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Company file · BAC

Bank of America

Bank of America's net income rose 13% in 2025 as all four businesses grew

Total revenue net of interest expense rose 6.8% to $113.1B, and net income rose 13.1% to $30.5B. Net interest income was 53% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 25, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Jul 31, 2026) · Data pulled Oct 25, 2026

Key facts

Bank of America (NYSE: BAC) reported total revenue, net of interest expense of $113.1B for fiscal 2025, the year ended Dec 31, 2025, up 6.8% from fiscal 2024. Net income was $30.5B, up 13.1%. In its latest 10-Q, for the quarter ended Jun 30, 2026, net revenue was $31.6B, up 15.0% from the same quarter a year earlier, and net income was $9.1B. The largest piece by business segment (fully taxable-equivalent basis) was Consumer Banking, at 37% of fiscal 2025 total revenue, net of interest expense. Sources: 10-K for fiscal 2025 (filed Feb 25, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 31, 2026).

Net revenue$113.1BFY2025 · +6.8% vs FY2024
Net income$30.5BFY2025 · +13.1% vs FY2024
Net interest income$60.1BFY2025 · +7.2% vs FY2024
Deposits$2.03Tat Jun 30, 2026 · +0.3% vs FY2025 end
Total assets$3.50Tat Jun 30, 2026 · +2.6% vs FY2025 end
Total revenue, net of interest expense and net income, three fiscal yearsBy fiscal year, $bn
Total revenue, net of interest expenseNet income
Total revenue, net of interest expense and net income by fiscal yearTotal revenue, net of interest expense FY2023: $102.8B102.8Net income FY2023: $26.3B26.3FY2023Total revenue, net of interest expense FY2024: $105.9B105.9Net income FY2024: $27.0B27.0FY2024Total revenue, net of interest expense FY2025: $113.1B113.1Net income FY2025: $30.5B30.5FY2025

Source: 10-K FY2025, filed Feb 25, 2026

Quarterly total revenue, net of interest expense: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly total revenue, net of interest expense, fiscal 2026 vs 2025FY2025 Q1: $28.2B28.2FY2026 Q1: $30.3B30.3Q1FY2025 Q2: $27.4B27.4FY2026 Q2: $31.6B31.6Q2

Source: 10-Q filed May 1, 2026 · 10-Q filed Jul 31, 2026

How it makes money

FY2025 total by categoryConsumer Banking: $43.7B (37%)Global Wealth & Investment Management: $24.9B (21%)Global Banking: $24.1B (21%)Global Markets: $24.1B (21%)$116.8BFY2025 total

By business segment (fully taxable-equivalent basis), FY2025

  • LineAmountSharevs FY2024
  • Consumer Banking$43.7B37%+5.4%
  • Global Wealth & Investment Management$24.9B21%+8.5%
  • Global Banking$24.1B21%+1.5%
  • Global Markets$24.1B21%+10.5%

Source: 10-K FY2025, XBRL breakdown

Net interest income, what it earns on loans and securities minus what it pays on deposits and borrowings, was $60.1B in 2025, 53% of revenue. Noninterest income, such as fees, card income and trading, was $53.0B. Consumer Banking was the largest segment at 37% of segment revenue.

By business segment (fully taxable-equivalent basis): three-year mixShare of the total each fiscal year
Consumer BankingGlobal Wealth & Investment ManagementGlobal BankingGlobal Markets

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Net revenue
$31.6B Q2 2026
$27.4B Q2 2025
15.0% increase
Net income
$9.1B Q2 2026
$7.2B Q2 2025
26.6% increase

Source: Bank of America 10-Q for the quarter ended Jun 30, 2026, filed Jul 31, 2026

By business segment

Consumer Banking
$11.3B Q2 2026
$10.8B Q2 2025
4.8% increase
Global Markets
$8.0B Q2 2026
$6.0B Q2 2025
34.1% increase
Global Wealth & Investment Management
$6.9B Q2 2026
$5.9B Q2 2025
15.7% increase
Global Banking
$6.2B Q2 2026
$5.7B Q2 2025
9.6% increase

Source: Bank of America 10-Q for the quarter ended Jun 30, 2026, filed Jul 31, 2026

The bull case and the bear case

The bull case

The bear case

  • Global Banking revenue grew just 1.5% in 2025, and was $24.6B in 2023. 10-K, FY2025
  • Deposits grew 2.7% in 2025, slower than total assets (4.6%). 10-K, FY2025
  • With 53% of revenue from net interest income, results are sensitive to interest rates; the 10-K lists rate changes among its risks. 10-K, Item 1A
  • The 10-K also stresses credit losses if borrowers struggle, heavy regulation and capital rules, and cyberattacks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Bank of America is one of the largest US banks, serving consumers, wealthy clients, companies and institutional investors through banking, lending, wealth management and markets businesses.

It reports four business segments. Consumer Banking covers deposits, credit cards, mortgages and auto loans for individuals and small businesses. Global Wealth & Investment Management covers Merrill and the Private Bank. Global Banking covers lending, treasury services and investment banking for companies. Global Markets covers trading and market-making for institutional clients.

Like other banks, most of its funding comes from customer deposits. Its fiscal year is the calendar year.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Bank of America's latest 10-K. Read the original for the full list.

  1. Interest ratesChanges in rates affect what it earns on loans and pays on deposits, and the value of its securities.
  2. CreditBorrowers and trading counterparties may not repay, especially in a weaker economy.
  3. Liquidity and fundingIt depends on deposits and market funding, which can move quickly under stress.
  4. Regulation and capitalCapital, liquidity and other banking rules can limit how it uses capital and what it earns.
  5. MarketsTrading and wealth revenue rise and fall with markets.
  6. Operations and cyberCyberattacks, fraud, outages and third-party failures could disrupt service.
  7. Legal and reputationLawsuits, investigations and reputational damage can lead to costs and lost business.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Total revenue, net of interest expense$102.8B$105.9B$113.1B
Net income$26.3B$27.0B$30.5B
Net interest income$56.9B$56.1B$60.1B
Noninterest revenue$45.8B$49.8B$53.0B
Deposits (year end)$1.92T$1.97T$2.02T
Total assets (year end)$3.18T$3.26T$3.41T
Shareholders' equity (year end)$290.2B$294.0B$303.2B
Diluted shares8.08B7.94B7.68B
  • Total revenue, net of interest expense: Net interest income plus noninterest income such as fees and trading. It is counted after the interest paid to depositors and lenders.
  • Net income: Profit after all costs, credit-loss provisions and taxes.
  • Net interest income: Interest earned on loans and securities minus interest paid on deposits and borrowings.
  • Noninterest revenue: Fees, commissions, trading and other revenue that isn't interest.
  • Deposits: Money customers keep at the bank, a liability on its balance sheet.
  • Total assets: Everything on the balance sheet: loans, securities, cash, trading assets and more.
  • Shareholders' equity: Book value, including preferred stock.
  • Diluted shares: Weighted average diluted common shares for the year.

About these numbers

  • Banks don't report revenue the way other companies do. Total revenue here is net interest income plus noninterest income, as Bank of America reports it.
  • Segment revenue is on a fully taxable-equivalent basis, which counts some tax-exempt income as if it were taxable. The four segments plus All Other therefore don't match reported revenue exactly; All Other isn't shown.
  • The provision for credit losses isn't shown: the latest filings tag it in a form that couldn't be matched to a consistent three-year series.

What we left out

  • Operating cash flow: for a bank it mostly reflects trading and lending flows and says little about the business, so we leave it out.
  • Total debt: borrowing is a normal part of how a bank funds itself, alongside deposits, so a debt total isn't comparable with other companies' and isn't shown.
  • Cash: a bank's cash is mostly balances held with central banks for liquidity, not a cushion in the usual sense, so it isn't shown.

Recent filings

FormFiledPeriod
10-QJul 31, 2026Jun 30, 2026
10-QMay 1, 2026Mar 31, 2026
DEF 14AMar 23, 2026May 4, 2026
10-KFeb 25, 2026Dec 31, 2025

Latest filings

  1. Oct 234:41 PM ET

    8-K

    Bank of America files an 8-K on charter or bylaw changes and other events

    Bank of America filed a Form 8-K on Oct 23, 2026 at 4:41 PM ET under Item 3.03 (Material Modification to Rights of Security Holders), Item 5.03 (Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year), Item 8.01 (Other Events).

  2. Oct 234:41 PM ET

    Form 4

    Bank of America director William B. Thomas reports an award of 2,930 shares

    The filing reports 2,930 shares in a grant or award (code A); and 1,170 shares withheld to pay the exercise price or tax (code F).

  3. Oct 234:37 PM ET

    Form 4

    Bank of America director James R. Fitterling reports an award of about 2,931 phantom Stocks

    The filing reports about 2,931 phantom Stocks in a grant or award (code A).

  4. Oct 215:07 PM ET

    8-K

    Bank of America files an 8-K on director or officer changes

    Bank of America filed a Form 8-K on Oct 21, 2026 at 5:07 PM ET under Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers).

  5. Oct 194:08 PM ET

    Form 4

    Bank of America CEO Brian T. Moynihan reports exercising or converting 18,083 shares

    The filing reports 18,083 shares in an exercise or conversion of a derivative security (code M); and 18,083 shares in a disposition to the company (code D).

All Bank of America filings notes →

Common questions about Bank of America

How does Bank of America make money?

Bank of America's total revenue, net of interest expense was $113.1B in fiscal 2025. Net interest income, what it earns on loans and securities minus what it pays on deposits and borrowings, was $60.1B in 2025, 53% of revenue. Noninterest income, such as fees, card income and trading, was $53.0B. Consumer Banking was the largest segment at 37% of segment revenue. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

What was Bank of America's revenue in fiscal 2025?

$113.1B of total revenue, net of interest expense for the fiscal year ended Dec 31, 2025, up 6.8% from $105.9B in fiscal 2024. Fiscal 2023 was $102.8B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

Is Bank of America profitable?

Bank of America reported net income of $30.5B for fiscal 2025, up 13.1% from $27.0B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net income was $9.1B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

What did Bank of America report in its latest quarterly filing?

Net revenue was $31.6B in the quarter ended Jun 30, 2026, up 15.0% from $27.4B a year earlier. Net income was $9.1B, up 26.6% from $7.2B. Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 31, 2026.

What are the main risks Bank of America lists?

Bank of America's 10-K for fiscal 2025, filed Feb 25, 2026, lists its risk factors in Item 1A. We group them into 7 areas: Interest rates; credit; liquidity and funding; regulation and capital; markets; operations and cyber; legal and reputation. The first: Changes in rates affect what it earns on loans and pays on deposits, and the value of its securities. Source: 10-K, Item 1A Risk Factors.

Where do these Bank of America numbers come from?

From Bank of America's own SEC filings: the 10-K for fiscal 2025 (filed Feb 25, 2026) and the 10-Q for the quarter ended Jun 30, 2026 (filed Jul 31, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in BAC
The editor holds no position in Bank of America (BAC). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell BAC from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold BAC, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
Bank of AmericaBACFY2025$113.1B+6.8%$30.5B
JPMorgan ChaseJPMFY2025$182.4B+2.8%$57.0B
Wells FargoWFCFY2025$83.7B+1.7%$21.3B
CitigroupCFY2025$85.2B+5.6%$14.3B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.