FINANCIAL INSTITUTIONS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FINANCIAL INSTITUTIONS 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
Selling and marketing	2.1	2.17	3.58	3.58	2.61	1.7	2.01	1.93	1.57	1.81
Interest expense	12.5	17.5	29.9	38.9	22.3	12.5	28.7	120
Pre-tax income	44.1	43.5	49.5	59.4	45.7	97.2	71	63.1	-68.1	91.4
Income tax	12.2	9.95	10	10.6	7.39	19.5	14.4	12.8	-26.5	16.5
Net income	31.9	33.5	39.5	48.9	38.3	77.7	56.6	50.3	-41.6	74.9
EPS, basic	2.11	2.13	2.39	2.97	2.30	4.81	3.58	3.17	-2.75	3.65
EPS, diluted	2.10	2.13	2.39	2.96	2.30	4.78	3.56	3.15	-2.75	3.61
Shares, basic (weighted)	14.4	15	15.9	16	16	15.8	15.4	15.4	15.7	20.1
Shares, diluted (weighted)	14.5	15.1	16	16	16.1	15.9	15.5	15.5	15.7	20.3
Dividend per share	0.81	0.85	0.96	1.00	1.04	1.08	1.16	1.20	1.20	1.24

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents								124	87.3	109
Property, plant and equipment	42.4	45.2	42.8	41.4	40.6	40.1	42	39.9	39.9	39.9
Lease right-of-use assets				21.4	20	22.1	31.1	31.5	30.4	29.1
Goodwill	66.4	65.8	66.1	66.1	66.1	67.1	67.1	67.1	58.1	58.1
Intangible assets	9.22	8.86	10.1	8.86	7.73	7.33	6.34	5.43	2.64	2.22
Total assets	3,710	4,105	4,312	4,384	4,912	5,521	5,797	6,161	6,117	6,274
Short-term debt	332	446	470	276	5.3	30	205	185	99	109
Total liabilities	3,390	3,724	3,915	3,945	4,444	5,016	5,392	5,706	5,548	5,645
Total debt	39.1	39.1	39.2	39.3	73.6	73.9	74.2	125	125	194
Paid-in capital	81.8	121	123	125	125	126	127	126	233	234
Retained earnings	238	257	280	313	325	384	421	452	389	437
Treasury stock	-2.92	-2.53	-2.49	-1.98	-1.22	-9.22	-22.3	-20.2	-18	-27.1
Other comprehensive income	-14	-11.9	-21.3	-14.5	2.13	-13.2	-137	-120	-52.6	-33
Shareholders' equity	320	381	396	439	468	505	406	455	569	629
Total equity	320	381	396	439	468	505	406	455	569	629
Total liabilities and equity	3,710	4,105	4,312	4,384	4,912	5,521	5,797	6,161	6,117	6,274
Shares outstanding				16.1	16.1	16.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	31.9	33.5	39.5	48.9	38.3	77.7	56.6	50.3	-41.6	74.9
Depreciation and amortization	5.96	6.18	6.48	8.21	7.89	8.05	8.11	8.09	7.68	7.88
Stock-based compensation	0.85	1.17	1.3	1.41	1.33	1.74	2.55	1.67	1.61	3.08
Deferred income tax	-1.72	12.4	-10.5	0.37	-4.52	5.22	-4.38	-1.35	-35.3	11.5
Cash from operations	46.7	46.3	65.1	57.7	43.5	73	134	10.9	77.1	18.8
Capital expenditures	-7.62	-7.74	-2.84	-3.64	-4.26	-9.4	-8.37	-2.99	-4.97	-5.55
Acquisitions	-0.87	-0.68	-4.45		0	-1.42	0	0
Purchases of investments		-86.4	-44.9	-196	-397	-784	-75.3	-51.5	-903	-324
Sales and maturities of investments	95.3	52	90.1	82.4	97.7	151	123	83.4	260	185
Cash from investing	-327	-373	-225	-24.7	-531	-633	-325	-310	-8.23	-140
Debt issued					35	0	0	50	0	80
Debt repaid								0	0	-10
Stock issued	0.96	38.3	0.32				0	0	109	0
Share buybacks		-0.15	-0.11	-0.29	-0.21	-9.24	-15.3	-0.57	-0.43	-11.4
Dividends paid	-11.5	-12.5	-14.9	-15.8	-16.5	-17	-17.6	-18.3	-18.5	-24.7
Cash from financing	291	354	164	-22.8	469	546	243	293	-106	143
Net change in cash	11.2	27.9	3.56	10.2	-19.1	-14.8	51.4	-6.02	-37.1	21.4
Free cash flow	39.1	38.5	62.3	54.1	39.2	63.6	125	7.9	72.2	13.3
Interest paid	11.8	14.9	28.6	37.2	28.9	14.7	32.6	134	156	129
Income taxes paid	10.6	13.2	3.53	9.85	7.46	10.8	3.4	6.3	3.49	-0.02

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 $39.55 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	17.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.3%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income CAGR, 3y	9.8%	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	14.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	0.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	9.4%	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	-75.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-48.0%	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	-15.4%	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	-81.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-52.7%	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	-19.5%	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	3.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.2%	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	3.6%	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	10.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.7%	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	6.1%	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	2.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.7%	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	5.0%	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	29.6%	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	9.5%	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	4.8%	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	0.12x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.2%	Total debt / total assets.
Liabilities / assets	89.8%	Total liabilities / total assets.
Net debt	-$20.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	0.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$583.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	68.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	7.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.14	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	$2.82	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.05	Cash from operations / diluted weighted shares.
Book value per share	$32.27	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$29.25	Tangible book value / shares outstanding.
Cash per share	$4.97	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	30.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$779.4M	Share price x shares outstanding.
Enterprise value	$758.9M	Market cap + total debt - cash - short-term investments.
P/E	9.43x	Market cap / net income. Only when net income is positive.
P/B	1.21x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.34x	Market cap / tangible book value, when positive.
P/FCF	13.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.8x	Market cap / cash from operations, when positive.
EV/FCF	13.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.2%	Free cash flow / market cap.
Earnings yield	10.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.2%	(Dividends paid + share buybacks) / market cap.
PEG	20.2x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was FINANCIAL INSTITUTIONS INC profitable in fiscal 2025?

Yes. Net income was $74.9M, a net margin of -.

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

Cash from operations of $18.8M minus capital expenditures of $5.5M left free cash flow of $13.3M.

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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