Washington Fed Financials
This page shows Washington Fed (WAFD) 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).
WaFd’s economics are driven less by physical reinvestment than by earning thin returns on a large leveraged balance sheet.
In the latest year, assets contracted from$28.1B to$26.7B even as earnings improved. With ROA back up to0.8% and leverage lower, the rebound appears to reflect better profit earned on each balance-sheet dollar rather than simple asset growth.
Cash conversion was tight: operating cash flow was
Leverage remains the core operating constraint, with liabilities 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 Washington Fed'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.
Washington Fed's revenue grew 7.8% year-over-year to $29.6M, a solid pace of expansion. This earns a growth score of 44/100.
Washington Fed has elevated debt relative to equity (D/E of 7.78), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Washington Fed converts 702.3% of revenue into free cash flow ($208.2M). This strong cash generation earns a score of 100/100.
Washington Fed generates a 7.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 29/100. This is up from 6.7% the prior year.
Washington Fed passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Washington Fed generates $1.05 in operating cash flow ($237.0M OCF vs $226.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Washington Fed generated $29.6M in revenue in fiscal year 2025. This represents an increase of 7.8% from the prior year.
Washington Fed reported $226.1M in net income in fiscal year 2025. This represents an increase of 13.0% from the prior year.
Washington Fed earned $2.63 per diluted share (EPS) in fiscal year 2025. This represents an increase of 5.2% from the prior year.
Cash & Balance Sheet
Washington Fed generated $208.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 49.8% from the prior year.
Washington Fed held $657.3M in cash against $0 in long-term debt as of fiscal year 2025.
Washington Fed paid $1.07 per share in dividends in fiscal year 2025. This represents an increase of 3.9% from the prior year.
Washington Fed had 77M shares outstanding in fiscal year 2025. This represents a decrease of 5.6% from the prior year.
Margins & Returns
Washington Fed's net profit margin was 762.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 35.2 percentage points from the prior year.
Washington Fed's ROE was 7.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.8 percentage points from the prior year.
Capital Allocation
Washington Fed spent $101.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 276.6% from the prior year.
Washington Fed invested $28.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 16.3% from the prior year.
WAFD Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.7M-2.3% | $7.9M-1.3% | $8.0M+4.9% | $7.6M+7.5% | $7.1M+0.2% | $7.0M0.0% | $7.0M+1.3% | $7.0M |
| 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 | $57.1M+5.4% | $54.2M-3.3% | $56.0M+4.8% | $53.5M+1.5% | $52.7M-12.0% | $59.9M+11.0% | $54.0M-5.6% | $57.2M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $147.2M-2.8% | $151.4M-3.3% | $156.6M-4.3% | $163.7M-6.5% | $175.2M-7.7% | $189.7M-5.8% | $201.3M-6.3% | $214.8M |
| Income Tax | $18.3M+0.8% | $18.1M+6.3% | $17.0M-4.4% | $17.8M+13.0% | $15.8M+21.4% | $13.0M-33.5% | $19.5M+7.4% | $18.2M |
| Net Income | $65.5M+2.1% | $64.2M+5.9% | $60.6M-2.2% | $62.0M+10.1% | $56.3M+19.0% | $47.3M-22.7% | $61.1M-5.3% | $64.6M |
| EPS (Diluted) | $0.82+3.8% | $0.79 | N/A | $0.73+12.3% | $0.65+20.4% | $0.54 | N/A | $0.75 |
WAFD Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $27.6B+1.0% | $27.3B+2.2% | $26.7B-0.1% | $26.7B-3.3% | $27.6B-0.1% | $27.7B-1.3% | $28.1B-1.8% | $28.6B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $669.8M-8.9% | $734.9M+11.8% | $657.3M-18.8% | $809.3M-34.3% | $1.2B-18.3% | $1.5B-36.7% | $2.4B-4.5% | $2.5B |
| 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 | $418.4M+0.5% | $416.2M+0.4% | $414.7M0.0% | $414.7M0.0% | $414.7M0.0% | $414.7M+0.8% | $411.4M-0.2% | $412.2M |
| Total Liabilities | $24.6B+1.4% | $24.3B+2.5% | $23.7B-0.2% | $23.7B-3.6% | $24.6B-0.2% | $24.7B-1.6% | $25.1B-2.2% | $25.6B |
| 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 | $3.0B-1.6% | $3.0B-0.3% | $3.0B+0.8% | $3.0B-0.6% | $3.0B+0.4% | $3.0B+0.7% | $3.0B+1.4% | $3.0B |
| Retained Earnings | $2.2B+1.9% | $2.1B+1.9% | $2.1B+1.7% | $2.1B+1.8% | $2.0B+1.5% | $2.0B+1.1% | $2.0B+1.9% | $1.9B |
WAFD Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $79.4M+31.2% | $60.5M+5.4% | $57.4M-1.1% | $58.0M-19.6% | $72.1M+45.9% | $49.4M-48.8% | $96.6M+53.0% | $63.1M |
| Capital Expenditures | $11.4M+9.3% | $10.4M-11.3% | $11.8M+138.8% | $4.9M-11.2% | $5.6M-13.8% | $6.4M-10.5% | $7.2M+48.2% | $4.9M |
| Free Cash Flow | $68.0M+35.8% | $50.0M+9.7% | $45.6M-14.1% | $53.1M-20.3% | $66.6M+54.9% | $43.0M-51.9% | $89.4M+53.4% | $58.3M |
| Investing Cash Flow | -$391.1M+23.6% | -$511.7M-770.8% | -$58.8M-112.5% | $468.9M+319.1% | -$214.0M+58.4% | -$514.6M-241.8% | $362.9M-85.6% | $2.5B |
| Financing Cash Flow | $246.6M-53.4% | $528.8M+451.2% | -$150.6M+84.1% | -$949.1M-606.0% | -$134.4M+67.1% | -$408.2M+28.5% | -$571.0M+64.1% | -$1.6B |
| Dividends Paid | $20.2M-1.0% | $20.4M-2.4% | $20.9M-1.8% | $21.2M-1.7% | $21.6M+3.3% | $20.9M+0.3% | $20.9M-0.3% | $20.9M |
| Share Buybacks | $87.2M+50.3% | $58.0M+101.2% | $28.8M-40.3% | $48.3M+126.5% | $21.3M+525.8% | $3.4M+1264.0% | $250K-97.4% | $9.5M |
WAFD Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | 854.2%+37.2pp | 816.9%+55.6pp | 761.4%-55.1pp | 816.5%+19.3pp | 797.1%+126.3pp | 670.8%-196.8pp | 867.6%-60.0pp | 927.6% |
| Return on Equity | 2.2%+0.1pp | 2.1%+0.1pp | 2.0%-0.1pp | 2.1%+0.2pp | 1.8%+0.3pp | 1.6%-0.5pp | 2.0%-0.1pp | 2.2% |
| Return on Assets | 0.2%0.0pp | 0.2%0.0pp | 0.2%0.0pp | 0.2%+0.0pp | 0.2%+0.0pp | 0.2%-0.1pp | 0.2%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 | 8.25+0.2 | 8.01+0.2 | 7.78-0.1 | 7.87-0.2 | 8.12-0.0 | 8.16-0.2 | 8.35-0.3 | 8.66 |
| FCF Margin | 885.7%+248.9pp | 636.8%+63.8pp | 573.0%-126.5pp | 699.5%-244.0pp | 943.5%+333.4pp | 610.1%-658.9pp | 1268.9%+431.4pp | 837.5% |
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Frequently Asked Questions
What is Washington Fed's annual revenue?
Washington Fed (WAFD) reported $29.6M in total revenue for fiscal year 2025. This represents a 7.8% 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 Washington Fed's revenue growing?
Washington Fed (WAFD) revenue grew by 7.8% year-over-year, from $27.5M to $29.6M in fiscal year 2025.
Is Washington Fed profitable?
Yes, Washington Fed (WAFD) reported a net income of $226.1M in fiscal year 2025, with a net profit margin of 762.5%.
What is Washington Fed's net profit margin?
Washington Fed (WAFD) had a net profit margin of 762.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Washington Fed pay dividends?
Yes, Washington Fed (WAFD) paid $1.07 per share in dividends during fiscal year 2025.
What is Washington Fed's return on equity (ROE)?
Washington Fed (WAFD) has a return on equity of 7.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Washington Fed's free cash flow?
Washington Fed (WAFD) generated $208.2M in free cash flow during fiscal year 2025. This represents a -49.8% 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 Washington Fed's operating cash flow?
Washington Fed (WAFD) generated $237.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Washington Fed's total assets?
Washington Fed (WAFD) had $26.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Washington Fed's capital expenditures?
Washington Fed (WAFD) invested $28.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Washington Fed's debt-to-equity ratio?
Washington Fed (WAFD) had a debt-to-equity ratio of 7.78 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Washington Fed's return on assets (ROA)?
Washington Fed (WAFD) 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 Washington Fed's Piotroski F-Score?
Washington Fed (WAFD) 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 Washington Fed's earnings high quality?
Washington Fed (WAFD) has an earnings quality ratio of 1.05x, 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 Washington Fed?
Washington Fed (WAFD) scores 29 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.