ARROW FINANCIAL CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ARROW FINANCIAL CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Interest expense	5.36	7.01	12.5	21.7	12.7	5.2	11.3	57.7	83.3	77
Interest income	76.9	84.7	96.5	110	112	116	130	163	195	210
Pre-tax income	37.7	39.9	45.3	47.1	51.9
Income tax	11.2	10.5	9.03	9.6	11	14.5	14.1	7.45	7.65	11.4
Net income	26.5	29.3	36.3	37.5	40.8	49.9	48.8	30.1	29.7	44
EPS, basic	1.87	1.99	2.37	2.36	2.49	2.93	2.86	1.77	1.77	2.65
EPS, diluted	1.86	1.98	2.36	2.36	2.49	2.92	2.86	1.77	1.77	2.65
Shares, basic (weighted)	14.2	14.7	15.3	15.8	16.4	17	17	17	16.7	16.5
Shares, diluted (weighted)	14.3	14.8	15.4	15.9	16.4	17.1	17.1	17	16.7	16.5
Dividend per share	0.92	0.92	0.94	0.96	0.96	0.96	1.03	1.06	1.09	1.14

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	57.4	72.8	84.2	70.2	381	458	64.7	143	155	214
Property, plant and equipment	26.9	27.6	30.4	35.5	37.6	41.4	51.9	55.2	55.4	55.3
Lease right-of-use assets				5.64	5.33	6.94	5.63	4.95	4.63	4.18
Goodwill	21.9	21.9	21.9	21.9	21.9	21.9	21.9	21.9	23.8	23.8
Intangible assets	2.7	2.29	1.85	1.66	1.95	1.92	1.5	1.11	2.06	1.74
Total assets	2,605	2,760	2,988	3,184	3,689	4,028	3,970	4,170	4,306	4,446
Short-term debt	159	170	289	181	17.5	0	54.8	26.5	8.6	4.27
Total liabilities	2,372	2,511	2,719	2,883	3,354	3,657	3,616	3,790	3,905	4,014
Total debt	55	55	45	30	45	45	27.8	6.5	8.6	4.27
Paid-in capital	271	290	315	335	354	378	400	413	413	415
Retained earnings	28.6	28.8	29.3	33.2	41.9	54.1	65.4	65.8	77.2	102
Treasury stock	-77.4	-79.2	-79.3	-80.1	-80.5	-82	-83.9	-87.2	-93.4	-103
Other comprehensive income	-6.83	-8.51	-13.8	-6.36	-0.82	0.35	-49.7	-33.4	-18.5	-4.04
Shareholders' equity	233	250	270	302	334	371	354	380	401	432
Total equity	233	250	270	302	334	371	354	380	401	432
Total liabilities and equity	2,605	2,760	2,988	3,184	3,689	4,028	3,970	4,170	4,306	4,446
Shares outstanding									16.7	16.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	26.5	29.3	36.3	37.5	40.8	49.9	48.8	30.1	29.7	44
Depreciation and amortization	5.94	5.4	4.75	5.5	6.87	7.83	7.55	6.72	5.36	5.42
Stock-based compensation	0.29	0.35	0.32	0.32	0.3	0.41	0.45	0.61	0.31	0.68
Deferred income tax	-0.28	-1.53	-0.09	0.34	-2.24	0.95	-1.25	1.8	-0.79	0.19
Cash from operations	34.7	37.8	42	43.9	42.3	68.2	59.7	20.6	34.5	41.3
Capital expenditures	-1.44	-2.6	-5.1	-7.79	-5.13	-7.14	-14.3	-7.08	-5.6	-5.09
Purchases of investments	-135	-117	-84.7	-131	-173	-323	-185	-73.6	-142	-137
Sales and maturities of investments	88.7	53.9	61.8	96.1	105	118	104	70.4	108	124
Cash from investing	-158	-149	-228	-192	-187	-275	-393	-82.7	-89	-61.5
Stock issued	2.4	1.19	2.26	1.79	0.75	1.51	0.63	0.1	0.43	0.26
Share buybacks	-2.14	-3.25	-2.1	-2.47	-1.58	-2.66	-2.87	-3.61	-6.79	-10.2
Dividends paid	-13.1	-13.6	-14.4	-15.2	-15.7	-16.3	-17.4	-18	-18.3	-18.9
Cash from financing	129	126	197	134	456	283	-59.7	140	66.5	79.8
Net change in cash	6.29	15.5	11.4	-14	311	76.7	-393	77.9	12	59.6
Free cash flow	33.3	35.2	36.9	36.2	37.2	61.1	45.5	13.5	28.9	36.2
Interest paid	5.34	6.96	12.2	20.8	13.8	5.37	5.75	51.8	84.5	77.2
Income taxes paid	12	11.5	10	9.93	11	14.8	13	6.64	8.85	18.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $37.65 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	11.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.1%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	47.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-3.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	1.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	49.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-2.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	1.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	19.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-11.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-0.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	25.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-7.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-0.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	3.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	3.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	7.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	90.0%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$422.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	87.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	14.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.11	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share	$2.71	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.16	Cash from operations / diluted weighted shares.
Book value per share	$26.98	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$25.54	Tangible book value / shares outstanding.
Cash per share	$11.29	(Cash + short-term investments) / shares outstanding.
Payout ratio	37.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	43.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	4.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$697.4M	Share price x shares outstanding.
Enterprise value	$510.6M	Market cap + total debt - cash - short-term investments.
P/E	13.6x	Market cap / net income. Only when net income is positive.
P/B	1.56x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.65x	Market cap / tangible book value, when positive.
P/FCF	15.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.4x	Market cap / cash from operations, when positive.
EV/FCF	11.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.4%	Free cash flow / market cap.
Earnings yield	7.4%	Net income / market cap (the inverse of P/E).
Dividend yield	2.8%	Dividends paid over the period / market cap.
Shareholder yield	3.1%	(Dividends paid + share buybacks) / market cap.

Was ARROW FINANCIAL CORP profitable in fiscal 2025?

Yes. Net income was $44.0M, a net margin of -.

How much free cash flow did ARROW FINANCIAL CORP generate in fiscal 2025?

Cash from operations of $41.3M minus capital expenditures of $5.1M left free cash flow of $36.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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