NYSE: FITB · Regional Banks
Fifth Third Bancorp
Fifth Third Bancorp is a Cincinnati-based bank holding company. At the end of 2025 it had $214 billion of assets and 1,130 banking centers in 12 states across the Midwest and Southeast. It operates through Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management. 2025 revenue (net interest income plus noninterest income) was $9,017 million and net income $2,522 million. On February 1, 2026 it closed an all-stock merger with Comerica valued at about $12.7 billion, adding $65.2 billion of deposits and operations in Michigan, Texas and California; it says the merger made it one of the largest banks in the U.S.
Last updated
Analysis last edited: October 24, 2026 · Financial data fetched: October 24, 2026 09:51 (SEC EDGAR) · Source 10-K filed: February 24, 2026
Built on10-K FY2025 · filed 2026-02-2410-Q (quarter ended 2026-09-30) · filed 2026-11-03Proxy statement (2026)
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.
- 3.4%
- Net marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 28.0%
- Return on equityROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- 12.2%
- 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.
- 10.1%
- 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.
- 1.79x
- 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.
- 13.9x
- 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.
- 0.96
Higher than 16% of 44 financial companies
Average yearly growth over the years shown
Higher than 80% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 47% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 36% of 45 financial companies
Equity ÷ total assets
Higher than 68% 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$53.88close on 2026-11-04
Market cap$35.63B
- 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
- 13.9x
- 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
- 1.8x
- 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
- 2.9%
At FY2025 year-end: 13.3x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.6x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 12.7%
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$649M → $866M (vs. a year earlier)↑ +33.4%$649M → $866M (vs. a year earlier)
- Diluted EPS$0.91 → $0.90 (vs. a year earlier)↓ −1.1%$0.91 → $0.90 (vs. a year earlier)
- Cash$4.37B → $4.09B (vs. previous quarter-end)↓ −6.6%$4.37B → $4.09B (vs. previous quarter-end)
- Long-term debt$17.64B → $16.94B (vs. previous quarter-end)↓ −4.0%$17.64B → $16.94B (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 19, 2026.
Key changes
Net interest income up 3% sequentially to $2.28B. Source sentence
Net interest income (FTE) increased 3% sequentially to $2.28 billion, reflecting the benefit of higher market rates, continued fixed-rate asset repricing, active investment portfolio management, and loan growth.
Net interest income up 49% from a year earlier, mainly from Comerica. Source sentence
Compared with the year-ago quarter, net interest income increased 49%, primarily reflecting the addition of Comerica, with further support from fixed-rate asset repricing and balance sheet management.
Noninterest expense $2.05B, down 3% sequentially. Source sentence
Noninterest expense of $2.05 billion decreased 3% sequentially, driven primarily by lower compensation and benefits expense.
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
- FIFTH THIRD BANCORP
- Headquarters
- CINCINNATI, OH
- Incorporated in
- Ohio
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: FITB
- Industry
- Regional Banks
- CIK
- 35527
- Website
- https://www.53.com/ ↗
- IR page
- https://ir.53.com/ ↗
Workforce (as of FY2025 year-end)
Employees
18,676
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 19–21 days after quarter end (Jan 20, 2026; Jan 21, 2025; Jan 19, 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 17–21 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 19, 2026 (+19 days) | Nov 3, 2026 10-Q (+34 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 17, 2026 (+17 days) | Aug 4, 2026 10-Q (+35 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 17, 2026 (+17 days) | May 5, 2026 10-Q (+35 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 20, 2026 (+20 days) | Feb 24, 2026 10-K (+55 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 17, 2025 (+17 days) | Nov 4, 2025 10-Q (+35 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 17, 2025 (+17 days) | Aug 5, 2025 10-Q (+36 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 17, 2025 (+17 days) | May 6, 2025 10-Q (+36 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 21, 2025 (+21 days) | Feb 24, 2025 10-K (+55 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 18, 2024 (+18 days) | Nov 5, 2024 10-Q (+36 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 19, 2024 (+19 days) | Aug 6, 2024 10-Q (+37 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 19, 2024 (+19 days) | May 7, 2024 10-Q (+37 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 19, 2024 (+19 days) | Feb 27, 2024 10-K (+58 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
Commercial Banking
Commercial lending and payments
Credit, treasury management, commercial payments and capital markets services for businesses.
Consumer and Small Business Banking
Retail banking
Deposits, consumer loans, cards, mortgages and small business banking through banking centers and digital channels.
Wealth and Asset Management
Wealth management
Wealth and asset management revenue of $704M in 2025.
From the Form 10-K, FY2025.
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
U.S. banks
U.S. share
One of the largest
Company-disclosed“The merger resulted in a combined company that is one of the largest banks in the U.S.”
Worldwide share
—
Not disclosed
07
Recent strategic focusSite analysis
Recent developments.
H1 2026
Net interest income $4,149M versus $2,932M; noninterest income $1,954M versus $1,444M; net income $966M versus $1,142M on merger-related expenses.
Source: Form 10-Q (quarter ended 2026-06-30)
Comerica merger
Closed February 1, 2026 in an all-stock deal valued at about $12.7B; Comerica Bank and Comerica Bank & Trust merged into Fifth Third Bank.
Source: Form 10-Q (quarter ended 2026-06-30)
Debt exchanges
Exchanged Comerica-issued notes for new Fifth Third notes (completed June 10, 2026) and called its 1.707% senior notes due 2027.
Source: Form 10-Q (quarter ended 2026-06-30)
Capex ÷ D&A (FY2025)
1.05x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$584M ÷ $554M = 1.05x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$1.27B
Latest year: $36M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $305M in FY2020 to $584M 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 2026-02-24
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Total revenue (FY2025)
$9.02B
As reported in the 10-K
Revenue CAGR (5 years)
+3.4%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($9,017M ÷ $7,612M) ^ (1÷5) − 1 = 3.4%
termsCAGR · ^ (exponent) · Revenue (net sales)
ROE (FY2025)
12.2%▲favorable
6-year average: 11.3%
As reported in the 10-K
- ―
Revenue grew +3.4% a year over 5 years (modest growth)
From $7.61B in FY2020 to $9.02B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Free cash flow was positive in 6 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 11.3% over 6 years (latest: 12.2%)
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
- Comerica Incorporated
07 · what it does
Key activities
- Commercial lending, treasury management and capital markets
- Consumer and small business banking
- Wealth and asset management
06 · what it draws on
Key resources
- 18,676 full-time equivalent employees (end-2025)
- 1,130 banking centers and 2,199 ATMs
- Deposits of $234B (June 30, 2026, after Comerica)
02 · why customers buy
Value propositions
- Commercial, consumer and small business banking, payments and wealth management.
04 · how it keeps them
Customer relationships
- Ongoing deposit, lending and treasury relationships.
03 · how it reaches them
Channels
- Branches in 12 states (plus Comerica's markets from 2026), digital banking and commercial bankers.
01 · who it serves
Customer segments
- Businesses, consumers and small businesses in the Midwest, Southeast, Texas and California
09 · where money goes
Cost structure
FY2025, share of revenue ($9.02B)
- Interest expense43.5%
- Operating expenses (as reported)57.0%
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): $554M. Capital spending: $584M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Net interest income $5,982M
- Noninterest income $3,035M (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Gathers deposits and lends to businesses and consumers, earning net interest income, plus fees from commercial payments, wealth management, capital markets, consumer banking and mortgage banking.
01 what it draws on
Inputs & resources
- 18,676 full-time equivalent employees (end-2025)
- 1,130 banking centers and 2,199 ATMs
- Deposits of $234B (June 30, 2026, after Comerica)
02 what it does
Activities
- Commercial lending, treasury management and capital markets
- Consumer and small business banking
- Wealth and asset management
03 who it serves
Customers
- Businesses, consumers and small businesses in the Midwest, Southeast, Texas and California
04 how money comes in
How it earns
- Net interest income $5,982M
- Noninterest income $3,035M (2025)
How the business makes money
- Comerica shareholders received 1.8663 Fifth Third shares per share; about 240 million shares were issued.
- Q2 2026 net interest margin (FTE) was 3.36% versus 3.12%.
- Quarterly dividend raised to $0.40 per share in 2026.
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.
Fifth Third is a regulated bank holding company that invests in federal tax-credit programs.
Government funding & tax credits
Tax-credit investments
Invests in Low-Income Housing and New Markets Tax Credit programs.
Supports the businessTouches: How it earnsSource: Form 10-K (FY2025)
Regulated prices & reimbursement
Debit interchange cap
The Federal Reserve proposed in October 2023 to lower the maximum debit card interchange fee large issuers can receive.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Consumer and Small Business Banking
5,361 (55%)Commercial Banking
3,686 (38%)Wealth and Asset Management
644 (7%)
Source: Form 10-K (FY2025) — Note 31, Business Segments Segment revenue = net interest income (FTE) + noninterest income. General Corporate and Other (−$654M) is not shown; total revenue (FTE) $9,037M.
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.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
Comerica Incorporated
All-stock merger valued at about $12.7 billion, closed February 1, 2026.
Source: Form 8-K (2026-02-02) — Item 2.01 completion of Comerica merger
12
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
Commercial, consumer and small business customers in 12 states, plus Comerica’s Michigan, Texas and California markets from 2026.
Named by the company
No customer is named.
Suppliers
Depositors, wholesale funding markets and technology vendors.
Named by the company
No supplier is named.
13
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.
Fifth Third competes with banks and other financial services companies; the 10-K names no specific competitors.
Competitors named in the 10-K
The 10-K names competitor categories only.
Peer group the company chose
2025 compensation peer group (12 banks), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Banks with which Fifth Third competes for talent and investment, of similar asset size and mix; Comerica was removed for 2026.
- Citizens Financial Groupsite ↗
- M&T Banksite ↗
- Comericasite ↗
- PNC Financial Servicessite ↗
- First Horizonsite ↗
- Regions Financialsite ↗
- First Citizens BancSharessite ↗
- Truist Financialsite ↗
- Huntington Bancsharessite ↗
- U.S. Bancorpsite ↗
- KeyCorpsite ↗
- Zions Bancorporationsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
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 2026-02-24
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
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 2026-02-24
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 2026-02-24
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 7,612 | 7,888 | 8,375 | 8,708 | 8,479 | 9,017 |
| Pretax income | 1,797 | 3,517 | 3,093 | 2,988 | 2,916 | 3,211 |
| Net income (attributable) | 1,427 | 2,770 | 2,446 | 2,349 | 2,314 | 2,522 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 3.6% | 6.2% | 4.0% | -2.6% | 6.3% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 18.7% | 35.1% | 29.2% | 27.0% | 27.3% | 28.0% |
| Balance sheet ($M) | ||||||
| Total assets | 204,680 | 211,116 | 207,452 | 214,574 | 212,927 | 214,376 |
| Total equity | 23,111 | 22,210 | 17,327 | 19,172 | 19,645 | 21,724 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 14,973 | 11,821 | 13,714 | 16,380 | 18,991 | 14,515 |
| Equity ratio | 11.3% | 10.5% | 8.4% | 8.9% | 9.2% | 10.1% |
| ROE | 6.2% | 12.2% | 12.4% | 12.9% | 11.9% | 12.2% |
| Cash flow ($M) | ||||||
| Operating CF | 371 | 2,704 | 6,428 | 4,509 | 2,824 | 4,514 |
| Investing CF | -31,902 | -7,968 | -4,871 | -9,488 | 1,039 | -1,846 |
| Financing CF | 31,400 | 5,111 | -1,085 | 4,655 | -3,991 | -2,183 |
| Free cash flowcalccash flow from operations − capital expenditures | 66 | 2,395 | 6,080 | 4,018 | 2,410 | 3,930 |
| Cash and equivalents | 3,147 | 2,994 | 3,466 | 3,142 | 3,014 | 3,499 |
| Per share & other | ||||||
| EPS ($) | 1.83 | 3.73 | 3.35 | 3.22 | 3.14 | 3.53 |
| BVPS ($) | 29.46 | 29.43 | 22.26 | 25.04 | 26.17 | 30.18 |
| Dividend per share ($) | 1.08 | 1.14 | 1.26 | 1.36 | 1.44 | 1.54 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 59.0% | 30.6% | 37.6% | 42.2% | 45.9% | 43.6% |
| P/E (x) | 15.1 | 11.7 | 9.8 | 10.7 | 13.5 | 13.3 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 0.94 | 1.48 | 1.47 | 1.38 | 1.62 | 1.55 |
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 | Net income | Diluted EPS |
|---|---|---|
| 2026-09-30 | $866M+33.4% | $0.90 |
| 2026-06-30 | $801M+27.5% | $0.83 |
| 2026-03-31 | $165M-68.0% | $0.15 |
| 2025-12-31 † | $730M+17.7% | — |
| 2025-09-30 | $649M | $0.91 |
| 2025-06-30 | $628M | $0.88 |
| 2025-03-31 | $515M | $0.71 |
| 2024-12-31 † | $620M | — |
† 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.
15
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
- 10.81%
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. | 6.2% | 12.2% | 12.4% | 12.9% | 11.9% | 12.2% |
| Net interest income ÷ average assetsSpread earned on the balance sheet; a stand-in for net interest margin, which uses earning assets. | — | 2.3% | 2.7% | 2.8% | 2.6% | 2.8% |
| Noninterest expense ÷ revenueThe efficiency ratio. Lower means less cost for each dollar of revenue. | 62.0% | 60.2% | 56.3% | 59.8% | 59.4% | 57.0% |
| Credit provision ÷ average loansCredit cost: what the year set aside for expected loan losses. Negative means a net release. | — | -0.3% | 0.5% | 0.4% | 0.4% | 0.5% |
| Credit allowance ÷ loansThe reserve held against loan losses at year-end. | 2.3% | 1.7% | 1.8% | 2.0% | 2.0% | 1.8% |
| Loans ÷ depositsHow much of the deposit base is lent out. | 68.4% | 66.2% | 74.2% | 69.4% | 71.6% | 71.4% |
| Equity ÷ total assetsThe accounting cushion. Regulatory capital ratios are listed separately above when the filing states them. | 11.3% | 10.5% | 8.4% | 8.9% | 9.2% | 10.1% |
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.
16
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.
17
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.
18
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.
19
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
- 91.4%
- Directors & officers (shares)
- 0.5%
- Everyone else (est.)
- 8.1%
- Directors & officers (voting power)
- 0.5%
- Institutional-ownership rank
- 173 of 416
- Beta (adjusted)
- 0.96
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 41% of covered companies have more
above 1 = swings more than the market
- 828.7M shares reported by 1,298 13F filers ÷ 906.9M shares outstanding on 2026-07-31. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; 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 2026-03-09 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-31)
20
Strengths & weaknessesSite analysis
Strengths
1. Scale after Comerica
The merger added $65.2B of deposits and raised average assets to about $298B in Q2 2026.
Evidence: Form 10-Q (quarter ended 2026-06-30)
2. Diversified fees
Noninterest income of $3,035M (2025) from wealth, commercial payments, capital markets and consumer banking.
Evidence: Form 10-K (FY2025)
3. Steady dividend growth
Dividends declared per share rose from $1.08 (2020) to $1.54 (2025).
Evidence: Form 10-K (FY2025)
Weaknesses
1. Merger costs
H1 2026 noninterest expense rose 75% to $4,504M and net income fell to $966M from $1,142M.
Evidence: Form 10-Q (quarter ended 2026-06-30)
2. AOCI drag
Accumulated other comprehensive loss was $3,110M at end-2025.
Evidence: Form 10-K (FY2025)
21
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)
13.3x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
3.29%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
44%
Dividends per share ÷ diluted EPS
1. Dividend growth
Dividends declared per share rose every year from $1.08 (2020) to $1.54 (2025); Q2 2026 dividend $0.40.
- What has to hold
- Earnings grow after integration.
- The other side
- Merger costs weigh on near-term EPS.
Evidence: Form 10-K (FY2025)
2. Larger footprint
Comerica adds Texas, California and Michigan markets.
- What has to hold
- Revenue synergies materialize.
- The other side
- Integration risk.
Evidence: Form 10-K (FY2025)
Revenue is net interest income plus noninterest income (overridden from the income statements). Book value per share is per common share as reported (excludes preferred stock).
22
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 | -2.6% in FY2024 ($8.71B → $8.48B) | Yes, by FY2025 |
| Net income | -11.7% in FY2022 ($2.77B → $2.45B) | 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)
Recurring profitability
Net income stayed positive in every year 2020–2025, including $1,427M in 2020.
Source: SEC EDGAR XBRL
23
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.
Fifth Third’s disclosed matters are long-running consumer class actions, the Visa/Mastercard interchange litigation, solar-lending suits and investigations, and a now-dismissed Comerica merger disclosure suit.
4 open matters (1 flagged as major) · 1 settled or closed
In re: Fifth Third Early Access Cash Advance Litigation
On appealClass actionMajorKlopfenstein et al. v. Fifth Third Bank (S.D. Ohio; Sixth Circuit)
Plaintiffs allege the 120% APR disclosure on Early Access was misleading; breach-of-contract damages claimed exceed $440 million. A 2023 jury found breach but upheld the voluntary payment doctrine defense.
- Amounts
- Claimed damages exceed $440 million
- Next step
- On May 29, 2026 the Sixth Circuit certified a question on the voluntary payment instruction to the Ohio Supreme Court.
Source: Form 10-Q (quarter ended 2026-06-30) — Note 16, Legal and Regulatory Proceedings
Howards v. Fifth Third Bank
PendingClass actionTroy Howards v. Fifth Third Bank (S.D. Ohio)
Putative nationwide class alleges improper insufficient-funds, overdraft and out-of-network ATM fees.
- Next step
- In discovery; no trial date set.
Source: Form 10-Q (quarter ended 2026-06-30) — Note 16, Legal and Regulatory Proceedings
Solar lending MDL and state AG investigations
PendingLawsuitConsumers and state attorneys general v. Fifth Third Bank
Civil suits over consumer solar lending and installer sales practices (MDL No. 3128, D. Minn.); several state attorneys general are investigating.
Source: Form 10-Q (quarter ended 2026-06-30) — Note 16, Legal and Regulatory Proceedings
Visa/MasterCard merchant interchange litigation
PendingClass actionMerchants v. Visa, MasterCard and member banks (E.D.N.Y.)
Fifth Third is a defendant as a Visa member bank; the $6.24 billion damages-class settlement was approved; the injunctive relief class settlement received preliminary approval June 9, 2026.
Source: Form 10-Q (quarter ended 2026-06-30) — Note 16, Legal and Regulatory Proceedings
HoldCo Opportunities Fund V v. Angulo (Comerica merger disclosure)
Closed, no actionClass actionHoldCo Opportunities Fund V, L.P. v. Comerica directors and Fifth Third (Del. Ch.)
Alleged the merger registration statement was misleading; Comerica made supplemental disclosures on December 18, 2025 and the action was dismissed with prejudice.
Source: Form 10-Q (quarter ended 2026-06-30) — Note 16, Legal and Regulatory Proceedings
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings, reviewed 2026-10-24. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
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.
- 1M&A & integration
Comerica integration
- Company disclosure (summarized from the 10-K)
- Fifth Third may not realize the expected benefits and could face disruption from post-merger integration.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2Demand & macro
Credit losses
- Company disclosure (summarized from the 10-K)
- Provision for credit losses was $662M in 2025; weaker economic conditions could raise losses.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 3FX & interest rates
Interest rate risk
- Company disclosure (summarized from the 10-K)
- Net interest income and securities values depend on interest rates.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Law & regulation
Bank regulation and litigation
- Company disclosure (summarized from the 10-K)
- Subject to FRB, OCC, CFPB and FDIC oversight; consumer litigation over fees, Early Access and solar lending is pending.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 5Competition & technology shift
Competition from banks and nonbanks
- Company disclosure (summarized from the 10-K)
- Competes with banks, brokers, private credit, fintech and insurance companies.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
25
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 (8)
Fifth Third’s business is dependent on the availability and performance of operational and information technology systems, including those provided by third-party service providers. Read more
Interruptions or failures could materially adversely affect operations.
Fifth Third’s operations depend on operational and information technology systems, including financial, accounting, transaction-execution, and other operational systems, as well as devices, hardware, and networks supporting those systems, all of which may be operated by both Fifth Third and/or by third-party service providers.
Failure, disruption, interruption or outage to any system may cause disruptions in critical business operations such as the ability to use accounting, deposit, loan, payment and other systems. Read more
It could also cause unfavorable effects to clients and customers, including delays or other disruptions in services, limitations on Fifth Third’s ability to collect data needed for its business, inability to settle or clear transactions, the possibility that fund transfers are completed erroneously and fraudulent transactions. While Fifth Third invests in automation and emerging technologies such as AI, to prevent, detect and remedy any interruptions or failures, manual oversight remains a critical component of its risk mitigation strategy. Exception handling and control testing are employed to help identify and remediate errors that may not be captured through automated processes. Despite these…
Risks of operational failures, disruptions or outages in Fifth Third’s operational and information technology systems, and those provided by third-party providers, can result from a variety of factors, only some of which may be wholly or partially within the control of Fifth Third, its third-party providers or the financial services industry more generally. Such events could affect Fifth Third’s systems or limit Fifth Third’s ability to use information technology due to effects on underlying infrastructure. Although Fifth Third regularly updates and replaces systems that it depends on, financial institutions generally continue to utilize some older systems alongside newer systems. Causes of system failures, disruptions or outages may be difficult to detect. While the Bancorp believes that its current business continuity plans are adequate, there can be no assurance that such plans will…
affects one segment of the financial services industry could also impact Fifth Third. Read more
The prospect that AI may be used to conduct attacks may make them more difficult to detect. Additionally, the growing sophistication of AI increases the risk of cyber-attacks.
Further, clients and customers use their own devices to utilize mobile banking and online services. Read more
Not all of Fifth Third’s clients, customers or counterparties have appropriate controls in place to protect information exchanged between them and Fifth Third. This may create new security risks and increase the likelihood of security incidents impacting customers’ information. Customers’ information may not always be protected by third-party applications or other third-party technology used in connection with such services. This can result and has resulted in fraud.
For more detail on Fifth Third’s cybersecurity governance structure and practices, see Item 1C of this Annual Report.
AI may introduce Fifth Third to novel or intensified legal, regulatory, ethical, operational, reputational or other risks. Read more
AI models employed by Fifth Third or its service providers might be flawed due to improper design, implementation, or training or outputs based on data or algorithms that are incomplete, inadequate, misleading, biased or of poor quality. These flaws may not be easily identifiable. Additionally, there is no certainty that Fifth Third’s use of AI will successfully enhance its business operations or achieve its intended outcomes, and its competitors may adopt AI more swiftly or effectively than Fifth Third does.
No longer in the text (4)
Fifth Third may have more credit risk and higher credit losses to the extent loans are concentrated by exposure to individual borrowers or the location or industry of borrowers or collateral.
The effects of global physical climate risks, severe weather events or health emergencies may have an effect on the performance of Fifth Third’s loan portfolios, thereby adversely impacting its results of operations.
on its securities are also influenced by, among other things, the credit ratings that it, its subsidiaries and/or its securities receive from recognized rating agencies. Read more
A downgrade to Fifth Third or its subsidiaries’ credit rating could affect its ability to access the capital markets, increase its borrowing costs and negatively impact its profitability. A ratings downgrade to Fifth Third, its subsidiaries or their securities could also create obligations or liabilities of Fifth Third under the terms of its outstanding securities that could increase Fifth Third’s costs or otherwise have a negative effect on its results of operations or financial condition.
Additionally, a downgrade of the credit rating of any particular security issued by Fifth Third or its subsidiaries could negatively affect the ability of the holders of that security to sell the securities and the prices at which any such securities may be sold.
47 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 24, 2026 ↗ with the 10-K filed Feb 24, 2025 ↗.
26
What to watch going forwardSite analysis
- Comerica integration progress and cost savings.
- Ohio Supreme Court answer on the voluntary payment doctrine in the Early Access appeal.
- Solar lending MDL and state attorney general investigations.
- Net interest margin and credit quality of the combined loan book.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 24, 2026 · Financial data fetched: October 24, 2026 09:51 (SEC EDGAR) · Source 10-K filed: February 24, 2026
Built on10-K FY2025 · filed 2026-02-24Proxy statement (2026)
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 Fifth Third Bancorp’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.