Old National Bancorp Financials

ONBPP

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Old National Bancorp (ONBPP) 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).

Rhea AI ONBPP FY2025 2026-04-22

Balance-sheet expansion is driving earnings, but returns still reflect a liability-funded model that scales faster than shareholder productivity.

Between FY2023 and FY2025, net income rose from $582M to $669M. But ROE fell from 10.5% to 7.9%, showing the company added capital faster than profit and built a thicker equity cushion without matching per-dollar returns.

In FY2025, operating cash flow of $681M was close to net income of $669M, so earnings quality looks broadly supported by cash generation rather than a large accrual gap. With capital spending at only $44M, most cash remained free cash flow, which suggests reinvestment needs sit more in the balance sheet than in physical infrastructure.

With total liabilities at $63.7B and equity at $8.5B in FY2025, the company relies heavily on non-equity funding to support its asset base. That structure lets a modest ROA of 0.9% translate into a higher ROE of 7.9%, so even small shifts in asset profitability can meaningfully change shareholder returns.

Financial Health Signals

Financial health score pending refresh

We are recalculating Old National Bancorp's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

3/6

Old National Bancorp passes 3 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), neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.02x

For every $1 of reported earnings, Old National Bancorp generates $1.02 in operating cash flow ($681.5M OCF vs $669.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$3.3B

YoY+25.7%

5Y CAGR+94.2%

10Y CAGR+23.4%

Old National Bancorp generated $3.3B in revenue in fiscal year 2025. This represents an increase of 25.7% from the prior year.

EBITDA

N/A

Net Income

$669.3M

YoY+24.1%

5Y CAGR+24.2%

10Y CAGR+19.1%

Old National Bancorp reported $669.3M in net income in fiscal year 2025. This represents an increase of 24.1% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$637.4M

YoY+7.7%

5Y CAGR+27.5%

10Y CAGR+32.5%

Old National Bancorp generated $637.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 7.7% from the prior year.

Cash & Debt

$1.8B

YoY+48.7%

5Y CAGR+25.4%

10Y CAGR+23.6%

Old National Bancorp held $1.8B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.56

YoY+0.0%

5Y CAGR+0.0%

10Y CAGR+1.6%

Old National Bancorp paid $0.56 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Shares Outstanding

390M

YoY+22.2%

5Y CAGR+18.7%

10Y CAGR+13.0%

Old National Bancorp had 390M shares outstanding in fiscal year 2025. This represents an increase of 22.2% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

20.5%

YoY-0.3pp

5Y CAGR-170.7pp

10Y CAGR-8.8pp

Old National Bancorp's net profit margin was 20.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.3 percentage points from the prior year.

Return on Equity

7.9%

YoY-0.6pp

5Y CAGR+0.3pp

10Y CAGR+0.1pp

Old National Bancorp's ROE was 7.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$71.8M

YoY+708.2%

5Y CAGR-2.7%

10Y CAGR-2.1%

Old National Bancorp spent $71.8M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 708.2% from the prior year.

Capital Expenditures

$44.1M

YoY+45.6%

5Y CAGR+7.4%

10Y CAGR-6.4%

Old National Bancorp invested $44.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 45.6% from the prior year.

ONBPP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$3.3B+25.7%	$2.6B+17.9%	$2.2B+51.8%	$1.5B+1057.7%	$125.6M+6.1%	$118.4M
Cost of Revenue	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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$749.0M+24.2%	$603.1M+10.4%	$546.4M-5.1%	$575.6M+102.6%	$284.1M-3.2%	$293.6M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$1.2B+13.2%	$1.1B+52.2%	$703.7M+457.3%	$126.3M+198.9%	$42.2M-37.1%	$67.2M
Income Tax	$172.1M+21.9%	$141.3M-16.6%	$169.3M+45.4%	$116.4M+89.9%	$61.3M+110.4%	$29.1M
Net Income	$669.3M+24.1%	$539.2M-7.4%	$582.0M+35.9%	$428.3M+54.3%	$277.5M+22.6%	$226.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$877.4M-2.2%	$897.3M-2.2%	$917.2M+11.2%	$825.0M+30.9%	$630.4M-4.8%	$662.1M-2.6%	$679.9M+2.5%	$663.7M
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	$184.1M-1.7%	$187.3M-11.4%	$211.3M+4.6%	$202.1M+36.3%	$148.3M+1.2%	$146.6M-0.6%	$147.5M-7.3%	$159.2M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$304.8M-3.7%	$316.5M-7.6%	$342.6M+10.4%	$310.2M+27.8%	$242.8M-9.4%	$267.9M-7.0%	$288.2M+4.7%	$275.2M
Income Tax	$61.6M+12.2%	$54.9M+9.7%	$50.0M+65.1%	$30.3M-17.9%	$36.9M+14.5%	$32.2M-21.9%	$41.3M+17.1%	$35.3M
Net Income	$233.7M+7.9%	$216.6M+18.7%	$182.6M+45.6%	$125.4M-13.3%	$144.7M-6.0%	$153.9M+7.0%	$143.8M+18.6%	$121.2M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ONBPP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$72.2B+34.7%	$53.6B+9.1%	$49.1B+5.0%	$46.8B+91.2%	$24.5B+6.5%	$23.0B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$1.8B+48.7%	$1.2B+4.5%	$1.2B+61.3%	$728.4M-11.4%	$822.0M+39.4%	$589.7M
Inventory	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
Goodwill	$2.4B+11.5%	$2.2B+8.8%	$2.0B0.0%	$2.0B+92.7%	$1.0B0.0%	$1.0B
Total Liabilities	$63.7B+34.8%	$47.2B+8.5%	$43.5B+4.5%	$41.6B+94.2%	$21.4B+7.3%	$20.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$8.5B+34.0%	$6.3B+14.0%	$5.6B+8.5%	$5.1B+70.3%	$3.0B+1.3%	$3.0B
Retained Earnings	$2.4B+22.5%	$2.0B+21.5%	$1.6B+33.0%	$1.2B+25.8%	$968.0M+23.5%	$783.9M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$73.0B+1.2%	$72.2B+1.3%	$71.2B+0.3%	$71.0B+31.7%	$53.9B+0.6%	$53.6B-0.1%	$53.6B+0.9%	$53.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$1.8B-3.9%	$1.8B+8.5%	$1.7B-7.0%	$1.8B+45.9%	$1.2B+1.0%	$1.2B+3.1%	$1.2B-3.4%	$1.2B
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	$2.4B+0.2%	$2.4B+0.3%	$2.4B+0.4%	$2.4B+10.8%	$2.2B0.0%	$2.2B-0.1%	$2.2B+0.3%	$2.2B
Total Liabilities	$64.5B+1.3%	$63.7B+1.2%	$62.9B+0.1%	$62.9B+32.8%	$47.3B+0.3%	$47.2B0.0%	$47.2B+0.4%	$47.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$8.5B+0.2%	$8.5B+2.2%	$8.3B+2.3%	$8.1B+24.4%	$6.5B+3.1%	$6.3B-0.4%	$6.4B+4.8%	$6.1B
Retained Earnings	$2.6B+7.2%	$2.4B+7.0%	$2.3B+5.8%	$2.1B+3.2%	$2.1B+4.8%	$2.0B+5.6%	$1.9B+5.4%	$1.8B

ONBPP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$681.5M+9.5%	$622.3M+20.5%	$516.3M-36.6%	$814.4M+146.5%	$330.4M+50.3%	$219.8M
Capital Expenditures	$44.1M+45.6%	$30.3M-21.1%	$38.4M+1.3%	$37.9M-22.2%	$48.7M+57.7%	$30.9M
Free Cash Flow	$637.4M+7.7%	$592.0M+23.9%	$478.0M-38.4%	$776.5M+175.7%	$281.7M+49.1%	$188.9M
Investing Cash Flow	-$1.8B-33.7%	-$1.4B+24.6%	-$1.8B-7.9%	-$1.7B-17.7%	-$1.4B+33.1%	-$2.1B
Financing Cash Flow	$1.8B+118.2%	$802.6M-54.1%	$1.7B+125.0%	$777.5M-41.7%	$1.3B-40.3%	$2.2B
Dividends Paid	$225.1M+17.8%	$191.2M+6.2%	$180.0M+1.4%	$177.6M+91.3%	$92.8M-0.1%	$92.9M
Share Buybacks	$71.8M+708.2%	$8.9M-79.9%	$44.3M-37.8%	$71.2M+1807.9%	$3.7M-95.5%	$82.4M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$206.1M+29.5%	$159.2M-53.3%	$341.2M+368.1%	$72.9M-32.6%	$108.2M-54.1%	$235.8M+94.3%	$121.3M-24.6%	$161.0M
Capital Expenditures	$12.9M-41.1%	$21.9M+188.4%	$7.6M-13.8%	$8.8M+51.7%	$5.8M-14.1%	$6.8M+19.2%	$5.7M-39.5%	$9.4M
Free Cash Flow	$193.3M+40.7%	$137.3M-58.8%	$333.6M+420.6%	$64.1M-37.4%	$102.4M-55.3%	$229.0M+98.0%	$115.7M-23.7%	$151.6M
Investing Cash Flow	-$1.1B-55.0%	-$698.8M-54.9%	-$451.1M-8.9%	-$414.4M-53.2%	-$270.6M-130.6%	-$117.3M+60.6%	-$298.0M-56.4%	-$190.5M
Financing Cash Flow	$804.6M+17.8%	$683.1M+4354.0%	-$16.1M-101.8%	$910.3M+422.7%	$174.2M+312.3%	-$82.0M-160.7%	$135.2M-58.1%	$323.1M
Dividends Paid	$60.1M+2.5%	$58.6M-0.4%	$58.9M0.0%	$58.9M+21.0%	$48.7M0.0%	$48.7M0.0%	$48.7M0.0%	$48.7M
Share Buybacks	$104.1M+314.6%	$25.1M-0.4%	$25.2M+216.7%	$8.0M-41.2%	$13.5M+9639.6%	$139K-51.6%	$287K-77.5%	$1.3M

ONBPP Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	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
Net Margin	20.5%-0.3pp	20.7%-5.6pp	26.4%-3.1pp	29.4%-191.5pp	220.9%+29.8pp	191.2%
Return on Equity	7.9%-0.6pp	8.5%-2.0pp	10.5%+2.1pp	8.3%-0.9pp	9.2%+1.6pp	7.6%
Return on Assets	0.9%-0.1pp	1.0%-0.2pp	1.2%+0.3pp	0.9%-0.2pp	1.1%+0.1pp	1.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	7.49+0.0	7.45-0.4	7.82-0.3	8.12+1.0	7.12+0.4	6.72
FCF Margin	19.5%-3.3pp	22.8%+1.1pp	21.7%-31.7pp	53.4%-170.9pp	224.3%+64.7pp	159.5%

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	26.6%+2.5pp	24.1%+4.2pp	19.9%+4.7pp	15.2%-7.8pp	22.9%-0.3pp	23.2%+2.1pp	21.1%+2.9pp	18.3%
Return on Equity	2.8%+0.2pp	2.5%+0.3pp	2.2%+0.7pp	1.5%-0.7pp	2.2%-0.2pp	2.4%+0.2pp	2.3%+0.3pp	2.0%
Return on Assets	0.3%+0.0pp	0.3%+0.0pp	0.3%+0.1pp	0.2%-0.1pp	0.3%-0.0pp	0.3%+0.0pp	0.3%+0.0pp	0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	7.58+0.1	7.49-0.1	7.57-0.2	7.73+0.5	7.25-0.2	7.45+0.0	7.42-0.3	7.74
FCF Margin	22.0%+6.7pp	15.3%-21.1pp	36.4%+28.6pp	7.8%-8.5pp	16.2%-18.4pp	34.6%+17.6pp	17.0%-5.8pp	22.9%

Frequently Asked Questions

What is Old National Bancorp's annual revenue?

Old National Bancorp (ONBPP) reported $3.3B in total revenue for fiscal year 2025. This represents a 25.7% 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 Old National Bancorp's revenue growing?

Old National Bancorp (ONBPP) revenue grew by 25.7% year-over-year, from $2.6B to $3.3B in fiscal year 2025.

Is Old National Bancorp profitable?

Yes, Old National Bancorp (ONBPP) reported a net income of $669.3M in fiscal year 2025, with a net profit margin of 20.5%.

What is Old National Bancorp's net profit margin?

Old National Bancorp (ONBPP) had a net profit margin of 20.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Old National Bancorp pay dividends?

Yes, Old National Bancorp (ONBPP) paid $0.56 per share in dividends during fiscal year 2025.

What is Old National Bancorp's return on equity (ROE)?

Old National Bancorp (ONBPP) has a return on equity of 7.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Old National Bancorp's free cash flow?

Old National Bancorp (ONBPP) generated $637.4M in free cash flow during fiscal year 2025. This represents a 7.7% 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 Old National Bancorp's operating cash flow?

Old National Bancorp (ONBPP) generated $681.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Old National Bancorp's total assets?

Old National Bancorp (ONBPP) had $72.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Old National Bancorp's capital expenditures?

Old National Bancorp (ONBPP) invested $44.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Old National Bancorp buy back shares?

Yes, Old National Bancorp (ONBPP) spent $71.8M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Old National Bancorp have outstanding?

Old National Bancorp (ONBPP) had 390M shares outstanding as of fiscal year 2025.

What is Old National Bancorp's debt-to-equity ratio?

Old National Bancorp (ONBPP) had a debt-to-equity ratio of 7.49 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Old National Bancorp's return on assets (ROA)?

Old National Bancorp (ONBPP) 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 Old National Bancorp's Piotroski F-Score?

Old National Bancorp (ONBPP) has a Piotroski F-Score of 3 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 Old National Bancorp's earnings high quality?

Old National Bancorp (ONBPP) has an earnings quality ratio of 1.02x, 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.