OLD NATIONAL BANCORP /IN/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data OLD NATIONAL BANCORP /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
Revenue	137	122	127	131	118	126
Selling and marketing	14.6	13.2	15.8	15.9	10.9	12.7	32.3	39.5	45.6	55.2
Interest expense	44.4	58.2	94.4	126	67.2	42.2	126	704
Pre-tax income	200	169	209	290	256	339	545	751	680	841
Income tax	66.2	72.9	17.9	52.2	29.1	61.3	116	169	141	172
Net income	134	95.7	191	238	226	278	428	582	539	669
EPS, basic	1.05	0.69	1.23	1.39	1.37	1.68	1.51	1.95	1.69	1.80
EPS, diluted	1.05	0.69	1.22	1.38	1.36	1.67	1.50	1.94	1.68	1.79
Shares, basic (weighted)	128	138	156	172	166	165	275	291	309	364
Shares, diluted (weighted)	128	139	157	173	166	166	277	292	311	365
Dividend per share	0.52	0.52	0.52	0.52	0.56	0.56	0.56	0.56	0.56	0.56

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	256	290	317	276	590	822	728	1,175	1,228	1,826
Property, plant and equipment	430	458	486	491	464	476	557	565	589	691
Lease right-of-use assets			0	95.5	76.2	69.6	190	186	182	209
Goodwill	655	828	1,036	1,037	1,037	1,037	1,999	1,999	2,175	2,426
Intangible assets	37.7	53.1	77	60.1	46	34.7	126	102	121	482
Total assets	14,860	17,518	19,728	20,412	22,961	24,454	46,763	49,090	53,552	72,152
Long-term debt	1,353	1,610	1,613
Total liabilities	13,046	15,364	17,039	17,559	19,988	21,442	41,635	43,527	47,212	63,657
Total debt	219	249	1,613
Paid-in capital	1,348	1,639	2,032	1,944	1,876	1,881	4,174	4,160	4,571	5,945
Retained earnings	390	413	528	682	784	968	1,217	1,619	1,966	2,409
Other comprehensive income	-59.4	-50.3	-45	56.2	148	-2.38	-786	-739	-746	-479
Shareholders' equity	1,814	2,154	2,690	2,852	2,973	3,012	5,129	5,563	6,340	8,495
Total equity	1,814	2,154	2,690	2,852	2,973	3,012	5,129	5,563	6,340	8,495
Total liabilities and equity	14,860	17,518	19,728	20,412	22,961	24,454	46,763	49,090	53,552	72,152
Shares outstanding	135	152	175	170	165	166	293	293	319	390

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	134	95.7	191	238	226	278	428	582	539	669
Depreciation and amortization	16.6	22.2	23.8	26.7	28.9	27.3	36.4	38.2	38.1	44.9
Stock-based compensation	7.32	6.28	8.12	7.99	7.71	7.5	28.7	27.9	32.3	38.2
Deferred income tax	40.2	72.9	0.99	24.8	3.43	20.9	-23.4	10.6	20.4	82
Cash from operations	24.8	250	234	234	220	330	814	516	622	681
Capital expenditures	-225	-37.3	-33.4	-37.4	-30.9	-48.7	-37.9	-38.4	-30.3	-44.1
Acquisitions	-62.5	2.56	60.8
Purchases of investments	-1,626	-875	-663	-2,366	-2,803	-3,322	-1,439	-1,084	-1,842	-4,637
Sales and maturities of investments	1,177	439	419	1,175	1,990	1,512	1,285	1,066	1,082	1,797
Cash from investing	-641	-536	-271	-525	-2,141	-1,432	-1,686	-1,819	-1,372	-1,835
Stock issued	0.39	0.4	0.5	0.57	0.58	0.58	0.81	1.08	1.03
Share buybacks	-2.04	-2.76	-1.81	-102	-82.4	-3.73	-71.2	-44.3	-8.88	-71.8
Dividends paid	-67.5	-72.6	-82.2	-89.5	-92.9	-92.8	-178	-180	-191	-225
Cash from financing	652	321	63.7	251	2,235	1,334	777	1,749	803	1,752
Net change in cash	35.7	34.9	26.7	-40.8	313	232	-93.6	447	52.9	598
Free cash flow	-200	213	201	196	189	282	777	478	592	637
Interest paid	43.7	56.7	91.8	128	70	42.2	118	666	1,067	1,240
Income taxes paid	23.6	4.33	-2.51	5.49	24.4	31.9	66.1	190	101	154

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $25.49 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	20.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.0%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	24.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	16.0%	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	24.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	6.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	6.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	5.6%	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	9.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-5.8%	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	25.4%	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	7.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-6.4%	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	27.5%	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	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	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	0.0%	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	34.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	18.3%	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	23.4%	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	34.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	15.6%	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	25.7%	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	17.5%	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	9.7%	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	17.1%	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	88.3%	Total liabilities / total assets.
Goodwill and intangibles / assets	4.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$5.62B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	96.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	6.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.95	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	$1.88	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.01	Cash from operations / diluted weighted shares.
Book value per share	$22.03	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$14.56	Tangible book value / shares outstanding.
Cash per share	$4.54	(Cash + short-term investments) / shares outstanding.
Payout ratio	31.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	32.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	22.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$9.75B	Share price x shares outstanding.
Enterprise value	$8.00B	Market cap + total debt - cash - short-term investments.
P/E	12.9x	Market cap / net income. Only when net income is positive.
P/B	1.15x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.73x	Market cap / tangible book value, when positive.
P/FCF	13.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.5x	Market cap / cash from operations, when positive.
EV/FCF	11.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.5%	Free cash flow / market cap.
Earnings yield	7.8%	Net income / market cap (the inverse of P/E).
Dividend yield	2.4%	Dividends paid over the period / market cap.
Shareholder yield	4.1%	(Dividends paid + share buybacks) / market cap.
PEG	2.12x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was OLD NATIONAL BANCORP /IN/ profitable in fiscal 2025?

Yes. Net income was $669.3M, a net margin of -.

How much free cash flow did OLD NATIONAL BANCORP /IN/ generate in fiscal 2025?

Cash from operations of $681.5M minus capital expenditures of $44.1M left free cash flow of $637.4M.

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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