The Bank Of New York Mellon Corporation · NYSE:BNY
The Bank Of New York Mellon — Q4 2025 Earnings Presentation
38 slides from The Bank Of New York Mellon's earnings presentation, Jan 13, 2026
Slide 1: 4Q25 Quarterly Update
4Q25 QUARTERLY UPDATE January 13, 2026
Slide 2: Agenda
AGENDA PAGE 1 Strategic Update 3 2 Financial Update 11 3 Financial Outlook 21 4 Appendix 24 2
Slide 3: 2025 Financial Highlights
2025 Financial Highlights Revenue: + 8% • Record Financial Results: – Revenue of $20.1bn up 8% YoY – Pre-tax income of $7.1bn up 21% YoY Expenses: + 3% – Net income of $5.3bn up 22% YoY – EPS of $7.40 up 28% YoY; up 24%(c) excluding notable items Operating Leverage(a): 507 bps • Improved Efficiency:
Slide 4: Strong Execution on Strategic Priorities in 2025
Strong Execution on Strategic Priorities in 2025 Execution momentum reinforced by positive feedback loop of continuous actions driving tangible results Serving our clients as One BNY Embracing AI • Record sales performance for the year • Launched Eliza 2.0, BNY’s AI platform; 99% of employees on Eli
Slide 5: Over the Past 3 Years We Set the Foundation of Our Transformation
Over the Past 3 Years We Set the Foundation of Our Transformation Strategic execution with attention to detail and a long-term mindset PHASE 1: Setting our Foundation • Implemented rigorous strategic, operational and financial reviews • Established strategic pillars and principles, created platforms
Slide 6: Execution Enables Enhanced Business and Operating Performance...
Execution Enables Enhanced Business and Operating Performance... Business and operating performance metrics demonstrate the effectiveness of BNY’s strategic transformation agenda Deeper Client Relationships Organic Fee Growth(a) NII Sensitivity to Changes in Interest Rates(b) Number of clients who b
Slide 7: ...Leading to Strong Financial Results over Medium- and Long-term...
...Leading to Strong Financial Results over Medium- and Long-term... Continuous execution and focus on positive operating leverage have started to deliver improved financial results Revenue ($bn) Expenses ($bn) Pre-tax Income ($bn) 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 % CAGR =
Slide 8: ...Meaningfully Differentiated from Past Financial Performance
…Meaningfully Differentiated from Past Financial Performance Consistent discipline and clear intent result in differentiated financial performance from the prior decade Revenue Expenses Operating Leverage (bps) 2012-2022 CAGR 2022-2025 CAGR 2012-2022 CAGR 2022-2025 CAGR 2012-2022 (b) 2022-2025(b) 65
Slide 9: We are Embarking on Our Next Phase with Strong Momentum
We are Embarking on Our Next Phase with Strong Momentum Foundational work continues while we increasingly scale our platforms and growth ambitions to drive competitive advantages PHASE 2: Scaling our Platforms and Growth Ambitions • Complete company-wide transition into the platforms operating model
Slide 10: Agenda
AGENDA PAGE 1 Strategic Update 3 2 Financial Update 11 3 Financial Outlook 21 4 Appendix 24 10
Slide 11: 4Q25 Financial Highlights
4Q25 Financial Highlights Revenue: + 7% • Revenue Growth: Revenue of $5.2bn up 7% YoY • Expense Discipline: Expense of $3.4bn flat YoY; up 4%(a) excluding notable items Adj. Expenses(a): + 4% • Margin Expansion: – 670 bps of operating leverage(c) Adj. Pre-tax Margin(a): 37% – Pre-tax margin of 36% u
Slide 12: 4Q25 Financial Results
4Q25 Financial Results 4Q25 vs. $mm, except per share data or unless otherwise noted 4Q25 3Q25 4Q24 3Q25 4Q24 Income Statement Investment services fees $2,632 $2,585 $2,438 2% 8% Investment management and performance fees 806 782 808 3 — Foreign exchange revenue 171 166 177 3 (3) Other fee revenue 8
Slide 13: 2025 Financial Results
2025 Financial Results 2025 vs. $mm, except per share data or unless otherwise noted 2025 2024 2024 Income Statement Investment services fees $10,211 $9,419 8% Investment management and performance fees 3,085 3,139 (2) Foreign exchange revenue 706 688 3 Other fee revenue 377 374 1 Total fee revenue
Slide 14: Capital and Liquidity
Capital and Liquidity 4Q25 3Q25 4Q24 Consolidated regulatory capital ratios(a) CAPITAL Tier 1 capital ($mm) $25,910 $25,471 $23,039 • Tier 1 leverage ratio of 6.0% down 9bps QoQ Average assets for Tier 1 leverage ratio ($mm) 432,804 419,077 402,069 Tier 1 leverage ratio 6.0% 6.1% 5.7% – Tier 1 capit
Slide 15: Net Interest Income and Balance Sheet Trends
Net Interest Income and Balance Sheet Trends Net Interest Income ($mm) 1,346 • Net interest income of $1,346mm up 13% YoY and up 9% QoQ 1,194 1,203 1,236 1,159 – QoQ increase primarily reflecting the continued reinvestment of maturing investment securities at higher yields and balance sheet growth,
Slide 16: Securities Services
Securities Services Select Income Statement Data 4Q25 vs. • Total revenue of $2,497mm up 7% YoY $mm, unless otherwise noted 4Q25 3Q25 4Q24 – Investment services fees up 11% YoY Asset Servicing $1,159 2% 11% Issuer Services 331 6 12 > Asset Servicing up 11% YoY, primarily Total investment services fe
Slide 17: Market and Wealth Services
Market and Wealth Services Select Income Statement Data 4Q25 vs. • Total revenue of $1,805mm up 8% YoY $mm, unless otherwise noted 4Q25 3Q25 4Q24 – Investment services fees up 4% YoY Pershing $505 (1)% (2)% Clearance and Collateral Management 417 5 15 > Pershing down 2% YoY, primarily reflecting Pay
Slide 18: Investment and Wealth Management
Investment and Wealth Management Select Income Statement Data 4Q25 vs. • Total revenue of $854mm down 2% YoY $mm, unless otherwise noted 4Q25 3Q25 4Q24(a) – Investment Management down 4% YoY, Investment management fees(a) $793 2% 1% primarily reflecting the mix of AUM flows and the Performance fees
Slide 19: Other Segment
Other Segment Select Income Statement Data • Total revenue includes corporate treasury and $mm, unless otherwise noted 4Q25 3Q25 4Q24 other investment activity, including hedging Fee revenue $(21) $(27) $(20) activity which has an offsetting impact between Investment and other revenue 45 45 9 fee an
Slide 20: Agenda
AGENDA PAGE 1 Strategic Update 3 2 Financial Update 11 3 Financial Outlook 21 4 Appendix 24 20
Slide 21: 2026 Financial Outlook
2026 Financial Outlook Determined to deliver our fourth consecutive year of positive operating leverage 2025 BASIS 2026 OUTLOOK KEY ASSUMPTIONS • Market-implied forward interest rates • runoff yields Reinvestment yields exceeding run-off yields Total Revenue $20,028mm (b) Up 5% +/- YoY (a)(c) • High
Slide 22: Enhanced Medium-term Financial Targets
Enhanced Medium-term Financial Targets Execution to date and transformation programs underway position BNY for continued operating leverage over the medium-term 2023 ACTUALS 2024 MEDIUM-TERM TARGETS NEW MEDIUM-TERM TARGETS 30% 33% 38% +/- (a) Pre-tax Margin (c) (excluding notable items) ≥ 22% 23% 28
Slide 23: Agenda
AGENDA PAGE 1 Strategic Update 3 2 Financial Update 11 3 Financial Outlook 21 4 Appendix 24 23
Slide 24: Securities Services
Securities Services Select Income Statement Data 2025 vs. • Total revenue of $9.7bn up 9% YoY $mm, unless otherwise noted 2025 2024 – Investment services fees up 9% YoY Asset Servicing $4,456 9% Issuer Services 1,287 11 > Asset Servicing up 9% YoY, primarily Total investment services fees $5,743 9%
Slide 25: Market and Wealth Services
Market and Wealth Services Select Income Statement Data 2025 vs. • Total revenue of $7.0bn up 12% YoY $mm, unless otherwise noted 2025 2024 – Investment services fees up 8% YoY Pershing $2,029 4% Clearance and Collateral Management 1,562 13 > Pershing up 4% YoY, primarily reflecting Payments and Tra
Slide 26: Investment and Wealth Management
Investment and Wealth Management Select Income Statement Data 2025 vs. • Total revenue of $3.3bn down 4% YoY $mm, unless otherwise noted 2025 2024(a) – Investment Management down 6% YoY, Investment management fees(a) $3,052 (1)% primarily reflecting the mix of AUM flows and the Performance fees 35 N
Slide 27: Other Segment
Other Segment Select Income Statement Data • Total revenue includes corporate treasury and $mm, unless otherwise noted 2025 2024 other investment activity, including hedging Fee revenue $(91) $(42) activity which has an offsetting impact between Investment and other revenue 185 140 fee and other rev
Slide 28: Footnotes
Footnotes Page 6 – Business and Operating Performance (a) Organic fee growth is the amount of fee revenue growth attributable to net new business and the net impact of changes in activity within existing products by existing clients. We believe this measure permits investors to gain an understanding
Slide 29: Return on Common Equity and Tangible Common Equity Reconciliation
Return on Common Equity and Tangible Common Equity Reconciliation $mm 4Q25 3Q25 4Q24 2025 2024 2023 2022 Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP $1,427 $1,339 $1,130 $5,306 $4,336 $3,067 $2,345 Add: Amortization of intangible assets 11 12 13 45
Slide 30: Reconciliation of Non-GAAP Measures – Impact of Notable Items
Reconciliation of Non-GAAP Measures – Impact of Notable Items 4Q25 vs. 2025 vs. $mm, except per share amounts 4Q25 3Q25 4Q24 3Q25 4Q24 2025 2024 2024 Total revenue – GAAP $5,179 $5,081 $4,847 2% 7% $20,080 $18,619 8% Less: Disposal gain(a) — 12 — 52 — Adjusted total revenue, ex-notables — Non-GAAP $
Slide 31: Reconciliation of Non-GAAP Measures – 2022-2025 CAGR
Reconciliation of Non-GAAP Measures – 2022-2025 CAGR 22-'25 '22-'25 $mm 2025 2024 2023 2022 CAGR Total revenue – GAAP $20,080 $18,619 $17,697 $16,529 7% Less: Reduction in the fair value of a contingent consideration receivable(a) — — (144) — Less: Disposal gain(a) 52 — (6) 26 Revenue reduction rela
Slide 32: Reconciliation of Non-GAAP Measures – 2022-2025 CAGR cont.
Reconciliation of Non-GAAP Measures – 2022-2025 CAGR cont. 22-'25 '22-'25 $mm, except per share amounts 2025 2024 2023 2022 CAGR Income before taxes – GAAP $7,058 $5,848 $4,283 3,480 27% Impact of notable items(a) (90) (221) (1,143) (1,540) Adjusted income before taxes — Non-GAAP $7,148 $6,069 $5,42
Slide 33: Reconciliation of Non-GAAP Measures – Impact of Notable Items Pre-tax Margin
Reconciliation of Non-GAAP Measures – Impact of Notable Items Pre-tax Margin (d) '23-'25 $mm 2025 2024 2023 Average Total revenue – GAAP $20,080 $18,619 $17,697 Less: Reduction in the fair value of a contingent consideration receivable(a) — — (144) Less: Disposal gain(a) 52 — (6) Adjusted total reve
Slide 34: Adoption of New Accounting Guidance
Adoption of New Accounting Guidance The following disclosures reflect the restatement of prior period financial information to reflect the impact of the retrospective application of new accounting guidance. On Jan. 1, 2024, we adopted Accounting Standards Update (“ASU”) 2023-02, Investments—Equity M
Slide 35: Reconciliation of Non-GAAP Measures – 2012-2022* CAGR
Reconciliation of Non-GAAP Measures – 2012-2022* CAGR 12-'22* '12-'22* $mm, except per share amounts 2022* 2012 CAGR Total revenue – GAAP $16,377 $14,610 1% Less: Disposal gain(a) 26 — Revenue reduction related to Russia, primarily accelerated amortization of deferred costs for depositary receipt se
Slide 36: Reconciliation of Non-GAAP Measures – Impact of Notable Items Pre-tax Margin
Reconciliation of Non-GAAP Measures – Impact of Notable Items Pre-tax Margin 12-22* '12-'22* $mm 2022* 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 Average Total revenue – GAAP $16,377 $15,931 $15,808 $16,462 $16,392 $15,543 $15,237 $15,194 $15,692 $15,048 $14,610 Less: Disposal (loss) gain(a)
Slide 37: Cautionary Statement
Cautionary Statement A number of statements in our presentations, the accompanying slides and the responses to questions on our conference call discussing our quarterly results may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, inc
Slide 38: m A
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