BNY Mellon

Revenue is predominantly recurring or activity‑linked. Q3 2025 showed total revenue up 9% year over year to a record $5.08B; fee revenue was 72% of total and diversified across servicing, Pershing, issuer services and investments.

AUC/A grows with markets and wins, while Pershing adds steady flows; AUM is more sentiment‑sensitive and has seen modest net outflows offset by market gains. Net interest income is sensitive to rates but anchored by operational deposits.

TTM net income to common approximates $5.0B, with diluted EPS in the last four quarters totaling about $6.9, supporting visibility. Macro drawdowns can reduce volumes and asset values, but the franchise is a tollbooth on global capital movement.