Bank of America Corporation · BAC-PM · FY2026 Q1 · Calendar Q2 2026

Bank of America raises NII guidance as operating leverage improves

The quarter supports a constructive operating trajectory: broad-based revenue growth, stronger NII, improving efficiency, and benign credit quality were accompanied by higher full-year NII guidance. The main test is whether expense discipline, consumer growth, capital returns, and technology investment can sustain that trajectory.

Reported April 15, 2026Session unavailableNYSEFinancial Services $324.92B market cap

75quality score

Earnings scorecard

Reported versus consensus

Reported EPS $1.11 Consensus $1.01

EPS surprise +9.9% Reported versus consensus

Reported revenue $30.27B Consensus $29.95B

Revenue surprise +1.1% Reported versus consensus

Market reaction

unavailable

Stock move — Event window

SPY move — Same window

Abnormal move — Stock minus SPY

Volume — Versus trailing sessions

Subsequent drift — Up to 20 sessions

Price and volume data were unavailable at publication time.

Ask FN2 about BAC-PM FY2026 Q1

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Transcript intelligence

What changed

Management raised full-year NII growth guidance to 6%-8% and highlighted broad-based performance, improved operating leverage, stronger efficiency, benign credit quality, and continued technology and AI investment.

Guidance delta

Full-year NII growth guidance was raised to 6%-8%.

Key takeaways

Management described strength across every business line, led by NII and fee-based revenue.
Operating leverage improved markedly; ROTCE reached 16% and the efficiency ratio fell to 61%.
Deposits exceeded $2 trillion, loans grew about 9%, and funding costs remained low.
Credit quality stayed benign, including no new office-loan nonperforming-asset inflows in more than three years.
Technology and AI investment remains paired with expense discipline and capital returns.

Management priorities

Maintain disciplined dividends and share buybacks while supporting balance-sheet growth.
Invest in relationship managers, technology platforms, Erica, AI, and digitization.
Pursue 200-300 basis points of positive operating leverage for the year.
Expand wealth-advisor headcount and improve adviser productivity.
Monitor Basel III and G-SIB regulatory developments.

Risks

Interest-rate changes could affect NII and deposit costs.
Geopolitical tensions and energy-market volatility could affect results.
Basel III Endgame and G-SIB rules could change capital requirements.
Cybersecurity and AI-related operational risks remain.
Consumer deposit or loan growth could slow.

Analyst concerns

Expense discipline translating higher NII guidance into bottom-line earnings.
Sustainability of the 16% ROTCE target as capital returns rise.
Consumer deposit and loan growth momentum.
AI-driven productivity versus headcount and cyber risks.
Capital buffers relative to regulatory minimums.

Editorial confidence: medium
Prior-quarter analysis was unavailable. · Market-reaction data was unavailable. · Transcript analysis and reported-versus-consensus checks were available.

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Earnings History

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Analyst Consensus ?

ConsensusHold39 ratings

Bullish1948.7%

Neutral1846.2%

Bearish25.1%

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

Firm	Rating	Prior rating	Action	Date
Oppenheimer	Outperform	Outperform	Maintain	Oct 17, 2023
BMO Capital	Market Perform	Market Perform	Maintain	Oct 17, 2023
Morgan Stanley	Equal Weight	Equal Weight	Maintain	Oct 2, 2023
Piper Sandler	Underweight	Underweight	Maintain	Sep 14, 2023
RBC Capital	Outperform	Outperform	Maintain	Sep 11, 2023
Wells Fargo	Overweight	Overweight	Maintain	Aug 22, 2023
Citigroup	Neutral	Neutral	Maintain	Jun 13, 2023
Evercore ISI Group	Outperform	Outperform	Maintain	May 11, 2023
Keefe, Bruyette & Woods	Underperform	Underperform	Maintain	Apr 18, 2023
Barclays	Overweight	Overweight	Maintain	Apr 11, 2023
JP Morgan	Overweight	Overweight	Maintain	Apr 9, 2023
Goldman Sachs	Buy	Buy	Maintain	Apr 2, 2023
Odeon Capital	Hold	Buy	Downgrade	Mar 7, 2023
Atlantic Equities	Neutral	Overweight	Downgrade	Jan 30, 2023
Deutsche Bank	Hold	Buy	Downgrade	Jan 5, 2023
Credit Suisse	Outperform	Outperform	Maintain	Jul 18, 2022
Societe Generale	Buy	Hold	Upgrade	Jul 10, 2022
Baird	Neutral	Underperform	Upgrade	Mar 7, 2022
Wolfe Research	Peer Perform	Outperform	Downgrade	Oct 6, 2021
DA Davidson	Neutral	Buy	Downgrade	Jul 8, 2020
UBS	Neutral	Neutral	Maintain	May 3, 2020
CFRA	Buy	Buy	Maintain	Apr 14, 2020
Raymond James	Market Perform	Outperform	Downgrade	Aug 28, 2019
Jefferies	Hold	Buy	Downgrade	Apr 16, 2019
Nomura	Buy	Buy	Maintain	Oct 15, 2017
Berenberg	Hold	Buy	Downgrade	Apr 23, 2017
Macquarie	Outperform	Neutral	Upgrade	Feb 15, 2017
Standpoint Research	Hold	Buy	Downgrade	Nov 30, 2016
Guggenheim	Neutral	Buy	Downgrade	Nov 14, 2016
CLSA	Outperform	Outperform	Maintain	Sep 22, 2016
Bernstein	Outperform	Neutral	Upgrade	Aug 24, 2015
Portales Partners	Sector Perform	Outperform	Downgrade	May 27, 2015
FBR Capital	Outperform	Market Perform	Upgrade	Oct 15, 2014
SunTrust Robinson Humphrey	Neutral	Neutral	Maintain	Apr 24, 2014
Scotiabank	Sector Outperform	Sector Perform	Upgrade	Mar 14, 2013
Edward Jones	Buy	Hold	Upgrade	Mar 7, 2013
ISI Group	Buy	Buy	Maintain	Jan 6, 2013
Stifel	Buy	Hold	Upgrade	Nov 18, 2012
Sterne Agee	Neutral	Neutral	Maintain	Oct 17, 2012

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Company context

Snapshot as of publication

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans. The company's Global Wealth & Investment Management segment offers investment management, brokerage, banking, and trust and retirement products and services; and wealth management solutions, as well as customized solutions, including specialty asset management services.…

Historical context

All BAC-PM earnings

—FY2026 Q3 · Calendar Q4 2026—FY2026 Q2 · Calendar Q3 2026

Financial Services peers this season

Latest reports in the same sector

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MS-PO Morgan Stanley	FY2026 Q3 · Calendar Q4 2026	+3.4%	—	Morgan Stanley Q3: Record Wealth Flows and AI Financing Focus
MS-PE Morgan Stanley	FY2026 Q3 · Calendar Q4 2026	+3.4%	—	Morgan Stanley Q3: Wealth flows and AI financing support growth
MS-PL Morgan Stanley	FY2026 Q3 · Calendar Q4 2026	+3.4%	—	Morgan Stanley Q3: Record flows strengthen the integrated-firm case
MS-PA Morgan Stanley	FY2026 Q3 · Calendar Q4 2026	+3.4%	—	Morgan Stanley posts record Q3 as wealth and institutional growth broaden
BAC-PS Bank of America Corporation	FY2026 Q3 · Calendar Q4 2026	0.0%	—	BofA: Loan Growth and NII Support Raised Outlook
BAC-PP Bank of America Corporation	FY2026 Q3 · Calendar Q4 2026	0.0%	—	BofA: Deposit Growth and AI Investment Offset Markets Weakness

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Sources

Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
Polygon adjusted daily market bars

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated October 15, 2026 · As of 2026-10-15. For educational purposes only; not investment advice.