Bank of America (BAC) FY2025 10-K Review

Statements & commentary

Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.

INCOME STATEMENTCASH FLOWBALANCE SHEETVARIANCE YoYBUSINESS QUALITYQUARTERLYOWNERSHIPEVERY FIGURE AS FILED · $M EXCEPT PER-SHARE

Income statement · $ millions	2025	2024	2023
Total revenues	113,097	105,856	102,769
Depreciation, depletion and amortization	2,314	2,189	2,057
Interest expense	—	—	73,331
Income before income taxes	37,695	33,223	32,530	1
Income tax provision	7,186	6,250	6,225	2
— of which current	6,891	7,377	7,237	1
Net income attributable to common	29,055	25,344	24,656	2
Diluted earnings per share	$3.81	$3.19	$3.05	1
Weighted-average diluted shares	7,681	7,936	8,080	1

Cash flow · $ millions	2025	2024	2023
Net income incl. noncontrolling interests	30,509	26,973	26,305
Depreciation, depletion and amortization	2,314	2,189	2,057
Share-based compensation	4,001	3,433	2,942
Deferred income taxes	295	(1,127)	(1,012)
Net cash provided by operating activities	12,613	(8,805)	44,982	2
Net cash used in investing activities	(145,157)	(90,693)	(35,387)
Repurchases of common stock	21,433	13,104	4,576
Debt issued	99,867	56,683	65,396
Debt repaid	76,031	70,411	44,571
Net cash used in financing activities	69,948	60,369	93,345
Cash and equivalents at end of period	231,845	290,114	333,073

Balance sheet · $ millions	2025	2024
Property, plant and equipment, net	12,516	12,168
Goodwill	69,021	69,021	1
Intangible assets, net	1,800	2,000
Total assets	3,411,738	3,261,299	2
Long-term debt	317,816	283,279
Total liabilities	3,108,495	2,967,336	2
Stockholders' equity	303,243	293,963
Total equity	303,243	293,963	1

Largest FY/FY moves · $ millions, ranked by \|Δ\|	FY2025	FY2024	Δ $	Δ %	Reading
Total assets · BS	3,411,738	3,261,299	+150,439	+4.6%	—
Total liabilities · BS	3,108,495	2,967,336	+141,159	+4.8%	—
Cash and equivalents at end of period · CF	231,845	290,114	−58,269	-20.1%	—
Net cash used in investing activities · CF	(145,157)	(90,693)	−54,464	-60.1%	◐ outsized
Debt issued · CF	99,867	56,683	+43,184	+76.2%	◐ outsized
Long-term debt · BS	317,816	283,279	+34,537	+12.2%	—
Net cash provided by operating activities · CF	12,613	(8,805)	+21,418	+243.2%	◐ outsized
Net cash used in financing activities · CF	69,948	60,369	+9,579	+15.9%	—
Stockholders' equity · BS	303,243	293,963	+9,280	+3.2%	—
Total equity · BS	303,243	293,963	+9,280	+3.2%	—
Repurchases of common stock · CF	21,433	13,104	+8,329	+63.6%	◐ outsized
Total revenues · IS	113,097	105,856	+7,241	+6.8%	—
Debt repaid · CF	76,031	70,411	+5,620	+8.0%	—
Income before income taxes · IS	37,695	33,223	+4,472	+13.5%	—

Business quality — Buffett/Munger screen · deterministic · not part of the filing score	Value	Reading
Return on equity net income ÷ average of start- and end-of-year equity	10.2% sector median 13.7%	adequate
Share count, year-end (year-end shares − prior year-end) ÷ prior year-end	-5.2% sector median -1.0%	shrinking
Debt to equity (current debt + long-term debt) ÷ year-end equity	1.05 sector median 0.57	leveraged
FCF consistency operating cash flow − capital expenditure, per year	n/a	insufficient data
Margin stability pre-tax income ÷ revenue, swing across up to five years	pre-tax margin 33.3% sector median 26.4%	cyclical

Quarterly · as filed in 10-Q/10-K · $ millions	MAR 25	JUN 25	SEP 25	MAR 26	JUN 26
Total revenues	28,247	27,443	28,088	30,272	31,558
Depreciation, depletion and amortization	565	—	—	605	—
Income before income taxes	8,997	8,668	9,456	10,404	11,565
Income tax provision	1,637	1,498	987	1,820	2,491
Net income attributable to common	6,954	6,879	8,040	8,155	8,748
Diluted earnings per share	$0.89	$0.90	$1.06	$1.11	$1.21
Weighted-average diluted shares	7,771	7,652	7,627	7,418	7,294
Net cash provided by operating activities	(2,184)	—	—	41,770	—

Largest QoQ moves · latest vs prior filed quarter	Prior	Latest	Δ $	Δ %
Net cash provided by operating activities	(2,184)	41,770	+43,954	+2,012.5%
Total revenues	30,272	31,558	+1,286	+4.2%
Income before income taxes	10,404	11,565	+1,161	+11.2%
Income tax provision	1,820	2,491	+671	+36.9%
Net income attributable to common	8,155	8,748	+593	+7.3%
Depreciation, depletion and amortization	565	605	+40	+7.1%

Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only	Value	Reading
Public float	$351,904M	10-K cover · as of 2025-06-30
Insider Form 4s, 90d	28 filings · 16 buys / 15 sells	net selling · −$6,723,493
· Greener Geoffrey S	SELL $6,718,702	Form 4 filed 2026-05-07 · open market
· Bank Of America Corp /De/	SELL $34,125	Form 4 filed 2026-05-21 · open market
· Bank Of America Corp /De/	BUY $33,840	Form 4 filed 2026-05-21 · open market
· Bank Of America Corp /De/	BUY $32,832	Form 4 filed 2026-05-22 · open market
· Bank Of America Corp /De/	SELL $20,222	Form 4 filed 2026-05-22 · open market
Insider ownership %	—	needs the proxy statement — not read yet, never estimated
Institutional %	—	needs 13F aggregation — not read yet, never estimated

COMMENTARY6EARNINGS QUALITY5

liabilities share◐PARTLY

“At June 30, 2025, our liabilities did not exceed 10 percent of the total liabilities of all financial institutions in the U.S.”

Total liabilities $2,967.3B → $3,108.5B+141,159

The quoted figures do not map one-for-one onto a filed line on this page; carried as partly supported.

1 LINES TRACED · ITEM 1 · LIMITATIONS ON ACQUISITIONS · P.5-6

net income growth◐PARTLY

“Net income was $30.5 billion, or $3.81 per diluted share, in 2025 compared to $27.0 billion, or $3.19 per diluted share, in 2024.”

Diluted earnings per share $3.19 → $3.81+0.62

Quoted $3.81 Diluted earnings per share: filed $3.81

Quoted $3.19 Diluted earnings per share: filed $3.19

2 of 4 quoted figures reconcile ($3.81 against diluted earnings per share; $3.19 against diluted earnings per share); $27.0 billion, $30.5 billion does not map to a filed line on this page — carried as partly supported.

1 LINES TRACED · ITEM 7 · FINANCIAL HIGHLIGHTS · P.27

total assets growth✓MATCHES

“At December 31, 2025, total assets were approximately $3.4 trillion, up $150.4 billion from December 31, 2024.”

Total assets $3,261.3B → $3,411.7B+150,439

Quoted $3.4 trillionTotal assets: filed $3,411.7B

Quoted $150.4 billionTotal assets: change $150.4B

Every quoted figure reconciles to the filed lines: $3.4 trillion against total assets; $150.4 billion against total assets.

1 LINES TRACED · ITEM 7 · BALANCE SHEET OVERVIEW · P.29

total liabilities growth✓MATCHES

“At December 31, 2025, total liabilities were approximately $3.1 trillion, up $141.2 billion from December 31, 2024”

Total liabilities $2,967.3B → $3,108.5B+141,159

Quoted $3.1 trillionTotal liabilities: filed $3,108.5B

Quoted $141.2 billionTotal liabilities: change $141.2B

Every quoted figure reconciles to the filed lines: $3.1 trillion against total liabilities; $141.2 billion against total liabilities.

1 LINES TRACED · ITEM 7 · BALANCE SHEET OVERVIEW · P.29

equity increase◐PARTLY

“Shareholders' equity increased $9.3 billion primarily due to net income, preferred stock issuances and an increase in accumulated other comprehensive income (OCI), partially offset by returns of capital to shareholders through common stock repurchases ...”

Total equity $294.0B → $303.2B+9,280

Quoted $9.3 billionTotal equity: change $9.3B

Every quoted figure reconciles to the filed lines: $9.3 billion against total equity. The source sentence carries qualifiers beyond the 40-word quote limit; carried as partly supported.

1 LINES TRACED · ITEM 7 · BALANCE SHEET OVERVIEW · P.30

effective tax rate◐PARTLY

“The effective tax rates (ETR) for 2025 and 2024 were driven by pretax income and changes in the mix of income and expenses subject to U.S. federal and state and local taxes”

Income tax provision $6.2B → $7.2B+936

Income before income taxes $33.2B → $37.7B+4,472

The quote contains no checkable figures; the lines it references are shown, and nothing on this page confirms or contradicts it.

2 LINES TRACED · ITEM 7 · INCOME TAX EXPENSE · P.28

Cash conversion stability✗RED FLAG

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Operating cash flow, three years (newest first)$12,613M · $-8,805M · $44,982M

Net income attributable to common, three years (newest first)$29,055M · $25,344M · $24,656M

OCF ÷ NI, three years (newest first)0.43× · -0.35× · 1.82×

Swing 1.82× − -0.35×2.17×

Cause verified by this pageno

The ratio of operating cash flow to net income swings 2.17× across three years. This page verifies no stated cause; the flag marks the size of the swing.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Stock compensation in cash flow✗RED FLAG

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Share-based compensation$4,001M

Operating cash flow$12,613M

Share $4,001M ÷ $12,613M31.7%

Share-based compensation is 31.7% of operating cash flow — above the 25% threshold.

EARNINGS-QUALITY FLAG · 1 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Cash tax vs book charge✗RED FLAG

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Cash income taxes paid$3,930M

Total book tax charge$7,186M

Divergence ($3,930M − $7,186M) ÷ $7,186M-45.3%

Deferred tax asset $16,361M → $15,004M-1,357M

Cash taxes paid diverge from the total book charge by -45.3%. The deferred tax asset moved in the same direction — the ordinary accounting counterpart of such a gap, shown above. The flag marks the size of the divergence. Management's own account touching these lines appears in the "effective tax rate" claim on this page (partial); this page has not independently verified it.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Goodwill weight✓CLEAN

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Goodwill$69,021M

Total assets$3,411,738M

Weight $69,021M ÷ $3,411,738M2.0%

Impairments, three years (newest first)none filed

Goodwill is 2.0% of assets (threshold 40%), no impairment in three years.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Share-count artefact✓CLEAN

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Weighted-average shares 7,936M → 7,681M-3.2%

Shares outstanding, year-end 7,610.9M → 7,212.5M-5.2%

EPS-growth vs NI-growth gap+3.8pp

No share-count artefact: weighted-average and year-end counts do not diverge in direction.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY

Revenue →Net income →Operating cash flow →Cash & equivalents →Total assets →Shareholders' equity →Return on equity →

Terms and acronyms used on this page

Income statement & cash flow

ImpairmentA write-down of an asset's carrying value. Non-cash, and it does not reverse. A large impairment in one year flatters the next year's comparison.

OCFOperating cash flow — net cash provided by operating activities, as reported.

FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.

Balance sheet & market

Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.

Filing & document terms

10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.

YoY · CAGRYear over year · compound annual growth rate.

Keep readingWHERE AN ANALYST GOES NEXT

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Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Bank of America's Form 10-K for FY2025 (accession 0000070858-26-000157), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. BAC is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.