Bank of America vs Nestlé: Revenue, Profit and Business Model
Bank of America reported $113.1B of revenue in FY2025 and $30.5B of net income. Nestlé reported ~$107.9B of revenue in FY2025 and ~$10.8B 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
Nestlé
- Latest revenue
- ~$107.9B (FY2025)
- Net income
- ~$10.8B
- Net margin
- 10.0%
- Revenue growth
- +0.7% a year, FY2021–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.
Nestlé
Nestlé's sales have shrunk in Swiss franc terms since 2022, from ~$113 billion (CHF 94.4 billion) to ~$107 billion (CHF 89.5 billion) in 2025, largely because of a strong franc and disposals, even as organic growth stayed positive (3.5% in 2025). Net profit fell to ~$10.8 billion (CHF 9.0 billion) in 2025 and the underlying trading operating profit (UTOP) margin was 16.1%, while free cash flow reached ~$11 billion (CHF 9.2 billion). In the first half of 2026, sales were ~$51.7 billion (CHF 43.1 billion) with 3.6% organic growth and 1.5% real internal growth (RIG). Net profit dropped 31.4% to ~$4.2 billion (CHF 3.5 billion), but the UTOP margin recovered to 16.4% and free cash flow rose to ~$4.08 billion (CHF 3.4 billion).
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 |
Nestlé
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$107.9B | ~$10.8B | 10.0% | -2.0% | Source |
| FY2024 | ~$110.1B | ~$13.1B | 11.9% | -1.7% | Source |
| FY2023 | ~$112B | ~$13.5B | 12.0% | -1.5% | Source |
| FY2022 | ~$113.7B | ~$11.1B | 9.8% | +8.4% | Source |
| FY2021 | ~$105B | ~$20.3B | 19.3% | — | 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.
Nestlé
- Powdered and Liquid Beverages28.1%
Largest 2025 annual report category, including coffee and beverage brands such as Nescafé and Nespresso.
- PetCare20.6%
Purina-led pet care portfolio and one of Nestlé's key global growth engines.
- Nutrition and Health Science16.0%
Infant, medical, and health-science nutrition products.
- Prepared Dishes and Cooking Aids11.3%
Includes cooking aids, prepared meals, and brands such as Maggi.
- Milk Products and Ice Cream10.8%
Dairy and ice cream products, with portfolio changes under review.
- Confectionery9.7%
Chocolate and confectionery brands such as KitKat in most markets.
- Water3.5%
Water brands including premium and regional water products.
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.
Nestlé
How it makes money
Nestlé makes money by manufacturing and selling branded food and drinks through supermarkets, convenience stores, e-commerce, pet specialty, pharmacies, hospitals and out-of-home channels in roughly 185 countries.
Growth strategy
Under Philipp Navratil, Nestlé is pursuing what it calls RIG-led growth: driving volume rather than price increases. It is putting more money behind four core businesses (Coffee, Petcare, Nutrition, Food & Snacks) and growth platforms that it says make up about 30% of sales. It is also reshaping the portfolio.
Competitive advantage
Nestlé's edge is the combination of global brands with local manufacturing and distribution. It runs a large worldwide factory and R&D network, holds leading positions in instant coffee and pet food, and can invest more in marketing and innovation than most rivals. Its Fuel for Growth cost programme is targeting ~$2.4 billion (CHF 2 billion) of savings by end-2026 to fund that brand investment.
Questions about Bank of America vs Nestlé
Which company has higher revenue — Bank of America Corporation or Nestlé S.A.?
Bank of America Corporation reported $113.1B (FY2025), while Nestlé S.A. reported ~$107.9B (FY2025). By last reported revenue, Bank of America Corporation is the larger business, with Nestlé S.A. reporting a smaller revenue base.
What is the market cap of Bank of America Corporation vs Nestlé S.A.?
Bank of America Corporation's market capitalisation stands at $380.6B, while Nestlé S.A.'s is $295.1B. Bank of America Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Nestlé S.A..
Which is more financially efficient — Bank of America Corporation or Nestlé S.A.?
Bank of America Corporation generates $531k / employee in revenue per employee, while Nestlé S.A. generates $399k / 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 Nestlé S.A. make money?
Bank of America Corporation and Nestlé S.A. generate revenue in fundamentally different ways. Bank of America Corporation: The model is a deposit-funded spread business layered with fee income. Nestlé S.A.: Nestlé makes money by manufacturing and selling branded food and drinks through supermarkets, convenience stores, e-commerce, pet specialty, pharmacies, hospitals and out-of-home channels in roughly 185 countries.
Which company is valued higher relative to revenue — Bank of America Corporation or Nestlé S.A.?
On a price-to-sales (P/S) basis, Bank of America Corporation trades at 3.4x P/S and Nestlé S.A. at 2.7x P/S. Bank of America Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Nestlé S.A.. 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 Nestlé S.A.?
By last reported revenue, Bank of America Corporation ($113.1B (FY2025)) is the larger company compared to Nestlé S.A. (~$107.9B (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 Nestlé overview