C

Key takeaways

• Full-year net income rose 12.8% to $14.3B, as a 5.6% increase in revenue to $85.2B combined with a 2% decline in operating expenses to $62.4B, widening the operating margin by 2.1 percentage points to 23.3%.
• Revenue reached a record $85.2B, with every one of the five core businesses posting year-over-year growth, led by a 15% increase in Services revenue to $22.5B and a 10% rise in Wealth revenue to $8.1B.
• Operating expenses fell to $62.4B, down from $63.7B in 2024, as the organizational simplification continued to eliminate management layers and reduce headcount, partially offsetting ongoing investments in technology and controls.