BNY Mellon · Earnings release

FINANCIALRESULTS

BNY Reports Fourth Quarter 2025

Earnings Per Common Share of $2.02, or $2.08 as Adjusted (a)

Full-Year 2025 Earnings Per Common Share of $7.40, or $7.50 as Adjusted (a)

NEW YORK, January 13, 2026 – The Bank of New York Mellon Corporation (“BNY”) (NYSE: BK) today has reported financial results for the fourth quarter of 2025.

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

EPS

Adj. EPS

Pre-tax margin

ROE

ROTCE

4Q25 KEY FINANCIAL INFORMATION

(dollars in millions, except per share amounts and unless otherwise noted)

Selected income statement data:

Total fee revenue

$

2

%

5

%

Investment and other revenue

N/M

N/M

Net interest income

9

%

%

Total revenue

$

2

%

7

%

Provision for credit losses

N/M

N/M

Noninterest expense

$

4

%

—

%

Net income applicable to common shareholders

$

7

%

%

Diluted EPS

$

7

%

%

Selected metrics:

AUC/A (in trillions)

$

3

%

%

AUM (in trillions)

$

2

%

7

%

Financial ratios:

Pre-tax operating margin

%

%

%

ROE

%

%

%

ROTCE (a)

%

%

%

Capital ratios:

Tier 1 leverage ratio

%

%

%

CET1 ratio

%

%

%

Results

•Total revenue of $5.2 billion, increased 7%

•Noninterest expense of $3.4 billion, was flat; or increased 4% excluding notable items (a)

•Diluted EPS of $2.02, increased 31%; or 21% excluding notable items (a)

4Q25 Notable items (a)

•Results include $51 million of noninterest expense primarily related to severance, partially offset by an adjustment to the FDIC special assessment

Profitability

•Pre-tax operating margin of 36%

Balance sheet

•Average deposits of $310 billion, increased 8% year-over-year and 4% sequentially

•Tier 1 leverage ratio of 6.0%, increased 26 bps year-over-year and decreased 9 bps sequentially

Capital distribution

•Returned $1.4 billion of capital to common shareholders

•$377 million of dividends

•$1.0 billion of share repurchases

•Total payout ratio of 94% for full-year 2025

(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.

BNY 4Q25 Financial Results

CONSOLIDATED FINANCIAL HIGHLIGHTS

(dollars in millions, except per share amounts and unless otherwise noted;

not meaningful - N/M)

Fee revenue

$

$

$

2

%

5

%

Investment and other revenue

N/M

N/M

Total fee and other revenue

—

5

Net interest income

9

Total revenue

2

7

Provision for credit losses

(7)

N/M

N/M

Noninterest expense

4

—

Income before taxes

—

Provision for income taxes

(5)

Net income

$

$

$

1

%

%

Net income applicable to common shareholders of The Bank of New York Mellon Corporation

$

$

$

7

%

%

Operating leverage (a)

bps

bps

Diluted earnings per common share

$

$

$

7

%

%

Average common shares and equivalents outstanding - diluted (in thousands)

Pre-tax operating margin

%

%

%

Metrics:

Average loans

$

$

$

5

%

%

Average deposits

4

8

AUC/A at period end (in trillions) (current period is preliminary)

3

AUM at period end (in trillions) (current period is preliminary)

2

7

Non-GAAP measures, excluding notable items: (b)

Adjusted total revenue

$

$

$

2

%

7

%

Adjusted noninterest expense

4

4

Adjusted operating leverage (a)

bps

bps

Adjusted diluted earnings per common share

$

$

$

9

%

%

Adjusted pre-tax operating margin

%

%

%

(a) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense.

(b) See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11 for additional information.

bps – basis points.

KEY DRIVERS (comparisons are 4Q25 vs. 4Q24, unless otherwise noted)

•Total revenue increased 7%, primarily reflecting:

•Fee revenue increased 5%, primarily reflecting higher market values, net new business and higher client activity and a favorable impact of a weaker U.S. dollar, partially offset by the mix of AUM flows.

•Investment and other revenue decreased primarily reflecting other investment losses, partially offset by lower net securities losses.

•Net interest income increased 13%, primarily reflecting the continued reinvestment of maturing investment securities at higher yields and balance sheet growth, partially offset by deposit margin compression.

•Provision for credit losses was a benefit of $26 million, primarily driven by improvements in commercial real estate exposure and changes in the macroeconomic forecast.

•Noninterest expense was flat, reflecting higher investments and revenue-related expenses, employee merit increases and an unfavorable impact of the weaker U.S. dollar, partially offset by efficiency savings, the net impact of the adjustments for the FDIC special assessment, and lower severance expense and litigation reserves. Excluding notable items, noninterest expense

increased 4% (a).

•Effective tax rate of 20.4%.

Assets under custody and/or administration (“AUC/A”) and Assets under management (“AUM”)

•AUC/A increased 14%, primarily reflecting client inflows, higher market values and the favorable impact of the weaker U.S. dollar.

•AUM increased 7%, primarily reflecting higher market values and the favorable impact of the weaker U.S. dollar, partially offset by cumulative net outflows.

Capital and liquidity

•$377 million of dividends to common shareholders (b); $1.0 billion of common share repurchases.

•Return on common equity (“ROE”) – 14.5%; Adjusted ROE – 14.9% (a).

•Return on tangible common equity (“ROTCE”) – 26.6% (a); Adjusted ROTCE – 27.4% (a).

•Common Equity Tier 1 (“CET1”) ratio – 11.9%; Tier 1 leverage ratio – 6.0%.

•Average liquidity coverage ratio (“LCR”) – 112%; Average net stable funding ratio (“NSFR”) – 130%.

•Total Loss Absorbing Capacity (“TLAC”) ratios exceed minimum requirements.

(a) See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11 for additional information.

(b) Including dividend-equivalents on share-based awards.

Note: Throughout this document, sequential growth rates are unannualized.

2

BNY 4Q25 Financial Results

FULL-YEAR CONSOLIDATED FINANCIAL HIGHLIGHTS

(dollars in millions, except per share amounts; not meaningful - N/M)

Fee revenue

$

$

6

%

Investment and other revenue

N/M

Total fee and other revenue

6

Net interest income

Total revenue

8

Provision for credit losses

N/M

Noninterest expense

3

Income before taxes

Provision for income taxes

Net income

$

$

%

Net income applicable to common shareholders of The Bank of New York Mellon Corporation

$

$

%

Operating leverage (a)

bps

Diluted earnings per common share

$

$

%

Average common shares and equivalents outstanding - diluted (in thousands)

Pre-tax operating margin

%

%

Non-GAAP measures, excluding notable items: (b)

Adjusted total revenue

$

$

8

%

Adjusted noninterest expense

$

$

3

%

Adjusted operating leverage (a)

bps

Adjusted diluted earnings per common share

$

$

%

Adjusted pre-tax operating margin

%

%

(a) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense.

(b) See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11 for additional information.

bps – basis points.

KEY DRIVERS (comparisons are 2025 vs. 2024, unless otherwise noted)

•Total revenue increased 8%, primarily reflecting:

•Fee revenue increased 6%, primarily reflecting net new business and higher client activity, higher market values and the favorable impact of a weaker U.S. dollar, partially offset by the mix of AUM flows.

•Investment and other revenue increased primarily reflecting disposal gains and net gains on other investments.

•Net interest income increased 15%, primarily reflecting the reinvestment of maturing investment securities at higher yields and balance sheet growth, partially offset by deposit margin compression.

•Provision for credit losses was a benefit of $32 million, primarily driven by improvements in commercial real estate exposure and changes in the macroeconomic forecast.

•Noninterest expense increased 3%, primarily reflecting higher investments, employee merit increases, higher revenue-related expenses and the unfavorable impact of the weaker U.S. dollar, partially offset by efficiency savings. Excluding notable items, noninterest expense also increased 3% (a).

•Effective tax rate of 20.9%.

Capital and liquidity

•Returned $5.0 billion to common shareholders, including dividends of $1.4 billion (including dividend equivalents on share-based awards) and $3.5 billion of share repurchases.

•ROTCE – 26.1% (a); Adjusted ROTCE – 26.4% (a).

(a) See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11 for additional information.

3

BNY 4Q25 Financial Results

SECURITIES SERVICES BUSINESS SEGMENT HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)

Investment services fees:

Asset Servicing

$

$

$

2

%

%

Issuer Services

6

Total investment services fees

2

Foreign exchange revenue

(1)

(3)

Other fees (a)

(7)

Total fee revenue

2

Investment and other revenue

N/M

N/M

Total fee and other revenue

(2)

7

Net interest income

8

Total revenue

2

7

Provision for credit losses

(3)

N/M

N/M

Noninterest expense

1

—

Income before taxes

$

$

$

4

%

%

Total revenue by line of business:

Asset Servicing

$

$

$

2

%

8

%

Issuer Services

1

5

Total revenue by line of business

$

$

$

2

%

7

%

Pre-tax operating margin

%

%

%

Securities lending revenue (b)

$

$

$

%

%

Metrics:

Average loans

$

$

$

7

%

(1)

%

Average deposits

$

$

$

5

%

7

%

AUC/A at period end (in trillions) (current period is preliminary) (c)

$

$

$

3

%

%

Market value of securities on loan at period end (in billions) (d)

$

$

$

9

%

%

(a) Other fees primarily include financing-related fees.

(b) Included in investment services fees reported in the Asset Servicing line of business.

(c) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Issuer Services line of business. 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 and $1.8 trillion at Dec. 31, 2024.

(d) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY acts as agent on behalf of CIBC Mellon clients, which totaled $74 billion at Dec. 31, 2025, $81 billion at Sept. 30, 2025 and $60 billion at Dec. 31, 2024.

KEY DRIVERS

•The drivers of the total revenue variances by line of business are indicated below.

•Asset Servicing – The year-over-year increase primarily reflects higher net interest income, client activity and market values, partially offset by an investment loss. The sequential increase primarily reflects higher net interest income, client activity, and market values, partially offset by a 4Q25 investment loss and a 3Q25 disposal gain.

•Issuer Services – The year-over-year and sequential increases primarily reflect higher Depositary Receipts revenue, partially offset by lower Corporate Trust revenue.

•Noninterest expense was flat year-over-year reflecting higher investments and revenue-related expenses, employee merit increases and the unfavorable impact of the weaker U.S. dollar, partially offset by efficiency savings and lower litigation reserves. The sequential increase primarily reflects higher revenue-related expenses and investments, partially offset by lower severance expense.

4

BNY 4Q25 Financial Results

MARKET AND WEALTH SERVICES BUSINESS SEGMENT HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)

Investment services fees:

Pershing

$

$

$

(1)

%

(2)

%

Payments and Trade (a)

(1)

3

Clearance and Collateral Management

5

Total investment services fees

1

4

Foreign exchange revenue

4

Other fees (b)

(7)

7

Total fee revenue

—

5

Investment and other revenue

9

N/M

N/M

Total fee and other revenue

(1)

4

Net interest income

9

Total revenue

2

8

Provision for credit losses

(7)

(3)

9

N/M

N/M

Noninterest expense

4

9

Income before taxes

$

$

$

1

%

9

%

Total revenue by line of business:

Pershing

$

$

$

2

%

5

%

Payments and Trade (a)

3

Clearance and Collateral Management

2

Total revenue by line of business

$

$

$

2

%

8

%

Pre-tax operating margin

%

%

%

Metrics:

Average loans

$

$

$

7

%

%

Average deposits

$

$

$

4

%

%

AUC/A at period end (in trillions) (current period is preliminary) (c)

$

$

$

1

%

%

(a) Formerly Treasury Services.

(b) Other fees primarily include financing-related fees.

(c) Consists of AUC/A from the Clearance and Collateral Management and Pershing lines of business.

KEY DRIVERS

•The drivers of the total revenue variances by line of business are indicated below.

•Pershing – The year-over-year increase primarily reflects higher net interest income and market values, partially offset by lower client activity. The sequential increase primarily reflects higher net interest income.

•Payments and Trade – The year-over-year increase primarily reflects higher net interest income and net new business, partially offset by an investment loss. The sequential increase primarily reflects higher net interest income, partially offset by an investment loss.

•Clearance and Collateral Management – The year-over-year increase primarily reflects higher collateral management balances and clearance volumes. The sequential increase primarily reflects higher collateral management balances.

•Noninterest expense increased year-over-year primarily reflecting higher investments and revenue-related expenses, employee merit increases and higher severance expense, partially offset by efficiency savings. The sequential increase primarily reflects higher investments and severance expense.

5

BNY 4Q25 Financial Results

INVESTMENT AND WEALTH MANAGEMENT BUSINESS SEGMENT HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)

(a)

(a)

Investment management fees (a)

$

$

$

2

%

1

%

Performance fees

6

N/M

N/M

Investment management and performance fees

3

—

Distribution and servicing fees

—

1

Other fees (b)

N/M

N/M

Total fee revenue

2

(3)

Investment and other revenue (c)

N/M

N/M

Total fee and other revenue (c)

3

(3)

Net interest income

9

Total revenue

4

(2)

Provision for credit losses

3

—

—

N/M

N/M

Noninterest expense (a)

—

Income before taxes

$

$

$

%

%

Total revenue by line of business:

Investment Management (a)(d)

$

$

$

3

%

(4)

%

Wealth Management (d)

5

1

Total revenue by line of business

$

$

$

4

%

(2)

%

Pre-tax operating margin

%

%

%

Adjusted pre-tax operating margin – Non-GAAP (e)

%

%

%

Metrics:

Average loans

$

$

$

(1)

%

2

%

Average deposits

$

$

$

3

%

(5)

%

AUM (in billions) (current period is preliminary) (f)

$

$

$

2

%

7

%

Wealth Management client assets (in billions) (current period

is preliminary) (g)

$

$

$

1

%

7

%

(a) Effective 1Q25, an adjustment for certain rebates, which were previously recorded as distribution and servicing expense, began to be reflected as a reduction of investment management fees. These amounts totaled approximately $20 million for all periods presented and impacted the year-over-year variances for investment management fees and related revenue subtotals, noninterest expense and Investment Management total revenue in the table above.

(b) Other fees primarily include investment services fees.

(c) Investment and other revenue and total fee and other revenue are net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds.

(d) In 4Q25, the prior period total revenue by line of business for Investment Management and Wealth Management was revised for comparability to reflect the movement of certain fixed income investment management business from Wealth Management to Investment Management. There was no impact to total revenue reported for the Investment and Wealth Management business segment or on a consolidated basis.

(e) Net of distribution and servicing expense. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11 for information on this Non-GAAP measure.

(f) Represents assets managed in the Investment and Wealth Management business segment.

(g) Includes AUM and AUC/A in the Wealth Management line of business.

KEY DRIVERS

•The drivers of the total revenue variances by line of business are indicated below.

•Investment Management – The year-over-year decrease primarily reflects the mix of AUM flows and the adjustment for certain rebates (offset in noninterest expense) (a), partially offset by higher market values and the favorable impact of the weaker U.S. dollar. The sequential increase primarily reflects higher market values and the timing of performance fees.

•Wealth Management – The sequential increase primarily reflects higher net interest income and market values.

•Noninterest expense was flat year-over-year reflecting higher investments and the unfavorable impact of the weaker U.S. dollar, partially offset by efficiency savings. The sequential increase primarily reflects higher revenue-related and severance expenses.

6

BNY 4Q25 Financial Results

OTHER SEGMENT

The Other segment primarily includes the leasing portfolio, corporate treasury activities, including our securities portfolio, derivatives and other trading activity, tax credit investments and other corporate investments, certain business exits and other corporate revenue and expense items.

(dollars in millions)

Fee revenue

$

$

$

Investment and other revenue

9

Total fee and other revenue

Net interest (expense) income

(9)

1

(8)

Total revenue

Provision for credit losses

(9)

(1)

(4)

Noninterest expense

(Loss) before taxes

$

$

$

KEY DRIVERS

•Total revenue includes corporate treasury and other investment activity, including hedging activity which has an offsetting impact between fee and other revenue and net interest expense. The year-over-year increase was primarily driven by lower net securities losses.

•Noninterest expense decreased year-over-year primarily driven by lower severance expense and the net impact of the adjustments for the FDIC special assessment. The sequential increase primarily reflects higher severance expense, partially offset by the net impact of the adjustments for the FDIC special assessment.

7

BNY 4Q25 Financial Results

NOTABLE ITEMS BY BUSINESS SEGMENT

Notable items by business segment (a)

(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

(Loss) income before taxes

$

$

$

$

$

$

$

$

$

$

(a) See page 11 for details of notable items and line items impacted.

Notable items by business segment (a)

(dollars in millions)

Securities

Services

Market and Wealth Services

Investment and Wealth Management

Other

Total

Fee and other revenue

$

$

—

$

—

$

—

$

Noninterest expense

8

2

(9)

(Loss) income before taxes

$

$

(8)

$

(2)

$

9

$

(a) See page 11 for details of notable items and line items impacted.

Notable items by business segment (a)

(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

(Loss) income before taxes

$

$

$

$

$

$

$

$

$

$

(a) See pages 11 and 12 for details of notable items and line items impacted.

8

BNY 4Q25 Financial Results

CAPITAL AND LIQUIDITY

Capital and liquidity ratios

Consolidated regulatory capital ratios: (a)

CET1 ratio

%

%

%

Tier 1 capital ratio

Total capital ratio

Tier 1 leverage ratio (a)

Supplementary leverage ratio (a)

BNY shareholders’ equity to total assets ratio

%

%

%

BNY common shareholders’ equity to total assets ratio

%

%

%

Average LCR (a)

%

%

%

Average NSFR (a)

%

%

%

Book value per common share

$

$

$

Tangible book value per common share – Non-GAAP (b)

$

$

$

Common shares outstanding (in thousands)

(a) Regulatory capital and liquidity 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 Dec. 31, 2025, Sept. 30, 2025 and Dec. 31, 2024 was the Standardized Approach.

(b) Tangible book value per common share – Non-GAAP excludes goodwill and intangible assets, net of deferred tax liabilities. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11 for information on this Non-GAAP measure.

•CET1 capital totaled $21.1 billion and Tier 1 capital totaled $25.9 billion at Dec. 31, 2025. CET1 and Tier 1 capital increased compared with Sept. 30, 2025, primarily reflecting capital generated through earnings and a net increase in accumulated other comprehensive income, partially offset by capital returned through common stock repurchases and dividends. The CET1 ratio increased compared with Sept. 30, 2025 reflecting the increase in capital, partially offset by higher risk-weighted assets. The Tier 1 leverage ratio decreased slightly compared with Sept. 30, 2025 reflecting higher average assets.

NET INTEREST INCOME

Net interest income

(dollars in millions; not meaningful - N/M)

Net interest income

$

$

$

9%

Add: Tax equivalent adjustment

—

—

1

N/M

N/M

Net interest income, on a fully taxable equivalent (“FTE”) basis – Non-GAAP (a)

$

$

$

9%

Average interest-earning assets

$

$

$

3%

8%

Net interest margin

%

%

%

7

bps

6

bps

Net interest margin (FTE) – Non-GAAP (a)

%

%

%

7

bps

6

bps

(a) Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP include the tax equivalent adjustments on tax-exempt income. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11 for information on this Non-GAAP measure.

bps – basis points.

•Net interest income increased year-over-year and sequentially primarily reflecting the continued reinvestment of maturing investment securities at higher yields and balance sheet growth, partially offset by deposit margin compression.

9

BNY 4Q25 Financial Results

THE BANK OF NEW YORK MELLON CORPORATION

Condensed Consolidated Income Statement

(dollars in millions)

Quarter ended

Year ended

Fee and other revenue

Investment services fees

$

$

$

$

$

Investment management and performance fees

Foreign exchange revenue

Financing-related fees

Distribution and servicing fees

Total fee revenue

Investment and other revenue

Total fee and other revenue

Net interest income

Interest income

Interest expense

Net interest income

Total revenue

Provision for credit losses

(7)

Noninterest expense

Staff

Software and equipment

Professional, legal and other purchased services

Sub-custodian and clearing

Net occupancy

Distribution and servicing

Business development

Bank assessment charges

6

Amortization of intangible assets

Other

Total noninterest expense

Income

Income before taxes

Provision for income taxes

Net income

Net (income) attributable to noncontrolling interests related to consolidated investment management funds

(8)

(2)

Net income applicable to shareholders of The Bank of New York Mellon Corporation

Preferred stock dividends

Net income applicable to common shareholders of The Bank of New York Mellon Corporation

$

$

$

$

$

Earnings per share applicable to the common shareholders of The Bank of New York Mellon Corporation

Quarter ended

Year ended

(in dollars)

Basic

$

$

$

$

$

Diluted

$

$

$

$

$

BNY 4Q25 Financial Results

EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES

BNY has included in this Earnings Release 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 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.

See “Explanation of GAAP and Non-GAAP Financial Measures” in the Financial Supplement available at www.bny.com for additional reconciliations of Non-GAAP measures.

BNY has also included revenue measures excluding notable items, including disposal gains. Expense measures, excluding notable items, including severance expense, litigation reserves and the FDIC special assessment, are also presented. Litigation reserves represent accruals for loss contingencies that are both probable and reasonably estimable, but exclude standard business-related legal fees. Net income applicable to common shareholders of The Bank of New York Mellon Corporation, diluted earnings per share, operating leverage, return on common equity, return on tangible common equity and pre-tax operating margin, excluding the notable items mentioned above, are also provided. These measures are provided to permit investors to view the financial measures on a basis consistent with how management views the businesses.

Reconciliation of Non-GAAP measures, excluding notable items

(dollars in millions, except per share amounts)

Total revenue – GAAP

$

$

$

2

%

7

%

Less: Disposal gain (a)

—

—

Adjusted total revenue – Non-GAAP

$

$

$

2

%

7

%

Total noninterest expense – GAAP

$

$

$

4

%

—

%

Less: Severance expense (b)

Litigation reserves (b)

3

3

FDIC special assessment (b)

(8)

Adjusted total noninterest expense – Non-GAAP

$

$

$

4

%

4

%

Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP

$

$

$

7

%

%

Less: Disposal gain (a)

—

9

—

Severance expense (b)

Litigation reserves (b)

(6)

(2)

FDIC special assessment (b)

6

Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation – Non-GAAP

$

$

$

8

%

%

Diluted earnings per common share – GAAP

$

$

$

7

%

%

Less: Disposal gain (a)

—

—

Severance expense (b)

Litigation reserves (b)

—

FDIC special assessment (b)

Total diluted earnings per common share impact of notable items

(c)

Adjusted diluted earnings per common share – Non-GAAP

$

$

$

9

%

%

Operating leverage – GAAP (d)

bps

bps

Adjusted operating leverage – Non-GAAP (d)

bps

bps

(a) Reflected in Investment and other revenue.

(b) Severance expense is reflected in Staff expense, Litigation reserves in Other expense, and FDIC special assessment in Bank assessment charges, respectively.

(c) Does not foot due to rounding.

(d) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense.

bps - basis points.

BNY 4Q25 Financial Results

Reconciliation of Non-GAAP measures, excluding notable items

(dollars in millions, except per share amounts)

Total revenue – GAAP

$

$

8

%

Less: Disposal gain (a)

—

Adjusted total revenue – Non-GAAP

$

$

8

%

Total noninterest expense – GAAP

$

$

3

%

Less: Severance expense (b)

Litigation reserves (b)

(8)

FDIC special assessment (b)

Adjusted total noninterest expense – Non-GAAP

$

$

3

%

Net income applicable to common shareholders of The Bank of New York Mellon

Corporation – GAAP

$

$

%

Less: Disposal gain (a)

—

Severance expense (b)

Litigation reserves (b)

7

FDIC special assessment (b)

Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation – Non-GAAP

$

$

%

Diluted earnings per share – GAAP

$

$

%

Less: Disposal gain (a)

—

Severance expense (b)

Litigation reserves (b)

FDIC special assessment (b)

Total diluted earnings per common share impact of notable items

$

(c)

$

Adjusted diluted earnings per common share – Non-GAAP

$

$

%

Operating leverage – GAAP (d)

bps