Arrow Financial Corporation (AROW) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.85	$0.71	-16.5%	—	$44.2M	—
Q1 26	$0.79	$0.82	+3.8%	—	$44.8M	—
Q4 25	$0.8	$0.85	+6.2%	—	$43.4M	—
Q3 25	$0.72	$0.81	+12.5%	—	$42.8M	—
Q2 25	$0.6	$0.7	+16.7%	—	$40.1M	—
Q1 25	$0.43	$0.38	-11.6%	—	$39.2M	—
Q4 24	$0.59	$0.47	-20.3%	—	$33.9M	—
Q3 24	$0.53	$0.53	0.0%	—	$36.6M	—
Q2 24	$0.54	$0.52	-3.7%	—	$35M	—
Q1 24	$0.47	$0.45	-4.3%	—	$34.3M	—
Q4 23	$0.47	$0.46	-2.1%	—	$33.1M	—
Q3 23	$0.33	$0.46	+39.4%	—	$33.4M	—
Q2 23	$0.44	$0.35	-20.5%	—	$32.7M	—
Q4 22	$0.78	$0.71	-9.0%	—	$37.7M	—
Q3 22	$0.66	$0.72	+9.1%	—	$38.7M	—
Q2 22	$0.67	$0.71	+6.0%	—	$36.8M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.65	—	—	$165.6M	—
FY24	—	$1.78	—	—	$139.8M	—
FY23	—	$1.77	—	—	$133.9M	—
FY22	—	$2.86	—	—	$149.2M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$99.4M	$105.3M	$113M	$116.6M	$131.9M	$142.7M	$149.2M	$133.9M	$139.8M	$165.6M
YoY change	+5.68%	+5.94%	+7.29%	+3.22%	+13.1%	+8.24%	+4.57%	-10.2%	+4.37%	+18.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	99.4M	105.3M	113M	116.6M	131.9M	142.7M	149.2M	133.9M	139.8M	165.6M
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	44.3M	41.4M	42.5M	41.7M	45.9M	46.9M	49.4M	50.9M	56.7M	60.6M
Operating expenses	44.3M	41.4M	42.5M	41.7M	45.9M	46.9M	49.4M	50.9M	56.7M	60.6M
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	37.7M	39.9M	45.3M	47.1M	51.9M	64.4M	62.9M	37.5M	37.4M	55.4M
Income tax	11.2M	10.5M	9M	9.6M	11M	14.5M	14.1M	7.4M	7.6M	11.4M
Net income	26.5M	29.3M	36.3M	37.5M	40.8M	49.9M	48.8M	30.1M	29.7M	44M
Net margin	26.7%	27.9%	32.1%	32.1%	31%	34.9%	32.7%	22.5%	21.3%	26.5%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	1.61	1.77	2.17	2.23	2.42	2.93	2.86	1.77	1.78	2.65
Diluted EPS	1.6	1.76	2.16	2.22	2.42	2.92	2.86	1.77	1.77	2.65

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	33.4M	33.1M	34.3M	35M	36.6M	33.9M	39.2M	40.1M	42.8M	43.4M	44.8M	44.2M
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	12.5M	13.4M	13.6M	13.7M	14.1M	15.2M	14.2M	14.7M	15M	16.7M	15.5M	15.5M
Operating expenses	12.5M	13.4M	13.6M	13.7M	14.1M	15.2M	14.2M	14.7M	15M	16.7M	15.5M	15.5M
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	9.6M	9.4M	9.7M	10.9M	11.5M	5.2M	8.1M	13.9M	16.6M	16.8M	17.3M	13.9M
Income tax	1.8M	1.7M	2M	2.3M	2.6M	752K	1.8M	3.1M	3.8M	2.7M	3.9M	2.9M
Net income	7.7M	7.7M	7.7M	8.6M	9M	4.5M	6.3M	10.8M	12.8M	14M	13.5M	11M
Net margin	23.2%	23.3%	22.3%	24.6%	24.5%	13.2%	16.1%	26.9%	29.9%	32.3%	30.1%	24.8%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	0.46	0.46	0.45	0.52	0.54	0.27	0.38	0.65	0.77	0.85	0.82	0.66
Diluted EPS	0.46	0.46	0.45	0.52	0.53	0.27	0.38	0.65	0.77	0.85	0.82	0.66

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	592.6M	515.4M	504.1M	617.1M	490.7M	581.2M	576.6M	476M	480.6M	518.2M	700M
Enterprise value	509.3M	427.4M	635.3M	504.8M	-185.3M	-365.6M	45.3M	-92.7M	-103.5M	-209M	839.2M
Shares outstanding	16.5M	16.6M	16.7M	16.8M	16.9M	17M	17M	17M	16.7M	16.5M	16.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	22.3	17.6	13.9	16.5	12	11.7	11.8	15.8	16.2	11.8	12.1
P/S	5.96	4.89	4.46	5.29	3.72	4.07	3.86	3.55	3.44	3.13	4.1
P/B	2.55	2.06	1.87	2.05	1.47	1.57	1.63	1.25	1.2	1.2	1.4
EV/Sales	5.12	4.06	5.62	4.33	-1.41	-2.56	0.3	-0.69	-0.74	-1.26	4.93
Earnings yield	4.48%	5.69%	7.2%	6.07%	8.32%	8.58%	8.46%	6.32%	6.18%	8.48%	8.23%
FCF yield	5.61%	6.83%	7.31%	5.86%	7.58%	10.5%	7.88%	2.84%	6.01%	6.98%	6.26%
PEG	—	—	—	—	—	—	—	—	—	—	7.89

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	34.7%
Net margin	26.7%	27.9%	32.1%	32.1%	31%	34.9%	32.7%	22.5%	21.3%	26.5%	30.1%
ROE	11.4%	11.7%	13.5%	12.4%	12.2%	13.4%	13.8%	7.92%	7.41%	10.2%	12%
ROA	—	—	—	—	—	—	—	—	0.69%	0.99%	1.15%
Return on tangible assets	—	—	—	—	—	—	—	—	0.7%	1%	1.16%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Debt / equity	1.38	1.14	1.98	1.04	0.21	0.19	0.3	0.19	0.08	0.07	0.01
Debt / assets	—	—	—	—	—	—	—	—	0.01	0.01	0.07
Effective tax rate	29.7%	26.4%	19.9%	20.4%	21.3%	22.6%	22.4%	19.8%	20.5%	20.6%	20.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.03	6.35	6.76	6.93	7.8	8.4	8.77	7.86	8.35	10	10.4
EPS (basic)	1.61	1.77	2.17	2.23	2.42	2.93	2.86	1.77	1.78	2.65	2.65
EPS (diluted)	1.6	1.76	2.16	2.22	2.42	2.92	2.86	1.77	1.77	2.65	3.1
Book value per share	14.1	15	16.1	17.9	19.8	21.8	20.8	22.3	24	26.2	27
FCF per share	2.02	2.12	2.21	2.15	2.2	3.59	2.67	0.79	1.72	2.19	2.71
Cash per share	24.6	22.5	24.1	25.4	44.2	59.8	37.5	37.6	36.9	45.8	10.6
Capex per share	0.03	0.07	0.2	0.37	0.16	0.33	0.75	0.26	0.14	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.55%	1.13%	2.9%	5.38%	2.01%	3.92%	8.56%	3.27%	1.62%	—	—
Capex / operating cash flow	1.66%	3.42%	8.33%	15.1%	7.27%	7.98%	23.1%	22.7%	8.68%	—	—
Payout ratio	49.3%	46.4%	39.7%	40.6%	38.6%	32.7%	35.7%	59.8%	61.6%	43%	38.1%
Dividend yield	2.21%	2.64%	2.85%	2.46%	3.21%	2.8%	3.03%	3.78%	3.81%	3.65%	3.18%

Yield

3.18%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.30

ex-dividend Aug 11, 2026

Payout ratio

38%

of earnings

Dividend growth

4 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 11, 2026	$0.30
May 12, 2026	$0.30
Feb 11, 2026	$0.30

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$33.4M	$33.1M	$34.3M	$35M	$36.6M	$33.9M	$39.2M	$40.1M	$42.8M	$43.4M	$44.8M	$44.2M
YoY change	-13.7%	-12.3%	-1.32%	+7.13%	+9.48%	+2.47%	+14.2%	+14.7%	+17.2%	+28%	+14.2%	+10.1%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	404.4M	373M	401.8M	427.6M	746.3M	1B	638.2M	640.3M	617.7M	756.4M
Receivables	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	26.9M	27.6M	30.4M	40.6M	42.6M	46.2M	56.5M	59.6M	59.7M	59.4M
Goodwill & intangibles	49.1M	48.3M	47.5M	47.1M	47.6M	47.6M	46.7M	46M	51.7M	51.1M
Total assets	—	—	—	—	—	—	—	—	4.3B	4.4B
Accounts payable	—	—	—	—	—	—	—	—	—	—
Short-term debt	123M	105M	234M	130M	0	0	27M	20M	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	198M	180M	299M	185.3M	70.2M	70.2M	79.9M	51.6M	33.6M	29.2M
Total liabilities	—	—	—	—	—	—	—	—	3.9B	4B
Shareholders' equity	232.9M	249.6M	269.6M	301.7M	334.4M	371.2M	353.5M	379.8M	400.9M	431.9M
Total debt	321M	285M	533M	315.3M	70.2M	70.2M	106.9M	71.6M	33.6M	29.2M
Net debt	263.6M	212.2M	448.8M	245M	-310.8M	-387.5M	42.3M	-71M	-120.9M	-185M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	814M	640.3M	768.3M	651M	777.2M	617.7M	747.2M	716.1M	921.3M	756.4M	850.6M	738.3M
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	59.6M	—	—	—	59.7M	—	—	—	59.4M	—	—
Goodwill & intangibles	46.2M	46M	45.8M	45.6M	52M	51.7M	51.5M	51.3M	51.2M	51.1M	51M	50.8M
Total assets	—	—	4.3B	4.2B	4.4B	4.3B	4.4B	4.4B	4.6B	4.4B	4.5B	4.5B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	20M	100M	—	—	—	—	—	—	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	199.4M	51.6M	31.6M	31.5M	33.6M	33.6M	33.6M	33.6M	29.2M	29.2M	29.2M	335.1M
Total liabilities	—	—	4B	3.9B	4B	3.9B	4B	4B	4.2B	4B	4.1B	4B
Shareholders' equity	360M	379.8M	378M	383M	393.3M	400.9M	404.4M	408.5M	417.7M	431.9M	440.1M	446.3M
Total debt	199.4M	71.6M	131.6M	31.5M	33.6M	33.6M	33.6M	33.6M	29.2M	29.2M	29.2M	335.1M
Net debt	-95.4M	-71M	-150.9M	-168.7M	-306.5M	-120.9M	-267.9M	-234.9M	-368.2M	-185M	-256.4M	148.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	26.5M	29.3M	36.3M	37.5M	40.8M	49.9M	48.8M	30.1M	29.7M	44M
Depreciation & amortization	5.9M	5.4M	4.8M	5.5M	6.9M	7.8M	7.5M	6.7M	5.4M	5.4M
Stock-based compensation	1.6M	937K	735K	829K	545K	790K	859K	823K	809K	1.1M
Change in working capital	-521K	825K	-1.9M	-2.5M	-1.8M	-1M	-570K	-20M	-7.4M	-1.8M
Operating cash flow	33.2M	34.9M	39.3M	41.7M	36.5M	70.1M	55.2M	19.3M	26.2M	41.3M
Capital expenditure	550K	-1.2M	-3.3M	-6.3M	-2.7M	-5.6M	-12.8M	-4.4M	-2.3M	—
Investing cash flow	24.3M	52M	19.8M	1.2M	13.2M	-189.5M	-73.5M	146.2M	98.6M	15.7M
Dividends paid	-13.1M	-13.6M	-14.4M	-15.2M	-15.7M	-16.3M	-17.4M	-18M	-18.3M	-18.9M
Share repurchases	-2.1M	-3.2M	-2.1M	-2.5M	-1.6M	-2.7M	-2.9M	-3.6M	-6.8M	-10.2M
Financing cash flow	40.4M	-4M	94M	-246M	-164.2M	-52.1M	18.3M	-49.5M	-36.9M	-32.3M
Net change in cash	97.9M	82.9M	153.1M	-203.2M	-114.4M	-171.5M	47K	116.1M	87.8M	24.6M
Free cash flow	33.3M	35.2M	36.9M	36.2M	37.2M	61.1M	45.5M	13.5M	28.9M	36.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	10.8M	12.8M	14M	13.5M	11M
Depreciation & amortization	—	—	—	—	—	—	—	1.4M	1.5M	1.3M	1.2M	1.3M
Stock-based compensation	—	—	—	—	—	—	—	416K	228K	237K	353K	439K
Change in working capital	—	—	—	—	—	—	—	-1.3M	-1.8M	1.2M	2.5M	3.4M
Operating cash flow	—	—	—	—	—	—	—	9.8M	15M	5.9M	15.2M	15.8M
Capital expenditure	-737K	122K	-518K	29K	-887K	-895K	-651K	-1.2M	—	—	—	—
Investing cash flow	-737K	122K	-518K	29K	-887K	-895K	-651K	28.1M	-29.2M	-11.1M	-23.9M	5M
Dividends paid	—	—	—	—	—	—	—	-4.7M	-4.8M	-4.8M	-5M	-5M
Share repurchases	—	—	—	—	—	—	—	-5.2M	-1.4M	-154K	-113K	-370K
Financing cash flow	—	—	—	—	—	—	—	-11.1M	-7.2M	-5.4M	-3.4M	-5.4M
Net change in cash	-737K	122K	-518K	29K	-887K	-895K	-651K	26.9M	-21.3M	-10.6M	-12.1M	15.4M
Free cash flow	—	—	—	—	—	—	—	8.3M	14.3M	4.8M	13.9M	11.6M

Date	Ratio
Sep 16, 2022	103:100
Sep 16, 2019	103:100
Sep 18, 2018	103:100
Sep 19, 2017	103:100
Sep 19, 2016	103:100
Sep 17, 2015	102:100
Sep 17, 2014	102:100
Sep 17, 2013	102:100
Sep 17, 2012	102:100
Sep 19, 2011	103:100
Sep 17, 2010	103:100
Sep 16, 2009	103:100
Sep 19, 2007	103:100
Sep 20, 2006	103:100
Sep 20, 2005	103:100
Sep 20, 2004	103:100
Sep 30, 2003	5:4
Oct 31, 2002	105:100
Oct 31, 2001	105:100
Nov 1, 1999	5:4
Jul 30, 1998	11:10
Nov 12, 1997	105:100
Oct 9, 1996	11:10
Oct 10, 1995	1:1
Oct 5, 1994	1:1
Nov 9, 1992	104:100
Aug 9, 1991	102:100
Jan 31, 1989	105:100
Jan 27, 1988	105:100
Sep 2, 1987	2:1
Jun 2, 1986	2:1
Oct 2, 1985	5:4

Arrow Financial Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history