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WAFD

WaFd, Inc.

WAFD

WaFd, Inc. • NASDAQ
$31.66 ▼ -1.89% (-0.61)
Market Cap $2.49 B
52w High $36.82
52w Low $23.75
Dividend Yield 1.08%
P/E 12.04
Volume 418.59K
Outstanding Shares 78.79M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $185.297M ▼ $83.329M ▼ $60.597M ▼ 32.703% ▲ $0.73 $76.378M ▲
Q3-2025 $349.987M ▼ $104.327M ▼ $61.952M ▲ 17.701% ▲ $0.73 ▲ $66.242M ▲
Q2-2025 $354.701M ▼ $104.832M ▼ $56.252M ▲ 15.859% ▲ $0.65 ▲ $52.139M ▼
Q1-2025 $361.248M ▼ $111.311M ▲ $47.267M ▼ 13.084% ▼ $0.54 ▼ $104.601M ▲
Q4-2024 $389.82M $107.941M $61.14M 15.684% $0.71 $20.619M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $4.191B ▼ $26.7B ▼ $23.66B ▼ $3.04B ▲
Q3-2025 $4.197B ▲ $26.732B ▼ $23.718B ▼ $3.014B ▼
Q2-2025 $3.351B ▼ $27.645B ▼ $24.612B ▼ $3.033B ▲
Q1-2025 $4.251B ▼ $27.684B ▼ $24.663B ▼ $3.022B ▲
Q4-2024 $4.954B $28.06B $25.06B $3B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $60.597M ▼ $57.38M ▼ $-58.759M ▼ $-150.563M ▲ $-151.942M ▲ $45.604M ▼
Q3-2025 $61.952M ▲ $58.007M ▼ $468.891M ▲ $-949.107M ▼ $-422.209M ▼ $53.076M ▼
Q2-2025 $56.252M ▲ $72.135M ▲ $-213.969M ▲ $-134.44M ▲ $-276.274M ▲ $66.581M ▲
Q1-2025 $47.267M ▼ $49.43M ▼ $-514.577M ▼ $-408.22M ▲ $-873.367M ▼ $42.984M ▼
Q4-2024 $61.14M $96.621M $362.947M $-570.97M $-111.402M $89.422M

Five-Year Company Overview

Income Statement

Income Statement WaFd’s income statement shows a bank that has grown its top line while keeping a solid level of profitability, but with some recent pressure on earnings per share. Revenue has climbed meaningfully over the last few years as the bank expanded its balance sheet and loan book. Core profitability (what the bank earns after funding costs and operating expenses) has stayed healthy, helped by cost discipline and efficiency. However, net income and earnings per share have recently slipped from their peak, even as revenue rose. That pattern suggests rising funding costs, higher credit provisions, or other pressures are eating into the bottom line. Overall, it still looks like a profitable, fairly efficient regional bank, but one now operating in a tougher interest-rate and deposit-competition environment than a couple of years ago.

Balance Sheet

Balance Sheet WaFd’s balance sheet has grown considerably, with total assets rising steadily as the bank has expanded lending and completed acquisitions. Equity has also increased, which is a positive sign for capital strength and loss-absorbing capacity. Cash levels have moved higher compared with earlier years, giving the bank more flexibility and liquidity. At the same time, debt and other wholesale funding have risen, reflecting a more complex funding mix and some reliance on borrowed money, not just core deposits. The balance sheet overall looks larger, more liquid, and better capitalized than a few years ago, but also somewhat more leveraged and exposed to funding-market conditions, which is an important area to watch for a regional bank.

Cash Flow

Cash Flow Cash flow trends are generally reassuring. The bank has consistently generated positive cash flow from its core operations, which indicates that its underlying business is self-funding rather than dependent on outside capital. Free cash flow has also been positive and fairly stable, suggesting WaFd has room to invest in growth, technology, and dividends or buybacks when appropriate. Capital spending has been modest relative to the size of the bank, in line with a financial institution that invests more in technology and systems than in heavy physical assets. The picture is of a bank that throws off steady cash, with no obvious signs of cash strain, though future credit conditions and interest rates can always affect this.

Competitive Edge

Competitive Edge WaFd occupies a niche as a tech-forward regional bank in the western United States. Its edge comes from combining traditional community banking strengths—local relationships, knowledge of regional markets, and personalized service—with a modern, digital-first platform. Historically, it has been known for running a lean, efficient operation, which can help it stay competitive on pricing while still earning acceptable returns. The bank has moved away from being heavily tied to single-family mortgages and is leaning more into business, commercial real estate, and broader commercial banking, which can deepen relationships but also introduces different credit and cycle risks. Its competitive moat is supported by in-house technology, distinct business services, and a more curated digital experience than many peers, yet it still competes in a crowded field of regional banks, money-center banks, and fintechs, so maintaining deposit relationships and credit quality remains critical.

Innovation and R&D

Innovation and R&D Innovation is a clear highlight for WaFd. Through Pike Street Labs and the spin-off of Archway Software, the bank has built its own technology stack rather than relying solely on standard vendor systems. This gives it more control over customer experience and product rollout, potentially enabling faster innovation than many similar-sized banks. Partnerships with major cloud providers and specialized fintech platforms help it apply data, automation, and AI to lending and customer service. On the product side, services like faster invoice funding for businesses, financial literacy tools for families, and newer wealth management offerings expand its reach beyond basic checking and lending. Voice-activated banking and a modern digital interface show a willingness to experiment and differentiate. The main question is execution: turning these innovations into sustained customer growth, better deposit mix, and stronger long-term profitability while managing technology spending and operational risk.

Summary

Overall, WaFd looks like a growing, fairly efficient regional bank that has leaned hard into proprietary technology to stand out. Revenues and assets have expanded, and profitability remains solid, even though earnings per share have softened recently in a more difficult rate and funding environment. The balance sheet shows more size, higher liquidity, and stronger equity, offset by greater use of debt and more complex funding sources. Cash generation remains steady and positive. Competitively, WaFd is trying to be more than a traditional regional bank by pairing community-bank roots with a modern, digital-first experience and specialized products, especially for business customers. Its innovation efforts, including its internal tech lab, software spin-off, and cloud-based infrastructure, give it a potential edge but also raise the bar for continued strong execution. Key things to monitor going forward include deposit mix and costs, credit quality in a changing rate and real-estate environment, and whether its technology investments translate into sustainable growth in profitable customer relationships.

NEWS

November 11, 2025 · 5:00 PM UTC

WaFd, Inc. Announces Cash Dividend of 27 cents per share

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October 16, 2025 · 5:00 PM UTC

WaFd Announces Fourth Quarter and Fiscal 2025 Results

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September 16, 2025 · 1:00 PM UTC

WaFd Bank Approved for SBA Preferred Lender Status

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