Associated Banc-Corp (ASB) Q4 FY2025 earnings: revenue $389 million, up 513.0% on the year

Associated Banc-Corp (ASB) reported revenue of $389 million for Q4 FY2025, the quarter ended 31 December 2025, up 513.0% on the same quarter a year earlier. Net income was $137 million, and diluted earnings per share $0.80. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue$389 millionup 513.0%

Net income$137 million

Diluted EPS$0.80

QuarterQ4 FY2025ended 31 December 2025

The quarter, against the one before and a year earlier

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Revenue	389	386	63.5	+513.0%
Interest expense	235	251	258	-9.2%
Pre-tax income	163	154	-178	n/a
Income tax	25.8	29.6	-16.1	n/a
Effective tax rate	15.8%	19.2%	n/a
Net income	137	125	-162	n/a
Net margin	35.2%	32.3%	-254.4%
Diluted EPS	$0.80	$0.73	-$1.03	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Operating cash flow	218	158	207	+5.3%
Capital expenditure	7.8	10.5	13.3	-41.4%
Free cash flow	210	147	194	+8.5%
Cash from investing	-375	-485	-1,046	n/a
Cash from financing	584	360	891	-34.5%
Depreciation and amortisation	14.6	14.2	14.6	-0.2%
Dividends paid	40.2	38.5	38.6	+4.3%
Dividend per share	n/a	$0.23	n/a	n/a
Diluted shares, weighted	167m	167m	159m	+4.8%
Shares outstanding at period end	166m	166m	166m	-0.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Shareholders' equity	4,975	4,868	4,606	+8.0%
Deposits	35,553	34,882	34,648	+2.6%
Repurchase agreements	308	400	470	-34.5%
Debt	4,170	4,214	3,162	+31.9%
Other liabilities	197	91.6	137	+43.6%
Total liabilities and equity	45,203	44,456	43,023	+5.1%
Fixed assets	382	384	379	+0.7%
Goodwill	1,105	1,105	1,105	+0.0%
Intangible assets	22.8	25.1	31.7	-27.8%
Securities held for sale or to maturity	9,000	8,853	8,320	+8.2%
Loans	30,786	30,574	29,405	+4.7%
Cash and equivalents	1,720	1,293	1,020	+68.7%
Other assets	2,187	2,222	2,762	-20.8%
Total assets	45,203	44,456	43,023	+5.1%

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	321	122	323	322	330	63.5	345	367	386	389	383	450
Interest expense	254	272	266	274	278	258	240	246	251	235	221	253
Pre-tax income	103	-138	101	103	108	-178	121	140	154	163	153	159
Tax rate	19%	n/a	20%	-12%	19%	n/a	16%	20%	19%	16%	22%	22%
Net income	83.2	-90.8	81.2	116	88.0	-162	102	111	125	137	120	124
Net margin	26%	-74%	25%	36%	27%	-254%	29%	30%	32%	35%	31%	27%
Diluted EPS	$0.53	-$0.62	$0.52	$0.74	$0.56	-$1.03	$0.59	$0.65	$0.73	$0.80	$0.70	$0.63
Operating cash flow	199	64.6	154	113	105	207	98.2	141	158	218	136	207
Capital expenditure	13.9	18.3	8.5	11.5	11.7	13.3	7.5	10.6	10.5	7.8	8.7	12.3
Free cash flow	185	46.4	146	102	93.4	194	90.7	131	147	210	127	195
Dividends paid	32.0	33.5	33.5	33.5	33.6	38.6	38.5	38.5	38.5	40.2	40.1	45.7
Shares outstanding	151m	151m	151m	151m	151m	166m	166m	166m	166m	166m	165m	189m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2025, filed 12 February 2026, accession 0000007789-26-000071: the filing on EDGAR. All of Associated Banc-Corp's filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install