Bank of America Reports Q3 2026 Results: Adjusted EPS of $1.08, Revenue Up 3% to $30.0B

Executive Summary

Bank of America Corporation announced its financial results for the third quarter ended September 30, 2026, delivering GAAP net income of $6.9 billion ($0.91 per diluted share) compared to $8.3 billion ($1.04 per diluted share) in 3Q25. Results include a $1.2 billion non-tax-deductible regulatory settlement charge ($0.17 per share). Excluding this charge, adjusted net income stood at $8.1 billion and adjusted diluted EPS was $1.08.

Key Financial Highlights

• Revenue: Total revenue, net of interest expense, reached $30.0 billion ($30.1B FTE), up 3% YoY, driven by higher net interest income (NII) and asset management fees, partly offset by declines in sales and trading and investment banking fees.
• Net Interest Income (NII): $16.4 billion ($16.6B FTE), an increase of 8% YoY, supported by higher loan and deposit balances, Global Markets NII activity, and fixed-rate asset repricing. Net interest yield (FTE) improved by 15 bps to 2.16%.
• Credit Quality: Provision for credit losses was $1.27 billion, relatively flat compared to $1.30 billion in 3Q25. Net charge-offs decreased slightly to $1.35 billion (0.44% net charge-off ratio) from $1.37 billion in 3Q25.
• Noninterest Expense: Reported at $19.7 billion, up $2.4 billion YoY; excluding the $1.2B regulatory settlement charge, adjusted noninterest expense was $18.5 billion with an adjusted efficiency ratio of 62%.

Business Segment Performance

• Consumer Banking: Net income of $3.5 billion on revenue of $11.6 billion (+4% YoY). Average deposits reached $949 billion, and combined credit/debit card spend climbed 8% to $266 billion.
• Global Wealth & Investment Management (GWIM): Net income of $1.5 billion; revenue rose 13% YoY to $7.1 billion, aided by a 16% surge in asset management fees ($4.5B). Total client balances grew 9% to $5.1 trillion with $20 billion in quarterly AUM flows.
• Global Banking: Net income of $2.0 billion on revenue of $6.2 billion. Investment banking fees (excluding self-led) declined 11% to $1.8 billion, while average loans and leases grew 8% to $419 billion.
• Global Markets: Net income of $1.2 billion on revenue of $5.9 billion. Sales and trading revenue was $5.1 billion (-5% YoY), as an 11% rise in Equities ($2.5B) was offset by a 17% decline in FICC ($2.6B).
• All Other: Reported a net loss of $1.35 billion, reflecting the $1.2 billion regulatory settlement charge.

Capital and Liquidity

• CET1 Ratio: Standardized CET1 ratio stood at 10.9%, well above regulatory requirements.
• Capital Return: Returned $8.3 billion to shareholders during the quarter, comprising $6.0 billion in share repurchases and $2.2 billion in common dividends.
• Book Value: Book value per share rose 4% YoY to $39.26, while tangible book value per share rose 3% to $29.14.