Associated Banc Corp Financials
Associated Banc Corp (ASB) reported $2.2B in revenue for fiscal year 2025, up 2.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
FY2025 earnings recovery came mainly from improved funding-cost absorption, not asset growth, as returns rebounded on a larger balance sheet.
Between FY2024 and FY2025, revenue increased only2.4% and assets only5.1% , yet net income nearly quadrupled to$475M as interest expense fell to$972M from$1.08B . That combination shows profitability recovered through better spread retention on an already-large asset base, with ROA normalizing from0.3% to1.1% rather than being driven by simple balance-sheet expansion.
The bank remains liability-funded: about
Cash conversion quality looks steadier than the FY2024 profit dip alone would suggest, because operating cash flow exceeded net income in each of the last three years. In FY2025 it reached
Financial Health Signals
Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Associated Banc Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Associated Banc Corp passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Associated Banc Corp generates $1.30 in operating cash flow ($615.7M OCF vs $474.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Associated Banc Corp generated $2.2B in revenue in fiscal year 2025. This represents an increase of 2.4% from the prior year.
Associated Banc Corp reported $474.8M in net income in fiscal year 2025. This represents an increase of 285.5% from the prior year.
Associated Banc Corp earned $2.77 per diluted share (EPS) in fiscal year 2025. This represents an increase of 284.7% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Associated Banc Corp held $1.7B in cash against $594.3M in long-term debt as of fiscal year 2025.
Associated Banc Corp paid $0.93 per share in dividends in fiscal year 2025. This represents an increase of 4.5% from the prior year.
Not reported for fiscal year 2025.
Margins & Returns
Associated Banc Corp's net profit margin was 21.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 16.1 percentage points from the prior year.
Associated Banc Corp's ROE was 9.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 6.9 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
ASB Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3B | $2.2B+2.4% | $2.1B+92.5% | $1.1B-11.0% | $1.2B+17.1% | $1.1B-17.1% | $1.3B+5.0% | $1.2B-1.5% | $1.2B+15.0% | $1.1B+1.3% | $1.1B+5.4% | $1.0B+3.5% | $971.8M+1.4% | $958.6M+2.1% | $939.3M+6.0% | $886.0M |
| SG&A Expenses | $567.2M | $521.7M+6.9% | $488.0M+4.2% | $468.4M+3.1% | $454.1M+6.4% | $426.7M-1.3% | $432.2M-11.3% | $487.1M+0.9% | $482.7M+12.5% | $429.0M+1.0% | $424.7M+4.9% | $404.7M+3.7% | $390.4M-1.7% | $397.0M+4.1% | $381.4M+5.9% | $360.1M |
| Interest Expense | $959.8M | $971.6M-9.7% | $1.1B+17.1% | $918.5M+388.7% | $187.9M+159.8% | $72.3M-51.7% | $149.9M-55.5% | $336.9M+22.7% | $274.6M+88.8% | $145.4M+72.5% | $84.3M+8.9% | $77.4M+38.7% | $55.8M-12.1% | $63.4M-31.3% | $92.3M-28.3% | $128.8M |
| Income Tax | $124.2M | $103.1M+811.6% | $11.3M-51.0% | $23.1M-75.3% | $93.5M+9.6% | $85.3M+322.3% | $20.2M-74.7% | $79.7M-0.1% | $79.8M-27.1% | $109.5M+25.4% | $87.3M+7.2% | $81.5M-4.7% | $85.5M+8.0% | $79.2M+4.9% | $75.5M+72.6% | $43.7M |
| Net Income | $505.1M | $474.8M+285.5% | $123.1M-32.7% | $183.0M-50.0% | $366.1M+4.3% | $351.0M+14.4% | $306.8M-6.1% | $326.8M-2.0% | $333.6M+45.5% | $229.3M+14.5% | $200.3M+6.4% | $188.3M-1.2% | $190.5M+1.0% | $188.7M+5.4% | $179.0M+28.1% | $139.7M |
| EPS (Diluted) | — | $2.77+284.7% | $0.72-36.3% | $1.13-51.7% | $2.34+7.3% | $2.18+17.2% | $1.86-2.6% | $1.91+1.1% | $1.89+33.1% | $1.42+12.7% | $1.26+5.9% | $1.19+2.6% | $1.16+5.5% | $1.10+10.0% | $1.00+51.5% | $0.66 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ASB Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $45.2B+5.1% | $43.0B+4.9% | $41.0B+4.1% | $39.4B+12.3% | $35.1B+5.0% | $33.4B+3.2% | $32.4B-3.7% | $33.6B+10.3% | $30.5B+4.6% | $29.1B+5.2% | $27.7B+3.3% | $26.8B+10.7% | $24.2B+3.1% | $23.5B+7.1% | $21.9B |
| Cash & Equivalents | $1.7B+68.7% | $1.0B+10.4% | $923.8M+48.7% | $621.5M-39.4% | $1.0B+43.2% | $716.0M+21.6% | $588.7M-32.8% | $876.7M+22.4% | $716.0M+11.5% | $642.2M+35.6% | $473.7M-54.1% | $1.0B+71.4% | $602.2M-18.4% | $737.9M+19.7% | $616.6M |
| Goodwill | $1.1B0.0% | $1.1B0.0% | $1.1B0.0% | $1.1B0.0% | $1.1B-0.4% | $1.1B-5.7% | $1.2B+0.6% | $1.2B+19.7% | $976.2M+0.4% | $972.0M+0.3% | $968.8M+4.3% | $929.2M0.0% | $929.2M0.0% | $929.2M0.0% | $929.2M |
| Total Liabilities | $40.2B+4.7% | $38.4B+4.3% | $36.8B+4.1% | $35.4B+13.9% | $31.1B+6.0% | $29.3B+3.0% | $28.5B-4.6% | $29.8B+9.5% | $27.2B+4.6% | $26.0B+5.1% | $24.8B+3.1% | $24.0B+12.6% | $21.3B+3.8% | $20.6B+7.8% | $19.1B |
| Long-Term Debt | $594.3M-29.1% | $837.6M+54.8% | $541.3M+118.2% | $248.1M-0.5% | $249.3M-54.6% | $549.5M0.0% | $549.3M-31.0% | $795.6M+60.0% | $497.3M-82.0% | $2.8B+3.2% | $2.7B-31.9% | $3.9B+27.3% | $3.1B+204.1% | $1.0B-13.7% | $1.2B |
| Total Equity | $5.0B+8.0% | $4.6B+10.3% | $4.2B+3.9% | $4.0B-0.2% | $4.0B-1.6% | $4.1B+4.3% | $3.9B+3.7% | $3.8B+16.8% | $3.2B+4.7% | $3.1B+5.2% | $2.9B+4.9% | $2.8B-3.1% | $2.9B-1.5% | $2.9B+2.5% | $2.9B |
| Retained Earnings | $3.2B+10.5% | $2.9B-0.9% | $2.9B+1.4% | $2.9B+8.7% | $2.7B+8.7% | $2.5B+3.3% | $2.4B+9.1% | $2.2B+12.8% | $1.9B+14.1% | $1.7B+6.4% | $1.6B+6.4% | $1.5B+7.6% | $1.4B+8.6% | $1.3B+11.6% | $1.1B |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities.
ASB Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $719.0M | $615.7M+6.1% | $580.2M+31.1% | $442.7M-47.7% | $846.6M+59.9% | $529.6M-3.7% | $550.0M-4.2% | $574.3M+15.6% | $496.6M+8.3% | $458.4M-28.5% | $641.4M+112.9% | $301.2M+51.0% | $199.5M-58.3% | $478.0M+36.4% | $350.5M+13.1% | $309.8M |
| Investing Cash Flow | -$2.3B | -$1.6B+26.8% | -$2.2B-54.5% | -$1.4B+72.7% | -$5.3B-231.7% | -$1.6B-99.6% | -$793.7M-149.1% | $1.6B+524.7% | -$380.9M+72.7% | -$1.4B+15.5% | -$1.7B-7.8% | -$1.5B+27.6% | -$2.1B-69.1% | -$1.3B+23.3% | -$1.6B-245.7% | -$472.5M |
| Financing Cash Flow | $2.1B | $1.7B-1.4% | $1.7B+33.8% | $1.3B-67.6% | $4.0B+193.5% | $1.4B+267.7% | $371.0M+115.0% | -$2.5B-5612.4% | $45.0M-95.6% | $1.0B-14.2% | $1.2B+75.0% | $674.2M-71.3% | $2.3B+267.2% | $639.6M-54.5% | $1.4B+1681.4% | -$88.8M |
| Dividends Paid | $164.5M | $155.8M+11.9% | $139.2M+7.5% | $129.5M+5.2% | $123.1M+6.1% | $116.1M+3.6% | $112.0M+0.2% | $111.8M+6.0% | $105.5M+38.1% | $76.4M+12.6% | $67.9M+8.7% | $62.4M+6.3% | $58.7M+6.8% | $55.0M+38.7% | $39.6M+468.1% | $7.0M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0-100.0% | $108.6M-12.0% | $123.3M+100.1% | $61.7M+9255.7% | $659K |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ASB Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 21.9%+16.1pp | 5.8%-10.8pp | 16.6%-12.9pp | 29.5%-3.6pp | 33.2%+9.2pp | 24.0%-2.8pp | 26.9%-0.2pp | 27.0%+5.7pp | 21.3%+2.5pp | 18.9%+0.2pp | 18.7%-0.9pp | 19.6%-0.1pp | 19.7%+0.6pp | 19.1%+3.3pp | 15.8% |
| Return on Equity | 9.5%+6.9pp | 2.7%-1.7pp | 4.4%-4.7pp | 9.1%+0.4pp | 8.7%+1.2pp | 7.5%-0.8pp | 8.3%-0.5pp | 8.8%+1.7pp | 7.1%+0.6pp | 6.5%+0.1pp | 6.4%-0.4pp | 6.8%+0.3pp | 6.5%+0.4pp | 6.1%+1.2pp | 4.9% |
| Return on Assets | 1.1%+0.8pp | 0.3%-0.2pp | 0.4%-0.5pp | 0.9%-0.1pp | 1.0%+0.1pp | 0.9%-0.1pp | 1.0%0.0pp | 1.0%+0.2pp | 0.8%+0.1pp | 0.7%0.0pp | 0.7%0.0pp | 0.7%-0.1pp | 0.8%0.0pp | 0.8%+0.1pp | 0.6% |
| Debt-to-Equity | 0.12-0.1x | 0.18+0.1x | 0.13+0.1x | 0.060.0x | 0.06-0.1x | 0.130.0x | 0.14-0.1x | 0.21+0.1x | 0.15-0.7x | 0.890.0x | 0.91-0.5x | 1.40+0.3x | 1.07+0.7x | 0.35-0.1x | 0.41 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.
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Where Associated Banc Corp Ranks
Frequently Asked Questions
What is Associated Banc Corp's annual revenue?
Associated Banc Corp (ASB) reported $2.2B in total revenue for fiscal year 2025. This represents a 2.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Associated Banc Corp's revenue growing?
Associated Banc Corp (ASB) revenue grew by 2.4% year-over-year, from $2.1B to $2.2B in fiscal year 2025.
Is Associated Banc Corp profitable?
Yes, Associated Banc Corp (ASB) reported a net income of $474.8M in fiscal year 2025, with a net profit margin of 21.9%.
How much debt does Associated Banc Corp have?
As of fiscal year 2025, Associated Banc Corp (ASB) had $1.7B in cash and equivalents against $594.3M in long-term debt.
What is Associated Banc Corp's net profit margin?
Associated Banc Corp (ASB) had a net profit margin of 21.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Associated Banc Corp pay dividends?
Yes, Associated Banc Corp (ASB) paid $0.93 per share in dividends during fiscal year 2025.
What is Associated Banc Corp's return on equity (ROE)?
Associated Banc Corp (ASB) has a return on equity of 9.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Associated Banc Corp's operating cash flow?
Associated Banc Corp (ASB) generated $615.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Associated Banc Corp's total assets?
Associated Banc Corp (ASB) had $45.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Associated Banc Corp's debt-to-equity ratio?
Associated Banc Corp (ASB) had a debt-to-equity ratio of 0.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Associated Banc Corp's return on assets (ROA)?
Associated Banc Corp (ASB) had a return on assets of 1.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Associated Banc Corp's Piotroski F-Score?
Associated Banc Corp (ASB) has a Piotroski F-Score of 6 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Associated Banc Corp's earnings high quality?
Associated Banc Corp (ASB) has an earnings quality ratio of 1.30x, 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.
How financially healthy is Associated Banc Corp?
Associated Banc Corp (ASB) scores 47 out of 100 on our Financial Health Score, indicating moderate standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.