Bank of America (BAC) FY2014 results: revenue $85.9 billion, down 1.8% on the year
Bank of America Corp. (BAC) reported revenue of $85.9 billion for fiscal 2014, the year ended 31 December 2014, down 1.8% on the year before. Net income was $5.5 billion, down 47.6%, and diluted earnings per share $0.36. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2015.
Revenue
$85.9 billion
-1.8% on the year
FY2007FY2014
Operating margin
n/a
FY2007FY2014
Net income
$5.5 billion
-47.6% on the year
FY2007FY2014
Diluted EPS
$0.36
-60.0% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
85,894
87,502
83,334
-1.8%
Interest expense
10,934
12,755
16,744
-14.3%
Pre-tax income
7,963
14,733
3,072
-46.0%
Income tax
2,443
4,194
-1,116
-41.8%
Effective tax rate
30.7%
28.5%
-36.3%
Net income
5,520
10,539
4,188
-47.6%
Net margin
6.4%
12.0%
5.0%
Diluted EPS
$0.36
$0.90
$0.25
-60.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
n/a
92,817
-16,056
Capital expenditure
1,160
521
n/a
+122.6%
Free cash flow
n/a
92,296
n/a
Cash from investing
n/a
25,058
-34,979
Cash from financing
n/a
-95,442
42,416
Share-based compensation
78.0
363
2,270
-78.5%
Buybacks
1,675
3,220
0.0
-48.0%
Dividends paid
2,306
1,677
1,909
+37.5%
Dividend per share
$0.12
$0.04
$0.04
+200.0%
Diluted shares, weighted
10,585m
11,491m
10,841m
-7.9%
Shares outstanding at period end
10,517m
10,592m
10,778m
-0.7%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
243,471
232,685
236,956
+4.6%
Deposits
1,118,936
1,119,271
1,105,261
-0.0%
Repurchase agreements
201,277
198,106
n/a
+1.6%
Trading liabilities
74,192
83,469
73,587
-11.1%
Debt
475,588
493,779
599,575
-3.7%
Other liabilities
n/a
n/a
194,595
Total liabilities and equity
2,104,534
2,102,273
2,209,974
+0.1%
Fixed assets
10,049
10,475
11,858
-4.1%
Goodwill
69,777
69,844
69,976
-0.1%
Intangible assets
4,612
5,574
6,684
-17.3%
Securities held for sale or to maturity
344,040
291,101
360,331
+18.2%
Loans
861,685
910,805
883,640
-5.4%
Resale agreements
191,823
190,328
n/a
+0.8%
Trading assets
191,785
200,993
227,775
-4.6%
Cash and equivalents
138,589
131,322
110,752
+5.5%
Other assets
292,174
291,831
538,958
+0.1%
Total assets
2,104,534
2,102,273
2,209,974
+0.1%
10-K for the year ended 31 December 2014, filed 25 February 2015: the filing.