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Bank of America Corp

BAC · 8-K · Filed Jan 14 · 11:450000070858-26-000020Read the filing ›Open on SEC EDGAR

8-K

bac-20260114.htm

Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

¶1

On January 14, 2026 , Bank of America Corporation (the “Corporation”) announced financial results for the fourth quarter and year ended December 31, 2025, reporting fourth quarter net income of $7.6 billion, or $0.98 per diluted share, and net income for the year of $30.5 billion, or $3.81 per diluted share. A copy of the press release announcing the Corporation’s results for the fourth quarter and year ended December 31, 2025 (the “Press Release”) is attached hereto as Exhibit 99.1 and is incorporated by reference in this Item 2.02. The Press Release is available on the Corporation’s website.

The information provided in Item 2.02 of this report, including Exhibit 99.1, shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

ITEM 7.01. REGULATION FD DISCLOSURE.

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Exhibit 99.1

bac12312025ex991.htm

EX-99.1 bac12312025ex991.htm

¶2

THE PRESS RELEASE bac12312025ex991 1 4Q25 Financial Highlights2,3(B) 4Q25 Business Segment Highlights1,2,3,4(B) Consumer Banking • Net income of $3.3 billion • Revenue of $11.2 billion, up 5% • Average deposits of $945 billion were modestly higher and up 31% from pre-pandemic levels (4Q19); #1 in U.S. Consumer Deposits5 • Average loans and leases of $323 billion, up $7 billion, or 2% • Average Small Business loans grew 6%; #1 Small Business Lender for 18 consecutive quarters6 • Combined credit / debit card spend of $255 billion, up 6% • Client Highlights – Added ~680,000 net new consumer checking accounts in 2025; completed 28 consecutive quarters of net growth – 38.4 million consumer checking accounts; 92% are primary7 – ~4 million small business checking accounts – $599 billion in consumer investment assets, up 16%8 – $1.2 trillion in payments, up 5%9 – 4.3 billion digital logins; 69% of total sales were digitally-enabled Global Wealth and Investment Management • Net income of $1.4 billion • Revenue of $6.6 billion, up 10%. The increase was driven primarily by higher asset management fees, up 13% to $4.1 billion, reflecting higher market valuations and strong assets under management (AUM) flows • Client balances of $4.8 trillion, up 12%, driven by higher market valuations and positive net client flows • Average loans and leases of $257 billion, up $28 billion, or 12% • Client Highlights – Added ~21,000 net new relationships across Merrill and Private Bank in 2025 – ~$2.2 trillion of AUM balances, up 16% – 86% of Merrill and Private Bank clients digitally active Global Banking • Net income of $2.1 billion • Total Corporation investment banking fees (excl. self-led) of $1.7 billion, up 1% • #3 investment banking fee ranking for 202512 • $656 billion in average deposits, up 13% • 10% improvement in treasury service charges Global Markets • Net income of $1.0 billion • Sales and trading revenue of $4.5 billion, up 10%, including and excluding net debit valuation adjustment (DVA) losses of $17 million.(E) 15th consecutive quarter of year-over-year growth – Fixed Income, Currencies and Commodities (FICC) revenue up 2% to $2.5 billion. Excluding net DVA, up 1%(E) – Equities revenue up 23% to $2 billion, including and excluding net DVA(E) From Chair and CEO Brian Moynihan: Bank of America’s fourth quarter results capped off a strong year of earnings as we delivered more than $30 billion in net income and EPS grew 19% over 2024. And with solid revenue growth, positive operating leverage and a lower efficiency ratio, we improved returns year-over- year for both the full year and the quarter. With consumers and businesses proving resilient, as well as the regulatory environment and tax and trade policies coming into sharper focus, we expect further economic growth in the year ahead. While any number of risks continue, we are bullish on the U.S. economy in 2026. I want to thank our teammates for their hard work this year. With their dedication and the economy positioned for growth, we feel confident in our ability to maintain this momentum in 2026 and beyond. Bank of America Reports 4Q25 Net Income of $7.6 Billion; EPS of $0.98, Up 18% YoY 4Q25 Revenue up 7% YoY to $28.4 Billion,1 Net Interest Income Grew 10% YoY to $15.8 Billion ($15.9 Billion FTE)(A) Full-Year 2025 Net Income of $30.5 Billion; EPS of $3.81, Up 19% YoY See page 10 for endnotes. Amounts may not total due to rounding. Revenue, net of interest expense. Results for 4Q25 presented in this release reflect Bank of America Corporation’s (Corporation) election to change its accounting methods for certain tax-related equity investments effective 4Q25, which were applied on a retrospective basis as disclosed in the Current Report on Form 8-K furnished with the U.S. Securities and Exchange Commission on January 6, 2026. Results for 3Q25 and 4Q24 presented in this release have been updated to reflect such changes to conform to current period presentation. For more information, see Endnote F on page 10. Financial Highlights and Business Segment Highlights are compared to the year-ago quarter unless noted. The Corporation reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis. Source: Federal Financial Institutions Examination Council (FFIEC) Call Reports, 3Q25. Source: Federal Deposit Insurance Corporation (FDIC), 3Q25. Represents the percentage of consumer checking accounts that are estimated to be the customer’s primary account based on multiple relationship factors (e.g., linked to their direct deposit). End of period. Consumer investment assets include client brokerage assets, deposit sweep balances, brokered CDs, and AUM in Consumer Banking. Total payments represent payments made from Bank of America accounts using credit card, debit card, ACH, wires, billpay, person-to-person, cash and checks. Return on average tangible common shareholders’ equity ratio represents a non-GAAP financial measure. For more information, see page 19. Tangible book value per common share represents a non-GAAP financial measure. For more information, see page 19. Source: Dealogic as of December 31, 2025. • Net income of $7.6 billion compared to $6.8 billion – Diluted earnings per share of $0.98 compared to $0.83, up 18% • Revenue, net of interest expense, of $28.4 billion ($28.5 billion FTE),(A) up 7%, reflected higher net interest income (NII), asset management fees, and sales and trading revenue – NII of $15.8 billion ($15.9 billion FTE),(A) up 10%, driven by higher NII related to Global Markets activity, fixed-rate asset repricing, and higher deposit and loan balances, partially offset by the impact of lower interest rates • Provision for credit losses of $1.3 billion decreased from $1.5 billion in 4Q24 and was flat to 3Q25 – Net charge-offs of $1.3 billion decreased from $1.5 billion in 4Q24 and $1.4 billion in 3Q25 • Noninterest expense of $17.4 billion, up 4%, driven by higher revenue- related incentive and transaction expenses, as well as investments in people, brand and technology – Increased 1% from 3Q25, driven primarily by investments in technology, higher revenue-related expenses and higher litigation costs, partially offset by a reduction of the FDIC special assessment accrual – Efficiency ratio improved 194 bps to 61% • Return on average common shareholders' equity ratio of 10.4%; return on average tangible common shareholders' equity ratio of 14.0%10 • Return on average assets of 0.89% • Balance Sheet Remained Strong – Average deposit balances of $2.01 trillion increased 3%; 10th consecutive quarter of sequential growth – Average loans and leases of $1.17 trillion increased 8%, with growth across every business segment – Average Global Liquidity Sources of $975 billion(C) – Common equity tier 1 (CET1) capital of $201 billion decreased $1 billion from 3Q25 – CET1 ratio of 11.4% (Standardized);(D) well above the regulatory minimum – Returned $8.4 billion to shareholders ($2.1 billion through common stock dividends and $6.3 billion in share repurchases) • Book value per common share rose 8% to $38.44; tangible book value per common share rose 9% to $28.7311

2 From Executive Vice President and CFO Alastair Borthwick: In 2025, ending deposits topped $2 trillion, and average loans grew 8% year-over-year, as we managed our balance sheet efficiently, returning 41% more capital to shareholders through dividends and share repurchases than in 2024. As we grew organically, the company also benefited from fixed-rate asset repricing and disciplined expense management, with our fourth quarter efficiency ratio improving nearly 200 bps from last year. With strong liquidity and capital, as well as healthy asset quality, we enter 2026 focused on driving core growth, market share gains and improved profitability. Bank of America Financial Highlights ($ in billions, except per share data) 4Q25 4Q24 FY 2025 FY 2024 Total revenue, net of interest expense $28.4 $26.5 $113.1 $105.9 Provision for credit losses 1.3 1.5 5.7 5.8 Noninterest expense 17.4 16.8 69.7 66.8 Pretax income 9.6 8.2 37.7 33.2 Pretax, pre-provision income1(G) 10.9 9.7 43.4 39.0 Income tax expense 2.0 1.4 7.2 6.3 Net income 7.6 6.8 30.5 27.0 Diluted earnings per share $0.98 $0.83 $3.81 $3.19 Return on average assets 0.89 % 0.82 % 0.89 % 0.82 % Return on average common shareholders’ equity 10.4 9.6 10.6 9.5 Return on average tangible common shareholders’ equity1 14.0 13.0 14.2 12.9 Efficiency ratio 61 63 62 63 1 Pretax, pre-provision income and return on average tangible common shareholders’ equity represent non-GAAP financial measures. For more information, see page 19. Net Interest Income (FTE) $14.5 $14.6 $14.8 $15.4 $15.9 $14.4 $14.4 $14.7 $15.2 $15.8 Net interest income (GAAP) FTE adjustment 4Q24 1Q25 2Q25 3Q25 4Q25 Average Deposits $1,958 $1,958 $1,974 $1,991 $2,013 4Q24 1Q25 2Q25 3Q25 4Q25 Spotlight on Average Deposits and Net Interest Income ($B) (A)

3 Consumer Banking1 Financial Results Three months ended ($ in millions) 12/31/2025 9/30/2025 12/31/2024 Total revenue2 $11,201 $11,166 $10,646 Provision for credit losses 1,066 1,009 1,254 Noninterest expense 5,729 5,575 5,631 Pretax income 4,406 4,582 3,761 Income tax expense 1,102 1,145 940 Net income $3,304 $3,437 $2,821 Business Highlights(B) Three months ended ($ in billions) 12/31/2025 9/30/2025 12/31/2024 Average deposits $945.4 $947.4 $942.3 Average loans and leases 322.7 320.3 316.1 Consumer investment assets5 599.1 580.4 517.8 Active mobile banking users (MM) 41.4 41.3 40.0 Number of financial centers 3,628 3,649 3,700 Efficiency ratio 51 % 50 % 53 % Return on average allocated capital 30 31 26 Total Consumer Credit Card3 Average credit card outstanding balances $103.0 $101.0 $100.9 Total credit / debit spend 254.7 245.2 240.9 Risk-adjusted margin 7.0 % 7.5 % 7.1 % • Net income of $3.3 billion • Revenue of $11.2 billion,2 up 5%, driven by higher NII • Provision for credit losses of $1.1 billion, down 15% – Net charge-offs of $1.1 billion decreased $113 million – Net reserve release of $67 million vs. net reserve build of $8 million(H) • Noninterest expense of $5.7 billion increased 2%, driven primarily by investments in the business, including people and brand – Efficiency ratio of 51% • Return on average allocated capital of 30%(B) Business Highlights1,3(B) • Average deposits of $945 billion were modestly higher – 59% of deposits in checking accounts; 92% are primary4 • Average loans and leases of $323 billion increased 2% • Combined credit / debit card spend of $255 billion increased 6% • Consumer investment assets of $599 billion, up 16%,5 driven by higher market valuations and $19 billion of net client flows from new and existing clients • 11.4 million clients enrolled in Preferred Rewards, up 2%6 Strong Digital Usage Continued in the Quarter1 • 79% of overall households actively using digital platforms7 • 49 million active digital banking users, up 1.2 million • 1.9 million digitally-enabled sales, representing 69% of total sales • 4.3 billion digital logins, up 11% • ~25 million active Zelle® users, up 5%; sent and received 474 million transactions worth $144 billion, up 12% and 13%, respectively8 Continued Business Leadership • No. 1 in U.S. Consumer Deposits(a) • No. Small Business Lender(b) • No. 1 in Retail Banking Advice Satisfaction(c) • No. 1 in Banking Mobile App Satisfaction(d) • Merrill Edge Self-Directed No. 1 for Bank Brokerage(e) See page 11 for Business Leadership sources. Comparisons are to the year-ago quarter unless noted. Revenue, net of interest expense. The consumer credit card portfolio includes Consumer Banking and GWIM. Represents the percentage of consumer checking accounts that are estimated to be the customer’s primary account based on multiple relationship factors (e.g., linked to their direct deposit). End of period. Consumer investment assets includes client brokerage assets, deposit sweep balances, brokered CDs, and AUM in Consumer Banking. As of November 2025. Includes clients in Consumer, Small Business and GWIM. Household adoption represents households with consumer bank login activities in a 90-day period, as of November 2025. Includes Bank of America person-to-person payments sent and received through e-mail or mobile identification. Zelle® users represent 90-day active users.

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Thaler Agent

“On January 14, 2026 , Bank of America Corporation (the “Corporation”) announced financial results for the fourth quarter and year ended December 31, 2025, reporting fourth quarter net income of $7.6 billion, or $0.98 per diluted share, and net income for the year of $30.5 billion, or $3.81 per diluted share.”

Bank of America reported fourth-quarter net income of $7.6 billion, or $0.98 per diluted share, and full-year net income of $30.5 billion, or $3.81 per diluted share, for the year ended December 31, 2025.¶1

Fourth-quarter revenue, net of interest expense, was $28.4 billion, up 7%, while net interest income was $15.8 billion, up 10%, compared with the year-ago quarter.¶2

The Corporation returned $8.4 billion to shareholders, including $2.1 billion through common stock dividends and $6.3 billion in share repurchases.¶2

Fourth-quarter net income: $7.6 billion Fourth quarter 2025¶1
Diluted earnings per share: $0.98 Fourth quarter 2025¶1
Full-year net income: $30.5 billion Year ended December 31, 2025¶1

2 of 10 passages found in the filing

Thaler Agent · checked against the filing

Thaler ResearchEngraved from SEC EDGAR© 2026 Thaler. All rights reserved.Last sale prices: Data provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use.

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Diluted earnings per share

$3.81 Year ended December 31, 2025¶1Copied

Revenue, net of interest expense

$28.4 billion Fourth quarter 2025; up 7%¶2Copied

Net interest income

$15.8 billion Fourth quarter 2025; up 10%¶2Copied

Compared with earlier periods

Q1 FY2025

Fourth-quarter net income$7.6 billion

no Thaler figure

Diluted earnings per share$0.98

no Thaler figure

Full-year net income$30.5 billion

no Thaler figure

Diluted earnings per share$3.81

no Thaler figure

Revenue, net of interest expense$28.4 billion

Q1 FY2024$25.82B+9.4%Q3 FY2024$25.35B+11.4%

Filing figures are from this filing. Earlier figures are from past filings.