Detailed financial statements for Bank of New York Mellon Corp (BNY): 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.
The Bank of New York Mellon Corp. is a holding company, which engages in the provision of financial services. It operates through the following segments: Securities Services, Market and Wealth Services, Investment and Wealth Management, and Other. The Securities Services segment includes the Asset Servicing business, which provides global custody, fund accounting, integrated middle-office solutions, transfer agency and data, and analytics solutions.
Analysis Summary
Bank of New York Mellon Corp reported revenue of $40.44B in the most recent fiscal year, growing at a 5-year CAGR of 19.5%. Net income reached $5.55B, with a 8.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 52.5%, operating margin 19.7%, net margin 15.6%. Free cash flow grew at 6.3% CAGR over 5 years.
At the current price of $143.75, BNY trades at a P/E of 16.97 and an ROE of 14.18%. Market capitalisation stands at $98.7B, placing it among large-cap names.
Balance sheet quality for BNY: current ratio of 0.7, net cash position of $156.81B. 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 strong: free cash flow of $5.18B represents 93% 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 | $15.27B | $16.20B | $18.81B | $20.45B | $16.60B | $15.86B | $19.80B | $33.79B | $39.55B | $40.44B |
| Cost of Revenue | $426.0M | $1.05B | $2.81B | $4.33B | $1.47B | -$4.0M | $3.65B | $16.42B | $21.36B | $20.65B |
| Gross Profit | $14.84B | $15.15B | $16.00B | $16.11B | $15.14B | $15.86B | $16.15B | $17.37B | $18.19B | $19.79B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $5.81B | $6.03B | $6.14B | $6.06B | $5.97B | $6.34B | $6.80B | $6.83B | $6.89B | $6.95B |
| Operating Expenses | $10.12B | $10.54B | $10.80B | $10.53B | $10.67B | $11.22B | $12.67B | $13.09B | $12.34B | $12.73B |
| Operating Income | $4.72B | $4.61B | $5.19B | $5.59B | $4.47B | $4.65B | $3.48B | $4.28B | $5.85B | $7.06B |
| EBITDA | $6.23B | $6.08B | $6.53B | $6.90B | $6.10B | $6.51B | $5.26B | $6.17B | $7.65B | $8.91B |
| Interest Expense | $437.0M | $1.07B | $2.82B | $4.36B | $1.13B | $227.0M | $3.61B | $16.30B | $21.30B | $20.68B |
| Pre-tax Income | $4.72B | $4.61B | $5.19B | $5.59B | $4.47B | $4.65B | $3.48B | $4.28B | $5.85B | $7.06B |
| Income Tax | $1.18B | $496.0M | $938.0M | $1.12B | $842.0M | $877.0M | $937.0M | $979.0M | $1.30B | $1.48B |
| Net Income | $3.55B | $4.09B | $4.27B | $4.44B | $3.62B | $3.76B | $2.56B | $3.30B | $4.53B | $5.55B |
| EPS | $3.16 | $3.74 | $4.06 | $4.53 | $3.84 | $4.17 | $2.91 | $3.91 | $5.84 | $7.46 |
| EPS (Diluted) | $3.15 | $3.72 | $4.04 | $4.51 | $3.83 | $4.15 | $2.90 | $3.89 | $5.80 | $7.41 |
| Shares Outstanding (Diluted) | $1.07B | $1.04B | $1.04B | $943.1M | $892.5M | $856.4M | $814.8M | $787.8M | $748.1M | $704.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $10.36B | $10.07B | $9.86B | $10.19B |
| Gross Profit | $5.01B | $5.13B | $5.42B | $5.71B |
| Operating Income | $1.85B | $1.84B | $2.02B | $2.27B |
| EBITDA | $2.28B | $2.40B | $2.43B | $2.67B |
| Net Income | $1.45B | $1.46B | $1.63B | $1.76B |
| EPS | $1.90 | $2.02 | $2.26 | $2.45 |
| EPS (Diluted) | $1.88 | $2.02 | $2.24 | $2.43 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $77.95B | $108.87B | $88.00B | $114.68B | $162.16B | $121.34B | $107.36B | $125.19B | $101.94B | $131.52B |
| Short-term Investments | $101.88B | $110.93B | $137.11B | $129.08B | $150.85B | $145.41B | $118.20B | $113.74B | $98.67B | $59.17B |
| Receivables | $7.51B | $8.03B | $6.74B | $5.92B | $5.72B | $5.90B | $6.92B | $8.59B | $7.08B | $81.81B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $188.61B | $229.65B | $233.60B | $251.64B | $320.76B | $275.07B | $234.89B | $250.07B | $210.46B | $272.49B |
| Property, Plant & Equipment | $1.30B | $1.63B | $1.83B | $3.62B | $3.60B | $3.43B | $3.26B | $3.16B | $3.27B | $3.58B |
| Goodwill | $17.32B | $17.56B | $17.35B | $17.39B | $17.50B | $17.51B | $16.15B | $16.26B | $16.60B | $16.77B |
| Intangible Assets | $5.05B | $4.91B | $4.87B | $4.70B | $4.90B | $5.09B | $5.16B | $5.28B | $5.53B | $2.82B |
| Total Assets | $333.47B | $371.76B | $362.87B | $381.51B | $469.63B | $444.44B | $405.78B | $409.88B | $416.06B | $472.30B |
| Accounts Payable | $20.99B | $20.18B | $19.73B | $18.76B | $25.09B | $25.15B | $23.43B | $18.39B | $20.07B | $21.87B |
| Short-term Debt | $10.74B | $18.24B | $16.18B | $15.36B | $11.30B | $11.57B | $12.34B | $14.51B | $14.37B | $2.00B |
| Total Current Liabilities | $254.09B | $283.95B | $275.89B | $295.24B | $380.27B | $358.95B | $317.31B | $319.11B | $325.96B | $386.86B |
| Long-term Debt | $25.22B | $31.01B | $32.39B | $28.10B | $26.33B | $26.68B | $30.86B | $31.74B | $31.08B | $31.87B |
| Total Liabilities | $293.89B | $330.01B | $322.00B | $339.78B | $423.51B | $401.05B | $364.93B | $368.97B | $374.30B | $427.49B |
| Retained Earnings | $22.62B | $25.64B | $28.65B | $31.89B | $34.24B | $36.67B | $37.86B | $39.55B | $42.54B | $46.40B |
| Total Equity | $38.81B | $41.25B | $40.64B | $41.48B | $45.80B | $43.03B | $40.73B | $40.77B | $41.32B | $44.31B |
| Total Debt | $35.96B | $49.24B | $48.57B | $43.46B | $37.64B | $38.25B | $43.19B | $46.24B | $45.44B | $33.88B |
| Net Debt | -$143.87B | -$170.56B | -$176.54B | -$200.31B | -$275.37B | -$228.50B | -$182.37B | -$192.68B | -$155.17B | -$156.81B |
| Working Capital | -$65.48B | -$54.31B | -$42.29B | -$43.60B | -$59.51B | -$83.88B | -$82.42B | -$69.05B | -$115.50B | -$114.37B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $119.86B | $131.52B | $187.04B | $7.48B |
| Total Assets | $455.31B | $472.30B | $561.52B | $525.02B |
| Total Liabilities | $410.95B | $427.49B | $516.20B | $479.67B |
| Total Equity | $43.88B | $44.31B | $44.78B | $44.66B |
| Total Debt | $51.52B | $33.88B | $53.27B | $35.18B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $3.55B | $4.09B | $4.27B | $4.44B | $3.62B | $3.76B | $2.57B | $3.29B | $4.53B | $5.55B |
| Depreciation & Amortization | $1.50B | $1.47B | $1.34B | $1.31B | $1.63B | $1.87B | $1.64B | $1.89B | $1.80B | $1.85B |
| Stock-based Compensation | $364.0M | 0 | 0 | $306.0M | $231.0M | $324.0M | $365.0M | 0 | 0 | 0 |
| Change in Working Capital | $1.04B | -$889.0M | $934.0M | -$5.54B | -$294.0M | -$2.80B | $9.55B | $925.0M | -$5.45B | -$813.0M |
| Operating Cash Flow | $6.25B | $4.64B | $6.00B | $96.0M | $5.04B | $2.84B | $15.07B | $5.91B | $687.0M | $6.73B |
| Capital Expenditure | -$825.0M | -$1.20B | -$1.11B | -$1.21B | -$1.22B | -$1.22B | -$1.35B | -$1.22B | -$1.47B | -$1.55B |
| Acquisitions | -$37.0M | -$24.93B | $84.0M | -$9.48B | -$46.21B | -$162.0M | $446.0M | 0 | 0 | 0 |
| Stock Repurchased | -$2.40B | -$2.69B | -$3.27B | -$3.33B | -$989.0M | -$4.57B | -$124.0M | -$3.10B | -$3.06B | -$4.54B |
| Dividends Paid | -$900.0M | -$1.08B | -$1.22B | -$1.29B | -$1.30B | -$1.32B | -$1.38B | -$1.49B | -$1.54B | -$1.69B |
| Free Cash Flow | $5.42B | $3.44B | $4.89B | -$1.11B | $3.82B | $1.62B | $13.72B | $4.69B | -$782.0M | $5.18B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$1.06B | $5.18B | -$3.01B | $2.46B |
| Capital Expenditure | -$438.0M | -$436.0M | -$617.0M | -$487.0M |
| Free Cash Flow | -$1.50B | $4.75B | -$3.63B | $1.98B |
| Dividends Paid | -$477.0M | -$416.0M | -$434.0M | -$453.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.1% | +16.1% | +8.7% | -18.8% | -4.5% | +24.8% | +70.7% | +17.1% | +2.2% | |
| Net Income Growth (YoY) | +15.3% | +4.3% | +4.1% | -18.6% | +3.9% | -32.0% | +29.2% | +37.2% | +22.5% | |
| EPS Growth (YoY) | +18.4% | +8.6% | +11.6% | -15.2% | +8.6% | -30.2% | +34.4% | +49.4% | +27.7% | |
| Shares Change (YoY) | -3.0% | +0.0% | -9.3% | -5.4% | -4.1% | -4.9% | -3.3% | -5.0% | -5.8% | |
| FCF Growth (YoY) | -36.5% | +41.9% | -122.8% | +442.5% | -57.5% | +745.5% | -65.8% | -116.7% | +762.0% | |
| Gross Margin | 97.2% | 93.5% | 85.1% | 78.8% | 91.2% | 100.0% | 81.6% | 51.4% | 46.0% | 48.9% |
| Operating Margin | 30.9% | 28.5% | 27.6% | 27.3% | 26.9% | 29.3% | 17.6% | 12.7% | 14.8% | 17.5% |
| EBITDA Margin | 40.8% | 37.6% | 34.7% | 33.8% | 36.7% | 41.1% | 26.6% | 18.3% | 19.3% | 22.0% |
| Net Margin | 23.2% | 25.3% | 22.7% | 21.7% | 21.8% | 23.7% | 12.9% | 9.8% | 11.5% | 13.7% |
| FCF Margin | 35.5% | 21.3% | 26.0% | -5.4% | 23.0% | 10.2% | 69.3% | 13.9% | -2.0% | 12.8% |
| Effective Tax Rate | 24.9% | 10.8% | 18.1% | 20.0% | 18.8% | 18.9% | 26.9% | 22.9% | 22.3% | 20.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $5.06 | $3.31 | $4.70 | $-1.18 | $4.28 | $1.90 | $16.84 | $5.96 | $-1.05 | $7.35 |
| Dividends Per Share | $0.84 | $1.03 | $1.17 | $1.37 | $1.45 | $1.54 | $1.69 | $1.89 | $2.06 | $2.39 |
| Shares Outstanding (Basic) | $1.07B | $1.03B | $1.04B | $939.6M | $890.8M | $851.9M | $811.1M | $784.1M | $742.6M | $704.7M |
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 | 14.18% |
| Return on Invested Capital | 2.90% |
| Return on Assets | 1.20% |
| Gross Margin | 52.52% |
| Operating Margin | 19.71% |
| Net Margin | 15.56% |
Financial Health
| Debt / Equity | 0.79 |
| Current Ratio | 40.62 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 14.99 | 14.40 | 11.59 | 11.11 | 11.05 | 13.93 | 15.64 | 13.31 | 13.16 | 15.56 |
| P/B | 1.30 | 1.35 | 1.20 | 1.14 | 0.83 | 1.15 | 0.91 | 1.00 | 1.38 | 1.85 |
| P/S | 3.31 | 3.44 | 2.60 | 2.31 | 2.28 | 3.12 | 1.86 | 1.21 | 1.44 | 2.02 |
| Gross Margin | 97.2% | 93.5% | 85.1% | 78.8% | 91.2% | 100.0% | 81.6% | 51.4% | 46.0% | 48.9% |
| Operating Margin | 30.9% | 28.5% | 27.6% | 27.3% | 26.9% | 29.3% | 17.6% | 12.7% | 14.8% | 17.5% |
| Net Margin | 23.2% | 25.3% | 22.7% | 21.7% | 21.8% | 23.7% | 12.9% | 9.8% | 11.5% | 13.7% |
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