# Bank of America Corporation (BAC)

> Source: Nexqual · https://nexqual.com/BAC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Bank of America Corporation (BAC), nexqual.com/BAC" · informational, not investment advice.

**Price:** USD 51.08 (+0.59% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 50.78 · day 50.2–51.21 · 52w 46.12–65.23 · market cap $357B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $121B, net income $33.7B (27.8% margin) (SEC filings).
- Valuation: P/E 10.6x (avg 12.3x at the last 3 fiscal year-ends).
- 16 of 80 tracked superinvestors hold BAC (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 1 new, 1 added, 10 reduced, 4 unchanged.
- Analysts: Buy (mean 1.88 on a 1–5 scale) (25 analysts), mean target USD 62.95 (range 56–71).
- Total return with dividends: 1Y +0.8% vs S&P 500 +14.9%; 5Y +21.4% vs S&P 500 +80.3%.
- Next earnings: 2027-01-15, EPS estimate USD 1.11, revenue estimate $30.5B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $89.1B | $95.0B | $103B | $106B | $113B | $121B |
| Net income | $32.0B | $27.5B | $26.3B | $27.0B | $30.5B | $33.7B |
| EPS (diluted) | $3.57 | $3.19 | $3.05 | $3.19 | $3.81 | — |
| Net margin | 35.9% | 29.0% | 25.6% | 25.5% | 27.0% | 27.8% |
| Revenue growth | +4.2% | +6.6% | +8.2% | +3.0% | +6.8% | — |
| Cash + short-term investments | $348B | $230B | $333B | $290B | $232B | — |
| Total debt | $280B | $286B | $315B | $307B | $338B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 10.6x · P/S 3.0x · P/B 1.2x · Earnings yield 9.42% · Buyback yield (TTM) 6.96%
P/E at fiscal year-ends: Dec 2025 13.8x, Dec 2024 12.9x, Dec 2023 10.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
16 of 80 tracked investors hold BAC (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Warren Buffett | Berkshire Hathaway | 9.20% | $27.5B | Reduced -5.9% | Q2 2026 |
| Harry Burn | Sound Shore | 3.58% | $116M | Reduced -1.3% | Q2 2026 |
| Bill Nygren | Oakmark Funds | 1.75% | $1.32B | Added +22.1% | Q2 2026 |
| Tweedy Browne |  | 1.57% | $20.8M | Reduced -0.1% | Q2 2026 |
| Francis Chou | Chou Associates | 1.32% | $2.8M | Unchanged | Q2 2026 |
| Richard Pzena | Pzena Investment Management | 1.06% | $360M | Reduced -1.8% | Q2 2026 |
| Van Den Berg Management I |  | 0.61% | $2.9M | Reduced -2.2% | Q2 2026 |
| John Rogers | Ariel Investments | 0.28% | $28.1M | Reduced -3.8% | Q2 2026 |
| Christopher Davis | Davis Advisors | 0.24% | $56.6M | Reduced -14.4% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 0.24% | $2.9M | Reduced -0.9% | Q3 2026 |
| Kahn Brothers | Kahn Brothers Group | 0.08% | $461K | Unchanged | Q2 2026 |
| First Eagle Investment | First Eagle Investment Management | 0.06% | $37.2M | Unchanged | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | 0.05% | $99.3M | Reduced -4.3% | Q2 2026 |
| Glenn Greenberg | Brave Warrior Advisors | 0.02% | $828K | Unchanged | Q2 2026 |
| Mairs & Power | Mairs & Power Funds | 0.01% | $1.1M | Reduced -14.3% | Q2 2026 |
| Ruane Cunniff | Ruane Cunniff LP | <0.01% | $207K | New position | Q2 2026 |

## Analysts
Consensus Buy (mean 1.88 on a 1–5 scale), 25 analysts; mean target USD 62.95 (low 56, high 71).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Citigroup | Target lowered | Buy | $66 → $60 |
| 2026-10-15 | Morgan Stanley | Target lowered | Overweight | $67 → $61 |
| 2026-10-15 | Truist Securities | Target lowered | Buy | $62 → $58 |
| 2026-10-15 | RBC Capital | Target lowered | Outperform | $65 → $60 |
| 2026-10-15 | Barclays | Target lowered | Overweight | $72 → $68 |
| 2026-10-15 | Wells Fargo | Target lowered | Overweight | $69 → $64 |
| 2026-10-15 | TD Cowen | Target lowered | Hold | $60 → $56 |
| 2026-10-15 | Evercore ISI Group | Target lowered | Outperform | $62 → $57 |
| 2026-10-15 | Keefe, Bruyette & Woods | Target lowered | Outperform | $70 → $65 |
| 2026-10-15 | Baird | Upgrade | Neutral → Outperform | $62 |
| 2026-10-05 | UBS | Target lowered | Buy | $70 → $67 |
| 2026-10-02 | JP Morgan | Target lowered | Overweight | $68 → $62 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +0.8% | +21.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +0.8% | +3.9% |
| Volatility (annualized) | 21.9% | 28.8% |
| Max drawdown | -21.9% (Aug 2026→Oct 2026) | -46.4% (Jan 2022→Oct 2023) |

## Peers (Banks - Diversified)
HSBC (HSBC Holdings, plc.) USD 91.89 -2.14% · RY (Royal Bank Of Canada) USD 202.06 +0.02% · WFC (Wells Fargo & Company) USD 83.01 +0.72% · MUFG (Mitsubishi UFJ Financial Group,) USD 21.41 -1.65% · C (Citigroup, Inc.) USD 122.51 -1.08% · TD (Toronto Dominion Bank (The)) USD 125.12 +0.34%

## More
Full page: https://nexqual.com/BAC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BAC's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/70858/000007085826000157/bac-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Bank of America | "Bank of America has always been the bank of opportunity for our shareholders, our clients and customers, our communities and our teammates." |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $97.69B | 86.4% | +5.7% |
| Non Us | $15.41B | 13.6% | +14.8% |
| — EMEA (part of Non Us) | $7.56B | 6.7% | +16.3% |
| — Asia (part of Non Us) | $6.00B | 5.3% | +15.8% |
| — Latin America (part of Non Us) | $1.84B | 1.6% | +6.1% |
| Total revenue | $113.10B | 100% | — |

## Company outlook (8-K filed 2026-10-14)

- "See Endnote F on page 10 for more information. 5 VaR model uses a historical simulation approach based on three years of historical data and an expected shortfall methodology equivalent to a 99% confidence level."
- "Retail Banking Advice Satisfaction Study measures customer satisfaction with retail bank advice / guidance in the past 12 months."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $1.11 | $1.15 | -3.8% | $30.46B | 14 |
| Next quarter (ends 2027-03-31) | $1.20 | $1.24 | -3.3% | $31.88B | 9 |
| Current fiscal year (ends 2026-12-31) | $4.39 | $4.67 | -6.0% | $122.77B | 19 |
| Next fiscal year (ends 2027-12-31) | $5.11 | $5.25 | -2.8% | $130.23B | 17 |