Accessibility Tables
Figure 1. Aggregate maximum decline in stressed common equity tier 1 capital ratio, severely adverse scenario
Percentage points
| Year | Change in CET1 Ratio |
|---|---|
| 2020 stress test | -2.1 |
| 2021 stress test | -2.4 |
| 2022 stress test | -2.7 |
| 2023 stress test | -2.5 |
| 2024 stress test | -2.8 |
| 2025 stress test | -1.8 |
| 2026 stress test | -1.6 |
Note: Each bar represents the aggregate maximum common equity tier 1 (CET1) capital ratio decline of the banks in each exercise.
Figure 2. Decomposition of year-over-year changes in aggregate maximum decline in stressed common equity tier 1 capital ratio, severely adverse scenario
Percentage points
| CET1 capital ratio | Year-over-year changes |
|---|---|
| 2025 | -1.8 |
| Loan loss provisions | -0.2 |
| Unrealized gains on AFS securities | -0.2 |
| Net Interest Income | 0.5 |
| Other | 0.1 |
| 2026 | -1.6 |
Note: The 2025 stress test bar shows the aggregate common equity tier 1 (CET1) capital ratio decline resulting from the 2025 stress test. The Loan loss provisions, Unrealized gains on AFS securities, Net interest income, and Other bars show the impact that changes in each of these elements had on the difference between 2025 and 2026 stress test results. The 2026 stress test bar shows the aggregate CET1 capital ratio decline resulting from the 2026 stress test. The sample includes the 22 banks subject to the supervisory stress test in 2025 compared with the 32 banks in the 2026 supervisory stress test. The figure is based on numbers at the minimum aggregate capital ratio quarter (fourth quarter) of the 2026 stress test. Values may not sum precisely due to rounding.
Figure 3. When BHCs, covered SLHCs, and IHCs are required to participate in the supervisory stress test
The Board conducts stress tests of banks it supervises on an annual or two-year cycle. Based on a bank’s financial condition, size, complexity, risk profile, risks to the U.S. economy, or scope of operations or activities, the Board may conduct a stress test of a bank more or less frequently than required.
Applies to every year:
- U.S. global systemically important bank holding companies (Category I)
- Domestic bank holding companies and U.S. intermediate holding companies of foreign banks with $700 billion or more in total assets or $75 billion or more in cross-jurisdictional activity (Category II)
- Domestic bank holding companies and U.S. intermediate holding companies of foreign banks with $250 billion or more in total assets or $75 billion or more in weighted short-term wholesale funding, nonbank assets, or off-balance-sheet exposure (Category III)
Applies to every 2 years: (in years ending in an even number)
- Domestic bank holding companies and U.S. intermediate holding companies of foreign banks with $100 billion or more in total assets that do not meet the requirements for every-year stress testing (Category IV)
Note: Bank holding companies of this asset size may also elect to participate in a stress test in a year ending in an odd number.
Figure 4. Aggregate common equity capital ratio for 32 banks in the 2026 stress test
Percent
| Year | Ratio |
|---|---|
| 2009:Q1 | 5.1752 |
| 2009:Q2 | 6.391 |
| 2009:Q3 | 7.5985 |
| 2009:Q4 | 7.9132 |
| 2010:Q1 | 8.3433 |
| 2010:Q2 | 8.8019 |
| 2010:Q3 | 9.1585 |
| 2010:Q4 | 9.5279 |
| 2011:Q1 | 9.7447 |
| 2011:Q2 | 9.967 |
| 2011:Q3 | 9.96 |
| 2011:Q4 | 10.2597 |
| 2012:Q1 | 10.8561 |
| 2012:Q2 | 10.9584 |
| 2012:Q3 | 11.1488 |
| 2012:Q4 | 11.3101 |
| 2013:Q1 | 10.8614 |
| 2013:Q2 | 11.1182 |
| 2013:Q3 | 11.3456 |
| 2013:Q4 | 11.4682 |
| 2014:Q1 | 12.1746 |
| 2014:Q2 | 12.2256 |
| 2014:Q3 | 12.3762 |
| 2014:Q4 | 12.4339 |
| 2015:Q1 | 11.6009 |
| 2015:Q2 | 11.8171 |
| 2015:Q3 | 12.0371 |
| 2015:Q4 | 12.3258 |
| 2016:Q1 | 12.2485 |
| 2016:Q2 | 12.3977 |
| 2016:Q3 | 12.4788 |
| 2016:Q4 | 12.5464 |
| 2017:Q1 | 12.5646 |
| 2017:Q2 | 12.6448 |
| 2017:Q3 | 12.6871 |
| 2017:Q4 | 12.3072 |
| 2018:Q1 | 11.8654 |
| 2018:Q2 | 12.0681 |
| 2018:Q3 | 12.0486 |
| 2018:Q4 | 12.0645 |
| 2019:Q1 | 12.1777 |
| 2019:Q2 | 12.2676 |
| 2019:Q3 | 12.1113 |
| 2019:Q4 | 11.9448 |
| 2020:Q1 | 11.4673 |
| 2020:Q2 | 12.1171 |
| 2020:Q3 | 12.5979 |
| 2020:Q4 | 12.6772 |
| 2021:Q1 | 12.6713 |
| 2021:Q2 | 12.6287 |
| 2021:Q3 | 12.428 |
| 2021:Q4 | 12.2586 |
| 2022:Q1 | 11.683 |
| 2022:Q2 | 11.7288 |
| 2022:Q3 | 11.8415 |
| 2022:Q4 | 12.0606 |
| 2023:Q1 | 12.1727 |
| 2023:Q2 | 12.3361 |
| 2023:Q3 | 12.6015 |
| 2023:Q4 | 12.7485 |
| 2024:Q1 | 12.8016 |
| 2024:Q2 | 13.0682 |
| 2024:Q3 | 13.1653 |
| 2024:Q4 | 13.2032 |
| 2025:Q1 | 13.129 |
| 2025:Q2 | 13.0116 |
| 2025:Q3 | 12.9929 |
| 2025:Q4 | 12.81 |
| 2026:Q1 | 12.4295 |
Note: The Federal Reserve's evaluation of a bank's common equity capital was initially measured using a tier 1 common capital ratio but now is evaluated using a common equity tier 1 capital ratio. Not all of the banks included in the 2026 stress test reported data for all periods since 2009.
Source: FR Y-9C.
Figure 5. Decline from start to minimum common equity tier 1 capital ratio in the severely adverse scenario
Percentage points
| Bank | Decline |
|---|---|
| Ally | 2.5 |
| American Express | 0.8 |
| Bank of America | 1.4 |
| Bank of NY-Mellon | 0 |
| Barclays US | 2.5 |
| BMO | 3.9 |
| Capital One | 3.3 |
| Charles Schwab Corp | -1.9 |
| Citigroup | 2.9 |
| Citizens | 2 |
| DB USA | 8.2 |
| Fifth Third | 1.1 |
| First Citizens | 4.4 |
| Goldman Sachs | 2.9 |
| HSBC | 3.2 |
| Huntington | 1.1 |
| JPMorgan Chase | 2 |
| KeyCorp | 1.9 |
| M&T | 1.7 |
| Morgan Stanley | 2.6 |
| Northern Trust | 0.3 |
| PNC | 0.4 |
| RBC USA | 3.5 |
| Regions | 0.6 |
| Santander | 0.9 |
| State Street | 0.8 |
| Synchrony Fncl | 0.1 |
| TD Group | 2.5 |
| Truist | 1.2 |
| UBS Americas | 2.8 |
| US Bancorp | 0.9 |
| Wells Fargo | 1.4 |
| Median | 1.8 |
Note: The top bars show the decline from the start of the 2026 stress test in 2025:Q4 to the minimum CET1 capital ratio in the 2026 stress test. Estimates of minimum CET1 capital as a percent of risk-weighted assets are for the nine-quarter period from 2026:Q1 to 2028:Q1. Negative values indicate CET1 ratio increases.
Figure 6. Pre-tax net income rates in the severely adverse scenario
Percent
| Bank | Pre-tax net income rates |
|---|---|
| Ally | -1.6 |
| American Express | 3.8 |
| Bank of America | -0.4 |
| Bank of NY-Mellon | 2.1 |
| Barclays US | 1.6 |
| BMO | -2.3 |
| Capital One | -2.1 |
| Charles Schwab Corp | 3.2 |
| Citigroup | 0 |
| Citizens | -1.3 |
| DB USA | -2 |
| Fifth Third | -0.8 |
| First Citizens | -3.6 |
| Goldman Sachs | 0.9 |
| HSBC | -1.1 |
| Huntington | -0.5 |
| JPMorgan Chase | 0 |
| KeyCorp | -1.3 |
| M&T | -1 |
| Morgan Stanley | 1.3 |
| Northern Trust | 0.1 |
| PNC | 0.2 |
| RBC USA | -1.9 |
| Regions | 0 |
| Santander | 0.1 |
| State Street | 1.1 |
| Synchrony Fncl | 7.4 |
| TD Group | -1 |
| Truist | -0.8 |
| UBS Americas | 1 |
| US Bancorp | -0.1 |
| Wells Fargo | -0.8 |
| Median | -0.25 |
Note: Estimates are for the nine-quarter period from 2026:Q1 to 2028:Q1 as a percent of average assets.
Figure 7. Projected losses in the severely adverse scenario
Billions of dollars (percent of total losses)
| Dollars in projected losses | Percent in projected losses | |
|---|---|---|
| First-lien mortgages, domestic | 23 | 3 |
| Junior liens and HELOCs | 5 | 1 |
| Credit cards | 203 | 29 |
| Other consumer loans | 54 | 8 |
| Commercial and industrial loans | 158 | 22 |
| Commercial real estate, domestic | 77 | 11 |
| Other loans | 105 | 15 |
| Securities losses | 7 | 1 |
| Trading and counterparty losses | 37 | 5 |
| Other losses | 39 | 6 |
Note: Percent of total losses may not sum to 100 because of rounding. Total losses in billions may not sum to the reported total losses because of rounding.
Figure 8. Pre-provision net revenue rates in the severely adverse scenario
Percent
| Bank | Pre-provision net revenue rates |
|---|---|
| Ally | 3.9 |
| American Express | 14 |
| Bank of America | 1.9 |
| Bank of NY-Mellon | 2.7 |
| Barclays US | 4.3 |
| BMO | 1.7 |
| Capital One | 9.7 |
| Charles Schwab Corp | 3.5 |
| Citigroup | 2.3 |
| Citizens | 2.6 |
| DB USA | -0.4 |
| Fifth Third | 3.8 |
| First Citizens | 2.8 |
| Goldman Sachs | 2.9 |
| HSBC | 0.8 |
| Huntington | 3.4 |
| JPMorgan Chase | 2.7 |
| KeyCorp | 3.2 |
| M&T | 3.6 |
| Morgan Stanley | 3 |
| Northern Trust | 2 |
| PNC | 3.4 |
| RBC USA | 2.3 |
| Regions | 4.4 |
| Santander | 4.4 |
| State Street | 2 |
| Synchrony Fncl | 21.4 |
| TD Group | 1.1 |
| Truist | 3.3 |
| UBS Americas | 2.5 |
| US Bancorp | 3.4 |
| Wells Fargo | 2.2 |
| Median | 2.95 |
Note: Estimates are for the nine-quarter period from 2026:Q1 to 2028:Q1 as a percent of average assets.
Figure A. Projected common equity tier 1 capital ratio, supervisory severely adverse scenario
| Projection Quarter | 2025 Stress Test | 2026 Stress Test |
|---|---|---|
| 1 | 12.3 | 11.5 |
| 2 | 12 | 11.4 |
| 3 | 11.7 | 11.3 |
| 4 | 11.5 | 11.2 |
| 5 | 11.6 | 11.4 |
| 6 | 11.7 | 11.6 |
| 7 | 11.9 | 11.9 |
| 8 | 12.2 | 12.2 |
| 9 | 12.6 | 12.7 |
Note: The 2025 line includes 30 firms that participated in the 2024 stress test using the full phase-in of 2025 stress test models, as published on the Federal Reserve website on December 1, 2025. The 2026 line includes 32 firms that participated in the 2026 stress test using 2026 stress test models.