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CASS

Cass Information Systems, Inc.

CASS

Cass Information Systems, Inc. • NASDAQ
$42.00 ▲ 0.05% (+0.02)
Market Cap $558.86 M
52w High $47.00
52w Low $36.07
Dividend Yield 1.24%
P/E 20.69
Volume 39.92K
Outstanding Shares 13.31M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $49.863M ▲ $37.111M ▲ $9.106M ▲ 18.262% ▲ $0.69 ▲ $16.227M ▲
Q2-2025 $48.587M ▼ $669K ▼ $8.855M ▼ 18.225% ▲ $0.67 $12.364M ▼
Q1-2025 $51.428M ▼ $721K ▼ $8.966M ▲ 17.434% ▲ $0.67 ▲ $14.687M ▲
Q4-2024 $55.075M ▼ $4.406M ▼ $4.594M ▲ 8.341% ▲ $0.34 ▲ $12.16M ▲
Q3-2024 $55.566M $7.449M $2.938M 5.287% $0.22 $10.313M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $976.003M ▲ $2.454B ▲ $2.21B ▲ $243.449M ▲
Q2-2025 $218.165M ▼ $2.316B ▼ $2.075B ▼ $240.822M ▲
Q1-2025 $220.674M ▼ $2.318B ▼ $2.084B ▼ $234.247M ▲
Q4-2024 $349.728M ▲ $2.395B ▲ $2.166B ▲ $229.03M ▼
Q3-2024 $230.556M $2.261B $2.023B $237.647M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $9.212M ▲ $12.315M ▲ $-95.96M ▼ $124.114M ▲ $40.469M ▲ $11.283M ▲
Q2-2025 $5.159M ▼ $-1.291M ▼ $20.888M ▲ $-22.106M ▲ $-2.509M ▲ $-2.632M ▼
Q1-2025 $8.551M ▲ $21.565M ▲ $-71.025M ▼ $-79.594M ▼ $-129.054M ▼ $18.992M ▲
Q4-2024 $4.594M ▲ $18.63M ▲ $-173K ▲ $100.715M ▲ $119.172M ▲ $17.149M ▲
Q3-2024 $3.028M $-198K $-8.43M $15.456M $6.829M $-2.232M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Bank Service Fees
Bank Service Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Financial Fees
Financial Fees
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Information Services
Information Services
 $60.00M ▲$30.00M ▼$30.00M ▲$30.00M ▲
Processing Fees
Processing Fees
 $40.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Cass shows a pattern of steady revenue growth over the past several years, but profitability has come under pressure more recently. Earnings per share peaked a couple of years ago and have drifted lower since, suggesting rising costs, mix changes, or heavier investment in the business. The latest year stands out with weaker operating results, even dipping into an operating loss despite positive overall earnings, which likely reflects higher expenses, restructuring, or technology spending. Overall, the company still earns money, but margins look less comfortable than before and trends point to a period of adjustment rather than smooth profit expansion.

Balance Sheet

Balance Sheet The balance sheet looks conservative and fairly steady over time. Total assets have been broadly stable, with no signs of aggressive expansion or contraction. Cash levels are solid relative to the size of the business, giving management flexibility and a cushion against volatility. Debt is very low in most years, indicating limited reliance on borrowing and a generally low financial risk profile. Equity has held up well, implying that the company has avoided major write-downs or heavy dilution. In short, Cass appears to be run with a cautious, bank-like balance sheet that supports resilience more than rapid balance-sheet-driven growth.

Cash Flow

Cash Flow Cash generation is consistently positive and generally tracks the company’s earnings, which is a healthy sign. Operating cash flow has been steady rather than surging, mirroring the modest growth profile of the business. Free cash flow remains positive after investment needs, helped by relatively light spending on physical assets, which fits an information and services-driven model. This pattern suggests the business converts a good share of its profits into actual cash and does not require heavy reinvestment just to stand still. The flip side is that, without larger investment outlays, future growth may depend more on technology, product, and client wins than on building up hard assets.

Competitive Edge

Competitive Edge Cass operates in a specialized corner of business services, focusing on complex expense management for large enterprises, and it has built a durable competitive position over many decades. Its strength comes from a blend of proprietary platforms, deep domain expertise in freight, utilities, telecom, and other recurring expenses, and the unique advantage of owning a regulated commercial bank. The bank-backed structure reinforces trust around payments and allows offerings that many pure software or outsourcing rivals cannot easily match. High switching costs further protect its position: once a large customer embeds Cass into its workflows and data systems, changing providers becomes disruptive, slow, and risky. Together, these factors form a moat that favors long-term, sticky relationships with sizeable clients rather than rapid churn.

Innovation and R&D

Innovation and R&D Innovation at Cass is centered on software, data, and financial workflows rather than traditional lab-style R&D. Its CassPort platform acts as a central hub for clients’ spend data, turning messy invoices and records into usable intelligence. The company is actively using artificial intelligence and machine learning to automate invoice handling, especially in areas like waste expense management, which cuts manual work and can improve accuracy. Newer offerings such as Amplify by Cass show a push into working-capital solutions that help both shippers and carriers, blending software with financial products from its bank. Cass has also shown discipline by exiting non-core areas like telecom expense management to focus resources on higher-priority platforms and services. Overall, the innovation agenda is about deeper analytics, more automation, and tighter integration of payments and data, all aimed at making Cass more embedded in its customers’ operations.

Summary

Cass Information Systems combines a conservative financial posture with a specialized, technology-enabled service model. Revenues have grown at a measured pace, but profit margins have recently tightened, suggesting a phase of reinvestment or cost pressure. The balance sheet is strong, with ample cash and minimal debt, giving the company room to navigate weaker periods and fund targeted initiatives. Cash flow is reliable and supports ongoing technology development rather than large physical buildouts. Competitively, Cass benefits from long experience, a sticky blue-chip customer base, and the unusual edge of an in-house commercial bank. Its current strategy leans into digital transformation, AI-driven automation, and working-capital solutions, all within a narrower set of core services. The main watchpoints are whether the recent squeeze on profitability proves temporary and how effectively Cass can turn its technology and banking advantages into renewed earnings growth over time.

NEWS

October 23, 2025 · 8:00 AM UTC

Cass Information Systems reports Third Quarter 2025 Results

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