INDEPENDENT BANK CORP financial statements

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

	FY2015	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Interest expense	18.8	18.3	25.5	53.9	34.3	13.7	29.6	189
Pre-tax income	112	135	156	218	153	157	348	315	247	262
Income tax	35.4	47.3	34.3	52.9	31.7	35.7	83.9	75.6	55	57
Net income	76.6	87.2	122	165	121	121	264	240	192	205
EPS, basic	2.90	3.19	4.41	5.03	3.64	3.47	5.69	5.42	4.52	4.44
EPS, diluted	2.90	3.19	4.40	5.03	3.64	3.47	5.69	5.42	4.52	4.44
Shares, basic (weighted)	26.4	27.3	27.6	32.8	33.3	34.9	46.4	44.2	42.5	46.2
Shares, diluted (weighted)	26.5	27.4	27.7	32.9	33.3	34.9	46.4	44.2	42.5	46.2
Dividend per share							2.08	2.20	2.28	2.36

Balance sheet

	FY2015	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents				151	1,297	2,241	353	224	220	772
Property, plant and equipment	78.5	94.7	97.6	124	116	196	197	193	193	218
Lease right-of-use assets				56.6	49.7	60.2	58.9	54.1	54.5	73.2
Goodwill	222	256	506	506	506	985	985	985	985	1,091
Intangible assets	9.85	9.34	15.3	29.3	23.1	32.8	25.1	18.2	12.3	134
Total assets	7,709	8,082	8,852	11,395	13,204	20,423	19,294	19,347	19,374	24,913
Short-term debt			0	50
Long-term debt	108	108	111	187	145	127	113	113	62.9	359
Total liabilities	6,845	7,138	7,778	9,687	11,502	17,405	16,407	16,452	16,380	21,347
Total debt	335	108	0	74.9	32.8	14.1	113	1,218	701	826
Paid-in capital	452	479	528	1,035	946	2,249	2,115	1,932	1,910	2,336
Retained earnings	414	466	547	654	716	767	934	1,077	1,173	1,269
Other comprehensive income	-1.34	-1.83	-1.17	18.2	40.7	2.18	-163	-115	-90	-39.8
Shareholders' equity	865	944	1,073	1,708	1,703	3,018	2,887	2,895	2,993	3,566
Total equity	865	944	1,073	1,708	1,703	3,018	2,887	2,895	2,993	3,566
Total liabilities and equity	7,709	8,082	8,852	11,395	13,204	20,423	19,294	19,347	19,374	24,913
Shares outstanding				34.4	33	47.3	45.6	42.9	42.5	49.2

Cash flow statement

	FY2015	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	76.6	87.2	122	165	121	121	264	240	192	205
Depreciation and amortization	14.4	15.8	15.6	19.4	27.3	32.8	38.8	36.1	40.9	42.1
Stock-based compensation	2.97	3.33	4.23	4.4	4.12	4.31	4.46	6.38	6.52	8.99
Deferred income tax	-0.01	9.21	-4.5	10.6	-17.5	3.09	-1.25	2.74	-10.6	-3.28
Cash from operations	92.9	131	142	217	64.6	190	421	277	230	251
Capital expenditures	-10.4	-25.1	-11.1	-16.6	-12.6	-25.2	-22.1	-15.8	-20.4	-12.1
Acquisitions			-6.91	-105	0
Purchases of investments	-69.7	-141	-79	-68.7	-84.2	-1,285	-123	0	-129	-426
Sales and maturities of investments	69.8	54.2	82.4	51.1	109	96	140	107	235	255
Cash from investing	-239	-317	-388	20.2	-488	-63.1	-1,000	-212	-33	5.05
Debt issued			0	74.9
Debt repaid	-49				-42.2	-18.8	-14.1	0
Stock issued	0.2	0.21	0.18	0.28	0.2		0	0.08	0.08	0
Share buybacks			0	0	-95.1	0	-140	-189	-31	-60.8
Dividends paid	-29.7	-34	-40.2	-53.3	-60.8	-62.7	-93.7	-98	-96.2	-104
Cash from financing	159	110	283	-336	1,569	817	-1,308	-194	-201	296
Net change in cash	13.3	-76	37.3	-99.5	1,146	944	-1,888	-129	-4.44	552
Free cash flow	82.5	106	131	200	52.1	165	399	261	209	239
Interest paid	19	18.6	25.3	49.7	36.7	14	26.4	183	292	307
Income taxes paid	33.5	32.9	27.8	39.6	48.2	23.4	44.3	43.7	51.1	34.8

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 $81.20 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	7.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.1%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	6.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-8.0%	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	11.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-1.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-7.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	4.1%	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	9.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-15.8%	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	31.2%	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	14.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-15.7%	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	35.6%	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	3.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.3%	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	19.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.3%	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	15.9%	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	28.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.9%	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	13.5%	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	-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	6.8%	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	0.20x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	2.8%	Total debt / total assets.
Liabilities / assets	85.9%	Total liabilities / total assets.
Net debt	-$299.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	4.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.30B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	112.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	5.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.64	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	$6.32	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.69	Cash from operations / diluted weighted shares.
Book value per share	$73.76	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$48.34	Tangible book value / shares outstanding.
Cash per share	$21.03	(Cash + short-term investments) / shares outstanding.
Payout ratio	42.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	37.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	65.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.85B	Share price x shares outstanding.
Enterprise value	$3.55B	Market cap + total debt - cash - short-term investments.
P/E	14.2x	Market cap / net income. Only when net income is positive.
P/B	1.10x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.67x	Market cap / tangible book value, when positive.
P/FCF	12.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.0x	Market cap / cash from operations, when positive.
EV/FCF	11.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.9%	Free cash flow / market cap.
Earnings yield	7.1%	Net income / market cap (the inverse of P/E).
Dividend yield	3.0%	Dividends paid over the period / market cap.
Shareholder yield	8.2%	(Dividends paid + share buybacks) / market cap.

Was INDEPENDENT BANK CORP profitable in fiscal 2025?

Yes. Net income was $205.1M, a net margin of -.

How much free cash flow did INDEPENDENT BANK CORP generate in fiscal 2025?

Cash from operations of $251.2M minus capital expenditures of $12.1M left free cash flow of $239.0M.

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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