The Bank of New York Mellon
BKFinancial Snapshot
ticker: BK step: 04 generated: 2026-05-12 source: quick-research
The Bank of New York Mellon Corporation (BK) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Total Revenue | ~$16.5B | ~$17.7B | $18.6B | +5% |
| Fee Revenue growth | — | — | +6% | |
| Pre-tax Operating Margin | ~25% | ~27% | 31% | +400bps |
| Net Income | $2.35B | $3.07B | $4.34B | +41% |
| EPS (diluted, reported) | ~$2.90 | ~$3.80 | $5.80 | +53% |
| EPS (diluted, adj.) | — | ~$4.70 | $6.03 | +19% |
FY2024 was a record year: highest net income and revenue in company history. The multi-year improvement in operating margin reflects operating leverage from the platform transformation, cost discipline, and rising NII from higher interest rates.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$5.0B |
| Free Cash Flow | ~$4.5B |
| Cash & Equivalents | ~$20B+ (institutional deposits) |
| AUC/A | $52.1T (Dec 2024) → $59.3T (Dec 2025) |
| AUM | $2.0T (Dec 2024) → $2.2T (Dec 2025) |
| CET1 Ratio | ~11.2% |
| Return on Tangible Common Equity | 23% |
Key Ratios (approximate, FY2024)
- P/E (adj.): ~18–20x | P/TBV: ~4.0x
- ROTCE: 23% | ROE: 12–14%
- Pre-tax Operating Margin: 31% (reported), 33% (adj.)
- Dividend Yield: ~2.5% | Payout Ratio: ~30% (balance returned via buybacks)
Growth Profile
BNY Mellon has transformed its earnings profile significantly: net income grew from $2.35B (FY2022) to $4.34B (FY2024) — an 85% increase in two years — driven by NII expansion from higher rates, fee revenue growth on rising AUC/A, operating leverage from cost discipline, and $2.5B+ in annual share buybacks compressing the share count. Q1 2026 EPS of $2.25 implies an annualized run rate of ~$9, suggesting continued momentum. The platform operating model transition is targeted for completion by mid-2026, after which management expects incremental efficiency and revenue benefits to accelerate.
Forward Estimates
- FY2025: Revenue ~$19–20B; adj. EPS ~$6.50–7.00 (consensus); ROTCE target ~25%
- FY2026: Continued operating leverage; management targeting 100% earnings payout (dividends + buybacks); potential benefit from digital assets custody growth
- Capital return: Management committed to returning ~100% of 2025 earnings via dividends + buybacks; 13% dividend increase authorized post-Fed stress test
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $BK.