Bank of America (BAC) FY2025 results: revenue $113.1 billion, up 6.8% on the year

Bank of America is a Delaware corporation and a bank holding company, run from Charlotte, North Carolina. It serves individual consumers, small and middle-market businesses, institutional investors, large corporations and governments, with banking, investing, asset management and risk management products. The company describes itself as one of the world's largest financial institutions. It reports in four segments, with whatever falls outside them in All Other.

Consumer Banking

Lending, deposit and investment products sold to consumers and small businesses. The network behind it, as of 31 December 2025: financial centres in 38 states and the District of Columbia, about 3,600 of them, about 15,000 cash machines, call centres, and digital banking used by about 49 million active users, of whom about 41 million are on mobile. The segment also absorbs the effect of customers moving between it and the wealth management arm, taking their deposits, brokerage assets and loans with them.

Global Wealth & Investment Management

Two businesses under one heading. Merrill Wealth Management runs an advisory business through a network of financial advisers, aimed at clients with more than $250,000 of investable assets, and sells investment management, brokerage, banking and retirement products. Bank of America Private Bank, together with Merrill's Private Wealth Management arm, handles high net worth and ultra high net worth clients.

Global Banking

The corporate side, made up of Global Corporate Banking, Global Commercial Banking, Business Banking and Global Investment Banking. It lends, manages working capital and treasury, and underwrites and advises, through a network of offices and client relationship teams. The lending products are commercial loans, leases, commitment facilities, trade finance, commercial real estate lending and asset-based lending. The treasury side is deposits, treasury management, corporate credit cards, merchant services, foreign exchange and short-term investment products.

Global Markets

Sales, trading and research for institutional clients, across fixed income, credit, currency, commodities and equities, covering both securities and derivatives in the primary and secondary markets. The same desk provides market-making, financing, securities clearing, settlement and custody for those clients. It also builds risk management products for the bank's commercial and corporate clients using interest rate, equity, credit, currency and commodity derivatives, foreign exchange, fixed income and mortgage-related products. Because it makes markets in those products, it may be required to manage risk across a broad range of financial instruments.

The shape of the company

At the end of both 2025 and 2024 the company employed about 213,000 people, 77 percent of them in the United States at the end of 2025 and 78 percent a year earlier. The filing also describes an ongoing effort to simplify the group: reducing the number of corporate subsidiaries, including by merging them into one another, to cut complexity and cost.

Competition, as the company sets it out, does not come only from other banks. The list runs to thrifts, credit unions, investment banking and advisory firms, brokerages, investment companies, insurers, mortgage banks, credit card issuers, mutual fund companies, hedge funds, private equity firms, and internet-based companies including merchant banks and non-bank financial providers. It notes that it increasingly competes with firms selling only over the internet, and with non-financial companies using emerging technologies such as digital assets in place of, or alongside, traditional banking products.

From Bank of America's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 25 February 2026: read the full 10-K.