Arrow Finl Corp Financials

AROW

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Weak

3/9

Arrow Finl Corp passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Cash-Backed

1.16x

For every $1 of reported earnings, Arrow Finl Corp generates $1.16 in operating cash flow ($34.5M OCF vs $29.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

This page shows Arrow Finl Corp (AROW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

N/A

EBITDA

N/A

Free Cash Flow

$28.9M

YoY+113.9%

5Y CAGR-4.4%

10Y CAGR-0.1%

Arrow Finl Corp generated $28.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 113.9% from the prior year.

Net Income

$29.7M

YoY-1.2%

5Y CAGR-4.5%

10Y CAGR+2.4%

Arrow Finl Corp reported $29.7M in net income in fiscal year 2024. This represents a decrease of 1.2% from the prior year.

EPS (Diluted)

$1.77

YoY+0.0%

5Y CAGR-5.6%

10Y CAGR+0.1%

Arrow Finl Corp earned $1.77 per diluted share (EPS) in fiscal year 2024. This represents an increase of 0.0% from the prior year.

Cash & Debt

$154.5M

YoY+8.4%

5Y CAGR+17.1%

10Y CAGR+12.8%

Arrow Finl Corp held $154.5M in cash against $8.6M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

7.4%

YoY-0.5pp

5Y CAGR-5.0pp

10Y CAGR-4.2pp

Arrow Finl Corp's ROE was 7.4% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 0.5 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$6.8M

YoY+88.2%

5Y CAGR+22.4%

10Y CAGR+10.7%

Arrow Finl Corp spent $6.8M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 88.2% from the prior year.

Capital Expenditures

$5.6M

YoY-21.0%

5Y CAGR-6.4%

10Y CAGR+14.3%

Arrow Finl Corp invested $5.6M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 21.0% from the prior year.

AROW Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$83.3M+44.2%	$57.7M+410.5%	$11.3M+117.7%	$5.2M-59.1%	$12.7M-41.5%	$21.7M
Income Tax	$7.6M+2.7%	$7.4M-47.3%	$14.1M-3.0%	$14.5M+31.8%	$11.0M+15.0%	$9.6M
Net Income	$29.7M-1.2%	$30.1M-38.4%	$48.8M-2.1%	$49.9M+22.1%	$40.8M+8.9%	$37.5M
EPS (Diluted)	$1.770.0%	$1.77-38.1%	$2.86-2.1%	$2.92+17.3%	$2.49+5.5%	$2.36

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$19.5M+2.2%	$19.0M+0.2%	$19.0M-9.5%	$21.0M+0.9%	$20.8M+3.0%	$20.2M	N/A	$16.8M
Income Tax	$3.8M+22.1%	$3.1M+69.6%	$1.8M-28.9%	$2.6M+10.9%	$2.3M+14.2%	$2.0M	N/A	$1.8M
Net Income	$12.8M+18.7%	$10.8M+71.2%	$6.3M-29.7%	$9.0M+4.3%	$8.6M+12.3%	$7.7M	N/A	$7.7M
EPS (Diluted)	$0.77+18.5%	$0.65+71.1%	$0.38-28.3%	$0.53+1.9%	$0.52+15.6%	$0.45	N/A	$0.46

AROW Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$4.3B+3.3%	$4.2B+5.0%	$4.0B-1.5%	$4.0B+9.2%	$3.7B+15.8%	$3.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$154.5M+8.4%	$142.5M+120.4%	$64.7M-85.9%	$457.7M+20.1%	$381.0M+442.6%	$70.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$23.8M+8.8%	$21.9M0.0%	$21.9M0.0%	$21.9M0.0%	$21.9M0.0%	$21.9M
Total Liabilities	$3.9B+3.0%	$3.8B+4.8%	$3.6B-1.1%	$3.7B+9.0%	$3.4B+16.4%	$2.9B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$8.6M+32.3%	$6.5M-76.6%	$27.8M-38.2%	$45.0M0.0%	$45.0M+50.0%	$30.0M
Total Equity	$400.9M+5.6%	$379.8M+7.4%	$353.5M-4.8%	$371.2M+11.0%	$334.4M+10.8%	$301.7M
Retained Earnings	$77.2M+17.4%	$65.8M+0.6%	$65.4M+20.9%	$54.1M+29.1%	$41.9M+26.1%	$33.2M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$4.6B+3.9%	$4.4B-0.8%	$4.4B+3.3%	$4.3B+1.5%	$4.2B-2.1%	$4.3B+3.9%	$4.2B-2.4%	$4.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$397.4M+48.0%	$268.4M-10.9%	$301.4M+95.1%	$154.5M-22.8%	$200.2M-29.1%	$282.5M+98.2%	$142.5M-51.6%	$294.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$23.8M0.0%	$23.8M0.0%	$23.8M0.0%	$23.8M+8.8%	$21.9M0.0%	$21.9M0.0%	$21.9M0.0%	$21.9M
Total Liabilities	$4.2B+4.1%	$4.0B-0.9%	$4.0B+3.6%	$3.9B+1.1%	$3.9B-2.4%	$4.0B+4.4%	$3.8B-3.1%	$3.9B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	$8.6M	N/A	N/A	$6.5M	N/A
Total Equity	$417.7M+2.2%	$408.5M+1.0%	$404.4M+0.9%	$400.9M+4.7%	$383.0M+1.3%	$378.0M-0.5%	$379.8M+5.5%	$360.0M
Retained Earnings	$93.0M+9.5%	$85.0M+7.8%	$78.8M+2.1%	$77.2M+5.8%	$73.0M+5.9%	$68.9M+4.7%	$65.8M+5.0%	$62.6M

AROW Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$34.5M+67.5%	$20.6M-65.5%	$59.7M-12.5%	$68.2M+61.2%	$42.3M-3.7%	$43.9M
Capital Expenditures	$5.6M-21.0%	$7.1M-50.3%	$14.3M+99.7%	$7.1M+39.1%	$5.1M-34.1%	$7.8M
Free Cash Flow	$28.9M+113.9%	$13.5M-70.3%	$45.5M-25.6%	$61.1M+64.2%	$37.2M+2.8%	$36.2M
Investing Cash Flow	-$89.0M-7.6%	-$82.7M+79.0%	-$393.1M-43.1%	-$274.6M-46.6%	-$187.3M+2.6%	-$192.2M
Financing Cash Flow	$66.5M-52.5%	$139.9M+334.5%	-$59.7M-121.1%	$283.1M-37.9%	$455.8M+239.4%	$134.3M
Dividends Paid	N/A	N/A	$17.4M+7.0%	$16.3M+3.5%	$15.7M+3.5%	$15.2M
Share Buybacks	$6.8M+88.2%	$3.6M+25.6%	$2.9M+7.9%	$2.7M+68.7%	$1.6M-36.1%	$2.5M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$15.0M+46.2%	$10.3M+2.1%	$10.1M+79.0%	$5.6M-38.0%	$9.1M-12.3%	$10.3M+163.4%	-$16.3M-245.7%	$11.2M
Capital Expenditures	$739K-63.1%	$2.0M+57.1%	$1.3M-15.8%	$1.5M-3.3%	$1.6M+35.4%	$1.2M+90.3%	$607K-57.0%	$1.4M
Free Cash Flow	$14.3M+72.6%	$8.3M-5.9%	$8.8M+113.9%	$4.1M-45.3%	$7.5M-18.3%	$9.2M+154.3%	-$16.9M-272.9%	$9.8M
Investing Cash Flow	-$49.7M-856.9%	$6.6M+29.1%	$5.1M+105.6%	-$90.1M-1562.1%	$6.2M+116.4%	-$37.7M-1964.2%	-$1.8M+96.5%	-$52.3M
Financing Cash Flow	$163.6M+428.3%	-$49.8M-137.8%	$131.7M+230.4%	-$101.0M-3.6%	-$97.5M-158.3%	$167.3M+224.8%	-$134.1M-182.6%	$162.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$1.4M-72.3%	$5.2M+48.7%	$3.5M+1212.8%	$265K-48.0%	$510K-91.4%	$6.0M+116.0%	$2.8M	$0

AROW Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	7.4%-0.5pp	7.9%-5.9pp	13.8%+0.4pp	13.4%+1.2pp	12.2%-0.2pp	12.4%
Return on Assets	0.7%-0.0pp	0.7%-0.5pp	1.2%0.0pp	1.2%+0.1pp	1.1%-0.1pp	1.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.020.0	0.02-0.1	0.08-0.0	0.12-0.0	0.13+0.0	0.10
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	3.1%+0.4pp	2.6%+1.1pp	1.6%-0.7pp	2.3%+0.0pp	2.3%+0.2pp	2.0%	N/A	2.1%
Return on Assets	0.3%+0.0pp	0.2%+0.1pp	0.1%-0.1pp	0.2%0.0pp	0.2%+0.0pp	0.2%	N/A	0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	9.98+0.2	9.81-0.2	10.00+10.0	0.02-10.1	10.08-0.4	10.46+10.4	0.02-10.9	10.87
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Arrow Finl Corp profitable?

Yes, Arrow Finl Corp (AROW) reported a net income of $29.7M in fiscal year 2024.

What is Arrow Finl Corp's earnings per share (EPS)?

Arrow Finl Corp (AROW) reported diluted earnings per share of $1.77 for fiscal year 2024. This represents a 0.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Arrow Finl Corp have?

As of fiscal year 2024, Arrow Finl Corp (AROW) had $154.5M in cash and equivalents against $8.6M in long-term debt.

What is Arrow Finl Corp's return on equity (ROE)?

Arrow Finl Corp (AROW) has a return on equity of 7.4% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Arrow Finl Corp's free cash flow?

Arrow Finl Corp (AROW) generated $28.9M in free cash flow during fiscal year 2024. This represents a 113.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Arrow Finl Corp's operating cash flow?

Arrow Finl Corp (AROW) generated $34.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Arrow Finl Corp's total assets?

Arrow Finl Corp (AROW) had $4.3B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Arrow Finl Corp's capital expenditures?

Arrow Finl Corp (AROW) invested $5.6M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Does Arrow Finl Corp buy back shares?

Yes, Arrow Finl Corp (AROW) spent $6.8M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

What is Arrow Finl Corp's debt-to-equity ratio?

Arrow Finl Corp (AROW) had a debt-to-equity ratio of 0.02 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Arrow Finl Corp's return on assets (ROA)?

Arrow Finl Corp (AROW) had a return on assets of 0.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Arrow Finl Corp's Piotroski F-Score?

Arrow Finl Corp (AROW) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Arrow Finl Corp's earnings high quality?

Arrow Finl Corp (AROW) has an earnings quality ratio of 1.16x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.