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Pathward Financial, Inc.

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Pathward Financial, Inc. • NASDAQ
$71.90 ▲ 0.59% (+0.42)
Market Cap $1.64 B
52w High $86.00
52w Low $64.45
Dividend Yield 0.20%
P/E 9.14
Volume 84.21K
Outstanding Shares 22.77M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $58.756M ▼ $0 ▼ $38.801M ▼ 66.038% ▲ $1.7 ▼ $48.368M ▼
Q3-2025 $158.093M ▼ $100.381M ▼ $42.147M ▼ 26.66% ▼ $1.82 ▼ $62.248M ▼
Q2-2025 $235.909M ▲ $103.558M ▲ $74.957M ▲ 31.774% ▲ $3.16 ▲ $106.772M ▲
Q1-2025 $135.875M ▼ $77.937M ▼ $29.967M ▼ 22.055% ▼ $1.23 ▼ $51.089M ▼
Q4-2024 $137.695M $95.804M $33.597M 24.4% $1.35 $51.158M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $1.448B ▲ $7.172B ▼ $6.315B ▼ $858.045M ▲
Q3-2025 $1.264B ▼ $7.23B ▲ $6.412B ▲ $819.004M ▲
Q2-2025 $1.284B ▼ $6.995B ▼ $6.181B ▼ $814.705M ▲
Q1-2025 $2.077B ▲ $7.622B ▲ $6.846B ▲ $777.186M ▼
Q4-2024 $1.9B $7.549B $6.71B $839.882M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $42.128M ▼ $30.362M ▼ $-282.36M ▼ $254.023M ▲ $4.094M ▲ $85.239M ▼
Q2-2025 $74.266M ▲ $188.328M ▲ $215.057M ▼ $-746.51M ▼ $-343.147M ▼ $150.426M ▲
Q1-2025 $31.626M ▼ $-76.615M ▼ $297.639M ▲ $220.052M ▲ $439.059M ▲ $-131.492M ▼
Q4-2024 $34.172M ▼ $135.018M ▲ $-79.587M ▲ $-196.36M ▼ $-140.589M ▼ $85.729M ▲
Q3-2024 $42.047M $103.119M $-167.179M $15.396M $-48.962M $52.251M

Revenue by Products

Product Q4-2024Q1-2025Q3-2025Q4-2025
Refund Transfer Fees
Refund Transfer Fees
 $0 ▲$0 ▲$10.00M ▲$30.00M ▲
Rental Income
Rental Income
 $30.00M ▲$10.00M ▼$10.00M ▲$30.00M ▲
Payment card and deposit fees
Payment card and deposit fees
 $0 ▲$30.00M ▲$40.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Pathward’s earnings story is one of steady improvement. Over the past several years, profit per share has climbed consistently, suggesting management has been disciplined on both pricing and costs. Margins look strong for a regional bank, helped by fee and partnership-driven revenue rather than relying only on traditional lending. The most recent year’s revenue line looks unusually low versus prior years, which may reflect timing, incomplete data, or one‑off factors, so it’s hard to read that single point as a trend. Taken together, the income statement shows a bank that has turned its niche model into solid, repeatable profitability, with some uncertainty around the very latest period.

Balance Sheet

Balance Sheet The balance sheet appears relatively conservative for a specialty bank. Total assets have been broadly stable, indicating measured, not aggressive, growth. Debt has increased from earlier very low levels but still looks modest compared with the company’s equity base, which has been rebuilding after earlier pressure. Cash on hand is not especially large, but Pathward’s model relies more on stable, low‑cost deposits from partners than on holding excess cash. Overall, the balance sheet suggests a focus on capital strength and funding quality rather than rapid expansion, though it remains important to watch how rising partner deposits and balance‑sheet optimization evolve over time.

Cash Flow

Cash Flow Pathward’s operations generate healthy cash, which is a key strength. Operating cash flow has generally been positive and solid, supporting ongoing investment and shareholder returns. Free cash flow, however, has been more volatile. Periods of negative free cash flow are tied mainly to heavier spending on technology and infrastructure, not to weak operations. In the most recent periods, free cash flow has swung back to clearly positive territory, implying that the earlier investment phase is beginning to pay off. The cash-flow profile fits a business that invests in its platform in waves, then harvests stronger cash generation afterward.

Competitive Edge

Competitive Edge Pathward occupies a differentiated niche: it is a specialized banking partner for fintechs and other institutions rather than a typical Main Street bank. Its main competitive weapons are its Banking‑as‑a‑Service (now “Partner Solutions”) platform, its ability to provide integrated issuing, payments, and lending services, and its access to very low‑cost deposits from partners. Deep, embedded integrations create high switching costs, making relationships “sticky” and supporting recurring revenue. Its expertise in regulation and compliance further raises barriers for newcomers. On the risk side, this model concentrates exposure to a relatively narrow universe of fintech and program partners and to regulatory scrutiny of the BaaS space, so the moat is strong but tied closely to effective compliance and partner management.

Innovation and R&D

Innovation and R&D While banks rarely report “R&D” in the traditional sense, Pathward is clearly investing in its technology and product stack. The company has built a broad, horizontal platform that supports card issuing, acquiring, digital payments, and lending in an integrated way. Its partnerships with well‑known fintech names like Stripe, Trustly, Upstart, and Greenlight suggest its systems can meet demanding technical and compliance standards. Future innovation is likely to focus on enhancing digital payments, deepening commercial finance offerings, and co‑developing solutions with partners under the “Partner Solutions” banner. The key question is execution: continuing to invest enough to stay ahead technologically while maintaining tight risk controls and regulatory comfort.

Summary

Pathward Financial looks like a specialized, profitable bank that has successfully pivoted into being a key infrastructure provider for modern finance rather than a traditional branch‑based lender. Financially, it shows a pattern of rising earnings, solid margins, a reasonably conservative balance sheet, and generally strong operating cash generation, albeit with some lumpiness due to investment cycles and some ambiguity in the most recent revenue figures. Strategically, its low‑cost deposit base, embedded partner relationships, and regulatory know‑how form a meaningful competitive moat in Banking‑as‑a‑Service and embedded finance. At the same time, its focus increases exposure to partner concentration, fintech industry cycles, and regulatory changes. Overall, Pathward’s story is one of a niche player with a strong, innovation‑driven position and solid financial underpinnings, balanced by the need for ongoing investment and careful management of regulatory and partnership risks.

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