BACBank of America Corporation
Industry Banks Price 23 Oct 2026
If management hits its targets, one share in 12 months
$50.56 → $54.91
What the podcasts say
1 bullish · 0 bearish · 1 speaker · 1 showWhat investors said about this company on the podcasts we transcribe, newest first. Bullish means the speaker expects the stock to do well, bearish means they expect it to do badly.
- Bullish
Promises vs. what happened
13 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
Revenue guides beaten, cost guides missed. Every net interest income guide held or was beaten, carried by trading; both expense guides for 2025 came in high, and the 2026 decks stopped giving an outlook at all.
| Promise | Made in | What happened | |
|---|---|---|---|
| 1Q25 NII $14.5–14.6B | Q4 '24 | $14.6B, top of range | Held |
| 4Q25 NII ~$15.5–15.7B, set a year out | Q4 '24 | $15.9B | Held |
| 4Q25 NII $15.6–15.7B, up ~8% | Q3 '25 | $15.9B, up 10% | Held |
| 1Q26 NII up ~7% | Q4 '25 | up 9% | Held |
| Operating leverage in 2025 | Q4 '24 | 2.5% | Held |
| Operating leverage in H2 '25 | Q2 '25 | 5.6% and 3.3% | Held |
| 1Q26 leverage, expense up ~4% | Q4 '25 | 2.9%; expense up 4% | Held |
| 2025 charge-offs 50–60 bps | Q4 '24 | 0.50%, the floor; guide dropped for 2026 | Held |
| 2026 NII up 5–7% | Q4 '25 | up 9% in nine months; not repeated in 2026 decks | Open |
| ~200 bps leverage in 2026 | Q4 '25 | 4.7% at the half; Q3 expense +7%, revenue +3% | Open |
| 2026 tax rate ~20% | Q4 '25 | 17.5% Q1, 21.5% Q2, ~23% Q3 | Open |
| 1Q25 expense ~$17.6B | Q4 '24 | $17.8B | Missed |
| 2025 expense +2–3% | Q4 '24 | +4.4%, $69.7B | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26Q3
'26
OrganicFirst seen Q4 '24
TradingPage one since Q3 '26
LeverageOff page one Q3 '26
NIIFirst seen Q4 '24
CET1Off page one Q3 '26
ROTCEOff page one Q3 '26
DigitalFirst seen Q4 '24
ConsumerFirst seen Q1 '25
AIFirst seen Q2 '25
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Organic growth by segment
“Continued Organic Growth in 2024 3”
Deck Bank of America 4Q24 Financial Results · p. 3 ·
Organic growth by segment
“Continued Organic Growth in 1Q25 3”
Deck Bank of America 1Q25 Financial Results · p. 3 ·
Organic growth by segment
“Continued Organic Growth in 2Q25 3”
Deck Bank of America 2Q25 Financial Results · p. 3 ·
Organic growth by segment
“Continued Organic Growth in 3Q25 5”
Deck Bank of America 3Q25 Financial Results · p. 5 ·
Organic growth by segment
“Continued Organic Growth in 2025 3”
Deck Bank of America 4Q25 Financial Results · p. 3 ·
Organic growth by segment
“Continued Organic Growth in 1Q26 19”
Deck Bank of America 1Q26 Financial Results · p. 19 ·
Organic growth by segment
“Continued Organic Growth in 2Q26 19”
Deck Bank of America 2Q26 Financial Results · p. 19 ·
Organic growth by segment
“Continued Organic Growth in 3Q26 4”
Deck Bank of America 3Q26 Financial Results · p. 4 ·
Sales and trading growth streak
“11 consecutive quarters of YoY sales and trading revenue growth”
Deck Bank of America 4Q24 Financial Results · p. 3 ·
Sales and trading growth streak
“12th consecutive quarter of YoY sales and trading revenue growth”
Deck Bank of America 1Q25 Financial Results · p. 3 ·
Sales and trading growth streak
“$83B total net wealth spectrum client flows since 2Q243 13th consecutive quarter of YoY sales and trading revenue growth”
Deck Bank of America 2Q25 Financial Results · p. 3 ·
Sales and trading growth streak
“14th consecutive quarter of YoY sales and trading revenue growth”
Deck Bank of America 3Q25 Financial Results · p. 5 ·
Sales and trading growth streak
“Record sales and trading revenue 15 consecutive quarters of YoY sales and trading revenue growth”
Deck Bank of America 4Q25 Financial Results · p. 3 ·
Sales and trading growth streak
“Highest sales and trading revenue in over a decade 16 consecutive quarters of YoY sales and trading revenue growth”
Deck Bank of America 1Q26 Financial Results · p. 19 ·
Sales and trading growth streak
“Record first-half sales and trading revenue 17 consecutive quarters of YoY sales and trading revenue growth”
Deck Bank of America 2Q26 Financial Results · p. 19 ·
Sales and trading growth streak
“Record year-to-date sales and trading revenue”
Deck Bank of America 3Q26 Financial Results · p. 2 ·
Operating leverage
“Expect to deliver operating leverage in 2025, reflecting anticipated”
Deck Bank of America 4Q24 Financial Results · p. 18 ·
Operating leverage
“Expect to deliver operating leverage in 2H251”
Deck Bank of America 2Q25 Financial Results · p. 12 ·
Operating leverage
“Operating leverage6 5.6%”
Deck Bank of America 3Q25 Financial Results · p. 2 ·
Operating leverage
“Operating leverage3 2.5%”
Deck Bank of America 4Q25 Financial Results · p. 2 ·
Operating leverage
“Operating leverage2 2.9%”
Deck Bank of America 1Q26 Financial Results · p. 2 ·
Operating leverage
“Operating leverage2 6.6%”
Deck Bank of America 2Q26 Financial Results · p. 2 ·
Net interest income back to growth
“Expect 1Q25 NII (FTE) of $14.5B-$14.6B; expect to grow sequentially to ~$15.5B-$15.7B in 4Q25 with 2H25 growth >1H25 growth1”
Deck Bank of America 4Q24 Financial Results · p. 18 ·
Net interest income back to growth
“Net Interest Income Outlook1,2 12 1Q25 Day count”
Deck Bank of America 1Q25 Financial Results · p. 12 ·
Net interest income back to growth
“Net Interest Income Outlook1,2 11 2Q25 Day count”
Deck Bank of America 2Q25 Financial Results · p. 11 ·
Net interest income back to growth
“NII of $15.2B ($15.4B FTE)1 increased $1.3B, or 9%; up $0.6B, or 4%, vs. 2Q25”
Deck Bank of America 3Q25 Financial Results · p. 4 ·
Net interest income back to growth
“Expect FY26 NII (FTE) to grow 5% to 7% YoY1”
Deck Bank of America 4Q25 Financial Results · p. 18 ·
Net interest income back to growth
“NII of $15.7B ($15.9B FTE)1 increased $1.3B, or 9%”
Deck Bank of America 1Q26 Financial Results · p. 4 ·
Net interest income back to growth
“NII of $16.0B ($16.2B FTE)1 increased $1.3B, or 9%”
Deck Bank of America 2Q26 Financial Results · p. 4 ·
Net interest income back to growth
“NII of $16.4B ($16.6B FTE)1 increased $1.2B, or 8%; net interest yield of 2.16% increased 15 bps”
Deck Bank of America 3Q26 Financial Results · p. 5 ·
Capital well above the regulatory minimum
“CET1 11.9%2 well above reg. min.3”
Deck Bank of America 4Q24 Financial Results · p. 2 ·
Capital well above the regulatory minimum
“CET1 11.8%4 well above reg. min.5”
Deck Bank of America 1Q25 Financial Results · p. 2 ·
Capital well above the regulatory minimum
“CET1 11.5% well above reg. min.4”
Deck Bank of America 2Q25 Financial Results · p. 2 ·
Capital well above the regulatory minimum
“CET1 11.6% well above reg. min.2”
Deck Bank of America 3Q25 Financial Results · p. 2 ·
Capital well above the regulatory minimum
“CET1 11.4% well above reg. min.6”
Deck Bank of America 4Q25 Financial Results · p. 2 ·
Capital well above the regulatory minimum
“CET1 11.2% well above reg. min.5”
Deck Bank of America 1Q26 Financial Results · p. 2 ·
Capital well above the regulatory minimum
“CET1 11.2%5 well above reg. min.”
Deck Bank of America 2Q26 Financial Results · p. 2 ·
Capital well above the regulatory minimum
“CET1 ratio of 10.9%4 decreased 37 bps vs. 2Q26; well above regulatory minimum”
Deck Bank of America 3Q26 Financial Results · p. 5 ·
Returns (ROTCE)
“Return on avg. tangible common equity5 12.9%”
Deck Bank of America 4Q24 Financial Results · p. 2 ·
Returns (ROTCE)
“Return on average tangible common equity7 13.9%”
Deck Bank of America 1Q25 Financial Results · p. 2 ·
Returns (ROTCE)
“ROTCE 13.4%6”
Deck Bank of America 2Q25 Financial Results · p. 2 ·
Returns (ROTCE)
“ROTCE 15.4%7”
Deck Bank of America 3Q25 Financial Results · p. 2 ·
Returns (ROTCE)
“+106 bps YoY 14.2% ROTCE8”
Deck Bank of America 4Q25 Financial Results · p. 2 ·
Returns (ROTCE)
“+158 bps YoY 16.0% ROTCE7”
Deck Bank of America 1Q26 Financial Results · p. 2 ·
Returns (ROTCE)
“+259 bps YoY 17.0% ROTCE7”
Deck Bank of America 2Q26 Financial Results · p. 2 ·
Returns (ROTCE)
“Net income $6.9B; EPS $0.91; ROE 9.4%, ROTCE1 12.6%”
Deck Bank of America 3Q26 Financial Results · p. 5 ·
Digital engagement
“Consumer1 Digital Update 1 Includes all households / relationships with Consumer platform activity, except where otherwise noted.”
Deck Bank of America 4Q24 Financial Results · p. 26 ·
Digital engagement
“Consumer1 Digital Update 1 Includes all households / relationships with consumer platform activity, except where otherwise noted.”
Deck Bank of America 1Q25 Financial Results · p. 26 ·
Digital engagement
“Consumer1 Digital Update”
Deck Bank of America 2Q25 Financial Results · p. 24 ·
Digital engagement
“Consumer1 Digital Update”
Deck Bank of America 3Q25 Financial Results · p. 20 ·
Digital engagement
“Consumer1 Digital Update”
Deck Bank of America 4Q25 Financial Results · p. 21 ·
Digital engagement
“Consumer1 Digital Update 1 Includes all households / relationships with consumer platform activity, except where otherwise noted.”
Deck Bank of America 1Q26 Financial Results · p. 28 ·
Digital engagement
“Consumer1 Digital Update 1 Includes all households / relationships with consumer platform activity, except where otherwise noted.”
Deck Bank of America 2Q26 Financial Results · p. 23 ·
Digital engagement
“Consumer Digital Update1 1 Includes all households / relationships with consumer platform activity, except where otherwise noted.”
Deck Bank of America 3Q26 Financial Results · p. 20 ·
Consumer spend and the economy
“1Q25 Consumer Payment Spend1 of $1.1T was up 4% YoY”
Deck Bank of America 1Q25 Financial Results · p. 4 ·
Consumer spend and the economy
“2025 YTD Consumer Payment Spend1 of $2.3T is up 4% YoY”
Deck Bank of America 2Q25 Financial Results · p. 21 ·
Consumer spend and the economy
“Resilient Economic Outlook and Consumer Spend”
Deck Bank of America 1Q26 Financial Results · p. 5 ·
Consumer spend and the economy
“Resilient Economic Outlook and Consumer Spend”
Deck Bank of America 2Q26 Financial Results · p. 5 ·
Consumer spend and the economy
“Resilient Economic Outlook and Consumer Spend”
Deck Bank of America 3Q26 Financial Results · p. 3 ·
AI at scale
“Generative-AI platform used by Global Markets and Global Corporate and Investment Banking to search, summarize, and synthesize internal research and market commentary”
Deck Bank of America 2Q25 Financial Results · p. 4 ·
AI at scale
“Enhancing Work Through AI at Scale”
Deck Bank of America 2Q26 Financial Results · p. 20 ·
What they keep talking about · 11
The themes that show up deck after deck, and the ones that disappear.
- Organic
- The same four-segment "Continued Organic Growth" slide in every deck, at slide 3 through 2025; in Q1 and Q2 '26 it moved to slide 19, and in Q3 '26 it was back at slide 4.
- Trading
- A count that only went up, to 17 consecutive quarters of year-on-year sales and trading growth in Q2 '26, then stopped: Q3 '26 sales and trading fell 5% and the headline slide says "Record year-to-date" instead.
- Leverage
- A forecast in Q4 '24 and Q2 '25, then on the headline slide from Q3 '25: 5.6%, 2.5% for 2025, 2.9%, 6.6%. Off the Q3 '26 deck, the quarter adjusted expense rose 7% and revenue 3%. The 2026 target is about 200 bps.
- NII
- Down 3% in Q3 '24; from Q4 '24 a path to ~$15.5–15.7B by 4Q25, met at $15.9B; up 9%, 9% and 8% a year in the three 2026 quarters against a 5–7% guide for the year.
- CET1
- "Well above reg. min." on every headline slide while the ratio slid from 11.9% to 10.9% and buybacks ran at $6B–7B a quarter.
- ROTCE
- On the headline slide from Q4 '24: 12.9% → 13.9% → 15.4% → 16.0% → 17.0%, the middle of the 16–18% target in Q2 '26, then 12.6% in Q3 (14.9% adjusted) after a $1.2B regulatory settlement charge.
- Digital
- A Consumer digital update in the back half of every deck since Q4 '24.
- Consumer
- Consumer payment spend in Q1 and Q2 '25, absent in the two later 2025 decks, back in 2026 with the bank's own economists' GDP and inflation estimates.
- AI
- A dedicated AI slide in the two Q2 decks only: slide 4 in Q2 '25, slide 20 in Q2 '26.
- New
- Q3 '25: the highlights slide redrawn around earnings growth, revenue growth and balance-sheet strength, with operating leverage on it. Q4 '25: a tax-equity accounting change, applied to past periods, lifted the tax-rate guide from ~11–13% to ~20%.
- Quiet
- None of the 2026 decks carries an outlook; Q3 '26 dropped operating leverage and the trading streak from the headline slide; the 2026 slide dropped the charge-off guide 2025 had; the deposit-rate-against-yield chart left the NII slide in 2026; the NII sensitivity basis changed in Q1 '25.
Every quarterly report we’ve saved · 9
The press releases and shareholder letters behind this page.
- Q2 2026 release · filed copy 14 Jul 2026
- Q1 2026 release · filed copy 15 Apr 2026
- Q4 2025 release · filed copy 14 Jan 2026
- Q3 2025 release · filed copy 15 Oct 2025
- Q2 2025 release · filed copy 16 Jul 2025
- Q1 2025 release · filed copy 15 Apr 2025
- Q4 2024 release · filed copy 16 Jan 2025
- Q3 2024 release · filed copy 15 Oct 2024
- Q2 2024 release · 8-K 16 Jul 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 15% | 3% | 20% | 9% | 12% | 5% | 10% | 6% |
| Growth & sales | 30% | 28% | 25% | 30% | 46% | 50% | 48% | 39% |
| Pricing & margins | 15% | 8% | 15% | 13% | 15% | 9% | 7% | 11% |
| Guidance & outlook | 20% | 25% | 25% | 35% | 35% | 32% | 31% | 61% |
| Capacity & supply | · | · | 5% | · | 4% | · | · | 6% |
| Capital & financing | 30% | 28% | 20% | 17% | 35% | 18% | 28% | 44% |
| Competition | 5% | 11% | 15% | 4% | 15% | 5% | 7% | 17% |
| Products & technology | · | 3% | 5% | 9% | · | 9% | · | 17% |
| Macro & regulation | · | 8% | 40% | 9% | · | 5% | 7% | · |
| Other | 20% | 39% | 25% | 30% | 31% | 27% | 28% | 6% |
| Questions | 20 | 36 | 20 | 23 | 26 | 22 | 29 | 18 |
Who’s in charge, who’s selling
read from the filings · 23 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 2 · stable
CEO sixteen years, chair twelve; successors staged, not dated
Moynihan CEO since Jan '10, chair since Oct '14. Co-presidents Athanasia and DeMare named 12 Sep '25; no filing read names a successor or a date. Independent-chair proposal: 32.6% of votes cast in 2026. Against Moynihan as a director 8.0% (2025) and 6.5% (2026), the most on the board both years.
Tier 2 · improving
Pay set by judgement; 26% against in 2025, then CEO pay up 17% to $41M
No preset target level; the committee applies its own discretion. Say-on-pay 26.4% against in 2025, 4.7% in 2026. The new performance stock pays 100% at a 90 bp average return on assets (about $31B of net income a year, about 2025's $30.5B) and 150% at 110 bp.
Tier 3 · live
OCC anti-money-laundering consent order, open since Dec '24
Bank of America, N.A. agreed the order on 23 Dec '24; the Q2 '26 10-Q says resolving it may involve monetary penalties. Reasonably possible losses above accruals: $0–0.5B at Dec '25, $0–0.25B at Jun '26.
Tier 3 · stable
$31M sold, $0 bought, none under a plan
Seven executive officers, one sale each between 27 Feb and 5 May '26, after the February vesting; no Form 4 marks a 10b5-1 plan. No director sold. The CEO sold nothing and holds 2.8M shares.
Tier 3 · stable
Long tenures, PwC since 1958, CET1 1.2 points over the minimum
Lozano a director since 2006, three others since 2012–13. Shares down 8.0% in seventeen months under a $40B buyback; CET1 11.2% against a 10.0% minimum. Related ties ordinary course: a director's brother is a financial adviser at the bank ($560K).
Accounting rule changes 3 in 4 quarters
- Q1 '25NII rate sensitivity measured against the forward curve with behavioral deposits, not dynamic deposits
- Q1 '25VaR shown on the risk-management basis instead of the regulatory-capital basis, all periods restated
- Q4 '25Accounting for tax-related equity investments changed, applied retrospectively; prior periods revised
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Moynihan (chair & CEO)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 451.4M | 346.2M | 6.5% |
| Lozano (since 2006)A board seat. | 338.1M | 298.3M | 5.6% |
| Nowell (lead director)A board seat. | 209.7M | 173.5M | 3.3% |
| Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 1,483.8M | 249.9M | 4.7% |
| PwC as auditorThe auditor. Keeping the outside accounting firm that checks the company's books. This almost always passes; a sizeable no means shareholders doubt the audit or think the firm has been in place too long. | 382.1M | 413.5M | 6.8% |
| Independent chair (for)Split the chair and CEO jobs. A proposal that the board be chaired by an independent director, not the CEO, so the person who runs the company does not also run the board that supervises them. Here the number is the votes for it. | — | 1,718.9M | 32.6% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, Oct '25–Oct '26 | Sold | Note |
|---|---|---|
| Athanasia, co-president | $6.9M | 136,558 shares on 3 Mar '26 |
| Greener, chief risk officer | $6.7M | 126,756 shares on 5 May '26 |
| Mensah, president, International | $4.4M | 94,000 shares on 12 Mar '26 |
| DeMare, co-president | $4.2M | 83,832 shares on 4 Mar '26 |
| Borthwick, CFO | $3.4M | 68,000 shares on 27 Feb '26; also gave 32,000 |