Western Alliance Financials
Western Alliance (WAL) reported $135.8M in revenue for fiscal year 2025, up 99.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Western Alliance’s core mechanic is balance-sheet expansion, with asset growth outpacing the recent recovery in returns on those assets.
From FY2023 to FY2025, assets rose by$21.9B and equity by$1.6B , yet operating cash flow stayed negative in all three years. That combination means reported profit is replenishing capital, but the business’s expansion is still showing up mainly as liability-funded balance-sheet growth rather than as cash accumulating cleanly on the cash-flow statement.
Net income recovered to
Cash stood at
Financial Health Signals
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 Western Alliance'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.
Western Alliance passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Western Alliance used $2.76 of operating cash (-$2.7B OCF vs $969.0M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Key Financial Metrics
Earnings & Revenue
Western Alliance generated $135.8M in revenue in fiscal year 2025. This represents an increase of 99.7% from the prior year.
Western Alliance reported $969.0M in net income in fiscal year 2025. This represents an increase of 23.0% from the prior year.
Western Alliance earned $8.73 per diluted share (EPS) in fiscal year 2025. This represents an increase of 23.1% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Western Alliance held $3.6B in cash against $1.4B in long-term debt as of fiscal year 2025.
Western Alliance paid $1.56 per share in dividends in fiscal year 2025. This represents an increase of 4.7% from the prior year.
Not reported for fiscal year 2025.
Margins & Returns
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is above 100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Western Alliance spent $68.1M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
WAL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $202.2M | $135.8M+99.7% | $68.0M-31.0% | $98.6M+123.6% | $44.1M+17.3% | $37.6M-97.0% | $1.3B+3.0% | $1.2B+18.5% | $1.0B+22.2% | $845.5M+20.7% | $700.5M+33.4% | $525.1M+26.1% | $416.4M+14.8% | $362.7M+13.9% | $318.3M+7.3% | $296.6M |
| SG&A Expenses | $805.0M | $757.5M+20.0% | $631.1M+11.4% | $566.3M+5.0% | $539.5M+15.6% | $466.7M+53.7% | $303.6M+8.7% | $279.3M+10.3% | $253.2M+18.1% | $214.3M+13.5% | $188.8M+26.0% | $149.8M+18.3% | $126.6M+11.6% | $113.4M+8.0% | $105.0M+12.8% | $93.1M |
| Interest Expense | $1.8B | $1.8B-4.9% | $1.9B+13.3% | $1.7B+256.8% | $475.5M+332.7% | $109.9M+15.8% | $94.9M-48.6% | $184.6M+57.0% | $117.6M+93.3% | $60.8M+40.6% | $43.3M+32.9% | $32.6M+3.4% | $31.5M+5.8% | $29.8M+6.2% | $28.0M-28.0% | $38.9M |
| Income Tax | $221.1M | $216.6M+6.4% | $203.5M-3.6% | $211.2M-18.4% | $258.8M+15.6% | $223.8M+93.1% | $115.9M+10.4% | $105.0M+40.9% | $74.5M-41.0% | $126.3M+24.6% | $101.4M+57.7% | $64.3M+32.9% | $48.4M+62.2% | $29.8M+15.0% | $25.9M+53.9% | $16.8M |
| Net Income | $983.3M | $969.0M+23.0% | $788.0M+9.1% | $722.0M-31.7% | $1.1B+17.6% | $899.0M+77.5% | $506.6M+1.5% | $499.2M+14.5% | $435.8M+33.9% | $325.5M+25.3% | $259.8M+33.7% | $194.2M+31.3% | $148.0M+28.7% | $115.0M+58.3% | $72.6M+130.6% | $31.5M |
| EPS (Diluted) | — | $8.73+23.1% | $7.09+8.4% | $6.54-32.6% | $9.70+11.9% | $8.67+72.0% | $5.04+4.1% | $4.84+16.9% | $4.14+33.5% | $3.10+24.0% | $2.50+23.2% | $2.03+21.6% | $1.67+27.5% | $1.31 | $1.44 | $0.19 |
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.
WAL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $92.8B+14.6% | $80.9B+14.2% | $70.9B+4.6% | $67.7B+21.0% | $56.0B+53.5% | $36.5B+35.9% | $26.8B+16.1% | $23.1B+13.7% | $20.3B+18.2% | $17.2B+20.5% | $14.3B+34.7% | $10.6B+13.9% | $9.3B+22.1% | $7.6B+11.4% | $6.8B |
| Cash & Equivalents | $3.6B-12.2% | $4.1B+159.9% | $1.6B+51.1% | $1.0B+102.1% | $516.4M-80.7% | $2.7B+514.7% | $434.6M-12.8% | $498.6M+19.6% | $416.8M+46.5% | $284.5M+26.6% | $224.6M+36.6% | $164.4M-46.2% | $305.5M+49.3% | $204.6M+32.0% | $155.0M |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | $1.6M0.0% | $1.6M+14.3% | $1.4M+7.7% | $1.3M | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $527.0M0.0% | $527.0M0.0% | $527.0M0.0% | $527.0M+7.3% | $491.0M+69.4% | $289.9M0.0% | $289.9M0.0% | $289.9M0.0% | $289.9M0.0% | $290.0M+0.1% | $289.6M+1147.1% | $23.2M0.0% | $23.2M0.0% | $23.2M-10.4% | $25.9M |
| Total Liabilities | $84.8B+14.3% | $74.2B+14.6% | $64.8B+3.9% | $62.4B+22.3% | $51.0B+54.4% | $33.0B+38.8% | $23.8B+16.1% | $20.5B+13.2% | $18.1B+18.2% | $15.3B+20.7% | $12.7B+32.1% | $9.6B+13.6% | $8.5B+23.2% | $6.9B+10.6% | $6.2B |
| Long-Term Debt | $1.4B-42.5% | $2.4B+443.0% | $446.0M-65.9% | $1.3B+68.6% | $775.0M | $0 | N/A | N/A | N/A | N/A | $0-100.0% | $210.1M-32.7% | $312.2M+323.5% | $73.7M | N/A |
| Total Equity | $7.7B+14.1% | $6.7B+10.3% | $6.1B+13.5% | $5.4B+7.9% | $5.0B+45.4% | $3.4B+13.2% | $3.0B+15.4% | $2.6B+17.2% | $2.2B+17.9% | $1.9B+18.9% | $1.6B+59.0% | $1.0B+17.0% | $855.5M+12.7% | $759.4M+19.3% | $636.7M |
| Retained Earnings | $5.6B+16.2% | $4.8B+14.5% | $4.2B+15.0% | $3.7B+32.1% | $2.8B+38.6% | $2.0B+19.1% | $1.7B+31.0% | $1.3B+51.2% | $848.5M+62.4% | $522.4M+98.9% | $262.6M+207.3% | $85.5M+239.8% | -$61.1M+65.0% | -$174.5M+28.4% | -$243.5M |
Not reported in any period shown, so not listed: Current Assets, Inventory, Current Liabilities.
WAL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.5B | -$2.7B+2.3% | -$2.7B-734.4% | -$328.6M-114.6% | $2.2B+184.6% | -$2.7B-496.0% | $670.2M-6.6% | $717.8M+32.7% | $541.0M+41.0% | $383.8M+36.8% | $280.6M+27.3% | $220.4M+31.7% | $167.4M+1.4% | $165.0M+2.8% | $160.6M+12.7% | $142.5M |
| Investing Cash Flow | -$6.9B | -$9.9B-66.7% | -$6.0B-176.4% | -$2.2B+83.6% | -$13.1B+10.8% | -$14.7B-95.2% | -$7.5B-102.5% | -$3.7B-37.2% | -$2.7B+8.2% | -$3.0B-2.3% | -$2.9B-111.5% | -$1.4B+1.4% | -$1.4B-18.1% | -$1.2B-100.5% | -$585.1M+28.0% | -$812.4M |
| Financing Cash Flow | $11.6B | $12.1B+8.0% | $11.2B+271.8% | $3.0B-73.5% | $11.4B-25.0% | $15.2B+67.1% | $9.1B+209.5% | $2.9B+30.5% | $2.3B-16.6% | $2.7B+1.3% | $2.7B+121.3% | $1.2B+12.0% | $1.1B-2.9% | $1.1B+133.9% | $474.2M-22.0% | $608.2M |
| Dividends Paid | N/A | N/A | $176.8M+3.1% | $171.5M+3.2% | $166.2M+30.3% | $127.6M+26.0% | $101.3M+97.5% | $51.3M | $0 | $0 | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $120.7M | $68.1M | $0 | $0 | $0 | $0-100.0% | $71.6M-40.4% | $120.2M+236.7% | $35.7M | $0 | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
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.
WAL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 713.6% | 1158.8% | 732.3% | 2396.8% | 2391.0% | 40.2%-0.6pp | 40.8%-1.4pp | 42.2%+3.7pp | 38.5%+1.4pp | 37.1%+0.1pp | 37.0%+1.5pp | 35.5%+3.8pp | 31.7%+8.9pp | 22.8%+12.2pp | 10.6% |
| Return on Equity | 12.7%+0.9pp | 11.8%-0.1pp | 11.9%-7.8pp | 19.7%+1.6pp | 18.1%+3.3pp | 14.8%-1.7pp | 16.6%-0.1pp | 16.7%+2.1pp | 14.6%+0.9pp | 13.7%+1.5pp | 12.2%-2.6pp | 14.8%+1.3pp | 13.4%+3.9pp | 9.6%+4.6pp | 5.0% |
| 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%-0.5pp | 1.9%0.0pp | 1.9%+0.3pp | 1.6%+0.1pp | 1.5%+0.2pp | 1.4%0.0pp | 1.4%+0.2pp | 1.2%+0.3pp | 0.9%+0.5pp | 0.5% |
| Debt-to-Equity | 0.18-0.2x | 0.36+0.3x | 0.07-0.2x | 0.24+0.1x | 0.16+0.2x | 0.00-7.9x | 7.890.0x | 7.84-0.3x | 8.120.0x | 8.09+8.1x | 0.00-0.2x | 0.21-0.2x | 0.36+0.3x | 0.10-9.7x | 9.75 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
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Where Western Alliance Ranks
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.
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.
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) recorded an outflow of $2.7B in operating cash flow during fiscal year 2025, representing cash used by 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.
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 Piotroski F-Score?
Western Alliance (WAL) 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 Western Alliance's earnings high quality?
For every $1 of reported earnings, Western Alliance (WAL) used $2.76 of operating cash (-$2.7B OCF vs $969.0M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. 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 Western Alliance?
Western Alliance (WAL) scores 52 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.