Bank of America Corporation (BAC)

Business

From the FY2025 Annual Report on Form 10-K, accession 0000070858-26-000157, updated where noted with the Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, accession 0000070858-26-000548.

Bank of America is one of the world's largest financial institutions. It takes deposits from and lends to U.S. consumers and businesses, manages money for wealthy individuals, and provides corporate and investment banking and trading to companies, governments and institutions worldwide. It earns its revenue two ways. The first is net interest income: the spread between what it earns on a roughly $1.25 trillion loan book and a large securities portfolio and what it pays on about $2.0 trillion of deposits. The second is fee and trading income from wealth management, investment banking, markets, card and service charges. In 2025 net interest income was $60.1 billion and noninterest income was $53.0 billion, so total revenue, net of interest expense, was $113.1 billion. The largest fee lines were investment and brokerage services ($20.0 billion), market making and similar activities ($12.0 billion), investment banking fees ($6.6 billion), service charges ($6.5 billion) and card income ($6.4 billion).

The parent is a Delaware bank holding company and financial holding company, headquartered in Charlotte, North Carolina. It does its banking primarily through the Bank of America, National Association (BANA) charter. At September 30, 2026 it had $3.4 trillion in assets and about 210,000 employees, down from about 213,000 at year-end 2025, and it served clients across the U.S., its territories and more than 35 countries and jurisdictions. Its retail footprint covers every major U.S. market: more than 69 million consumer and small business clients, about 3,500 financial centers, about 15,000 ATMs, and digital platforms with about 50 million active users, about 43 million of them on mobile. It also serves about four million small business households.

The company reports four business segments, with the rest recorded in All Other. Full-year 2025 results by segment (revenue on a fully taxable-equivalent basis) were:

• Consumer Banking ($43.7 billion revenue, $12.2 billion net income) offers deposit, lending, card and investment products to consumers and small businesses. Its financial centers are in 38 states and the District of Columbia. Consumer Banking earns mostly net interest income on its deposit base: $35.3 billion in 2025, against $8.4 billion of noninterest income. It held 47 percent of the Corporation's deposits at September 30, 2026.
• Global Wealth & Investment Management (GWIM) ($24.9 billion revenue, $4.7 billion net income) is made up of Merrill Wealth Management, which serves clients with more than $250,000 of investable assets through financial advisors, and Bank of America Private Bank, which serves high and ultra-high net worth clients. Client balances were $4.8 trillion at year-end 2025 and about $5.1 trillion at September 30, 2026. Asset management fees, which track market levels and assets-under-management flows, are its biggest revenue line.
• Global Banking ($24.1 billion revenue, $7.8 billion net income) includes Global Corporate Banking (large global corporations and financial institutions), Global Commercial Banking (middle-market companies, commercial real estate firms and not-for-profits), Business Banking (mid-sized U.S. businesses) and Global Investment Banking. It provides lending, treasury and working-capital services (deposits, treasury management, corporate card, merchant services, FX), plus debt and equity underwriting and M&A advisory. It held 34 percent of the Corporation's deposits at September 30, 2026.
• Global Markets ($24.1 billion revenue, $6.1 billion net income) runs sales, trading and research for institutional clients across fixed income, credit, currencies, commodities and equities. It also provides market-making, financing, clearing and custody services, and supplies derivatives-based risk-management products to corporate clients. Global Banking and Global Markets share investment banking economics under an internal revenue-sharing arrangement.
• All Other (2025 net loss of $310 million) mainly holds asset and liability management activities, liquidating businesses, unallocated expenses, and the adjustment that presents tax-related equity investment benefits on a taxable-equivalent basis.

The company competes with banks, thrifts, credit unions, investment banks, brokers, asset managers, insurers, card issuers, hedge funds, private equity firms and internet-based and nonbank providers, including firms using digital assets. At June 30, 2025 it held more than 10 percent of all U.S. insured deposits. That is the threshold the Riegle-Neal Act uses to limit interstate bank acquisitions. Compensation and benefits was $42.3 billion in 2025, or 61 percent of noninterest expense.

Regulation shapes the business. The Federal Reserve supervises the Corporation. The OCC, FDIC and Federal Reserve oversee its national banks. The SEC, FINRA, CFTC and CFPB regulate its broker-dealer, derivatives and consumer activities, and it is regulated in the U.K., Ireland, France and other jurisdictions abroad. As a global systemically important bank (G-SIB) it must hold extra capital buffers, run annual Federal Reserve stress tests (CCAR), file resolution plans every two years under a "single point of entry" strategy, and keep minimum loss-absorbing long-term debt. Effective in the fourth quarter of 2025 it changed, retrospectively, how it accounts for its affordable-housing, wind and solar tax-related equity investments. The main effect is to net tax credits and benefits against investment expense, which reclassifies amounts between income-statement lines.

Risk factors

From Item 1A of the FY2025 Annual Report on Form 10-K, accession 0000070858-26-000157. The September 30, 2026 Form 10-Q (accession 0000070858-26-000548) reports no material changes to these risk factors.

The company groups its risks as market, liquidity, credit, geopolitical, business operations, regulatory/compliance/legal, reputation and other. These are the ones that matter most:

• Interest rates and the economy. Lower rates usually reduce net interest income, the company's largest revenue source. Higher rates or wider spreads lower the fair value of available-for-sale debt securities, which cuts accumulated other comprehensive income and therefore capital. Tariff escalation, U.S.–China tensions, high federal debt, debt-ceiling standoffs and government shutdowns are named as sources of market volatility and credit stress. At September 30, 2026 the company estimated that an instantaneous +100 basis point parallel rate shift would raise banking-book net interest income by $1.4 billion and a −100 basis point shift would cut it by $1.9 billion. It describes itself as asset sensitive, with most of the effect coming from short rates.
• Funding and liquidity. Liquidity rests mainly on deposits plus secured and unsecured market funding. The company names large-scale deposit migration as a risk, whether to higher-yielding products, institutions seen as safer, or digital assets such as stablecoins. Other named risks are reduced repo access, higher collateral calls, and credit-rating downgrades that would raise borrowing costs and trigger extra collateral under derivative contracts. The parent holding company depends on dividends from regulated subsidiaries, and those payments can be restricted.
• Resolution structure. Under the single-point-of-entry resolution strategy, only the parent would enter bankruptcy. Most of its capital and liquidity has already been contributed to key subsidiaries under intercompany arrangements. In a resolution, parent security holders could suffer significant or complete losses while subsidiary creditors recover in full.
• Credit quality and concentrations. The allowance for credit losses (CECL) depends on models and macroeconomic forecasts that may prove wrong. Named concentrations are consumer real estate, consumer credit card, commercial real estate (office in particular), and finance companies, asset managers and funds. The company also has large exposure to broker-dealers, banks, hedge funds and central counterparties, where one participant's default can spread. A weaker U.S. housing market or more frequent extreme weather could hurt collateral values in its mortgage, home equity and commercial real estate books.
• Derivatives and clearing. Unanticipated correlations can produce losses. As a member of central counterparties, the company may have to absorb part of another member's default, and it can be required to post more margin.
• Geopolitical and cross-border exposure. Risks include sanctions, capital controls, sovereign-debt stress, the Russia/Ukraine and Middle East conflicts, possible escalation between China and Taiwan, and state-sponsored cyberattacks. Operating across many jurisdictions also exposes it to conflicting anti-money-laundering, sanctions and anti-bribery rules.
• Operations, cybersecurity and AI. The company is a heavily targeted cyber victim because of its size and brand. It depends on many third parties (cloud, data aggregators, clearing agents) whose defenses it does not control. It flags AI, including third-party models and autonomous AI agents, as a new source of operational, data, legal and reputational risk, and says AI and quantum computing could amplify cyber threats.
• Regulatory, compliance and legal. The company operates under consent orders and settlements. The most prominent is the December 2024 OCC consent order on BANA's Bank Secrecy Act/anti-money-laundering and sanctions programs, which led to further resolutions in October 2026 (see Subsequent events). Other past orders cover brokerage sweep rates, credit card sales practices, representment fees and unemployment-benefit processing for California and other states. It also faces exposure to fraud on electronic payments, including Zelle, and to inquiries about how it provides or discontinues services to certain clients. Damages and penalties can exceed reserves.
• Capital requirements. Higher stress capital buffer, G-SIB surcharge or countercyclical buffer requirements would reduce dividends and buybacks. The 10-K said the G-SIB surcharge was expected to rise to 3.5 percent from 3.0 percent in 2027, and that regulators were expected to propose revised risk-weighted-asset and G-SIB methodologies in 2026. Both proposals have since been issued (see Current quarter).
• Tax and accounting. Risks include changes to the 2025 Budget Reconciliation Act and the OECD 15 percent global minimum tax. The company also holds U.K. net deferred tax assets, mainly operating losses that a U.K. subsidiary must use over many years. A worse outlook could force a valuation allowance.
• Reputation, competition, models, data, climate and talent. Reputation can be damaged by fraud on clients, fees (including overdraft fees), conflicts of interest or system outages. Competitors include nonbanks and limited-charter entrants that face lighter regulation. Model and data-management failures could distort decisions and reporting. Climate risk is both physical and transition. The company's success also depends on attracting and keeping qualified staff.

Management's discussion and analysis, fiscal 2025

From Item 7 of the FY2025 Annual Report on Form 10-K, accession 0000070858-26-000157.

Net income was $30.5 billion, or $3.81 per diluted share, in 2025, compared with $27.0 billion, or $3.19, in 2024. Net interest income and noninterest income both rose and the credit provision fell, partly offset by higher expenses. Return on average tangible common shareholders' equity (a non-GAAP measure) was 14.22 percent, up from 12.94 percent, and the efficiency ratio improved to 61.65 percent from 63.12 percent.

• Net interest income rose $4.0 billion to $60.1 billion, and net interest yield (FTE) rose 6 basis points to 2.01 percent. The drivers were Global Markets activity, fixed-rate asset repricing, and deposit and loan growth, partly offset by lower rates and one less day of interest accrual.
• Noninterest income rose $3.2 billion to $53.0 billion. Investment and brokerage services rose $2.2 billion on higher asset-management fees and brokerage activity. Investment banking fees rose $444 million on debt issuance and advisory. Other income rose $1.0 billion, mainly from gains on leveraged finance positions. Market making fell $953 million on weaker credit trading in FICC and lower income from foreign-currency hedging derivatives.
• Provision for credit losses fell $146 million to $5.7 billion. Net charge-offs fell $400 million to $5.6 billion, driven by improvement in commercial real estate office, and the net charge-off ratio fell 7 basis points.
• Noninterest expense rose $2.9 billion to $69.7 billion on investment in people, technology and marketing and on revenue-related costs. A smaller FDIC special-assessment accrual than in 2024 partly offset the increase. The effective tax rate was 19.1 percent.
• Balance sheet. Loans and leases rose $89.9 billion (8 percent) to $1.19 trillion, driven by commercial loan growth and a residential mortgage portfolio acquisition in the first quarter of 2025. Deposits rose $53.3 billion to $2.02 trillion, and total assets reached $3.41 trillion. Cash fell $58.3 billion as it was put to work in loans and Global Markets activity.
• Segments. Consumer Banking net income rose $1.5 billion to $12.2 billion on wider deposit spreads and a lower provision as credit card asset quality improved. GWIM net income rose $407 million to $4.7 billion, and asset-management fees grew 12 percent to $15.4 billion. Global Banking net income fell $191 million to $7.8 billion on higher noninterest expense and provision; revenue rose, as a $984 million rise in noninterest income outweighed a $624 million rate-driven fall in net interest income. Global Markets net income rose $489 million to $6.1 billion on higher sales and trading revenue in both Equities and FICC. The All Other net loss narrowed $1.3 billion to $310 million.
• Capital return. The company repurchased $21.4 billion of common stock in 2025 and paid $8.1 billion of common dividends. In July 2025 the board authorized a $40 billion repurchase program, effective August 1, 2025. CET1 was 11.4 percent (Standardized) at December 31, 2025.

Current quarter, third quarter of fiscal 2026 (three and nine months ended September 30, 2026)

From the Form 10-Q for the quarter ended September 30, 2026, accession 0000070858-26-000548, and the third-quarter earnings release and presentation furnished on Form 8-K, accession 0000070858-26-000481.

The quarter was shaped by a one-off charge. Bank of America accrued a $1.2 billion non-tax-deductible charge in noninterest expense for civil money penalties under anti-money-laundering and sanctions resolutions with the OCC, FinCEN and OFAC, which were announced on October 13, 2026. As a result, net income fell to $6.9 billion, or $0.91 per diluted share, from $8.3 billion, or $1.04, a year earlier. Management's presentation says the charge reduced diluted EPS by $0.17. Revenue, net of interest expense, rose 3 percent to $30.0 billion, and net interest income rose 8 percent to $16.4 billion. Lower investment banking and FICC trading revenue held fee income back.

• Net interest income rose $1.2 billion to $16.4 billion, and net interest yield (FTE) rose 15 basis points to 2.16 percent. The drivers were loan and deposit growth, Global Markets activity and fixed-rate asset repricing, partly offset by lower rates. Rates paid on total interest-bearing deposits fell to 2.03 percent from 2.40 percent. Net interest income also rose from $16.0 billion in the second quarter.
• Noninterest income fell $298 million to $13.5 billion. Investment and brokerage services rose $698 million to $5.8 billion on higher asset-management fees. Market making fell $843 million to $2.4 billion on weaker FICC credit trading and lower foreign-currency hedging income. Investment banking fees fell $214 million (11 percent) to $1.8 billion on lower debt issuance and advisory. Card income dipped to $1.6 billion.
• Noninterest expense rose $2.4 billion to $19.7 billion. The increase came mostly from the regulatory charge, plus revenue-related costs and investment in technology and marketing. Other general operating expense rose to $2.3 billion from $0.9 billion. The efficiency ratio was 65.83 percent, against 59.70 percent a year earlier. The effective tax rate rose to 22.7 percent from 19.9 percent because the charge is not deductible. Excluding outside legal costs, litigation and regulatory investigation expense was $1.3 billion in the quarter, compared with $59 million a year earlier.
• Credit stayed benign. The provision was $1.3 billion, roughly flat, and net charge-offs were $1.35 billion (0.44 percent of average loans, against 0.47 percent a year earlier and in the second quarter). Credit card net charge-offs fell to $859 million. The allowance for credit losses was $14.2 billion, down $196 million since year-end, as improvement in credit card and commercial real estate outweighed loan growth and a qualitative reserve build for uncertainty around the Middle East conflicts. Reservable criticized office exposure fell 26 percent to $2.6 billion, and about $1.8 billion of office loans mature by the end of 2026.
• Balance sheet. Period-end loans were $1.25 trillion, up from $1.19 trillion at year-end, driven by commercial loan growth. Deposits were $2.04 trillion, average deposits $2.02 trillion, and total assets $3.43 trillion. Average Global Liquidity Sources were $914 billion. The company issued $92.5 billion of long-term debt in the first nine months.

Segment results for the quarter, compared with the third quarter of 2025:

• Consumer Banking: net income $3.5 billion (up $84 million) on revenue of $11.6 billion (up 4 percent). Deposit spreads widened to 3.13 percent and average deposits were $948.6 billion. Credit and debit card spend grew, and the card risk-adjusted margin fell 74 basis points. The bank had 3,531 financial centers, 118 fewer than a year earlier.
• GWIM: net income $1.5 billion (up 22 percent) on revenue of $7.1 billion (up 13 percent). Asset-management fees rose 16 percent to $4.5 billion and average loans rose 13 percent to $278.6 billion. AUM was $2.37 trillion after $20.0 billion of net client flows in the quarter. Operating margin was 29 percent, up from 27 percent.
• Global Banking: net income $2.0 billion (down 5 percent). Average loans rose 8 percent to $418.9 billion and average deposits rose 6 percent to $668.6 billion. Global Transaction Services revenue rose $301 million, but segment investment banking fees fell 16 percent.
• Global Markets: net income $1.2 billion (down 25 percent). Sales and trading revenue fell 5 percent to $5.1 billion: FICC fell 17 percent to $2.6 billion on mortgage, municipal and credit trading, while Equities rose 11 percent to $2.5 billion on client financing, particularly in Asia and the U.S. Year-to-date sales and trading revenue was $18.6 billion, up from $16.4 billion.
• All Other: net loss $1.4 billion, against $103 million a year earlier, driven by the regulatory charge.

Nine months. Net income rose to $24.6 billion ($3.23 per diluted share) from $22.9 billion ($2.84). Revenue rose 8 percent to $91.8 billion, net interest income rose $3.8 billion to $48.2 billion, and the provision fell $395 million to $4.0 billion. Noninterest expense rose $4.6 billion to $56.9 billion.

Capital and shareholder returns. CET1 was 10.9 percent (Standardized), down from 11.4 percent at year-end, against a 10.0 percent minimum. Standardized risk-weighted assets grew $47.9 billion to $1.82 trillion on Global Markets and Global Banking activity. The supplementary leverage ratio was 5.5 percent, against a 3.75 percent minimum under the enhanced SLR rule effective January 1, 2026. In the quarter the company repurchased about 97 million shares for $6.0 billion and paid $2.2 billion of common dividends. Over nine months it bought back about 349 million shares for $19.3 billion, including excise tax. At September 30, $11.0 billion of the $40 billion authorization remained. In July the quarterly dividend was raised 14 percent to $0.32 per share. In the first quarter the company redeemed its Series DD preferred stock for $1.0 billion. Book value per share was $39.26 and tangible book value per share (non-GAAP) was $29.14.

Regulatory capital outlook. On January 1, 2027 the Method 2 G-SIB surcharge rises 50 basis points to 3.5 percent, which raises the minimum CET1 requirement by 50 basis points. On September 30, 2026 the Federal Reserve finalized two stress-test rules. The first expands public disclosure and sets annual public-input processes for supervisory stress-test scenarios and models. The second changes the stress capital buffer: from January 1, 2029 it will be set by averaging the two most recent stress-test results, and its annual effective date moves from October 1 to January 1, starting with the requirement effective January 1, 2028. The company's stress capital buffer stays at 2.5 percent through December 31, 2027. Also pending are proposals on large-bank risk-based capital (March 19, 2026), on the G-SIB surcharge calculation, and on the stress-test fee-income model (September 30, 2026). The company is evaluating their impact.

Litigation. Beyond accrued liabilities, the company estimates its reasonably possible loss on disclosed matters at $0 to $200 million. On March 31, 2026 a federal court ruled that BANA did not owe additional interest to the FDIC on deposit-insurance assessments. No appeal was filed, so the case ended on June 15, 2026. In the unemployment-insurance prepaid card litigation, the court on August 18, 2026 largely denied BANA's motion for partial summary judgment, letting the case proceed toward trial. BANA's motion to decertify the classes is still pending.

Management commentary. Chair and CEO Brian Moynihan pointed to organic growth: commercial lending grew in every client segment while investment banking and trading revenue was lower. He also said more than 200,000 employees use AI tools across more than 300 approved use cases. CFO Alastair Borthwick pointed to 8 percent net interest income growth, a 17 percent rise in asset-management fees and improving asset quality, and to $8.3 billion returned to shareholders in the quarter. The presentation called investment banking pipelines robust. Neither the 10-Q nor the release gives numerical guidance for future periods.

Subsequent events

From the Form 10-Q for the quarter ended September 30, 2026 (accession 0000070858-26-000548) and Forms 8-K filed after quarter-end (accessions 0000070858-26-000494 and 0001193125-26-430566).

The 10-Q has no stand-alone subsequent-events note. It discloses post-quarter developments in its Recent Developments, Capital Management, Note 10 and Note 11 sections, and the related 8-Ks cover the rest. The company disclosed no acquisitions or divestitures after September 30, 2026.

• Anti-money-laundering and sanctions resolutions (October 13, 2026). The OCC, FinCEN and OFAC announced resolutions covering parts of the company's U.S. Bank Secrecy Act, anti-money-laundering and economic sanctions compliance programs. The resolutions consist of consent orders with the OCC and FinCEN and a settlement agreement with OFAC. Although announced after quarter-end, the resulting $1.2 billion civil-money-penalty charge (non-tax-deductible) was accrued in third-quarter 2026 noninterest expense. The FinCEN order and the December 2024 OCC consent order require remediation, including independent-consultant reviews of historical transactions, customer due diligence, foreign correspondent account due diligence and anti-money-laundering data governance. The company says it has completed significant steps under the 2024 OCC order and does not expect ongoing remediation and compliance costs to have a significant impact on consolidated noninterest expense in future periods.
• Common dividend (October 21, 2026). The board declared a quarterly dividend of $0.32 per share, payable December 24, 2026 to shareholders of record on December 4, 2026.
• Board appointments (October 21, 2026). The board grew from 12 to 14 directors with the appointment of James Fitterling, Executive Chairman and former President and CEO of Dow Inc., and William Thomas, former Global Chairman and CEO of KPMG International Limited. Both took effect immediately.
• Series WW preferred stock issuance (October 23, 2026). The company issued 80,000 shares of 7.200% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series WW, for $2.0 billion, sold as 2,000,000 depositary shares each representing a 1/25th interest. Each share has a $25,000 liquidation preference, and quarterly dividends begin in January 2027.
• Share count. 6,900,209,006 common shares were outstanding on October 29, 2026, down from 7,176,682,170 on February 24, 2026.

Filings that contain financial statements

Bank of America furnishes its quarterly earnings package on Form 8-K. Exhibit 99.3 (Supplemental Information) in each carries the consolidated statement of income, statement of comprehensive income and balance sheet, with segment and credit tables. Exhibit 99.1 is the slide-format results release and Exhibit 99.2 is the presentation.

• Third quarter 2026 (three and nine months ended September 30, 2026): Form 8-K dated October 14, 2026, accession 0000070858-26-000481.
• Second quarter 2026 (quarter and six months ended June 30, 2026): Form 8-K dated July 14, 2026, accession 0000070858-26-000353.
• First quarter 2026 (quarter ended March 31, 2026): Form 8-K dated April 15, 2026, accession 0000070858-26-000222.
• Fourth quarter and full year 2025: Form 8-K dated January 14, 2026, accession 0000070858-26-000020.
• Third quarter 2025: Form 8-K dated October 15, 2025, accession 0000070858-25-000390.
• Revised supplemental information for 2023, 2024 and the first three quarters of 2025 under the new accounting methods described below (income statement, comprehensive income, balance sheet): Form 8-K dated January 6, 2026, accession 0000070858-26-000011.

Earnings

• October 14, 2026 - third quarter 2026 results (0000070858-26-000481). Net income was $6.9 billion, or $0.91 per diluted share. The results include a $1.2 billion regulatory settlement charge in noninterest expense that reduced earnings by $0.17 per share. Excluding it, net income was $8.1 billion and diluted EPS $1.08, compared with $8.3 billion and $1.04 in the third quarter of 2025 (as revised). Revenue net of interest expense was $30.0 billion versus $29.0 billion. Net interest income was $16.4 billion ($16.6 billion on a fully taxable-equivalent basis), up 8% from a year earlier, with net interest yield of 2.16%. Provision for credit losses was $1.3 billion and net charge-offs $1.3 billion. Noninterest expense was $19.7 billion ($18.5 billion excluding the charge). Standardized CET1 ratio was 10.9%, down from 11.2% at June 30, 2026. The company repurchased $6.0 billion of common stock and paid $2.2 billion of common dividends in the quarter. Ending loans and leases were $1.25 trillion and deposits $2.04 trillion.
• July 14, 2026 - second quarter 2026: net income $9.1 billion, $1.21 per diluted share (0000070858-26-000353).
• April 15, 2026 - first quarter 2026: net income $8.6 billion, $1.11 per diluted share (0000070858-26-000222).
• January 14, 2026 - fourth quarter and full year 2025: fourth quarter net income $7.6 billion, $0.98 per diluted share; full year net income $30.5 billion, $3.81 per diluted share (0000070858-26-000020).
• October 15, 2025 - third quarter 2025 as originally reported: net income $8.5 billion, $1.06 per diluted share (0000070858-25-000390). Later revised for the accounting change below.

Regulatory

• October 13-14, 2026 - Bank Secrecy Act / anti-money laundering and sanctions resolutions. The OCC, FinCEN and OFAC announced resolutions of matters concerning the company's U.S. Bank Secrecy Act, Anti-Money Laundering and Economic Sanctions Compliance Programs: consent orders with the OCC and FinCEN and a settlement agreement with OFAC. The company recorded a $1.2 billion non-tax-deductible charge in third quarter noninterest expense for the civil money penalties. It builds on the OCC consent order of December 23, 2024. The earnings 8-K (0000070858-26-000481, Exhibit 99.2) discloses the charge and its per-share effect; the Form 10-Q for the quarter (0000070858-26-000548) describes the resolutions and the related remediation requirements. No separate 8-K announcing the resolutions appears in the filings reviewed.
• March 31, 2026 - FDIC deposit insurance assessment lawsuit. The U.S. District Court for the District of Columbia ruled that the bank subsidiary did not owe additional interest to the FDIC. No appeal was filed by June 15, 2026, so the case concluded and the pledged security was released (Form 10-Q, 0000070858-26-000548).

Capital actions

• October 23, 2026 - preferred stock issuance (0001193125-26-430566). The company sold 2,000,000 depositary shares, each representing a 1/25th interest in a share of 7.200% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series WW (liquidation preference $25,000 per share), issuing 80,000 preferred shares for $2.0 billion. A Certificate of Designations was filed the same day; dividends begin in January 2027 (Form 10-Q, 0000070858-26-000548). The sale closed on October 23.
• July 24, 2026 - common dividend raised. The Board declared a quarterly dividend of $0.32 per share, up $0.04 (14%) from the prior quarter (0000070858-26-000364).
• Share repurchases. The $40 billion repurchase program authorized July 23, 2025 (effective August 1, 2025) remains in use; the company repurchased $6.0 billion of common stock in the third quarter of 2026 (Form 10-Q, 0000070858-26-000548; 0000070858-26-000481).
• First quarter 2026: the company fully redeemed its Series DD preferred stock for $1.0 billion (Form 10-Q, 0000070858-26-000548).

Accounting change

• January 6, 2026 - change in accounting for tax-related equity investments (0000070858-26-000011). The company elected to move its affordable housing and eligible wind renewable energy investments from the equity method to the proportional amortization method, and to recognize solar investment tax credits over the facilities' productive lives, reported net against the related investment expense in noninterest income. The primary effect is a reclassification between income statement lines, with an insignificant annualized effect on net income. Revised noninterest income for 2024 is $49.8 billion versus $45.8 billion previously reported, and revised income tax expense is $6.3 billion versus $2.1 billion. Applied retrospectively, retained earnings at September 30, 2025 fell $1.7 billion. The company estimates a $2.1 billion reduction in CET1 capital, or 13 basis points on the ratio, had the change applied at September 30, 2025, and a third quarter 2025 effective tax rate of 20.0% versus 10.4% previously reported. Previously filed regulatory capital ratios were not revised.

Management and board

• October 21, 2026 - two directors added (0000070858-26-000494). The Board expanded from 12 to 14 directors and appointed James Fitterling (Executive Chairman and former CEO of Dow Inc.) to the Enterprise Risk and Compensation and Human Capital Committees, and William Thomas (former Global Chairman and CEO of KPMG International) to the Audit and Corporate Governance Committees.
• May 4, 2026 - annual meeting (0000070858-26-000273). All twelve director nominees were elected, the advisory say-on-pay vote was approved (about 5.06 billion votes for versus 0.25 billion against), and PricewaterhouseCoopers was ratified as auditor. The shareholder proposals did not pass.
• February 13, 2026 - CEO compensation (0000070858-26-000088). The Board approved 2025 total compensation of $41 million for Brian Moynihan, up from $35 million for 2024.
• November 20, 2025 - executive officer designations (0001193125-25-300649). The Board designated eleven officers reporting to Moynihan as executive officers; four business-line presidents are no longer designated as of December 31, 2025.
• September 12, 2025 - Co-Presidents named (0000070858-25-000359). Dean Athanasia and James DeMare were appointed Co-Presidents, and CFO Alastair Borthwick was also named Executive Vice President.

Not covered

No acquisitions, divestitures or merger agreements appear in the 8-K filings reviewed for this period. A shelf-registration legal opinion filed October 16, 2025 (0000070858-25-000395) relates to medium-term notes and carries no other news.

About this file

BAC annual income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

• Source statement, FY2025. FY2025 Form 10-K: Consolidated Statement of Income, Consolidated Balance Sheet, Consolidated Statement of Cash Flows, Table 1 (Summary Income Statement and Selected Financial Data), Table 6 (Selected Annual Financial Data), Table 8 (Average Balances and Interest Rates - FTE Basis), Table 10 (Regulatory Capital under Basel 3) and Note 23 (Business Segment Information)
• Source statement, FY2024. FY2025 Form 10-K comparative columns: Consolidated Statement of Income, Consolidated Balance Sheet, Consolidated Statement of Cash Flows, Table 6 (Selected Annual Financial Data), Table 8, Table 10 and Note 23
• Source statement, FY2023. FY2025 Form 10-K comparative columns: Consolidated Statement of Income, Consolidated Statement of Cash Flows, Consolidated Statement of Changes in Shareholders' Equity, Table 6 (Selected Annual Financial Data), Table 8 and Note 23. The 10-K's Consolidated Balance Sheet presents only December 31, 2025 and 2024, so year-end 2023 balance sheet detail is not available from this filing.
• Balance sheet: balance sheet note, FY2023. Only the equity balances are available for year-end 2023: they are taken from the Consolidated Statement of Changes in Shareholders' Equity in the FY2025 10-K. Total common shareholders' equity is total shareholders' equity less preferred stock, both as shown on that statement.

BAC quarterly income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

• Source statement, Q3 2026. Q3 2026 Form 10-Q: Consolidated Statement of Income, Consolidated Balance Sheet, Consolidated Statement of Changes in Shareholders' Equity, Table 1 (Summary Income Statement and Selected Financial Data), Table 5 (Selected Financial Data), Table 6 (Quarterly Average Balances and Interest Rates - FTE Basis), Table 8 (Regulatory Capital under Basel 3), Table 37 (Allowance for Credit Losses) and Note 17 (Business Segment Information)
• Source statement, Q2 2026. Q3 2026 Form 10-Q Table 5 (Selected Financial Data); equity balances at June 30, 2026 from the Consolidated Statement of Changes in Shareholders' Equity, period-end total assets and common shareholders' equity from Table 42, and the allowance for loan and lease losses from Table 37 (its balance at the beginning of the third quarter), all in the same filing. Whole-share counts at June 30, 2026 are from the balance sheet in the supplemental information furnished with the October 14, 2026 earnings release (accession 0000070858-26-000481, Exhibit 99.3).
• Source statement, Q1 2026. Q3 2026 Form 10-Q Table 5 (Selected Financial Data); period-end total assets and common shareholders' equity from Table 42 of the same filing
• Source statement, Q4 2025. Q3 2026 Form 10-Q Table 5 (Selected Financial Data), Consolidated Balance Sheet (December 31, 2025 column) and Table 8 (Regulatory Capital under Basel 3); the FY2025 Form 10-K presents the same quarter in Table 7 (Selected Quarterly Financial Data) and the same year-end balance sheet, with the same figures. Return on average tangible shareholders' equity and the tangible equity ratio are from that Table 7.
• Source statement, Q3 2025. Q3 2026 Form 10-Q prior-year comparative columns: Consolidated Statement of Income, Consolidated Statement of Changes in Shareholders' Equity, Table 1, Table 5, Table 6, Table 37, Table 42 and Note 17. Return on average tangible shareholders' equity and the tangible equity ratio are from FY2025 Form 10-K Table 7 (Selected Quarterly Financial Data), which presents the same quarter with the same figures. Whole-share counts at September 30, 2025 are from the balance sheet in the supplemental information furnished with the October 14, 2026 earnings release (accession 0000070858-26-000481, Exhibit 99.3).
• Source statement, Q2 2025. FY2025 Form 10-K Table 7 (Selected Quarterly Financial Data); equity balances at June 30, 2025 from the Consolidated Statement of Changes in Shareholders' Equity in the Q3 2026 Form 10-Q (accession 0000070858-26-000548)
• Source statement, Q1 2025, Q4 2024, Q3 2024, Q2 2024, Q1 2024. FY2025 Form 10-K Table 7 (Selected Quarterly Financial Data)
• Balance sheet: balance sheet note, Q2 2026. Only partial balance sheet information is presented for this date: the equity balances shown in the Consolidated Statement of Changes in Shareholders' Equity in the Q3 2026 Form 10-Q, with total assets and total common shareholders' equity from Table 42 of the same filing.
• Balance sheet: balance sheet note, Q1 2026. Only total assets and total common shareholders' equity are presented for this date, in Table 42 of the Q3 2026 Form 10-Q.
• Balance sheet: balance sheet note, Q3 2025. Only partial balance sheet information is presented for this date: the equity balances are from the Consolidated Statement of Changes in Shareholders' Equity in the Q3 2026 Form 10-Q, total assets from Note 17 and total common shareholders' equity from Table 42 of the same filing.
• Balance sheet: balance sheet note, Q2 2025. Only the equity balances are presented for this date, in the Consolidated Statement of Changes in Shareholders' Equity in the Q3 2026 Form 10-Q. Total common shareholders' equity is total shareholders' equity less preferred stock, both as shown on that statement.

BAC year-to-date income statement and cash flow

Taken from the SEC filings and normalized to actual dollars.

• Source statement, Nine months ended September 30, 2026. Q3 2026 Form 10-Q: Consolidated Statement of Income, Consolidated Statement of Cash Flows, Consolidated Statement of Changes in Shareholders' Equity, Table 1, Table 5, Table 7 (Year-to-Date Average Balances and Interest Rates - FTE Basis), Table 37 (Allowance for Credit Losses), Table 42 and Note 17 (Business Segment Information)
• Source statement, Nine months ended September 30, 2025. Q3 2026 Form 10-Q prior-year comparative columns of the same statements and tables

BAC trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

• Source statement. Derived: the FY2025 Form 10-K full-year column plus the nine months ended September 30, 2026 less the nine months ended September 30, 2025, both from the Q3 2026 Form 10-Q
• Derivation. Each line is the FY2025 figure from the FY2025 Form 10-K plus the nine months ended September 30, 2026 less the nine months ended September 30, 2025, both from the Q3 2026 Form 10-Q. For every line the Q3 2026 Form 10-Q also presents by quarter, the result equals the sum of the four quarters from October 2025 through September 2026. The efficiency ratio is noninterest expense over total revenue, net of interest expense, for the same window. No per-share amounts or share counts are shown, because neither filing presents a weighted average share count for this window.

Adjustments

Notes

• Coverage: this record holds the periods the two periodic filings behind it actually present. The FY2025 Form 10-K (accession 0000070858-26-000157, filed February 25, 2026) presents three years of income statement and cash flow (2025, 2024 and 2023), two year-end balance sheets (December 31, 2025 and 2024), year-end equity balances back to 2023, and eight quarters of selected quarterly financial data (the four quarters of 2025 and the four of 2024). The Q3 2026 Form 10-Q (accession 0000070858-26-000548, filed October 30, 2026) presents the September 2026 quarter and its September 2025 comparative, the two nine-month periods, balance sheets at September 30, 2026 and December 31, 2025, and five quarters of selected financial data (September 2026 back to September 2025). The whole-share counts at June 30, 2026 and September 30, 2025 are taken from the balance sheet equity captions of the supplemental information furnished with the October 14, 2026 earnings release (accession 0000070858-26-000481), because the 10-Q states those dates' counts only in millions.
• Where a quarter comes from: the September 2026 and September 2025 quarters are taken from the Q3 2026 Form 10-Q's own statements, tables and notes; the June 2026 and March 2026 quarters from Table 5 (Selected Financial Data) of that filing; the December 2025 quarter from that Table 5 and the December 31, 2025 balance sheet, which the FY2025 Form 10-K presents with the same figures; and the June 2025 and March 2025 quarters and the four 2024 quarters from Table 7 (Selected Quarterly Financial Data) of the FY2025 Form 10-K. The September 2025 quarter also appears in that Table 7, and the figures agree.
• The full-year 2025, 2024 and 2023 figures are the columns of the FY2025 Form 10-K.
• Restatement honored: effective in the fourth quarter of 2025 the company changed its accounting methods for certain tax-related equity investments and applied the change retrospectively through a cumulative adjustment to retained earnings. The 2024 and 2023 columns of the FY2025 10-K, and the 2025 and 2024 quarterly columns of its Table 7, are the revised figures, and those are the figures reported here. The September 2025 quarter and nine-month 2025 comparatives in the Q3 2026 Form 10-Q are on the same revised basis and agree with Table 7. These figures differ from the amounts originally reported in the 2023 and 2024 Forms 10-K and in the 2024 and 2025 Forms 10-Q. The main effect is a reclassification between income statement lines that nets tax credits and benefits against the investment expense. The filings note that previously reported regulatory capital information was not revised for the change.
• Total revenue in this record is 'total revenue, net of interest expense' - net interest income plus noninterest income - which is how the company presents its top line. Interest income and interest expense are also shown separately where the filings print them, so the gross amounts are visible.
• Third-quarter 2026 regulatory settlement: the Q3 2026 Form 10-Q reports that on October 13, 2026 the OCC, FinCEN and OFAC announced regulatory resolutions concerning aspects of the company's Bank Secrecy Act, anti-money laundering and economic sanctions compliance programs, and that the company recorded a $1.2 billion non-tax-deductible charge in noninterest expense for the third quarter of 2026 to accrue for the resulting civil money penalties. The filing attributes most of the rise in noninterest expense, and the rise in the effective tax rate to 22.7 percent from 19.9 percent, primarily to that charge. In the segment results the charge sits in All Other, whose noninterest expense was $1,396 million in the quarter against $201 million a year earlier.
• Segment results are presented on a fully taxable-equivalent (FTE) basis, exactly as the company reports them, so segment net interest income and total revenue exceed the consolidated income statement amounts by the FTE adjustment: $161 million in the September 2026 quarter, $154 million in the September 2025 quarter, and $486 million and $444 million for the nine months ended September 30, 2026 and 2025. Segment net income equals consolidated net income; the FTE adjustment is offset in income tax expense. The 2025, 2024 and 2023 segment figures carry the same treatment, with adjustments of $609 million, $619 million and $567 million.
• Net interest income on a fully taxable-equivalent basis and net interest yield are taken from the average balance and interest rate tables: $16,610 million and 2.16 percent for the September 2026 quarter, $15,387 million and 2.01 percent for the September 2025 quarter, and $48,677 million and 2.10 percent against $44,790 million and 1.98 percent for the two nine-month periods. For the full years the same tables show $60,705 million and 2.01 percent for 2025, $56,679 million and 1.95 percent for 2024 and $57,498 million and 2.08 percent for 2023. The selected-data tables do not state this measure for the other quarters, so it is not reported for them.
• The efficiency ratio is noninterest expense divided by total revenue, net of interest expense, as the filings define it. It is printed for the September 2026 quarter (65.83 percent), the September 2025 quarter (59.70 percent), the two nine-month periods (61.97 and 61.71 percent) and the full years 2025 and 2024 (61.65 and 63.12 percent). For the other quarters, for 2023 and for the twelve months ended September 30, 2026, it is that same calculation applied to the noninterest expense and revenue figures reported here.
• Balance sheet coverage follows the filings. A full balance sheet is reported at September 30, 2026 and December 31, 2025, the two dates the 10-Q presents, and at December 31, 2024 from the 10-K. At September 30, 2025 and June 30, 2026 the 10-Q presents the equity balances (in its Consolidated Statement of Changes in Shareholders' Equity), total assets and total common shareholders' equity; at March 31, 2026 only total assets and total common shareholders' equity; and at June 30, 2025 and December 31, 2023 only the equity balances. The quarterly selected-data tables carry no balance sheet, so none is reported for the March 2025 or 2024 quarters.
• Cash flow presentation for a bank differs from an industrial company: there is no meaningful capital expenditure line, so no free cash flow is reported, and operating cash flow swings with trading, loans held-for-sale and other working-capital style balances. The Q3 2026 Form 10-Q presents cash flows for the nine months only, so cash flow appears here in the nine-month block and in the full years, and no discrete three-month cash flow is reported. Cash outflows are shown as negative amounts; the line named losses on sales of debt securities is the statement's '(gains) losses' line, so a negative amount there is a net gain.
• Capital returns are taken from the Consolidated Statement of Changes in Shareholders' Equity and are shown as positive amounts: common and preferred dividends declared, the dollar amount of common stock repurchased and the number of common shares repurchased (96.7 million in the September 2026 quarter and 348.6 million in the nine months).
• Regulatory capital ratios are shown under the Standardized approach unless the field says advanced. Risk-weighted assets and supplementary leverage exposure are printed in billions in the capital tables and have been converted to actual dollars on that basis.
• Allowance for credit losses includes both the allowance for loan and lease losses and the reserve for unfunded lending commitments; the allowance for loan and lease losses is the contra-asset on the balance sheet. The June 30, 2026 allowance for loan and lease losses ($13,114 million) is the beginning-of-quarter balance in the third-quarter allowance rollforward. Allowance ratios, net charge-off ratios and nonperforming balances exclude loans accounted for under the fair value option, as the filings state.
• The twelve months ended September 30, 2026 is a derived view, not a period either filing reports: each line is the FY2025 figure plus the nine months ended September 30, 2026 less the nine months ended September 30, 2025. No per-share amounts are shown for it, because neither filing presents a weighted average share count for that window.
• Diluted earnings per share here is not simply net income applicable to common shareholders divided by average diluted common shares, because the company's 7.25 percent Series L convertible preferred stock is treated as converted in the periods in which it is dilutive. Per Note 13 of the Q3 2026 Form 10-Q, the Series L was dilutive for the three and nine months ended September 30, 2026 and 2025: 62 million common shares are assumed converted, and Series L dividends of $56 million for each quarter and $167 million for each nine-month period are added back to income allocated to common shareholders. So the September 2026 quarter is ($6,541 million + $56 million) / 7,222.2 million shares = $0.91, and the nine months ($23,444 million + $167 million) / 7,312.5 million shares = $3.23. Note 15 of the FY2025 Form 10-K reports the same treatment for the 2025 full year, where $223 million of Series L dividends were added back against 7,680.9 million diluted shares to give $3.81; for 2024 and 2023 the Series L was antidilutive, with no assumed conversion. The same divergence between the simple division and the reported figure can appear in the other 2025 and 2026 quarters.
• Period-end share counts are whole shares as stated in the balance sheet equity captions: 6,922,695,323 common and 3,950,961 preferred shares at September 30, 2026, 7,212,464,345 and 3,991,164 at December 31, 2025, and 7,610,862,311 and 3,877,917 at December 31, 2024. The year-end 2023 common share count (7,895.5 million) is stated in millions in the Consolidated Statement of Changes in Shareholders' Equity.

Uncertainties

• The efficiency ratio for the June 2026, March 2026, December 2025, June 2025 and March 2025 quarters, for the four 2024 quarters, for 2023 and for the twelve months ended September 30, 2026 is a calculation - noninterest expense over total revenue, net of interest expense - not a figure printed for those periods.
• Total common shareholders' equity at June 30, 2025 ($274,526 million) and at December 31, 2023 ($261,812 million) is total shareholders' equity less preferred stock, both as shown in the Consolidated Statement of Changes in Shareholders' Equity; the filings do not print that subtotal for those dates.
• Common shares outstanding at June 30, 2026 (7,017,967,460) and at September 30, 2025 (7,329,421,929), and preferred shares outstanding at those dates (3,951,164 and 3,991,164), are the whole-share counts in the balance sheet equity captions of the preliminary supplemental information furnished with the October 14, 2026 earnings release (accession 0000070858-26-000481, Exhibit 99.3); the Q3 2026 Form 10-Q states those dates' common share counts only in millions (7,018.0 and 7,329.4), which agree.
• Return on average tangible shareholders' equity and the tangible equity ratio are not reported for the September 2026, June 2026 and March 2026 quarters or for the nine-month periods, because the Q3 2026 Form 10-Q does not present them; they are reported for the 2025 and 2024 quarters and full years from the FY2025 Form 10-K.
• Balance sheet information is partial or absent for several quarter-end dates, as described in the notes, because the filings present none beyond what is shown. Average balance sheet figures are available for every quarter and are included.
• No discrete three-month cash flow is reported, because the Q3 2026 Form 10-Q presents the cash flow statement for the nine months only.
• The twelve months ended September 30, 2026 is derived by adding and subtracting reported periods rather than reported as such by the company.
• The December 31, 2024 regulatory capital figures were not revised by the company for the 2025 change in accounting for tax-related equity investments, while the 2024 income statement and balance sheet figures were, so the two are not on the same basis.

Company details

Fiscal period

Source filings