Detailed financial statements for Bank of America Corporation (BAC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Operating globally through its various subsidiaries, Bank of America Corporation offers a comprehensive range of banking and financial products and services. Its extensive clientele includes individual consumers, small and mid-market businesses, institutional investors, large corporations, and government bodies worldwide.
Analysis Summary
Bank of America Corporation reported revenue of $191.57B in the most recent fiscal year, growing at a 5-year CAGR of 15.4%. Net income reached $30.51B, with a 11.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 59.3%, operating margin 22.5%, net margin 17.2%. Free cash flow grew at -19.8% CAGR over 5 years.
At the current price of $54.00, BAC trades at a P/E of 12.38 and an ROE of 10.06%. Market capitalisation stands at $383.2B, placing it among large-cap names.
Balance sheet quality for BAC: current ratio of 0.4, net cash position of $597.83B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $12.61B represents 41% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $93.66B | $99.47B | $109.63B | $113.59B | $93.75B | $93.85B | $115.05B | $171.91B | $192.43B | $191.57B |
| Cost of Revenue | $13.56B | $15.74B | $21.89B | $25.93B | $19.55B | $144.0M | $22.65B | $77.72B | $96.37B | $84.14B |
| Gross Profit | $80.10B | $83.73B | $87.74B | $87.65B | $74.21B | $93.71B | $92.41B | $94.19B | $96.07B | $107.42B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $43.52B | $41.84B | $40.52B | $42.07B | $41.16B | $45.05B | $45.95B | $47.72B | $49.62B | $52.25B |
| Operating Expenses | $55.08B | $54.52B | $53.15B | $54.90B | $55.21B | $59.73B | $61.44B | $65.84B | $66.81B | $69.73B |
| Operating Income | $25.02B | $29.21B | $34.58B | $32.75B | $19.00B | $33.98B | $30.97B | $28.34B | $29.25B | $37.70B |
| EBITDA | $27.26B | $31.32B | $36.65B | $34.48B | $20.84B | $35.87B | $32.95B | $30.40B | $31.44B | $40.01B |
| Interest Expense | $9.96B | $12.34B | $18.61B | $22.34B | $8.22B | $4.74B | $20.10B | $73.33B | $90.55B | $78.47B |
| Pre-tax Income | $25.02B | $29.21B | $34.58B | $32.75B | $19.00B | $33.98B | $30.97B | $28.34B | $29.25B | $37.70B |
| Income Tax | $7.20B | $10.98B | $6.44B | $5.32B | $1.10B | $2.00B | $3.44B | $1.83B | $2.12B | $7.19B |
| Net Income | $17.82B | $18.23B | $28.15B | $27.43B | $17.89B | $31.98B | $27.53B | $26.52B | $27.13B | $30.51B |
| EPS | $1.58 | $1.63 | $2.64 | $2.77 | $1.88 | $3.60 | $3.21 | $3.10 | $3.25 | $3.88 |
| EPS (Diluted) | $1.50 | $1.56 | $2.61 | $2.75 | $1.87 | $3.57 | $3.19 | $3.08 | $3.22 | $3.82 |
| Shares Outstanding (Diluted) | $11.05B | $10.78B | $10.24B | $9.44B | $8.80B | $8.56B | $8.17B | $8.08B | $7.84B | $7.55B |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $48.22B | $49.69B | $47.89B | $49.39B |
| Gross Profit | $26.79B | $29.87B | $28.93B | $30.19B |
| Operating Income | $9.46B | $12.44B | $10.40B | $11.56B |
| EBITDA | $10.04B | $13.03B | $11.01B | $11.56B |
| Net Income | $8.47B | $7.53B | $8.58B | $9.07B |
| EPS | $1.08 | $0.99 | $1.12 | $1.22 |
| EPS (Diluted) | $1.06 | $0.97 | $1.11 | $1.20 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $157.60B | $168.59B | $184.90B | $168.67B | $387.01B | $355.37B | $237.46B | $341.42B | $296.49B | $231.84B |
| Short-term Investments | $293.94B | $302.63B | $229.37B | $245.64B | $234.49B | $299.18B | $220.79B | $266.65B | $346.43B | $731.89B |
| Receivables | $81.00B | $83.58B | $88.19B | $75.66B | $81.16B | $87.02B | $81.14B | $96.70B | $97.92B | $103.35B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $532.53B | $554.80B | $502.46B | $489.96B | $702.66B | $741.56B | $539.38B | $704.76B | $740.84B | $1.07T |
| Property, Plant & Equipment | $9.14B | $9.25B | $9.91B | $10.56B | $11.00B | $10.83B | $11.51B | $11.86B | $12.17B | $12.52B |
| Goodwill | $68.97B | $68.95B | $68.95B | $68.95B | $68.95B | $69.02B | $69.02B | $69.02B | $69.02B | $69.02B |
| Intangible Assets | $2.75B | $2.30B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $2.19T | $2.28T | $2.35T | $2.43T | $2.82T | $3.17T | $3.05T | $3.18T | $3.26T | $3.41T |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $194.24B | $209.53B | $207.18B | $189.31B | $189.64B | $216.08B | $222.57B | $315.99B | $375.15B | $48.09B |
| Total Current Liabilities | $1.67T | $1.75T | $1.82T | $1.89T | $2.24T | $2.58T | $2.46T | $2.34T | $2.43T | $2.56T |
| Long-term Debt | $216.82B | $227.40B | $229.39B | $240.86B | $262.93B | $280.12B | $275.98B | $302.20B | $283.28B | $317.82B |
| Total Liabilities | $1.92T | $2.01T | $2.09T | $2.17T | $2.55T | $2.90T | $2.78T | $2.89T | $2.97T | $3.11T |
| Retained Earnings | $101.22B | $113.82B | $136.31B | $156.32B | $164.09B | $188.06B | $207.00B | $224.67B | $242.35B | $261.69B |
| Total Equity | $266.19B | $267.15B | $265.32B | $264.81B | $272.92B | $270.07B | $273.20B | $291.65B | $295.56B | $303.24B |
| Total Debt | $411.06B | $436.93B | $436.57B | $430.17B | $452.58B | $496.20B | $498.55B | $618.19B | $658.43B | $365.90B |
| Net Debt | -$40.48B | -$34.28B | $22.30B | $15.86B | -$168.92B | -$158.34B | $40.30B | $10.12B | $15.51B | -$597.83B |
| Working Capital | -$1.13T | -$1.20T | -$1.32T | -$1.40T | -$1.53T | -$1.84T | -$1.92T | -$1.63T | -$1.69T | -$1.49T |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $246.51B | $231.84B | $242.48B | $28.62B |
| Total Assets | $3.40T | $3.41T | $3.50T | $3.50T |
| Total Liabilities | $3.10T | $3.11T | $3.20T | $3.20T |
| Total Equity | $304.15B | $303.24B | $300.67B | $301.09B |
| Total Debt | $707.77B | $365.90B | $383.59B | $732.06B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $17.91B | $18.23B | $28.15B | $27.43B | $17.89B | $31.98B | $27.53B | $26.52B | $27.13B | $30.51B |
| Depreciation & Amortization | $2.24B | $2.10B | $2.06B | $1.73B | $1.84B | $1.90B | $1.98B | $2.06B | $2.19B | $2.31B |
| Stock-based Compensation | $1.37B | $1.65B | $1.73B | $1.97B | $2.03B | $2.77B | $2.86B | $2.94B | $3.43B | $4.00B |
| Change in Working Capital | -$16.77B | -$30.08B | $1.26B | $13.17B | -$326.0M | -$39.92B | -$51.94B | $2.73B | -$48.55B | -$33.08B |
| Operating Cash Flow | $17.28B | $9.86B | $39.52B | $61.78B | $37.99B | -$7.19B | -$6.33B | $44.98B | -$8.80B | $12.61B |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$5.11B | -$12.81B | -$24.61B | -$28.14B | -$7.03B | -$25.13B | -$5.07B | -$4.58B | -$13.10B | -$24.10B |
| Dividends Paid | -$4.19B | -$5.70B | -$6.89B | -$5.93B | -$7.73B | -$8.05B | -$8.58B | -$9.09B | -$9.50B | -$9.56B |
| Free Cash Flow | $17.28B | $9.86B | $39.52B | $61.78B | $37.99B | -$7.19B | -$6.33B | $44.98B | -$8.80B | $12.61B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $46.87B | -$22.95B | $41.77B | $29.04B |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | $46.87B | -$22.95B | $41.77B | $29.04B |
| Dividends Paid | -$2.45B | -$2.36B | -$2.63B | -$2.33B |
| Stock-based Compensation | $1.02B | $969.0M | $1.03B | $1.12B |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.2% | +10.2% | +3.6% | -17.5% | +0.1% | +22.6% | +49.4% | +11.9% | -0.5% | |
| Net Income Growth (YoY) | +2.3% | +54.4% | -2.5% | -34.8% | +78.7% | -13.9% | -3.7% | +2.3% | +12.4% | |
| EPS Growth (YoY) | +3.2% | +62.0% | +4.9% | -32.1% | +91.5% | -10.8% | -3.4% | +4.8% | +19.4% | |
| Shares Change (YoY) | -2.4% | -5.0% | -7.8% | -6.8% | -2.7% | -4.6% | -1.1% | -2.9% | -3.8% | |
| FCF Growth (YoY) | -42.9% | +300.6% | +56.3% | -38.5% | -118.9% | +12.0% | +811.0% | -119.6% | +243.2% | |
| Gross Margin | 85.5% | 84.2% | 80.0% | 77.2% | 79.2% | 99.8% | 80.3% | 54.8% | 49.9% | 56.1% |
| Operating Margin | 26.7% | 29.4% | 31.5% | 28.8% | 20.3% | 36.2% | 26.9% | 16.5% | 15.2% | 19.7% |
| EBITDA Margin | 29.1% | 31.5% | 33.4% | 30.4% | 22.2% | 38.2% | 28.6% | 17.7% | 16.3% | 20.9% |
| Net Margin | 19.0% | 18.3% | 25.7% | 24.1% | 19.1% | 34.1% | 23.9% | 15.4% | 14.1% | 15.9% |
| FCF Margin | 18.4% | 9.9% | 36.0% | 54.4% | 40.5% | -7.7% | -5.5% | 26.2% | -4.6% | 6.6% |
| Effective Tax Rate | 28.8% | 37.6% | 18.6% | 16.3% | 5.8% | 5.9% | 11.1% | 6.4% | 7.3% | 19.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.56 | $0.92 | $3.86 | $6.54 | $4.32 | $-0.84 | $-0.77 | $5.57 | $-1.12 | $1.67 |
| Dividends Per Share | $0.38 | $0.53 | $0.67 | $0.63 | $0.88 | $0.94 | $1.05 | $1.12 | $1.21 | $1.27 |
| Shares Outstanding (Basic) | $10.28B | $10.20B | $10.10B | $9.39B | $8.75B | $8.49B | $8.11B | $8.03B | $7.74B | $7.36B |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 10.06% |
| Return on Invested Capital | 3.39% |
| Return on Assets | 0.89% |
| Gross Margin | 59.32% |
| Operating Margin | 22.47% |
| Net Margin | 17.24% |
Financial Health
| Debt / Equity | 2.43 |
| Current Ratio | 0.07 |
| Piotroski F-Score | 6 |
| Altman Z-Score | -0.25 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 13.99 | 18.11 | 9.33 | 12.71 | 16.12 | 12.36 | 10.32 | 10.86 | 13.52 | 14.18 |
| P/B | 0.85 | 1.13 | 0.94 | 1.25 | 0.97 | 1.40 | 0.98 | 0.93 | 1.15 | 1.34 |
| P/S | 2.43 | 3.03 | 2.27 | 2.91 | 2.83 | 4.03 | 2.34 | 1.57 | 1.77 | 2.11 |
| Gross Margin | 85.5% | 84.2% | 80.0% | 77.2% | 79.2% | 99.8% | 80.3% | 54.8% | 49.9% | 56.1% |
| Operating Margin | 26.7% | 29.4% | 31.5% | 28.8% | 20.3% | 36.2% | 26.9% | 16.5% | 15.2% | 19.7% |
| Net Margin | 19.0% | 18.3% | 25.7% | 24.1% | 19.1% | 34.1% | 23.9% | 15.4% | 14.1% | 15.9% |
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