-06-30. 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 2026-03-05 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-06-30)
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Strengths & weaknessesSite analysis
Strengths
1. Scale in market infrastructure
$59.3T of AUC/A, up from $47.8T in 2023.
Evidence: Annual Report 2025 (Exhibit 13.1)
2. Improving profitability
Pre-tax margin rose from 24% (2023) to 35% (2025); return on tangible common equity 26.1%.
Evidence: Annual Report 2025 (Exhibit 13.1)
3. Capital returns
Common shares outstanding fell from 808M (2022) to 688M (2025); dividend raised 19% in 2026.
Evidence: Annual Report 2025; 8-K filed 2026-06-24
Weaknesses
1. Investment management drag
Investment and Wealth Management revenue fell 4% in 2025 and earns far less than the other segments.
Evidence: Annual Report 2025 (Exhibit 13.1)
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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)
15.7x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
1.72%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
27%
Dividends per share ÷ diluted EPS
1. Margin expansion
Revenue grew faster than expenses, lifting pre-tax margin to 35% in 2025 and 39–40% in Q2–Q3 2026.
- What has to hold
- Organic growth and efficiency continue.
- The other side
- Lower rates or weaker markets could cut net interest income and fees.
Evidence: Annual Report 2025; Q2 and Q3 2026 earnings releases
These summarize facts in BNY's filings, not a recommendation.
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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 | -32.0% in FY2022 ($3.76B → $2.56B) | Yes, by FY2024 |
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 11.9% and Tier 1 ratio 14.6% at year-end 2025.
Source: Annual Report 2025 (Exhibit 13.1)
Fee base
75% of revenue comes from fees on a $59T asset base.
Source: Annual Report 2025 (Exhibit 13.1)
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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.
BNY's most significant disclosed matters are Brazilian claims over losses at funds where its DTVM subsidiary was administrator for the postal workers' pension fund Postalis, including audit-tribunal liability findings of about $50 million and $185 million.
1 open matter
Postalis fund-loss claims (Brazil)
PendingLawsuitPostalis; ADCAP; Brazilian Federal Prosecution Service; Tribunal de Contas da União (TCU); arbitration in São Paulo
Claims allege DTVM and BNY Ativos failed to perform administrator and manager duties. Court judgments so far are about $2–3 million each. The TCU found DTVM jointly liable for about $50 million (2020) plus a $2 million fine, and in July 2025 found DTVM and Ativos jointly liable for about $185 million. ADCAP also sued the parent in New York in February 2025.
- Next step
- The court dismissed DTVM's challenge to the 2020 TCU decision on June 9, 2026, and DTVM appealed. The administrative appeal of the 2025 decision is pending.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
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.
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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.
- 1Competition & technology shift
Broad competition
- Company disclosure (summarized from the 10-K)
- Competes with domestic and international financial firms in custody, corporate trust, clearing, collateral and payments, plus technology providers; investment management competes with asset and wealth managers.
- Company’s stated mitigation
- Platforms operating model and new solutions.
- This site’s assessment
- Impact Med / Likelihood High
- 2FX & interest rates
Rates and currencies
- Company disclosure (summarized from the 10-K)
- Net interest income depends on rates and deposit levels; international clients were 35% of revenue, so a stronger dollar lowers reported fees.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 3Law & regulation
Bank regulation
- Company disclosure (summarized from the 10-K)
- As a large bank holding company, capital distributions depend on stress tests and regulatory capital (CET1 11.9% at year-end 2025).
- Company’s stated mitigation
- Passed the 2026 Fed stress test.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Demand & macro
Market levels
- Company disclosure (summarized from the 10-K)
- Fees tied to asset values and activity fall when markets decline.
- Company’s stated mitigation
- Diversified fee streams.
- This site’s assessment
- Impact Med / Likelihood Med
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What to watch going forwardSite analysis
- Organic growth and record sales under the new commercial and platform operating models.
- Net interest income as rates change.
- Capital returns after the 19% dividend increase.
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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 The Bank of New York Mellon 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.