Source SEC Filings (10-K/10-Q)Data as of Jun 30, 2026Currency USDFYE December
Bridgewater Bancshares Inc (BWB) reported $281.8M in revenue
for fiscal year 2025, up 14.6% from the prior fiscal year.
This page shows its income statement, balance sheet, cash flow statement, and key financial ratios.
View 10 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 AIBWBFY2025
Bridgewater's earnings engine is balance-sheet leverage, where small shifts in asset profitability meaningfully change returns to equity.
The FY2025 profit rebound started with better asset profitability, as ROA improved to 0.9% from 0.7%. That modest change still lifted ROE to 8.9% from 7.2%, showing how this leveraged balance sheet turns a small improvement at the asset level into a larger effect for common equity.
At $149.4M, interest expense still absorbs a large share of revenue rather than fading back toward earlier levels. Net margin was only 16.4% versus 32.6% in FY2022, so the franchise is bigger but still earns much less on each revenue dollar than it did before funding costs moved higher.
Because capital spending was only $5.8M, free cash flow mostly tracks operating cash flow here instead of being driven by heavy physical reinvestment. So the fall in operating cash flow to $27.8M from $46.4M says more about weaker cash generation inside the balance sheet than about expansion spending.
Financial Health Signals
Financial Health Score59/100
Scored as: Banks peer group
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 Bridgewater Bancshares Inc'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.
Earnings
38
Growth
71
Capital
24
Efficiency
84
Credit Quality
69
Stability
68
Piotroski F-ScorePartial
4/6
Bridgewater Bancshares Inc passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Earnings QualityMixed
0.60x
For every $1 of reported earnings, Bridgewater Bancshares Inc generates $0.60 in operating cash flow ($27.8M OCF vs $46.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Bridgewater Bancshares Inc generated $281.8M in revenue in fiscal year 2025. This represents an increase of 14.6% from the prior year.
Net Income
$46.1M
YoY+40.4%
5Y CAGR+11.1%
Bridgewater Bancshares Inc reported $46.1M in net income in fiscal year 2025. This represents an increase of 40.4% from the prior year.
EPS (Diluted)
$1.49
YoY+44.7%
5Y CAGR+9.9%
Bridgewater Bancshares Inc earned $1.49 per diluted share (EPS) in fiscal year 2025. This represents an increase of 44.7% from the prior year.
EBITDA
Not reported for fiscal year 2025.
Cash & Balance Sheet
Free Cash Flow
$22.0M
YoY-48.1%
Bridgewater Bancshares Inc generated $22.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 48.1% from the prior year.
Cash & Debt
$123.5M
YoY-46.2%
5Y CAGR-5.1%
Bridgewater Bancshares Inc held $123.5M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Shares Outstanding
28M
YoY+1.0%
5Y CAGR-0.2%
Bridgewater Bancshares Inc had 28M shares outstanding in fiscal year 2025. This represents an increase of 1.0% from the prior year.
Dividends Per Share
Not reported for fiscal year 2025.
Margins & Returns
Net Margin
16.4%
YoY+3.0pp
5Y CAGR-7.3pp
Bridgewater Bancshares Inc's net profit margin was 16.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.0 percentage points from the prior year.
Return on Equity
8.9%
YoY+1.7pp
5Y CAGR-1.3pp
Bridgewater Bancshares Inc's ROE was 8.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.7 percentage points from the prior year.
Gross Margin
Not reported for fiscal year 2025.
Operating Margin
Not reported for fiscal year 2025.
Capital Allocation
Share Buybacks
$2.2M
YoY-57.8%
5Y CAGR-26.7%
Bridgewater Bancshares Inc spent $2.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 57.8% from the prior year.
Capital Expenditures
$5.8M
YoY+43.3%
5Y CAGR-25.0%
Bridgewater Bancshares Inc invested $5.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 43.3% from the prior year.
R&D Spending
Not reported for fiscal year 2025.
BWB Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
BWB annual income statement
BWB quarterly income statement
Metric
TTM
FY25
FY24
FY23
FY22
FY21
FY20
FY19
FY18
FY17
FY16
Revenue
$289.6M
$281.8M+14.6%
$245.9M+10.6%
$222.4M+35.8%
$163.7M+27.0%
$128.9M+12.2%
$114.8M+10.6%
$103.8M+21.8%
$85.2M+28.5%
$66.3M+31.0%
$50.6M
SG&A Expenses
$52.1M
$47.4M+19.8%
$39.6M+8.3%
$36.5M-1.1%
$36.9M+19.6%
$30.9M+20.8%
$25.6M+15.8%
$22.1M+18.6%
$18.6M+32.5%
$14.1M+16.2%
$12.1M
Interest Expense
$144.6M
$149.4M+4.0%
$143.7M+22.6%
$117.2M+244.7%
$34.0M+75.5%
$19.4M-27.9%
$26.9M-9.4%
$29.6M+44.7%
$20.5M+68.3%
$12.2M-71.1%
$42.1M
Income Tax
$17.2M
$13.9M+40.7%
$9.9M-21.1%
$12.6M-31.4%
$18.3M+15.3%
$15.9M+87.5%
$8.5M+22.4%
$6.9M+32.5%
$5.2M-48.5%
$10.1M+26.0%
$8.1M
Net Income
$56.3M
$46.1M+40.4%
$32.8M-17.9%
$40.0M-25.2%
$53.4M+16.9%
$45.7M+68.0%
$27.2M-13.4%
$31.4M+16.7%
$26.9M+59.4%
$16.9M+27.8%
$13.2M
EPS (Diluted)
—
$1.49+44.7%
$1.03-18.9%
$1.27-26.2%
$1.72+11.7%
$1.54+65.6%
$0.93-11.4%
$1.05+15.4%
$0.91+33.8%
$0.68+17.2%
$0.58
Metric
Q2'26
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Revenue
$72.7M+3.8%
$70.0M-4.6%
$73.3M-0.4%
$73.6M+6.4%
$69.2M+5.3%
$65.7M+3.8%
$63.3M+0.5%
$63.0M
SG&A Expenses
$13.9M+3.1%
$13.5M+8.5%
$12.4M+1.7%
$12.2M+7.6%
$11.4M-0.1%
$11.4M+7.2%
$10.6M+7.7%
$9.9M
Interest Expense
$34.1M+2.3%
$33.3M-11.4%
$37.6M-4.9%
$39.5M+7.6%
$36.7M+3.5%
$35.5M-2.4%
$36.4M-2.9%
$37.4M
Income Tax
$4.4M-18.3%
$5.4M+42.5%
$3.8M+9.1%
$3.5M-3.4%
$3.6M+19.9%
$3.0M+30.7%
$2.3M-14.0%
$2.7M
Net Income
$14.0M-19.5%
$17.4M+30.5%
$13.3M+14.9%
$11.6M+0.7%
$11.5M+19.6%
$9.6M+17.4%
$8.2M-5.4%
$8.7M
EPS (Diluted)
$0.45-22.4%
$0.58
N/A
$0.380.0%
$0.38+22.6%
$0.31
N/A
$0.27
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.
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.
BWB Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
BWB annual balance sheet
BWB quarterly balance sheet
Metric
FY25
FY24
FY23
FY22
FY21
FY20
FY19
FY18
FY17
FY16
Total Assets
$5.4B+6.7%
$5.1B+9.8%
$4.6B+6.1%
$4.3B+25.0%
$3.5B+18.8%
$2.9B+29.0%
$2.3B+15.0%
$2.0B+22.1%
$1.6B
N/A
Cash & Equivalents
$123.5M-46.2%
$229.8M+78.7%
$128.6M+47.7%
$87.0M-39.3%
$143.5M-10.7%
$160.7M+403.1%
$31.9M+12.3%
$28.4M+19.9%
$23.7M+43.8%
$16.5M
Goodwill
$12.0M0.0%
$12.0M+356.3%
$2.6M0.0%
$2.6M0.0%
$2.6M0.0%
$2.6M0.0%
$2.6M0.0%
$2.6M0.0%
$2.6M
N/A
Total Liabilities
$4.9B+6.1%
$4.6B+10.1%
$4.2B+5.9%
$4.0B+27.5%
$3.1B+16.4%
$2.7B+31.5%
$2.0B+15.5%
$1.8B+18.5%
$1.5B
N/A
Total Equity
$517.1M+12.9%
$457.9M+7.6%
$425.5M+8.0%
$394.1M+3.9%
$379.3M+42.9%
$265.4M+8.4%
$244.8M+10.8%
$221.0M+61.1%
$137.2M+18.9%
$115.4M
Retained Earnings
$351.5M+13.6%
$309.4M+10.3%
$280.6M+12.9%
$248.7M+24.7%
$199.3M+28.8%
$154.8M+21.3%
$127.6M+32.6%
$96.2M+38.5%
$69.5M
N/A
Metric
Q2'26
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Total Assets
$5.4B+1.0%
$5.3B-1.3%
$5.4B+0.9%
$5.4B+1.2%
$5.3B+3.1%
$5.1B+1.4%
$5.1B+8.0%
$4.7B
Cash & Equivalents
$169.8M-23.6%
$222.2M+79.9%
$123.5M-6.3%
$131.8M-39.4%
$217.5M+30.9%
$166.2M-27.7%
$229.8M+19.8%
$191.9M
Goodwill
$12.0M0.0%
$12.0M0.0%
$12.0M0.0%
$12.0M0.0%
$12.0M0.0%
$12.0M0.0%
$12.0M+356.3%
$2.6M
Total Liabilities
$4.8B+0.7%
$4.8B-1.7%
$4.9B+0.6%
$4.9B+0.9%
$4.8B+3.3%
$4.7B+1.3%
$4.6B+8.7%
$4.2B
Total Equity
$547.9M+3.7%
$528.4M+2.2%
$517.1M+3.9%
$497.5M+4.4%
$476.3M+1.6%
$469.0M+2.4%
$457.9M+1.3%
$452.2M
Retained Earnings
$380.8M+3.5%
$367.8M+4.7%
$351.5M+3.6%
$339.1M+3.2%
$328.5M+3.3%
$318.0M+2.8%
$309.4M+2.4%
$302.2M
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Long-Term Debt.
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Long-Term Debt.
BWB Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
BWB annual cash flow statement
BWB quarterly cash flow statement
Metric
TTM
FY25
FY24
FY23
FY22
FY21
FY20
FY19
FY18
FY17
FY16
Operating Cash Flow
$43.1M
$27.8M-40.0%
$46.4M+54.5%
$30.0M-64.7%
$85.0M+56.7%
$54.2M+135.6%
$23.0M-41.8%
$39.5M+34.4%
$29.4M+18.1%
$24.9M+66.8%
$14.9M
Capital Expenditures
$6.6M
$5.8M+43.3%
$4.1M+37.4%
$3.0M+81.9%
$1.6M+110.2%
$777K-96.9%
$24.7M+58.5%
$15.6M+318.6%
$3.7M+201.2%
$1.2M-43.6%
$2.2M
Free Cash Flow
$36.5M
$22.0M-48.1%
$42.3M+56.4%
$27.0M-67.6%
$83.4M+55.9%
$53.5M+3303.1%
-$1.7M-107.0%
$24.0M-6.7%
$25.7M+8.5%
$23.7M+85.8%
$12.7M
Investing Cash Flow
-$104.8M
-$417.5M-338.3%
-$95.2M+54.5%
-$209.2M+77.7%
-$938.2M-64.2%
-$571.4M-7.7%
-$530.3M-92.0%
-$276.2M+22.0%
-$354.2M-1.2%
-$350.2M-31.6%
-$266.1M
Financing Cash Flow
$14.0M
$283.4M+88.9%
$150.1M-32.0%
$220.7M-72.3%
$796.8M+59.4%
$500.0M-21.4%
$636.1M+164.8%
$240.2M-27.1%
$329.5M-0.9%
$332.5M+30.9%
$254.1M
Share Buybacks
N/A
$2.2M-57.8%
$5.2M+14.4%
$4.5M-57.9%
$10.8M+368.4%
$2.3M-77.7%
$10.3M-30.9%
$15.0M
N/A
N/A
$192K
Metric
Q2'26
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Operating Cash Flow
$10.0M-37.7%
$16.0M+129.2%
$7.0M-31.2%
$10.1M+184.0%
$3.6M-49.9%
$7.1M-79.4%
$34.6M+677.6%
-$6.0M
Capital Expenditures
$638K-65.1%
$1.8M-28.2%
$2.5M+58.9%
$1.6M+37.3%
$1.2M+117.5%
$536K-84.3%
$3.4M+637.5%
$464K
Free Cash Flow
$9.3M-34.2%
$14.2M+219.6%
$4.4M-48.1%
$8.5M+255.2%
$2.4M-63.5%
$6.6M-78.9%
$31.2M+583.0%
-$6.5M
Investing Cash Flow
-$92.1M-156.9%
$162.0M+539.3%
-$36.9M+73.2%
-$137.8M-27.6%
-$108.0M+19.9%
-$134.8M-54.9%
-$87.0M-240.2%
$62.1M
Financing Cash Flow
$29.8M+137.6%
-$79.4M-467.5%
$21.6M-48.6%
$42.0M-73.1%
$155.7M+142.9%
$64.1M-29.0%
$90.3M+5254.1%
$1.7M
Share Buybacks
N/A
N/A
$0
$0-100.0%
$1.6M+152.8%
$621K+3552.9%
$17K
$0
Not reported in any period shown, so not listed: Dividends Paid.
Not reported in any period shown, so not listed: Dividends Paid.
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.
BWB Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
BWB annual financial ratios
BWB quarterly financial ratios
Metric
FY25
FY24
FY23
FY22
FY21
FY20
FY19
FY18
FY17
FY16
Net Margin
16.4%+3.0pp
13.4%-4.6pp
18.0%-14.6pp
32.6%-2.8pp
35.4%+11.8pp
23.7%-6.6pp
30.3%-1.3pp
31.6%+6.1pp
25.5%-0.6pp
26.1%
Return on Equity
8.9%+1.7pp
7.2%-2.2pp
9.4%-4.2pp
13.6%+1.5pp
12.0%+1.8pp
10.3%-2.6pp
12.8%+0.6pp
12.2%-0.1pp
12.3%+0.9pp
11.5%
Return on Assets
0.9%+0.2pp
0.7%-0.2pp
0.9%-0.4pp
1.2%-0.1pp
1.3%+0.4pp
0.9%-0.5pp
1.4%0.0pp
1.4%+0.3pp
1.0%
N/A
Debt-to-Equity
9.46-0.6x
10.06+0.2x
9.84-0.2x
10.03+1.9x
8.17-1.9x
10.03+1.8x
8.27+0.3x
7.93-2.9x
10.79
N/A
FCF Margin
7.8%-9.4pp
17.2%+5.0pp
12.2%-38.8pp
50.9%+9.4pp
41.5%+42.9pp
-1.5%-24.5pp
23.1%-7.1pp
30.1%-5.5pp
35.7%+10.5pp
25.2%
Metric
Q2'26
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Net Margin
19.3%-5.6pp
24.9%+6.7pp
18.2%+2.4pp
15.8%-0.9pp
16.7%+2.0pp
14.7%+1.7pp
13.0%-0.8pp
13.8%
Return on Equity
2.6%-0.7pp
3.3%+0.7pp
2.6%+0.2pp
2.3%-0.1pp
2.4%+0.4pp
2.1%+0.3pp
1.8%-0.1pp
1.9%
Return on Assets
0.3%-0.1pp
0.3%+0.1pp
0.3%0.0pp
0.2%0.0pp
0.2%0.0pp
0.2%0.0pp
0.2%0.0pp
0.2%
Debt-to-Equity
8.84-0.3x
9.10-0.4x
9.46-0.3x
9.77-0.3x
10.12+0.2x
9.95-0.1x
10.06+0.7x
9.37
FCF Margin
12.8%-7.4pp
20.3%+14.2pp
6.0%-5.6pp
11.6%+8.1pp
3.5%-6.5pp
10.0%-39.2pp
49.2%+59.4pp
-10.2%
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.
What is Bridgewater Bancshares Inc's annual revenue?
Bridgewater Bancshares Inc (BWB) reported $281.8M in total revenue for fiscal year 2025. This represents a 14.6% 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 Bridgewater Bancshares Inc's revenue growing?
Bridgewater Bancshares Inc (BWB) revenue grew by 14.6% year-over-year, from $245.9M to $281.8M in fiscal year 2025.
Is Bridgewater Bancshares Inc profitable?
Yes, Bridgewater Bancshares Inc (BWB) reported a net income of $46.1M in fiscal year 2025, with a net profit margin of 16.4%.
What is Bridgewater Bancshares Inc's earnings per share (EPS)?
Bridgewater Bancshares Inc (BWB) reported diluted earnings per share of $1.49 for fiscal year 2025. This represents a 44.7% 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.
What is Bridgewater Bancshares Inc's net profit margin?
Bridgewater Bancshares Inc (BWB) had a net profit margin of 16.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Bridgewater Bancshares Inc's return on equity (ROE)?
Bridgewater Bancshares Inc (BWB) has a return on equity of 8.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Bridgewater Bancshares Inc's free cash flow?
Bridgewater Bancshares Inc (BWB) generated $22.0M in free cash flow during fiscal year 2025. This represents a -48.1% 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 Bridgewater Bancshares Inc's operating cash flow?
Bridgewater Bancshares Inc (BWB) generated $27.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Bridgewater Bancshares Inc's total assets?
Bridgewater Bancshares Inc (BWB) had $5.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Bridgewater Bancshares Inc's capital expenditures?
Bridgewater Bancshares Inc (BWB) invested $5.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Does Bridgewater Bancshares Inc buy back shares?
Yes, Bridgewater Bancshares Inc (BWB) spent $2.2M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Bridgewater Bancshares Inc have outstanding?
Bridgewater Bancshares Inc (BWB) had 28M shares outstanding as of fiscal year 2025.
What is Bridgewater Bancshares Inc's debt-to-equity ratio?
Bridgewater Bancshares Inc (BWB) had a debt-to-equity ratio of 9.46 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Bridgewater Bancshares Inc's return on assets (ROA)?
Bridgewater Bancshares Inc (BWB) had a return on assets of 0.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Bridgewater Bancshares Inc's Piotroski F-Score?
Bridgewater Bancshares Inc (BWB) has a Piotroski F-Score of 4 out of 6 computable signals; 3 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 Bridgewater Bancshares Inc's earnings high quality?
Bridgewater Bancshares Inc (BWB) has an earnings quality ratio of 0.60x, considered mixed 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 Bridgewater Bancshares Inc?
Bridgewater Bancshares Inc (BWB) scores 59 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.
