BNY earnings: guidance and what to watch
BNY's next results are expected on January 15, 2027. For BNY, watch whether revenue continues to outpace expenses.
What has BNY guided for 2026?
BNY raised its operating-leverage outlook to nearly 500 basis points in October, from 400 basis points in July. At the beginning of 2026, it expected slightly more than 100 basis points. Management now expects revenue, excluding specified unusual items, to grow around the midpoint of 12%–13%, while adjusted expenses should grow around the midpoint of 7%–8%.
Did BNY keep its promises?
Some performance was delivered. Fee revenue rose 6% in 2025, and adjusted operating leverage reached 411 basis points, meaning revenue grew faster than expenses. But the expense promise was less exact: the original outlook called for 1–2% growth excluding notable items, while the full-year presentation reported 3%. A fair judgment credits the strong execution without pretending every target was met.
What do BNY's last eight quarters show?
The September 2026 quarter extended BNY’s year-over-year improvement but fell short of June’s exceptionally strong result. Revenue, operating income and earnings per share all rose from the prior year, while the pre-tax margin declined sequentially.
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,676 | 5,698 | 5,409 | 5,179 | 5,081 | 5,028 | 4,792 | 4,847 |
| Operating income | 2,186 | 2,267 | 2,016 | 1,845 | 1,852 | 1,839 | 1,522 | 1,472 |
| Net income | 1,690 | 1,761 | 1,632 | 1,461 | 1,445 | 1,423 | 1,220 | 1,155 |
| EPS, diluted | 2.34 | 2.45 | 2.24 | 2.02 | 1.88 | 1.93 | 1.58 | 1.54 |
What this means. The cash-flow numbers for September 2026 are blank because the company's cash-flow statement was not available when this report was prepared.
What should I watch in BNY's next results?
The first checkpoint is the fourth quarter ending December 31, 2026. Investors should compare revenue and expense growth, then examine the 2027 budget when management publishes it. If spending rises again, BNY will need to show how much follows revenue and how much creates a permanently higher cost base.
The reader should separate three outcomes: a noncash goodwill charge, a legal settlement that consumes money and a capital constraint that limits buybacks or growth. Together, the next earnings report, legal disclosures and capital figures will show whether BNY’s ambitious plan is self-funding.