Bank of America vs Procter & Gamble: Revenue, Profit and Business Model
Bank of America reported $113.1B of revenue in FY2025 and $30.5B of net income. Procter & Gamble reported $87B of revenue in FY2026 and $16B 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
Procter & Gamble
- Latest revenue
- $87B (FY2026)
- Net income
- $16B
- Net margin
- 18.4%
- Revenue growth
- +3.3% 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.
Procter & Gamble
P&G's finances are defined by steady sales, high margins and large cash returns rather than fast growth. Net sales rose from $65.1 billion in fiscal 2017 to $87.0 billion in fiscal 2026. In fiscal 2026 diluted EPS was $6.62 (up 2%) and core EPS was $6.89 (up 1%), with core gross and operating margins slipping 40 and 70 basis points as costs rose. The company returned more than $15 billion to shareholders, about $10.2 billion in dividends and $5 billion in buybacks, and has raised its dividend for 70 consecutive years. For fiscal 2027 it guided to 1%-3% organic sales growth and core EPS of $6.89-$7.11.
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 |
Procter & Gamble
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $87B | $16B | 18.4% | +3.3% | Source |
| FY2025 | $84.3B | $16B | 19.0% | +0.3% | Source |
| FY2024 | $84B | $14.9B | 17.7% | +2.5% | Source |
| FY2023 | $82B | $14.7B | 17.9% | +2.3% | Source |
| FY2022 | $80.2B | $14.7B | 18.4% | +5.3% | Source |
| FY2021 | $76.1B | $14.3B | 18.8% | +7.3% | Source |
| FY2020 | $71B | $13B | 18.4% | +4.8% | Source |
| FY2019 | $67.7B | $3.9B | 5.8% | +1.3% | Source |
| FY2018 | $66.8B | $9.8B | 14.6% | +2.7% | Source |
| FY2017 | $65.1B | $15.3B | 23.6% | — | 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.
Procter & Gamble
- Fabric and Home Care
Largest segment
Laundry, dish care, air care, and household cleaning brands including Tide, Ariel, Dawn, Febreze, and Swiffer.
- Baby, Feminine and Family Care
Major segment
Pampers, Always, Bounty, Charmin, and related baby, feminine, and family-care products.
- Beauty
Major segment
Hair care, skin care, and prestige beauty brands including Head & Shoulders, Pantene, Olay, and SK-II.
- Health Care
Major segment
Oral care and personal health products such as Oral-B, Crest, Vicks, and Metamucil.
- Grooming
Focused segment
Gillette, Venus, Braun, and shaving-related 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.
Procter & Gamble
How it makes money
P&G makes money by designing, manufacturing and marketing branded household and personal-care products that consumers buy every week, then selling them through retailers, club stores, pharmacies, distributors and e-commerce platforms. Revenue comes from five reportable segments: Fabric & Home Care (Tide, Ariel, Dawn, Downy, Febreze), the largest; Baby, Feminine & Family Care (Pampers, Always, Bounty, Charmin);
Growth strategy
P&G's integrated growth strategy has five parts: a portfolio focused on about ten daily-use categories, superiority across product, packaging, communication, retail execution and value, productivity savings to fund reinvestment, 'constructive disruption' of its own practices, and an agile, accountable organization.
Competitive advantage
P&G's edge is the combination of category leadership and scale. It concentrates on about ten daily-use categories where performance differences are visible to consumers (cleaning, absorbency, shaving, oral care), funds roughly $2 billion a year of R&D to keep those gaps, and uses its size to buy materials, media and logistics more cheaply than smaller rivals.
Questions about Bank of America vs Procter & Gamble
Which company has higher revenue — Bank of America Corporation or The Procter & Gamble Company?
Bank of America Corporation reported $113.1B (FY2025), while The Procter & Gamble Company reported $87.0B (FY2026). By last reported revenue, Bank of America Corporation is the larger business, with The Procter & Gamble Company 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 The Procter & Gamble Company?
Bank of America Corporation's market capitalisation stands at $380.6B, while The Procter & Gamble Company's is $340.0B. Bank of America Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to The Procter & Gamble Company.
Which is more financially efficient — Bank of America Corporation or The Procter & Gamble Company?
Bank of America Corporation generates $531k / employee in revenue per employee, while The Procter & Gamble Company generates $798k / employee. The Procter & Gamble Company 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 The Procter & Gamble Company make money?
Bank of America Corporation and The Procter & Gamble Company generate revenue in fundamentally different ways. Bank of America Corporation: The model is a deposit-funded spread business layered with fee income. The Procter & Gamble Company: P&G makes money by designing, manufacturing and marketing branded household and personal-care products that consumers buy every week, then selling them through retailers, club stores, pharmacies, distributors and e-commerce platforms.
Which company is valued higher relative to revenue — Bank of America Corporation or The Procter & Gamble Company?
On a price-to-sales (P/S) basis, Bank of America Corporation trades at 3.4x P/S and The Procter & Gamble Company at 3.9x P/S. The Procter & Gamble Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Bank of America 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 The Procter & Gamble Company?
By last reported revenue, Bank of America Corporation ($113.1B (FY2025)) is the larger company compared to The Procter & Gamble Company ($87.0B (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 Procter & Gamble overview