What is Associated Banc Corp's earnings per share (EPS)?

Associated Banc Corp (ASB) reported diluted earnings per share of $2.77 for fiscal year 2025. This represents a 284.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Associated Banc Corp Financials

ASB

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Associated Banc Corp (ASB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 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).

Rhea AI ASB FY2025 2026-04-28

Associated Banc-Corp’s results hinge more on balance-sheet funding costs than on simple revenue growth.

FY2025’s profit rebound came on a nearly unchanged top line: revenue grew only 2.4% while net margin recovered to 21.9%. With interest expense lower at $972M, the business earned more from its asset base without needing much more revenue.

Cash conversion was steadier than earnings: operating cash flow was $616M versus $580M a year earlier, even as reported profit surged. That mismatch means the recovery showed up in accounting income faster than in cash available to support the balance sheet, so earnings quality improved but cash generation did not accelerate at the same pace.

Balance-sheet expansion still leans on liability funding rather than internally generated cash alone: FY2025 investing outflows were $1.62B against operating cash flow of $616M. Meanwhile cash reserves rose to $1.72B but long-term debt also increased to $1.01B, showing liquidity improved alongside higher structural borrowing; growth here is as much a funding exercise as an earnings exercise.

Financial Health Signals

Financial Profile 38/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Associated Banc Corp'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.

Growth

100

Associated Banc Corp's revenue grew a modest 2.4% year-over-year to $2.2B. This slow but positive growth earns a score of 100/100.

Leverage

100

Associated Banc Corp carries a low D/E ratio of 0.12, meaning only $0.12 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Returns

Associated Banc Corp generates a 9.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 25/100. This is up from 2.7% the prior year.

Piotroski F-Score Neutral

6/9

Associated Banc Corp passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.30x

For every $1 of reported earnings, Associated Banc Corp generates $1.30 in operating cash flow ($615.7M OCF vs $474.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2.2B

YoY+2.4%

5Y CAGR+11.2%

10Y CAGR+8.0%

Associated Banc Corp generated $2.2B in revenue in fiscal year 2025. This represents an increase of 2.4% from the prior year.

EBITDA

N/A

Net Income

$474.8M

YoY+285.5%

5Y CAGR+9.1%

10Y CAGR+9.7%

Associated Banc Corp reported $474.8M in net income in fiscal year 2025. This represents an increase of 285.5% from the prior year.

EPS (Diluted)

$2.77

YoY+284.7%

5Y CAGR+8.3%

10Y CAGR+8.8%

Associated Banc Corp earned $2.77 per diluted share (EPS) in fiscal year 2025. This represents an increase of 284.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$1.7B

YoY+68.7%

5Y CAGR+19.2%

10Y CAGR+13.8%

Associated Banc Corp held $1.7B in cash against $594.3M in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.93

YoY+4.5%

Associated Banc Corp paid $0.93 per share in dividends in fiscal year 2025. This represents an increase of 4.5% from the prior year.

Shares Outstanding

166M

YoY-0.2%

5Y CAGR+1.7%

10Y CAGR+1.0%

Associated Banc Corp had 166M shares outstanding in fiscal year 2025. This represents a decrease of 0.2% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

21.9%

YoY+16.1pp

5Y CAGR-2.2pp

10Y CAGR+3.1pp

Associated Banc Corp's net profit margin was 21.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 16.1 percentage points from the prior year.

Return on Equity

9.5%

YoY+6.9pp

5Y CAGR+2.0pp

10Y CAGR+3.1pp

Associated Banc Corp's ROE was 9.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 6.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

ASB Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$2.2B+2.4%	$2.1B+92.5%	$1.1B-11.0%	$1.2B+17.1%	$1.1B-17.1%	$1.3B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$521.7M+6.9%	$488.0M+4.2%	$468.4M+3.1%	$454.1M+6.4%	$426.7M-1.3%	$432.2M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$971.6M-9.7%	$1.1B+17.1%	$918.5M+388.7%	$187.9M+159.8%	$72.3M-51.7%	$149.9M
Income Tax	$103.1M+811.6%	$11.3M-51.0%	$23.1M-75.3%	$93.5M+9.6%	$85.3M+322.3%	$20.2M
Net Income	$474.8M+285.5%	$123.1M-32.7%	$183.0M-50.0%	$366.1M+4.3%	$351.0M+14.4%	$306.8M
EPS (Diluted)	$2.77+284.7%	$0.72-36.3%	$1.13-51.7%	$2.34+7.3%	$2.18+17.2%	$1.86

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$528.0M-3.0%	$544.3M-2.2%	$556.6M+2.0%	$545.5M+3.7%	$526.3M-54.2%	$1.1B+248.3%	$329.7M+2.5%	$321.8M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$135.2M0.0%	$135.1M-0.4%	$135.7M+6.9%	$127.0M+2.5%	$123.9M-1.6%	$125.9M+4.1%	$121.0M-0.4%	$121.6M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$220.9M-5.8%	$234.4M-6.8%	$251.4M+2.4%	$245.5M+2.2%	$240.3M-7.0%	$258.4M-7.0%	$277.8M+1.5%	$273.7M
Income Tax	$33.2M+29.0%	$25.8M-12.8%	$29.6M+4.1%	$28.4M+46.3%	$19.4M+220.3%	-$16.1M-180.2%	$20.1M+258.6%	-$12.7M
Net Income	$119.6M-12.8%	$137.1M+9.9%	$124.7M+12.1%	$111.2M+9.4%	$101.7M+162.9%	-$161.6M-283.6%	$88.0M-23.8%	$115.6M
EPS (Diluted)	$0.70	N/A	$0.73+12.3%	$0.65+10.2%	$0.59	N/A	$0.56-24.3%	$0.74

ASB Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$45.2B+5.1%	$43.0B+4.9%	$41.0B+4.1%	$39.4B+12.3%	$35.1B+5.0%	$33.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$1.7B+68.7%	$1.0B+10.4%	$923.8M+48.7%	$621.5M-39.4%	$1.0B+43.2%	$716.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B-0.4%	$1.1B
Total Liabilities	$40.2B+4.7%	$38.4B+4.3%	$36.8B+4.1%	$35.4B+13.9%	$31.1B+6.0%	$29.3B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$594.3M-29.1%	$837.6M+54.8%	$541.3M+118.2%	$248.1M-0.5%	$249.3M-54.6%	$549.5M
Total Equity	$5.0B+8.0%	$4.6B+10.3%	$4.2B+3.9%	$4.0B-0.2%	$4.0B-1.6%	$4.1B
Retained Earnings	$3.2B+10.5%	$2.9B-0.9%	$2.9B+1.4%	$2.9B+8.7%	$2.7B+8.7%	$2.5B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$45.6B+0.9%	$45.2B+1.7%	$44.5B+1.1%	$44.0B+1.6%	$43.3B+0.7%	$43.0B+1.9%	$42.2B+1.4%	$41.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$1.4B-19.4%	$1.7B+33.1%	$1.3B+2.6%	$1.3B+2.2%	$1.2B+20.9%	$1.0B+5.4%	$967.0M+0.8%	$959.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B
Total Liabilities	$40.6B+0.9%	$40.2B+1.6%	$39.6B+1.0%	$39.2B+1.5%	$38.6B+0.5%	$38.4B+1.6%	$37.8B+1.1%	$37.4B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$592.6M-0.3%	$594.3M0.0%	$594.1M+0.1%	$593.5M+0.4%	$591.4M-29.4%	$837.6M-0.8%	$844.3M+57.5%	$536.1M
Total Equity	$5.0B+0.5%	$5.0B+2.2%	$4.9B+1.8%	$4.8B+2.0%	$4.7B+1.8%	$4.6B+4.4%	$4.4B+4.0%	$4.2B
Retained Earnings	$3.3B+2.4%	$3.2B+3.0%	$3.1B+2.7%	$3.0B+2.3%	$3.0B+2.1%	$2.9B-6.5%	$3.1B+1.7%	$3.1B

ASB Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$615.7M+6.1%	$580.2M+31.1%	$442.7M-47.7%	$846.6M+59.9%	$529.6M-3.7%	$550.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$1.6B+26.8%	-$2.2B-54.5%	-$1.4B+72.7%	-$5.3B-231.7%	-$1.6B-99.6%	-$793.7M
Financing Cash Flow	$1.7B-1.4%	$1.7B+33.8%	$1.3B-67.6%	$4.0B+193.5%	$1.4B+267.7%	$371.0M
Dividends Paid	$155.8M+11.9%	$139.2M+7.5%	$129.5M+5.2%	$123.1M+6.1%	$116.1M+3.6%	$112.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$135.9M-37.7%	$218.1M+38.1%	$158.0M+11.7%	$141.5M+44.1%	$98.2M-52.6%	$207.1M+97.0%	$105.1M-7.4%	$113.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$824.2M-119.8%	-$374.9M+22.7%	-$485.3M+23.9%	-$637.5M-401.5%	-$127.1M+87.8%	-$1.0B-101.9%	-$517.9M-36.4%	-$379.8M
Financing Cash Flow	$354.3M-39.4%	$584.3M+62.3%	$359.9M-31.3%	$523.7M+116.6%	$241.8M-72.9%	$891.4M+111.9%	$420.8M+12.6%	$373.8M
Dividends Paid	$40.1M-0.4%	$40.2M+4.4%	$38.5M+0.1%	$38.5M-0.1%	$38.5M-0.1%	$38.6M+14.8%	$33.6M+0.3%	$33.5M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ASB Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	21.9%+16.1pp	5.8%-10.8pp	16.6%-12.9pp	29.5%-3.6pp	33.2%+9.2pp	24.0%
Return on Equity	9.5%+6.9pp	2.7%-1.7pp	4.4%-4.7pp	9.1%+0.4pp	8.7%+1.2pp	7.5%
Return on Assets	1.1%+0.8pp	0.3%-0.2pp	0.4%-0.5pp	0.9%-0.1pp	1.0%+0.1pp	0.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.12-0.1	0.18+0.1	0.13+0.1	0.060.0	0.06-0.1	0.13
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	22.7%-2.5pp	25.2%+2.8pp	22.4%+2.0pp	20.4%+1.1pp	19.3%+33.4pp	-14.1%-40.8pp	26.7%-9.2pp	35.9%
Return on Equity	2.4%-0.4pp	2.8%+0.2pp	2.6%+0.2pp	2.3%+0.2pp	2.2%+5.7pp	-3.5%-5.5pp	2.0%-0.7pp	2.7%
Return on Assets	0.3%-0.0pp	0.3%+0.0pp	0.3%+0.0pp	0.3%+0.0pp	0.2%+0.6pp	-0.4%-0.6pp	0.2%-0.1pp	0.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.120.0	0.120.0	0.120.0	0.120.0	0.13-0.1	0.180.0	0.19+0.1	0.13
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Associated Banc Corp's annual revenue?

Associated Banc Corp (ASB) reported $2.2B in total revenue for fiscal year 2025. This represents a 2.4% 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 Associated Banc Corp's revenue growing?

Associated Banc Corp (ASB) revenue grew by 2.4% year-over-year, from $2.1B to $2.2B in fiscal year 2025.

Is Associated Banc Corp profitable?

Yes, Associated Banc Corp (ASB) reported a net income of $474.8M in fiscal year 2025, with a net profit margin of 21.9%.

How much debt does Associated Banc Corp have?

As of fiscal year 2025, Associated Banc Corp (ASB) had $1.7B in cash and equivalents against $594.3M in long-term debt.

What is Associated Banc Corp's net profit margin?

Associated Banc Corp (ASB) had a net profit margin of 21.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Associated Banc Corp pay dividends?

Yes, Associated Banc Corp (ASB) paid $0.93 per share in dividends during fiscal year 2025.

What is Associated Banc Corp's return on equity (ROE)?

Associated Banc Corp (ASB) has a return on equity of 9.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Associated Banc Corp's operating cash flow?

Associated Banc Corp (ASB) generated $615.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Associated Banc Corp's total assets?

Associated Banc Corp (ASB) had $45.2B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Associated Banc Corp have outstanding?

Associated Banc Corp (ASB) had 166M shares outstanding as of fiscal year 2025.

What is Associated Banc Corp's debt-to-equity ratio?

Associated Banc Corp (ASB) had a debt-to-equity ratio of 0.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Associated Banc Corp's return on assets (ROA)?

Associated Banc Corp (ASB) had a return on assets of 1.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Associated Banc Corp's Piotroski F-Score?

Associated Banc Corp (ASB) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. 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 Associated Banc Corp's earnings high quality?

Associated Banc Corp (ASB) has an earnings quality ratio of 1.30x, considered cash-backed (high quality). 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 Associated Banc Corp?

Associated Banc Corp (ASB) scores 38 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.