Revenue growth remains stagnant with net interest income hovering near $577 million in 2025Q4, while the efficiency ratio has shown significant instability, fluctuating between 39.7% and 57.6% over the last ten quarters.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Net Interest Income | 2.3B | 2.19B | 2.51B | 2.47B | 1.84B | 1.91B | 2.34B | 2.35B | 2.06B | 1.8B | 1.69B | 1.66B | 1.67B | 1.73B | 1.65B | 1.65B | 1.57B | 1.81B | 2B | 1.98B | 1.96B | 1.81B | 1.93B | 2.13B | 2.1B | 2B | 1.82B | 1.46B | 1.44B | 1.41B |
| NII Growth % | 5.07% | -12.89% | 1.95% | 33.73% | -3.51% | -18.3% | -0.55% | 14.12% | 14.69% | 6.39% | 2.05% | -1.02% | -3.24% | 4.54% | 0.43% | 5.04% | -13.66% | -9.39% | 1.01% | 1.38% | 8.01% | -5.97% | -9.66% | 1.43% | 4.88% | 10.31% | 24.33% | 1.28% | 2.16% | 8.65% |
| Net Interest Margin % | 2.87% | 2.76% | 2.93% | 2.89% | 1.95% | 2.17% | 3.19% | 3.32% | 2.88% | 2.46% | 2.35% | 2.39% | 2.56% | 2.64% | 2.71% | 3.07% | 2.64% | 2.69% | 3.21% | 3.42% | 3.69% | 3.5% | 3.66% | 4% | 4.14% | 4.05% | 4.7% | 3.99% | 3.98% | 4.13% |
| Interest Income | 3.73B | 3.94B | 4.17B | 2.67B | 1.9B | 2.09B | 2.81B | 2.62B | 2.18B | 1.91B | 1.78B | 1.75B | 1.78B | 1.86B | 1.81B | 1.85B | 2.1B | 3.05B | 3.73B | 3.42B | 2.73B | 2.24B | 2.41B | 2.8B | 3.39B | 3.72B | 3.1B | 2.62B | 2.65B | 2.56B |
| Interest Expense | 1.43B | 1.75B | 1.66B | 206M | 57M | 182M | 468M | 267M | 121M | 112M | 95M | 95M | 112M | 135M | 156M | 207M | 538M | 1.24B | 1.73B | 1.44B | 770M | 427M | 486M | 665M | 1.29B | 1.71B | 1.28B | 1.16B | 1.2B | 1.15B |
| Loan Loss Provision | 100M | 49M | 89M | 60M | -384M | 537M | 74M | -1M | 74M | 248M | 147M | 27M | 46M | 79M | 144M | 478M | 1.08B | 704M | 211M | 42M | -29M | 52M | 377M | 635M | 241M | 254.8M | 146.22M | 113M | 146M | 114M |
| Non-Interest Income | 1.06B | 1.05B | 1.08B | 1.07B | 1.12B | 1B | 1B | 976M | 1.11B | 1.05B | 1.03B | 849M | 872M | 870M | 792M | 789M | 1.03B | 893M | 885M | 820M | 818M | 801M | 887M | 900M | 837M | 956.68M | 867.01M | 603.1M | 528M | 507M |
| Non-Interest Income % | 22.2% | 21.11% | 20.52% | 28.56% | 37.14% | 32.35% | 26.34% | 27.15% | 33.66% | 35.51% | 36.72% | 32.67% | 32.83% | 31.83% | 30.45% | 29.86% | 32.85% | 22.64% | 19.18% | 19.33% | 23.08% | 26.36% | 26.89% | 24.34% | 19.79% | 20.47% | 21.87% | 18.73% | 16.63% | 16.52% |
| Total Revenue | 4.8B | 4.99B | 5.25B | 3.74B | 3.02B | 3.09B | 3.81B | 3.6B | 3.29B | 2.96B | 2.82B | 2.6B | 2.66B | 2.73B | 2.6B | 2.64B | 3.13B | 3.94B | 4.62B | 4.24B | 3.54B | 3.04B | 3.3B | 3.7B | 4.23B | 4.67B | 3.96B | 3.22B | 3.18B | 3.07B |
| Revenue Growth % | -3.91% | -4.95% | 40.45% | 23.68% | -2.26% | -18.81% | 6.01% | 9.3% | 11.11% | 5% | 8.46% | -2.15% | -2.82% | 5.08% | -1.55% | -15.73% | -20.51% | -14.54% | 8.79% | 19.7% | 16.62% | -7.88% | -10.77% | -12.6% | -9.48% | 17.88% | 23.12% | 1.4% | 3.44% | -1.38% |
| Non-Interest Expense | 2.35B | 2.31B | 2.36B | 2B | 1.86B | 1.75B | 1.73B | 1.79B | 1.86B | 1.93B | 1.83B | 1.61B | 1.71B | 1.76B | 1.77B | 1.64B | 1.63B | 1.73B | 1.69B | 1.63B | 1.59B | 1.46B | 1.48B | 1.51B | 1.59B | 1.48B | 1.36B | 1.02B | 1.01B | 1.16B |
| Efficiency Ratio | 49% | 46.2% | 44.91% | 53.42% | 61.54% | 56.69% | 45.42% | 49.9% | 56.55% | 65.2% | 64.81% | 61.83% | 64.46% | 64.29% | 68.09% | 62.15% | 51.99% | 43.94% | 36.6% | 38.52% | 44.98% | 48.14% | 44.95% | 40.98% | 37.52% | 31.77% | 34.28% | 31.68% | 31.74% | 37.76% |
| Operating Income | 915M | 888M | 1.14B | 1.48B | 1.49B | 621M | 1.54B | 1.53B | 1.23B | 670M | 750M | 870M | 786M | 762M | 530M | 315M | -115M | 271M | 988M | 1.13B | 1.21B | 1.1B | 953M | 882M | 1.11B | 1.22B | 1.18B | 931.4M | 816.8M | 646.2M |
| Operating Margin % | 19.07% | 17.78% | 21.78% | 39.47% | 49.27% | 20.07% | 40.36% | 42.7% | 37.52% | 22.64% | 26.61% | 33.47% | 29.59% | 27.88% | 20.38% | 11.92% | -3.67% | 6.87% | 21.41% | 26.57% | 34.11% | 36.1% | 28.89% | 23.86% | 26.26% | 26.14% | 29.73% | 28.93% | 25.72% | 21.05% |
| Operating Income Growth % | 3.04% | -22.38% | -22.49% | -0.94% | 139.94% | -59.62% | 0.2% | 24.39% | 84.18% | -10.67% | -13.79% | 10.69% | 3.15% | 43.77% | 68.25% | 373.91% | -142.44% | -72.57% | -12.33% | -6.78% | 10.21% | 15.11% | 8.05% | -20.61% | -9.05% | 3.63% | 26.56% | 14.03% | 26.4% | 3.28% |
| Pretax Income | 915M | 888M | 1.14B | 1.48B | 1.49B | 621M | 1.54B | 1.53B | 1.23B | 670M | 750M | 870M | 786M | 762M | 530M | 315M | -115M | 271M | 988M | 1.13B | 1.21B | 1.1B | 953M | 882M | 1.11B | 1.22B | 1.18B | 931.4M | 816.8M | 646.2M |
| Pretax Margin % | 19.07% | 17.78% | 21.78% | 39.47% | 49.27% | 20.07% | 40.36% | 42.7% | 37.52% | 22.64% | 26.61% | 33.47% | 29.59% | 27.88% | 20.38% | 11.92% | -3.67% | 6.87% | 21.41% | 26.57% | 34.11% | 36.1% | 28.89% | 23.86% | 26.26% | 26.14% | 29.73% | 28.93% | 25.72% | 21.05% |
| Income Tax | 192M | 190M | 263M | 325M | 322M | 124M | 336M | 300M | 491M | 193M | 229M | 277M | 245M | 241M | 137M | 55M | -131M | 59M | 306M | 345M | 393M | 349M | 292M | 281M | 401M | 430.79M | 419.35M | 324.3M | 286.3M | 229M |
| Effective Tax Rate % | 20.98% | 21.4% | 22.99% | 22.02% | 21.61% | 19.97% | 21.85% | 19.54% | 39.79% | 28.81% | 30.53% | 31.84% | 31.17% | 31.63% | 25.85% | 17.46% | 113.91% | 21.77% | 30.97% | 30.61% | 32.51% | 31.81% | 30.64% | 31.86% | 36.09% | 35.27% | 35.58% | 34.82% | 35.05% | 35.44% |
| Net Income | 723M | 698M | 881M | 1.15B | 1.17B | 497M | 1.2B | 1.24B | 743M | 477M | 521M | 593M | 541M | 521M | 393M | 277M | 17M | 213M | 686M | 893M | 861M | 757M | 661M | 601M | 710M | 790.74M | 759.41M | 607.1M | 530.5M | 417.2M |
| Net Margin % | 15.07% | 13.98% | 16.77% | 30.78% | 38.62% | 16.06% | 31.54% | 34.35% | 22.59% | 16.11% | 18.48% | 22.82% | 20.37% | 19.06% | 15.11% | 10.48% | 0.54% | 5.4% | 14.86% | 21.05% | 24.29% | 24.91% | 20.04% | 16.26% | 16.78% | 16.92% | 19.16% | 18.85% | 16.71% | 13.59% |
| Net Income Growth % | 3.58% | -20.77% | -23.46% | -1.46% | 135.01% | -58.65% | -2.67% | 66.22% | 55.77% | -8.45% | -12.14% | 9.61% | 3.84% | 32.57% | 41.88% | 1529.41% | -92.02% | -68.95% | -23.18% | 3.72% | 13.74% | 14.52% | 9.98% | -15.35% | -10.21% | 4.12% | 25.09% | 14.44% | 27.16% | 0.92% |
| Net Income (Continuing) | 723M | 698M | 881M | 1.15B | 1.17B | 497M | 1.2B | 1.24B | 743M | 477M | 521M | 593M | 541M | 521M | 393M | 260M | 16M | 212M | 682M | 782M | 816M | 748M | 661M | 601M | 710M | 790.74M | 759.41M | 607.1M | 530.5M | 417.2M |
| EPS (Diluted) | 5.29 | 5.02 | 6.42 | 8.44 | 8.32 | 3.44 | 7.89 | 7.22 | 4.14 | 2.69 | 2.84 | 3.16 | 2.85 | 2.67 | 2.09 | 0.88 | -0.78 | 1.29 | 4.45 | 5.51 | 5.09 | 4.35 | 3.75 | 3.40 | 3.88 | 4.31 | 4.14 | 3.72 | 3.19 | 2.38 |
| EPS Growth % | 5.38% | -21.81% | -23.93% | 1.44% | 141.86% | -56.4% | 9.28% | 74.4% | 53.9% | -5.28% | -10.13% | 10.88% | 6.74% | 27.75% | 137.5% | 212.82% | -160.47% | -71.01% | -19.24% | 8.25% | 17.01% | 16% | 10.29% | -12.37% | -9.98% | 4.11% | 11.29% | 16.61% | 34.03% | 0.42% |
| EPS (Basic) | 5.32 | 5.06 | 6.47 | 8.56 | 8.44 | 3.47 | 7.94 | 7.31 | 4.23 | 2.74 | 2.93 | 3.28 | 2.92 | 2.70 | 2.10 | 0.90 | -0.78 | 1.31 | 4.45 | 5.58 | 5.16 | 4.40 | 3.78 | 3.43 | 3.93 | 4.38 | 4.20 | 3.79 | 3.24 | 2.41 |
| Diluted Shares Outstanding | 133M | 134M | 133M | 133M | 137M | 140M | 151M | 171M | 178M | 177M | 181M | 185M | 187M | 192M | 186M | 173.03M | 151.52M | 149M | 154M | 162M | 169M | 174M | 176.27M | 178.33M | 181.24M | 179.5M | 179.3M | 158.6M | 160.94M | 171.51M |
Deposit beta and funding costs
According to quarterly financial data, Comerica's net interest income has remained largely range-bound, hovering near $577 million in 2025Q4, which suggests that the bank is struggling to generate meaningful top-line expansion despite the broader interest rate environment that has historically favored its asset-sensitive commercial lending model.
The lack of significant NII growth indicates that the bank's asset repricing benefits are being effectively neutralized by rising funding costs. Investors should monitor whether the bank can successfully pivot its deposit mix to lower-cost sources, as the current trajectory suggests a ceiling on interest-based revenue generation.
As reported in recent regulatory filings, Comerica's efficiency ratio fluctuated between 39.7% and 57.6% over the last ten quarters, reflecting an inconsistent ability to manage non-interest expenses relative to total revenue in a period characterized by significant shifts in the bank's core operating environment.
The variability in the efficiency ratio implies that management is facing challenges in scaling its cost base alongside revenue fluctuations. This lack of operating leverage warrants further investigation into whether the bank's technology and personnel investments are yielding the expected productivity gains or merely adding to the fixed cost burden.
Based on the provided income statement data, Comerica's provision for loan losses reached a peak of $44 million in 2025Q2, suggesting that the bank is proactively adjusting its credit reserves to account for potential deterioration in its specialized commercial and middle-market loan portfolios.
The fluctuation in provision expense suggests a cautious approach to credit risk management, likely reflecting management's sensitivity to macroeconomic cycles. While the recent decline in provisions may appear positive, it remains unclear if this reflects a genuine improvement in asset quality or a shift in the bank's internal loss modeling assumptions.
Data from recent financial statements indicates that non-interest fee income has remained a consistent contributor, representing approximately 22.7% of total revenue in 2025Q4, which highlights the bank's reliance on diversified revenue streams to offset the volatility inherent in its interest-sensitive commercial banking business model.
The stability of fee income suggests that the bank's wealth management and treasury services are providing a necessary buffer against interest rate headwinds. However, the dependency on these fees warrants monitoring, as any contraction in client activity within the bank's specialized verticals could disproportionately impact the bottom line.
Quick answers to the most common questions about buying CMA stock.
Comerica Incorporated (CMA) is profitable, generating $723.0M in net income for the fiscal year ending 2025 with a net profit margin of 15.1%.
Comerica Incorporated (CMA) reported an operating income of $915.0M, resulting in an operating profit margin of 19.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Comerica Incorporated (CMA) generated $3.27B in gross profit for the year, representing a gross profit margin of 68.1%. This demonstrates the company's core pricing power and production efficiency.