Bank of America (BAC) FY2023 results: revenue $102.8 billion, up 8.2% on the year
Bank of America Corp. (BAC) reported revenue of $102.8 billion for fiscal 2023, the year ended 31 December 2023, up 8.2% on the year before. Net income was $26.3 billion, down 4.4%, and diluted earnings per share $3.08. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.
Revenue
$102.8 billion
+8.2% on the year
FY2016FY2023
Operating margin
n/a
FY2016FY2023
Net income
$26.3 billion
-4.4% on the year
FY2016FY2023
Diluted EPS
$3.08
-3.4% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
44,982
-6,327
-7,193
Cash from investing
-35,387
-2,529
-313,291
Cash from financing
93,345
-106,039
291,650
Depreciation and amortisation
2,057
1,978
1,898
+4.0%
Share-based compensation
2,942
2,862
2,768
+2.8%
Buybacks
4,576
5,073
25,126
-9.8%
Dividends paid
9,087
8,576
8,055
+6.0%
Dividend per share
$0.92
$0.86
$0.78
+7.0%
Diluted shares, weighted
8,080m
8,168m
8,558m
-1.1%
Shares outstanding at period end
7,895m
7,997m
8,078m
-1.3%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
290,209
273,197
270,066
+6.2%
Deposits
1,923,827
1,930,341
2,064,446
-0.3%
Repurchase agreements
283,887
195,635
192,329
+45.1%
Trading liabilities
95,530
80,399
100,690
+18.8%
Debt
618,189
498,549
496,199
+24.0%
Other liabilities
n/a
73,254
45,765
Total liabilities and equity
3,180,151
3,051,375
3,169,495
+4.2%
Fixed assets
11,855
11,510
10,833
+3.0%
Goodwill
69,021
69,022
69,022
-0.0%
Intangible assets
2,000
2,100
2,200
-4.8%
Securities held for sale or to maturity
861,204
853,613
973,769
+0.9%
Loans
1,040,390
1,033,065
966,737
+0.7%
Resale agreements
280,624
267,574
250,720
+4.9%
Trading assets
277,354
296,108
247,080
-6.3%
Cash and equivalents
333,073
230,203
348,221
+44.7%
Other assets
304,630
288,180
300,913
+5.7%
Total assets
3,180,151
3,051,375
3,169,495
+4.2%
10-K for the year ended 31 December 2023, filed 20 February 2024: the filing.