Bank of America Corporation (BAC) Cash Flow Statement
Where BAC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $12.61B
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $12.61B 11.2% margin
- Returned to shareholders
- $33.66B 267% of free cash flow
- Change in cash
- −$58.27B cash at year-end $231.84B
Cash from operations
$12.61B
Investments (net)
+$1.40B
Acquisitions & other
−$146.56B
Dividends
−$9.56B
Share buybacks (net)
−$24.10B
Net borrowing (repayment)
+$28.53B
Shares issued
+$5.49B
Other financing
+$69.59B
Currency & other
+$4.33B
Change in cash
−$58.27B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BAC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
BAC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $17.28B2016 | $12.61B2025 | −3.4%/yr | |
| Capital expenditures | $02016 | $02025 | — | |
| Free cash flow | $17.28B2016 | $12.61B2025 | −3.4%/yr | |
| Free cash flow margin | 21.6%2016 | 11.2%2025 | −10.4 pts | |
| Operating cash flow / net income | 0.962016 | 0.412025 | −0.55 | |
| Stock-based compensation | $1.37B2016 | $4.00B2025 | +12.7%/yr | |
| Dividends paid | $4.19B2016 | $9.56B2025 | +9.6%/yr | |
| Share buybacks (net) | $5.11B2016 | $24.10B2025 | +18.8%/yr | |
| Capex / revenue | 0.0%2016 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BAC cash flow by activity
OperatingInvestingFinancingChange in cash
BAC net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BAC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $30.51B | $27.13B | $26.52B | $27.53B | $31.98B | $17.89B | $27.43B | $28.15B | $18.23B | $17.91B |
| Depreciation & amortization | $2.31B | $2.19B | $2.06B | $1.98B | $1.90B | $1.84B | $1.73B | $2.06B | $2.10B | $2.24B |
| Stock-based compensation | $4.00B | $3.43B | $2.94B | $2.86B | $2.77B | $2.03B | $1.97B | $1.73B | $1.65B | $1.37B |
| Change in working capital | −$33.08B | −$48.55B | $2.73B | −$51.94B | −$39.92B | −$326.0M | $13.17B | $1.26B | −$30.08B | −$16.77B |
| Other non-cash items | $8.87B | $6.99B | $10.74B | $13.25B | −$3.92B | $16.55B | $17.47B | $6.32B | $17.96B | $12.54B |
| Cash from operating activities | $12.61B | −$8.80B | $44.98B | −$6.33B | −$7.19B | $37.99B | $61.78B | $39.52B | $9.86B | $17.28B |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | $1.40B | −$90.69B | −$35.39B | −$108.00B | −$468.83B | −$265.82B | −$157.16B | −$151.65B | −$60.19B | −$62.95B |
| Acquisitions & other investing | −$146.56B | $0 | $0 | $105.47B | $155.54B | $88.16B | $76.53B | $80.19B | $8.65B | $666.0M |
| Cash from investing activities | −$145.16B | −$90.69B | −$35.39B | −$2.53B | −$313.29B | −$177.66B | −$80.63B | −$71.47B | −$51.54B | −$62.28B |
| Financing activities | ||||||||||
| Dividends paid | −$9.56B | −$9.50B | −$9.09B | −$8.58B | −$8.05B | −$7.73B | −$5.93B | −$6.89B | −$5.70B | −$4.19B |
| Share repurchases & issuance (net) | −$24.10B | −$13.10B | −$4.58B | −$5.73B | −$27.10B | −$8.10B | −$30.71B | −$24.61B | −$12.81B | −$5.11B |
| Net borrowing (repayment) | $28.53B | −$1.15B | $25.99B | $38.34B | $56.29B | $9.39B | −$20.25B | $8.82B | $19.50B | −$24.33B |
| Shares issued | $5.49B | $0 | $0 | $4.43B | $2.17B | $2.18B | $3.64B | $4.51B | $0 | $0 |
| Other financing | $69.59B | $84.13B | $81.02B | −$134.50B | $268.35B | $360.08B | $56.63B | $71.28B | $48.21B | $66.61B |
| Cash from financing activities | $69.95B | $60.37B | $93.34B | −$106.04B | $291.65B | $355.82B | $3.38B | $53.12B | $49.20B | $32.98B |
| Summary | ||||||||||
| Net change in cash | −$58.27B | −$42.96B | $102.87B | −$118.02B | −$32.24B | $218.90B | −$15.84B | $19.97B | $9.70B | −$11.62B |
| Cash at end of period | $231.84B | $290.11B | $333.07B | $230.20B | $348.22B | $380.46B | $161.56B | $177.40B | $157.43B | $147.74B |
| Free cash flow | $12.61B | −$8.80B | $44.98B | −$6.33B | −$7.19B | $37.99B | $61.78B | $39.52B | $9.86B | $17.28B |
| Free cash flow margin | 11.2% | −8.6% | 45.6% | −6.7% | −8.1% | 51.2% | 72.2% | 45.0% | 11.8% | 21.6% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 0.41 | −0.32 | 1.70 | −0.23 | −0.22 | 2.12 | 2.25 | 1.40 | 0.54 | 0.96 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $9.07B | $8.58B | $7.53B | $8.47B | $7.12B | $7.40B | $6.67B | $6.90B | $6.90B | $6.67B | $3.14B | $7.80B |
| Depreciation & amortization | $612.0M | $605.0M | $594.0M | $584.0M | $571.0M | $565.0M | $559.0M | $549.0M | $543.0M | $538.0M | $527.0M | $517.0M |
| Stock-based compensation | $1.12B | $1.03B | $969.0M | $1.02B | $1.01B | $999.0M | $891.0M | $832.0M | $845.0M | $865.0M | $728.0M | $588.0M |
| Change in working capital | $15.34B | $30.08B | −$43.79B | $34.46B | −$19.02B | −$12.38B | $13.81B | −$47.97B | $6.47B | −$22.91B | $23.02B | $3.49B |
| Other non-cash items | $2.90B | $1.47B | $11.76B | $2.34B | $1.19B | $1.24B | $3.98B | $2.42B | $3.34B | −$702.0M | $5.30B | −$621.0M |
| Cash from operating activities | $29.04B | $41.77B | −$22.95B | $46.87B | −$9.13B | −$2.18B | $25.91B | −$37.28B | $18.10B | −$15.54B | $32.72B | $11.77B |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | — | $22.09B | $11.21B | $1.94B | −$56.92B | −$89.01B | $9.41B | −$27.26B | −$1.52B | −$71.32B | −$64.18B | −$59.93B |
| Acquisitions & other investing | −$16.76B | −$88.54B | −$12.38B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $88.73B |
| Cash from investing activities | −$16.76B | −$66.45B | −$1.17B | $1.94B | −$56.92B | −$89.01B | $9.41B | −$27.26B | −$1.52B | −$71.32B | −$64.18B | $28.80B |
| Financing activities | ||||||||||||
| Dividends paid | −$2.33B | −$2.63B | −$2.36B | −$2.45B | −$2.20B | −$2.55B | −$2.27B | −$2.49B | −$2.22B | −$2.52B | −$2.23B | −$2.41B |
| Share repurchases & issuance (net) | −$6.01B | −$7.24B | −$6.31B | −$5.30B | −$5.30B | −$4.52B | −$3.54B | −$3.53B | −$3.54B | −$2.50B | −$811.0M | −$1.00B |
| Net borrowing (repayment) | — | $21.29B | −$238.0M | $3.30B | $10.08B | $15.39B | $1.34B | −$5.06B | — | — | — | $23.60B |
| Shares issued | $0 | $0 | $0 | $2.50B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$16.39B | $24.49B | $18.95B | −$66.04B | $52.48B | $64.52B | −$32.30B | $47.86B | −$2.55B | $73.68B | $14.34B | $7.44B |
| Cash from financing activities | −$24.73B | $35.91B | $10.05B | −$67.99B | $55.06B | $72.83B | −$36.77B | $36.78B | −$8.30B | $68.66B | $11.29B | $27.63B |
| Summary | ||||||||||||
| Net change in cash | −$12.73B | $10.63B | −$14.66B | −$19.50B | −$7.57B | −$16.54B | −$5.47B | −$25.04B | $7.23B | −$19.67B | −$18.65B | −$21.83B |
| Cash at end of period | $229.75B | $242.48B | $231.84B | $246.51B | $266.01B | $273.58B | $290.11B | $295.59B | $320.63B | $313.40B | $333.07B | $351.73B |
| Free cash flow | $29.04B | $41.77B | −$22.95B | $46.87B | −$9.13B | −$2.18B | $25.91B | −$37.28B | $18.10B | −$15.54B | $32.72B | $11.77B |
| Free cash flow margin | 92.0% | 138.0% | −73.6% | 166.9% | −34.5% | −8.0% | 102.2% | −147.1% | 71.3% | −60.2% | 156.9% | — |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Operating cash flow / net income | 3.20 | 4.87 | −3.05 | 5.53 | −1.28 | −0.30 | 3.89 | −5.41 | 2.62 | −2.33 | 10.41 | 1.51 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BAC cash generation
In fiscal 2025 (ended December 31, 2025), Bank of America generated $12.6 billion of cash from operations and spent $0 on capital expenditures, leaving free cash flow of $12.6 billion, 11.2% of revenue. It returned $33.7 billion to shareholders through dividends ($9.6 billion) and net share buybacks ($24.1 billion). Cash and equivalents fell by $58.3 billion over the year.
Related: BAC income statement, BAC balance sheet, BAC dividend history. See the BAC stock overview for the latest quote and news.
BAC cash flow FAQ
What is Bank of America's free cash flow?
Bank of America's free cash flow was $12.6 billion in fiscal 2025: $12.6 billion of operating cash flow minus $0 of capital expenditures It was -$8.8 billion a year earlier..
How much cash does Bank of America generate from operations?
Bank of America generated $12.6 billion of cash from operating activities in fiscal 2025, 0.41 times its net income of $30.5 billion.
How much stock does Bank of America buy back?
Bank of America spent $24.1 billion on net share repurchases in fiscal 2025.
How much does Bank of America pay in dividends?
Bank of America paid $9.6 billion in dividends in fiscal 2025, 75.8% of free cash flow.