Bank of America reported its first quarter 2026 financial results today.

The Global Markets segment posted net income of $2.0 billion, whereas sales and trading revenue amounted to $6.4 billion, up 13%, including net debit valuation adjustment (DVA) gains of $63 million. Excluding net DVA, the result was up 12% from the year-ago quarter.

Equities revenue was up 30% to $2.8 billion. Fixed Income, Currencies and Commodities (FICC) revenue rose 2% to $3.5 billion. Excluding net DVA, the result was up 1%.

Across all segments, net income increased 17% from a year earlier to $8.6 billion.

Diluted earnings per share amounted to $1.11 compared to $0.89, up 25% from the year-ago period. Revenue, net of interest expense, reached $30.3 billion ($30.4 billion FTE), up 7%, reflecting higher net interest income (NII), sales and trading revenue, asset management fees and investment banking fees.

Chair and CEO Brian Moynihan commented:

“Earnings per share rose 25% year-over-year, starting 2026 with strong momentum. Net income of $8.6 billion reflected the team’s disciplined execution. The team produced 290 basis points of operating leverage. This resulted in strong year-over- year improvement in returns on equity and assets. Revenue growth of 7% year-over-year included net interest income that was better than we expected, up 9%, as well as double-digit growth in sales and trading revenue, investment banking fees and asset management fees.

We remain watchful of evolving risks. However, we saw healthy client activity, including solid consumer spending and stable asset quality, indicating a resilient American economy”.

Executive Vice President and CFO Alastair Borthwick added:

“With our efficiency ratio improving nearly 170 basis points year-over-year to 61%, we once again demonstrated our flexibility to invest for growth, while practicing good expense discipline. Average deposits of more than $2 trillion grew for the 11th consecutive quarter, while loans were up 9% year-over-year, improving across every segment. In addition, our strong liquidity, and CET1 capital comfortably above regulatory requirements, helped enable us to return more than $9 billion to shareholders through common stock dividends and share repurchases.

We believe our diversified business model, durable balance sheet and commitment to Responsible Growth continue to be sources of strength”.