Bank of America (BAC) FY2019 results: revenue $91.2 billion, up 0.2% on the year
Bank of America Corp. (BAC) reported revenue of $91.2 billion for fiscal 2019, the year ended 31 December 2019, up 0.2% on the year before. Net income was $27.4 billion, down 2.5%, and diluted earnings per share $2.75. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2020.
Revenue
$91.2 billion
+0.2% on the year
FY2012FY2019
Operating margin
n/a
FY2012FY2019
Net income
$27.4 billion
-2.5% on the year
FY2012FY2019
Diluted EPS
$2.75
+5.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
91,244
91,020
87,126
+0.2%
Interest expense
22,345
18,607
12,340
+20.1%
Pre-tax income
32,754
34,584
29,213
-5.3%
Income tax
5,324
6,437
10,981
-17.3%
Effective tax rate
16.3%
18.6%
37.6%
Net income
27,430
28,147
18,232
-2.5%
Net margin
30.1%
30.9%
20.9%
Diluted EPS
$2.75
$2.61
$1.56
+5.4%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
61,777
39,520
9,864
+56.3%
Cash from investing
-80,630
-71,468
-51,541
Cash from financing
3,377
53,118
49,268
-93.6%
Depreciation and amortisation
1,729
2,063
2,103
-16.2%
Share-based compensation
1,974
1,729
1,649
+14.2%
Buybacks
28,144
20,094
12,814
+40.1%
Dividends paid
5,934
6,895
5,700
-13.9%
Dividend per share
$0.66
$0.54
$0.39
+22.2%
Diluted shares, weighted
9,443m
10,237m
10,778m
-7.8%
Shares outstanding at period end
8,836m
9,669m
10,287m
-8.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
264,810
265,325
267,146
-0.2%
Deposits
1,434,803
1,381,476
1,309,545
+3.9%
Repurchase agreements
165,109
186,988
176,865
-11.7%
Trading liabilities
83,270
68,220
81,187
+22.1%
Debt
430,169
436,569
436,933
-1.5%
Other liabilities
55,918
15,929
9,558
+251.0%
Total liabilities and equity
2,434,079
2,354,507
2,281,234
+3.4%
Fixed assets
10,561
9,906
9,247
+6.6%
Goodwill
68,951
68,951
68,951
0.0%
Intangible assets
1,700
1,800
2,312
-5.6%
Securities held for sale or to maturity
461,369
433,018
427,644
+6.5%
Loans
974,010
937,294
926,356
+3.9%
Resale agreements
274,597
261,131
212,747
+5.2%
Trading assets
229,826
214,348
209,358
+7.2%
Cash and equivalents
161,560
177,404
157,434
-8.9%
Other assets
251,505
250,655
267,185
+0.3%
Total assets
2,434,079
2,354,507
2,281,234
+3.4%
10-K for the year ended 31 December 2019, filed 19 February 2020: the filing.