Bank of America vs Burlington: Revenue, Profit and Business Model
Bank of America reported $113.1B of revenue in FY2025 and $30.5B of net income. Burlington reported $11.6B of revenue in FY2025 and $610.2M of net income.
Latest financial snapshot
Bank of America
- Latest revenue
- $113.1B (FY2025)
- Net income
- $30.5B
- Net margin
- 27.0%
- Revenue growth
- +3.4% a year, FY2016–FY2025
Burlington
- Latest revenue
- $11.6B (FY2025)
- Net income
- $610.2M
- Net margin
- 5.3%
- Revenue growth
- +8.4% a year, FY2016–FY2025
Financial summary
Bank of America
Bank of America earns in two streams. Net interest income was $60.1B in 2025 and noninterest income $53.0B, for total revenue net of interest expense of $113.1B and net income of $30.5B, or $3.81 per diluted share. Deposits of $2.02T funded $1.19T of loans and leases plus a $927.4B debt securities portfolio. Fees carried the year: investment and brokerage services rose $2.2B to $20.0B, investment banking fees rose to $6.6B, and market making fell $953M to $12.0B. Credit stayed contained, with the total consumer net charge-off ratio at 0.88 percent and the card ratio at 3.68 percent. The efficiency ratio improved to 61.65 percent from 63.12 percent, and common equity tier 1 capital was $201.4B, an 11.4 percent standardized ratio against a 10.0 percent minimum.
Burlington
Burlington's total revenue roughly doubled from $5.59 billion in fiscal 2016 to $11.57 billion in fiscal 2025. The exception was fiscal 2020, when pandemic store closures cut revenue to $5.76 billion and produced a $216.5 million net loss. Profit has since grown faster than sales: net income went from $230.1 million in fiscal 2022 to $339.6 million, $503.6 million and $610.2 million over the next three years. Heavy store investment limits free cash flow, which was about $172 million in fiscal 2025 after roughly $1.06 billion of capital spending. In the second quarter of fiscal 2026 (to August 1, 2026), total sales rose 11 percent to $2.998 billion and net income was $184 million, including a $41 million after-tax benefit from tariff refunds. The company raised its full-year adjusted EPS guidance to $11.77 to $11.97.
Revenue and profit by year
Bank of America
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $113.1B | $30.5B | 27.0% | +6.8% | Source |
| FY2024 | $105.9B | $27B | 25.5% | +3.0% | Source |
| FY2023 | $102.8B | $26.3B | 25.6% | +8.2% | Source |
| FY2022 | $95B | $27.5B | 29.0% | +6.6% | Source |
| FY2021 | $89.1B | $32B | 35.9% | +4.2% | Source |
| FY2020 | $85.5B | $17.9B | 20.9% | -6.3% | Source |
| FY2019 | $91.2B | $27.4B | 30.1% | +0.2% | Source |
| FY2018 | $91B | $28.1B | 30.9% | +4.5% | Source |
| FY2017 | $87.1B | $18.2B | 20.9% | +4.1% | Source |
| FY2016 | $83.7B | $17.8B | 21.3% | — | Source |
Burlington
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $11.6B | $610.2M | 5.3% | +8.8% | Source |
| FY2024 | $10.6B | $503.6M | 4.7% | +9.3% | Source |
| FY2023 | $9.7B | $339.6M | 3.5% | +11.8% | Source |
| FY2022 | $8.7B | $230.1M | 2.6% | -6.6% | Source |
| FY2021 | $9.3B | $408.8M | 4.4% | +61.7% | Source |
| FY2020 | $5.8B | -$216.5M | -3.8% | -20.9% | Source |
| FY2019 | $7.3B | $465.1M | 6.4% | +9.3% | Source |
| FY2018 | $6.7B | $414.7M | 6.2% | +9.1% | Source |
| FY2017 | $6.1B | $384.9M | 6.3% | +9.3% | Source |
| FY2016 | $5.6B | $215.9M | 3.9% | — | Source |
Where the revenue comes from
Bank of America
- Net interest income~53%
Interest on loans and securities less interest paid on deposits and debt; $60.1B in 2025.
- Investment and brokerage services~18%
Asset management, brokerage and advisory fees, mostly from Merrill and the Private Bank; $20.0B in 2025.
- Market making and similar activities~11%
Global Markets trading revenue across rates, credit, currencies, commodities and equities; $12.0B in 2025.
- Investment banking fees~6%
Underwriting and advisory fees excluding self-led deals; $6.6B in 2025.
- Service charges~6%
Treasury service charges and consumer deposit account fees; $6.5B in 2025.
- Card income~6%
Interchange, annual fees and other credit and debit card income; $6.4B in 2025.
Burlington
- In-store net sales99.85%
Net sales of $11.55B in fiscal 2025 from merchandise sold in Burlington stores. There has been no e-commerce channel since March 2020.
- Other revenue0.15%
About $17.3M in fiscal 2025 from sources such as rental income and service fees.
Business model and strategy
Bank of America
How it makes money
The model is a deposit-funded spread business layered with fee income. Consumer Banking gathers low-cost deposits and lends through mortgages, cards and auto loans, producing $43.7B of revenue in 2025 and $12.2B of net income. Global Wealth and Investment Management charges fees on $4.75T of client balances, including $2.18T of assets under management, for $24.9B of revenue.
Growth strategy
Growth comes from deepening existing relationships rather than buying banks. Consumer Banking adds clients through digital channels, with 49 million active digital users and 41 million mobile users at the end of 2025, while the branch network is consolidated slowly, down 72 to 3,628 centers during the year, and rebuilt in selected metropolitan markets.
Competitive advantage
Bank of America's advantage is cheap, sticky funding. It held $2.02T of deposits at December 31, 2025, much of it in transaction accounts, and the total deposit spread was 2.92 percent in 2025 against 2.77 percent in 2024.
Burlington
How it makes money
Burlington makes nearly all of its money from merchandise sold in its stores. Net sales were $11.55 billion of its $11.57 billion fiscal 2025 total revenue; the remaining $17 million of other revenue comes from sources such as rental income and service fees.
Growth strategy
Burlington grows mainly by opening stores. It added 178 gross and 149 net new stores in the 12 months to August 1, 2026, and plans about 115 net openings in fiscal 2026. New stores use a smaller prototype of about 25,000 square feet instead of the very large boxes of the Coat Factory era, which lowers rent and labor per store.
Competitive advantage
Burlington's edge is cost and flexibility. Because it does not commit to full seasonal assortments months ahead, its buyers can take excess branded inventory when it becomes available and price it below department stores. Selling only in stores, with no e-commerce since March 2020, keeps parcel shipping and online returns out of the cost base.
Questions about Bank of America vs Burlington
Which company has higher revenue — Bank of America Corporation or Burlington Stores, Inc.?
Bank of America Corporation reported $113.1B (FY2025), while Burlington Stores, Inc. reported $11.6B (FY2025). By last reported revenue, Bank of America Corporation is the larger business, with Burlington Stores, Inc. reporting a smaller revenue base.
What is the market cap of Bank of America Corporation vs Burlington Stores, Inc.?
Bank of America Corporation's market capitalisation stands at $380.6B, while Burlington Stores, Inc.'s is $16.8B. Bank of America Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Burlington Stores, Inc..
Which is more financially efficient — Bank of America Corporation or Burlington Stores, Inc.?
Bank of America Corporation generates $531k / employee in revenue per employee, while Burlington Stores, Inc. generates $139k / employee. Bank of America Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Bank of America Corporation and Burlington Stores, Inc. make money?
Bank of America Corporation and Burlington Stores, Inc. generate revenue in fundamentally different ways. Bank of America Corporation: The model is a deposit-funded spread business layered with fee income. Burlington Stores, Inc.: Burlington makes nearly all of its money from merchandise sold in its stores.
Which company is valued higher relative to revenue — Bank of America Corporation or Burlington Stores, Inc.?
On a price-to-sales (P/S) basis, Bank of America Corporation trades at 3.4x P/S and Burlington Stores, Inc. at 1.5x P/S. Bank of America Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Burlington Stores, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Bank of America Corporation bigger than Burlington Stores, Inc.?
By last reported revenue, Bank of America Corporation ($113.1B (FY2025)) is the larger company compared to Burlington Stores, Inc. ($11.6B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Bank of America vs Burlington overview