Bank of America Corporation
BACFinancial 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.
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