Bank of America vs Wells Fargo: Revenue, Profit and Business Model
Bank of America reported $113.1B of revenue in FY2025 and $30.5B of net income. Wells Fargo reported $83.7B of revenue in FY2025 and $21.3B 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
Wells Fargo
- Latest revenue
- $83.7B (FY2025)
- Net income
- $21.3B
- Net margin
- 25.5%
- Revenue growth
- -0.6% 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.
Wells Fargo
Wells Fargo reported FY2025 total revenue of $83.699 billion, up from $82.296 billion in 2024, and net income of $21.338 billion, up from $19.722 billion. In the second quarter of 2026, net income rose 17% year over year to $6.4 billion, or $2.00 per diluted share, on revenue of about $22.6 billion, up 9%. Average loans reached about $1.03 trillion, up 12%, and average deposits rose 10%, showing the effect of the asset cap removal. Headcount fell to about 197,000 by mid-2026, extending a multi-year run of reductions.
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 |
Wells Fargo
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $83.7B | $21.3B | 25.5% | +1.7% | Source |
| FY2024 | $82.3B | $19.7B | 24.0% | -0.4% | Source |
| FY2023 | $82.6B | $19.1B | 23.2% | +11.1% | Source |
| FY2022 | $74.4B | $13.7B | 18.4% | -6.1% | Source |
| FY2021 | $79.2B | $22.1B | 27.9% | +6.6% | Source |
| FY2020 | $74.3B | $3.4B | 4.5% | -14.5% | Source |
| FY2019 | $86.8B | $19.7B | 22.7% | +0.5% | Source |
| FY2018 | $86.4B | $22.4B | 25.9% | -2.2% | Source |
| FY2017 | $88.4B | $22.2B | 25.1% | +0.1% | Source |
| FY2016 | $88.3B | $21.9B | 24.9% | — | 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.
Wells Fargo
No segment breakdown is published.
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.
Wells Fargo
How it makes money
Wells Fargo earns money in two ways: net interest income, the spread between what it earns on loans and securities and what it pays on deposits and other funding, and noninterest income from fees, wealth management, investment banking, trading, cards, and mortgage banking. In FY2025, net interest income was $47.484 billion and noninterest income was $36.215 billion.
Growth strategy
Wells Fargo's strategy after the asset cap is to grow loans and deposits, expand corporate and investment banking and markets, deepen wealth-management relationships, invest in technology and AI for efficiency, and keep reducing headcount and expenses where possible.
Competitive advantage
Wells Fargo's advantages are its national branch and deposit franchise, long-standing consumer and middle-market commercial relationships, a large wealth-management platform through Wells Fargo Advisors, and, since mid-2025, the freedom to grow its balance sheet again.
Questions about Bank of America vs Wells Fargo
Which company has higher revenue — Bank of America Corporation or Wells Fargo?
Bank of America Corporation reported $113.1B (FY2025), while Wells Fargo reported $83.7B (FY2025). By last reported revenue, Bank of America Corporation is the larger business, with Wells Fargo reporting a smaller revenue base.
What is the market cap of Bank of America Corporation vs Wells Fargo?
Bank of America Corporation's market capitalisation stands at $380.6B, while Wells Fargo's is $225.0B. Bank of America Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Wells Fargo.
Which is more financially efficient — Bank of America Corporation or Wells Fargo?
Bank of America Corporation generates $531k / employee in revenue per employee, while Wells Fargo generates $408k / 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 Wells Fargo make money?
Bank of America Corporation and Wells Fargo generate revenue in fundamentally different ways. Bank of America Corporation: The model is a deposit-funded spread business layered with fee income. Wells Fargo: Wells Fargo earns money in two ways: net interest income, the spread between what it earns on loans and securities and what it pays on deposits and other funding, and noninterest income from fees, wealth management, investment banking, trading, cards, and mortgage banking.
Which company is valued higher relative to revenue — Bank of America Corporation or Wells Fargo?
On a price-to-sales (P/S) basis, Bank of America Corporation trades at 3.4x P/S and Wells Fargo 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 Wells Fargo. 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 Wells Fargo?
By last reported revenue, Bank of America Corporation ($113.1B (FY2025)) is the larger company compared to Wells Fargo ($83.7B (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 Wells Fargo overview