BK

Financials

BNY Mellon

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Market Data

Financials

XBRL · SEC EDGAR

2008–2025(17yr)

Revenue

Net Income

Metric	FY 2008	FY 2009	FY 2010	FY 2011	FY 2012	FY 2013	FY 2014	FY 2015	FY 2017	FY 2018	FY 2019	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025Latest	YoY
Revenue	$13.6B	$7.7B	$13.8B	$14.7B	$14.5B	$14.9B	$15.6B	$15.1B	$15.5B	$16.4B	$16.5B	$15.8B	$15.9B	$16.4B	$17.5B	$18.6B	$20.1B	+7.8%
Net Interest Income	$2.9B	$2.9B	$2.9B	$3.0B	$3.0B	$3.0B	$2.9B	$3.0B	$3.3B	$3.6B	$3.2B	$3.0B	$2.6B	$3.5B	$4.3B	$4.3B	$4.9B	+14.7%
Noninterest Income	$10.7B	$4.8B	$10.9B	$11.7B	$11.5B	$11.9B	$12.7B	$12.1B	$12.2B	$12.8B	$13.2B	$12.7B	$13.3B	$12.9B	$13.2B	$14.3B	$15.1B	+5.8%
Noninterest Expense	$11.5B	$9.6B	$10.2B	$11.1B	$11.3B	$11.3B	$12.2B	$10.8B	$11.0B	$11.2B	$10.9B	$11.0B	$11.5B	$13.0B	$13.3B	$12.7B	$13.1B	-2.7%
Efficiency Ratio	84.9%	124.4%	73.6%	75.7%	78.3%	75.9%	78.0%	71.4%	70.8%	68.3%	66.4%	70.0%	72.3%	79.4%	76.0%	68.2%	65.0%	+3.2pp
Net Income	$1.4B	-$814.0M	$2.5B	$2.5B	$2.4B	$2.1B	$2.6B	$3.2B	$4.1B	$4.3B	$4.4B	$3.6B	$3.8B	$2.6B	$3.3B	$4.5B	$5.5B	+22.5%
Net Margin	10.5%	-10.6%	18.2%	17.1%	16.9%	14.2%	16.4%	20.9%	26.3%	26.0%	27.0%	22.9%	23.6%	15.7%	18.8%	24.3%	27.6%	+3.3pp
ROA	0.60%	-0.38%	1.02%	0.77%	0.68%	0.56%	0.67%	0.80%	1.10%	1.18%	1.16%	0.77%	0.85%	0.63%	0.80%	1.09%	1.17%	+0.1pp
EPS (Diluted)	$1.20	$-1.16	$2.05	$2.03	$2.03	$1.74	$2.15	$2.71	$3.72	$4.04	$4.51	$3.83	$4.14	$2.90	$3.87	$5.80	$7.40	+27.6%

Total Debt$31.9B

Cash & Equiv.$5.1B

Net Debt$26.8B

3 min read

1. THE BIG PICTURE

BNY Mellon is successfully weaponizing its massive scale—overseeing nearly $60 trillion in assets—to fund a "multi-year transformation" into a more efficient, technology-first institution. By achieving eight consecutive quarters of positive operating leverage, the bank is proving it can grow profits significantly faster than expenses, even while navigating a complex global regulatory environment (8-K).

2. WHERE THE RISKS HIT HARDEST

The bank’s greatest strength, its $59.3 trillion in assets under custody and administration, is also its most direct vulnerability because fee revenue is tied to market levels (10-K Item 1). A sharp decline in equity or fixed-income markets doesn't just impact clients; it mechanically reduces BNY Mellon’s top line by shrinking the asset base it charges fees against. Furthermore, the "AI everywhere" strategy and reliance on global financial platforms create a massive surface area for cybersecurity threats; a single system failure could disrupt global payment and securities processing, causing financial loss that outweighs any technological gain (10-K Item 1A).

3. WHAT THE NUMBERS SAY TOGETHER

While BNY Mellon ranks near the bottom of its peer group for revenue growth (+7.8%) and net margin (26.5%), it is a leader in capital efficiency, posting a 21.6% Return on Tangible Common Equity (XBRL). The recent 31% jump in diluted earnings per share suggests that management’s focus on "operating leverage" is yielding results, primarily by extracting more profit from a steady revenue base. The 4.0% buyback yield—second only to Goldman Sachs—acts as a powerful engine for shareholder returns, effectively manufacturing double-digit earnings growth even when organic revenue growth remains in the single digits (8-K).

BNY Mellon’s growth trajectory remains stable; the 7% revenue increase in the most recent quarter is consistent with its TTMTTMTrailing Twelve Months — the most recent full year of financial data, updated on a rolling basis each quarter growth of 7.8%. This stability is supported by a 13% increase in net interest income, which has helped offset the "deposit margin compression" that often plagues large lenders during shifting interest rate cycles (8-K).

4. IS IT WORTH IT AT THIS PRICE?

At 12.4x forward earnings, BNY Mellon trades in line with its peer group median of 12.8x. The market is currently pricing in a long-term growth rate of approximately 2.3% (CAPM analysis). Given that BNY Mellon is currently delivering 7.8% revenue growth and retiring 4% of its shares annually, the current valuation appears conservative.

However, BNY Mellon’s modest discount to peers like Charles Schwab (13.8x Fwd P/EFwd P/EForward P/E — same as P/E but uses next year's estimated earnings instead of past earnings; reflects where investors think the company is going) is justified by its lower net margins and the "regulatory disparity" management cites as a competitive headwind. Unlike fintech firms, BNY Mellon must maintain a strict 11.9% CET1CET1Common Equity Tier 1 ratio — a bank's core capital cushion as a percentage of risk-weighted assets. Regulators require ~4.5% minimum; large banks typically target 11–13% capital ratio, which limits its ability to deploy capital as flexibly as its less-regulated competitors (10-K Item 1A).

5. WHAT WOULD CHANGE THIS VIEW?

Cautious if deposit margin compression accelerates, eroding the 13% growth currently seen in net interest income (8-K).
Constructive if the "AI everywhere" initiative leads to a sustained drop in the 66.1% efficiency ratio, bringing it closer to top-tier peers like PNC (XBRL).

6. BOTTOM LINE

Structural Advantage: Massive economies of scale and high switching costs embedded in its $59.3 trillion custody and administration platform.

Bottom Line: BNY Mellon is a critical infrastructure provider for the global financial system that is successfully using technology and aggressive share repurchases to defend its valuation.

Source: Synthesis · LLM Analysis

3 min read

1. Top 5 Material Risks

Regulatory and Legal Compliance: BNY Mellon is subject to extensive regulation, including capital and liquidity requirements. Changes in these standards or the failure to comply can result in fines, restrictions on business activities, or the requirement to hold additional capital, which impacts the efficiency of BNY Mellon’s balance sheet.
Market and Economic Conditions: BNY Mellon’s revenue is highly sensitive to market levels. Declines in equity, fixed income, or other asset prices directly reduce the assets under custody and administration (AUC/A), which serves as a primary driver for fee revenue.
Cybersecurity and Technology: As a global financial institution, BNY Mellon relies on complex technology systems. A successful cyberattack or significant system failure could disrupt the processing of payments and securities transactions, leading to financial loss and reputational damage.
Credit Risk: BNY Mellon faces the risk that borrowers or counterparties will fail to meet their contractual obligations. This exposure is particularly relevant in BNY Mellon’s lending and securities financing businesses, where defaults could lead to direct write-downs of assets.
Competition: BNY Mellon operates in a highly competitive environment. The pressure to lower fees or provide enhanced services to retain clients can compress margins and reduce the profitability of core service offerings.

2. Company-Specific Risks

Systemic Importance: As a designated global systemically important bank (G-SIBG-SIBGlobal Systemically Important Bank — a major bank designated by regulators as critical to the global financial system, subject to stricter capital requirements), BNY Mellon is subject to heightened supervisory expectations and capital surcharges that do not apply to smaller financial institutions.
Fiduciary and Custodial Liability: BNY Mellon acts as a fiduciary and custodian for trillions of dollars in assets. Errors in the administration of these assets or breaches of fiduciary duty can lead to significant legal claims and financial liabilities.
Integration of Acquisitions: BNY Mellon’s growth strategy involves the integration of new businesses and technologies. Failure to successfully integrate these operations can lead to increased costs and operational inefficiencies.

3. Regulatory/Legal Risks

Capital and Liquidity Standards: BNY Mellon must maintain specific capital ratios and liquidity coverage ratios. Failure to meet these thresholds can trigger regulatory intervention and limit BNY Mellon’s ability to pay dividends or repurchase shares.
Anti-Money Laundering (AML) and Sanctions: BNY Mellon is required to maintain robust programs to prevent money laundering and comply with international sanctions. Violations of these laws can result in severe penalties and the loss of banking licenses in certain jurisdictions.

4. Financial Impact Map

Regulatory and Capital Requirements → Retained Earnings and Capital Ratios → Increased capital buffers reduce the amount of capital available for share repurchases or dividends.

Market Volatility → Fee and Other Revenue → Declines in asset values directly reduce the fee income generated from assets under custody and administration.

Cybersecurity and Technology Failure → Non-Interest Expense → Costs associated with system remediation, potential regulatory fines, and client compensation claims.

Counterparty Credit Risk → Provision for Credit Losses → Direct impact on the income statement through increased provisions for potential loan or counterparty defaults.

Competitive Fee Pressure → Net Interest Margin and Fee Revenue → Margin compression resulting from the need to lower pricing to maintain market share in core service lines.

Source: 10-K Item 1A · LLM Analysis

Recent Filings

Form	Filed	Period
14A	Mar 2026	—
10-K	Feb 2026	Dec 2025
8-K	Jan 2026	—
10-Q	Oct 2025	Sep 2025