Bank of New York Mellon Corp.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 16 April 2026: press release. Guidance figures: 1 new. The quarter’s numbers.

Key takeaways

Revenue and diluted EPS both rose: Total revenue was $5.4 billion, up 13%. Diluted EPS was $2.24, up 42%. Net income applicable to common shareholders was $1,562 million, up 36%. Adjusted diluted EPS was $2.25. Source
Fee revenue drove most of growth: Fee revenue was $3,768 million, up 11%, with a favorable currency effect from a lower U.S. dollar. Source
Securities Services pre-tax income rose 46%: Securities Services pre-tax income was $1,041 million, up 46%, with a 39% pre-tax operating margin. Asset Servicing revenue was $2,170 million, up 22%, on investment gains, client activity and market values. Source
Custody and administration assets rose 12%: Assets under custody and/or administration reached $59.4 trillion, up 12% year over year, on net client inflows and higher market values. The figure is preliminary. Source
Noninterest expense rose 5%: Noninterest expense was $3.4 billion, with higher investments, merit increases and an unfavorable currency effect, partly offset by efficiency savings. Source
Pre-tax margin rose to 37%: Pre-tax operating margin was 37%, up from 32% a year earlier and 36% in 4Q25. Excluding notable items, the adjusted pre-tax operating margin was 38%. Source
Returned $1.4 billion to shareholders: Capital returned to common shareholders was $1.4 billion: $376 million of dividends and $983 million of share repurchases, a total payout ratio of 87%. Source

“since the beginning of the year, we announced several very strategic business wins”
Robin Vince, Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Share repurchases Source	not stated	$10 billion	New

What changed from last quarter

New: Managed Accounts Solutions clients moved from Asset Servicing to the Wealth Solutions line, formerly Pershing. Prior periods were revised for comparability. Source
New: Tier 1 capital of $26.4 billion, up mainly because of preferred stock issuance. Source

Results and growth drivers

Revenue and diluted EPS both rose: Total revenue was $5.4 billion, up 13%. Diluted EPS was $2.24, up 42%. Net income applicable to common shareholders was $1,562 million, up 36%. Adjusted diluted EPS was $2.25. Source
Fee revenue drove most of growth: Fee revenue was $3,768 million, up 11%, with a favorable currency effect from a lower U.S. dollar. Source
Investment gains lifted other revenue: Investment and other revenue was $271 million, reflecting investment-related gains partly offset by net securities losses. Source
Effective tax rate included stock vesting: The effective tax rate was 19.1%, including a tax benefit from the annual vesting of stock awards in 1Q26. Source

Segment results

Securities Services pre-tax income rose 46%: Securities Services pre-tax income was $1,041 million, up 46%, with a 39% pre-tax operating margin. Asset Servicing revenue was $2,170 million, up 22%, on investment gains, client activity and market values. Source
Market and Wealth Services revenue grew: Market and Wealth Services revenue was $1,892 million, up 11% and 4% sequentially, with a 51% pre-tax operating margin. Wealth Solutions revenue was $783 million, up 7%. Source
Investment and Wealth Management pre-tax income fell: Investment and Wealth Management pre-tax income was $90 million, down 39% sequentially. Its pre-tax operating margin was 11%, against 17% in 4Q25. Source
Other segment loss widened year over year: Other segment loss before taxes was $74 million, against $67 million a year earlier. Total revenue fell year over year on net securities losses, partly offset by renewable energy investment gains. Source

“We delivered over 800 basis points of positive operating leverage, while investing in new products, capabilities, AI, and - critically - our people and culture.”
Robin Vince, Chief Executive Officer

Products and customers

Custody and administration assets rose 12%: Assets under custody and/or administration reached $59.4 trillion, up 12% year over year, on net client inflows and higher market values. The figure is preliminary. Source
Assets under management reached $2.1 trillion: Assets under management were $2.1 trillion, down 2% sequentially and up 6% year over year. Cumulative net outflows offset part of market gains. Source
Wealth client assets dipped sequentially: Wealth Management client assets were $339 billion, down 3% from Dec. 31, 2025 and up 4% year over year. The figure is preliminary. Source
Securities lending market value rose 25%: Market value of agency securities on loan was $629 billion, up 25% year over year and 4% sequentially. Source
Issuer Services fees fell sequentially: Issuer Services fees were $278 million, down 16% sequentially on lower Depositary Receipts revenue, and up 4% year over year. Source

Costs

Noninterest expense rose 5%: Noninterest expense was $3.4 billion, with higher investments, merit increases and an unfavorable currency effect, partly offset by efficiency savings. Source
Adjusted expense excluded notable items: Excluding notable items, adjusted noninterest expense was $3,386 million, against $3,212 million a year earlier. Notable items excluded were severance, litigation reserves and the FDIC special assessment. Source
Staff and software costs rose: Staff expense was $1,888 million, against $1,834 million a year earlier. Software and equipment was $556 million, against $513 million. Source
Bank assessment charges declined: Business development was $50 million, against $48 million a year earlier. Bank assessment charges were $24 million, against $38 million a year earlier. Source
Severance expense fell from 4Q25: Severance expense was $18 million, down from $98 million in 4Q25 and $32 million a year earlier. Litigation reserves were $3 million. Source

Margins and returns

Pre-tax margin rose to 37%: Pre-tax operating margin was 37%, up from 32% a year earlier and 36% in 4Q25. Excluding notable items, the adjusted pre-tax operating margin was 38%. Source
Operating leverage was positive: Operating leverage was 325 bps and 833 bps across the two comparisons. Excluding notable items, it was 211 bps and 841 bps. Source
Return on tangible common equity rose: ROTCE was 29.3%, against 24.2% a year earlier and 26.6% in 4Q25. ROE was 16.1%, against 12.6% a year earlier. Source

Demand and client activity

Foreign exchange revenue rose 44%: Securities Services foreign exchange revenue was $196 million, up 44% year over year and 38% sequentially, on higher client activity and market values. Source
Clearance and collateral fees grew: Clearance and Collateral Management fees were $430 million, up 19% year over year and 3% sequentially, on higher collateral balances and clearance volumes. Source
Investment management fees were steady: Investment management fees were $785 million, down 1% sequentially and up 7% year over year. Source

Capital and shareholder returns

Returned $1.4 billion to shareholders: Capital returned to common shareholders was $1.4 billion: $376 million of dividends and $983 million of share repurchases, a total payout ratio of 87%. Source
Tier 1 leverage ratio held near 6%: Tier 1 leverage ratio was 6.0%, down 27 bps year over year and 3 bps sequentially, as higher average assets were largely offset by Tier 1 capital growth. Source
Liquidity ratios reported for the quarter: Average liquidity coverage ratio was 111% and average net stable funding ratio was 131%. TLAC ratios exceed minimum requirements. Source
Book value per share rose slightly: Book value per common share was $57.48, against $57.36 at Dec. 31, 2025. Tangible book value per common share was $31.75. Source
Diluted share count declined: Diluted average shares were 698,164 thousand, down from 727,398 thousand a year earlier. Source

Coming up, as management said on 16 April 2026

Form 10-Q to finalize preliminary figures: Preliminary business metrics and regulatory capital ratios may change as the Form 10-Q for the quarter ended March 31, 2026 is completed. Source

Figures management reported

Figure	Reported
Net interest margin Source	1.38%
Net interest income Source	$1,370 million
Average loans Source	$81,058 million
Average deposits Source	$318 billion
Provision for credit losses Source	benefit of $7 million
CET1 ratio Source	11.0%

Risks management discussed

Financial: Management noted deposit margin compression, which partly offset net interest income gains from reinvesting securities at higher yields. Source
Demand: Management attributed the sequential decline in Investment Management to the timing of performance fees and lower seed capital results. Source
External: Management described the operating environment as dynamic, while citing its diversified business model. Source

Earlier plans management reported on

Not stated: Management said its teams continue to execute the long-term plan. No progress status was given. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

1Q26

FINANCIALRESULTS

BNY Reports First Quarter 2026

Earnings Per Common Share of $2.24

NEW YORK, April 16, 2026 - The Bank of New York Mellon Corporation (“BNY”) (NYSE: BK) today has reported financial results for the first quarter of 2026.

CEO COMMENTARY

BNY had a strong start to 2026 with record revenue of $5.4 billion in the first quarter, up 13% year-over-year, reflecting broad-based growth across our Securities Services and Market and Wealth Services businesses. We delivered over 800 basis points of positive operating leverage, while investing in new products, capabilities, AI, and - critically - our people and culture. Taken together, we reported a pre-tax margin of 37%, generated an ROTCE of 29%, and grew earnings per share by 42% year-over-year.

The portfolio of BNY’s businesses is unique, but it is how we are embracing new ways of working, our adoption and integration of new technologies and our strong culture that is enabling us to create truly differentiated solutions for our clients. As a result, our sales momentum continues. We delivered the strongest quarterly sales performance in our history, and since the beginning of the year, we announced several very strategic business wins.

Amid a dynamic operating environment, our diversified business model, combined with our strong balance sheet, allows us to serve as a pillar of strength for our clients and markets around the world, as our teams continue to execute on our long-term plan to unlock BNY’s full potential for our clients and shareholders.

Robin Vince, Chief Executive Officer

EPS	Pre-tax margin	ROE	ROTCE
$2.24	37%	16%	29%

KEY FINANCIAL INFORMATION
(dollars in millions, except per share amounts and unless otherwise noted)		1Q26 vs.
1Q26	4Q25	1Q25
Selected income statement data:
Total fee revenue	$3,768	2%		11%
Investment and other revenue	271		N/M		N/M
Net interest income	1,370	2%		18%
Total revenue	$5,409	4%		13%
Provision for credit losses	(7)		N/M		N/M
Noninterest expense	$3,400	1%		5%
Net income applicable to common shareholders	$1,562	9%		36%
Diluted EPS	$2.24	11%		42%
Selected metrics:
AUC/A (in trillions)	$59.4	- %		12%
AUM (in trillions)	$2.1	(2)%		6%
Financial ratios:	1Q26	4Q25		1Q25
Pre-tax operating margin	37%	36%		32%
ROE	16.1%	14.5%		12.6%
ROTCE (a)	29.3%	26.6%		24.2%
Capital ratios:
Tier 1 leverage ratio	6.0%	6.0%		6.2%
CET1 ratio	11.0%	11.9%		11.5%

HIGHLIGHTS

Results

Total revenue of $5.4 billion, increased 13%
Noninterest expense of $3.4 billion, increased 5%
Diluted EPS of $2.24, increased 42%

Profitability

Pre-tax operating margin of 37%
ROTCE of 29.3% (a)

Balance sheet

Average deposits of $318 billion, increased 13% year-over-year and 3% sequentially
Tier 1 leverage ratio of 6.0%, decreased 27 bps year-over-year and 3 bps sequentially

Capital distribution

Returned $1.4 billion of capital to common shareholders
$376 million of dividends
$983 million of share repurchases
Total payout ratio of 87%
Board of Directors authorized a new common share repurchase program of $10 billion

(a) For information on the Non-GAAP measures, see “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9.

Note: Above comparisons are 1Q26 vs. 1Q25, unless otherwise noted.

Media: Anneliese Diedrichs + 1 646 468 6026

Investors: Marius Merz +1 212 298 1480

CONSOLIDATED FINANCIAL HIGHLIGHTS

(dollars in millions, except per share amounts and unless otherwise noted; not meaningful - N/M)				1Q26 vs.
1Q26	4Q25	1Q25	4Q25	1Q25
Fee revenue	$3,768	$3,698	$3,403	2%		11%
Investment and other revenue	271	135	230		N/M		N/M
Total fee and other revenue	4,039	3,833	3,633	5		11
Net interest income	1,370	1,346	1,159	2		18
Total revenue	5,409	5,179	4,792	4		13
Provision for credit losses	(7)	(26)	18		N/M		N/M
Noninterest expense	3,400	3,360	3,252	1		5
Income before taxes	2,016	1,845	1,522	9		32
Provision for income taxes	386	376	300	3		29
Net income	$1,630	$1,469	$1,222	11%		33%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$1,562	$1,427	$1,149	9%		36%
Operating leverage (a)				325bps		833bps
Diluted earnings per common share	$2.24	$2.02	$1.58	11%		42%
Average common shares and equivalents outstanding - diluted (in thousands)	698,164	705,140	727,398
Pre-tax operating margin	37%	36%	32%
Metrics:
Average loans	$81,058	$76,678	$69,670	6%		16%
Average deposits	318,446	310,482	282,535	3		13
AUC/A at period end (in trillions) (current period is preliminary)	59.4	59.3	53.1	-		12
AUM at period end (in trillions) (current period is preliminary)	2.1	2.2	2.0	(2)		6
Non-GAAP measures, excluding notable items: (b)
Adjusted total revenue	$5,409	$5,179	$4,752	4%		14%
Adjusted noninterest expense	3,386	3,309	3,212	2		5
Adjusted operating leverage (a)				211bps		841bps
Adjusted diluted earnings per common share	$2.25	$2.08	$1.58	8%		42%
Adjusted pre-tax operating margin	38%	37%	32%

(a) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense.

(b) See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9 for additional information.

bps - basis points.

KEY DRIVERS (comparisons are 1Q26 vs. 1Q25, unless otherwise noted)

Total revenue increased 13%, primarily reflecting:
Fee revenue increased 11%, primarily reflecting higher client activity and net new business, higher market values and foreign exchange revenue, and a favorable impact of a weaker U.S. dollar, partially offset by the mix of AUM flows.
Investment and other revenue increased primarily reflecting investment-related gains, partially offset by net securities losses.
Net interest income increased 18%, primarily reflecting the continued reinvestment of investment securities at higher yields and balance sheet growth, partially offset by deposit margin compression.
Provision for credit losses was a benefit of $7 million, primarily driven by improvements in commercial real estate exposure, partially offset by changes in macroeconomic and other factors.
Noninterest expense increased 5%, reflecting higher investments and revenue-related expenses, an unfavorable impact of the weaker U.S. dollar and employee merit increases, partially offset by efficiency savings, lower severance expense and the net impact of adjustments for the FDIC special assessment.
Effective tax rate of 19.1%, includes a tax benefit in 1Q26 from the annual vesting of stock awards.

Assets under custody and/or administration (“AUC/A”) and Assets under management (“AUM”)

AUC/A increased 12%, primarily reflecting net client inflows, higher market values and the favorable impact of the weaker U.S. dollar.
AUM increased 6%, primarily reflecting higher market values and the favorable impact of the weaker U.S. dollar, partially offset by cumulative net outflows.

Capital and liquidity

$376 million of dividends to common shareholders (a); $983 million of common share repurchases.
Return on common equity (“ROE”) - 16.1%.
Return on tangible common equity (“ROTCE”) - 29.3% (b).
Common Equity Tier 1 (“CET1”) ratio - 11.0%; Tier 1 leverage ratio - 6.0%.
Average liquidity coverage ratio (“LCR”) - 111%; Average net stable funding ratio (“NSFR”) - 131%.
Total Loss Absorbing Capacity (“TLAC”) ratios exceed minimum requirements.

(a) Including dividend-equivalents on share-based awards.

(b) See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9 for additional information.

Note: Throughout this document, sequential growth rates are unannualized.

SECURITIES SERVICES BUSINESS SEGMENT HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)							1Q26 vs.
1Q26		4Q25		1Q25		4Q25	1Q25
Investment services fees:
Asset Servicing (a)	$1,170		$1,146		$1,050		2%		11%
Issuer Services	278		331		267		(16)		4
Total investment services fees	1,448		1,477		1,317		(2)		10
Foreign exchange revenue	196		142		136		38		44
Other fees (b)	74		68		65		9		14
Total fee revenue	1,718		1,687		1,518		2		13
Investment and other revenue	203		62		140			N/M		N/M
Total fee and other revenue	1,921		1,749		1,658		10		16
Net interest income	757		735		630		3		20
Total revenue	2,678		2,484		2,288		8		17
Provision for credit losses	(11)		(13)		8			N/M		N/M
Noninterest expense (a)	1,648		1,651		1,569		-		5
Income before taxes (a)	$1,041		$846		$711		23%		46%
Total revenue by line of business:
Asset Servicing (a)	$2,170		$1,932		$1,774		12%		22%
Issuer Services	508		552		514		(8)		(1)
Total revenue by line of business	$2,678		$2,484		$2,288		8%		17%
Pre-tax operating margin (a)	39%		34%		31%
Securities lending revenue (c)	$72		$69		$52		4%		38%
Metrics:
Average loans	$12,265		$11,439		$11,347		7%		8%
Average deposits (a)	$197,789		$192,771		$175,853		3%		12%
AUC/A at period end (in trillions) (current period is preliminary) (a)(d)	$42.7		$42.7		$37.9		- %		13%
Market value of securities on loan at period end (in billions) (e)	$629		$604		$504		4%		25%

(a) In 1Q26, we realigned clients in Managed Accounts Solutions from the Asset Servicing line of business to the Wealth Solutions (formerly Pershing) line of business in the Market and Wealth Services business segment. Prior period amounts were revised for comparability.

(b) Other fees primarily include financing-related fees.

(d) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Issuer Services line of business. Includes the AUC/A of CIBC Mellon Trust Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $2.1 trillion at March 31, 2026, $2.2 trillion at Dec. 31, 2025 and $1.9 trillion at March 31, 2025.

(e) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY acts as agent on behalf of CIBC Mellon clients, which totaled $73 billion at March 31, 2026, $74 billion at Dec. 31, 2025 and $62 billion at March 31, 2025.

KEY DRIVERS

The drivers of the total revenue variances by line of business are indicated below.
Asset Servicing - The year-over-year increase primarily reflects higher net interest income, 1Q26 investment gains and higher client activity, foreign exchange revenue and market values. The sequential increase primarily reflects 1Q26 investment gains, higher foreign exchange revenue, a 4Q25 investment loss and higher client activity and net interest income.
Issuer Services - The year-over-year decrease primarily reflects a 1Q25 disposal gain, partially offset by higher Corporate Trust revenue. The sequential decrease primarily reflects lower Depositary Receipts revenue.
Noninterest expense increased year-over-year primarily reflecting higher investments and revenue-related expenses, the unfavorable impact of the weaker U.S. dollar and employee merit increases, partially offset by efficiency savings. Sequentially, noninterest expense was flat reflecting higher investments, employee merit increases and higher revenue-related expenses, offset by efficiency savings and lower severance expense.

MARKET AND WEALTH SERVICES BUSINESS SEGMENT HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)				1Q26 vs.
1Q26	4Q25	1Q25	4Q25	1Q25
Investment services fees:
Wealth Solutions (a)	$544	$518	$515	5%		6%
Payments and Trade	220	212	209	4		5
Clearance and Collateral Management	430	417	362	3		19
Total investment services fees	1,194	1,147	1,086	4		10
Foreign exchange revenue	36	28	29	29		24
Other fees (b)	70	65	65	8		8
Total fee revenue	1,300	1,240	1,180	5		10
Investment and other revenue	21	9	21		N/M		N/M
Total fee and other revenue	1,321	1,249	1,201	6		10
Net interest income	571	569	497	-		15
Total revenue	1,892	1,818	1,698	4		11
Provision for credit losses	(6)	(7)	4		N/M		N/M
Noninterest expense (a)	937	951	881	(1)		6
Income before taxes (a)	$961	$874	$813	10%		18%
Total revenue by line of business:
Wealth Solutions (a)	$783	$754	$731	4%		7%
Payments and Trade	545	524	477	4		14
Clearance and Collateral Management	564	540	490	4		15
Total revenue by line of business	$1,892	$1,818	$1,698	4%		11%
Pre-tax operating margin (a)	51%	48%	48%
Metrics:
Average loans	$52,921	$49,613	$42,986	7%		23%
Average deposits (a)	$103,043	$101,776	$91,906	1%		12%
AUC/A at period end (in trillions) (current period is preliminary) (a)(c)	$16.5	$16.2	$14.9	2%		11%

(a) In 1Q26, we realigned clients in Managed Accounts Solutions from the Asset Servicing line of business in the Securities Services business segment to the Wealth Solutions (formerly Pershing) line of business. Prior period amounts were revised for comparability.

(b) Other fees primarily include financing-related fees.

(c) Consists of AUC/A from the Clearance and Collateral Management and Wealth Solutions (formerly Pershing) lines of business.

KEY DRIVERS

The drivers of the total revenue variances by line of business are indicated below.
Wealth Solutions (formerly Pershing) - The year-over-year increase primarily reflects higher net interest income, market values and client activity. The sequential increase primarily reflects higher client activity and net new business.
Payments and Trade - The year-over-year increase primarily reflects higher net interest income and net new business. The sequential increase primarily reflects a 4Q25 investment loss and net new business.
Clearance and Collateral Management - The year-over-year and sequential increases primarily reflect higher collateral management balances and clearance volumes.
Noninterest expense increased year-over-year primarily reflecting higher investments, employee merit increases, higher revenue-related expenses and the unfavorable impact of the weaker U.S. dollar, partially offset by efficiency savings. The sequential decrease primarily reflects lower severance expense and efficiency savings, partially offset by higher investments.

INVESTMENT AND WEALTH MANAGEMENT BUSINESS SEGMENT HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)							1Q26 vs.
1Q26		4Q25		1Q25		4Q25			1Q25
Investment management fees	$785		$793		$735		(1)%			7%
Performance fees	1		14		5			N/M			N/M
Investment management and performance fees	786		807		740		(3)			6
Distribution and servicing fees	70		69		68		1			3
Other fees (a)	(83)		(84)		(75)			N/M			N/M
Total fee revenue	773		792		733		(2)			5
Investment and other revenue (b)	(1)		11		5			N/M			N/M
Total fee and other revenue (b)	772		803		738		(4)			5
Net interest income	53		51		41		4			29
Total revenue	825		854		779		(3)			6
Provision for credit losses	9		3		2			N/M			N/M
Noninterest expense	726		703		714		3			2
Income before taxes	$90		$148		$63		(39)%			43%
Total revenue by line of business:
Investment Management	$550		$577		$518		(5)%			6%
Wealth Management	275		277		261		(1)			5
Total revenue by line of business	$825		$854		$779		(3)%			6%
Pre-tax operating margin	11%		17%		8%
Metrics:
Average loans	$14,233		$13,931		$13,537		2%			5%
Average deposits	$9,592		$9,453		$9,917		1%			(3)%
AUM (in billions) (current period is preliminary) (c)	$2,126		$2,178		$2,008		(2)%			6%
Wealth Management client assets (in billions) (current period is preliminary) (d)	$339		$350		$327		(3)%			4%

(a) Other fees primarily include investment services fees.

(b) Investment and other revenue and total fee and other revenue are net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds.

(d) Includes AUM and AUC/A in the Wealth Management line of business.

KEY DRIVERS

The drivers of the total revenue variances by line of business are indicated below.
Investment Management - The year-over-year increase primarily reflects higher market values and the favorable impact of the weaker U.S. dollar, partially offset by the mix of AUM flows. The sequential decrease primarily reflects the timing of performance fees and lower seed capital results.
Wealth Management - The year-over-year increase primarily reflects higher market values and net interest income, partially offset by changes in product mix.
Noninterest expense increased year-over-year primarily reflecting the unfavorable impact of the weaker U.S. dollar, employee merit increases and higher investments, partially offset by efficiency savings. The sequential increase primarily reflects higher revenue-related expenses and employee merit increases, partially offset by lower severance expense.

OTHER SEGMENT

The Other segment primarily includes corporate treasury activities, including our securities portfolio, derivatives and other trading activity, tax credit investments and other corporate investments, certain business exits and other corporate revenue and expense items.

(dollars in millions)	1Q26	4Q25	1Q25
Fee revenue	$(23)	$(21)	$(28)
Investment and other revenue	50	45	62
Total fee and other revenue	27	24	34
Net interest income (expense)	(11)	(9)	(9)
Total revenue	16	15	25
Provision for credit losses	1	(9)	4
Noninterest expense	89	55	88
Loss before taxes	$(74)	$(31)	$(67)

KEY DRIVERS

Total revenue includes corporate treasury and other investment activity, including hedging activity which has an offsetting impact between fee and other revenue and net interest expense. The year-over-year decrease was primarily driven by net securities losses, partially offset by higher renewable energy investment gains.
Noninterest expense increased sequentially primarily reflecting the net impact of the adjustments for the FDIC special assessment, partially offset by lower severance expense.

CAPITAL AND LIQUIDITY

Capital and liquidity ratios	March 31, 2026	Dec. 31, 2025
Consolidated regulatory capital ratios: (a)
CET1 ratio	11.0%	11.9%
Tier 1 capital ratio	13.8	14.6
Total capital ratio	14.5	15.4
Tier 1 leverage ratio (a)	6.0	6.0
Supplementary leverage ratio (a)	6.6	6.7
BNY shareholders’ equity to total assets ratio	8.0%	9.4%
BNY common shareholders’ equity to total assets ratio	7.0%	8.4%
Average LCR (a)	111%	112%
Average NSFR (a)	131%	130%
Book value per common share	$57.48	$57.36
Tangible book value per common share - Non-GAAP (b)	$31.75	$31.64
Common shares outstanding (in thousands)	686,379	688,236

(a) Regulatory capital and liquidity ratios for March 31, 2026 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for the periods presented, was the Standardized Approach.

(b) Tangible book value per common share - Non-GAAP excludes goodwill and intangible assets, net of deferred tax liabilities. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9 for information on this Non-GAAP measure.

CET1 capital of $21.1 billion was approximately flat compared with Dec. 31, 2025, reflecting capital generated through earnings, offset by capital returned through common stock repurchases and dividends and a net decrease in accumulated other comprehensive income. The CET1 ratio decreased compared with Dec. 31, 2025, primarily reflecting higher risk-weighted assets driven by a single-day increase in overnight loan balances on the last day of the quarter, along with higher client activity in agency securities lending and foreign exchange.
Tier 1 capital of $26.4 billion, increased compared with Dec. 31, 2025, primarily due to the issuance of preferred stock. The Tier 1 leverage ratio decreased slightly compared with Dec. 31, 2025 reflecting higher average assets, largely offset by the increase in Tier 1 capital.

NET INTEREST INCOME

Net interest income				1Q26 vs.
(dollars in millions; not meaningful - N/M)	1Q26	4Q25	1Q25	4Q25		1Q25
Net interest income	$1,370	$1,346	$1,159		2%		18%
Add: Tax equivalent adjustment	-	-	-		N/M		N/M
Net interest income, on a fully taxable equivalent (“FTE”) basis - Non-GAAP (a)	$1,370	$1,346	$1,159		2%		18%
Average interest-earning assets	$396,310	$387,289	$354,687		2%		12%
Net interest margin	1.38%	1.38%	1.30%	- bps		8bps
Net interest margin (FTE) - Non-GAAP (a)	1.38%	1.38%	1.30%	- bps		8bps

(a) Net interest income (FTE) - Non-GAAP and net interest margin (FTE) - Non-GAAP include the tax equivalent adjustments on tax-exempt income. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9 for information on this Non-GAAP measure.

bps - basis points.

Net interest income increased year-over-year and sequentially primarily reflecting the continued reinvestment of investment securities at higher yields and balance sheet growth, partially offset by deposit margin compression.

THE BANK OF NEW YORK MELLON CORPORATION

Condensed Consolidated Income Statement

(dollars in millions)	Quarter ended
March 31, 2026	Dec. 31, 2025	March 31, 2025
Fee and other revenue
Investment services fees	$2,652	$2,632	$2,411
Investment management and performance fees	785	806	739
Foreign exchange revenue	232	171	156
Financing-related fees	62	53	60
Distribution and servicing fees	37	36	37
Total fee revenue	3,768	3,698	3,403
Investment and other revenue	271	135	230
Total fee and other revenue	4,039	3,833	3,633
Net interest income
Interest income	5,824	6,307	6,123
Interest expense	4,454	4,961	4,964
Net interest income	1,370	1,346	1,159
Total revenue	5,409	5,179	4,792
Provision for credit losses	(7)	(26)	18
Noninterest expense
Staff	1,888	1,812	1,834
Software and equipment	556	565	513
Professional, legal and other purchased services	388	429	366
Sub-custodian and clearing	151	139	131
Net occupancy	123	143	136
Distribution and servicing	73	73	65
Business development	50	71	48
Bank assessment charges	24	(22)	38
Amortization of intangible assets	9	11	11
Other	138	139	110
Total noninterest expense	3,400	3,360	3,252
Income
Income before taxes	2,016	1,845	1,522
Provision for income taxes	386	376	300
Net income	1,630	1,469	1,222
Net (income) loss attributable to noncontrolling interests related to consolidated investment management funds	2	(8)	(2)
Net income applicable to shareholders of The Bank of New York Mellon Corporation	1,632	1,461	1,220
Preferred stock dividends	(70)	(34)	(71)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$1,562	$1,427	$1,149

Earnings per share applicable to the common shareholders of The Bank of New York Mellon Corporation	Quarter ended
March 31, 2026	Dec. 31, 2025	March 31, 2025
(in dollars)
Basic	$2.26	$2.04	$1.59
Diluted	$2.24	$2.02	$1.58

EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES

BNY has included in this Earnings Release certain Non-GAAP financial measures on a tangible basis as a supplement to GAAP information, which exclude goodwill and intangible assets, net of deferred tax liabilities. We believe that the return on tangible common equity - Non-GAAP is additional useful information for investors because it presents a measure of those assets that can generate income, and the tangible book value per common share - Non-GAAP is additional useful information because it presents the level of tangible assets in relation to shares of common stock outstanding.

Net interest income, on a fully taxable equivalent (“FTE”) basis - Non-GAAP and net interest margin (FTE) - Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income which allows for the comparison of amounts arising from both taxable and tax-exempt sources and is consistent with industry practice. The adjustment to an FTE basis has no impact on net income.

See “Explanation of GAAP and Non-GAAP Financial Measures” in the Financial Supplement available at www.bny.com for additional reconciliations of Non-GAAP measures.

BNY has also included revenue measures excluding notable items, including disposal gains. Expense measures, excluding notable items, including severance expense, litigation reserves and the FDIC special assessment, are also presented. Litigation reserves represent accruals for loss contingencies that are both probable and reasonably estimable, but exclude standard business-related legal fees. Net income applicable to common shareholders of The Bank of New York Mellon Corporation, diluted earnings per share, operating leverage, return on common equity, return on tangible common equity and pre-tax operating margin, excluding the notable items mentioned above, are also provided. These measures are provided to permit investors to view the financial measures on a basis consistent with how management views the businesses.

Reconciliation of Non-GAAP measures, excluding notable items						1Q26 vs.
(dollars in millions, except per share amounts)	1Q26		4Q25		1Q25	4Q25	1Q25
Total revenue - GAAP	$5,409		$5,179		$4,792	4%	13%
Less: Disposal gains (losses) (a)	-		-		40
Adjusted total revenue - Non-GAAP	$5,409		$5,179		$4,752	4%	14%
Total noninterest expense - GAAP	$3,400		$3,360		$3,252	1%	5%
Less: Severance expense (b)	18		98		32
Litigation reserves (b)	3		3		2
FDIC special assessment (b)	(7)		(50)		6
Adjusted total noninterest expense - Non-GAAP	$3,386		$3,309		$3,212	2%	5%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation - GAAP	$1,562		$1,427		$1,149	9%	36%
Less: Disposal gains (losses) (a)	-		-		32
Severance expense (b)	(14)		(74)		(25)
Litigation reserves (b)	(3)		(6)		(1)
FDIC special assessment (b)	6		37		(5)
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation - Non-GAAP	$1,573		$1,470		$1,148	7%	37%
Diluted earnings per common share - GAAP	$2.24		$2.02		$1.58	11%	42%
Less: Disposal gains (losses) (a)	-		-		0.04
Severance expense (b)	(0.02)		(0.11)		(0.03)
Litigation reserves (b)	-		(0.01)		-
FDIC special assessment (b)	0.01		0.05		(0.01)
Total diluted earnings per common share impact of notable items	(0.02)	(c)	(0.06)	(c)	-
Adjusted diluted earnings per common share - Non-GAAP	$2.25	(c)	$2.08		$1.58	8%	42%
Operating leverage - GAAP (d)						325bps	833bps
Adjusted operating leverage - Non-GAAP (d)						211bps	841bps

(a) Reflected in Investment and other revenue.

(b) Severance expense is reflected in Staff expense, Litigation reserves in Other expense, and FDIC special assessment in Bank assessment charges, respectively.

(d) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense.

bps - basis points.

Pre-tax operating margin reconciliation
(dollars in millions)	1Q26	4Q25	1Q25
Income before taxes - GAAP	$2,016	$1,845	$1,522
Impact of notable items (a)	(14)	(51)	-
Adjusted income before taxes, excluding notable items - Non-GAAP	$2,030	$1,896	$1,522
Total revenue - GAAP	$5,409	$5,179	$4,792
Impact of notable items (a)	-	-	40
Adjusted total revenue, excluding notable items - Non-GAAP	$5,409	$5,179	$4,752
Pre-tax operating margin - GAAP (b)	37%	36%	32%
Adjusted pre-tax operating margin - Non-GAAP (b)	38%	37%	32%

(a) See page 9 for details of notable items and line items impacted.

(b) Income before taxes divided by total revenue.

Return on common equity and return on tangible common equity reconciliation
(dollars in millions)	1Q26	4Q25	1Q25
Net income applicable to common shareholders of The Bank of New York Mellon Corporation - GAAP	$1,562	$1,427	$1,149
Add: Amortization of intangible assets	9	11	11
Less: Tax impact of amortization of intangible assets	2	3	3
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets - Non-GAAP	$1,569	$1,435	$1,157
Impact of notable items (a)	(11)	(43)	1
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets and notable items - Non-GAAP	$1,580	$1,478	$1,156
Average common shareholders’ equity	$39,448	$39,142	$36,980
Less: Average goodwill	16,774	16,777	16,615
Average intangible assets	2,819	2,827	2,849
Add: Deferred tax liability - tax deductible goodwill	1,226	1,227	1,226
Deferred tax liability - intangible assets	660	662	666
Average tangible common shareholders’ equity - Non-GAAP	$21,741	$21,427	$19,408
Return on common equity - GAAP (b)	16.1%	14.5%	12.6%
Adjusted return on common equity - Non-GAAP (b)	16.2%	14.9%	12.6%
Return on tangible common equity - Non-GAAP (b)	29.3%	26.6%	24.2%
Adjusted return on tangible common equity - Non-GAAP (b)	29.5%	27.4%	24.2%

(a) See page 9 for details of notable items and line items impacted.

(b) Returns are annualized.

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

A number of statements in this Earnings Release and in our Financial Supplement may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our strategic priorities, financial performance and financial targets. Preliminary business metrics and regulatory capital ratios are subject to change, possibly materially, as we complete our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. Forward-looking statements are not guarantees of future results or occurrences, are inherently uncertain and are based upon current beliefs and expectations of future events, many of which are, by their nature, difficult to predict, outside of our control and subject to change.

By identifying these statements for you in this manner, we are alerting you to the possibility that our actual results may differ, possibly materially, from the anticipated results expressed or implied in these forward-looking statements as a result of a number of important factors, including the risk factors and other uncertainties set forth in our Annual Report on Form 10-K for the year ended Dec. 31, 2025 and our other filings with the Securities and Exchange Commission.

You should not place undue reliance on any forward-looking statement. All forward-looking statements speak only as of the date on which they were made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.

ABOUT BNY

BNY is a global financial services platforms company at the heart of the world’s capital markets. For more than 240 years BNY has partnered alongside clients, using its expertise and platforms to help them operate more efficiently and accelerate growth. Today BNY serves over 90% of Fortune 100 companies and nearly all the top 100 banks globally. BNY supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard investments for millions of individuals. As of March 31, 2026, BNY oversees $59.4 trillion in assets under custody and/or administration and $2.1 trillion in assets under management.

BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Headquartered in New York City, BNY has been named among Fortune’s World’s Most Admired Companies and Fast Company’s Best Workplaces for Innovators. Additional information is available on www.bny.com. Follow on LinkedIn or visit the BNY Newsroom for the latest company news.

CONFERENCE CALL INFORMATION

Robin Vince, Chief Executive Officer, and Dermot McDonogh, Chief Financial Officer, will host a conference call and simultaneous live audio webcast at 11:00 a.m. ET on April 16, 2026. This conference call and audio webcast will include forward-looking statements and may include other material information.

Investors and analysts wishing to access the conference call and audio webcast may do so by dialing +1 800 330-6730 (U.S.) or

+1 646 769-9500 (International), and using the passcode: 200200, or by logging onto www.bny.com/investorrelations. Earnings materials will be available at www.bny.com/investorrelations beginning at approximately 6:30 a.m. ET on April 16, 2026.

An archived version of the first quarter conference call and audio webcast will be available beginning on April 16, 2026 at approximately 3:00 p.m. ET through May 15, 2026 at www.bny.com/investorrelations.