Associated Banc-Corp Financials
This page shows Associated Banc-Corp (ASBA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 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).
ASBA is a balance-sheet-heavy business where earnings swing far faster than revenue from year to year.
In the latest year, revenue was nearly flat, yet net income rose from$123M to$475M . Operating cash flow moved only from$580M to$616M , so the profit rebound outpaced cash and appears driven below the top line rather than by a broad increase in cash-generating activity.
The company closed the year with
Selling and administrative expense increased from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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's revenue grew a modest 2.4% year-over-year to $2.2B. This slow but positive growth earns a score of 100/100.
Associated Banc-Corp carries a low D/E ratio of 0.12, meaning only $0.12 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Associated Banc-Corp generates a 9.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 25/100. This is up from 2.7% the prior year.
Associated Banc-Corp passes 6 of 9 financial strength tests. 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.
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.
Associated Banc-Corp had 166M shares outstanding in fiscal year 2025. This represents a decrease of 0.2% from the prior year.
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.
Capital Allocation
ASBA Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $528.0M-3.0% | $544.3M-2.2% | $556.6M+2.0% | $545.5M+3.7% | $526.3M-54.2% | $1.1B+248.3% | $329.7M+2.5% | $321.8M |
| 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 | $135.2M0.0% | $135.1M-0.4% | $135.7M+6.9% | $127.0M+2.5% | $123.9M-1.6% | $125.9M+4.1% | $121.0M-0.4% | $121.6M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $220.9M-5.8% | $234.4M-6.8% | $251.4M+2.4% | $245.5M+2.2% | $240.3M-7.0% | $258.4M-7.0% | $277.8M+1.5% | $273.7M |
| Income Tax | $33.2M+29.0% | $25.8M-12.8% | $29.6M+4.1% | $28.4M+46.3% | $19.4M+220.3% | -$16.1M-180.2% | $20.1M+258.6% | -$12.7M |
| Net Income | $119.6M-12.8% | $137.1M+9.9% | $124.7M+12.1% | $111.2M+9.4% | $101.7M+162.9% | -$161.6M-283.6% | $88.0M-23.8% | $115.6M |
| EPS (Diluted) | $0.70 | N/A | $0.73+12.3% | $0.65+10.2% | $0.59 | N/A | $0.56-24.3% | $0.74 |
ASBA Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $45.6B+0.9% | $45.2B+1.7% | $44.5B+1.1% | $44.0B+1.6% | $43.3B+0.7% | $43.0B+1.9% | $42.2B+1.4% | $41.6B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $1.4B-19.4% | $1.7B+33.1% | $1.3B+2.6% | $1.3B+2.2% | $1.2B+20.9% | $1.0B+5.4% | $967.0M+0.8% | $959.1M |
| 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 | $1.1B0.0% | $1.1B0.0% | $1.1B0.0% | $1.1B0.0% | $1.1B0.0% | $1.1B0.0% | $1.1B0.0% | $1.1B |
| Total Liabilities | $40.6B+0.9% | $40.2B+1.6% | $39.6B+1.0% | $39.2B+1.5% | $38.6B+0.5% | $38.4B+1.6% | $37.8B+1.1% | $37.4B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $592.6M-0.3% | $594.3M0.0% | $594.1M+0.1% | $593.5M+0.4% | $591.4M-29.4% | $837.6M-0.8% | $844.3M+57.5% | $536.1M |
| Total Equity | $5.0B+0.5% | $5.0B+2.2% | $4.9B+1.8% | $4.8B+2.0% | $4.7B+1.8% | $4.6B+4.4% | $4.4B+4.0% | $4.2B |
| Retained Earnings | $3.3B+2.4% | $3.2B+3.0% | $3.1B+2.7% | $3.0B+2.3% | $3.0B+2.1% | $2.9B-6.5% | $3.1B+1.7% | $3.1B |
ASBA Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $135.9M-37.7% | $218.1M+38.1% | $158.0M+11.7% | $141.5M+44.1% | $98.2M-52.6% | $207.1M+97.0% | $105.1M-7.4% | $113.5M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$824.2M-119.8% | -$374.9M+22.7% | -$485.3M+23.9% | -$637.5M-401.5% | -$127.1M+87.8% | -$1.0B-101.9% | -$517.9M-36.4% | -$379.8M |
| Financing Cash Flow | $354.3M-39.4% | $584.3M+62.3% | $359.9M-31.3% | $523.7M+116.6% | $241.8M-72.9% | $891.4M+111.9% | $420.8M+12.6% | $373.8M |
| Dividends Paid | $40.1M-0.4% | $40.2M+4.4% | $38.5M+0.1% | $38.5M-0.1% | $38.5M-0.1% | $38.6M+14.8% | $33.6M+0.3% | $33.5M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ASBA Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | 22.7%-2.5pp | 25.2%+2.8pp | 22.4%+2.0pp | 20.4%+1.1pp | 19.3%+33.4pp | -14.1%-40.8pp | 26.7%-9.2pp | 35.9% |
| Return on Equity | 2.4%-0.4pp | 2.8%+0.2pp | 2.6%+0.2pp | 2.3%+0.2pp | 2.2%+5.7pp | -3.5%-5.5pp | 2.0%-0.7pp | 2.7% |
| Return on Assets | 0.3%-0.0pp | 0.3%+0.0pp | 0.3%+0.0pp | 0.3%+0.0pp | 0.2%+0.6pp | -0.4%-0.6pp | 0.2%-0.1pp | 0.3% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.120.0 | 0.120.0 | 0.120.0 | 0.120.0 | 0.13-0.1 | 0.180.0 | 0.19+0.1 | 0.13 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Frequently Asked Questions
What is Associated Banc-Corp's annual revenue?
Associated Banc-Corp (ASBA) 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 (ASBA) 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 (ASBA) 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 (ASBA) 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 (ASBA) 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 (ASBA) paid $0.93 per share in dividends during fiscal year 2025.
What is Associated Banc-Corp's return on equity (ROE)?
Associated Banc-Corp (ASBA) 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 (ASBA) 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 (ASBA) 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 (ASBA) 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 (ASBA) 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 (ASBA) has a Piotroski F-Score of 6 out of 9, indicating neutral 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 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 (ASBA) 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 (ASBA) scores 38 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.