BNY 8-K

Bank of New York Mellon Corp (BNY)

8-K 2026-01-13 For: 2026-01-13

View Original

Added on April 09, 2026

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Delaware	001-35651	13-2614959
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	BK	New York Stock Exchange

6.244% Fixed-to-Floating Rate Normal Preferred Capital Securities of Mellon Capital IV	BK/P	New York Stock Exchange
(fully and unconditionally guaranteed by The Bank of New York Mellon Corporation)
Depositary Shares, each representing a 1/4,000th interest in a share of Series K Noncumulative	BK PRK	New York Stock Exchange
Perpetual Preferred Stock


Exhibit
Number						Description

99.1						The Bank of New York Mellon Corporation Earnings Release dated January 13, 2026, announcing financial results for the fourth quarter of 2025.
						The quotation in Exhibit 99.1 (the “Excluded Section”) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (“Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of BNY under the Securities Act of 1933 or the Exchange Act. The information included in Exhibit 99.1, other than in the Excluded Section, shall be deemed “filed” for purposes of the Exchange Act.

99.2						The Bank of New York Mellon Corporation Financial Supplement dated January 13, 2026, for the fourth quarter of 2025.
						The information included in Exhibit 99.2 shall be deemed “filed” for purposes of the Exchange Act.

99.3						Fourth Quarter 2025 Quarterly Update Presentation dated January 13, 2026.
						The information included in Exhibit 99.3 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of BNY under the Securities Act of 1933 or the Exchange Act.

104						Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.


	The Bank of New York Mellon Corporation (Registrant)
Date: January 13, 2026	By:	/s/ Jean Weng
	Name: Title:	Jean Weng Secretary


CEO COMMENTARY


			2025 was another successful year for BNY. We delivered record net income of $5.3 billion on record revenue of $20.1 billion and generated an ROTCE of 26%. On the back of eight consecutive quarters of positive operating leverage, we grew earnings per share by 28% year-over-year and returned $5.0 billion of capital to our shareholders.
Three years ago, we embarked on a multi-year transformation of BNY. Two years ago, we communicated our strategic roadmap and a set of medium-term financial targets for what we viewed as the first, foundation-setting phase of that work. The pace of progress and our results to date demonstrate that the strategy is working.
Today, we are raising the bar. With the foundations in place, we expect to realize greater scale and growth opportunities across our platforms. Our new medium-term financial targets represent the next milestones on our path to unlocking BNY’s full potential over the long-term.
I want to thank our teams around the world for their dedication to our clients and their commitment to reimagining BNY. We are entering 2026 with positive momentum and excited for the work ahead of us to deliver increased value for our clients and shareholders.
– Robin Vince, Chief Executive Officer


4Q25 KEY FINANCIAL INFORMATION


(dollars in millions, except per share amounts and unless otherwise noted)				4Q25 vs.
	4Q25			3Q25		4Q24
Selected income statement data:

Total fee revenue	$	3,698		2	%	5	%
Investment and other revenue	135			N/M		N/M
Net interest income	1,346			9	%	13	%
Total revenue	$	5,179		2	%	7	%
Provision for credit losses	(26)			N/M		N/M
Noninterest expense	$	3,360		4	%	—	%
Net income applicable to common shareholders	$	1,427		7	%	26	%
Diluted EPS	$	2.02		7	%	31	%

Selected metrics:

AUC/A (in trillions)	$	59.3		3	%	14	%
AUM (in trillions)	$	2.2		2	%	7	%

Financial ratios:	4Q25			3Q25		4Q24

Pre-tax operating margin	36		%	36	%	30	%
ROE	14.5		%	13.7	%	12.2	%
ROTCE (a)	26.6		%	25.6	%	23.3	%

Capital ratios:

Tier 1 leverage ratio	6.0		%	6.1	%	5.7	%
CET1 ratio	11.9		%	11.7	%	11.2	%



(a) For information on the Non-GAAP measures, see “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11.

Note: Above comparisons are 4Q25 vs. 4Q24, unless otherwise noted.
Media: Anneliese Diedrichs + 1 646 468 6026			Investors: Marius Merz +1 212 298 1480


(dollars in millions, except per share amounts; not meaningful - N/M)							2025 vs.
	2025			2024			2024
Fee revenue	$	14,379		$	13,620		6	%
Investment and other revenue	757			687			N/M
Total fee and other revenue	15,136			14,307			6
Net interest income	4,944			4,312			15
Total revenue	20,080			18,619			8
Provision for credit losses	(32)			70			N/M
Noninterest expense	13,054			12,701			3
Income before taxes	7,058			5,848			21
Provision for income taxes	1,475			1,305			13
Net income	$	5,583		$	4,543		23	%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	5,306		$	4,336		22	%
Operating leverage (a)							507	bps
Diluted earnings per common share	$	7.40		$	5.80		28	%
Average common shares and equivalents outstanding - diluted (in thousands)	716,718			748,101
Pre-tax operating margin	35		%	31		%
Non-GAAP measures, excluding notable items: (b)
Adjusted total revenue	$	20,028		$	18,619		8	%
Adjusted noninterest expense	$	12,912		$	12,480		3	%
Adjusted operating leverage (a)							411	bps
Adjusted diluted earnings per common share	$	7.50		$	6.03		24	%
Adjusted pre-tax operating margin	36		%	33		%


(dollars in millions, unless otherwise noted; not meaningful - N/M)										4Q25 vs.
	4Q25			3Q25			4Q24			3Q25		4Q24
Investment services fees:
Asset Servicing	$	1,159		$	1,141		$	1,042		2	%	11	%
Issuer Services	331			313			295			6		12
Total investment services fees	1,490			1,454			1,337			2		11
Foreign exchange revenue	142			143			147			(1)		(3)
Other fees (a)	68			73			62			(7)		10
Total fee revenue	1,700			1,670			1,546			2		10
Investment and other revenue	62			119			97			N/M		N/M
Total fee and other revenue	1,762			1,789			1,643			(2)		7
Net interest income	735			670			681			10		8
Total revenue	2,497			2,459			2,324			2		7
Provision for credit losses	(13)			(3)			15			N/M		N/M
Noninterest expense	1,672			1,656			1,666			1		—
Income before taxes	$	838		$	806		$	643		4	%	30	%

Total revenue by line of business:
Asset Servicing	$	1,945		$	1,915		$	1,797		2	%	8	%
Issuer Services	552			544			527			1		5
Total revenue by line of business	$	2,497		$	2,459		$	2,324		2	%	7	%

Pre-tax operating margin	34		%	33		%	28		%

Securities lending revenue (b)	$	69		$	62		$	52		11	%	33	%

Metrics:
Average loans	$	11,439		$	10,706		$	11,553		7	%	(1)	%
Average deposits	$	192,796		$	183,081		$	180,843		5	%	7	%

AUC/A at period end (in trillions) (current period is preliminary) (c)	$	43.0		$	41.7		$	37.7		3	%	14	%
Market value of securities on loan at period end (in billions) (d)	$	604		$	554		$	488		9	%	24	%



(dollars in millions)	4Q25		3Q25		4Q24
Fee revenue	$	(21)	$	(27)	$	(20)
Investment and other revenue	45		45		9
Total fee and other revenue	24		18		(11)
Net interest (expense) income	(9)		1		(8)
Total revenue	15		19		(19)
Provision for credit losses	(9)		(1)		(4)
Noninterest expense	55		45		137
(Loss) before taxes	$	(31)	$	(25)	$	(152)


Notable items by business segment (a)	4Q25										4Q24
(dollars in millions)	Securities Services		Market and Wealth Services		Investment and Wealth Management		Other		Total		Securities Services		Market and Wealth Services		Investment and Wealth Management		Other		Total




Fee and other revenue	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—






Noninterest expense	24		27		17		(17)		51		50		15		16		84		165
(Loss) income before taxes	$	(24)	$	(27)	$	(17)	$	17	$	(51)	$	(50)	$	(15)	$	(16)	$	(84)	$	(165)


Capital and liquidity ratios	Dec. 31, 2025			Sept. 30, 2025			Dec. 31, 2024
Consolidated regulatory capital ratios: (a)
CET1 ratio	11.9		%	11.7		%	11.2		%
Tier 1 capital ratio	14.6			14.4			13.7
Total capital ratio	15.4			15.3			14.8
Tier 1 leverage ratio (a)	6.0			6.1			5.7
Supplementary leverage ratio (a)	6.7			6.7			6.5
BNY shareholders’ equity to total assets ratio	9.4		%	9.6		%	9.9		%
BNY common shareholders’ equity to total assets ratio	8.4		%	8.6		%	8.9		%

Average LCR (a)	112		%	112		%	115		%
Average NSFR (a)	130		%	130		%	132		%

Book value per common share	$	57.36		$	55.99		$	51.52
Tangible book value per common share – Non-GAAP (b)	$	31.64		$	30.60		$	27.05
Common shares outstanding (in thousands)	688,236			697,349			717,680


Net interest income										4Q25 vs.
(dollars in millions; not meaningful - N/M)	4Q25			3Q25			4Q24			3Q25		4Q24
Net interest income	$	1,346		$	1,236		$	1,194		9%		13%
Add: Tax equivalent adjustment	—			—			1			N/M		N/M
Net interest income, on a fully taxable equivalent (“FTE”) basis – Non-GAAP (a)	$	1,346		$	1,236		$	1,195		9%		13%

Average interest-earning assets	$	387,289		$	374,493		$	357,768		3%		8%

Net interest margin	1.38		%	1.31		%	1.32		%	7	bps	6	bps
Net interest margin (FTE) – Non-GAAP (a)	1.38		%	1.31		%	1.32		%	7	bps	6	bps


(dollars in millions)	Quarter ended						Year ended
	Dec. 31, 2025		Sept. 30, 2025		Dec. 31, 2024		Dec. 31, 2025		Dec. 31, 2024

Fee and other revenue
Investment services fees	$	2,632	$	2,585	$	2,438	$	10,211	$	9,419
Investment management and performance fees	806		782		808		3,085		3,139
Foreign exchange revenue	171		166		177		706		688
Financing-related fees	53		67		53		231		216
Distribution and servicing fees	36		37		37		146		158
Total fee revenue	3,698		3,637		3,513		14,379		13,620
Investment and other revenue	135		208		140		757		687
Total fee and other revenue	3,833		3,845		3,653		15,136		14,307
Net interest income
Interest income	6,307		6,594		6,467		25,626		25,607
Interest expense	4,961		5,358		5,273		20,682		21,295
Net interest income	1,346		1,236		1,194		4,944		4,312
Total revenue	5,179		5,081		4,847		20,080		18,619
Provision for credit losses	(26)		(7)		20		(32)		70
Noninterest expense
Staff	1,812		1,745		1,817		7,159		7,130
Software and equipment	565		542		520		2,147		1,962
Professional, legal and other purchased services	429		404		410		1,587		1,503
Sub-custodian and clearing	139		141		128		561		498
Net occupancy	143		140		149		551		537
Distribution and servicing	73		68		87		269		361
Business development	71		45		54		217		188
Bank assessment charges	(22)		6		16		44		36

Amortization of intangible assets	11		12		13		45		50
Other	139		133		161		474		436
Total noninterest expense	3,360		3,236		3,355		13,054		12,701
Income
Income before taxes	1,845		1,852		1,472		7,058		5,848
Provision for income taxes	376		395		315		1,475		1,305
Net income	1,469		1,457		1,157		5,583		4,543
Net (income) attributable to noncontrolling interests related to consolidated investment management funds	(8)		(12)		(2)		(34)		(13)
Net income applicable to shareholders of The Bank of New York Mellon Corporation	1,461		1,445		1,155		5,549		4,530
Preferred stock dividends	(34)		(106)		(25)		(243)		(194)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	1,427	$	1,339	$	1,130	$	5,306	$	4,336


Earnings per share applicable to the common shareholders of The Bank of New York Mellon Corporation	Quarter ended						Year ended
	Dec. 31, 2025		Sept. 30, 2025		Dec. 31, 2024		Dec. 31, 2025		Dec. 31, 2024
(in dollars)	Dec. 31, 2025		Sept. 30, 2025		Dec. 31, 2024		Dec. 31, 2025		Dec. 31, 2024
Basic	$	2.04	$	1.90	$	1.56	$	7.47	$	5.84
Diluted	$	2.02	$	1.88	$	1.54	$	7.40	$	5.80


4Q25 HIGHLIGHTS


Reconciliation of Non-GAAP measures, excluding notable items								4Q25 vs.
(dollars in millions, except per share amounts)	4Q25			3Q25		4Q24		3Q25		4Q24




Total revenue – GAAP	$	5,179		$	5,081	$	4,847	2	%	7	%

Less: Disposal gain (a)	—			12		—

Adjusted total revenue – Non-GAAP	$	5,179		$	5,069	$	4,847	2	%	7	%

Total noninterest expense – GAAP	$	3,360		$	3,236	$	3,355	4	%	—	%
Less: Severance expense (b)	98			50		135
Litigation reserves (b)	3			3		38
FDIC special assessment (b)	(50)			(14)		(8)

Adjusted total noninterest expense – Non-GAAP	$	3,309		$	3,197	$	3,190	4	%	4	%






Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	1,427		$	1,339	$	1,130	7	%	26	%

Less: Disposal gain (a)	—			9		—

Severance expense (b)	(74)			(39)		(103)
Litigation reserves (b)	(6)			(2)		(37)
FDIC special assessment (b)	37			11		6

Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation – Non-GAAP	$	1,470		$	1,360	$	1,264	8	%	16	%

Diluted earnings per common share – GAAP	$	2.02		$	1.88	$	1.54	7	%	31	%

Less: Disposal gain (a)	—			0.01		—

Severance expense (b)	(0.11)			(0.05)		(0.14)
Litigation reserves (b)	(0.01)			—		(0.05)
FDIC special assessment (b)	0.05			0.01		0.01
Total diluted earnings per common share impact of notable items	(0.06)		(c)	(0.03)		(0.18)
Adjusted diluted earnings per common share – Non-GAAP	$	2.08		$	1.91	$	1.72	9	%	21	%
Operating leverage – GAAP (d)								(190)	bps	670	bps
Adjusted operating leverage – Non-GAAP (d)								(133)	bps	312	bps


Pre-tax operating margin reconciliation
(dollars in millions)	4Q25			3Q25			4Q24			2025			2024
Income before taxes – GAAP	$	1,845		$	1,852		$	1,472		$	7,058		$	5,848
Impact of notable items (a)	(51)			(27)			(165)			(90)			(221)
Adjusted income before taxes, excluding notable items – Non-GAAP	$	1,896		$	1,879		$	1,637		$	7,148		$	6,069

Total revenue – GAAP	$	5,179		$	5,081		$	4,847		$	20,080		$	18,619
Impact of notable items (a)	—			12			—			52			—
Adjusted total revenue, excluding notable items – Non-GAAP	$	5,179		$	5,069		$	4,847		$	20,028		$	18,619

Pre-tax operating margin – GAAP (b)	36		%	36		%	30		%	35		%	31		%
Adjusted pre-tax operating margin – Non-GAAP (b)	37		%	37		%	34		%	36		%	33		%


Return on common equity and return on tangible common equity reconciliation
(dollars in millions)	4Q25			3Q25			4Q24			2025			2024
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
Add: Amortization of intangible assets	11			12			13			45			50
Less: Tax impact of amortization of intangible assets	3			3			3			11			12
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP	$	1,435		$	1,348		$	1,140		$	5,340		$	4,374
Impact of notable items (a)	(43)			(21)			(134)			(69)			(176)
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets and notable items – Non-GAAP	$	1,478		$	1,369		$	1,274		$	5,409		$	4,550

Average common shareholders’ equity	$	39,142		$	38,626		$	36,923		$	38,167		$	36,413
Less: Average goodwill	16,777			16,787			16,515			16,733			16,316
Average intangible assets	2,827			2,842			2,846			2,842			2,839
Add: Deferred tax liability – tax deductible goodwill	1,227			1,236			1,221			1,227			1,221
Deferred tax liability – intangible assets	662			665			665			662			665
Average tangible common shareholders’ equity – Non-GAAP	$	21,427		$	20,898		$	19,448		$	20,481		$	19,144

Return on common equity – GAAP (b)	14.5		%	13.7		%	12.2		%	13.9		%	11.9		%
Adjusted return on common equity – Non-GAAP (b)	14.9		%	14.0		%	13.6		%	14.1		%	12.4		%

Return on tangible common equity – Non-GAAP (b)	26.6		%	25.6		%	23.3		%	26.1		%	22.8		%
Adjusted return on tangible common equity – Non-GAAP (b)	27.4		%	26.0		%	26.1		%	26.4		%	23.8		%


The Bank of New York Mellon Corporation

Financial Supplement

Fourth Quarter 2025


Table of Contents




Consolidated Results						Page
Consolidated Financial Highlights						3
Condensed Consolidated Income Statement						4
Condensed Consolidated Balance Sheet						5
Fee and Other Revenue						6
Average Balances and Interest Rates						7
Capital and Liquidity						8

Business Segment Results
Securities Services Business Segment						9
Market and Wealth Services Business Segment						11
Investment and Wealth Management Business Segment						13
AUM by Product Type, Changes in AUM and Wealth Management Client Assets						14
Other Segment						15

Other
Securities Portfolio						16
Allowance for Credit Losses and Nonperforming Assets						17

Supplemental Information
Explanation of GAAP and Non-GAAP Financial Measures						18


THE BANK OF NEW YORK MELLON CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per common share amounts, or unless otherwise noted)																4Q25 vs.										FY25 vs.
	4Q25			3Q25			2Q25			1Q25			4Q24			3Q25		4Q24		FY25			FY24			FY24
Selected income statement data


Fee and other revenue	$	3,833		$	3,845		$	3,825		$	3,633		$	3,653		—	%	5	%	$	15,136		$	14,307		6	%
Net interest income	1,346			1,236			1,203			1,159			1,194			9		13		4,944			4,312			15
Total revenue	5,179			5,081			5,028			4,792			4,847			2		7		20,080			18,619			8
Provision for credit losses	(26)			(7)			(17)			18			20			N/M		N/M		(32)			70			N/M
Noninterest expense	3,360			3,236			3,206			3,252			3,355			4		—		13,054			12,701			3
Income before income taxes	1,845			1,852			1,839			1,522			1,472			—		25		7,058			5,848			21
Provision for income taxes	376			395			404			300			315			(5)		19		1,475			1,305			13
Net income	$	1,469		$	1,457		$	1,435		$	1,222		$	1,157		1	%	27	%	$	5,583		$	4,543		23	%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	1,427		$	1,339		$	1,391		$	1,149		$	1,130		7	%	26	%	$	5,306		$	4,336		22	%
Diluted earnings per common share	$	2.02		$	1.88		$	1.93		$	1.58		$	1.54		7	%	31	%	$	7.40		$	5.80		28	%
Average common shares and equivalents outstanding – diluted (in thousands)	705,140			712,854			720,007			727,398			733,720			(1)	%	(4)	%	716,718			748,101			(4)	%

Financial ratios (Quarterly returns are annualized)
Pre-tax operating margin	36		%	36		%	37		%	32		%	30		%					35		%	31		%
Return on common equity	14.5		%	13.7		%	14.7		%	12.6		%	12.2		%					13.9		%	11.9		%
Return on tangible common equity – Non-GAAP (a)	26.6		%	25.6		%	27.8		%	24.2		%	23.3		%					26.1		%	22.8		%
Non-U.S. revenue as a percentage of total revenue	36		%	35		%	36		%	33		%	35		%					35		%	35		%

Period end
Assets under custody and/or administration (“AUC/A”) (in trillions) (b)	$	59.3		$	57.8		$	55.8		$	53.1		$	52.1		3	%	14	%
Assets under management (“AUM”) (in trillions)	$	2.2		$	2.1		$	2.1		$	2.0		$	2.0		2	%	7	%
Full-time employees	48,100			49,200			49,900			51,000			51,800			(2)	%	(7)	%
Book value per common share	$	57.36		$	55.99		$	54.76		$	52.82		$	51.52
Tangible book value per common share – Non-GAAP (a)	$	31.64		$	30.60		$	29.57		$	28.20		$	27.05
Cash dividends per common share	$	0.53		$	0.53		$	0.47		$	0.47		$	0.47
Common dividend payout ratio	26		%	28		%	25		%	30		%	31		%
Closing stock price per common share	$	116.09		$	108.96		$	91.11		$	83.87		$	76.83
Market capitalization	$	79,897		$	75,983		$	64,254		$	60,003		$	55,139
Common shares outstanding (in thousands)	688,236			697,349			705,241			715,434			717,680

Capital ratios at period end (c)
Common Equity Tier 1 (“CET1”) ratio	11.9		%	11.7		%	11.5		%	11.5		%	11.2		%
Tier 1 capital ratio	14.6		%	14.4		%	14.5		%	14.6		%	13.7		%
Total capital ratio	15.4		%	15.3		%	15.5		%	15.7		%	14.8		%
Tier 1 leverage ratio	6.0		%	6.1		%	6.1		%	6.2		%	5.7		%
Supplementary leverage ratio (“SLR”)	6.7		%	6.7		%	6.9		%	6.9		%	6.5		%
(a) Non-GAAP information, for all periods presented, excludes goodwill and intangible assets, net of deferred tax liabilities. See “Explanation of GAAP and Non-GAAP Financial Measures” beginning on page 18 for the reconciliation of Non-GAAP measures.
(b) Includes the AUC/A of CIBC Mellon Trust Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $2.2 trillion at Dec. 31, 2025, $2.1 trillion at Sept. 30, 2025, $2.0 trillion at June 30, 2025, $1.9 trillion at March 31, 2025 and $1.8 trillion at Dec. 31, 2024.
(c) Regulatory capital ratios for Dec. 31, 2025 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for the periods presented, was the Standardized Approach.
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES

BNY has included in this Financial Supplement certain Non-GAAP financial measures on a tangible basis as a supplement to GAAP information, which exclude goodwill and intangible assets, net of deferred tax liabilities. We believe that the return on tangible common equity – Non-GAAP is additional useful information for investors because it presents a measure of those assets that can generate income, and the tangible book value per common share – Non-GAAP is additional useful information because it presents the level of tangible assets in relation to shares of common stock outstanding.

Net interest income, on a fully taxable equivalent (“FTE”) basis – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income which allows for the comparison of amounts arising from both taxable and tax-exempt sources and is consistent with industry practice. The adjustment to an FTE basis has no impact on net income.

BNY has also included the adjusted pre-tax operating margin – Non-GAAP, which is the pre-tax operating margin for the Investment and Wealth Management business segment, net of distribution and servicing expense that was passed to third parties who distribute or service our managed funds. We believe that this measure is useful when evaluating the performance of the Investment and Wealth Management business segment relative to industry competitors.

The presentation of the growth rates of investment management and performance fees on a constant currency basis permits investors to assess the significance of changes in foreign currency exchange rates. Growth rates on a constant currency basis were determined by applying the current period foreign currency exchange rates to the prior period revenue. We believe that this presentation, as a supplement to GAAP information, gives investors a clearer picture of the related revenue results without the variability caused by fluctuations in foreign currency exchange rates.

Notes:


Quarterly returns on common and tangible common equity ratios are annualized.



Return on common equity and tangible common equity reconciliation
(dollars in millions)	4Q25			3Q25			2Q25			1Q25			4Q24			FY25			FY24
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	1,427		$	1,339		$	1,391		$	1,149		$	1,130		$	5,306		$	4,336
Add: Amortization of intangible assets	11			12			11			11			13			45			50
Less: Tax impact of amortization of intangible assets	3			3			2			3			3			11			12
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP	$	1,435		$	1,348		$	1,400		$	1,157		$	1,140		$	5,340		$	4,374

Average common shareholders’ equity	$	39,142		$	38,626		$	37,892		$	36,980		$	36,923		$	38,167		$	36,413
Less: Average goodwill	16,777			16,787			16,748			16,615			16,515			16,733			16,316
Average intangible assets	2,827			2,842			2,850			2,849			2,846			2,842			2,839
Add: Deferred tax liability – tax deductible goodwill	1,227			1,236			1,236			1,226			1,221			1,227			1,221
Deferred tax liability – intangible assets	662			665			668			666			665			662			665
Average tangible common shareholders’ equity – Non-GAAP	$	21,427		$	20,898		$	20,198		$	19,408		$	19,448		$	20,481		$	19,144

Return on common equity – GAAP	14.5		%	13.7		%	14.7		%	12.6		%	12.2		%	13.9		%	11.9		%
Return on tangible common equity – Non-GAAP	26.6		%	25.6		%	27.8		%	24.2		%	23.3		%	26.1		%	22.8		%


THE BANK OF NEW YORK MELLON CORPORATION
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Book value and tangible book value per common share reconciliation	2025												2024
(dollars in millions, except common shares and unless otherwise noted)	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
The Bank of New York Mellon Corporation shareholders’ equity at period end – GAAP	$	44,313		$	43,879		$	43,950		$	43,119		$	41,318
Less: Preferred stock	4,836			4,836			5,331			5,331			4,343
The Bank of New York Mellon Corporation common shareholders’ equity at period end – GAAP	39,477			39,043			38,619			37,788			36,975
Less: Goodwill	16,767			16,773			16,823			16,661			16,598
Intangible assets	2,822			2,834			2,849			2,846			2,851
Add: Deferred tax liability – tax deductible goodwill	1,227			1,236			1,236			1,226			1,221
Deferred tax liability – intangible assets	662			665			668			666			665
The Bank of New York Mellon Corporation tangible common shareholders’ equity at period end – Non-GAAP	$	21,777		$	21,337		$	20,851		$	20,173		$	19,412

Period-end common shares outstanding (in thousands)	688,236			697,349			705,241			715,434			717,680

Book value per common share – GAAP	$	57.36		$	55.99		$	54.76		$	52.82		$	51.52
Tangible book value per common share – Non-GAAP	$	31.64		$	30.60		$	29.57		$	28.20		$	27.05



Net interest margin reconciliation
(dollars in millions)	4Q25			3Q25			2Q25			1Q25			4Q24
Net interest income – GAAP	$	1,346		$	1,236		$	1,203		$	1,159		$	1,194
Add: Tax equivalent adjustment	—			—			1			—			1
Net interest income (FTE) – Non-GAAP	$	1,346		$	1,236		$	1,204		$	1,159		$	1,195

Average interest-earning assets	$	387,289		$	374,493		$	375,542		$	354,687		$	357,768

Net interest margin – GAAP (a)	1.38		%	1.31		%	1.27		%	1.30		%	1.32		%
Net interest margin (FTE) – Non-GAAP (a)	1.38		%	1.31		%	1.27		%	1.30		%	1.32		%
(a) Net interest margin is annualized.


THE BANK OF NEW YORK MELLON CORPORATION
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Pre-tax operating margin reconciliation - Investment and Wealth Management business segment
(dollars in millions)	4Q25			3Q25			2Q25			1Q25			4Q24			FY25			FY24
Income before income taxes – GAAP	$	148		$	184		$	148		$	63		$	173		$	543		$	605

Total revenue – GAAP	$	854		$	824		$	801		$	779		$	873		$	3,258		$	3,389
Less: Distribution and servicing expense	74			68			64			65			88			271			363
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP	$	780		$	756		$	737		$	714		$	785		$	2,987		$	3,026

Pre-tax operating margin – GAAP (a)	17		%	22		%	19		%	8		%	20		%	17		%	18		%
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (a)	19		%	24		%	20		%	9		%	22		%	18		%	20		%
(a) Income before income taxes divided by total revenue.



Constant currency reconciliations							4Q25 vs.
(dollars in millions)	4Q25			4Q24			4Q24
Consolidated:
Investment management and performance fees – GAAP	$	806		$	808		—		%
Impact of changes in foreign currency exchange rates	—			9
Adjusted investment management and performance fees – Non-GAAP	$	806		$	817		(1)		%


Investment and Wealth Management business segment:
Investment management and performance fees – GAAP	$	807		$	809		—		%
Impact of changes in foreign currency exchange rates	—			9
Adjusted investment management and performance fees – Non-GAAP	$	807		$	818		(1)		%