# Bank of America Corporation (BAC) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/BAC/thesis · /stocks/BAC/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/BAC/fundamental

## Navigation

- Overview: /stocks/BAC
- Financials (this page): /stocks/BAC/financials
- Thesis: /stocks/BAC/thesis
- Investment Memo: /stocks/BAC/memo
- Coverage universe: /stocks