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WAFDP

WaFd, Inc.

WAFDP

WaFd, Inc. • NASDAQ
$16.75 ▼ -0.12% (-0.02)
Market Cap $1.28 B
52w High $18.41
52w Low $15.25
Dividend Yield 1.22%
P/E 6.12
Volume 13.34K
Outstanding Shares 76.70M

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 has been consistently profitable over the past several years. Revenue and pre-tax profits climbed meaningfully coming out of the pandemic, peaked recently, and then eased a bit in the latest year. Even with that pullback, profit levels remain comfortably above where they were a few years ago. Margins have held up reasonably well, helped by disciplined cost control and a sharper focus on higher-margin business and commercial banking rather than low-margin mortgage activity. Earnings per share show that shareholders have still seen solid profitability, although not at the unusually strong peak reached a few years back. Overall, the income statement reflects a bank that is earning steady, healthy profits, with some normal ups and downs as interest rates, credit costs, and the lending mix shift.

Balance Sheet

Balance Sheet WaFd’s balance sheet looks generally solid and gradually stronger over time. Total assets have expanded meaningfully versus several years ago, reflecting growth in the franchise, even though there is a small step down in the most recent period. Equity has been trending upward, which points to retained earnings and a stronger capital cushion. Debt rose earlier in the period but has been brought down over the last couple of years, reducing reliance on wholesale funding and leverage. Cash levels have moved around quite a bit, which is typical in banking as deposits and investments shift, but there is no obvious sign of strain. Combined, the pattern suggests a conservative balance sheet with improving capital and moderated debt levels.

Cash Flow

Cash Flow WaFd’s cash generation looks healthy and consistent. Operating cash flow has stayed positive every year and generally improved over time, which backs up the quality of reported earnings. Free cash flow has also been positive throughout, even after accounting for ongoing investments. Capital spending is relatively modest and stable, reflecting a service and technology-focused bank that does not require heavy physical investment. This cash profile provides flexibility: WaFd appears able to fund its technology initiatives, support growth, and still have room for shareholder-friendly uses of capital when management deems it appropriate, all without stretching the balance sheet.

Competitive Edge

Competitive Edge WaFd is a regional bank with an increasingly distinct profile: a technology-forward institution that still behaves like a relationship-focused community bank. Its core strengths are its concentration in commercial and small business banking, its conservative credit culture, and its tight integration of technology into front-line banking. The bank’s “digital-first, not digital-only” approach aims to match the convenience of big national players while preserving local branches and personal relationships, which can matter a lot to business owners. Exiting traditional mortgage origination reduces exposure to commoditized, rate-sensitive business and frees resources for more specialized lending. That said, WaFd still operates in a very competitive landscape. It faces pressure from larger banks with deeper pockets, direct fintech competitors, and other regional institutions trying to modernize. Its advantage will depend on whether it can continue to innovate faster than peers while maintaining its conservative risk posture.

Innovation and R&D

Innovation and R&D Innovation is a central part of WaFd’s strategy, not an add-on. The company has built its own innovation lab, Pike Street Labs, and then spun out Archway Software as a separate technology firm that sells banking tech to other institutions. This gives WaFd both an internal engine for experimentation and a potential new fee-based revenue stream. WaFd has shifted much of its technology to the cloud, partnered with specialized fintech platforms like nCino, and is using data and artificial intelligence to give bankers a fuller view of each customer. Tools like its “Customer 360” system aim to make every interaction more personalized and relevant. Future innovation efforts center on deepening business banking capabilities, expanding SBA lending, growing Archway’s client base, and using data to offer more predictive, proactive financial guidance. The culture appears to encourage quick testing and learning, which, if sustained, could keep WaFd ahead of slower-moving regional peers—but execution risk remains, especially as these projects scale.

Summary

WaFd, Inc. appears to be a profitable, conservatively run regional bank that is actively reinventing itself as a technology-driven, business banking specialist. The financials show steady profits, sound capital, and reliable cash generation, with only modest normalization from earlier peak results. The balance sheet has strengthened, with more equity and less debt, while cash flows comfortably support ongoing investment. Strategically, WaFd’s blend of strong local relationships, targeted focus on commercial and small business clients, and homegrown technology capabilities—through Pike Street Labs and Archway Software—gives it a differentiated position among regional banks. Its success will depend on maintaining credit discipline while scaling its tech and business-banking ambitions in a competitive and fast-changing environment.