What is Western Alliance's earnings per share (EPS)?

Western Alliance (WAL) reported diluted earnings per share of $8.73 for fiscal year 2025. This represents a 23.1% 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.

Western Alliance Financials

WAL

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Western Alliance (WAL) 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).

Financial Health Signals

Piotroski F-Score Neutral

4/9

Western Alliance passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

-2.76x

For every $1 of reported earnings, Western Alliance generates $-2.76 in operating cash flow (-$2.7B OCF vs $969.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$135.8M

YoY+99.7%

5Y CAGR-36.0%

10Y CAGR-12.7%

Western Alliance generated $135.8M in revenue in fiscal year 2025. This represents an increase of 99.7% from the prior year.

EBITDA

N/A

Net Income

$969.0M

YoY+23.0%

5Y CAGR+13.8%

10Y CAGR+17.4%

Western Alliance reported $969.0M in net income in fiscal year 2025. This represents an increase of 23.0% from the prior year.

EPS (Diluted)

$8.73

YoY+23.1%

5Y CAGR+11.6%

10Y CAGR+15.7%

Western Alliance earned $8.73 per diluted share (EPS) in fiscal year 2025. This represents an increase of 23.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$3.6B

YoY-12.2%

5Y CAGR+6.1%

10Y CAGR+32.0%

Western Alliance held $3.6B in cash against $1.4B in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.56

YoY+4.7%

5Y CAGR+44.2%

Western Alliance paid $1.56 per share in dividends in fiscal year 2025. This represents an increase of 4.7% from the prior year.

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

713.6%

YoY-444.8pp

5Y CAGR+673.4pp

10Y CAGR+676.6pp

Western Alliance's net profit margin was 713.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 444.8 percentage points from the prior year.

Return on Equity

12.7%

YoY+0.9pp

5Y CAGR-2.2pp

10Y CAGR+0.4pp

Western Alliance's ROE was 12.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$68.1M

5Y CAGR-1.0%

Western Alliance spent $68.1M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

WAL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$135.8M+99.7%	$68.0M-31.0%	$98.6M+123.6%	$44.1M+17.3%	$37.6M-97.0%	$1.3B
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	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$1.8B-4.9%	$1.9B+13.3%	$1.7B+256.8%	$475.5M+332.7%	$109.9M+15.8%	$94.9M
Income Tax	$216.6M+6.4%	$203.5M-3.6%	$211.2M-18.4%	$258.8M+15.6%	$223.8M+93.1%	$115.9M
Net Income	$969.0M+23.0%	$787.7M+9.0%	$722.4M-31.7%	$1.1B+17.6%	$899.2M+77.5%	$506.6M
EPS (Diluted)	$8.73+23.1%	$7.09+8.4%	$6.54-32.6%	$9.70+11.9%	$8.67+72.0%	$5.04

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$64.8M+164.5%	$24.5M+4.3%	$23.5M+2.2%	$23.0M+2.7%	$22.4M+47.4%	$15.2M-10.1%	$16.9M+25.2%	$13.5M
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$451.2M-5.0%	$475.1M+4.0%	$456.8M+2.7%	$445.0M-5.7%	$472.1M-6.2%	$503.1M+2.5%	$490.9M+7.6%	$456.1M
Income Tax	$62.5M+17.3%	$53.3M-0.4%	$53.5M+13.1%	$47.3M+11.3%	$42.5M-18.7%	$52.3M-3.7%	$54.3M-0.2%	$54.4M
Net Income	$286.1M+12.9%	$253.4M+10.0%	$230.4M+15.7%	$199.1M-8.2%	$216.9M+8.6%	$199.8M+3.2%	$193.6M+9.1%	$177.4M
EPS (Diluted)	N/A	$2.28+10.1%	$2.07+15.6%	$1.79	N/A	$1.80+2.9%	$1.75+9.4%	$1.60

WAL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$92.8B+14.6%	$80.9B+14.2%	$70.9B+4.6%	$67.7B+21.0%	$56.0B+53.5%	$36.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$3.6B-12.2%	$4.1B+159.9%	$1.6B+51.1%	$1.0B+102.1%	$516.4M-80.7%	$2.7B
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	$1.6M
Goodwill	$527.0M0.0%	$527.0M0.0%	$527.0M0.0%	$527.0M+7.3%	$491.0M+69.4%	$289.9M
Total Liabilities	$84.8B+14.3%	$74.2B+14.6%	$64.8B+3.9%	$62.4B+22.3%	$51.0B+54.4%	$33.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.4B-42.5%	$2.4B+443.0%	$446.0M-65.9%	$1.3B+68.6%	$775.0M	$0
Total Equity	$7.7B+14.1%	$6.7B+10.3%	$6.1B+13.5%	$5.4B+7.9%	$5.0B+45.4%	$3.4B
Retained Earnings	$5.6B+16.2%	$4.8B+14.5%	$4.2B+15.0%	$3.7B+32.1%	$2.8B+38.6%	$2.0B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$92.8B+2.0%	$91.0B+4.9%	$86.7B+4.4%	$83.0B+2.6%	$80.9B+1.1%	$80.1B-0.6%	$80.6B+4.7%	$77.0B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$3.6B-37.5%	$5.8B+108.1%	$2.8B-15.6%	$3.3B-19.9%	$4.1B+58.0%	$2.6B-36.4%	$4.1B+14.9%	$3.5B
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	$527.0M	N/A	N/A	N/A	$527.0M	N/A	N/A	N/A
Total Liabilities	$84.8B+1.9%	$83.3B+5.0%	$79.3B+4.6%	$75.8B+2.2%	$74.2B+1.1%	$73.4B-1.1%	$74.2B+4.8%	$70.8B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.4B-52.0%	$2.9B-0.3%	$2.9B+80.1%	$1.6B-33.3%	$2.4B+69.6%	$1.4B+227.5%	$436.0M-1.1%	$441.0M
Total Equity	$7.7B+3.5%	$7.4B+4.0%	$7.1B+2.8%	$6.9B+3.2%	$6.7B+0.4%	$6.7B+5.4%	$6.3B+2.6%	$6.2B
Retained Earnings	$5.6B+4.4%	$5.4B+4.0%	$5.2B+3.7%	$5.0B+3.2%	$4.8B+3.7%	$4.7B+3.5%	$4.5B+3.4%	$4.3B

WAL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$2.7B+2.3%	-$2.7B-734.4%	-$328.6M-114.6%	$2.2B+184.6%	-$2.7B-496.0%	$670.2M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$9.9B-66.7%	-$6.0B-176.4%	-$2.2B+83.6%	-$13.1B+10.8%	-$14.7B-95.2%	-$7.5B
Financing Cash Flow	$12.1B+8.0%	$11.2B+271.8%	$3.0B-73.5%	$11.4B-25.0%	$15.2B+67.1%	$9.1B
Dividends Paid	N/A	$176.8M+3.1%	$171.5M+3.2%	$166.2M+30.3%	$127.6M+26.0%	$101.3M
Share Buybacks	$68.1M	$0	$0	$0	$0-100.0%	$71.6M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$69.8M+88.3%	-$597.4M-67.0%	-$357.7M+78.4%	-$1.7B-166.0%	-$621.7M+41.8%	-$1.1B-43.2%	-$745.8M-143.3%	-$306.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$3.8B-537.4%	-$595.7M+85.0%	-$4.0B-148.7%	-$1.6B-371.3%	$587.2M+248.7%	-$394.9M+84.3%	-$2.5B+31.1%	-$3.6B
Financing Cash Flow	$1.7B-59.2%	$4.2B+9.9%	$3.8B+56.7%	$2.4B+58.0%	$1.5B+6935.6%	-$22.5M-100.6%	$3.8B-36.2%	$5.9B
Dividends Paid	N/A	N/A	N/A	$45.0M0.0%	$45.0M+2.5%	$43.9M-0.2%	$44.0M+0.2%	$43.9M
Share Buybacks	$57.5M	N/A	N/A	N/A	$0	N/A	N/A	N/A

WAL 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	713.6%-444.8pp	1158.4%+425.7pp	732.7%-1664.9pp	2397.5%+6.0pp	2391.5%+2351.3pp	40.2%
Return on Equity	12.7%+0.9pp	11.7%-0.1pp	11.9%-7.9pp	19.7%+1.6pp	18.1%+3.3pp	14.8%
Return on Assets	1.0%+0.1pp	1.0%-0.1pp	1.0%-0.5pp	1.6%-0.1pp	1.6%+0.2pp	1.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.18-0.2	0.36+0.3	0.07-0.2	0.24+0.1	0.16+0.2	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
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	441.5%-592.8pp	1034.3%+53.9pp	980.4%+114.8pp	865.6%-102.7pp	968.3%-346.2pp	1314.5%+168.9pp	1145.6%-168.5pp	1314.1%
Return on Equity	3.7%+0.3pp	3.4%+0.2pp	3.2%+0.4pp	2.9%-0.4pp	3.2%+0.2pp	3.0%-0.1pp	3.1%+0.2pp	2.9%
Return on Assets	0.3%+0.0pp	0.3%0.0pp	0.3%+0.0pp	0.2%-0.0pp	0.3%+0.0pp	0.3%+0.0pp	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	0.18-0.2	0.39-0.0	0.41+0.2	0.23-0.1	0.36+0.1	0.21+0.1	0.070.0	0.07
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Similar Companies

Wintrust Fincl WTFC

$8.9B

Umb Financial UMBF

$8.3B

Zions Bancorporation N A ZION

$8.1B

Comerica CMA

$11.3B

Old Natl Bancorp Ind ONB

$8.4B

Frequently Asked Questions

What is Western Alliance's annual revenue?

Western Alliance (WAL) reported $135.8M in total revenue for fiscal year 2025. This represents a 99.7% 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 Western Alliance's revenue growing?

Western Alliance (WAL) revenue grew by 99.7% year-over-year, from $68.0M to $135.8M in fiscal year 2025.

Is Western Alliance profitable?

Yes, Western Alliance (WAL) reported a net income of $969.0M in fiscal year 2025, with a net profit margin of 713.6%.

How much debt does Western Alliance have?

As of fiscal year 2025, Western Alliance (WAL) had $3.6B in cash and equivalents against $1.4B in long-term debt.

What is Western Alliance's net profit margin?

Western Alliance (WAL) had a net profit margin of 713.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Western Alliance pay dividends?

Yes, Western Alliance (WAL) paid $1.56 per share in dividends during fiscal year 2025.

What is Western Alliance's return on equity (ROE)?

Western Alliance (WAL) has a return on equity of 12.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Western Alliance's operating cash flow?

Western Alliance (WAL) generated -$2.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Western Alliance's total assets?

Western Alliance (WAL) had $92.8B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Western Alliance buy back shares?

Yes, Western Alliance (WAL) spent $68.1M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Western Alliance's debt-to-equity ratio?

Western Alliance (WAL) had a debt-to-equity ratio of 0.18 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Western Alliance's return on assets (ROA)?

Western Alliance (WAL) had a return on assets of 1.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Western Alliance's cash runway?

Based on fiscal year 2025 data, Western Alliance (WAL) had $3.6B in cash against an annual operating cash burn of $2.7B. This gives an estimated cash runway of approximately 16 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Western Alliance's Piotroski F-Score?

Western Alliance (WAL) 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Western Alliance's earnings high quality?

Western Alliance (WAL) has an earnings quality ratio of -2.76x, considered low quality (accrual-driven). 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.