BAC (Bank of America Corporation) Stock Financials & Earnings

Company Info & Key Metrics

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large...

CEOBrian Thomas Moynihan

Country🇺🇸 United States

ExchangeNYSE

IPOFeb 21, 1973

www.bankofamerica.com

Revenue$46.9B

YoY Growth-0.2%

QoQ Growth-2.8%

Net Income$7.6B

EPS$0.97

Free Cash Flow-$22.9B

Gross Margin57.7%

Op. Margin20.5%

Net Margin16.3%

FCF Margin-48.9%

Rev Multiple (TTM)1.9x

P/E Ratio (TTM)11.4x

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$40.5B	$25.3B	$9.1B
Q2 23	$43.4B	$24.1B	$8.0B
Q3 23	$44.4B	$23.9B	$8.1B
Q4 23	$43.6B	$20.9B	$3.1B
Q1 24	$48.1B	$24.5B	$7.3B
Q2 24	$48.5B	$23.9B	$7.6B
Q3 24	$48.9B	$23.8B	$7.3B
Q4 24	$47.0B	$23.9B	$7.1B
Q1 25	$47.0B	$25.9B	$8.1B
Q2 25	$46.7B	$24.9B	$7.7B
Q3 25	$48.2B	$26.8B	$9.5B
Q4 25	$46.9B	$27.1B	$9.6B

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	1.8x	8.0x
Q2 23	1.6x	7.9x
Q3 23	1.3x	7.0x
Q4 23	1.6x	10.3x
Q1 24	1.7x	11.8x
Q2 24	1.7x	12.8x
Q3 24	1.6x	13.0x
Q4 24	1.8x	12.5x
Q1 25	1.7x	11.5x
Q2 25	1.9x	12.6x
Q3 25	2.1x	13.2x
Q4 25	2.2x	13.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$11.3B	-$11.3B
Q2 23	$11.8B	$11.8B
Q3 23	$11.8B	$11.8B
Q4 23	$32.7B	$32.7B
Q1 24	-$15.5B	-$15.5B
Q2 24	$18.1B	$18.1B
Q3 24	-$37.3B	-$37.3B
Q4 24	$25.9B	$25.9B
Q1 25	-$2.2B	-$2.2B
Q2 25	-$9.1B	-$9.1B
Q3 25	$46.9B	$46.9B
Q4 25	-$22.9B	-$22.9B

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+64.8%	+88.2%
Q2 23	+72.1%	+92.9%
Q3 23	+46.3%	+64.7%
Q4 23	+25.0%	+49.9%
Q1 24	+18.8%	+30.1%
Q2 24	+11.8%	+15.9%
Q3 24	+10.0%	+14.4%
Q4 24	+7.6%	-1.6%
Q1 25	-2.3%	-4.7%
Q2 25	-3.8%	-4.9%
Q3 25	-1.3%	-6.7%
Q4 25	-0.2%	-6.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$794M	2.0%
Q2 23	$832M	1.9%
Q3 23	$588M	1.3%
Q4 23	$728M	1.7%
Q1 24	$865M	1.8%
Q2 24	$845M	1.7%
Q3 24	$832M	1.7%
Q4 24	$891M	1.9%
Q1 25	$999M	2.1%
Q2 25	$1.0B	2.2%
Q3 25	$1.0B	2.1%
Q4 25	$969M	2.1%

OpEx Breakdown

Quarter	G&A	S&M
Q1 23	$10.9B	$1.3B
Q2 23	$10.6B	$1.5B
Q3 23	$10.4B	$1.4B
Q4 23	$10.3B	$1.3B
Q1 24	$12.5B	$1.3B
Q2 24	$10.7B	$1.4B
Q3 24	$10.8B	$1.4B
Q4 24	$10.9B	$1.4B
Q1 25	$11.9B	$1.4B
Q2 25	$14.6B	$563M
Q3 25	$14.8B	$572M
Q4 25	$16.9B	$563M

Revenue Segments

Quarter	Card income	Debt securities	Federal funds sold and securities borrowed or purchased under agreements to resell	Investment And Brokerage Services	Investment Banking Fees	Loans and Leases	Market making and similar activities	Service Charges	Trading account assets	other interest income	other income
Q1 23	$1.5B	$5.5B	$3.7B	$3.9B	$1.2B	$13.1B	$4.7B	$1.4B	$2.0B	$4.4B	—
Q2 23	$1.5B	$4.7B	$5.0B	$3.8B	$1.2B	$14.0B	$3.7B	$1.4B	$2.1B	$6.7B	—
Q3 23	$1.5B	$4.7B	$4.9B	$4.0B	$1.2B	$14.8B	$3.3B	$1.5B	$2.2B	$7.0B	$672M
Q4 23	$1.5B	$5.4B	$5.1B	$3.9B	$1.1B	$15.2B	$998M	$1.4B	$2.5B	$7.4B	—
Q1 24	$1.5B	$6.1B	$5.2B	$4.2B	$1.6B	$15.2B	$3.9B	$1.4B	$2.5B	$7.3B	—
Q2 24	$1.6B	$6.3B	$5.2B	$4.3B	$1.6B	$15.3B	$3.3B	$1.5B	$2.5B	$7.5B	—
Q3 24	$1.6B	$6.8B	$5.2B	$4.5B	$1.4B	$15.7B	$3.3B	$1.6B	$2.7B	$7.0B	—
Q4 24	$1.6B	$6.7B	$4.4B	$4.7B	$1.7B	$15.7B	$2.5B	$1.6B	$2.7B	$6.5B	—
Q1 25	$1.5B	$6.8B	$3.8B	$4.8B	$1.5B	$15.2B	$3.6B	$1.6B	$3.0B	$5.3B	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$387.9B	$10.1B	$398.0B
Q2 23	$381.5B	$132.0B	$513.5B
Q3 23	$359.7B	$165.6B	$525.3B
Q4 23	$341.4B	$266.6B	$608.1B
Q1 24	$321.3B	$313.1B	$634.3B
Q2 24	$329.0B	$291.3B	$620.3B
Q3 24	$303.7B	$315.7B	$619.5B
Q4 24	$296.5B	$346.4B	$642.9B
Q1 25	$280.9B	$376.2B	$657.1B
Q2 25	$275.4B	$378.0B	$653.4B
Q3 25	$246.5B	$711.2B	$957.7B
Q4 25	$231.8B	$731.9B	$963.7B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	8.18B	+0.3%
Q2 23	8.08B	-1.2%
Q3 23	8.08B	-0.1%
Q4 23	8.06B	-0.2%
Q1 24	8.03B	-0.4%
Q2 24	7.96B	-0.9%
Q3 24	7.90B	-0.7%
Q4 24	7.84B	-0.7%
Q1 25	7.77B	-0.9%
Q2 25	7.65B	-1.5%
Q3 25	7.63B	-0.3%
Q4 25	7.55B	-1.1%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$432K	224K
FY 15	$439K	213K
FY 16	$450K	208K
FY 17	$476K	209K
FY 18	$537K	204K
FY 19	$546K	208K
FY 20	$440K	213K
FY 21	$451K	208K
FY 22	$530K	217K
FY 23	$807K	213K
FY 24	$903K	213K
FY 25	$886K	213K