Subtext

Bank of America Corporation BAC

SectorFinancials
Transcripts70
Date range2007-07-19 – 2025-04-15
Calls charted70

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-19-9+0+9+192007 Q22009 Q32012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q2 · Overall: -1.02007 Q3 · Overall: -7.02007 Q4 · Overall: -6.82008 Q1 · Overall: -12.82008 Q2 · Overall: -13.02008 Q3 · Overall: -12.22008 Q4 · Overall: -16.32009 Q1 · Overall: -10.42009 Q2 · Overall: -9.92009 Q3 · Overall: -9.82009 Q4 · Overall: -4.22010 Q1 · Overall: +1.02010 Q4 · Overall: -5.82011 Q1 · Overall: +0.32011 Q2 · Overall: -0.62011 Q3 · Overall: -3.02011 Q4 · Overall: -1.12012 Q1 · Overall: +2.02012 Q2 · Overall: -7.52012 Q3 · Overall: -2.12012 Q4 · Overall: -3.12013 Q1 · Overall: -0.72013 Q2 · Overall: +6.02013 Q3 · Overall: +1.92013 Q4 · Overall: +5.62014 Q1 · Overall: -0.42014 Q2 · Overall: +3.12014 Q3 · Overall: +2.82014 Q4 · Overall: +1.02015 Q1 · Overall: +0.32015 Q2 · Overall: +3.72015 Q3 · Overall: +4.42015 Q4 · Overall: +6.02016 Q1 · Overall: +3.82016 Q2 · Overall: +5.82016 Q3 · Overall: +5.72016 Q4 · Overall: +8.92017 Q1 · Overall: +9.92017 Q2 · Overall: +6.52017 Q3 · Overall: +8.32017 Q4 · Overall: +7.32018 Q1 · Overall: +5.42018 Q2 · Overall: +8.42018 Q3 · Overall: +10.12018 Q4 · Overall: +4.12019 Q1 · Overall: +5.62019 Q2 · Overall: +6.62019 Q3 · Overall: +9.52019 Q4 · Overall: +13.12020 Q1 · Overall: -12.02020 Q2 · Overall: -4.02020 Q3 · Overall: +2.32020 Q4 · Overall: -2.12021 Q1 · Overall: +5.72021 Q2 · Overall: +6.72021 Q3 · Overall: +8.52021 Q4 · Overall: +8.52022 Q1 · Overall: +4.42022 Q2 · Overall: -0.32022 Q3 · Overall: +1.52022 Q4 · Overall: +2.92023 Q1 · Overall: +5.12023 Q2 · Overall: +7.92023 Q3 · Overall: +4.62023 Q4 · Overall: +6.82024 Q1 · Overall: +10.32024 Q2 · Overall: +5.32024 Q3 · Overall: +8.82024 Q4 · Overall: +5.02025 Q1 · Overall: +3.3
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-28-14+0+14+282007 Q22009 Q32012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q2 · CEO: +8.12007 Q3 · CEO: -0.42007 Q4 · CEO: +3.02008 Q1 · CEO: -3.12008 Q2 · CEO: -3.32008 Q3 · CEO: -4.02008 Q4 · CEO: -6.52009 Q1 · CEO: -4.52009 Q2 · CEO: +2.82009 Q3 · CEO: -1.22009 Q4 · CEO: +8.82010 Q1 · CEO: +8.82010 Q4 · CEO: +4.02011 Q1 · CEO: +5.72011 Q2 · CEO: +3.62011 Q3 · CEO: +7.72011 Q4 · CEO: +2.82012 Q1 · CEO: +13.72012 Q2 · CEO: +0.52012 Q3 · CEO: +4.12012 Q4 · CEO: +4.92013 Q1 · CEO: +5.12013 Q2 · CEO: +15.72013 Q3 · CEO: +6.92013 Q4 · CEO: +9.42014 Q1 · CEO: +1.92014 Q2 · CEO: +8.62014 Q3 · CEO: +9.92014 Q4 · CEO: +7.92015 Q1 · CEO: +1.72015 Q2 · CEO: +8.92015 Q3 · CEO: +11.82015 Q4 · CEO: +6.12016 Q1 · CEO: +5.62016 Q2 · CEO: +7.22016 Q3 · CEO: +6.52016 Q4 · CEO: +16.62017 Q1 · CEO: +11.72017 Q2 · CEO: +10.02017 Q3 · CEO: +7.62017 Q4 · CEO: +13.32018 Q1 · CEO: +8.02018 Q2 · CEO: +13.32018 Q3 · CEO: +12.22018 Q4 · CEO: +7.92019 Q1 · CEO: +10.42019 Q2 · CEO: +9.02019 Q3 · CEO: +11.02019 Q4 · CEO: +19.52021 Q1 · CEO: +7.72021 Q2 · CEO: +10.02021 Q3 · CEO: +9.22021 Q4 · CEO: +11.82022 Q1 · CEO: +5.72022 Q2 · CEO: +2.92022 Q3 · CEO: +3.12022 Q4 · CEO: +3.52023 Q1 · CEO: +9.02023 Q3 · CEO: +9.02023 Q4 · CEO: +11.82024 Q1 · CEO: +17.02024 Q2 · CEO: +11.62024 Q3 · CEO: +12.32024 Q4 · CEO: +6.12025 Q1 · CEO: +0.02007 Q2 · CFO: -4.02007 Q3 · CFO: -8.62007 Q4 · CFO: -10.22008 Q1 · CFO: -15.82008 Q2 · CFO: -14.82008 Q3 · CFO: -20.72008 Q4 · CFO: -24.32009 Q1 · CFO: -10.12009 Q2 · CFO: -11.62009 Q3 · CFO: -10.02009 Q4 · CFO: -6.92010 Q1 · CFO: -5.02010 Q4 · CFO: -11.72011 Q1 · CFO: -7.42011 Q3 · CFO: -4.72011 Q4 · CFO: -1.72012 Q1 · CFO: -0.42012 Q2 · CFO: -7.22012 Q3 · CFO: -4.32012 Q4 · CFO: -9.32013 Q1 · CFO: +0.42013 Q2 · CFO: +3.72013 Q3 · CFO: +1.22013 Q4 · CFO: +7.02014 Q1 · CFO: -2.62014 Q2 · CFO: +2.22014 Q3 · CFO: +2.02014 Q4 · CFO: +1.72015 Q1 · CFO: +0.52015 Q2 · CFO: +3.22015 Q3 · CFO: +1.42015 Q4 · CFO: +6.42016 Q1 · CFO: +2.42016 Q2 · CFO: +8.92016 Q3 · CFO: +13.82016 Q4 · CFO: +8.22017 Q1 · CFO: +12.02017 Q2 · CFO: +8.62017 Q3 · CFO: +8.92017 Q4 · CFO: +2.52018 Q1 · CFO: +6.82018 Q2 · CFO: +6.82018 Q3 · CFO: +11.12018 Q4 · CFO: +6.72019 Q1 · CFO: +4.02019 Q2 · CFO: +5.32019 Q3 · CFO: +9.22019 Q4 · CFO: +10.52021 Q1 · CFO: +4.82021 Q2 · CFO: +5.12021 Q3 · CFO: +9.42021 Q4 · CFO: +9.12022 Q1 · CFO: +1.82022 Q2 · CFO: -0.22022 Q3 · CFO: +1.42022 Q4 · CFO: +6.42023 Q1 · CFO: +4.42023 Q2 · CFO: +8.02023 Q3 · CFO: -0.22023 Q4 · CFO: +3.72024 Q1 · CFO: +6.62024 Q2 · CFO: +7.72024 Q3 · CFO: +9.22024 Q4 · CFO: +6.72025 Q1 · CFO: +6.8
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-22-11+0+11+222007 Q22009 Q32012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q2 · Prepared remarks: +1.12007 Q3 · Prepared remarks: -6.82007 Q4 · Prepared remarks: -6.62008 Q1 · Prepared remarks: -11.82008 Q2 · Prepared remarks: -15.42008 Q3 · Prepared remarks: -19.22008 Q4 · Prepared remarks: -16.32009 Q1 · Prepared remarks: -9.62009 Q2 · Prepared remarks: -8.62009 Q3 · Prepared remarks: -11.82009 Q4 · Prepared remarks: -5.02010 Q1 · Prepared remarks: +1.22010 Q4 · Prepared remarks: -6.22011 Q1 · Prepared remarks: +0.92011 Q2 · Prepared remarks: +1.12011 Q3 · Prepared remarks: -2.92011 Q4 · Prepared remarks: -0.82012 Q1 · Prepared remarks: +2.62012 Q2 · Prepared remarks: -3.42012 Q3 · Prepared remarks: -2.52012 Q4 · Prepared remarks: -5.82013 Q1 · Prepared remarks: -0.72013 Q2 · Prepared remarks: +8.52013 Q3 · Prepared remarks: +2.72013 Q4 · Prepared remarks: +8.02014 Q1 · Prepared remarks: -0.92014 Q2 · Prepared remarks: +3.32014 Q3 · Prepared remarks: +2.92014 Q4 · Prepared remarks: +2.02015 Q1 · Prepared remarks: +3.82015 Q2 · Prepared remarks: +7.82015 Q3 · Prepared remarks: +4.52015 Q4 · Prepared remarks: +9.92016 Q1 · Prepared remarks: +0.02016 Q2 · Prepared remarks: +8.52016 Q3 · Prepared remarks: +16.12016 Q4 · Prepared remarks: +13.32017 Q1 · Prepared remarks: +14.12017 Q2 · Prepared remarks: +14.52017 Q3 · Prepared remarks: +8.02017 Q4 · Prepared remarks: +8.42018 Q1 · Prepared remarks: +10.12018 Q2 · Prepared remarks: +14.52018 Q3 · Prepared remarks: +16.52018 Q4 · Prepared remarks: +11.12019 Q1 · Prepared remarks: +8.22019 Q2 · Prepared remarks: +9.62019 Q3 · Prepared remarks: +11.52019 Q4 · Prepared remarks: +16.82020 Q1 · Prepared remarks: -10.52020 Q2 · Prepared remarks: -0.22020 Q3 · Prepared remarks: +0.02020 Q4 · Prepared remarks: -3.62021 Q1 · Prepared remarks: +8.02021 Q2 · Prepared remarks: +8.22021 Q3 · Prepared remarks: +13.22021 Q4 · Prepared remarks: +13.52022 Q1 · Prepared remarks: +2.22022 Q2 · Prepared remarks: +2.42022 Q3 · Prepared remarks: +1.52022 Q4 · Prepared remarks: +7.22023 Q1 · Prepared remarks: +7.12023 Q2 · Prepared remarks: +7.72023 Q3 · Prepared remarks: +4.32023 Q4 · Prepared remarks: +6.92024 Q1 · Prepared remarks: +11.72024 Q2 · Prepared remarks: +12.92024 Q3 · Prepared remarks: +9.32024 Q4 · Prepared remarks: +12.52025 Q1 · Prepared remarks: +7.32007 Q2 · Q&A responses: -1.02007 Q3 · Q&A responses: -5.52007 Q4 · Q&A responses: -10.92008 Q1 · Q&A responses: -6.92008 Q2 · Q&A responses: -4.12008 Q3 · Q&A responses: -2.82008 Q4 · Q&A responses: -15.52009 Q1 · Q&A responses: -5.82009 Q2 · Q&A responses: -7.92009 Q3 · Q&A responses: -1.82009 Q4 · Q&A responses: -0.42010 Q1 · Q&A responses: +4.92010 Q4 · Q&A responses: -5.52011 Q1 · Q&A responses: +1.02011 Q2 · Q&A responses: -0.32011 Q3 · Q&A responses: -1.82011 Q4 · Q&A responses: -1.02012 Q1 · Q&A responses: +3.32012 Q2 · Q&A responses: -9.42012 Q3 · Q&A responses: -1.82012 Q4 · Q&A responses: -1.42013 Q1 · Q&A responses: +0.02013 Q2 · Q&A responses: +3.42013 Q3 · Q&A responses: -10.42013 Q4 · Q&A responses: +6.72014 Q1 · Q&A responses: +18.12014 Q2 · Q&A responses: +0.02014 Q4 · Q&A responses: +3.92015 Q1 · Q&A responses: -1.32015 Q2 · Q&A responses: +3.62015 Q3 · Q&A responses: +7.92015 Q4 · Q&A responses: +3.82016 Q1 · Q&A responses: +7.02016 Q2 · Q&A responses: +6.02016 Q3 · Q&A responses: +6.42016 Q4 · Q&A responses: +9.92017 Q1 · Q&A responses: +9.52017 Q2 · Q&A responses: +3.02017 Q3 · Q&A responses: +8.82017 Q4 · Q&A responses: +7.62018 Q1 · Q&A responses: +5.62018 Q2 · Q&A responses: +6.02018 Q3 · Q&A responses: +6.82018 Q4 · Q&A responses: +2.42019 Q1 · Q&A responses: +6.32019 Q2 · Q&A responses: +5.02019 Q3 · Q&A responses: +9.02019 Q4 · Q&A responses: +12.72020 Q1 · Q&A responses: -12.52020 Q2 · Q&A responses: -5.82020 Q3 · Q&A responses: +3.02020 Q4 · Q&A responses: -0.72021 Q1 · Q&A responses: +5.12021 Q2 · Q&A responses: +4.92021 Q3 · Q&A responses: +5.22021 Q4 · Q&A responses: +5.52022 Q1 · Q&A responses: +7.82022 Q2 · Q&A responses: -1.92022 Q3 · Q&A responses: +2.82022 Q4 · Q&A responses: +0.32023 Q1 · Q&A responses: +6.52023 Q2 · Q&A responses: +7.52023 Q3 · Q&A responses: +5.52023 Q4 · Q&A responses: +8.42024 Q1 · Q&A responses: +11.02024 Q2 · Q&A responses: +3.02024 Q3 · Q&A responses: +9.92024 Q4 · Q&A responses: +2.32025 Q1 · Q&A responses: +0.8
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$1.02$2.45$3.882007 Q22009 Q32012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32014 Q1: $1.402014 Q2: $1.222014 Q3: $1.232014 Q4: $1.482015 Q1: $1.472015 Q2: $1.472015 Q3: $1.572015 Q4: $1.562016 Q1: $1.482016 Q2: $1.452016 Q3: $1.482016 Q4: $1.642017 Q1: $1.822017 Q2: $1.982017 Q3: $2.082017 Q4: $2.162018 Q1: $2.602018 Q2: $2.712018 Q3: $2.812018 Q4: $2.872019 Q1: $2.972019 Q2: $2.992019 Q3: $2.972019 Q4: $3.002020 Q1: $2.962020 Q2: $1.832020 Q3: $1.992020 Q4: $2.112021 Q1: $2.562021 Q2: $3.082021 Q3: $3.092021 Q4: $3.182022 Q1: $3.422022 Q2: $3.632022 Q3: $3.602022 Q4: $3.672023 Q1: $3.482023 Q2: $3.382023 Q3: $3.312023 Q4: $3.252024 Q1: $3.232024 Q2: $3.422024 Q3: $3.572024 Q4: $3.68

Forward P/E

6.4210.9515.472007 Q22009 Q32012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32014 Q1: 12.432014 Q2: 12.882014 Q3: 13.692014 Q4: 11.662015 Q1: 10.872015 Q2: 11.862015 Q3: 10.422015 Q4: 11.382016 Q1: 8.992016 Q2: 9.202016 Q3: 10.582016 Q4: 13.822017 Q1: 13.822017 Q2: 12.002017 Q3: 11.702017 Q4: 13.352018 Q1: 12.362018 Q2: 10.992018 Q3: 11.032018 Q4: 8.432019 Q1: 9.862019 Q2: 9.472019 Q3: 10.092019 Q4: 11.702020 Q1: 7.042020 Q2: 13.662020 Q3: 12.902020 Q4: 13.612021 Q1: 14.852021 Q2: 13.532021 Q3: 13.002021 Q4: 13.822022 Q1: 12.522022 Q2: 8.832022 Q3: 9.402022 Q4: 8.802023 Q1: 8.182023 Q2: 8.622023 Q3: 8.722023 Q4: 9.862024 Q1: 11.192024 Q2: 11.682024 Q3: 11.102024 Q4: 11.82

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q2 tone ↑ +3.6 fwd EPS ↓ -0.19 Tone rose while the forward EPS estimate was cut.
  • 2016 Q2 tone ↑ +2.0 fwd EPS ↓ -0.03 Tone rose while the forward EPS estimate was cut.
  • 2017 Q2 tone ↓ -3.4 fwd EPS ↑ +0.16 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q4 tone ↓ -6.1 fwd EPS ↑ +0.06 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +8.0 fwd EPS ↓ -1.12 Tone rose while the forward EPS estimate was cut.
  • 2020 Q4 tone ↓ -4.4 fwd EPS ↑ +0.12 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q1 tone ↓ -4.1 fwd EPS ↑ +0.24 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q2 tone ↓ -4.7 fwd EPS ↑ +0.21 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q1 tone ↑ +2.2 fwd EPS ↓ -0.19 Tone rose while the forward EPS estimate was cut.
  • 2023 Q2 tone ↑ +2.8 fwd EPS ↓ -0.10 Tone rose while the forward EPS estimate was cut.
  • 2023 Q4 tone ↑ +2.2 fwd EPS ↓ -0.06 Tone rose while the forward EPS estimate was cut.
  • 2024 Q2 tone ↓ -5.0 fwd EPS ↑ +0.20 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q4 tone ↓ -3.8 fwd EPS ↑ +0.11 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-15+3.3——View →
2024 Q42025-01-16+5.0$3.6811.8View →
2024 Q32024-10-15+8.8$3.5711.1View →
2024 Q22024-07-16+5.3$3.4211.7View →
2024 Q12024-04-16+10.3$3.2311.2View →
2023 Q42024-01-12+6.8$3.259.9View →
2023 Q32023-10-17+4.6$3.318.7View →
2023 Q22023-07-18+7.9$3.388.6View →