The exchange for the debt economy
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The news: Bank of America (BofA) topped analysts’ expectations in the fourth quarter, as gains from equities trading and net interest income boosted the bottom line.
The numbers: Revenue from equity trading rose 23% to USD2.02 billion ($3.02 billion) in Q4 2025, the company said on Wednesday. Analysts had been anticipating equity-markets revenue of close to USD1.9 billion. The performance gave contributed to the bank’s earnings of USD98 cents a share, ahead of the USD96 cents per share expected.
Net interest income rose 9.7% to USD15.8 billion in the quarter and the bank expects NII to rise 7% for 2026’s first quarter on a fully taxable equivalent basis. For FY26 BofA anticipates NII will grow 5% to 7%.
The company’s profit rose 12% from a year earlier to USD7.6 billion, with revenue climbing 7.1% to USD28.53 billion.
The context: Traders across Wall Street took advantage of volatility that swept markets during 2025, driven significantly by US President Donald Trump’s trade tariff announcements.
Investment banking fees at BofA edged up 0.7% during the quarter, while M&A fees lifted 6.1% and revenue from debt issuance increased 5.9%.
What they said: BofA chair and CEO Brian Moynihan said: “With consumers and businesses proving resilient, as well as the regulatory environment and tax and trade policies coming into sharper focus, we expect further economic growth in the year ahead. While any number of risks continue, we are bullish on the US economy in 2026.”
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The exchange for the debt economy