ASSOCIATED BANC-CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ASSOCIATED BANC-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
Revenue	1,060	1,074	1,235	1,216	1,277	1,058	1,240	1,103
Selling and marketing	26.4	28.9	30.9	29.6	18.4	21.1	25.5	28.4	28.1	31.6
Interest expense	84.3	145	275	337	150	72.3	188	918	1,075	972
Pre-tax income	288	339	413	407	327	436	460	206	134	578
Income tax	87.3	110	79.8	79.7	20.2	85.3	93.5	23.1	11.3	103
Net income	200	229	334	327	307	351	366	183	123	475
EPS, basic	1.27	1.45	1.92	1.93	1.87	2.20	2.36	1.14	0.73	2.79
EPS, diluted	1.26	1.42	1.89	1.91	1.86	2.18	2.34	1.13	0.72	2.77
Shares, basic (weighted)	149	151	167	161	153	151	149	150	152	165
Shares, diluted (weighted)	150	154	170	162	154	152	150	151	153	167
Dividend per share							0.81	0.85	0.89	0.93

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	642	716	877	589	716	1,026	621	924	1,020	1,720
Property, plant and equipment	330	331	363	435	419	385	377	373	379	382
Lease right-of-use assets				45.4	32	28.3	25.6	24.7	33.2
Goodwill	972	976	1,169	1,176	1,109	1,105	1,105	1,105	1,105	1,105
Intangible assets	15.4	15.6	75.8	88.3	68.3	58.1	49.3	40.5	31.7	22.8
Total assets	29,139	30,484	33,615	32,386	33,420	35,104	39,406	41,016	43,023	45,203
Short-term debt	1,092	392	157	465	252	354	606	327	470	308
Total liabilities	26,048	27,246	29,834	28,464	29,329	31,079	35,390	36,842	38,418	40,227
Total debt	2,762	497	796	549	549	249	248	541	838	594
Paid-in capital	1,459	1,339	1,713	1,716	1,720	1,714	1,713	1,715	2,047	2,050
Retained earnings	1,696	1,935	2,181	2,381	2,459	2,673	2,905	2,947	2,919	3,227
Treasury stock	-171	-135	-247	-400	-456	-546	-525	-512	-483	-490
Other comprehensive income	-54.7	-62.8	-125	-33.2	12.6	-10.3	-273	-171	-74.4	-7.57
Shareholders' equity	3,091	3,237	3,781	3,922	4,091	4,025	4,015	4,174	4,606	4,975
Total equity	3,091	3,237	3,781	3,922	4,091	4,025	4,015	4,174	4,606	4,975
Total liabilities and equity	29,139	30,484	33,615	32,386	33,420	35,104	39,406	41,016	43,023	45,203
Shares outstanding			164	157	154	149	150	151	166	166

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	200	229	334	327	307	351	366	183	123	475
Depreciation and amortization	45.4	47	48.3	58.1	50.6	46.5	45.1	47	48.8	50.4
Deferred income tax	10.7	21.4	46.9	13.8	-29	15.4	12.4	-11.5	-36.5	21.2
Cash from operations	641	458	497	574	550	530	847	443	580	616
Acquisitions	-0.69	0.34	-59.5	-551	31.5	0	0
Purchases of investments				-460	-1,649	-2,744	-960	-1,937	-3,315	-1,960
Sales and maturities of investments	998	713	634	562	1,343	1,217	494	398	1,160	1,190
Cash from investing	-1,653	-1,397	-381	1,617	-794	-1,584	-5,255	-1,436	-2,219	-1,625
Debt issued	0	0	300	0	0	0	0	293	299	0
Debt repaid	-430	0	0	-250	0	-300	0	0
Stock issued							0	0	331	0
Share buybacks	0
Dividends paid	-67.9	-76.4	-106	-112	-112	-116	-123	-130	-139	-156
Cash from financing	1,180	1,012	45	-2,480	371	1,364	4,004	1,296	1,735	1,710
Net change in cash	169	73.8	161	-288	127	309	-404	302	95.8	701
Interest paid	88.3	138	262	333	159	81.6	175	839	1,075	988
Income taxes paid	75.6	81.5	18.3	41.1	17.7	57.7	18.4	69.4	17.7	1.52

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 $29.37 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	19.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.0%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	285.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	9.0%	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	9.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	284.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	5.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	8.3%	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	6.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-10.1%	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	2.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	8.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.4%	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	4.0%	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	5.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.7%	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	6.2%	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	8.7%	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	3.4%	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	1.6%	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
Debt / equity	0.10x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.1%	Total debt / total assets.
Liabilities / assets	89.1%	Total liabilities / total assets.
Net debt	-$1.24B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	2.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$4.37B	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.66	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.
Operating cash flow per share	$3.79	Cash from operations / diluted weighted shares.
Book value per share	$29.88	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$23.18	Tangible book value / shares outstanding.
Cash per share	$9.70	(Cash + short-term investments) / shares outstanding.
Payout ratio	32.6%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.55B	Share price x shares outstanding.
Enterprise value	$4.31B	Market cap + total debt - cash - short-term investments.
P/E	11.0x	Market cap / net income. Only when net income is positive.
P/B	0.98x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.27x	Market cap / tangible book value, when positive.
P/OCF	7.71x	Market cap / cash from operations, when positive.
Earnings yield	9.1%	Net income / market cap (the inverse of P/E).
Dividend yield	3.0%	Dividends paid over the period / market cap.
Shareholder yield	3.0%	(Dividends paid + share buybacks) / market cap.
PEG	1.90x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was ASSOCIATED BANC-CORP profitable in fiscal 2025?

Yes. Net income was $474.8M, a net margin of -.

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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