Bank of America Corp. Q4 FY2025 results: the quarter the year does not yet give
Bank of America Corp. (BAC) files the full year and not its fourth quarter on its own, and for Q4 FY2025, the quarter ended 31 December 2025, the year less the first three quarters would not be a quarter of anything: the annual report changed the basis of the year (a business sold or spun off, a line regrouped). The figures fill in once the three quarters are refiled on the new basis. The year itself is on the company's page, from the 10-K filed with the SEC on 25 February 2026.
The quarter, against the one before and a year earlier
| Line | Q4 FY2025 | Q3 FY2025 | Q4 FY2024 | Change on the year |
|---|---|---|---|---|
| Revenue | n/a | 28,088 | 25,347 | n/a |
| Pre-tax income | n/a | 9,456 | 7,108 | n/a |
| Income tax | n/a | 987 | 443 | n/a |
| Effective tax rate | n/a | 10.4% | 6.2% | |
| Net income | n/a | 8,469 | 6,665 | n/a |
| Net margin | n/a | 30.2% | 26.3% | |
| Diluted EPS | n/a | $1.06 | $0.81 | n/a |
$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned
| Line | Q4 FY2025 | Q3 FY2025 | Q4 FY2024 | Change on the year |
|---|---|---|---|---|
| Operating cash flow | n/a | 46,874 | 25,914 | n/a |
| Depreciation and amortisation | n/a | 584 | 559 | n/a |
| Share-based compensation | n/a | 1,018 | 891 | n/a |
| Buybacks | n/a | 5,300 | 3,535 | n/a |
| Dividend per share | $0.28 | $0.28 | $0.26 | +7.7% |
| Diluted shares, weighted | 7,681m | 7,627m | 7,936m | -3.2% |
| Shares outstanding at period end | 7,212m | 7,329m | 7,611m | -5.2% |
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet at quarter end
| Line | Q4 FY2025 | Q3 FY2025 | Q4 FY2024 | Change on the year |
|---|---|---|---|---|
| Total assets | 3,411,738 | 3,403,716 | 3,261,519 | +4.6% |
| Cash and equivalents | 231,845 | 246,507 | 290,114 | -20.1% |
| Goodwill | 69,021 | 69,021 | 69,021 | +0.0% |
| Long-term debt | 317,816 | 311,484 | 283,279 | +12.2% |
| Shareholders' equity | 303,243 | 304,152 | 295,559 | +2.6% |
Quarterly results, the last 12 quarters
| Q3 FY2023 | Q4 FY2023 * | Q1 FY2024 | Q2 FY2024 | Q3 FY2024 | Q4 FY2024 * | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 * | Q1 FY2026 | Q2 FY2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 25,167 | 21,959 | 25,818 | 25,377 | 25,345 | 25,347 | 27,366 | 26,463 | 28,088 | n/a | 30,272 | 31,558 |
| Interest expense | 19,245 | 21,683 | 22,253 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Pre-tax income | 8,095 | 3,124 | 7,262 | 7,560 | 7,324 | 7,108 | 8,116 | 7,688 | 9,456 | n/a | 10,404 | 11,565 |
| Tax rate | 4% | -1% | 8% | 9% | 6% | 6% | 9% | 7% | 10% | n/a | 17% | 22% |
| Net income | 7,802 | 3,144 | 6,674 | 6,897 | 6,896 | 6,665 | 7,396 | 7,116 | 8,469 | n/a | 8,584 | 9,074 |
| Net margin | 31% | 14% | 26% | 27% | 27% | 26% | 27% | 27% | 30% | n/a | 28% | 29% |
| Diluted EPS | $0.90 | $0.36 | $0.76 | $0.83 | $0.81 | $0.81 | $0.90 | $0.89 | $1.06 | n/a | $1.11 | $1.21 |
| Operating cash flow | 11,772 | 32,724 | -15,539 | 18,096 | -37,276 | 25,914 | -2,184 | -9,132 | 46,874 | n/a | 41,770 | 29,043 |
| Buybacks | 1,000 | 811 | 2,500 | 3,535 | 3,534 | 3,535 | 4,521 | 5,302 | 5,300 | n/a | 7,240 | 6,006 |
| Shares outstanding | 7,923m | 7,895m | 7,867m | 7,775m | 7,689m | 7,611m | 7,560m | 7,437m | 7,329m | 7,212m | 7,130m | 7,018m |
| Filing | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q |
* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter left blank is one the arithmetic cannot give yet: the annual report changed the basis of the year (a business sold or spun off, a line regrouped), so the year less the three quarters as first filed would not be a quarter of anything. It fills in once the three quarters have been refiled on the new basis. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.
Source
10-K for the period ended 31 December 2025, filed 25 February 2026, accession 0000070858-26-000157: the filing on EDGAR. All of Bank of America Corp.'s filings: EDGAR company page.
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