Bank of America (BAC) FY2018 results: revenue $91.0 billion, up 4.5% on the year
Bank of America Corp. (BAC) reported revenue of $91.0 billion for fiscal 2018, the year ended 31 December 2018, up 4.5% on the year before. Net income was $28.1 billion, up 54.4%, and diluted earnings per share $2.61. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2019.
Revenue
$91.0 billion
+4.5% on the year
FY2011FY2018
Operating margin
n/a
FY2011FY2018
Net income
$28.1 billion
+54.4% on the year
FY2011FY2018
Diluted EPS
$2.61
+67.3% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
91,020
87,126
83,701
+4.5%
Interest expense
18,607
12,340
9,961
+50.8%
Pre-tax income
34,584
29,213
25,021
+18.4%
Income tax
6,437
10,981
7,199
-41.4%
Effective tax rate
18.6%
37.6%
28.8%
Net income
28,147
18,232
17,822
+54.4%
Net margin
30.9%
20.9%
21.3%
Diluted EPS
$2.61
$1.56
$1.50
+67.3%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
39,520
9,864
17,277
+300.6%
Cash from investing
-71,468
-51,541
-62,285
Cash from financing
53,118
49,268
33,153
+7.8%
Depreciation and amortisation
2,063
2,103
n/a
-1.9%
Share-based compensation
1,729
1,649
1,367
+4.9%
Buybacks
20,094
12,814
5,112
+56.8%
Dividends paid
6,895
5,700
4,194
+21.0%
Dividend per share
$0.54
$0.39
$0.25
+38.5%
Diluted shares, weighted
10,237m
10,778m
11,036m
-5.0%
Shares outstanding at period end
9,669m
10,287m
10,053m
-6.0%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
265,325
267,146
266,195
-0.7%
Deposits
1,381,476
1,309,545
1,260,934
+5.5%
Repurchase agreements
186,988
176,865
170,291
+5.7%
Trading liabilities
68,220
81,187
63,031
-16.0%
Debt
436,569
436,933
411,058
-0.1%
Other liabilities
15,929
9,558
16,193
+66.7%
Total liabilities and equity
2,354,507
2,281,234
2,187,702
+3.2%
Fixed assets
9,906
9,247
9,139
+7.1%
Goodwill
68,951
68,951
68,969
0.0%
Intangible assets
1,800
2,312
2,922
-22.1%
Securities held for sale or to maturity
433,018
427,644
117,071
+1.3%
Loans
937,294
926,356
895,446
+1.2%
Resale agreements
261,131
212,747
198,224
+22.7%
Trading assets
214,348
209,358
180,209
+2.4%
Cash and equivalents
177,404
157,434
147,738
+12.7%
Other assets
250,655
267,185
567,984
-6.2%
Total assets
2,354,507
2,281,234
2,187,702
+3.2%
10-K for the year ended 31 December 2018, filed 26 February 2019: the filing.