Western Alliance Bancorporation Common Stock (WAL) 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	$2.35	$2.28	-3.0%	—	$978.1M	—
Q1 26	$1.36	$1.25	-8.1%	—	$1B	—
Q4 25	$2.38	$2.59	+8.8%	—	$963.2M	—
Q3 25	$2.07	$2.15	+3.9%	—	$923.2M	—
Q2 25	$2.01	$1.99	-1.0%	—	$825.8M	—
Q1 25	$1.78	$1.76	-1.1%	—	$761.6M	—
Q4 24	$1.91	$1.88	-1.6%	—	$817.8M	—
Q3 24	$1.89	$1.7	-10.1%	—	$804.2M	—
Q2 24	$1.7	$1.7	0.0%	—	$774.3M	—
Q1 24	$1.67	$1.72	+3.0%	—	$729.3M	—
Q4 23	$1.91	$1.18	-38.2%	—	$539.2M	—
Q3 23	$1.91	$1.84	-3.7%	—	$580.5M	—
Q2 23	$1.98	$1.96	-1.0%	—	$558.7M	—
Q1 23	$2.04	$2.3	+12.7%	—	$447.9M	—
Q4 22	$2.66	$2.67	+0.4%	—	$601.5M	—
Q3 22	$2.62	$2.42	-7.6%	—	$592.1M	—

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	—	$8.79	—	—	$3.5B	—
FY24	—	$7.14	—	—	$3.1B	—
FY23	—	$6.55	—	—	$2.1B	—
FY22	—	$9.74	—	—	$2.3B

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	$690.3M	$812.3M	$931.2M	$1.1B	$1.2B	$1.9B	$2.3B	$2.1B	$3.1B	$3.5B
YoY change	+33.5%	+17.7%	+14.6%	+14.9%	+14.1%	+52.6%	+23.8%	-7.75%	+45.5%	+12.3%

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	690.3M	812.3M	931.2M	1.1B	1.2B	1.9B	2.3B	2.1B	3.1B	3.5B
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	205.3M	232.2M	271M	302.4M	326.5M	503.2M	592.7M	778.5M	663.8M	903.7M
Operating expenses	205.3M	232.2M	271M	302.4M	326.5M	503.2M	592.7M	778.5M	663.8M	903.7M
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	361.2M	451.8M	510.3M	604.2M	622.5M	1.1B	1.3B	933.6M	991.2M	1.2B
Income tax	101.4M	126.3M	74.5M	105M	115.9M	223.8M	258.8M	211.2M	203.5M	216.6M
Net income	259.8M	325.5M	435.8M	499.2M	506.6M	899.2M	1.1B	722.4M	787.7M	990.6M
Net margin	37.6%	40.1%	46.8%	46.7%	41.5%	48.3%	45.9%	34%	25.5%	28.5%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	2.52	3.12	4.16	4.86	5.06	8.72	9.74	6.55	7.14	8.79
Diluted EPS	2.5	3.1	4.14	4.84	5.04	8.67	9.7	6.54	7.09	8.73

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	580.5M	539.2M	729.3M	774.3M	804.2M	817.8M	761.6M	825.8M	923.2M	963.2M	1B	978.1M
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	175.2M	249.9M	160.4M	159.4M	167.5M	176.5M	188.3M	186M	223.6M	230.5M	239.7M	240.9M
Operating expenses	175.2M	249.9M	160.4M	159.4M	167.5M	176.5M	188.3M	186M	223.6M	230.5M	239.7M	240.9M
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	277.9M	211M	231.8M	247.9M	252.1M	259.4M	246.4M	291.3M	313.8M	355.7M	231.3M	332M
Income tax	61.3M	63.1M	54.4M	54.3M	52.3M	42.5M	47.3M	53.5M	53.3M	62.5M	42.1M	63.2M
Net income	216.6M	147.9M	177.4M	193.6M	199.8M	216.9M	199.1M	237.8M	260.5M	293.2M	189.2M	268.8M
Net margin	37.3%	27.4%	24.3%	25%	24.8%	26.5%	26.1%	28.8%	28.2%	30.4%	18.9%	27.5%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	1.97	1.33	1.61	1.75	1.81	1.97	1.8	2.08	2.3	2.61	1.65	2.4
Diluted EPS	1.97	1.33	1.6	1.75	1.8	1.95	1.79	2.07	2.28	2.59	1.65	2.36

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	5B	5.9B	4.1B	5.9B	6B	11.1B	6.4B	7.1B	9.1B	9.1B	8.4B
Enterprise value	2.6B	2.7B	953.3M	2.5B	-739.6M	6.2B	5B	9.6B	7.2B	1.7B	10B
Shares outstanding	103M	104.2M	104.7M	102.7M	100.2M	102.7M	107.2M	108.3M	108.6M	108.8M	108.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	19.3	18.1	9.48	11.7	11.9	12.3	6.04	9.86	11.5	9.23	8.64
P/S	7.27	7.26	4.44	5.47	4.92	5.94	2.77	3.35	2.93	2.63	2.4
P/B	2.65	2.65	1.58	1.94	1.76	2.23	1.19	1.17	1.35	1.15	1.09
EV/Sales	3.73	3.38	1.02	2.38	-0.61	3.33	2.15	4.49	2.31	0.48	2.87
Earnings yield	5.18%	5.52%	10.5%	8.53%	8.43%	8.13%	16.6%	10.1%	8.68%	10.8%	11.6%
FCF yield	5.38%	6.36%	13%	11.7%	10.7%	-24.6%	33%	-6.22%	-31.1%	-30.5%	11.4%
PEG	—	—	—	—	—	—	—	—	—	—	0.57

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	39.4%
Net margin	37.6%	40.1%	46.8%	46.7%	41.5%	48.3%	45.9%	34%	25.5%	28.5%	28.2%
ROE	13.7%	14.6%	16.7%	16.5%	14.8%	18.1%	19.7%	11.9%	11.7%	12.5%	13%
ROA	—	—	—	—	—	—	—	—	0.97%	1.07%	1.09%
Return on tangible assets	—	—	—	—	—	—	—	—	1.02%	1.12%	1.07%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Debt / equity	0.24	0.34	0.23	0.16	0.19	0.37	1.25	1.34	0.99	0.82	0.01
Debt / assets	—	—	—	—	—	—	—	—	0.08	0.07	0.08
Effective tax rate	28.1%	28%	14.6%	17.4%	18.6%	19.9%	19.7%	22.6%	20.5%	17.9%	17.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.7	7.8	8.9	10.4	12.2	18.1	21.5	19.6	28.5	31.9	32.2
EPS (basic)	2.52	3.12	4.16	4.86	5.06	8.72	9.74	6.55	7.14	8.79	8.79
EPS (diluted)	2.5	3.1	4.14	4.84	5.04	8.67	9.7	6.54	7.09	8.73	8.86
Book value per share	18.4	21.4	25	29.4	34.1	48.3	50	56.1	61.8	73	70
FCF per share	2.62	3.6	5.15	6.66	6.42	-26.5	19.6	-4.09	-26	-25.7	-15.3
Cash per share	28.1	37.6	36.1	36.8	73.7	65.3	75.9	52.6	78.6	128.3	60.3
Capex per share	0.1	0.09	0.02	0.33	0.27	0.68	1.32	1.06	0.77	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.53%	1.09%	0.2%	3.16%	2.2%	3.73%	6.12%	5.38%	2.71%	—	—
Capex / operating cash flow	4.03%	5.14%	0.33%	4.05%	4.71%	-2.67%	6.3%	-54.1%	-3.25%	—	—
Payout ratio	0%	0%	0%	10.3%	20%	14.2%	15.7%	23.7%	22.4%	18.7%	18.5%
Dividend yield	0%	0%	0%	0.88%	1.69%	1.15%	2.6%	2.41%	1.95%	2.02%	2.19%

Yield

2.19%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.42

ex-dividend Aug 13, 2026

Payout ratio

19%

of earnings

Dividend growth

6 years

consecutive annual raises

Dividend per share

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

Recent payouts

Ex-dividend	Amount
Aug 13, 2026	$0.42
May 14, 2026	$0.42
Feb 20, 2026	$0.42
Nov 13, 2025	$0.42
Aug 14, 2025	$0.38
May 15, 2025	$0.38
Feb 14, 2025	$0.38
Nov 15, 2024	$0.38

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	$580.5M	$539.2M	$729.3M	$774.3M	$804.2M	$817.8M	$761.6M	$825.8M	$923.2M	$963.2M	$1B	$978.1M
YoY change	-1.96%	-10.4%	+62.8%	+38.6%	+38.5%	+51.7%	+4.43%	+6.65%	+14.8%	+17.8%	+31.6%	+18.4%

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	2.9B	3.9B	3.8B	3.8B	7.4B	6.7B	8.1B	5.7B	8.5B	14B
Receivables	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	36.5M	29.3M	29.5M	106.8M	114.6M	223M	344M	388M	393M	435M
Goodwill & intangibles	605.8M	601.5M	598.3M	595.2M	597M	2.7B	3.7B	3.6B	3.6B	4.3B
Total assets	—	—	—	—	—	—	—	—	80.9B	92.8B
Accounts payable	—	—	—	—	—	—	—	—	—	—
Short-term debt	80M	390M	235M	0	5M	35M	4.3B	6.6B	3.1B	3.8B
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	367.9M	376.9M	360.5M	471.7M	628.6M	1.8B	2.4B	1.5B	3.5B	2.6B
Total liabilities	—	—	—	—	—	—	—	—	74.2B	84.8B
Shareholders' equity	1.9B	2.2B	2.6B	3B	3.4B	5B	5.4B	6.1B	6.7B	7.9B
Total debt	447.9M	766.9M	595.5M	471.7M	633.6M	1.8B	6.7B	8.1B	6.6B	6.5B
Net debt	163.4M	350.1M	96.9M	37.1M	-2B	1.3B	5.7B	6.5B	2.5B	2.9B

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	6.7B	5.7B	10.1B	10.3B	7.7B	8.5B	7B	4.4B	15.9B	14B	18.5B	15.9B
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	477M	388M	483M	484M	481M	393M	486M	495M	550M	435M	605M	598M
Goodwill & intangibles	3.8B	3.6B	3.7B	3.6B	3.3B	3.6B	3.8B	3.4B	3.7B	4.3B	4.3B	4.3B
Total assets	—	—	77B	80.6B	80.1B	80.9B	83B	86.7B	91B	92.8B	98.9B	98.7B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	7.4B	6.6B	5.8B	5.1B	1.6B	3.1B	2.5B	3.1B	962M	3.8B	4.5B	4.8B
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	1.8B	1.5B	1.5B	1.5B	2.5B	3.5B	2.7B	3.7B	3.7B	2.6B	2.3B	2.7B
Total liabilities	—	—	—	74.2B	73.4B	74.2B	75.8B	79.3B	83.3B	84.8B	90.9B	90.6B
Shareholders' equity	5.7B	6.1B	6.2B	6.3B	6.7B	6.7B	7.2B	7.4B	7.7B	7.9B	7.9B	8.1B
Total debt	9.2B	8.1B	7.3B	6.6B	4B	6.6B	5.2B	6.9B	4.7B	6.5B	6.8B	7.5B
Net debt	5.7B	6.5B	3.7B	2.6B	1.5B	2.5B	1.9B	4.1B	-1B	2.9B	-1.7B	1.5B

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	259.8M	325.5M	435.8M	499.2M	506.6M	899.2M	1.1B	722.4M	787.7M	990.6M
Depreciation & amortization	12.5M	13.4M	14.3M	29M	34.6M	50M	74.6M	86.5M	118.5M	130.1M
Stock-based compensation	20.3M	23.6M	25.7M	26.2M	28.7M	35.1M	39.8M	34.3M	47.7M	51.4M
Change in working capital	-25.4M	-180.5M	41.4M	111.3M	—	—	—	—	—	-279M
Operating cash flow	262.4M	172.4M	575M	835.4M	569.6M	-2.6B	2.2B	-211.3M	-2.6B	-2.7B
Capital expenditure	-10.6M	-8.9M	-1.9M	-33.8M	-26.8M	-69.4M	-141M	-114.3M	-83.8M	—
Investing cash flow	-2.1B	-1.1B	-130.8M	-293.1M	-1.6B	-3.2B	-2.3B	-4.1B	-3.1B	-5.2B
Dividends paid	0	0	0	-51.3M	-101.3M	-127.6M	-166.2M	-171.5M	-176.8M	-184.8M
Share repurchases	0	0	-35.7M	-120.2M	-71.6M	0	0	—	—	-68.1M
Financing cash flow	149.1M	280.5M	49.3M	-677.8M	-29.6M	-470.9M	5.4B	1.4B	226.5M	1.3B
Net change in cash	-1.7B	-629.3M	493.4M	-135.4M	-1.1B	-6.3B	5.3B	-2.9B	-5.4B	-6.6B
Free cash flow	270.1M	374.9M	539.1M	684M	643.4M	-2.7B	2.1B	-442.9M	-2.8B	-2.8B

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	216.6M	147.9M	177.4M	193.6M	199.8M	216.9M	199.1M	237.8M	260.5M	293.2M	189.2M	268.8M
Depreciation & amortization	15.7M	25M	26.8M	27.4M	28.4M	35.9M	31M	32.3M	33.5M	33.3M	34.6M	35.3M
Stock-based compensation	8.9M	8.9M	13.1M	12.5M	11.4M	10.7M	15.4M	11.1M	12.8M	12.1M	9M	13.1M
Change in working capital	—	—	—	—	—	—	—	—	—	—	-23.8M	50.6M
Operating cash flow	-535.8M	538.4M	-245.2M	-693.6M	-1B	-619M	-1.6B	-547.7M	-597.4M	-69.8M	-507.2M	-356.1M
Capital expenditure	-26.2M	-27.3M	-18.8M	-16.2M	-22.1M	-26.7M	-16.6M	-21.1M	—	—	—	—
Investing cash flow	-1.2B	-1.2B	-3.3B	-1.1B	1.2B	930M	-632.4M	-3B	18.4M	-1.7B	115.9M	-495.1M
Dividends paid	-42.6M	-43.7M	-43.9M	-44M	-43.9M	-45M	-45M	-45.4M	-45M	-49.4M	-49.3M	-49M
Share repurchases	—	—	—	—	—	—	—	—	-10.6M	-57.5M	-50.3M	-2.3M
Financing cash flow	1.3B	-945M	-967.7M	-230M	-1.8B	3.2B	-549M	1.7B	-1.7B	1.8B	360.3M	666M
Net change in cash	-381.2M	-1.6B	-4.5B	-2B	-1.7B	3.6B	-2.8B	-1.8B	-2.2B	56.3M	-31M	-185.2M
Free cash flow	-595.9M	313.9M	-325.3M	-762M	-1.1B	-648.4M	-1.7B	-378.8M	-625.6M	-118.2M	-531.4M	-375.4M

Western Alliance Bancorporation Common Stock 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