Analyst Consensus ?
ConsensusBuy54 ratings
Bullish3564.8%
Neutral1833.3%
Bearish11.9%
Bank of America Corporation · BAC · FY2026 Q2 · Calendar Q3 2026
Bank of America Q2: Revenue Up 15%, ROTCE Hits 17% as NII and AI Drive Operating Leverage
Bank of America's Q2 results show accelerating revenue and earnings growth, driven by robust net interest income, a surge in investment banking fees, and deepening AI integration translating into measurable operating leverage. The beat on both EPS and revenue, combined with raised guidance on operating leverage and NII growth, signals a bank leveraging its scale and technology investments to widen margins in a higher-for-longer rate environment.
Reported Before market openNYSEFinancial Services
$440.91B market cap
100quality score
Company context
Snapshot as of publicationOperating globally through its various subsidiaries, Bank of America Corporation offers a comprehensive range of banking and financial products and services. Its extensive clientele includes individual consumers, small and mid-market businesses, institutional investors, large corporations, and government bodies worldwide. The Consumer Banking division provides diverse options such as traditional and money market savings accounts, certificates of deposit, individual retirement accounts (IRAs), and both interest-bearing and non-interest-bearing checking accounts, in addition to investment products. This segment also issues credit and debit cards, originates residential mortgages and home equity loans, and offers direct and indirect financing for needs like automotive purchases, recreational vehicles, and personal loans. Within its Global Wealth & Investment Management segment, the company delivers investment management, brokerage, banking, and trust and retirement solutions.…
Earnings scorecard
Reported versus consensus
Reported EPS
$1.21
Consensus $1
EPS surprise
+7.1%
Reported versus consensus
Reported revenue
$31.56B
Consensus $30.78B
Revenue surprise
+2.5%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$62.13Previous close
$36Low
$55.65Average
$144High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 28, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 17, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 15, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jul 15, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 15, 2026 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | Jul 15, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 15, 2026 |
| Baird | Neutral | Neutral | Maintain | Jul 15, 2026 |
| UBS | Buy | Buy | Maintain | Jul 7, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 6, 2026 |
| Oppenheimer | Perform | Outperform | Downgrade | Jun 30, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jun 29, 2026 |
| Citigroup | Buy | Buy | Maintain | Jun 23, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Apr 16, 2026 |
| Jefferies | Buy | Buy | Maintain | Apr 16, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Mar 23, 2026 |
| Freedom Broker | Buy | Buy | Maintain | Jan 22, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jan 15, 2026 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jan 7, 2026 |
| HSBC | Hold | Buy | Downgrade | Jul 8, 2025 |
| Argus Research | Buy | Buy | Maintain | Apr 16, 2025 |
| Phillip Securities | Accumulate | Neutral | Upgrade | Oct 18, 2024 |
| Deutsche Bank | Buy | Hold | Upgrade | Sep 3, 2024 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 18, 2024 |
| CFRA | Sell | Hold | Downgrade | Jul 16, 2024 |
| Seaport Global | Buy | Neutral | Upgrade | Jul 2, 2024 |
| Erste Group | Buy | Hold | Upgrade | Apr 3, 2024 |
| Odeon Capital | Hold | Buy | Downgrade | Jan 16, 2024 |
| Atlantic Equities | Neutral | Overweight | Downgrade | Jan 31, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Jul 19, 2022 |
| Societe Generale | Buy | Hold | Upgrade | Jul 11, 2022 |
| DA Davidson | Neutral | Buy | Downgrade | Jul 9, 2020 |
| Keefe Bruyette & Woods | Market Perform | Outperform | Downgrade | Sep 6, 2019 |
| Raymond James | Market Perform | Outperform | Downgrade | Aug 29, 2019 |
| Nomura | Buy | Buy | Maintain | Oct 16, 2017 |
| Berenberg | Hold | Buy | Downgrade | Apr 24, 2017 |
| Macquarie | Outperform | Neutral | Upgrade | Feb 16, 2017 |
| Standpoint Research | Hold | Buy | Downgrade | Dec 1, 2016 |
| Guggenheim | Neutral | Buy | Downgrade | Nov 15, 2016 |
| Compass Point | Neutral | Neutral | Maintain | Oct 11, 2016 |
| CLSA | Outperform | Outperform | Maintain | Sep 23, 2016 |
| Sandler O'Neill | Buy | Hold | Upgrade | Jan 20, 2016 |
| Bernstein | Outperform | Neutral | Upgrade | Aug 25, 2015 |
| Portales Partners | Sector Perform | Outperform | Downgrade | May 28, 2015 |
| FBR Capital | Outperform | Market Perform | Upgrade | Oct 16, 2014 |
| MKM Partners | Buy | Buy | Maintain | May 21, 2014 |
| SunTrust Robinson Humphrey | Neutral | Neutral | Maintain | Apr 25, 2014 |
| Scotiabank | Sector Outperform | Sector Perform | Upgrade | Mar 15, 2013 |
| Edward Jones | Buy | Hold | Upgrade | Mar 8, 2013 |
| Rafferty | Buy | Buy | Maintain | Feb 7, 2013 |
| ISI Group | Buy | Buy | Maintain | Jan 7, 2013 |
| Stifel Nicolaus | Buy | Hold | Upgrade | Nov 19, 2012 |
| Stifel | Buy | Hold | Upgrade | Nov 19, 2012 |
| Sterne Agee | Neutral | Neutral | Maintain | Oct 18, 2012 |
| Drexel Hamilton | Buy | Buy | Maintain | Oct 2, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $62.13. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Truist Financial | Analyst unavailable | $65 | $61.74 | +4.6% | Jul 15, 2026 |
| Argus Research | Stephen Biggar | $70 | $61.79 | +12.7% | Jul 15, 2026 |
| RBC Capital | Analyst unavailable | $65 | $60.62 | +4.6% | Jul 15, 2026 |
| Robert W. Baird | Analyst unavailable | $62 | $60.62 | -0.2% | Jul 15, 2026 |
| Wells Fargo | Analyst unavailable | $69 | $60.62 | +11.1% | Jul 15, 2026 |
| Jefferies | Analyst unavailable | $75 | $60.64 | +20.7% | Jul 14, 2026 |
| UBS | Analyst unavailable | $68 | $60.54 | +9.4% | Jul 7, 2026 |
| Evercore ISI | Analyst unavailable | $63 | $59.63 | +1.4% | Jul 6, 2026 |
| Wells Fargo | Analyst unavailable | $67 | $58.73 | +7.8% | Jul 6, 2026 |
| Morgan Stanley | Manan Gosalia | $67 | $57.96 | +7.8% | Jun 29, 2026 |
| Truist Financial | John McDonald | $64 | $57.66 | +3.0% | Jun 26, 2026 |
| Piper Sandler | Analyst unavailable | $59 | $54.23 | -5.0% | Apr 16, 2026 |
| Truist Financial | Analyst unavailable | $61 | $54.22 | -1.8% | Apr 16, 2026 |
| Oppenheimer | Analyst unavailable | $61 | $54.22 | -1.8% | Apr 16, 2026 |
| Truist Financial | John McDonald | $57 | $48.24 | -8.3% | Mar 26, 2026 |
| Morgan Stanley | Analyst unavailable | $64 | $52.88 | +3.0% | Jan 15, 2026 |
| Evercore ISI | Analyst unavailable | $59 | $52.6 | -5.0% | Jan 15, 2026 |
| Truist Financial | Analyst unavailable | $60 | $52.48 | -3.4% | Jan 15, 2026 |
| HSBC | Saul Martinez | $50 | $55.94 | -19.5% | Jan 7, 2026 |
| Truist Financial | Analyst unavailable | $62 | $56.89 | -0.2% | Jan 6, 2026 |
| Goldman Sachs | Richard Ramsden | $64 | $56.89 | +3.0% | Jan 6, 2026 |
| Barclays | Analyst unavailable | $71 | $55.95 | +14.3% | Jan 5, 2026 |
| Truist Financial | Analyst unavailable | $58 | $54.8 | -6.6% | Dec 18, 2025 |
| Morgan Stanley | Analyst unavailable | $68 | $54.72 | +9.4% | Dec 12, 2025 |
| Piper Sandler | Analyst unavailable | $56 | $54.08 | -9.9% | Dec 11, 2025 |
| Wells Fargo | Analyst unavailable | $62 | $52.57 | -0.2% | Oct 27, 2025 |
| Piper Sandler | Analyst unavailable | $55 | $52.28 | -11.5% | Oct 16, 2025 |
| UBS | Analyst unavailable | $57 | $50.28 | -8.3% | Oct 7, 2025 |
| Goldman Sachs | Analyst unavailable | $55 | $52.42 | -11.5% | Sep 30, 2025 |
| Morgan Stanley | Analyst unavailable | $66 | $52.21 | +6.2% | Sep 29, 2025 |
| Truist Financial | John McDonald | $56 | $52.16 | -9.9% | Sep 24, 2025 |
| RBC Capital | Analyst unavailable | $53 | $47.32 | -14.7% | Jun 30, 2025 |
| Argus Research | Stephen Biggar | $47 | $37.33 | -24.4% | Apr 16, 2025 |
| Robert W. Baird | Analyst unavailable | $50 | $41.4 | -19.5% | Mar 7, 2025 |
| Morgan Stanley | Betsy Graseck | $54 | $46.08 | -13.1% | Jan 7, 2025 |
| Oppenheimer | Chris Kotowski | $54 | $44.31 | -13.1% | Jan 3, 2025 |
| Goldman Sachs | Richard Ramsden | $48 | $42.95 | -22.7% | Oct 16, 2024 |
| Oppenheimer | Chris Kotowski | $50 | $42.14 | -19.5% | Oct 16, 2024 |
| Evercore ISI | Glenn Schorr | $45 | $42.14 | -27.6% | Oct 16, 2024 |
| Piper Sandler | Scott Siefers | $44 | $40.4 | -29.2% | Sep 3, 2024 |
| Deutsche Bank | Matt O'Connor | $45 | $40.75 | -27.6% | Sep 3, 2024 |
| CFRA | Kenneth Leon | $39 | $36.92 | -37.2% | Aug 6, 2024 |
| RBC Capital | Gerard Cassidy | $46 | $44.13 | -26.0% | Jul 17, 2024 |
| Goldman Sachs | Richard Ramsden | $45 | $44.27 | -27.6% | Jul 16, 2024 |
| Wedbush | Jay McCanless | $144 | $41 | +131.8% | Jul 9, 2024 |
| Piper Sandler | Scott Siefers | $42 | $40.62 | -32.4% | Jul 9, 2024 |
| Evercore ISI | Glenn Schorr | $43 | $40.93 | -30.8% | Jul 3, 2024 |
| Jefferies | Analyst unavailable | $41 | $40.9 | -34.0% | Jul 3, 2024 |
| Seaport Global | Jim Mitchell | $48 | $40.18 | -22.7% | Jul 2, 2024 |
| Evercore ISI | Mark Mahaney | $75 | $39.34 | +20.7% | Jun 14, 2024 |
| Piper Sandler | Scott Siefers | $37 | $39.88 | -40.4% | Jun 4, 2024 |
| Wolfe Research | Steven Chubak | $42 | $35.77 | -32.4% | Apr 19, 2024 |
| RBC Capital | Gerard Cassidy | $39 | $35.23 | -37.2% | Apr 17, 2024 |
| Oppenheimer | Chris Kotowski | $45 | $35.6 | -27.6% | Apr 17, 2024 |
| BMO Capital | James Fotheringham | $37 | $34.68 | -40.4% | Apr 17, 2024 |
| Robert W. Baird | David George | $38 | $34.68 | -38.8% | Apr 17, 2024 |
| Wells Fargo | Mike Mayo | $44 | $37.62 | -29.2% | Mar 28, 2024 |
| HSBC | Saul Martinez | $39 | $37.81 | -37.2% | Mar 28, 2024 |
| Morgan Stanley | Betsy Graseck | $41 | $34.79 | -34.0% | Jan 30, 2024 |
| Loop Capital Markets | James Fotheringham | $36 | $32.12 | -42.1% | Jan 16, 2024 |
| BMO Capital | James Fotheringham | $40 | $33.15 | -35.6% | Jan 12, 2024 |
| Loop Capital Markets | James Fotheringham | $40 | $27.59 | -35.6% | Oct 18, 2023 |
| HSBC | Saul Martinez | $35 | $27.02 | -43.7% | Oct 16, 2023 |
| Oppenheimer | Chris Kotowski | $47 | $30.01 | -24.4% | Apr 19, 2023 |
| Oppenheimer | Analyst unavailable | $53 | $35.92 | -14.7% | Feb 2, 2023 |
| Barclays | Jason Goldberg | $48 | $34.47 | -22.7% | Jan 13, 2023 |
| Oppenheimer | Analyst unavailable | $51 | $32.77 | -17.9% | Dec 28, 2022 |
| Piper Sandler | Analyst unavailable | $36 | $32.74 | -42.1% | Dec 8, 2022 |
| Morgan Stanley | Analyst unavailable | $38 | $33.42 | -38.8% | Dec 6, 2022 |
| RBC Capital | Analyst unavailable | $40 | $33.21 | -35.6% | Jul 19, 2022 |
| Credit Suisse | Analyst unavailable | $43 | $32.26 | -30.8% | Jul 19, 2022 |
| Goldman Sachs | Richard Ramsden | $39 | $32.26 | -37.2% | Jul 18, 2022 |
| Piper Sandler | Jeffery Harte | $47 | $31.79 | -24.4% | Jul 10, 2022 |
| Credit Suisse | Analyst unavailable | $45 | $32.31 | -27.6% | Jun 27, 2022 |
| Morgan Stanley | Betsy Graseck | $47 | $32.31 | -24.4% | Jun 24, 2022 |
| Morgan Stanley | Analyst unavailable | $47 | $32.08 | -24.4% | Jun 24, 2022 |
| RBC Capital | Analyst unavailable | $45 | $32.02 | -27.6% | Jun 14, 2022 |
| Capital One Financial | Analyst unavailable | $46 | $39.5 | -26.0% | Apr 19, 2022 |
| BMO Capital | Analyst unavailable | $46 | $39.51 | -26.0% | Apr 19, 2022 |
| Citigroup | Keith Horowitz | $47 | $38.85 | -24.4% | Apr 19, 2022 |
| Jefferies | Ken Usdin | $43 | $37.57 | -30.8% | Apr 15, 2022 |
| Piper Sandler | Jeffery Harte | $51 | $39.67 | -17.9% | Apr 8, 2022 |
| Morgan Stanley | Betsy Graseck | $49 | $40.9 | -21.1% | Apr 2, 2022 |
| Robert W. Baird | David George | $42 | $38.59 | -32.4% | Mar 8, 2022 |
| Evercore ISI | Glenn Schorr | $52 | $45.53 | -16.3% | Jan 20, 2022 |
| Argus Research | Stephen Biggar | $55 | $45.53 | -11.5% | Jan 20, 2022 |
| Goldman Sachs | Richard Ramsden | $54 | $46.21 | -13.1% | Jan 19, 2022 |
| Piper Sandler | Jeffery Harte | $57 | $47.91 | -8.3% | Jan 16, 2022 |
| Citigroup | Keith Horowitz | $57 | $48.62 | -8.3% | Jan 12, 2022 |
| Wolfe Research | Steven Chubak | $49 | $47.76 | -21.1% | Jan 4, 2022 |
| Barclays | Jason Goldberg | $58 | $45.96 | -6.6% | Jan 3, 2022 |
| UBS | Erika Najarian | $64 | $44.27 | +3.0% | Dec 9, 2021 |
| Odeon Capital Group LLC | Richard Bove | $46.5 | $40.54 | -25.2% | Sep 13, 2021 |
| Credit Suisse | Susan Roth Katzke | $47 | $37.36 | -24.4% | Jul 16, 2021 |
| KBW | David Konrad | $40 | $39.48 | -35.6% | Jul 6, 2021 |
| Bank of America Securities | Gregg Gilbert | $48 | $42.13 | -22.7% | Jun 2, 2021 |
Track every rating change on BAC the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+1.9%
Event window
SPY move
+0.4%
Same window
Abnormal move
+1.5%
Stock minus SPY
Volume
1.4×
Versus trailing sessions
Subsequent drift
+2.5%
Up to 20 sessions
BACSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Revenue growth accelerated to 15% YoY (from 7% in Q1), net income rose 27% to $9.1B, and ROTCE reached 17% (up from 16% in Q1). Investment banking fees jumped 50% and operating leverage expanded to 450 bps in H1, prompting management to raise the full-year operating leverage target to 300-400 bps (from 200-300 bps). The NII growth outlook moved to the upper end of the 6-8% range. AI deployment deepened significantly, with over 300 use cases approved (up from 90 installations in Q1), 114 live, and 34 fully implemented, generating 400,000 daily prompts.
Guidance delta
Management raised full-year operating leverage guidance from 200-300 bps to 300-400 bps and shifted NII growth expectations to the upper end of the 6-8% range. The capex outlook moved from stable to increasing. Guidance sentiment remained raised, consistent with the prior quarter.
Key takeaways
- Revenue grew 15% YoY to $31.6B and net income rose 27% to $9.1B, beating consensus on both EPS ($1.21 vs $1.13) and revenue ($31.6B vs $30.8B).
- Operating leverage of 450 bps in H1 led to a raised full-year target of 300-400 bps, up from 200-300 bps.
- Deposits hit $2.02T, up 2.5% YoY, with non-interest-bearing deposits up 4% — the 12th consecutive quarter of deposit growth.
- AI deployment accelerated: over 300 use cases approved, 114 live, 34 fully implemented, generating 400,000 daily prompts.
- ROTCE reached 17%, up from 16% in Q1, with CET1 stable at 11.2% and credit quality holding steady with provision expense and charge-offs flat YoY.
Management priorities
- Expand AI use cases further to increase productivity and risk management.
- Maintain aggressive deposit and loan growth while optimizing the funding mix.
- Target the upper end of the 6-8% NII growth range and deliver higher operating leverage.
- Invest in consumer banking expansion, digital channels, and the rewards program.
Related earnings events
Financial ServicesMS · FY2026 Q2 · Calendar Q3 2026Morgan Stanley Posts Record Q2 on $148B Net New Assets, 15% Dividend HikeGS · FY2026 Q2 · Calendar Q3 2026Goldman Sachs Q2 2026: Record Revenue and EPS Driven by AI Infrastructure FinancingJPM · FY2026 Q2 · Calendar Q3 2026JPMorgan Q2 2026: Revenue and EPS Beat as Management Raises NII Outlook
Sources
- Earnings call transcript and parsed analysis · 2026-07-14T16:07:40.021834+00:00
- FN2 earnings calendar · 2026-07-28T01:23:15.070317+00:00
- Polygon adjusted daily market bars · 2026-07-28T07:42:16.615052+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T07:42:16.612301+00:00
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.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
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 . For educational purposes only; not investment advice.