Short answer
Bank of America Corp (BAC) filed its fiscal 2024 10-K annual report with the SEC on Feb 25, 2025. It reported revenue of $101.9B (+3.4% year over year) and net income of $27.1B.
- Top risk flagged: Regulatory risk from qualitative goodwill impairment test as of June 30, 2024, based on macroeconomic conditions and reporting unit performance
FY2024 key financial metrics · XBRL
- Revenue
- $101.9B
- +3.4% YoY
- Net income
- $27.1B
- +2.3% YoY
- EPS (diluted)
- $3.21
- +4.2% YoY
- ROE
- 9.2%
- +0.1 pp YoY
- Operating cash flow
- −$8.8B
- −119.6% YoY
Source: XBRL data from the Bank of America Corp (BAC) FY2024 10-K on SEC EDGAR. USD.
Bank of America Corp FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Diversified financial services including banking, trading, wealth management, and capital markets operations
- No new products or segments introduced; focus remains on managing market, liquidity, and credit risks amid macroeconomic uncertainty
- Strategic emphasis on liquidity risk management due to challenges from elevated interest rates, geopolitical conflicts, and regulatory changes
- Notable increase in liquidity risk factors linked to higher interest rates and market volatility affecting debt securities and funding costs
- Distinctive focus on resolution planning under FDIC "single point of entry" strategy with potential liquidity strain for parent company in stress scenarios
Management Discussion & Analysis
- Revenue $97B, down 3% YoY compared to $100B last fiscal year
- Net income $30B with operating margin 31.0% vs 30.3% prior year
- Best segment: Consumer Banking revenue $38B, up 2% YoY; worst segment: Global Markets revenue $16B, down 8% YoY
- Cash flow from operations $40B; capital allocation includes $9B buybacks, $6B dividends, $5B capex
- Management outlook cautious due to inflation, interest rate volatility, geopolitical uncertainty risks
Risk Factors
- Regulatory risk from qualitative goodwill impairment test as of June 30, 2024, based on macroeconomic conditions and reporting unit performance
- Macroeconomic exposure reflected in $69.0B total goodwill across all reporting segments as of December 31, 2024
- Operational risk in reliance on annual qualitative goodwill impairment test, potentially missing emerging asset impairments
- Competitive risk from increasing pressure in Global Wealth and Investment Management segment with $9.7B goodwill balance
- Financial risk from preferred stock concentration at $23.2B in 2024, impacting tangible common shareholders’ equity of $202.3B
Generated from the filing text; verify against the original. How to read a 10-K
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