BNY US S&P 500Russell 1000 Earnings call
BNY Mellon (BNY) · Q2 2026 results and valuation
Share price: $152.69 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter
Tone in line with last period.
Only a basic analysis is available for this company at the moment.
1 · Numbers
—
No financial figures for this pair
Guidance raised
2 · How management spoke
Unchanged
Language tone vs last period
Language: typical — about as upbeat as in Q1 2026.
3 · What stood out
Guidance ↑
Revenue outlook for 2026 is now 10%–11% growth, though still dependent on market conditions.
Valuation
Is BNY Mellon undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 6.7% growth a year (3-year revenue growth), the model's fair value is $69.22 a share — the stock trades 121% above it. Today's price assumes 17.5% growth a year.
Current price
$152.69
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+17.5% for 10 yrs
Fair value / share
$69.22
Buy below
$51.92
Price vs fair value
Overvalued 121%
Price vs buy-below price
Overvalued 194%
Management expects
Revenue +10.5% · from the Q2 2026 report: “Revenue outlook for 2026 is now 10%–11% growth, though still dependent on market conditions.”
A guidance figure for revenue, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
-
Figure
Broad-based growth lifted revenue to a record $5.7 billion, raised earnings per share by 27% to $2.45, and produced roughly 600 basis points of positive operating leverage.
Source quote
“We grew total revenue by 13% year over year to a record $5.7 billion reflecting broad based growth across our businesses. Earnings per share of $2.45 increased by 27% year over year. And we generated approximately 600 basis points of positive operating leverage.”
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Guidance
Expenses are now expected to rise 6%–7%, mainly driven by higher costs tied to revenue growth.
Source quote
“Accordingly, we now expect expenses excluding notable items for the year to be up 6% to 7% year over year primarily reflecting higher revenue related expenses.”
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Fading
BNY's diversified capital markets businesses are positioned to benefit from current market conditions, though gains from higher market values are only partially offsetting other pressures.
Source quote
“Our diversified set of businesses operate across the breadth of capital markets BNY is built for this type of environment.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Typical — about as upbeat as in Q1 2026.
Sentences that drove the tone
“Our strong performance over the past 6 months and the underlying momentum with which we entered the second half of the year gives us confidence to significantly increase our outlook...”
“To help clients connect traditional and digital financial ecosystems in ways that improve efficiency, expand optionality, and support growth through trust and resiliency.”
“So I would say the momentum is strong within the firm, and the momentum is strong with new logos coming to hear how we can serve them in a differentiated...”
Full figures
USD · ROIC.AI fundamentals (NYSE:BNY, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | — | 5.34B | 4.96B | ||
| Net income | — | 1.63B | 1.42B | ||
| EPS | — | 2.26 | 1.95 | ||
| P/E today 16.8 | 16.9 | 14.7 | +2.2 | 13.9 | +3.0 |
Topics
Most discussed now
- Taken together, BNY Mellon expanded pre tax margin to 40% and return on tangible common equity to 31%.
- Amid geopolitical tensions, elevated energy prices, and continued uncertainty around inflation, interest rates and fiscal policy, the…
- Within the context of $4 billion BNY Mellon's AI spend quite de minimis and quite modest and appropriate for the strategy...
- BNY Mellon's clients are starting to come to it because they are actually seeing its ability to bring different things together...
Faded since Q1 2026
- Fading Clients are increasingly recognizing the value of holistic solutions that support the full life cycle of their activity, whether it...
- Fading BNY Mellon delivered over 800 basis points of positive operating leverage while making meaningful investments in new products…
- Fading Taken together, this combination of strong top line growth and significant operating leverage resulted in pre-tax margin expansion to 37%...
- Fading While the path of global markets is difficult to predict with certainty, what is clear is that the underlying trends—higher...
Latest announcements
Official filings, newest first.
- Articles or bylaws amended · SEC 8-K
- Other events · SEC 8-K
- Director or officer change · SEC 8-K
- Other events · SEC 8-K
- Change to shareholder rights; Articles or bylaws amended; Other events · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Other events · SEC 8-K
- Articles or bylaws amended · SEC 8-K