Bank of America (BAC) Q4 FY2025 earnings: revenue $28.4 billion, up 11.9% on the year

Bank of America Corp. (BAC) reported revenue of $28.4 billion for Q4 FY2025, the quarter ended 31 December 2025, up 11.9% on the same quarter a year earlier. Net income was $7.6 billion, up 14.7% on the year, and diluted earnings per share $0.98. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue

$28.4 billion

+11.9% on the year · -2.3% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

n/a

Q1 FY2024Q4 FY2025

Net income

$7.6 billion

+14.7% on the year · -8.2% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.98

+21.0% on the year · -5.8% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Net income and EPS rose 18%: Net income was $7.6 billion, compared with $6.8 billion a year earlier. Diluted EPS was $0.98, against $0.83, an increase of 18%.
Revenue rose 7% on net interest income: Revenue, net of interest expense, was $28.4 billion, up 7% from a year earlier. Asset management fees and sales and trading revenue also contributed to the increase.
Net interest income rose on repricing: The company named fixed-rate asset repricing and balance growth as the main drivers, with lower interest rates the offsetting factor.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	28,367	29,040	25,347	-2.3%	+11.9%
Pre-tax income	9,622	10,408	7,108	-7.6%	+35.4%
Income tax	1,975	2,076	443	-4.9%	+345.8%
Effective tax rate	20.5%	19.9%	6.2%
Net income	7,647	8,332	6,665	-8.2%	+14.7%
Net margin	27.0%	28.7%	26.3%
Diluted EPS	$0.98	$1.04	$0.81	-5.8%	+21.0%

$ 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	-22,945	46,874	25,914
Cash from investing	-1,172	1,943	9,410
Cash from financing	10,047	-67,990	-36,768
Depreciation and amortisation	594	584	559	+1.7%	+6.3%
Share-based compensation	969	1,018	891	-4.8%	+8.8%
Buybacks	6,310	5,300	3,535	+19.1%	+78.5%
Dividends paid	2,360	2,451	2,275	-3.7%	+3.7%
Dividend per share	$0.28	$0.28	$0.26	0.0%	+7.7%
Diluted shares, weighted	7,681m	7,627m	7,936m	+0.7%	-3.2%
Shares outstanding at period end	7,212m	7,329m	7,611m	-1.6%	-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

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	303,243	304,152	295,559	-0.3%	+2.6%
Deposits	2,018,729	2,002,208	1,965,467	+0.8%	+2.7%
Repurchase agreements	344,716	342,588	331,758	+0.6%	+3.9%
Trading liabilities	105,996	117,322	92,543	-9.7%	+14.5%
Debt	710,620	708,272	658,428	+0.3%	+7.9%
Total liabilities and equity	3,411,738	3,403,716	3,261,519	+0.2%	+4.6%
Fixed assets	12,516	12,348	12,168	+1.4%	+2.9%
Goodwill	69,021	69,021	69,021	0.0%	0.0%
Intangible assets	1,800	1,900	2,000	-5.3%	-10.0%
Securities held for sale or to maturity	909,458	921,707	905,109	-1.3%	+0.5%
Loans	1,172,497	1,152,648	1,082,595	+1.7%	+8.3%
Resale agreements	316,578	325,800	274,709	-2.8%	+15.2%
Trading assets	366,954	335,566	314,460	+9.4%	+16.7%
Cash and equivalents	231,845	246,507	290,114	-5.9%	-20.1%
Other assets	331,069	338,219	311,343	-2.1%	+6.3%
Total assets	3,411,738	3,403,716	3,261,519	+0.2%	+4.6%

Questions

What was Bank of America's revenue in Q4 FY2025?

Bank of America (BAC) reported revenue of $28.4 billion for Q4 FY2025, the quarter ended 31 December 2025, up 11.9% on the same quarter a year earlier.

How much did Bank of America earn in Q4 FY2025?

Net income for Q4 FY2025 was $7.6 billion, up 14.7% on the year, and diluted earnings per share $0.98.

When did Bank of America report Q4 FY2025 results?

Bank of America filed its 10-K for the year that ended with the quarter on 25 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025 * †	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	22,060	23,228	22,688	24,502	24,532	26,258	25,197	25,167	21,959	25,818	25,377	25,345	25,347	28,247	27,443	29,040	28,367	30,272	31,558	29,958
Interest expense	1,144	1,322	2,531	5,856	10,394	14,207	18,196	19,245	21,683	22,253	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	7,818	7,879	6,892	8,301	7,897	9,089	8,034	8,095	3,124	7,262	7,560	7,324	7,108	8,997	8,668	10,408	9,622	10,404	11,565	8,967
Tax rate	10%	10%	9%	15%	10%	10%	8%	4%	-1%	8%	9%	6%	6%	18%	17%	20%	21%	17%	22%	23%
Net income	7,013	7,067	6,247	7,082	7,132	8,161	7,408	7,802	3,144	6,674	6,897	6,896	6,665	7,360	7,170	8,332	7,647	8,584	9,074	6,933
Net margin	32%	30%	28%	29%	29%	31%	29%	31%	14%	26%	27%	27%	26%	26%	26%	29%	27%	28%	29%	23%
Diluted EPS	$0.83	$0.80	$0.73	$0.81	$0.85	$0.94	$0.88	$0.90	$0.36	$0.76	$0.83	$0.81	$0.81	$0.89	$0.90	$1.04	$0.98	$1.11	$1.21	$0.91
Operating cash flow	44,651	-45,430	-5,049	13,154	30,998	-11,300	11,786	11,772	32,724	-15,539	18,096	-37,276	25,914	-2,184	-9,132	46,874	-22,945	41,770	29,043	-6,499
Buybacks	7,533	2,650	975	450	998	2,215	550	1,000	811	2,500	3,535	3,534	3,535	4,521	5,302	5,300	6,310	7,240	6,006	6,005
Dividends paid	1,965	2,222	1,995	2,254	2,105	2,352	2,091	2,411	2,233	2,519	2,216	2,493	2,275	2,552	2,200	2,451	2,360	2,626	2,330	2,617
Shares outstanding	8,078m	8,062m	8,035m	8,024m	7,997m	7,972m	7,954m	7,923m	7,895m	7,867m	7,775m	7,689m	7,611m	7,560m	7,437m	7,329m	7,212m	7,130m	7,018m	6,923m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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.

10-K for the period ended 31 December 2025, filed 25 February 2026: the filing.