HORIZON BANCORP INC /IN/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HORIZON BANCORP INC /IN/ 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	20.5	16.4	31.6	47.5	34.4	18.3	36.5	137
Pre-tax income	32.7	48	63.6	79.8	78.4	102	106	39	27.4	-201
Income tax	8.8	14.8	10.4	13.3	9.87	15.4	12.2	11	-8.08	-50.7
Net income	23.9	33.1	53.1	66.5	68.5	87.1	93.4	28	35.4	-150
EPS, basic	0.80	0.96	1.39	1.53	1.56	1.99	2.14	0.64	0.81	-3.24
EPS, diluted	0.79	0.95	1.38	1.53	1.55	1.98	2.14	0.64	0.80	-3.24
Shares, basic (weighted)	30	34.6	38.3	43.5	44	43.8	43.6	43.6	43.7	46.5
Shares, diluted (weighted)	30.1	34.8	38.5	43.6	44.1	44	43.7	43.8	44.1	46.5
Dividend per share	0.27	0.33	0.40	0.46	0.48	0.56	0.63	0.64	0.64	0.64

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	53.4	60	58.5	98.8	250	594	124	527	293	139
Property, plant and equipment	66.4	75.5	74.3	92.2	92.4	93.4	92.7	94.6	93.9	92.8
Lease right-of-use assets				3.5	3.5	3.5
Goodwill	76.9	120	120	151	151	155	155	155	155	155
Intangible assets	9.37	12.4	10.4	26.7	23	20.9	17.2	13.6	10.2	7.18
Total assets	3,141	3,964	4,247	5,247	5,887	7,412	7,873	7,940	7,801	6,437
Total liabilities	2,800	3,507	3,755	4,591	5,194	6,689	7,195	7,222	7,038	5,748
Total debt					475	713	1,143	1,353	1,232	249
Paid-in capital	182	275	276	380	363	352	354	356	364	459
Retained earnings	164	186	224	270	301	364	429	429	436	255
Other comprehensive income	-5.64	-3.55	-8.14	6.43	27.9	7.35	-106	-66.6	-36.3	-26
Shareholders' equity	341	457	492	656	692	723	677	719	764	688
Total equity	341	457	492	656	692	723	677	719	764	688
Total liabilities and equity	3,141	3,964	4,247	5,247	5,887	7,412	7,873	7,940	7,801	6,437
Shares outstanding	22.2	38.3	38.4	45	43.9	43.8	43.9	44.1	44.2	51.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	23.9	33.1	53.1	66.5	68.5	87.1	93.4	28	35.4	-150
Depreciation and amortization	5.28	5.94	6.81	9.69	9.4	9.8	10.8	10.9	10.3	10.3
Stock-based compensation	0.32	0.33	0.25	0.22	1.34	1.82	2.48	3.59	4.59	1.62
Deferred income tax	1.33	0.33	1.28		-9.42	2.31	2.18	-3.32	-17	-85.5
Cash from operations	25.5	49.1	72.3	174	78.9	106	94.4	88.9	6.37	79.2
Capital expenditures	-1.38	-2.69	-3.43	-4.61	-5.87	-1.44	-6.43	-7.78	-5.08	-4.96
Purchases of investments			-215	-426	-590	-838	-180	-1.53	0	-592
Sales and maturities of investments	270	85.6	123	248	319	260	69.1	29.4	16.7	55.1
Cash from investing	222	-279	-304	-94.1	-478	-345	-1,020	330	-52.8	979
Stock issued	0.57	1.6	0.62	1.71	1.23	0	0	0	0	98
Share buybacks					-19.6	-7.61	0	0	0
Dividends paid	-8.38	-11.7	-15.4	-20.8	-21.2	-24.8	-27.8	-28.3	-28.3	-29.5
Cash from financing	-230	236	230	-39.9	550	582	456	-15.4	-187	-1,213
Net change in cash	18.1	6.56	-1.49	40.3	151	344	-470	403	-233	-154
Free cash flow	24.2	46.4	68.9	170	73	105	88	81.2	1.28	74.3
Interest paid	20.6	16	30.5	46.5	34.8	18.8	33.4	120	179	132
Income taxes paid	6.92	10.4	6.82	13.2	10.6	1.65	0.8	2.14	10.7	27.4

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 $19.28 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	-19.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.2%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	-524.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-505.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	1,144.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-5.7%	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	0.1%	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	5,685.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-5.5%	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	0.3%	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	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.5%	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	5.9%	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	-9.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.5%	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	-0.1%	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	-17.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.5%	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	1.8%	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	5.5%	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	2.1%	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	1.0%	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	89.0%	Total liabilities / total assets.
Goodwill and intangibles / assets	2.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$571.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Capex / operating cash flow	4.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$2.81	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	$1.83	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.92	Cash from operations / diluted weighted shares.
Book value per share	$14.15	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.13	Tangible book value / shares outstanding.
Cash per share	$4.25	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	33.7%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$989.9M	Share price x shares outstanding.
Enterprise value	$772.0M	Market cap + total debt - cash - short-term investments.
P/B	1.36x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.73x	Market cap / tangible book value, when positive.
P/FCF	10.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.1x	Market cap / cash from operations, when positive.
EV/FCF	8.21x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.5%	Free cash flow / market cap.
Earnings yield	-14.5%	Net income / market cap (the inverse of P/E).
Dividend yield	3.2%	Dividends paid over the period / market cap.
Shareholder yield	3.2%	(Dividends paid + share buybacks) / market cap.

Was HORIZON BANCORP INC /IN/ profitable in fiscal 2025?

No. It reported a net loss of $150.5M.

How much free cash flow did HORIZON BANCORP INC /IN/ generate in fiscal 2025?

Cash from operations of $79.2M minus capital expenditures of $5.0M left free cash flow of $74.3M.

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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