Comerica (CMA) Q4 2025 earnings summary

Executive summary

• Net income for Q4 2025 was $176 million, flat sequentially and up from $170 million in Q4 2024.

• Diluted EPS for Q4 2025 was $1.27, down from $1.35 in Q3 2025 but up from $1.22 in Q4 2024.

• Excluding merger-related expenses, Q4 2025 net income was $201 million and EPS was $1.46.

• Full-year 2025 net income was $723 million, up from $698 million in 2024.

Financial highlights

• Net interest income for Q4 2025 was $577 million, stable compared to Q3 2025 and Q4 2024.

• Net interest margin for Q4 2025 was 3.07%, slightly down from 3.09% in Q3 2025 but up from 2.88% in Q4 2024.

• Return on average common equity for Q4 2025 was 9.15%, down from 10.20% in Q3 2025 and 10.27% in Q4 2024.

• Efficiency ratio for Q4 2025 was 72.30%, up from 70.23% in Q3 2025.

• Cash dividends declared per share remained $0.71 for the quarter.

Outlook and guidance

• The pending merger with Fifth Third Bancorp is expected to close in Q1 2026, following shareholder approval in January 2026.