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Bank of America vs FedEx: Revenue, Profit and Business Model

Bank of America reported $113.1B of revenue in FY2025 and $30.5B of net income. FedEx reported $94.7B of revenue in FY2026 and $4.4B 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

FedEx

Latest revenue
$94.7B (FY2026)
Net income
$4.4B
Net margin
4.7%
Revenue growth
+5.1% a year, FY2017–FY2026

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.

FedEx

FedEx's FY2026 results showed steady growth on a lower cost base. Revenue rose to $94.7 billion and GAAP operating income to $5.46 billion (5.8% margin; 7.0% adjusted). The company said it beat its goal of $1 billion in transformation savings for the year, and capital spending fell 6% to $3.8 billion, or 4.0% of revenue, the lowest ratio in its history. Fourth-quarter revenue was $25.0 billion with adjusted EPS of $6.31. Spin-off costs of $2.46 per share and business optimization costs of $1.19 per share explain most of the gap between GAAP and adjusted earnings.

Revenue and profit by year

Bank of America

Bank of America revenue, net income, margin and growth by fiscal year
YearRevenueNet incomeMarginGrowthSource
FY2025$113.1B$30.5B27.0%+6.8%Source
FY2024$105.9B$27B25.5%+3.0%Source
FY2023$102.8B$26.3B25.6%+8.2%Source
FY2022$95B$27.5B29.0%+6.6%Source
FY2021$89.1B$32B35.9%+4.2%Source
FY2020$85.5B$17.9B20.9%-6.3%Source
FY2019$91.2B$27.4B30.1%+0.2%Source
FY2018$91B$28.1B30.9%+4.5%Source
FY2017$87.1B$18.2B20.9%+4.1%Source
FY2016$83.7B$17.8B21.3%—Source
Full Bank of America financials

FedEx

FedEx revenue, net income, margin and growth by fiscal year
YearRevenueNet incomeMarginGrowthSource
FY2026$94.7B$4.4B4.7%+7.7%Source
FY2025$87.9B$4.1B4.7%+0.3%Source
FY2024$87.7B$4.3B4.9%-2.7%Source
FY2023$90.2B$4B4.4%-3.6%Source
FY2022$93.5B$3.8B4.1%+11.4%Source
FY2021$84B$5.2B6.2%+21.3%Source
FY2020$69.2B$1.3B1.9%-0.7%Source
FY2019$69.7B$540M0.8%+6.5%Source
FY2018$65.5B$4.6B7.0%+8.5%Source
FY2017$60.3B$3B5.0%—Source
Full FedEx financials

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.

FedEx

  • Package Delivery and Express Services

    Largest stream

    Domestic and international parcel delivery through the integrated Federal Express air-ground network.

  • Fuel Surcharges and Yield Management

    Variable stream

    Pricing mechanisms tied to fuel, shipment mix, base yields, and service levels.

  • Logistics, Customs, and Technology Services

    Supporting stream

    Brokerage, supply-chain management, e-commerce enablement, tracking, and customer technology services.

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.

Bank of America business model in full

FedEx

How it makes money

FedEx earns money by charging shippers to move parcels and freight through a high-fixed-cost network of aircraft, hubs, sort facilities, and delivery routes. Prices depend on weight, dimensions, distance, and speed (overnight, two-day, ground, international priority or economy), plus fuel, residential, and peak surcharges that are updated weekly or seasonally.

Growth strategy

FedEx's growth plan has three parts: lower cost to serve by merging Express and Ground routes and facilities under Network 2.0, shrink and modernize the air fleet to match demand, and push into higher-yield segments such as healthcare cold chain, B2B shipping, small and mid-sized business customers, and cross-border e-commerce.

Competitive advantage

FedEx's moat is physical scale that is very hard to copy: one of the world's largest cargo airlines, the Memphis World Hub that sorts packages overnight, and pickup and delivery coverage in more than 220 countries and territories.

FedEx business model in full

Questions about Bank of America vs FedEx

Which company has higher revenue — Bank of America Corporation or FedEx Corporation?

Bank of America Corporation reported $113.1B (FY2025), while FedEx Corporation reported $94.7B (FY2026). By last reported revenue, Bank of America Corporation is the larger business, with FedEx Corporation reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.

What is the market cap of Bank of America Corporation vs FedEx Corporation?

Bank of America Corporation's market capitalisation stands at $380.6B, while FedEx Corporation's is $73.0B. Bank of America Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to FedEx Corporation.

Which is more financially efficient — Bank of America Corporation or FedEx Corporation?

Bank of America Corporation generates $531k / employee in revenue per employee, while FedEx Corporation generates $179k / 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 FedEx Corporation make money?

Bank of America Corporation and FedEx Corporation generate revenue in fundamentally different ways. Bank of America Corporation: The model is a deposit-funded spread business layered with fee income. FedEx Corporation: FedEx earns money by charging shippers to move parcels and freight through a high-fixed-cost network of aircraft, hubs, sort facilities, and delivery routes.

Which company is valued higher relative to revenue — Bank of America Corporation or FedEx Corporation?

On a price-to-sales (P/S) basis, Bank of America Corporation trades at 3.4x P/S and FedEx Corporation at 0.8x P/S. Bank of America Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to FedEx Corporation. 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 FedEx Corporation?

By last reported revenue, Bank of America Corporation ($113.1B (FY2025)) is the larger company compared to FedEx Corporation ($94.7B (FY2026)). 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 FedEx overview

Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.