Bank of America Corporation
BAC · NYSE
Next quarter
Expected to report Jan 13, 2027 — estimated from last year’s reporting date.
Consensus is $1.13 EPS for Dec 2026 across 7 estimates, ranging $1.09 to $1.20.
BAC Sep 2026
- 2.70%
- $1.11
- $1.08
- —
- $29.96B
Reported results
- $29.96B
- $6.93B
- $0.91
Highlights
- Q3 revenue was $29.96 billion, down 5.1% from Q2’s $31.56 billion but up 3.2% from $29.04 billion a year earlier. Net income was $6.93 billion, versus $9.07 billion and $8.33 billion, respectively.
- EPS figures conflict in the supplied material: the expectations panel says reported EPS was $1.08 versus $1.11 consensus, a 2.7% miss; the supplemental release’s Q3 income statement reports diluted EPS of $0.91. The discrepancy is unresolved.
- Net interest income rose to $16.45 billion from $16.00 billion in Q2 and $15.75 billion a year earlier; the FTE net interest yield improved to 2.16% from 2.08% and 2.01%.
- Noninterest income fell to $13.51 billion from $15.56 billion in Q2, led by market-making revenue declining to $2.36 billion from $4.18 billion. Total revenue was also pressured by the $2.05 billion sequential drop in noninterest income.
- Noninterest expense rose to $19.72 billion from $18.63 billion in Q2 and $17.34 billion a year earlier; the efficiency ratio worsened to 65.83% from 59.02% and 59.70%.
- Global Markets net income fell to $1.24 billion from $2.63 billion in Q2, while All Other recorded a $1.35 billion net loss versus a $292 million loss. Consumer Banking and GWIM net income improved sequentially to $3.52 billion and $1.54 billion.
- Period-end loans were $1.25 trillion, up 2.8% from Q2; deposits were $2.04 trillion, up 0.7%. The standardized CET1 ratio declined to 10.9% from 11.2% in Q2 and 11.6% a year earlier.
Analysis
Bank of America’s Q3 2026 results showed continued improvement in net interest income, but lower markets-related revenue and higher expenses drove a sequential earnings decline. Revenue of $29.96 billion was 5.1% below Q2 and 3.2% above Q3 2025; net income of $6.93 billion fell 23.6% sequentially and 16.8% year over year. The supplied expectations panel lists EPS of $1.08 against $1.11 consensus, a 2.7% miss. However, the supplemental release’s consolidated income statement reports diluted EPS of $0.91 for the quarter, alongside $6.93 billion of net income; the materials do not reconcile these figures.
The strongest element was net interest income, up to $16.45 billion from $16.00 billion in Q2 and $15.75 billion a year earlier, with the FTE net interest yield reaching 2.16%. That was outweighed by noninterest income falling $2.05 billion sequentially, including a $1.82 billion decline in market-making revenue, and expenses increasing $1.10 billion. Global Markets earnings fell sharply and All Other’s loss widened, while Consumer Banking and GWIM improved. Credit provision eased to $1.27 billion from $1.37 billion in Q2, and loans and deposits grew, but the standardized CET1 ratio declined to 10.9% from 11.2%.
Earnings and reported EPS
The quarter’s reported income statement reflects lower earnings despite higher net interest income. Revenue was $29.96 billion, compared with $31.56 billion in Q2 and $29.04 billion in Q3 2025; net income was $6.93 billion, versus $9.07 billion and $8.33 billion. The quarterly supplemental table reports diluted EPS of $0.91, compared with $1.21 in Q2 and $1.06 a year earlier. Separately, the supplied expectations panel gives reported EPS of $1.08 against $1.11 consensus, a 2.7% shortfall. These EPS figures do not match, and the available materials provide no reconciliation.
Net interest income
- NII growth: Net interest income increased to $16.45 billion from $16.00 billion in Q2 and $15.75 billion in Q3 2025. On an FTE basis, it was $16.61 billion, up from $16.16 billion and $15.39 billion, respectively.
- Yield: The FTE net interest yield rose to 2.16%, from 2.08% in Q2 and 2.01% a year earlier. Average total loans and leases were $1.23 trillion, up from $1.22 trillion in Q2 and $1.15 trillion in Q3 2025.
- Funding costs: Total interest expense was $17.81 billion, little changed from $17.84 billion in Q2 and below $20.13 billion a year earlier. Interest expense on deposits was $7.61 billion, versus $7.37 billion in Q2 and $8.93 billion a year earlier.
Markets and segment mix
- Markets revenue: Global Markets revenue was $5.87 billion, down from $8.02 billion in Q2 and $6.23 billion a year earlier. Market-making and similar revenue fell to $2.36 billion from $4.18 billion sequentially; Global Markets net income was $1.24 billion versus $2.63 billion.
- All Other: The segment recorded a $1.35 billion net loss, compared with a $292 million loss in Q2 and a $103 million loss a year earlier. Its reported revenue was negative $643 million, versus negative $744 million in Q2.
- Other businesses: Consumer Banking net income increased to $3.52 billion from $3.28 billion in Q2, while GWIM rose to $1.54 billion from $1.41 billion. Global Banking net income was $1.99 billion, down from $2.05 billion.
Expenses and credit
- Expense growth: Noninterest expense increased to $19.72 billion from $18.63 billion in Q2 and $17.34 billion a year earlier. Other general operating expense was $2.33 billion, versus $1.17 billion in Q2; the release does not explain the increase.
- Efficiency: The GAAP-basis efficiency ratio rose to 65.83%, from 59.02% in Q2 and 59.70% in Q3 2025. On an FTE basis, it was 65.48%, versus 58.72% and 61.11%.
- Provision and card credit: Provision for credit losses was $1.27 billion, down from $1.37 billion in Q2 and $1.30 billion a year earlier. Consumer credit-card net charge-offs were $859 million, or 3.22%, versus $919 million and 3.78% in Q2; 30-plus-day delinquency was 2.32%, down from 2.41%.
Loans, deposits and capital
- Balance growth: Period-end loans and leases reached $1.25 trillion, up 2.8% from $1.22 trillion at June 30 and 7.3% from $1.17 trillion a year earlier. Deposits were $2.04 trillion, up 0.7% sequentially and 1.8% year over year.
- Capital: The preliminary standardized CET1 ratio was 10.9%, down from 11.2% at June 30 and 11.6% at September 30, 2025. The standardized total capital ratio was 14.2%, compared with 14.7% and 15.0%, respectively.
