What is Associated Banc-Corp's earnings per share (EPS)?

Associated Banc-Corp (ASBA) reported diluted earnings per share of $2.77 for fiscal year 2025. This represents a 284.7% 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.

Associated Banc-Corp Financials

ASBA

FY2025 annual

Revenue $2.2B +2.4% YoY

Net Income $474.8M +285.5% YoY

EPS (Diluted) $2.77 +284.7% YoY

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

Associated Banc-Corp (ASBA) 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).

Rhea AI ASBA FY2025 2026-08-04

Small shifts in asset returns drive large swings in shareholder earnings because the business runs on a very leveraged balance sheet.

From FY2024 to FY2025, return on assets rose from 0.3% to 1.1%, yet return on equity climbed from 2.7% to 9.5% because equity funds only about 11.0% of assets. That gap shows how this model magnifies modest changes in asset-level profitability into much larger changes for shareholders.

In FY2025, operating cash flow of $616M topped net income of $475M. Because cash flow also stayed strong in FY2024 while reported profit was much lower, the earnings rebound looks partly like a normalization of accounting results rather than a brand-new cash engine.

The balance sheet remains liability-funded, with $40.2B of liabilities against $5.0B of equity in FY2025. Cash of $1.72B exceeded reported long-term debt of $594M, so classic debt metrics make funding look cleaner than it is; most leverage sits in other liabilities, not term debt.

Financial Health Signals

Financial health score not available

Associated Banc-Corp does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

6/7

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.

Earnings Quality Cash-Backed

1.30x

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

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Earnings & Revenue

Revenue

$2.2B

YoY+2.4%

5Y CAGR+11.2%

10Y CAGR+8.0%

Associated Banc-Corp generated $2.2B in revenue in fiscal year 2025. This represents an increase of 2.4% from the prior year.

Net Income

$474.8M

YoY+285.5%

5Y CAGR+9.1%

10Y CAGR+9.7%

Associated Banc-Corp reported $474.8M in net income in fiscal year 2025. This represents an increase of 285.5% from the prior year.

EPS (Diluted)

$2.77

YoY+284.7%

5Y CAGR+8.3%

10Y CAGR+8.8%

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.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt

$1.7B

YoY+68.7%

5Y CAGR+19.2%

10Y CAGR+13.8%

Associated Banc-Corp held $1.7B in cash against $594.3M in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.93

YoY+4.5%

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.

Shares Outstanding

166M

YoY-0.2%

5Y CAGR+1.7%

10Y CAGR+1.0%

Associated Banc-Corp had 166M shares outstanding in fiscal year 2025. This represents a decrease of 0.2% from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Margins & Returns

Net Margin

21.9%

YoY+16.1pp

5Y CAGR-2.2pp

10Y CAGR+3.1pp

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.

Return on Equity

9.5%

YoY+6.9pp

5Y CAGR+2.0pp

10Y CAGR+3.1pp

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.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

None of these metrics is reported for fiscal year 2025.

ASBA Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

ASBA annual income statement

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

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$623.3M+18.0%	$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
SG&A Expenses	$161.2M+19.2%	$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
Interest Expense	$253.3M+14.7%	$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
Income Tax	$35.6M+7.1%	$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
Net Income	$123.6M+3.3%	$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
EPS (Diluted)	$0.63-10.0%	$0.70	N/A	$0.73+12.3%	$0.65+10.2%	$0.59	N/A	$0.56

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.

ASBA Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

ASBA annual balance sheet

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

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$51.8B+13.6%	$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
Cash & Equivalents	$1.8B+32.1%	$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
Goodwill	$1.1B+3.8%	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B
Total Liabilities	$46.2B+13.7%	$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
Long-Term Debt	$591.1M-0.3%	$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
Total Equity	$5.6B+12.8%	$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
Retained Earnings	$3.4B+2.3%	$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

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities.

ASBA Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

ASBA annual cash flow statement

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

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$207.1M+52.4%	$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
Investing Cash Flow	-$602.1M+26.9%	-$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
Financing Cash Flow	$839.6M+137.0%	$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
Dividends Paid	$45.7M+14.2%	$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

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.

ASBA Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

ASBA annual financial ratios

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

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Net Margin	19.8%-2.8pp	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%
Return on Equity	2.2%-0.2pp	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%
Return on Assets	0.2%0.0pp	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%
Debt-to-Equity	0.100.0x	0.120.0x	0.120.0x	0.120.0x	0.120.0x	0.13-0.1x	0.180.0x	0.19

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.

Where Associated Banc-Corp Ranks

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.

How many shares does Associated Banc-Corp have outstanding?

Associated Banc-Corp (ASBA) had 166M shares outstanding as of fiscal year 2025.

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 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 (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.