Provident Financial Services (PFS) FY2025 results: revenue $870 million, up 25.3% on the year
Provident Financial Services Inc. (PFS) reported revenue of $870 million for fiscal 2025, the year ended 31 December 2025, up 25.3% on the year before. Net income was $291 million, up 152.0%, and diluted earnings per share $2.23. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$870 million
+25.3% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$291 million
+152.0% on the year
FY2018FY2025
Diluted EPS
$2.23
+112.4% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Quarterly net income and EPS rose: Net income was $83.4 million, or $0.64 per basic and diluted share, up from $71.7 million, or $0.55, in the prior quarter.
Record revenue for third straight quarter: Revenue was $225.7 million, a record for a third consecutive quarter, with record net interest income of $197.4 million and record non-interest income of $28.3 million.
Commercial loan portfolio grew: The commercial loan portfolio, including mortgage warehouse, commercial mortgage, multi-family and construction loans, rose $225.3 million to $16.93 billion.
Net interest margin edged up: Net interest margin rose one basis point to 3.44%, mainly on deposit repricing, partly offset by lower purchase accounting accretion and adjustable-rate loan repricing.
Non-performing loans fell sharply: Non-performing loans were $78.4 million, or 0.40% of loans, down $22.0 million from the prior quarter, mainly through the sale of non-accruing notes.
$ million except per share. Read moreFree 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
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
442
426
173
+3.7%
Capital expenditure
11.5
1.3
7.5
+782.9%
Free cash flow
431
425
166
+1.3%
Cash from investing
-1,052
508
-470
Cash from financing
616
-908
290
Depreciation and amortisation
51.3
41.5
11.7
+23.7%
Buybacks
0.0
0.0
0.0
Dividends paid
126
101
72.4
+24.7%
Dividend per share
$0.96
$0.96
$0.96
0.0%
Diluted shares, weighted
131m
110m
75m
+19.0%
Shares outstanding at period end
131m
130m
76m
+0.1%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
2,833
2,601
1,691
+8.9%
Deposits
19,279
18,624
10,293
+3.5%
Debt
2,519
2,422
1,981
+4.0%
Other liabilities
350
405
247
-13.5%
Total liabilities and equity
24,981
24,052
14,211
+3.9%
Fixed assets
113
120
71.0
-5.3%
Goodwill
624
624
444
0.0%
Securities held for sale or to maturity
3,447
3,097
2,053
+11.3%
Loans
19,334
18,628
10,767
+3.8%
Cash and equivalents
209
206
180
+1.5%
Other assets
1,253
1,377
696
-9.0%
Total assets
24,981
24,052
14,211
+3.9%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.