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Side-by-side financial comparison of Bank of America (BAC) and Valero Energy (VLO). Click either name above to swap in a different company.
Bank of America is the larger business by last-quarter revenue ($31.2B vs $30.4B, roughly 1.0× Valero Energy). Bank of America runs the higher net margin — 24.1% vs 3.7%, a 20.4% gap on every dollar of revenue. Over the past eight quarters, Bank of America's revenue compounded faster (11.3% CAGR vs -2.2%).
The Bank of America Corporation is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina, with investment banking and auxiliary headquarters in Manhattan. The bank was founded by the merger of NationsBank and Bank of America in 1998.
Valero Energy Corporation is an American-based fuels producer mostly involved in manufacturing and marketing transportation fuels and other related products. It is headquartered in San Antonio, Texas, United States. Throughout the United States, Canada, and the United Kingdom, the company owns and operates 15 refineries with a combined throughput capacity of approximately 3.2 million barrels per day, two renewable diesel plants that produce approximately 1.
BAC vs VLO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $31.2B | $30.4B |
| Net Profit | $7.5B | $1.1B |
| Gross Margin | — | 6.3% |
| Operating Margin | 39.9% | 5.2% |
| Net Margin | 24.1% | 3.7% |
| Revenue YoY | — | -1.2% |
| Net Profit YoY | — | 303.6% |
| EPS (diluted) | $0.96 | $3.66 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $31.2B | $30.4B | ||
| Q3 25 | $28.1B | $32.2B | ||
| Q2 25 | $26.5B | $29.9B | ||
| Q1 25 | $27.4B | $30.3B | ||
| Q4 24 | — | $30.8B | ||
| Q3 24 | $25.3B | $32.9B | ||
| Q2 24 | $25.4B | $34.5B | ||
| Q1 24 | $25.8B | $31.8B |
| Q4 25 | $7.5B | $1.1B | ||
| Q3 25 | $8.5B | $1.1B | ||
| Q2 25 | $7.1B | $714.0M | ||
| Q1 25 | $7.4B | $-595.0M | ||
| Q4 24 | — | $281.0M | ||
| Q3 24 | $6.9B | $364.0M | ||
| Q2 24 | $6.9B | $880.0M | ||
| Q1 24 | $6.7B | $1.2B |
| Q4 25 | — | 6.3% | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | — | 4.2% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 2.0% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 4.2% | ||
| Q1 24 | — | 6.2% |
| Q4 25 | 39.9% | 5.2% | ||
| Q3 25 | 33.7% | 4.7% | ||
| Q2 25 | 29.1% | 3.3% | ||
| Q1 25 | 29.7% | -3.0% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 28.9% | 1.5% | ||
| Q2 24 | 29.8% | 3.5% | ||
| Q1 24 | 28.1% | 5.3% |
| Q4 25 | 24.1% | 3.7% | ||
| Q3 25 | 30.2% | 3.4% | ||
| Q2 25 | 26.9% | 2.4% | ||
| Q1 25 | 27.0% | -2.0% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | 27.2% | 1.1% | ||
| Q2 24 | 27.2% | 2.6% | ||
| Q1 24 | 25.9% | 3.9% |
| Q4 25 | $0.96 | $3.66 | ||
| Q3 25 | $1.06 | $3.53 | ||
| Q2 25 | $0.89 | $2.28 | ||
| Q1 25 | $0.90 | $-1.90 | ||
| Q4 24 | — | $0.98 | ||
| Q3 24 | $0.81 | $1.14 | ||
| Q2 24 | $0.83 | $2.71 | ||
| Q1 24 | $0.76 | $3.75 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $4.7B |
| Total DebtLower is stronger | $317.8B | $9.7B |
| Stockholders' EquityBook value | $303.2B | $23.7B |
| Total Assets | $3411.7B | $58.0B |
| Debt / EquityLower = less leverage | 1.05× | 0.41× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $4.7B | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | — | $4.7B | ||
| Q3 24 | — | $5.2B | ||
| Q2 24 | — | $5.2B | ||
| Q1 24 | — | $4.9B |
| Q4 25 | $317.8B | $9.7B | ||
| Q3 25 | $311.5B | $9.7B | ||
| Q2 25 | $313.4B | $10.3B | ||
| Q1 25 | $304.1B | $10.3B | ||
| Q4 24 | — | $9.7B | ||
| Q3 24 | $296.9B | $9.8B | ||
| Q2 24 | $290.5B | $9.7B | ||
| Q1 24 | $296.3B | $10.0B |
| Q4 25 | $303.2B | $23.7B | ||
| Q3 25 | $304.2B | $23.8B | ||
| Q2 25 | $299.6B | $24.1B | ||
| Q1 25 | $295.6B | $23.5B | ||
| Q4 24 | — | $24.5B | ||
| Q3 24 | $296.5B | $25.3B | ||
| Q2 24 | $293.9B | $25.4B | ||
| Q1 24 | $293.6B | $26.1B |
| Q4 25 | $3411.7B | $58.0B | ||
| Q3 25 | $3403.7B | $58.6B | ||
| Q2 25 | $3441.1B | $59.4B | ||
| Q1 25 | $3349.4B | $59.2B | ||
| Q4 24 | — | $60.1B | ||
| Q3 24 | $3324.3B | $60.4B | ||
| Q2 24 | $3258.0B | $63.6B | ||
| Q1 24 | $3273.8B | $62.6B |
| Q4 25 | 1.05× | 0.41× | ||
| Q3 25 | 1.02× | 0.41× | ||
| Q2 25 | 1.05× | 0.43× | ||
| Q1 25 | 1.03× | 0.44× | ||
| Q4 24 | — | 0.40× | ||
| Q3 24 | 1.00× | 0.39× | ||
| Q2 24 | 0.99× | 0.38× | ||
| Q1 24 | 1.01× | 0.39× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-22.9B | $2.1B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | -3.05× | 1.81× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.9B | $2.1B | ||
| Q3 25 | $46.9B | $1.9B | ||
| Q2 25 | $-9.1B | $936.0M | ||
| Q1 25 | $-2.2B | $952.0M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | $-15.5B | $1.8B |
| Q4 25 | — | — | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $529.0M | ||
| Q1 25 | — | $293.0M | ||
| Q4 24 | — | $523.0M | ||
| Q3 24 | — | $866.0M | ||
| Q2 24 | — | $2.1B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 1.7% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 5.9% | ||
| Q1 24 | — | 3.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.3% | ||
| Q2 25 | — | 1.4% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 1.8% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 2.1% |
| Q4 25 | -3.05× | 1.81× | ||
| Q3 25 | 5.53× | 1.72× | ||
| Q2 25 | -1.28× | 1.31× | ||
| Q1 25 | -0.30× | — | ||
| Q4 24 | — | 3.81× | ||
| Q3 24 | — | 3.56× | ||
| Q2 24 | — | 2.81× | ||
| Q1 24 | -2.33× | 1.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAC
| Other | $7.0B | 22% |
| Global Wealth And Investment Management Segment | $6.6B | 21% |
| Global Banking Segment | $6.2B | 20% |
| Global Markets Segment | $5.3B | 17% |
| Investment And Brokerage Services Asset Management Fees | $4.2B | 13% |
| Investment Banking Income Underwriting Income | $752.0M | 2% |
| Investment Banking Income Financial Advisory Services | $590.0M | 2% |
| Investment Banking Income Syndication Fees | $324.0M | 1% |
| Corporate Securities Trading Loansand Other | $184.0M | 1% |
| Mortgage Trading Loans Mortgage Backed Securities And Asset Backed Securities | $31.0M | 0% |
| Equity Securities | $12.0M | 0% |
| Accrued Expensesand Other Liabilities | $11.0M | 0% |
VLO
| Distillates | $14.3B | 47% |
| Gasoline And Blendstocks | $12.5B | 41% |
| Manufactured Product Other | $1.8B | 6% |
| Ethanol Product | $784.0M | 3% |
| Renewable Diesel Product | $589.0M | 2% |
| Distillers Grains | $194.0M | 1% |
| Neat SAF | $118.0M | 0% |
| Renewable Naphtha Product | $24.0M | 0% |
