Bank of America Corporation

BAC
Financial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$30.3B
Q1 2026 · +7.2% YoY
TTM ROIC
12.92%
FY2024 · Net Income Available to Common / Average Tangible Common Equity (ROTCE; bank-standard substitute for ROIC) · WACC ~11% · Moat spread +1.92pp

Financial Snapshot


ticker: BAC step: 04 generated: 2026-05-11 source: quick-research

Bank of America Corporation (BAC) — Financial Snapshot

Income Statement Summary

Metric FY2023 FY2024 FY2025 YoY
Revenue $171.9B $192.4B $191.6B -0.4%
Net Interest Income $56.0B $56.1B $60.1B +7%
Noninterest Income $46.6B $48.7B $50.5B +4%
Operating Expenses $66.8B $67.8B $68.5B +1%
Net Income $26.5B $27.1B $28.5B +5%
EPS (diluted) $3.08 $3.21 $3.50 +9%
Return on Tangible Common Equity 13.0% 12.7% 13.5% +0.8pp

Q1 2026 Highlights (most recent reported)

Metric Q1 2026 YoY
Revenue ~$27.5B +6%
Net Income $8.6B +12%
EPS $1.05 +12%
NII $15.9B +9%
Trading Revenue ~$5.1B (record) +9%
Net Charge-off Rate 0.48% -6bps

Segment Performance Q1 2026

Segment Net Income YoY Change ROAC
Consumer Banking $3.1B +21% 27%
Global Wealth & Investment Mgmt $1.3B +32% 24%
Global Banking $2.1B +8% 16%
Global Markets $2.0B +3% 15%

Balance Sheet & Capital (Q1 2026)

Metric Value
Total Assets $3.3T
Total Deposits $2.0T (consumer + commercial)
Consumer Deposits $952B (6 consecutive quarters of growth)
Total Loans $1.1T
CET1 Capital Ratio ~11.7% (well above 10.6% required)
Tangible Book Value/Share ~$28

Key Ratios (approximate, May 2026)

  • P/E (forward): ~12x | P/TBV: ~1.6x | Dividend Yield: ~2.3%
  • ROTCE: ~13.5% (vs. JPM at ~22%)
  • Efficiency Ratio: ~62%
  • Net Charge-off Rate: 0.48% (declining)

Growth Profile

BAC is in a steady-execution phase. FY2025 EPS +9% as NII rebounded (+7%) and credit normalized. Consumer deposits have grown six consecutive quarters, validating Moynihan's "responsible growth" strategy. Q1 2026 trading revenue hit a record $5.1B, and consumer banking ROAC reached 27% — exceptional. The bull narrative now hinges on (1) Basel III Endgame relief unlocking $40B+ buybacks, and (2) continued deposit/wealth flywheel.

Forward Estimates

  • 2026E Revenue: ~$200B (+5%)
  • 2026E EPS: ~$3.85-4.00 (consensus, +10-15%)
  • 2026E Net Income: ~$31B
  • 2027E EPS: ~$4.50 (assuming Basel relief + continued NII growth)

Capital Return

  • Regular dividend $1.04/share annual ($8B paid annually)
  • Share buybacks: 2025 ~$12B; 2026 potential $25-40B post-Basel III "mulligan"
  • Total return: ~6-7% combined yield potential if buybacks materialize
  • Berkshire stake: reduced to <9% (was ~13% at peak)

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $BAC.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
GET /api/v1/research/BAC/fundamental$1.00 · Bearer token required
Markdown: /stocks/bac/financials/md · → thesis · → memo