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BK, Bank of New York Mellon Corp

Banks financial

The Bank of New York Mellon Corporation is a global financial services platforms company headquartered in New York, New York, with $59.3 trillion in assets under custody and/or administration and $2.2 trillion in assets under management as of Dec. 31, 2025.

We divide our businesses into three principal business segments: Securities Services, Market and Wealth Services and Investment and Wealth Management.

Our two principal U.S. banking subsidiaries engage in trust and custody activities, investment management services, banking services and various securities-related activities.

Latest annual: FY2025 10-K

BK · Bank of New York Mellon Corp

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$20.1B

+7.8% YoY · 5% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $21.4B 5-yr avg $17.8B

Return on equity 14% 5-yr avg 9%

Return on tangible equity 25% 5-yr avg 17%

Efficiency ratio 63% 5-yr avg 72%

Equity / assets 9.4% 5-yr avg 9.8%

Next report Est. 10/28–11/2 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~32 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best.
Is it a good business?: Return on equity has sat below the cost of equity (median 10%, above 12% in only 1 of 10 years). It runs at a 63% efficiency ratio, about average. The cycle and the loan book decide this one; weigh the recession years in the record, not the average, and read the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMDec 2025
											Income statement
$15.2B	$15.5B	$16.4B	$16.5B	$15.8B	$15.9B	$16.5B	$17.7B	$18.6B	$20.1B	$21.4B	RevenueRevenue
$3.6B	$4.4B	$6.4B	$7.5B	$4.1B	$2.8B	$7.1B	$20.6B	$25.6B	$25.6B	—	Interest incomeInt. inc.
$437M	$1.1B	$2.8B	$4.4B	$1.1B	$227M	$3.6B	$16.3B	$21.3B	$20.7B	—	Interest expenseInt. exp.
$3.1B	$3.3B	$3.6B	$3.2B	$3.0B	$2.6B	$3.5B	$4.3B	$4.3B	$4.9B	$5.4B	Net interest incomeNet int.
$12.1B	$12.2B	$12.8B	$13.3B	$12.8B	$13.3B	$13.0B	$13.4B	$14.3B	$15.1B	$16.0B	Noninterest incomeFee inc.
($11M)	($24M)	($11M)	($25M)	$336M	($231M)	$39M	$119M	$70M	($32M)	($48M)	Credit-loss provisionProvision
$3.5B	$4.1B	$4.3B	$4.4B	$3.6B	$3.8B	$2.6B	$3.3B	$4.5B	$5.5B	$6.3B	Net incomeNet inc.
25%	11%	18%	20%	19%	19%	27%	23%	22%	21%	21%	Effective tax rateTax rate
											Cash flow & returns
1.1%	1.1%	1.2%	1.2%	0.8%	0.8%	0.6%	0.8%	1.1%	1.2%	1.3%	Return on assetsROA
9%	10%	10%	11%	8%	9%	6%	8%	11%	13%	14%	Return on equityROE
7%	8%	8%	8%	5%	6%	3%	5%	8%	9%	11%	Retained to equityRetained/eq
20%	20%	21%	21%	14%	17%	12%	15%	21%	22%	25%	Return on tangible equityROTCE
69%	71%	68%	66%	70%	72%	79%	75%	68%	65%	63%	Efficiency ratioEffic.
$778M	$901M	$1.1B	$1.1B	$1.1B	$1.1B	$1.2B	$1.3B	$1.3B	$1.4B	$1.5B	Dividends paidDiv. paid
$2.4B	$2.7B	$3.3B	$3.3B	$989M	$4.6B	$124M	$2.6B	$3.1B	$3.5B	—	BuybacksBuybacks
$50.3B	($32.7B)	$3.3B	($10.5B)	($78.5B)	$19.7B	$19.9B	($5.8B)	($9.5B)	($44.3B)	—	Investing cash flowInv. cash
($59.0B)	$26.8B	($8.1B)	$9.5B	$75.5B	($22.0B)	($33.7B)	($3.5B)	$6.3B	$39.7B	—	Financing cash flowFin. cash
($114M)	$189M	($72M)	$2M	$61M	($84M)	$358M	$230M	($311M)	$221M	—	Exchange-rate effectFX
($2.6B)	($1.1B)	$1.1B	($991M)	$2.2B	$464M	$1.6B	($3.2B)	($2.8B)	$2.4B	—	Change in cashΔ cash
											Balance sheet
$64.5B	$61.5B	$56.6B	$55.0B	$56.5B	$67.8B	$66.1B	$66.9B	$71.6B	$80.6B	—	Loans held for investmentLoans
$281M	$261M	$252M	$216M	$479M	—	—	$303M	$294M	$245M	—	Credit-loss allowanceAllowance
$333.5B	$371.8B	$362.9B	$381.5B	$469.6B	$444.4B	$405.8B	$409.9B	$416.1B	$472.3B	$472.3B	Total assetsAssets
—	—	—	—	$341.5B	$319.7B	$279.0B	$283.7B	$289.5B	$331.9B	$331.9B	DepositsDeposits
$17.3B	$17.6B	$17.4B	$17.4B	$17.5B	$17.5B	$16.1B	$16.3B	$16.6B	$16.8B	$16.8B	GoodwillGoodwill
$293.9B	$330.0B	$322.0B	$339.8B	$423.5B	$401.0B	$364.9B	$369.0B	$374.3B	$427.5B	—	Total liabilitiesTotal liab.
$151M	$179M	$129M	$143M	$176M	$161M	$109M	$85M	$87M	$87M	—	Redeemable interestsRedeemable
$618M	$316M	$101M	$102M	$143M	$196M	$7M	$50M	$359M	$408M	—	Noncontrolling interestsNCI
$38.8B	$41.3B	$40.6B	$41.5B	$45.8B	$43.0B	$40.7B	$40.8B	$41.3B	$44.3B	$44.3B	Shareholders’ equityEquity
											Per share
1.07B	1.04B	1.01B	943M	893M	856M	815M	788M	748M	717M	696M	Shares out (diluted)Shares
$3.31	$3.93	$4.24	$4.71	$4.05	$4.39	$3.14	$4.19	$6.06	$7.74	$9.06	EPS (diluted)EPS
$0.73	$0.87	$1.04	$1.19	$1.25	$1.31	$1.43	$1.60	$1.80	$2.02	$2.22	Dividends / shareDiv/sh
$36.20	$39.65	$40.35	$43.99	$51.32	$50.25	$49.99	$51.75	$55.23	$61.83	$63.71	Book value / shareBVPS
$16.69	$19.49	$19.93	$22.26	$28.34	$26.31	$26.61	$27.49	$29.23	$34.50	$35.55	Tangible book / shareTBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+7.9%/yr	+9.6%/yr
Owner earnings / share	+4.0%/yr	+11.1%/yr
EPS	+9.9%/yr	+13.8%/yr
Dividends / share	+12.0%/yr	+10.0%/yr
Capital spending / share	+12.2%/yr	+9.6%/yr
Book value / share	+6.1%/yr	+3.8%/yr

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Is it a good business?

Return on equity 13%

Adequate

Net income $5.5B ÷ equity $44.3B

Industry peers: median 12%

What this means
The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.
Return on tangible equity 22%

Very high (≥18%)

Net income ÷ (equity − goodwill $16.8B − intangibles $2.8B)

Industry peers: median 15%

What this means
The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.
Efficiency ratio 65%

Average

Noninterest expense $13.1B ÷ (net interest income + fees)

Industry peers: median 61%

What this means
The share of revenue eaten by running costs; lower is better, and below about 60% marks a genuinely efficient operation. A low ratio held for years is the operational side of a moat.

Is it sound?

Capital (equity / assets) 9.4%

Adequate

Equity $44.3B ÷ assets $472.3B

What this means
A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.
Deposit funding 70%

Deposit-funded

Deposits $331.9B ÷ assets $472.3B

What this means
Low-cost, sticky deposits are a bank's real moat, the cheap raw material it lends out at a spread. A bank funded mostly by deposits earns more durably than one that rents its money in the wholesale market.
Credit cost (provision / NII) -1%

Net reserve release

Provision for credit losses ($32M) ÷ net interest income $4.9B

What this means
What the bank set aside this year against loans going bad, as a share of its lending income. This swings hard with the cycle, low in good years and spiking in recessions, so read it across the record, not in one year. Disciplined underwriting shows up as low, stable provisions through a downturn.

The franchise and the credit cycle

Deposit franchise 18%

Solid core deposits

Noninterest-bearing deposits $60.0B ÷ deposits $331.9B · pays 1.94% on the interest-bearing rest (avg of year-ends)

What this means
The share of deposits the bank pays nothing for — checking accounts that stay through rate cycles. This is the deposit moat in one number: a high share means cheap, sticky raw material for lending; a low share means the funding reprices with every rate move. Buffett's Wells letter is built on exactly this economics.
Net charge-offs —

Not enough data

What this means
Not derivable from the filings' structured data — some filers carry recoveries only on segment axes, and a gross figure dressed as net would be a wrong number.

All figures as filed; the source filing is linked above.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Todd Gibbons	$14.1M	$26.9M	$1.6B
2022	Robin Vince	$11.2M	$9.6M	$13.7B
2022	Todd Gibbons	$14.1M	$11.0M	$13.7B
2023	Robin Vince	$16.8M	$20.1M	$4.7B
2024	Robin Vince	$23.3M	$46.8M	($782M)
2025	Robin Vince	$83.5M	$118.0M	$5.2B

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Peers

Bank of New York Mellon Corp is listed here as a claim on a business rather than as the business itself — a preferred series, a bond or a warrant, filed under the same registrant as the common stock. A comparative table lines businesses up against one another, so there is none here. The business behind it is The Bank of New York Mellon Corporation (BNY), where the record, the scorecard and the peer bench are.

The price

What a price has to assume.

What the price implies

price / tangible book

A bank is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what Bank of New York Mellon Corp’s record justifies.

Today’s price $

The assumptions Cost of equity 10% Long-term growth 3%

Tangible book / share, delivered4%/yr’20→’25

The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). A bank earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for a bank.

Enter a price above to run it.

Price / tangible book—

Justified by the return—

Normalized return on tangible equity20%

Price / book—

Earnings yield—

P/E (3-yr avg ’23–’25)—

Graham’s price gate—

Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.

Tangible book $24.7B on 679M shares, a 20% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the bank keeps earning that return; a credit cycle, a rate shock or a bad acquisition changes it, which is what the record and the 10-K are for.

Weigh BK against another business →

Cite: Owner Scorecard, "Bank of New York Mellon Corp (BK), the owner's record," https://ownerscorecard.com/c/BK, data as of 2026-08-17.

Manual order: ← BJRI its page in the Manual BKD →

Industry order: ← BHRB the Banks chapter BKU →