FIRST FINANCIAL BANKSHARES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FIRST FINANCIAL 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2.14	2.37	2.68	2.83	2.79
Interest expense	5.45	9.29	18.9	30.1	14.2	6.04	31.4	144
Pre-tax income	136	147	178	198	242	272	281	243	272	310
Income tax	31.2	26.8	27.5	33.2	40.3	44.4	46.4	44.3	48.3	56
Net income	105	120	151	165	202	228	234	199	224	254
EPS, basic	0.80	0.91	1.11	1.22	1.42	1.60	1.64	1.39	1.56	1.77
EPS, diluted	0.80	0.91	1.11	1.21	1.42	1.59	1.64	1.39	1.56	1.77
Shares, basic (weighted)	131	132	135	136	142	142	143	143	143	143
Shares, diluted (weighted)	131	133	136	136	143	143	143	143	143	143
Dividend per share	0.35	0.75		0.47	0.51	0.58	0.66	0.71	0.72	0.75

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents					729	529	331	537	763	1,078
Property, plant and equipment	123	124	133	131	142	150	153	152	152	150
Goodwill	140	140	172	172	313	313	313	313	313	313
Long-term investments					5,171	5,389	6,442	7,149
Total assets	6,810	7,255	7,732	8,262	10,905	13,102	12,974	13,106	13,979	15,446
Accounts payable					14.6	0
Short-term debt	446	331	469	381	430	671	23.7	22.2	136	21.7
Total liabilities	5,972	6,332	6,679	7,035	9,226	11,343	11,708	11,607	12,373	13,529
Paid-in capital	372	378	443	451	670	677	678	681	689	700
Retained earnings	447	517	607	708	837	982	1,122	1,220	1,340	1,486
Treasury stock	-6.67
Other comprehensive income	18.4	26.8	2.85	67.5	170	99.3	-535	-403	-424	-270
Shareholders' equity	838	923	1,053	1,227	1,678	1,759	1,266	1,499	1,607	1,917
Total equity	838	923	1,053	1,227	1,678	1,759	1,266	1,499	1,607	1,917
Total liabilities and equity	6,810	7,255	7,732	8,262	10,905	13,102	12,974	13,106	13,979	15,446

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	105	120	151	165	202	228	234	199	224	254
Depreciation and amortization	11.6	12.9	12.5	11.7	12.8	13.1	12.8	12.6	13.4	13.7
Stock-based compensation	0.88	1.75	1.51	1.49	1.38	3.25	3.96	4.26	4.93	6.92
Deferred income tax	-1.64	-1.23	-0.39	0
Cash from operations	161	190	186	202	211	355	324	285	310	299
Capital expenditures	-20.4	-14.2	-17.6	-8.67	-16.5	-19.2	-15.8	-17.3	-16.7	-13.4
Purchases of investments	-3,738	-4,768	-3,732	-4,727	-7,117	-10,888	-4,386	-4,006	-6,599	-8,854
Sales and maturities of investments	3,509	4,392	3,439	4,461	6,075	8,496	4,133	4,444	6,643	8,115
Cash from investing	-252	-398	-273	-448	-1,262	-2,612	-838	127	-737	-1,016
Stock issued	1.26	2.93	3.86	4.29	4.72	3.99	6.22	2.13	3.16	3.38
Share buybacks					-8.01	0	-9.45	-2.74	0	0
Dividends paid	-44.9	-49	-53.9	-61.1	-70.3	-79.7	-91.3	-100	-103	-106
Cash from financing	74.8	324	-36.8	279	1,498	2,056	316	-206	654	1,031
Net change in cash	-16.4	116	-124	34	446	-200	-198	206	227	315
Free cash flow	140	176	169	194	194	336	308	268	293	286
Interest paid	5.47	9.32	18.7	29.9	14.5	6.2	30.5	135	205	203
Income taxes paid	28.3	29.7	26.6	30.7	44.4	39.5	45.4	46.7	41.1	61.1

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 $32.45 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	18.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.8%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	13.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	2.6%	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	4.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	13.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	2.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	4.5%	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	-3.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-2.6%	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	7.3%	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	-2.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-2.5%	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	8.0%	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	4.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.4%	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	8.0%	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	19.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.8%	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	2.7%	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	10.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.0%	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	7.2%	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	0.2%	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	0.1%	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	87.0%	Total liabilities / total assets.
Tangible book value	$2.00B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	120.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	6.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.87	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	$2.26	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.41	Cash from operations / diluted weighted shares.
Book value per share	$13.90	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.90	Tangible book value / shares outstanding.
Cash per share	$4.04	(Cash + short-term investments) / shares outstanding.
Payout ratio	40.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	33.5%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.65B	Share price x shares outstanding.
Enterprise value	$4.07B	Market cap + total debt - cash - short-term investments.
P/E	17.3x	Market cap / net income. Only when net income is positive.
P/B	2.33x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.33x	Market cap / tangible book value, when positive.
P/FCF	14.3x	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	12.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.0%	Free cash flow / market cap.
Earnings yield	5.8%	Net income / market cap (the inverse of P/E).
Dividend yield	2.3%	Dividends paid over the period / market cap.
Shareholder yield	2.3%	(Dividends paid + share buybacks) / market cap.
PEG	6.71x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was FIRST FINANCIAL BANKSHARES INC profitable in fiscal 2025?

Yes. Net income was $253.6M, a net margin of -.

How much free cash flow did FIRST FINANCIAL BANKSHARES INC generate in fiscal 2025?

Cash from operations of $299.4M minus capital expenditures of $13.4M left free cash flow of $286.0M.

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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