March 23, 2026 By Brian Moynihan, Chair of the Board and Chief Executive Officer
On behalf of our Board of Directors, our Executive Management Team and my more than 213,000 Bank of America teammates, I’m proud to share this year’s Annual Report (PDF), which details how we continued to successfully deliver returns and innovate for our clients, for the communities in which we operate around the world, for our teammates and for our shareholders. It also offers an opportunity to tell you how we’ve been investing for the future.
In approaching everything we do, we start with a simple, but powerful, question: What would you like the power to do? This is something we ask our clients every day, because simply we need to know what they need. Our ability to help them achieve their goals in a holistic and integrated way depends upon a deep understanding of them. Our role is to provide the tools, advice and support that empower our clients to succeed.
We had another strong year in 2025. We generated revenue of $113.1 billion and earned $30.5 billion in net income, or $3.81 per diluted share, reflecting broad-based strength across the company.
Our performance demonstrates the strength of our leading banking franchise and the advantages of our balanced business model and our leading market positions. It also highlights how we set ourselves apart by Delivering One Company to clients—seamlessly bringing together capabilities and expertise across our lines of business to grow and create value.
Our commitment to Responsible Growth has made this success possible. The factors that have enabled us to succeed—our platforms, our talent, our technology, our global reach and our local impact—take significant time, effort and investment to innovate, develop and maintain. By focusing on the principles that drive Responsible Growth, we’ve balanced risk and reward and managed costs appropriately to deliver strong earnings, capital returns and support for all who need us to ensure their success.
Everything we do is built on a set of foundational beliefs:
All of my teammates know that we must continue to grow and win in the marketplace—no excuses. To do that, we have to make the right investments in people, brand and technology for the future.
As we execute on these beliefs, we will continue to be a company that grows your investment in us—our tangible book value per share—on a consistent basis, and we will continue to deliver returns and results with an understanding of risks that permits us to withstand changing economic and regulatory landscapes, armed conflicts, pandemics and other external factors that may drive different economic outcomes.
We go to market through eight world-class lines of business: Consumer Banking (comprised of Retail Banking and Preferred Banking); Global Wealth & Investment Management (comprised of Merrill and The Private Bank); Global Banking (comprised of Business Banking, Global Commercial Banking and Global Corporate & Investment Banking); and Global Markets.
Each line of business is built to serve a distinct client group and uses a differentiated model tailored to meet that group’s specific needs. Each, on a standalone basis, is a top business in the U.S. and, where applicable, worldwide. The business lines also understand they must collaborate across business lines—sharing insights, coordinating strategies and providing a seamless client experience.
Our consumer banking and wealth management businesses serve people across the U.S. for their entire financial lives, regardless of their individual circumstances at any particular time. Our products and capabilities are designed to serve clients anywhere on the economic continuum, from mass market consumers to ultra-high-net-worth individuals. We can grow with our clients as their needs evolve, offering customized world-class solutions at every stage of their financial journeys. And through our wide range of services, we offer individuals the opportunity to increase their financial literacy, build better financial futures, make their lives more affordable and keep their goals within reach. We are a recognized market leader: No. 1 in U.S. consumer deposits;[1] No. 1 small business lender;[1] No. 1 on Barron’s Top 1,200 Financial Advisors list; and No. 1 in managed personal trust assets.[1]
For our business clients, we’re uniquely positioned across the full spectrum from startups to global multinationals. As the U.S.’ leading small business lender, small businesses—a critical engine of the economy—borrow more from us than anyone else. We also have a top leadership position with U.S. middle-market companies, helping them grow, manage risk and expand into new markets both in the U.S. and in other select countries globally. And we provide many of the world’s largest multinational organizations (whether headquartered inside or outside the U.S.) with comprehensive lending, treasury, strategic advisory and capital markets solutions. In 2025, we were once again a recognized market leader: No. 1 in U.S. commercial loans[1] and “top 5” in nine of ten capital markets products globally.
Our Global Markets business serves investors worldwide with research, sales and trading execution, and risk management.
We also offer client support that includes some of the most scaled and sophisticated platforms in the world. Our leading research platform—ranked No. 2—covers more than 3,500 companies and provides insight on currencies, commodities, economies and many other asset classes. They provide relevant, actionable information to clients across our lines of business. You can read more about how we deliver research to help clients reach their investment goals on page 33. Our Global Payments Solutions business offers a comprehensive set of payments solutions for the financial transaction and cash management needs of governments, individuals, companies and institutions. We move trillions of dollars for our clients worldwide every day 24/7, real time, across most currencies.
Our Workplace Benefits™ and Employee Banking & Investing (EBI) platforms offer meaningful solutions to both our business and consumer clients. Through Workplace Benefits, we are a leader in 401(k) plans, stock plans and pensions for our commercial clients’ employees. Our EBI program delivers additional workplace benefits and solutions to our corporate and commercial clients’ employees, including financial education, banking, borrowing and investing options, as well as—in most cases—access to our award-winning Bank of America Rewards® program, which provides exclusive advantages based on the ways clients save, borrow and invest with us. In 2025, we added 1.8 million eligible employees across 272 companies to the EBI program, growing participation to more than 900 companies with nearly seven million eligible employees since the program’s inception. EBI is one of the many ways we connect with both business and consumer clients to meet their financial needs, no matter where on the business or personal spectrum they may be.
Ultimately, we offer clients the powerful expertise of a single team working together, as we seamlessly Deliver One Company—an advantage that few competitors can match. We provide integrated global technology and operations capabilities that enable secure and seamless client experiences worldwide through innovative, resilient and differentiated digital solutions. Because we are built to scale, no matter how many times a client may want to interact with us, our technology enables that without substantial additional costs. Structuring our operations in this way also enhances our efficiency and responsiveness, better aligns us with client priorities and strengthens our ability to manage risk.
Everything we do also requires the leadership of a dedicated Board of Directors. I thank each of them for their efforts in helping Bank of America remain strong both today and into the future. I also want to separately acknowledge two longstanding directors who will be retiring from the Board at the 2026 annual meeting—Pierre J.P. de Weck, who joined in 2013, and Linda P. Hudson, who joined in 2012. When Pierre and Linda joined our board, the recovery from the financial crisis was in full swing and they leaned in to help us drive the company. Each has made significant contributions to the oversight of your company and helping us become the powerhouse we are today, and we wish them well in their next chapters.
A perspective on this year’s results from our Lead Independent Director Lionel Nowell can be found on page 11, and information about our leadership team is available on pages 16–17 (PDF).
We continue to emphasize a business model designed to deliver what clients value most, through both integrated, world-class platforms and a balance of high-tech and high-touch capabilities. This approach reflects our belief that long-term, sustainable growth comes from deepening and expanding each client relationship. As we bring our global scale to clients at a local level, the core relationship remains paramount—and delivering consistently excellent service is the foundation of that success.
Fundamentally, the basis of every relationship we have—across all of our businesses—is trust. Trust begins when a client chooses us to manage their core operating and transactional accounts. These are not simply a client’s primary deposit or cash management account—these are the accounts that a client maintains with their primary financial service partner that enable them to meet their principal business needs and may also address other needs (such as investments, retirement, lending, benefits or payment/transaction services). Our goal is to be that primary partner for each of our clients—and, when a client selects us to play this role, it signals their confidence in our ability to safeguard their financial lives and operations.
Establishing these relationships creates an opportunity for deeper engagement while offering significant value for our clients. We can build on that existing foundation and provide tailored solutions, advisory services and long-term support. For consumer clients, this powers our industry-leading Preferred Rewards® program, which helps reinforce deep relationships within our consumer and wealth businesses. For our Global Banking and Global Markets businesses, being in the primary operating account position helps drive greater client profitability and enhanced capital allocation. And this is designed to benefit shareholders, as we use these core relationships to drive durable profitability, strengthen retention and create collaborative growth opportunities. Organic growth comes from long-term relationships, in part developed by leveraging the lower costs of acquisition and servicing attributable to existing clients.
We believe that one of the primary reasons consumer and business clients bring their operating accounts to Bank of America—and stay with us—is the strength, convenience and efficiency of our delivery networks for banking and other services we offer. We’ve spent considerable time and resources on innovating and building capabilities and then optimizing this combination of high-tech and high-touch services. This has enhanced our ability to attract and retain clients’ core operating accounts at a low servicing cost, while delivering client satisfaction that we believe strengthens relationships and enhances our brand. We spend nearly $13 billion a year on technology, which allows us to innovate and continuously scale our platforms in a cost-effective way, while simultaneously providing us with data that delivers insight into client needs and behaviors.
Our financial center network is among the most robust in the U.S. We provide unmatched convenience nationwide, serving more than 69 million consumer and small business clients with more than 3,600 retail financial centers and approximately 15,000 ATMs. We offer access to more than 30,000 professionals, either in person or by phone, when it matters most. In addition to opening hundreds of new financial centers in new markets in the last decade, we’ve renovated more than 3,100 financial centers, with a focus on creating offices and meeting spaces for clients to talk with financial specialists, making state-of-the-art technology easier to access at the front of the centers and ensuring clients have a consistent, modern experience inside every center.
At the same time, our award-winning digital banking capabilities provide approximately 59 million verified digital users with seamless, secure and convenient access to their finances—anytime, anywhere. Nearly four out of every five client households are digitally active, and we see approximately 2.5 billion digital interactions every month.
These hugely scaled and innovative platforms also allow us to drive benefits to the clients by offering lower fees and expenses to them in their daily lives.
One of our greatest strengths as an organization is our national footprint. Bank of America achieved the first truly nationwide banking franchise in the U.S. more than 20 years ago. Between our efforts over the past decade and our currently planned expansion efforts, we will truly cover the U.S. across all eight lines of business.
Our nationwide presence offers a unique competitive advantage, as we can continue to service the same clients as they move and develop over time.
Most importantly, however, all of this takes place using an integrated local team—the key difference being that we provide both a global and a local component. This integrated approach enables us to deliver the full breadth of our capabilities to every client locally, through a robust network of highly coordinated and global delivery teams that are embedded in each community we serve.
This same model also allows us to deliver our capabilities to local clients on a global scale across most large economies in the world. Companies whose businesses or supply chains have grown often require this sort of reach and are well-served by our global payments, technology and operations solutions. And our innovative capital markets capabilities provide tailored global solutions for investors across asset classes, geographies and client segments. We are a recognized leader in providing services worldwide: Global Finance’s 2025 Best Global Bank for Cash Management and GlobalCapital’s 2025 Global Derivatives House of the Year.
You can find more information about how we deliver locally and globally on pages 28–32 (PDF).
We achieved revenues, net of interest expense, of $113.1 billion in 2025, reflecting a balance between net interest income and fee performance across our market-facing businesses, representing approximately 53% and 47% of annual revenues, respectively. Net interest income reached $60.1 billion for 2025, including a record $15.8 billion in the fourth quarter. We drove strong organic growth across our businesses, and income was strong across all four of our business segments. Revenue growth, coupled with good expense management, ultimately drove 2.5% operating leverage (revenue growth rate minus expense growth rate) for 2025. This disciplined expense management included increased investments in our people to drive revenue alongside further investments in technology to enhance efficiency and improve client experiences in using both our physical and digital networks. At the end of 2007, we had approximately 210,000 teammates. In 2008, we made two acquisitions which brought in approximately 76,000 teammates. Today we have more than 213,000 teammates. That is driving productivity—20 years later, and a much larger company, with the same number of employees.
Average deposit balances increased 3% year over year to $1.98 trillion for 2025, reaching $2.02 trillion at December 31. Through year-end, average deposits had grown for 10 consecutive quarters. Average loan and lease balances also increased 7% year over year to $1.14 trillion, reaching $1.19 trillion at December 31, with the growth in our loan and lease balances outpacing the industry. We also saw year- over-year improvements in credit costs and related metrics.
For 2025, our return on average tangible common equity was 14.2%[2] (and return on average common shareholders’ equity was 10.6%). We returned approximately $30 billion to shareholders in 2025 through dividends and share repurchases, a 41% increase compared to 2024. In September, we began paying our new higher quarterly dividend of $0.28 per share.
All of this was accomplished against the backdrop of a complex and dynamic global economic and external environment. Factors like interest rates, inflation, tariffs, geopolitical tensions and regulatory developments all helped to shape the demand for financial services and the operating landscape in which we compete.
We are well-positioned to continue navigating these dynamics in the future. As one of the world’s largest consumer lenders and a trusted financial partner to companies of every size, we will keep supporting clients through evolving conditions while maintaining strong credit discipline. We have maintained strong credit discipline, and whether by actual performance in our historical results, the credit characteristics of our portfolio, or our industry-leading results for nearly every year in the Federal Reserve’s annual stress tests, you can see that discipline come through.
We remain bullish on the U.S. economy and opportunities during the year ahead. Our research team believes that, based on easing fiscal and monetary policy and expectations of more growth-friendly trade policies, the U.S. economy will experience meaningful growth in 2026, and sees a constructive outlook for the global economy as well. While uncertainties around monetary policy, geopolitical tensions and trade policies continue to shape the environment, we believe that the strength of our balance sheet and the resilience built into our risk framework ensure we are prepared for whatever may lie ahead.
The power of our integrated business model, the strength of our client relationships and the discipline with which we execute both drove our positive results in 2025 and will continue to drive us forward in 2026. Our world-class businesses have unique and differentiated capabilities and benefit from a wide range of competitive advantages. Ongoing investments in technology, including artificial intelligence (AI), will offer additional efficiencies and further enhance our ability to serve our clients. Through our continued investments in sports partnerships, we will have the opportunity to deepen client relationships, connect with teammates, clients and communities in authentic ways, and drive growth and lasting economic impact. In the face of economic uncertainty, we will work to help create opportunity, to provide consumers with the means to make their lives more affordable and enhance their financial well-being, and to deliver Responsible Growth and strong returns for shareholders.
We continually invest in technology, which we believe is vital to delivering the capabilities of one company across our eight lines of business and in enhancing the efficiency of our operations. Technology, and AI in particular, will continue to transform employee productivity, strengthen Operational Excellence and drive better outcomes for our clients, while helping to improve returns. Our sustained, long-term investments are designed to ensure our technological capabilities remain a competitive advantage. Over the past decade, we’ve invested more than $100 billion in technology, and in 2025 we spent over $4 billion on new technology initiatives alone—representing just a part of our total $13 billion technology expenditure for the year.
These investments deliver value both internally and externally and help position us for the future. For clients, it translates into unique capabilities, deeper insights and seamless experiences. For teammates, it helps us streamline processes, enhance productivity and reduce costs—all while improving risk management and operational resilience. Some of the many examples where new technologies are playing a vital role are described in this report.
I often get questions about AI from shareholders, teammates and others. AI is not a new concept at Bank of America, neither is “agentic” activity. We deployed an AI agent (Erica®) in 2018; 20 million people used it in the fourth quarter of 2025 nearly 200 million times. The same technology permits our strong alerts practices with our mobile app, with billions sent in the last year.
Erica is used in our Global Payments Solutions business by a strong part of our client base. We also have deployed AI capabilities to our more than 213,000 employees globally. Our multi-billion-dollar spend on data, our deep commitment to process management and our experience with Erica are allowing us to move quickly to have our teammates be able to do more for our customers and do their jobs more easily.
A few months ago, we launched an AI catalyst program, under a respected corporate leader and with champions across the company. They are listening to our talented teammates, learning from the best practices, engaging with experts outside our company, and driving more and more implementable ideas with real business cases. We are excited to continue to reap the benefits by our employee-led and -engaged process, as our teammates know where best to go. We have many initiatives funded and moving through implementation, in addition to the already deployed capabilities in commercial banking, audit, investment banking, markets and throughout the consumer bank, with many more to come. With the current tool set, as mentioned earlier, we have been able to run on relatively flat headcount from 2007 until today. Just think what is ahead. You can learn more on pages 36–37 (PDF).
We remain deeply committed to investing in the communities in which we operate. Sport can bring people together while driving growth and lasting economic and community impact. Sport showcases excellence at its purest—driven by ambition, teamwork, resilience and community. By partnering with iconic brands, athletes and events in sports, we can strengthen connections to our communities and connect with teammates, clients and communities—sharing a vision for excellence and a desire to help others achieve life goals. These sports partnerships help to deepen client relationships, build our brand, engage our teammates and create a long-lasting economic impact. They also help forge stronger community ties, expand participation and grow sports for the next generation. I encourage you to read more about our investment in sports partnerships on pages 34–35 (PDF).
At the core of everything we do is our conviction that capitalism creates opportunity for our clients, teammates, communities and shareholders. Through capitalism, companies and investors have the resources to drive meaningful progress, because the private sector is uniquely positioned to deliver results at scale and to implement solutions that strengthen both our economy and our society. We can serve our customers, support our employees, strengthen our communities and drive returns for our shareholders—it’s simply capitalism done right.
We continued our efforts to help create that greater opportunity worldwide in 2025 in the face of continued economic uncertainty. We’re committed to expanding pathways to help our clients and our teammates build stronger financial futures. Our company has long prioritized affordability for our clients. Through offerings like our Advantage SafeBalance Banking® account or our Balance Connect® program that helps prevent overdraft fees and our Balance Assist® program that offers a low-cost solution for clients to manage their short-term liquidity needs, we offer solutions that can be tailored to assist individuals and families to build a financial foundation. Initiatives like the Bank of America Community Homeownership Commitment®—which has assisted more than 56,000 individuals and families since 2019—and Better Money Habits®—a free financial education platform providing resources on ways to save, plan and manage money—further that commitment to affordability into our communities. The productivity of our business allows us to do this: Drive greater value, which opens opportunity, creates loyalty for our customers and reduces attrition. It is a position unique to our company, and is why we grow in areas where others do not.
Affordability and opportunity also frame how we serve our teammates. We believe that when employees have the chance to build long-term financial security for themselves and for their families, it strengthens our company. One of the most important decisions we’ve taken in recent years was to become a national leader in establishing a minimum rate of pay for U.S. hourly employees. Our announcement in 2025 to raise our minimum wage in the U.S. to $25 per hour, after steadily increasing over the last several years, reflects our strong commitment to American workers and communities. All of our full-time U.S. employees now earn a minimum annualized salary of more than $50,000, with savings, retirement, equity ownership, and health and wellness benefits that nearly double that amount in economic opportunity for them and their families. The payback has been low attrition and record customer service.
We’ve also committed to refresh our military hiring commitment, with previous goals completed a couple of years ago. We committed to hire another 10,000 individuals with military backgrounds over the next five years. We also committed to 8,000 new hires from community colleges over the next five years. This will give more people the opportunity to pursue a career at our great company. Internationally, we announced that we would expand Global Operations to Belfast, Northern Ireland, to help build a resilient, globally integrated operations network to support our clients.
Through our workforce development strategy, we continued to drive economic opportunity in the communities we serve and help individuals improve their financial lives. We play a leading role convening organizations focused on job creation to drive economic growth and prosperity in our communities, partnering with local employers, nonprofits and community colleges across our 97 markets in the U.S. Through these partnerships, our efforts helped support employers in meeting their hiring needs and connected individuals with pathways to livable wage jobs. In 2025, we invested nearly $40 million in over 730 workforce partners, leading to more than 90,000 individuals securing external jobs through community colleges and nonprofit training programs.
None of these efforts are separate from our business. Instead, they reflect one of the many ways we’re working to grow responsibly. These initiatives support the communities where we live and work and help create long-term value for our shareholders.
We’re committed to delivering for our teammates, and we remain focused on investing in their physical, emotional and financial well-being. We offer comprehensive plans and options to our teammates, with a focus on wellness, prevention, access and affordability, including industry-leading parental leave and elder care. All this redounds for the benefit of our shareholders by our engaged and low-attrition team.
For example, as part of our commitment to supporting teammates’ long-term savings and financial well-being, for the ninth consecutive year we implemented additional grants under our companywide Sharing Success stock ownership program, enabling them to share in our long-term success. We will also ensure that teammates can maximize the benefit of the new federal child savings initiative, the Section 530A “Trump Accounts.” We plan to match the government’s $1,000 pilot contribution for all eligible children of U.S. teammates born from 2025 through 2028, and will also offer those teammates the ability to make pretax payroll contributions to those accounts.
We also continue to offer a wide range of other programs to help teammates achieve financial confidence and security. Those include our tuition assistance and academic support program—with more than 6,500 employees benefiting from over $21 million in support in 2025—and counseling on financial planning and enrollment in our 401(k) plan.
We strongly believe that emotional wellness is a key driver of both overall health and workplace effectiveness. Providing access to education, benefits and resources that prioritize mental health is a vital part of ensuring that Bank of America remains a Great Place to Work.
We offer many best-in-class benefits and programs to help our teammates manage challenges in their work and personal lives. Resources include providing eligible employees with virtual access to licensed therapists and behavioral health specialists, and we help ensure that this care is accessible, confidential and responsive to individual circumstances. We also deliver educational materials to raise awareness of, and help reduce any stigma around, mental health.
Please read more about how we invest in every aspect of teammate wellness in our Human Capital Management Update on pages 40–51 (PDF).
We also offer direct support to those who need it in challenging times. We help teammates care for their loved ones by offering flexible, family-based support through our Child Care Plus® program, which offers eligible employees reimbursement to help with childcare costs, and by providing up to 50 days of back-up care for children or adult dependents of eligible U.S. employees during each calendar year. And our Life Event Services (LES) team has supported nearly 735,000 employee cases since its inception in 2014. The LES team has more than 140 internal specialized consultants across more than 10 locations who support teammates in their most critical moments through personalized connections to expert resources and benefits.
Whether it is coping with the aftermath of a natural disaster or navigating a situation that demands long-term support, these events rank among the most difficult challenges that many will ever face. We know it is critical to be there for all of our stakeholders in times of crisis. We have decades of experience responding to events around the world, and we provide direct and immediate support, expertise, capital and ongoing connections to help respond when and where we can.
One of the biggest challenges that those in our communities may encounter is situations that require long-term assistance. In the fourth quarter of 2025, we announced a $250 million commitment over the next five years to support families and individuals experiencing food insecurity and other basic needs in communities across the U.S. This builds on our longstanding support in this area, as we currently provide annual philanthropic funding to more than 1,000 organizations that focus on combating hunger and related needs and help with the affordability issues they feel.
The January 2025 wildfires in Greater Los Angeles were among the costliest in U.S. history, destroying more than 50,000 acres and 13,000 homes, and affecting 1,900 small businesses. We offered significant contributions to long-term recovery efforts over the course of 2025, including directing more than $4.3 million in philanthropic relief, setting up two mobile financial centers and an ATM to restore banking access, and providing support to impacted clients and teammates. We continue to lead recovery efforts through a variety of initiatives—I encourage you to read more about these efforts in Greater Los Angeles on pages 30–31 (PDF).
Another major cause of damage to life and property worldwide is flooding, where the impact can be felt for years afterward. In 2024, Hurricanes Debby, Milton and Helene caused significant flooding on the west coast of Florida and in Western North Carolina, respectively. We continued to support disaster relief in both regions in 2025. In September 2025, we announced $12 million in zero-interest loans to Community Development Financial Institutions to support homeowner recovery and small business assistance in Western North Carolina. This built on previous support, including a $3 million donation to organizations providing hurricane relief for support in the immediate aftermath of the storm.
More recently, a fire in a Hong Kong residential complex last November caused tragic loss of life and brought profound hardship to many families. We committed $1 million in philanthropic support to the Tai Po fire relief effort, worked with nonprofit partners to provide shelter, clothing, food and other essentials, and are collaborating with community leaders to support families longer term.
This past November, we had the opportunity to showcase our company at our 2025 Investor Day. That was a great opportunity to tell everyone who participated—more than 100 equity and fixed-income investors, research and rating agency analysts, with thousands more participants joining virtually—about how we’ve been executing against our business strategies and driving growth around the world, how we’ve been investing in the future, and the value that we’ve been working to unlock to ultimately yield greater returns for our clients, our teammates, the communities in which we operate and our shareholders. Our team is committed to the medium-term goals set forth and is making good progress here in 2026.
As we think about these goals, we also look forward to the continued fine-tuning of regulation to reduce the overreach that resulted from too much micro-regulation and a focus on immaterial risks. This should provide capital ratio relief, and a focus on materiality, both of which are good for the American economy and for our company.
The foundation that underpins everything that we discussed at Investor Day—and in this Annual Report—is Responsible Growth, which drives how we serve clients, manage risk, and Deliver One Company for our clients, teammates and communities. Responsible Growth helps us deliver solid results in any environment and has instilled a culture of durability in our franchise. We must continue to grow, and we can do it responsibly.
On behalf of our Board of Directors, the Executive Management Team and all of my teammates, thank you for investing in Bank of America.
Brian Moynihan
[1] Based on September 2025 Federal Financial Institutions Examination Council (FFIEC) call reports
[2] Represents a non-GAAP financial measure. For more information on this ratio and a corresponding reconciliation to the GAAP financial measure, see Supplemental Financial Data on page 70 (PDF) and Non-GAAP Reconciliations on page 125 (PDF) of the 2025 Financial Review section.
On behalf of our Board of Directors, our Executive Management Team and my more than 213,000 Bank of America teammates, I’m proud to share this year’s Annual Report (PDF), which details how we continued to successfully deliver returns and innovate for our clients, for the communities in which we operate around the world, for our teammates and for our shareholders. It also offers an opportunity to tell you how we’ve been investing for the future.
In approaching everything we do, we start with a simple, but powerful, question: What would you like the power to do? This is something we ask our clients every day, because simply we need to know what they need. Our ability to help them achieve their goals in a holistic and integrated way depends upon a deep understanding of them. Our role is to provide the tools, advice and support that empower our clients to succeed.
We had another strong year in 2025. We generated revenue of $113.1 billion and earned $30.5 billion in net income, or $3.81 per diluted share, reflecting broad-based strength across the company.
Our performance demonstrates the strength of our leading banking franchise and the advantages of our balanced business model and our leading market positions. It also highlights how we set ourselves apart by Delivering One Company to clients—seamlessly bringing together capabilities and expertise across our lines of business to grow and create value.
Our commitment to Responsible Growth has made this success possible. The factors that have enabled us to succeed—our platforms, our talent, our technology, our global reach and our local impact—take significant time, effort and investment to innovate, develop and maintain. By focusing on the principles that drive Responsible Growth, we’ve balanced risk and reward and managed costs appropriately to deliver strong earnings, capital returns and support for all who need us to ensure their success.
Everything we do is built on a set of foundational beliefs:
All of my teammates know that we must continue to grow and win in the marketplace—no excuses. To do that, we have to make the right investments in people, brand and technology for the future.
As we execute on these beliefs, we will continue to be a company that grows your investment in us—our tangible book value per share—on a consistent basis, and we will continue to deliver returns and results with an understanding of risks that permits us to withstand changing economic and regulatory landscapes, armed conflicts, pandemics and other external factors that may drive different economic outcomes.
We go to market through eight world-class lines of business: Consumer Banking (comprised of Retail Banking and Preferred Banking); Global Wealth & Investment Management (comprised of Merrill and The Private Bank); Global Banking (comprised of Business Banking, Global Commercial Banking and Global Corporate & Investment Banking); and Global Markets.
Each line of business is built to serve a distinct client group and uses a differentiated model tailored to meet that group’s specific needs. Each, on a standalone basis, is a top business in the U.S. and, where applicable, worldwide. The business lines also understand they must collaborate across business lines—sharing insights, coordinating strategies and providing a seamless client experience.
Our consumer banking and wealth management businesses serve people across the U.S. for their entire financial lives, regardless of their individual circumstances at any particular time. Our products and capabilities are designed to serve clients anywhere on the economic continuum, from mass market consumers to ultra-high-net-worth individuals. We can grow with our clients as their needs evolve, offering customized world-class solutions at every stage of their financial journeys. And through our wide range of services, we offer individuals the opportunity to increase their financial literacy, build better financial futures, make their lives more affordable and keep their goals within reach. We are a recognized market leader: No. 1 in U.S. consumer deposits;[1] No. 1 small business lender;[1] No. 1 on Barron’s Top 1,200 Financial Advisors list; and No. 1 in managed personal trust assets.[1]
For our business clients, we’re uniquely positioned across the full spectrum from startups to global multinationals. As the U.S.’ leading small business lender, small businesses—a critical engine of the economy—borrow more from us than anyone else. We also have a top leadership position with U.S. middle-market companies, helping them grow, manage risk and expand into new markets both in the U.S. and in other select countries globally. And we provide many of the world’s largest multinational organizations (whether headquartered inside or outside the U.S.) with comprehensive lending, treasury, strategic advisory and capital markets solutions. In 2025, we were once again a recognized market leader: No. 1 in U.S. commercial loans[1] and “top 5” in nine of ten capital markets products globally.
Our Global Markets business serves investors worldwide with research, sales and trading execution, and risk management.
We also offer client support that includes some of the most scaled and sophisticated platforms in the world. Our leading research platform—ranked No. 2—covers more than 3,500 companies and provides insight on currencies, commodities, economies and many other asset classes. They provide relevant, actionable information to clients across our lines of business. You can read more about how we deliver research to help clients reach their investment goals on page 33. Our Global Payments Solutions business offers a comprehensive set of payments solutions for the financial transaction and cash management needs of governments, individuals, companies and institutions. We move trillions of dollars for our clients worldwide every day 24/7, real time, across most currencies.
Our Workplace Benefits™ and Employee Banking & Investing (EBI) platforms offer meaningful solutions to both our business and consumer clients. Through Workplace Benefits, we are a leader in 401(k) plans, stock plans and pensions for our commercial clients’ employees. Our EBI program delivers additional workplace benefits and solutions to our corporate and commercial clients’ employees, including financial education, banking, borrowing and investing options, as well as—in most cases—access to our award-winning Bank of America Rewards® program, which provides exclusive advantages based on the ways clients save, borrow and invest with us. In 2025, we added 1.8 million eligible employees across 272 companies to the EBI program, growing participation to more than 900 companies with nearly seven million eligible employees since the program’s inception. EBI is one of the many ways we connect with both business and consumer clients to meet their financial needs, no matter where on the business or personal spectrum they may be.
Ultimately, we offer clients the powerful expertise of a single team working together, as we seamlessly Deliver One Company—an advantage that few competitors can match. We provide integrated global technology and operations capabilities that enable secure and seamless client experiences worldwide through innovative, resilient and differentiated digital solutions. Because we are built to scale, no matter how many times a client may want to interact with us, our technology enables that without substantial additional costs. Structuring our operations in this way also enhances our efficiency and responsiveness, better aligns us with client priorities and strengthens our ability to manage risk.
Everything we do also requires the leadership of a dedicated Board of Directors. I thank each of them for their efforts in helping Bank of America remain strong both today and into the future. I also want to separately acknowledge two longstanding directors who will be retiring from the Board at the 2026 annual meeting—Pierre J.P. de Weck, who joined in 2013, and Linda P. Hudson, who joined in 2012. When Pierre and Linda joined our board, the recovery from the financial crisis was in full swing and they leaned in to help us drive the company. Each has made significant contributions to the oversight of your company and helping us become the powerhouse we are today, and we wish them well in their next chapters.
A perspective on this year’s results from our Lead Independent Director Lionel Nowell can be found on page 11, and information about our leadership team is available on pages 16–17 (PDF).
We continue to emphasize a business model designed to deliver what clients value most, through both integrated, world-class platforms and a balance of high-tech and high-touch capabilities. This approach reflects our belief that long-term, sustainable growth comes from deepening and expanding each client relationship. As we bring our global scale to clients at a local level, the core relationship remains paramount—and delivering consistently excellent service is the foundation of that success.
Fundamentally, the basis of every relationship we have—across all of our businesses—is trust. Trust begins when a client chooses us to manage their core operating and transactional accounts. These are not simply a client’s primary deposit or cash management account—these are the accounts that a client maintains with their primary financial service partner that enable them to meet their principal business needs and may also address other needs (such as investments, retirement, lending, benefits or payment/transaction services). Our goal is to be that primary partner for each of our clients—and, when a client selects us to play this role, it signals their confidence in our ability to safeguard their financial lives and operations.
Establishing these relationships creates an opportunity for deeper engagement while offering significant value for our clients. We can build on that existing foundation and provide tailored solutions, advisory services and long-term support. For consumer clients, this powers our industry-leading Preferred Rewards® program, which helps reinforce deep relationships within our consumer and wealth businesses. For our Global Banking and Global Markets businesses, being in the primary operating account position helps drive greater client profitability and enhanced capital allocation. And this is designed to benefit shareholders, as we use these core relationships to drive durable profitability, strengthen retention and create collaborative growth opportunities. Organic growth comes from long-term relationships, in part developed by leveraging the lower costs of acquisition and servicing attributable to existing clients.
We believe that one of the primary reasons consumer and business clients bring their operating accounts to Bank of America—and stay with us—is the strength, convenience and efficiency of our delivery networks for banking and other services we offer. We’ve spent considerable time and resources on innovating and building capabilities and then optimizing this combination of high-tech and high-touch services. This has enhanced our ability to attract and retain clients’ core operating accounts at a low servicing cost, while delivering client satisfaction that we believe strengthens relationships and enhances our brand. We spend nearly $13 billion a year on technology, which allows us to innovate and continuously scale our platforms in a cost-effective way, while simultaneously providing us with data that delivers insight into client needs and behaviors.
Our financial center network is among the most robust in the U.S. We provide unmatched convenience nationwide, serving more than 69 million consumer and small business clients with more than 3,600 retail financial centers and approximately 15,000 ATMs. We offer access to more than 30,000 professionals, either in person or by phone, when it matters most. In addition to opening hundreds of new financial centers in new markets in the last decade, we’ve renovated more than 3,100 financial centers, with a focus on creating offices and meeting spaces for clients to talk with financial specialists, making state-of-the-art technology easier to access at the front of the centers and ensuring clients have a consistent, modern experience inside every center.
At the same time, our award-winning digital banking capabilities provide approximately 59 million verified digital users with seamless, secure and convenient access to their finances—anytime, anywhere. Nearly four out of every five client households are digitally active, and we see approximately 2.5 billion digital interactions every month.
These hugely scaled and innovative platforms also allow us to drive benefits to the clients by offering lower fees and expenses to them in their daily lives.
One of our greatest strengths as an organization is our national footprint. Bank of America achieved the first truly nationwide banking franchise in the U.S. more than 20 years ago. Between our efforts over the past decade and our currently planned expansion efforts, we will truly cover the U.S. across all eight lines of business.
Our nationwide presence offers a unique competitive advantage, as we can continue to service the same clients as they move and develop over time.
Most importantly, however, all of this takes place using an integrated local team—the key difference being that we provide both a global and a local component. This integrated approach enables us to deliver the full breadth of our capabilities to every client locally, through a robust network of highly coordinated and global delivery teams that are embedded in each community we serve.
This same model also allows us to deliver our capabilities to local clients on a global scale across most large economies in the world. Companies whose businesses or supply chains have grown often require this sort of reach and are well-served by our global payments, technology and operations solutions. And our innovative capital markets capabilities provide tailored global solutions for investors across asset classes, geographies and client segments. We are a recognized leader in providing services worldwide: Global Finance’s 2025 Best Global Bank for Cash Management and GlobalCapital’s 2025 Global Derivatives House of the Year.
You can find more information about how we deliver locally and globally on pages 28–32 (PDF).
We achieved revenues, net of interest expense, of $113.1 billion in 2025, reflecting a balance between net interest income and fee performance across our market-facing businesses, representing approximately 53% and 47% of annual revenues, respectively. Net interest income reached $60.1 billion for 2025, including a record $15.8 billion in the fourth quarter. We drove strong organic growth across our businesses, and income was strong across all four of our business segments. Revenue growth, coupled with good expense management, ultimately drove 2.5% operating leverage (revenue growth rate minus expense growth rate) for 2025. This disciplined expense management included increased investments in our people to drive revenue alongside further investments in technology to enhance efficiency and improve client experiences in using both our physical and digital networks. At the end of 2007, we had approximately 210,000 teammates. In 2008, we made two acquisitions which brought in approximately 76,000 teammates. Today we have more than 213,000 teammates. That is driving productivity—20 years later, and a much larger company, with the same number of employees.
Average deposit balances increased 3% year over year to $1.98 trillion for 2025, reaching $2.02 trillion at December 31. Through year-end, average deposits had grown for 10 consecutive quarters. Average loan and lease balances also increased 7% year over year to $1.14 trillion, reaching $1.19 trillion at December 31, with the growth in our loan and lease balances outpacing the industry. We also saw year- over-year improvements in credit costs and related metrics.
For 2025, our return on average tangible common equity was 14.2%[2] (and return on average common shareholders’ equity was 10.6%). We returned approximately $30 billion to shareholders in 2025 through dividends and share repurchases, a 41% increase compared to 2024. In September, we began paying our new higher quarterly dividend of $0.28 per share.
All of this was accomplished against the backdrop of a complex and dynamic global economic and external environment. Factors like interest rates, inflation, tariffs, geopolitical tensions and regulatory developments all helped to shape the demand for financial services and the operating landscape in which we compete.
We are well-positioned to continue navigating these dynamics in the future. As one of the world’s largest consumer lenders and a trusted financial partner to companies of every size, we will keep supporting clients through evolving conditions while maintaining strong credit discipline. We have maintained strong credit discipline, and whether by actual performance in our historical results, the credit characteristics of our portfolio, or our industry-leading results for nearly every year in the Federal Reserve’s annual stress tests, you can see that discipline come through.
We remain bullish on the U.S. economy and opportunities during the year ahead. Our research team believes that, based on easing fiscal and monetary policy and expectations of more growth-friendly trade policies, the U.S. economy will experience meaningful growth in 2026, and sees a constructive outlook for the global economy as well. While uncertainties around monetary policy, geopolitical tensions and trade policies continue to shape the environment, we believe that the strength of our balance sheet and the resilience built into our risk framework ensure we are prepared for whatever may lie ahead.
The power of our integrated business model, the strength of our client relationships and the discipline with which we execute both drove our positive results in 2025 and will continue to drive us forward in 2026. Our world-class businesses have unique and differentiated capabilities and benefit from a wide range of competitive advantages. Ongoing investments in technology, including artificial intelligence (AI), will offer additional efficiencies and further enhance our ability to serve our clients. Through our continued investments in sports partnerships, we will have the opportunity to deepen client relationships, connect with teammates, clients and communities in authentic ways, and drive growth and lasting economic impact. In the face of economic uncertainty, we will work to help create opportunity, to provide consumers with the means to make their lives more affordable and enhance their financial well-being, and to deliver Responsible Growth and strong returns for shareholders.
We continually invest in technology, which we believe is vital to delivering the capabilities of one company across our eight lines of business and in enhancing the efficiency of our operations. Technology, and AI in particular, will continue to transform employee productivity, strengthen Operational Excellence and drive better outcomes for our clients, while helping to improve returns. Our sustained, long-term investments are designed to ensure our technological capabilities remain a competitive advantage. Over the past decade, we’ve invested more than $100 billion in technology, and in 2025 we spent over $4 billion on new technology initiatives alone—representing just a part of our total $13 billion technology expenditure for the year.
These investments deliver value both internally and externally and help position us for the future. For clients, it translates into unique capabilities, deeper insights and seamless experiences. For teammates, it helps us streamline processes, enhance productivity and reduce costs—all while improving risk management and operational resilience. Some of the many examples where new technologies are playing a vital role are described in this report.
I often get questions about AI from shareholders, teammates and others. AI is not a new concept at Bank of America, neither is “agentic” activity. We deployed an AI agent (Erica®) in 2018; 20 million people used it in the fourth quarter of 2025 nearly 200 million times. The same technology permits our strong alerts practices with our mobile app, with billions sent in the last year.
Erica is used in our Global Payments Solutions business by a strong part of our client base. We also have deployed AI capabilities to our more than 213,000 employees globally. Our multi-billion-dollar spend on data, our deep commitment to process management and our experience with Erica are allowing us to move quickly to have our teammates be able to do more for our customers and do their jobs more easily.
A few months ago, we launched an AI catalyst program, under a respected corporate leader and with champions across the company. They are listening to our talented teammates, learning from the best practices, engaging with experts outside our company, and driving more and more implementable ideas with real business cases. We are excited to continue to reap the benefits by our employee-led and -engaged process, as our teammates know where best to go. We have many initiatives funded and moving through implementation, in addition to the already deployed capabilities in commercial banking, audit, investment banking, markets and throughout the consumer bank, with many more to come. With the current tool set, as mentioned earlier, we have been able to run on relatively flat headcount from 2007 until today. Just think what is ahead. You can learn more on pages 36–37 (PDF).
We remain deeply committed to investing in the communities in which we operate. Sport can bring people together while driving growth and lasting economic and community impact. Sport showcases excellence at its purest—driven by ambition, teamwork, resilience and community. By partnering with iconic brands, athletes and events in sports, we can strengthen connections to our communities and connect with teammates, clients and communities—sharing a vision for excellence and a desire to help others achieve life goals. These sports partnerships help to deepen client relationships, build our brand, engage our teammates and create a long-lasting economic impact. They also help forge stronger community ties, expand participation and grow sports for the next generation. I encourage you to read more about our investment in sports partnerships on pages 34–35 (PDF).
At the core of everything we do is our conviction that capitalism creates opportunity for our clients, teammates, communities and shareholders. Through capitalism, companies and investors have the resources to drive meaningful progress, because the private sector is uniquely positioned to deliver results at scale and to implement solutions that strengthen both our economy and our society. We can serve our customers, support our employees, strengthen our communities and drive returns for our shareholders—it’s simply capitalism done right.
We continued our efforts to help create that greater opportunity worldwide in 2025 in the face of continued economic uncertainty. We’re committed to expanding pathways to help our clients and our teammates build stronger financial futures. Our company has long prioritized affordability for our clients. Through offerings like our Advantage SafeBalance Banking® account or our Balance Connect® program that helps prevent overdraft fees and our Balance Assist® program that offers a low-cost solution for clients to manage their short-term liquidity needs, we offer solutions that can be tailored to assist individuals and families to build a financial foundation. Initiatives like the Bank of America Community Homeownership Commitment®—which has assisted more than 56,000 individuals and families since 2019—and Better Money Habits®—a free financial education platform providing resources on ways to save, plan and manage money—further that commitment to affordability into our communities. The productivity of our business allows us to do this: Drive greater value, which opens opportunity, creates loyalty for our customers and reduces attrition. It is a position unique to our company, and is why we grow in areas where others do not.
Affordability and opportunity also frame how we serve our teammates. We believe that when employees have the chance to build long-term financial security for themselves and for their families, it strengthens our company. One of the most important decisions we’ve taken in recent years was to become a national leader in establishing a minimum rate of pay for U.S. hourly employees. Our announcement in 2025 to raise our minimum wage in the U.S. to $25 per hour, after steadily increasing over the last several years, reflects our strong commitment to American workers and communities. All of our full-time U.S. employees now earn a minimum annualized salary of more than $50,000, with savings, retirement, equity ownership, and health and wellness benefits that nearly double that amount in economic opportunity for them and their families. The payback has been low attrition and record customer service.
We’ve also committed to refresh our military hiring commitment, with previous goals completed a couple of years ago. We committed to hire another 10,000 individuals with military backgrounds over the next five years. We also committed to 8,000 new hires from community colleges over the next five years. This will give more people the opportunity to pursue a career at our great company. Internationally, we announced that we would expand Global Operations to Belfast, Northern Ireland, to help build a resilient, globally integrated operations network to support our clients.
Through our workforce development strategy, we continued to drive economic opportunity in the communities we serve and help individuals improve their financial lives. We play a leading role convening organizations focused on job creation to drive economic growth and prosperity in our communities, partnering with local employers, nonprofits and community colleges across our 97 markets in the U.S. Through these partnerships, our efforts helped support employers in meeting their hiring needs and connected individuals with pathways to livable wage jobs. In 2025, we invested nearly $40 million in over 730 workforce partners, leading to more than 90,000 individuals securing external jobs through community colleges and nonprofit training programs.
None of these efforts are separate from our business. Instead, they reflect one of the many ways we’re working to grow responsibly. These initiatives support the communities where we live and work and help create long-term value for our shareholders.
We’re committed to delivering for our teammates, and we remain focused on investing in their physical, emotional and financial well-being. We offer comprehensive plans and options to our teammates, with a focus on wellness, prevention, access and affordability, including industry-leading parental leave and elder care. All this redounds for the benefit of our shareholders by our engaged and low-attrition team.
For example, as part of our commitment to supporting teammates’ long-term savings and financial well-being, for the ninth consecutive year we implemented additional grants under our companywide Sharing Success stock ownership program, enabling them to share in our long-term success. We will also ensure that teammates can maximize the benefit of the new federal child savings initiative, the Section 530A “Trump Accounts.” We plan to match the government’s $1,000 pilot contribution for all eligible children of U.S. teammates born from 2025 through 2028, and will also offer those teammates the ability to make pretax payroll contributions to those accounts.
We also continue to offer a wide range of other programs to help teammates achieve financial confidence and security. Those include our tuition assistance and academic support program—with more than 6,500 employees benefiting from over $21 million in support in 2025—and counseling on financial planning and enrollment in our 401(k) plan.
We strongly believe that emotional wellness is a key driver of both overall health and workplace effectiveness. Providing access to education, benefits and resources that prioritize mental health is a vital part of ensuring that Bank of America remains a Great Place to Work.
We offer many best-in-class benefits and programs to help our teammates manage challenges in their work and personal lives. Resources include providing eligible employees with virtual access to licensed therapists and behavioral health specialists, and we help ensure that this care is accessible, confidential and responsive to individual circumstances. We also deliver educational materials to raise awareness of, and help reduce any stigma around, mental health.
Please read more about how we invest in every aspect of teammate wellness in our Human Capital Management Update on pages 40–51 (PDF).
We also offer direct support to those who need it in challenging times. We help teammates care for their loved ones by offering flexible, family-based support through our Child Care Plus® program, which offers eligible employees reimbursement to help with childcare costs, and by providing up to 50 days of back-up care for children or adult dependents of eligible U.S. employees during each calendar year. And our Life Event Services (LES) team has supported nearly 735,000 employee cases since its inception in 2014. The LES team has more than 140 internal specialized consultants across more than 10 locations who support teammates in their most critical moments through personalized connections to expert resources and benefits.
Whether it is coping with the aftermath of a natural disaster or navigating a situation that demands long-term support, these events rank among the most difficult challenges that many will ever face. We know it is critical to be there for all of our stakeholders in times of crisis. We have decades of experience responding to events around the world, and we provide direct and immediate support, expertise, capital and ongoing connections to help respond when and where we can.
One of the biggest challenges that those in our communities may encounter is situations that require long-term assistance. In the fourth quarter of 2025, we announced a $250 million commitment over the next five years to support families and individuals experiencing food insecurity and other basic needs in communities across the U.S. This builds on our longstanding support in this area, as we currently provide annual philanthropic funding to more than 1,000 organizations that focus on combating hunger and related needs and help with the affordability issues they feel.
The January 2025 wildfires in Greater Los Angeles were among the costliest in U.S. history, destroying more than 50,000 acres and 13,000 homes, and affecting 1,900 small businesses. We offered significant contributions to long-term recovery efforts over the course of 2025, including directing more than $4.3 million in philanthropic relief, setting up two mobile financial centers and an ATM to restore banking access, and providing support to impacted clients and teammates. We continue to lead recovery efforts through a variety of initiatives—I encourage you to read more about these efforts in Greater Los Angeles on pages 30–31 (PDF).
Another major cause of damage to life and property worldwide is flooding, where the impact can be felt for years afterward. In 2024, Hurricanes Debby, Milton and Helene caused significant flooding on the west coast of Florida and in Western North Carolina, respectively. We continued to support disaster relief in both regions in 2025. In September 2025, we announced $12 million in zero-interest loans to Community Development Financial Institutions to support homeowner recovery and small business assistance in Western North Carolina. This built on previous support, including a $3 million donation to organizations providing hurricane relief for support in the immediate aftermath of the storm.
More recently, a fire in a Hong Kong residential complex last November caused tragic loss of life and brought profound hardship to many families. We committed $1 million in philanthropic support to the Tai Po fire relief effort, worked with nonprofit partners to provide shelter, clothing, food and other essentials, and are collaborating with community leaders to support families longer term.
This past November, we had the opportunity to showcase our company at our 2025 Investor Day. That was a great opportunity to tell everyone who participated—more than 100 equity and fixed-income investors, research and rating agency analysts, with thousands more participants joining virtually—about how we’ve been executing against our business strategies and driving growth around the world, how we’ve been investing in the future, and the value that we’ve been working to unlock to ultimately yield greater returns for our clients, our teammates, the communities in which we operate and our shareholders. Our team is committed to the medium-term goals set forth and is making good progress here in 2026.
As we think about these goals, we also look forward to the continued fine-tuning of regulation to reduce the overreach that resulted from too much micro-regulation and a focus on immaterial risks. This should provide capital ratio relief, and a focus on materiality, both of which are good for the American economy and for our company.
The foundation that underpins everything that we discussed at Investor Day—and in this Annual Report—is Responsible Growth, which drives how we serve clients, manage risk, and Deliver One Company for our clients, teammates and communities. Responsible Growth helps us deliver solid results in any environment and has instilled a culture of durability in our franchise. We must continue to grow, and we can do it responsibly.
On behalf of our Board of Directors, the Executive Management Team and all of my teammates, thank you for investing in Bank of America.
Brian Moynihan
[1] Based on September 2025 Federal Financial Institutions Examination Council (FFIEC) call reports
[2] Represents a non-GAAP financial measure. For more information on this ratio and a corresponding reconciliation to the GAAP financial measure, see Supplemental Financial Data on page 70 (PDF) and Non-GAAP Reconciliations on page 125 (PDF) of the 2025 Financial Review section.
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