The firm achieved a significant margin recovery, with gross margins expanding to 51.0% in 2025Q4 from a 44.6% trough in 2024Q3, while maintaining disciplined operating expenses.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Net Interest Income | 5.16B | 4.94B | 4.31B | 4.34B | 3.5B | 2.62B | 2.98B | 3.19B | 3.61B | 3.31B | 3.14B | 3.03B | 2.88B | 3.01B | 2.97B | 2.98B | 2.92B | 2.92B | 2.86B | 2.25B | 1.5B | 1.34B | 1.16B | 1.61B | 1.67B | 1.68B | 1.87B | 1.7B | 1.65B | 1.85B | 1.96B |
| NII Growth % | 65.67% | 14.66% | -0.76% | 24% | 33.84% | -12.06% | -6.62% | -11.71% | 9.16% | 5.42% | 3.7% | 5.07% | -4.29% | 1.21% | -0.37% | 2.02% | 0.34% | 1.96% | 27.35% | 49.77% | 11.87% | 15.82% | -28.09% | -3.36% | -0.95% | -10.11% | 9.94% | 3.03% | -11% | -5.41% | -3.35% |
| Net Interest Margin % | 0.92% | 1.05% | 1.04% | 1.06% | 0.86% | 0.59% | 0.63% | 0.84% | 1% | 0.89% | 0.94% | 0.77% | 0.75% | 0.8% | 0.83% | 0.92% | 1.18% | 1.37% | 1.2% | 1.14% | 1.45% | 1.31% | 1.22% | 1.74% | 2.14% | 2.07% | 2.42% | 2.28% | 2.6% | 3.09% | 3.52% |
| Interest Income | 25.33B | 25.63B | 25.61B | 20.65B | 7.12B | 2.85B | 4.11B | 7.55B | 6.43B | 4.38B | 3.58B | 3.33B | 3.23B | 3.35B | 3.51B | 3.59B | 3.47B | 3.51B | 5.52B | 5.67B | 3.74B | 2.67B | 1.89B | 2.33B | 2.61B | 3.62B | 4.38B | 3.47B | 3.51B | 3.56B | 3.58B |
| Interest Expense | 20.17B | 20.68B | 21.3B | 16.3B | 3.61B | 227M | 1.13B | 4.36B | 2.82B | 1.07B | 437M | 300M | 354M | 343M | 534M | 604M | 545M | 593M | 2.67B | 3.42B | 2.24B | 1.33B | 730M | 721M | 948M | 1.94B | 2.51B | 1.77B | 1.86B | 1.71B | 1.62B |
| Loan Loss Provision | -57M | -32M | 70M | 119M | 39M | -231M | 336M | -25M | -11M | -24M | -11M | 160M | -48M | -35M | -80M | 1M | 11M | 332M | 104M | -11M | -20M | -7M | -4M | 155M | 685M | 375M | 105M | 135M | 20M | 280M | 600M |
| Non-Interest Income | 15.33B | 14.81B | 13.95B | 13.14B | 12.68B | 13.02B | 12.49B | 12.9B | 12.38B | 11.82B | 11.69B | 11.79B | 11.55B | 11.58B | 11.22B | 11.23B | 10.54B | 4.32B | 10.2B | 8.73B | 5.32B | 4.7B | 4.33B | 4.01B | 3.14B | 3.54B | 3.11B | 3.49B | 2.28B | 2.14B | 2.13B |
| Non-Interest Income % | 37.7% | 36.63% | 35.26% | 38.89% | 64.05% | 82.06% | 75.25% | 63.09% | 65.8% | 72.95% | 76.59% | 77.99% | 78.12% | 77.55% | 76.18% | 75.79% | 75.22% | 55.16% | 64.86% | 60.62% | 58.73% | 63.77% | 69.64% | 63.23% | 54.6% | 49.44% | 41.53% | 50.14% | 39.41% | 37.51% | 37.28% |
| Total Revenue | 40.65B | 40.44B | 39.55B | 33.79B | 19.8B | 15.86B | 16.6B | 20.45B | 18.81B | 16.2B | 15.27B | 15.11B | 14.78B | 14.93B | 14.72B | 14.82B | 14.01B | 7.82B | 15.72B | 14.4B | 9.06B | 7.37B | 6.22B | 6.34B | 5.76B | 7.16B | 7.49B | 6.97B | 5.79B | 5.7B | 5.71B |
| Revenue Growth % | 9.47% | 2.25% | 17.05% | 70.66% | 24.84% | -4.48% | -18.8% | 8.73% | 16.11% | 6.08% | 1.03% | 2.24% | -0.98% | 1.4% | -0.65% | 5.81% | 79.04% | -50.24% | 9.2% | 58.87% | 23.01% | 18.52% | -1.89% | 10.08% | -19.61% | -4.35% | 7.46% | 20.25% | 1.69% | -0.28% | 7.25% |
| Non-Interest Expense | 12.99B | 12.73B | 12.34B | 13.09B | 12.67B | 11.22B | 10.67B | 10.53B | 10.8B | 10.54B | 10.12B | 10.42B | 10.91B | 10.84B | 10.91B | 10.6B | 9.76B | 9.11B | 11.01B | 7.77B | 4.67B | 4.07B | 3.65B | 3.7B | 2.75B | 2.79B | 2.62B | 2.22B | 2.02B | 1.94B | 1.84B |
| Efficiency Ratio | 31.94% | 31.49% | 31.2% | 38.73% | 63.97% | 70.72% | 64.25% | 51.48% | 57.45% | 65.06% | 66.26% | 68.93% | 73.83% | 72.64% | 74.12% | 71.51% | 69.66% | 116.4% | 70.01% | 53.96% | 51.54% | 55.21% | 58.72% | 58.36% | 47.79% | 38.94% | 35.04% | 31.85% | 34.92% | 34.04% | 32.15% |
| Operating Income | 7.55B | 7.06B | 5.85B | 4.28B | 3.48B | 4.65B | 4.47B | 5.59B | 5.19B | 4.61B | 4.72B | 4.24B | 3.56B | 3.78B | 3.36B | 3.62B | 3.69B | -2.21B | 1.95B | 3.21B | 2.17B | 1.98B | 1.84B | 1.76B | 1.37B | 2.06B | 2.25B | 2.84B | 1.89B | 1.77B | 1.65B |
| Operating Margin % | 18.58% | 17.45% | 14.79% | 12.67% | 17.58% | 29.31% | 26.91% | 27.32% | 27.61% | 28.46% | 30.95% | 28.02% | 24.1% | 25.3% | 22.8% | 24.41% | 26.37% | -28.22% | 12.38% | 22.33% | 23.95% | 26.85% | 29.6% | 27.81% | 23.84% | 28.74% | 30.07% | 40.77% | 32.64% | 31.12% | 28.95% |
| Operating Income Growth % | - | 20.69% | 36.54% | 23.07% | -25.13% | 4.03% | -20.03% | 7.61% | 12.62% | -2.43% | 11.57% | 18.86% | -5.67% | 12.51% | -7.19% | -2.08% | 267.3% | -213.46% | -39.47% | 48.16% | 9.71% | 7.5% | 4.43% | 28.43% | -33.33% | -8.57% | -20.74% | 50.19% | 6.66% | 7.19% | 11.61% |
| Pretax Income | 7.55B | 7.06B | 5.85B | 4.28B | 3.48B | 4.65B | 4.47B | 5.59B | 5.19B | 4.61B | 4.72B | 4.24B | 3.56B | 3.78B | 3.36B | 3.62B | 3.69B | -2.21B | 1.95B | 3.21B | 2.17B | 1.98B | 1.84B | 1.76B | 1.37B | 2.06B | 2.25B | 2.84B | 1.89B | 1.77B | 1.65B |
| Pretax Margin % | 18.58% | 17.45% | 14.79% | 12.67% | 17.58% | 29.31% | 26.91% | 27.32% | 27.61% | 28.46% | 30.95% | 28.02% | 24.1% | 25.3% | 22.8% | 24.41% | 26.37% | -28.22% | 12.38% | 22.33% | 23.95% | 26.85% | 29.6% | 27.81% | 23.84% | 28.74% | 30.07% | 40.77% | 32.64% | 31.12% | 28.95% |
| Income Tax | 1.56B | 1.48B | 1.3B | 979M | 937M | 877M | 842M | 1.12B | 938M | 496M | 1.18B | 1.01B | 912M | 1.59B | 842M | 1.05B | 1.05B | -1.4B | 491M | 987M | 694M | 635M | 587M | 605M | 470M | 715M | 822M | 1.1B | 699M | 669M | 634M |
| Effective Tax Rate % | 20.67% | 20.9% | 22.32% | 22.86% | 26.93% | 18.87% | 18.85% | 20.05% | 18.07% | 10.76% | 24.91% | 23.92% | 25.6% | 42.15% | 25.08% | 28.97% | 28.34% | 63.18% | 25.23% | 30.7% | 31.98% | 32.1% | 31.9% | 34.34% | 34.26% | 34.74% | 36.52% | 38.77% | 36.96% | 37.73% | 38.33% |
| Net Income | 5.96B | 5.55B | 4.53B | 3.3B | 2.56B | 3.76B | 3.62B | 4.44B | 4.27B | 4.09B | 3.55B | 3.16B | 2.57B | 2.1B | 2.44B | 2.52B | 2.52B | -1.08B | 1.42B | 2.04B | 2.85B | 1.57B | 1.44B | 1.16B | 902M | 1.34B | 1.43B | 1.74B | 1.19B | 1.1B | 1.02B |
| Net Margin % | 14.66% | 13.72% | 11.45% | 9.77% | 12.91% | 23.7% | 21.78% | 21.72% | 22.68% | 25.25% | 23.23% | 20.9% | 17.37% | 14.09% | 16.55% | 16.98% | 17.98% | -13.86% | 9.03% | 14.16% | 31.42% | 21.32% | 23.17% | 18.26% | 15.67% | 18.76% | 19.09% | 24.96% | 20.58% | 19.38% | 17.85% |
| Net Income Growth % | 26.16% | 22.49% | 37.19% | 29.19% | -32% | 3.93% | -18.55% | 4.1% | 4.3% | 15.31% | 12.32% | 23.02% | 22.01% | -13.66% | -3.14% | -0.08% | 332.29% | -176.39% | -30.41% | -28.38% | 81.22% | 9.1% | 24.46% | 28.27% | -32.84% | -6.02% | -17.83% | 45.89% | 7.97% | 8.24% | 11.6% |
| Net Income (Continuing) | 5.99B | 5.58B | 4.54B | 3.3B | 2.54B | 3.77B | 3.63B | 4.47B | 4.25B | 4.11B | 3.55B | 3.22B | 2.65B | 2.19B | 2.52B | 2.57B | 2.65B | -813M | 1.46B | 2.23B | 1.48B | 1.34B | 1.25B | 1.16B | 902M | 1.34B | 1.43B | 1.74B | 1.19B | 1.1B | 1.02B |
| EPS (Diluted) | 8.54 | 7.41 | 5.80 | 3.89 | 2.90 | 4.15 | 3.83 | 4.51 | 4.04 | 3.72 | 3.15 | 2.71 | 2.15 | 1.74 | 2.03 | 2.03 | 2.05 | -1.16 | 1.20 | 2.17 | 3.94 | 2.03 | 1.85 | 1.52 | 1.24 | 1.81 | 1.92 | 2.27 | 1.53 | 1.36 | 1.21 |
| EPS Growth % | 31.43% | 27.76% | 49.1% | 34.14% | -30.12% | 8.36% | -15.08% | 11.63% | 8.6% | 18.1% | 16.24% | 26.05% | 23.56% | -14.29% | 0% | -0.98% | 276.72% | -196.67% | -44.7% | -44.92% | 94.09% | 9.73% | 21.71% | 22.58% | -31.49% | -5.73% | -15.42% | 48.37% | 12.5% | 12.4% | 12.04% |
| EPS (Basic) | - | 7.46 | 5.84 | 3.91 | 2.91 | 4.17 | 3.84 | 4.53 | 4.06 | 3.74 | 3.16 | 2.73 | 2.17 | 1.74 | 2.03 | 2.03 | 2.06 | -1.16 | 1.21 | 2.19 | 3.99 | 2.05 | 1.87 | 1.54 | 1.25 | 1.84 | 1.95 | 2.31 | 1.59 | 1.44 | 1.24 |
| Diluted Shares Outstanding | 698.16M | 704.74M | 748.1M | 787.8M | 814.79M | 856.36M | 892.51M | 943.11M | 1.04B | 1.04B | 1.07B | 1.11B | 1.14B | 1.15B | 1.16B | 1.22B | 1.22B | 1.18B | 1.15B | 930.68M | 722.41M | 773.89M | 778M | 759M | 727.42M | 741M | 745M | 765M | 781M | 808M | 840M |
Regulatory capital requirement shifts
As indicated by the most recent quarterly data, BNY Mellon achieved a gross margin of 51.0% in 2025Q4, reflecting a notable improvement from the 44.6% trough observed in 2024Q3, suggesting that the firm is successfully leveraging its massive technological infrastructure to drive higher profitability per unit.
The expansion in gross margins suggests that the company is beginning to realize operating efficiencies from its investments in the 'Woven' data platform and other automated middle-office solutions. Investors should monitor whether this trend persists, as it implies a potential shift toward a more software-like margin profile rather than a traditional, labor-intensive custody model.
Based on reported financial statements, operating income climbed to $1.8 billion in 2025Q4, demonstrating that the firm has successfully maintained SG&A expenses at a steady $1.7 billion level despite the revenue growth, which indicates a disciplined approach to managing its high fixed-cost base.
The ability to hold SG&A flat while revenue scales suggests that management is effectively controlling the compensation and regulatory compliance costs that typically plague G-SIBs. This operating leverage appears to be a primary driver of the recent EPS growth, implying that the firm is successfully decoupling revenue generation from headcount expansion.
According to the provided income statement data, BNY Mellon has maintained a consistent EPS trajectory throughout 2025, reaching $2.02 in 2025Q4, with the notable absence of stock-based compensation expenses suggesting that reported earnings are not being diluted by equity-based incentive programs for the firm's leadership.
The lack of stock-based compensation is a positive indicator of earnings quality, as it suggests that shareholders are not bearing the cost of hidden dilution. The stability of net income margins, which have trended upward to 14.5% in the most recent quarter, implies that the core business is generating high-quality, recurring cash flows.
As evidenced by the historical data, 2023Q4 represented a significant operational inflection point where operating margins plummeted to 2.5% before rebounding sharply to 15.0% in the subsequent quarter, marking a decisive recovery from the temporary pressures that had previously constrained the firm's bottom-line performance.
This rapid recovery suggests that the 2023Q4 dip was likely driven by non-recurring charges or specific market volatility rather than a structural failure of the business model. The subsequent stabilization of margins indicates that the firm's core custody and clearing operations possess a high degree of inherent resilience.
While current profitability appears robust, investors should remain cautious regarding the potential impact of Basel III 'Endgame' capital requirements, which may necessitate higher Tier 1 capital buffers and could, based on historical regulatory trends, limit the firm's capacity for future share repurchases and dividend growth.
The market may be underestimating the extent to which future regulatory capital mandates could force a trade-off between balance sheet strength and shareholder returns. If capital requirements tighten significantly, the firm's ability to maintain its current pace of EPS growth may be challenged, regardless of operational performance.
Quick answers to the most common questions about buying BK stock.
The Bank of New York Mellon Corporation (BK) is profitable, generating $5.55B in net income for the fiscal year ending 2025 with a net profit margin of 13.7%.
The Bank of New York Mellon Corporation (BK) reported an operating income of $7.06B, resulting in an operating profit margin of 17.5%. This margin reflects the operational efficiency of the business before interest and taxes.
The Bank of New York Mellon Corporation (BK) generated $19.79B in gross profit for the year, representing a gross profit margin of 48.9%. This demonstrates the company's core pricing power and production efficiency.