WESTERN ALLIANCE BANCORPORATION financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data WESTERN ALLIANCE BANCORPORATION 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						37.6	44.1	98.6	68	136
Interest expense	43.3	60.8	118	185	94.9	110	476	1,696
Pre-tax income	361	452	510	604	623	1,123	1,316	934	991	1,207
Income tax	101	126	74.5	105	116	224	259	211	204	217
Income from continuing operations	260
Net income to minority interests								0	0	21.6
Net income	260	325	436	499	507	899	1,057	722	788	969
EPS, basic	2.52	3.12	4.16	4.86	5.06	8.72	9.74	6.55	7.14	8.79
EPS, diluted	2.50	3.10	4.14	4.84	5.04	8.67	9.70	6.54	7.09	8.73
Shares, basic (weighted)	103	104	105	103	100	103	107	108	109	109
Shares, diluted (weighted)	104	105	105	103	101	103	108	109	109	110
Dividend per share	0.00			0.25	0.25	1.20	1.42	1.45	1.49	1.56

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	284	417	499	435	2,672	516	1,043	1,576	4,096	3,596
Property, plant and equipment	120	119	119	126	134	182	276	339	361	442
Lease right-of-use assets			0	72.6	72.5	133	163	145	128	131
Goodwill	290	290	290	290	290	491	527	527	527	527
Intangible assets	12.9	10.9	9.26	7.71	8.2	143	153	142	132	122
Total assets	17,201	20,329	23,109	26,822	36,461	55,983	67,734	70,862	80,934	92,774
Short-term debt	80	390	491	0	21	727	4,992	6,784	3,151	3,848
Total liabilities	15,309	18,099	20,496	23,805	33,048	51,020	62,378	64,784	74,227	84,828
Total debt					0	775	1,307	446	2,422	1,392
Paid-in capital	1,400	1,425	1,418	1,374	1,391	1,966	2,163	2,197	2,245	2,232
Retained earnings	522	848	1,283	1,680	2,001	2,773	3,664	4,215	4,826	5,607
Treasury stock	-26.4	-40.2	-53.1	-62.7	-71.1	-87	-105	-116	-125	-137
Other comprehensive income	-4.7	-3.1	-33.6	25	92.3	-15.7	-661	-513	-534	-344
Shareholders' equity	1,892	2,230	2,614	3,017	3,414	4,963	5,356	6,078	6,707	7,653
Minority interests									0	293
Total equity	1,892	2,230	2,614	3,017	3,414	4,963	5,356	6,078	6,708	7,946
Total liabilities and equity	17,201	20,329	23,109	26,822	36,461	55,983	67,734	70,862	80,934	92,774
Shares outstanding	105	105	105	103

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	260	325	436	499	507	899	1,057	722	788	991
Depreciation and amortization	12.5	13.4	14.3	18.5	22.9	33.7	52.4	63	94.4	107
Stock-based compensation	20.3	23.6	25.7	26.2	28.7	35.1	39.8	34.3	47.7	51.4
Deferred income tax	7.64	88.5	-16.7	-5.1	-25.1	42	-68.6	-24.9	12.4	-131
Cash from operations	281	384	541	718	670	-2,654	2,245	-329	-2,742	-2,679
Acquisitions				0	0	-1,024	-50	0	0
Purchases of investments				-928	-2,966	-3,248	-2,396	-15,145	-16,790	-17,649
Sales and maturities of investments	500	431	425	786	1,516	1,634	604	10,036	10,306	6,504
Cash from investing	-2,890	-2,956	-2,713	-3,723	-7,538	-14,712	-13,130	-2,159	-5,967	-9,948
Debt issued				0	222	1,056	578	9.9	3,000	7,596
Debt repaid				0	-75	-476	-30.7	-818	-1,026	-8,452
Stock issued	55.8	0	0	0	0	540	158	0.1	0.1	0
Share buybacks		0	-35.7	-120	-71.6	0	0	0	0	-68.1
Dividends paid		0	0	-51.3	-101	-128	-166	-172	-177
Cash from financing	2,669	2,704	2,254	2,941	9,104	15,211	11,412	3,020	11,229	12,127
Net change in cash	59.9	132	81.8	-64	2,237	-2,155	527	533	2,520	-500
Interest paid	41.6	59.8	114	180	109	112	453	1,581	1,942	1,850
Income taxes paid	61.3	99.4	18.8	-23.4	44.2	176	198	63.6	1.3	31.7

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 $77.61 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	609.7%	Pre-tax income / revenue.
Net margin	486.3%	Net income / revenue.
Operating cash flow margin	-756.9%	Cash from operations / revenue.
Effective tax rate	17.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.5%	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.
Stock-based pay / revenue	23.2%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	55.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	99.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	45.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	23.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-2.9%	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	13.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	23.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-3.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	11.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	3.2%	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	44.2%	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	14.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.6%	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	17.5%	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	14.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.1%	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	20.5%	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	0.2%	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	0.6%	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	1.7%	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	0.19x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.5%	Total debt / total assets.
Liabilities / assets	91.8%	Total liabilities / total assets.
Net debt	-$4.46B	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$7.84B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.00x	Revenue / average total assets.
Fixed asset turnover	0.42x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$9.10	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.
Revenue per share	$1.87	Revenue / diluted weighted shares.
Operating cash flow per share	-$14.17	Cash from operations / diluted weighted shares.
Book value per share	$72.61	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$72.61	Tangible book value / shares outstanding.
Cash per share	$54.96	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$8.47B	Share price x shares outstanding.
Enterprise value	$4.01B	Market cap + total debt - cash - short-term investments.
P/E	8.61x	Market cap / net income. Only when net income is positive.
P/S	41.9x	Market cap / revenue.
P/B	1.08x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.08x	Market cap / tangible book value, when positive.
EV/Sales	19.8x	Enterprise value / revenue.
Earnings yield	11.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.4%	(Dividends paid + share buybacks) / market cap.

What was WESTERN ALLIANCE BANCORPORATION's revenue in fiscal 2025?

WESTERN ALLIANCE BANCORPORATION reported revenue of $135.8M for fiscal 2025, 99.7% higher than the year before.

Was WESTERN ALLIANCE BANCORPORATION profitable in fiscal 2025?

Yes. Net income was $969.0M, a net margin of 713.5%.

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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