Bank of N.T. Butterfield & Son Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Bank of N.T. Butterfield & Son Ltd 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	403	455	518	533	494	500	549	579	580	607
Interest expense	16.4	15.9	24.6	59.4	34.4	25.1	54.8	179
Pre-tax income	117	154	196	176	150	166	218	226	221	238
Income tax	0.73	1.09	1.28	-1.37	2.38	3.12	3.68	0.77	4.53	6.02
Net income	116	153	195	177	147	163	214	225	216	232
EPS, basic	1.20	2.82	3.55	3.33	2.91	3.28	4.32	4.62	4.80	5.61
EPS, diluted	1.18	2.76	3.50	3.30	2.90	3.26	4.29	4.58	4.71	5.47
Dividend per share	0.40	1.28	1.52	1.76	1.76	1.76	1.76	1.76	1.76	1.88

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,102	1,535	2,054	2,550	3,290	2,180	2,101	1,647	1,998	1,709
Property, plant and equipment	168	165	158	158	151	139	146	154	154	159
Lease right-of-use assets				47.9	46.2	39.5	33.6	33.4	35.3	38.1
Goodwill	19.6	21.5	24	24.8	25.6	25.4	22.9	24.1	23.6	25.4
Intangible assets	42.3	39.1	50.8
Total assets	11,104	10,779	10,773	13,922	14,739	15,335	14,306	13,374	14,231	14,095
Total liabilities	10,393	9,956	9,891	12,958	13,757	14,358	13,441	12,370	13,211	12,953
Total debt	117	117	143	144	171	172	172	98.5	98.7	0
Paid-in capital	1,143	1,156	1,171	1,082	1,013	1,018	1,033	989	916	851
Retained earnings	-288	-204	-92.7	-9.24	33.9	104	230	343	422	494
Treasury stock	-0.04	0	-48.4	-22	-16.1	-20.1	-20.6	-18.1	-23.1	0
Other comprehensive income	-145	-129	-149	-87.1	-49.7	-125	-377	-310	-295	-204
Shareholders' equity	711	823	882	964	982	977	865	1,004	1,021	1,142
Total equity	711	823	882	964	982	977	865	1,004	1,021	1,142
Total liabilities and equity	11,104	10,779	10,773	13,922	14,739	15,335	14,306	13,374	14,231	14,095
Shares outstanding	53.3	54.7	55.4	53	50	49.9	50.3	47.5	43.5	39.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	116	153	195	177	147	163	214	225	216	232
Depreciation and amortization	52.3	50.4	46.5	48.4	62.4	69.5	40.2	36.2	42.2	36.8
Stock-based compensation	14.4	8.41	12.6	17.7	15.2	15.2	17.1	20.8	21	22.2
Deferred income tax	0	0.23	0.56	-3.23	-0	0.31	0.46	-1.14	0.58
Cash from operations	179	242	297	249	188	251	219	300	265	280
Capital expenditures	-9.8	-19.2	-18.5
Acquisitions	-21.8	0	-20.7
Purchases of investments		-731	-242	-563	-1,314	-1,772	-83.9	-71.9	-952	-670
Sales and maturities of investments	577	525	481	349	565	650	231	292	507	317
Cash from investing	-1,195	-164	338	1,093	-41.7	-1,906	292	682	-581	102
Debt repaid	0	0	-47	0	-70	0	0	-75	0	-100
Stock issued	132	0.01	0	0	1.74	0	0
Share buybacks	-1.63	0	-48.4	-81.5	-86.6	-19.8	-3.9	-88.6	-155	-147
Dividends paid	-19.3	-69.7	-83.7	-93.6	-88.9	-87.3	-87.3	-86.2	-79.6	-77.7
Cash from financing	940	-686	-125	-919	546	536	-507	-1,448	736	-746
Exchange rate effect	-105	46.6	2.65	86.1	42.7	7.54	-91.4	21.5	-3.69	51.9
Net change in cash	-182	-562	512	509	736	-1,111	-87	-444	416	-312
Free cash flow	169	223	278
Interest paid	16.2	16	27.4	56.3	39.1	24.5	48.6	162	236	203
Income taxes paid	0.39	0.7	0.54	2.63	5.05	0.46	4.82	1.93	2.23	4.01

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $58.95 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	39.2%	Pre-tax income / revenue.
Net margin	38.2%	Net income / revenue.
Operating cash flow margin	46.1%	Cash from operations / revenue.
Effective tax rate	2.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	21.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.6%	Net income / average total assets.
Stock-based pay / revenue	3.7%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	6.1%	Depreciation and amortization / revenue.

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	3.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	7.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	2.7%	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	9.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	16.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	8.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	13.5%	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	5.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	8.4%	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	8.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	6.8%	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	1.3%	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	11.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	9.7%	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	3.1%	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	-1.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.5%	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	-0.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.0%	Total debt / total assets.
Liabilities / assets	91.9%	Total liabilities / total assets.
Net debt	-$1.71B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	0.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.12B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.04x	Revenue / average total assets.
Fixed asset turnover	3.89x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.47	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.
EPS, basic	$5.61	Net income per basic share, as reported (split-adjusted).
Book value per share	$28.58	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$27.95	Tangible book value / shares outstanding.
Cash per share	$42.78	(Cash + short-term investments) / shares outstanding.
Dividend per share	$1.88	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	33.5%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.36B	Share price x shares outstanding.
Enterprise value	$649.1M	Market cap + total debt - cash - short-term investments.
P/E	10.2x	Market cap / net income. Only when net income is positive.
P/S	3.89x	Market cap / revenue.
P/B	2.07x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.11x	Market cap / tangible book value, when positive.
P/OCF	8.43x	Market cap / cash from operations, when positive.
EV/Sales	1.07x	Enterprise value / revenue.
Earnings yield	9.8%	Net income / market cap (the inverse of P/E).
Dividend yield	3.3%	Dividends paid over the period / market cap.
Shareholder yield	9.5%	(Dividends paid + share buybacks) / market cap.
PEG	1.21x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Bank of N.T. Butterfield & Son Ltd's revenue in fiscal 2025?

Bank of N.T. Butterfield & Son Ltd reported revenue of $606.8M for fiscal 2025, 4.6% higher than the year before.

Was Bank of N.T. Butterfield & Son Ltd profitable in fiscal 2025?

Yes. Net income was $231.9M, a net margin of 38.2%.

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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