Associated Banc-Corp (ASB) 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 %
Q4 26	$0.68	$0.7	+2.9%	—	—	—
Q3 26	$0.7	$0.8	+14.3%	—	—	—
Q2 26	$0.66	$0.69	+4.5%	—	—	—
Q1 26	$0.62	$0.65	+4.8%	—	—	—
Q4 25	$0.57	$0.63	+10.5%	—	—	—
Q3 25	$0.54	$0.57	+5.6%	—	—	—
Q2 25	$0.5	$0.56	+12.0%	—	—	—
Q1 25	$0.51	$0.52	+2.0%	—	—	—
Q4 24	$0.49	$0.52	+6.1%	—	—	—
Q3 24	$0.52	$0.53	+1.9%	—	—	—
Q2 24	$0.52	$0.53	+1.9%	—	—	—
Q1 24	$0.59	$0.56	-5.1%	—	—	—
Q4 23	$0.64	$0.66	+3.1%	—	—	—
Q3 23	$0.66	$0.7	+6.1%	—	—	—
Q2 23	$0.59	$0.62	+5.1%	—	—	—
Q1 23	$0.44	$0.56	+27.3%	—	—	—

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	—	$2.79	—	—	$1.5B	—
FY24	—	$0.73	—	—	$1B	—
FY23	—	$1.14	—	—	$1.1B	—
FY22	—	$2.36	—	—	$1.2B

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	$1.1B	$1.1B	$1.2B	$1.2B	$1.3B	$1B	$1.2B	$1.1B	$1B	$1.5B
YoY change	+5.42%	+0.61%	+15.1%	-1.64%	+4.08%	-16.5%	+17.6%	-11.1%	-6.19%	+43.7%

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	1.1B	1.1B	1.2B	1.2B	1.3B	1B	1.2B	1.1B	1B	1.5B
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	485.8M	489.2M	543.6M	532.9M	470.9M	466M	502.3M	563.8M	554.5M	590M
Operating expenses	485.8M	489.2M	543.6M	532.9M	470.9M	466M	502.3M	563.8M	554.5M	590M
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	287.6M	338.8M	413.3M	406.5M	327M	436.3M	459.6M	206.1M	134.5M	577.9M
Income tax	87.3M	109.5M	79.8M	79.7M	20.2M	85.3M	93.5M	23.1M	11.3M	103.1M
Net income	200.3M	229.3M	333.6M	326.8M	306.8M	351M	366.1M	183M	123.1M	474.8M
Net margin	18.9%	21.5%	27.2%	27.1%	24.4%	33.5%	29.7%	16.7%	12%	32.1%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	1.27	1.45	1.92	1.93	1.87	2.2	2.36	1.14	0.73	2.79
Diluted EPS	1.26	1.42	1.89	1.91	1.86	2.18	2.34	1.13	0.72	2.77

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	318.8M	121.8M	320.9M	320M	327M	61.6M	342.1M	364.3M	384.8M	388M	381.3M	448.9M
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	133.4M	170.5M	139.9M	136.2M	135.9M	142.5M	140.7M	144.4M	154M	150.8M	151.8M	180.3M
Operating expenses	133.4M	170.5M	139.9M	136.2M	135.9M	142.5M	140.7M	144.4M	154M	150.8M	151.8M	180.3M
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	102.7M	-138M	101.2M	102.9M	108.1M	-177.8M	121.1M	139.6M	154.3M	162.9M	152.9M	159.2M
Income tax	19.4M	-47.2M	20M	-12.7M	20.1M	-16.1M	19.4M	28.4M	29.6M	25.8M	33.2M	35.6M
Net income	83.2M	-90.8M	81.2M	115.6M	88M	-161.6M	101.7M	111.2M	124.7M	137.1M	119.6M	123.6M
Net margin	26.1%	-74.6%	25.3%	36.1%	26.9%	-262.5%	29.7%	30.5%	32.4%	35.3%	31.4%	27.5%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	0.53	-0.63	0.52	0.75	0.56	-1.04	0.6	0.65	0.73	0.81	0.7	0.64
Diluted EPS	0.53	-0.63	0.52	0.74	0.56	-1.04	0.59	0.65	0.73	0.8	0.7	0.63

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	3.7B	3.8B	—	3.5B	2.6B	3.4B	3.4B	3.2B	3.6B	4.3B	5.5B
Enterprise value	1.7B	2.9B	—	3.5B	1B	-46.5M	4.7B	1.2B	748.6M	1B	9.6B
Shares outstanding	148.8M	150.9M	167.3M	160.5M	153M	150.8M	149.2M	150M	151.9M	165.1M	165.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	18.3	16.7	—	10.8	8.5	9.7	9.41	17.5	29.5	8.96	10.2
P/S	3.47	3.59	—	2.93	2.08	3.25	2.79	2.92	3.53	2.87	3.52
P/B	1.19	1.18	—	0.9	0.64	0.85	0.86	0.77	0.79	0.85	0.99
EV/Sales	1.65	2.68	—	2.86	0.84	-0.04	3.81	1.07	0.73	0.68	6.14
Earnings yield	5.45%	5.98%	—	9.24%	11.8%	10.3%	10.6%	5.7%	3.39%	11.2%	9.85%
FCF yield	14.6%	10.7%	—	14.3%	19%	14%	22.8%	11.9%	14.7%	13.6%	8.48%
PEG	—	—	—	—	—	—	—	—	—	—	-6.6

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	41.3%
Net margin	18.9%	21.5%	27.2%	27.1%	24.4%	33.5%	29.7%	16.7%	12%	32.1%	32.5%
ROE	6.48%	7.08%	8.82%	8.33%	7.5%	8.72%	9.12%	4.38%	2.67%	9.54%	9.69%
ROA	—	—	—	—	—	—	—	—	0.29%	1.05%	1.05%
Return on tangible assets	—	—	—	—	—	—	—	—	0.3%	1.11%	1.03%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Debt / equity	1.08	1.16	1.17	0.96	0.55	0.47	1.14	0.59	0.58	0.78	0.01
Debt / assets	—	—	—	—	—	—	—	—	0.06	0.09	0.1
Effective tax rate	30.4%	32.3%	19.3%	19.6%	6.18%	19.6%	20.3%	11.2%	8.41%	17.8%	19.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	7.13	7.07	7.34	7.52	8.22	6.96	8.27	7.32	6.78	8.96	9.11
EPS (basic)	1.27	1.45	1.92	1.93	1.87	2.2	2.36	1.14	0.73	2.79	2.79
EPS (diluted)	1.26	1.42	1.89	1.91	1.86	2.18	2.34	1.13	0.72	2.77	2.86
Book value per share	20.8	21.5	22.6	24.4	26.7	26.7	26.9	27.8	30.3	30.1	29.2
FCF per share	3.61	2.72	2.57	3.16	3.24	3.17	5.26	2.54	3.52	3.51	3.58
Cash per share	35.5	31.3	27.9	23.9	24.8	35.5	22.4	30.1	36.7	43.1	9.93
Capex per share	0.7	0.31	0.39	0.42	0.36	0.35	0.42	0.41	0.3	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	9.8%	4.44%	5.36%	5.59%	4.35%	4.98%	5.08%	5.63%	4.37%	—	—
Capex / operating cash flow	17.9%	10.9%	13.1%	12%	13%	8.8%	7.67%	43.4%	21.7%	—	—
Payout ratio	38.3%	37.4%	34.9%	38.9%	42.5%	37.9%	36.8%	77.1%	122.4%	35.2%	33.2%
Dividend yield	2.09%	2.24%	—	3.59%	5%	3.91%	3.91%	4.4%	4.15%	3.93%	3.31%

Yield

3.31%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.24

ex-dividend Sep 1, 2026

Payout ratio

33%

of earnings

Dividend growth

15 years

consecutive annual raises

Dividend per share

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

Recent payouts

Ex-dividend	Amount
Sep 1, 2026	$0.24
Jun 1, 2026	$0.24
Mar 2, 2026	$0.24

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	$318.8M	$121.8M	$320.9M	$320M	$327M	$61.6M	$342.1M	$364.3M	$384.8M	$388M	$381.3M	$448.9M
YoY change	-4.44%	-65.2%	-4.2%	-0.58%	+2.57%	-49.5%	+6.63%	+13.8%	+17.7%	+530.3%	+11.5%	+23.2%

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	5.3B	4.7B	4.7B	3.8B	3.8B	5.4B	3.3B	4.5B	5.6B	7.1B
Receivables	—	—	—	91.2M	90.3M	80.5M	144.4M	169.6M	167.8M	161.1M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	-183.2M	-189.8M	-180.1M	-155.6M	-171.1M	-188.2M	-194.5M	-26.6M	-36.6M	-51.4M
Goodwill & intangibles	2.1B	2.1B	2.6B	2.7B	2.4B	2.4B	2.5B	2.5B	2.4B	2.4B
Total assets	—	—	—	—	—	—	—	—	43B	45.2B
Accounts payable	—	—	—	—	—	—	—	—	—	—
Short-term debt	583.7M	67.5M	945.4M	552M	59.3M	34.7M	3.1B	740M	1.3B	2.9B
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	2.8B	3.7B	3.5B	3.2B	2.2B	1.9B	1.4B	1.7B	1.4B	1B
Total liabilities	—	—	—	—	—	—	—	—	38.4B	40.2B
Shareholders' equity	3.1B	3.2B	3.8B	3.9B	4.1B	4B	4B	4.2B	4.6B	5B
Total debt	3.3B	3.7B	4.4B	3.8B	2.2B	1.9B	4.6B	2.5B	2.7B	3.9B
Net debt	2.7B	3.1B	3.7B	3.2B	1.5B	879.6M	4B	1.6B	1.7B	2.1B

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	4.2B	4.5B	4.6B	4.9B	5.1B	5.6B	6B	6.3B	1.3B	7.1B	6.9B	8.2B
Receivables	171.1M	169.6M	167.1M	173.1M	167.8M	167.8M	159.7M	168.6M	168.5M	161.1M	161M	181.9M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	-26.6M	—	—	—	-36.6M	—	—	—	-51.4M	—	—
Goodwill & intangibles	2.5B	2.5B	2.5B	2.5B	2.4B	2.4B	2.4B	2.4B	2.4B	2.4B	2.4B	2.7B
Total assets	—	—	41.1B	41.6B	42.2B	43B	43.3B	44B	44.5B	45.2B	45.6B	51.8B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	2.5B	740M	638M	1.5B	705M	1.3B	1.4B	3.5B	2.8B	2.9B	3B	4.3B
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	1.7B	1.7B	1.7B	1.7B	2.1B	1.4B	1.2B	1B	1B	1B	1B	850.8M
Total liabilities	—	—	—	37.4B	37.8B	38.4B	38.6B	39.2B	39.6B	40.2B	40.6B	46.2B
Shareholders' equity	4.1B	4.2B	4.2B	4.2B	4.4B	4.6B	4.7B	4.8B	4.9B	5B	5B	5.6B
Total debt	4.3B	2.5B	2.4B	3.2B	2.8B	2.7B	2.6B	4.5B	3.8B	3.9B	4B	5.2B
Net debt	3.6B	1.6B	1.5B	2.3B	1.8B	1.7B	1.4B	3.2B	2.5B	2.1B	2.6B	3.3B

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	200.3M	229.3M	333.6M	326.8M	306.8M	351M	366.1M	183M	123.1M	474.8M
Depreciation & amortization	106.5M	96.5M	77.6M	104.1M	108.5M	70.4M	68.9M	94.3M	102.5M	102.1M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	13.7M	-34M	57.5M	-91M	-139.2M	179.5M	252.5M	-132.9M	-20.1M	-12.2M
Operating cash flow	580.6M	434.3M	504.4M	563.5M	421.7M	593.9M	817.2M	142.3M	207.2M	615.7M
Capital expenditure	-103.9M	-47.4M	-65.9M	-67.5M	-54.7M	-52.3M	-62.7M	-61.8M	-45M	—
Investing cash flow	29.6M	-534.9M	-54.4M	1.8B	847M	-1.8B	-675.4M	-734.2M	-884.4M	-703.4M
Dividends paid	-76.8M	-85.8M	-116.3M	-127M	-130.4M	-133.2M	-134.6M	-141M	-150.7M	-167.3M
Share repurchases	-85.2M	-46.3M	-240.1M	-177.5M	-71.3M	-297.4M	0	0	-24.5M	-29M
Financing cash flow	299.4M	114.8M	-218.3M	-1B	-2.4B	-614.4M	2.8B	-2.5B	494.7M	798.7M
Net change in cash	909.6M	14.1M	231.7M	1.3B	-1.1B	-1.8B	3B	-3.1B	-182.5M	711M
Free cash flow	537.5M	411M	430.7M	506.8M	495.1M	477.3M	783.9M	380.9M	535.3M	579.3M

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	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	83.2M	-90.8M	81.2M	115.6M	88M	-161.6M	101.7M	111.2M	124.7M	137.1M	119.6M	123.6M
Depreciation & amortization	24.9M	25.6M	25.2M	24.1M	24.7M	28.5M	22.5M	26.2M	26.4M	27M	26.7M	22.3M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	63.4M	-145.3M	65.5M	-43.1M	-68.8M	26.3M	-16.8M	-23.5M	-38.2M	47.7M	45.2M	39.1M
Operating cash flow	159.8M	-197M	165.2M	73.8M	68.3M	-100M	131.4M	72.5M	158M	218.1M	135.9M	207.1M
Capital expenditure	-13.9M	-18.3M	-8.5M	-11.5M	-11.7M	-13.3M	-7.5M	-10.6M	—	—	—	—
Investing cash flow	-25.1M	53.3M	-52.7M	-223.5M	-101.8M	-506.4M	-178.3M	-285.7M	-115.1M	-142.5M	-159.4M	126.5M
Dividends paid	-34.9M	-36.4M	-36.4M	-36.4M	-36.5M	-41.4M	-41.4M	-41.4M	-41.4M	-43.1M	-42.9M	-48.6M
Share repurchases	0	-86K	-22.9M	-1.1M	-347K	-227K	-28.1M	-94K	-346K	-477K	-31.6M	-653K
Financing cash flow	-552.1M	-1.2B	-218.5M	1.4B	-485.6M	-523M	-306.5M	1.6B	-447.6M	-17.8M	175.1M	1.2B
Net change in cash	-417.4M	-1.4B	-106M	1.2B	-519.1M	-1.1B	-353.3M	1.4B	-404.7M	57.9M	151.6M	1.5B
Free cash flow	185.5M	46.4M	146M	102M	93.4M	193.8M	90.7M	130.9M	147.4M	210.3M	127.2M	194.8M

Date	Ratio
May 13, 2004	3:2
Apr 25, 2002	11:10
May 30, 2000	11:10
Jun 15, 1998	5:4
Mar 3, 1997	6:5
Jun 16, 1995	5:4
Aug 16, 1993	11:10
May 10, 1990	11:10
May 12, 1987	11:10
Sep 18, 1985	2:1

Associated Banc-Corp 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