Carter Bankshares, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Carter Bankshares, Inc. 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

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	12.8	18	17.5	18.3	17.3	19.4	20.3
Interest expense	46.8	35.8	22.7	20.3	74.1
Pre-tax income	27.8	-45.1	35.7	61.7	28.7	30.9	40
Income tax	1.21	0.77	4.11	11.6	5.34	6.35	8.64
Net income	26.6	-45.9	31.6	50.1	23.4	24.5	31.4
EPS, basic	1.01	-1.74	1.19	2.03	1.00	1.06	1.38
EPS, diluted	1.01	-1.74	1.19	2.03	1.00	1.06	1.38
Shares, basic (weighted)	26.3	26.4	26.3	24.6	23.2	22.8	22.5
Shares, diluted (weighted)	26.3	26.4	26.3	24.6	23.2	22.8	22.5
Dividend per share		0.14

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	126	242	278	46.9	54.5	131	105
Property, plant and equipment		85.3	75.3	72.1	73.7	74.3	72.5
Lease right-of-use assets		1.5	3.3	0	0.42	0.29	1.08
Goodwill						0	1.19
Intangible assets						0	0.94
Total assets		4,179	4,134	4,205	4,513	4,659	4,852
Total liabilities		3,739	3,726	3,876	4,161	4,275	4,432
Paid-in capital		143	144	105	90.6	92.2	74.8
Retained earnings		255	235	286	309	334	365
Other comprehensive income		15.7	1.7	-85.6	-71.4	-64.5	-42.2
Shareholders' equity	473	440	408	329	351	384	420
Total equity	473	440	408	329	351	384	420
Total liabilities and equity		4,179	4,134	4,205	4,513	4,659	4,852
Shares outstanding		26.4	26.4	24	23	23.1	22.1

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	26.6	-45.9	31.6	50.1	23.4	24.5	31.4
Depreciation and amortization	5.34	6.14	6.23	6.06	6.25	7.06	7.86
Stock-based compensation	0.38	1.02	1.04	1.31	1.56	1.75	2.07
Deferred income tax	-0.08	-1.63	3.11	3.63	0.37	2.69	2.17
Cash from operations	38.3	7.7	77.5	70.8	46.7	36.9	39.9
Capital expenditures	-8.45	-10.1	-8.48	-5.89	-9.8	-8.13	-8.06
Acquisitions					0	0	53.6
Purchases of investments	-534	-278	-467	-136	-24.9	-15.1	-63.7
Sales and maturities of investments	198	78.9	110	84.7	48.9	63.5	96.9
Cash from investing	-129	-93.3	-106	-382	-307	-68.4	-156
Share buybacks	0	0	-0.16	-42.9	-16.4	0	-20
Dividends paid	0	-3.69	0	0
Cash from financing	-76.9	202	64.7	80.4	268	108	90
Net change in cash	-168	116	35.9	-231	7.66	76.6	-26
Free cash flow	29.8	-2.42	69.1	64.9	36.9	28.8	31.8
Interest paid	46.2	36.7	23.5	19.3	69.1	106	103
Income taxes paid	0.22	0.42	2.72	5.79	5.69	0.3	3.72

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 $30.31 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	22.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	23.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.7%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	27.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-14.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	30.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-12.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	7.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-17.4%	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	38.9%	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	10.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-21.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	9.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.5%	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	-0.9%	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	4.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.9%	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	3.0%	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	-1.6%	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	-3.0%	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	-3.2%	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	88.8%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$537.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	45.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.89	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	$2.69	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.08	Cash from operations / diluted weighted shares.
Book value per share	$24.33	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$24.24	Tangible book value / shares outstanding.
Cash per share	$12.48	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$671.8M	Share price x shares outstanding.
Enterprise value	$395.3M	Market cap + total debt - cash - short-term investments.
P/E	5.23x	Market cap / net income. Only when net income is positive.
P/B	1.25x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.25x	Market cap / tangible book value, when positive.
P/FCF	11.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.99x	Market cap / cash from operations, when positive.
EV/FCF	6.73x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.7%	Free cash flow / market cap.
Earnings yield	19.1%	Net income / market cap (the inverse of P/E).

What was Carter Bankshares, Inc.'s revenue in fiscal 2025?

Carter Bankshares, Inc. reported revenue of $20.3M for fiscal 2025, 4.6% higher than the year before.

Was Carter Bankshares, Inc. profitable in fiscal 2025?

Yes. Net income was $31.4M, a net margin of 154.4%.

How much free cash flow did Carter Bankshares, Inc. generate in fiscal 2025?

Cash from operations of $39.9M minus capital expenditures of $8.1M left free cash flow of $31.8M.

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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