Horizon Bancorp Financials
This page shows Horizon Bancorp (HBNC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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 looks like a balance-sheet reset: Horizon shrank assets and debt, yet cash generation stayed positive despite a reported loss.
In FY2025, net income and cash flow diverged sharply: a-$150.5M loss came with$79.2M of operating cash flow, so the year's damage hit accounting earnings much harder than near-term liquidity. Deleveraging was also substantial, with long-term debt cut from$1.23B to$248.6M ; paired with a smaller asset base, that points to retrenchment rather than expansion.
The pattern versus FY2024 is unusually revealing: reported profit improved from FY2023 into FY2024, yet operating cash flow dropped to just
The payout math and return profile moved in opposite directions. FY2025 free cash flow of
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 Horizon Bancorp'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.
Horizon Bancorp's revenue grew a modest 1.8% year-over-year to $362.8M. This slow but positive growth earns a score of 46/100.
Horizon Bancorp carries a low D/E ratio of 0.36, meaning only $0.36 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.
Horizon Bancorp has a free cash flow margin of 20.5%, earning a moderate score of 64/100. The company generates positive cash flow after capital investments, but with room for improvement.
Horizon Bancorp generates a -21.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 4.6% the prior year.
Horizon Bancorp passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Horizon Bancorp generates $-0.53 in operating cash flow ($79.2M OCF vs -$150.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Horizon Bancorp generated $362.8M in revenue in fiscal year 2025. This represents an increase of 1.8% from the prior year.
Horizon Bancorp reported -$150.5M in net income in fiscal year 2025. This represents a decrease of 524.7% from the prior year.
Horizon Bancorp earned $-3.24 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 505.0% from the prior year.
Cash & Balance Sheet
Horizon Bancorp generated $74.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 5684.7% from the prior year.
Horizon Bancorp held $139.5M in cash against $248.6M in long-term debt as of fiscal year 2025.
Horizon Bancorp paid $0.64 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Horizon Bancorp had 51M shares outstanding in fiscal year 2025. This represents an increase of 15.8% from the prior year.
Margins & Returns
Horizon Bancorp's net profit margin was -41.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 51.4 percentage points from the prior year.
Horizon Bancorp's ROE was -21.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 26.5 percentage points from the prior year.
Capital Allocation
Horizon Bancorp invested $5.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 2.5% from the prior year.
HBNC Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $86.7M-3.0% | $89.3M-3.8% | $92.8M+1.5% | $91.5M+2.6% | $89.2M-4.5% | $93.3M+2.7% | $90.9M+4.5% | $87.0M |
| 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 | $23.2M+5.9% | $21.9M-3.5% | $22.7M-0.1% | $22.7M+1.4% | $22.4M-12.3% | $25.6M+17.1% | $21.8M+6.1% | $20.6M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $24.4M-5.4% | $25.8M-25.1% | $34.5M-4.6% | $36.1M-2.1% | $36.9M-8.2% | $40.2M-8.5% | $44.0M+5.5% | $41.7M |
| Income Tax | $6.2M+7.0% | $5.8M+109.0% | -$64.3M-1814.8% | $3.8M-9.4% | $4.1M+137.5% | -$11.1M-14634.7% | -$75K-104.3% | $1.7M |
| Net Income | $26.2M-2.8% | $26.9M+112.1% | -$222.0M-1175.3% | $20.6M-13.8% | $23.9M+320.0% | -$10.9M-159.9% | $18.2M+28.6% | $14.1M |
| EPS (Diluted) | $0.51 | N/A | $-4.69-1097.9% | $0.47-13.0% | $0.54 | N/A | $0.41+28.1% | $0.32 |
HBNC Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.6B+2.0% | $6.4B-4.1% | $6.7B-12.3% | $7.7B+0.3% | $7.6B-2.2% | $7.8B-1.6% | $7.9B+0.2% | $7.9B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $259.1M+85.8% | $139.5M-69.6% | $458.3M+232.3% | $137.9M-18.7% | $169.7M-42.2% | $293.4M+25.0% | $234.8M+60.7% | $146.1M |
| 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 | $155.2M0.0% | $155.2M0.0% | $155.2M0.0% | $155.2M0.0% | $155.2M0.0% | $155.2M0.0% | $155.2M0.0% | $155.2M |
| Total Liabilities | $5.9B+2.0% | $5.7B-5.0% | $6.1B-11.8% | $6.9B+0.1% | $6.9B-2.6% | $7.0B-1.9% | $7.2B-0.2% | $7.2B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | $248.6M | N/A | N/A | N/A | $1.2B | N/A | N/A |
| Total Equity | $699.0M+1.6% | $688.3M+4.2% | $660.8M-16.4% | $790.9M+1.9% | $776.1M+1.6% | $763.6M+1.2% | $754.8M+3.9% | $726.7M |
| Retained Earnings | $272.9M+7.0% | $255.0M+7.9% | $236.3M-49.3% | $466.5M+3.0% | $452.9M+3.9% | $436.1M-3.9% | $454.1M+2.5% | $443.0M |
HBNC Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $20.8M-38.2% | $33.6M+207.6% | $10.9M-44.0% | $19.5M+27.9% | $15.2M+131.5% | -$48.4M-249.9% | $32.3M+102.8% | $15.9M |
| Capital Expenditures | $56K-94.1% | $943K-37.5% | $1.5M+9.7% | $1.4M+21.8% | $1.1M-37.2% | $1.8M+40.6% | $1.3M+54.3% | $829K |
| Free Cash Flow | $20.7M-36.5% | $32.6M+247.0% | $9.4M-48.1% | $18.1M+28.4% | $14.1M+128.1% | -$50.2M-261.8% | $31.0M+105.4% | $15.1M |
| Investing Cash Flow | -$17.2M+62.9% | -$46.3M-104.4% | $1.0B+2050.3% | -$53.3M-237.3% | $38.9M-85.6% | $269.7M+669.4% | $35.0M+119.2% | -$182.3M |
| Financing Cash Flow | $116.0M+137.9% | -$306.1M+58.1% | -$730.8M-35117.0% | $2.1M+101.2% | -$177.9M-9.3% | -$162.7M-860.0% | $21.4M-48.2% | $41.3M |
| Dividends Paid | $8.2M+0.4% | $8.2M+15.7% | $7.1M-0.2% | $7.1M-0.4% | $7.1M+1.1% | $7.0M-0.8% | $7.1M+0.2% | $7.1M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
HBNC 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 | 30.2%+0.1pp | 30.1%+269.3pp | -239.1%-261.7pp | 22.6%-4.3pp | 26.9%+38.5pp | -11.7%-31.7pp | 20.0%+3.7pp | 16.3% |
| Return on Equity | 3.7%-0.2pp | 3.9%+37.5pp | -33.6%-36.2pp | 2.6%-0.5pp | 3.1%+4.5pp | -1.4%-3.8pp | 2.4%+0.5pp | 1.9% |
| Return on Assets | 0.4%-0.0pp | 0.4%+3.7pp | -3.3%-3.6pp | 0.3%-0.0pp | 0.3%+0.4pp | -0.1%-0.4pp | 0.2%+0.1pp | 0.2% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 8.39+8.0 | 0.36-8.8 | 9.16+0.5 | 8.68-0.2 | 8.83+7.2 | 1.61-7.9 | 9.50-0.4 | 9.89 |
| FCF Margin | 23.9%-12.6pp | 36.5%+26.4pp | 10.1%-9.7pp | 19.8%+4.0pp | 15.8%+69.6pp | -53.8%-87.9pp | 34.1%+16.8pp | 17.3% |
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Frequently Asked Questions
What is Horizon Bancorp's annual revenue?
Horizon Bancorp (HBNC) reported $362.8M in total revenue for fiscal year 2025. This represents a 1.8% 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 Horizon Bancorp's revenue growing?
Horizon Bancorp (HBNC) revenue grew by 1.8% year-over-year, from $356.5M to $362.8M in fiscal year 2025.
Is Horizon Bancorp profitable?
No, Horizon Bancorp (HBNC) reported a net income of -$150.5M in fiscal year 2025, with a net profit margin of -41.5%.
How much debt does Horizon Bancorp have?
As of fiscal year 2025, Horizon Bancorp (HBNC) had $139.5M in cash and equivalents against $248.6M in long-term debt.
What is Horizon Bancorp's net profit margin?
Horizon Bancorp (HBNC) had a net profit margin of -41.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Horizon Bancorp pay dividends?
Yes, Horizon Bancorp (HBNC) paid $0.64 per share in dividends during fiscal year 2025.
What is Horizon Bancorp's return on equity (ROE)?
Horizon Bancorp (HBNC) has a return on equity of -21.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Horizon Bancorp's free cash flow?
Horizon Bancorp (HBNC) generated $74.3M in free cash flow during fiscal year 2025. This represents a 5684.7% 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 Horizon Bancorp's operating cash flow?
Horizon Bancorp (HBNC) generated $79.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Horizon Bancorp's total assets?
Horizon Bancorp (HBNC) had $6.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Horizon Bancorp's capital expenditures?
Horizon Bancorp (HBNC) invested $5.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Horizon Bancorp's debt-to-equity ratio?
Horizon Bancorp (HBNC) had a debt-to-equity ratio of 0.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Horizon Bancorp's return on assets (ROA)?
Horizon Bancorp (HBNC) had a return on assets of -2.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Horizon Bancorp's Piotroski F-Score?
Horizon Bancorp (HBNC) has a Piotroski F-Score of 4 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 Horizon Bancorp's earnings high quality?
Horizon Bancorp (HBNC) has an earnings quality ratio of -0.53x, 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 Horizon Bancorp?
Horizon Bancorp (HBNC) scores 34 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.