What is Bridgewater Bancshares Inc's earnings per share (EPS)?

Bridgewater Bancshares Inc (BWB) reported diluted earnings per share of $1.49 for fiscal year 2025. This represents a 44.7% 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.

Bridgewater Bancshares Inc Financials

BWB

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

This page shows Bridgewater Bancshares Inc (BWB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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 BWB FY2025 2026-04-30

Bridgewater's earnings engine is balance-sheet leverage, where small shifts in asset profitability meaningfully change returns to equity.

The FY2025 profit rebound started with better asset profitability, as ROA improved to 0.9% from 0.7%. That modest change still lifted ROE to 8.9% from 7.2%, showing how this leveraged balance sheet turns a small improvement at the asset level into a larger effect for common equity.

At $149.4M, interest expense still absorbs a large share of revenue rather than fading back toward earlier levels. Net margin was only 16.4% versus 32.6% in FY2022, so the franchise is bigger but still earns much less on each revenue dollar than it did before funding costs moved higher.

Because capital spending was only $5.8M, free cash flow mostly tracks operating cash flow here instead of being driven by heavy physical reinvestment. So the fall in operating cash flow to $27.8M from $46.4M says more about weaker cash generation inside the balance sheet than about expansion spending.

Financial Health Signals

Financial Profile 23/100

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 Bridgewater Bancshares Inc'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

Bridgewater Bancshares Inc's revenue grew 14.6% year-over-year to $281.8M, a solid pace of expansion. This earns a growth score of 54/100.

Leverage

Bridgewater Bancshares Inc has elevated debt relative to equity (D/E of 9.46), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Cash Flow

Bridgewater Bancshares Inc has a free cash flow margin of 7.8%, earning a moderate score of 54/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Bridgewater Bancshares Inc's ROE of 8.9% shows moderate profitability relative to equity, earning a score of 30/100. This is up from 7.2% the prior year.

Piotroski F-Score Neutral

4/9

Bridgewater Bancshares Inc passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed

0.60x

For every $1 of reported earnings, Bridgewater Bancshares Inc generates $0.60 in operating cash flow ($27.8M OCF vs $46.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$281.8M

YoY+14.6%

5Y CAGR+19.7%

Bridgewater Bancshares Inc generated $281.8M in revenue in fiscal year 2025. This represents an increase of 14.6% from the prior year.

EBITDA

N/A

Net Income

$46.1M

YoY+40.4%

5Y CAGR+11.1%

Bridgewater Bancshares Inc reported $46.1M in net income in fiscal year 2025. This represents an increase of 40.4% from the prior year.

EPS (Diluted)

$1.49

YoY+44.7%

5Y CAGR+9.9%

Bridgewater Bancshares Inc earned $1.49 per diluted share (EPS) in fiscal year 2025. This represents an increase of 44.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$22.0M

YoY-48.1%

Bridgewater Bancshares Inc generated $22.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 48.1% from the prior year.

Cash & Debt

$123.5M

YoY-46.2%

5Y CAGR-5.1%

Bridgewater Bancshares Inc held $123.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

28M

YoY+1.0%

5Y CAGR-0.2%

Bridgewater Bancshares Inc had 28M shares outstanding in fiscal year 2025. This represents an increase of 1.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

16.4%

YoY+3.0pp

5Y CAGR-7.3pp

Bridgewater Bancshares Inc's net profit margin was 16.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.0 percentage points from the prior year.

Return on Equity

8.9%

YoY+1.7pp

5Y CAGR-1.3pp

Bridgewater Bancshares Inc's ROE was 8.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.7 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$2.2M

YoY-57.8%

5Y CAGR-26.7%

Bridgewater Bancshares Inc spent $2.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 57.8% from the prior year.

Capital Expenditures

$5.8M

YoY+43.3%

5Y CAGR-25.0%

Bridgewater Bancshares Inc invested $5.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 43.3% from the prior year.

BWB Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$281.8M+14.6%	$245.9M+10.6%	$222.4M+35.8%	$163.7M+27.0%	$128.9M+12.2%	$114.8M
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	$47.4M+19.8%	$39.6M+8.3%	$36.5M-1.1%	$36.9M+19.6%	$30.9M+20.8%	$25.6M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$149.4M+4.0%	$143.7M+22.6%	$117.2M+244.7%	$34.0M+75.5%	$19.4M-27.9%	$26.9M
Income Tax	$13.9M+40.7%	$9.9M-21.1%	$12.6M-31.4%	$18.3M+15.3%	$15.9M+87.5%	$8.5M
Net Income	$46.1M+40.4%	$32.8M-17.9%	$40.0M-25.2%	$53.4M+16.9%	$45.7M+68.0%	$27.2M
EPS (Diluted)	$1.49+44.7%	$1.03-18.9%	$1.27-26.2%	$1.72+11.7%	$1.54+65.6%	$0.93

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$70.0M-4.6%	$73.3M-0.4%	$73.6M+6.4%	$69.2M+5.3%	$65.7M+3.8%	$63.3M+0.5%	$63.0M+3.5%	$60.9M
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	$13.5M+8.5%	$12.4M+1.7%	$12.2M+7.6%	$11.4M-0.1%	$11.4M+7.2%	$10.6M+7.7%	$9.9M+1.8%	$9.7M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$33.3M-11.4%	$37.6M-4.9%	$39.5M+7.6%	$36.7M+3.5%	$35.5M-2.4%	$36.4M-2.9%	$37.4M+4.3%	$35.9M
Income Tax	$5.4M+42.5%	$3.8M+9.1%	$3.5M-3.4%	$3.6M+19.9%	$3.0M+30.7%	$2.3M-14.0%	$2.7M+7.2%	$2.5M
Net Income	$17.4M+30.5%	$13.3M+14.9%	$11.6M+0.7%	$11.5M+19.6%	$9.6M+17.4%	$8.2M-5.4%	$8.7M+6.9%	$8.1M
EPS (Diluted)	$0.58	N/A	$0.380.0%	$0.38+22.6%	$0.31	N/A	$0.27+3.8%	$0.26

BWB Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$5.4B+6.7%	$5.1B+9.8%	$4.6B+6.1%	$4.3B+25.0%	$3.5B+18.8%	$2.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$123.5M-46.2%	$229.8M+78.7%	$128.6M+47.7%	$87.0M-39.3%	$143.5M-10.7%	$160.7M
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	$12.0M0.0%	$12.0M+356.3%	$2.6M0.0%	$2.6M0.0%	$2.6M0.0%	$2.6M
Total Liabilities	$4.9B+6.1%	$4.6B+10.1%	$4.2B+5.9%	$4.0B+27.5%	$3.1B+16.4%	$2.7B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$517.1M+12.9%	$457.9M+7.6%	$425.5M+8.0%	$394.1M+3.9%	$379.3M+42.9%	$265.4M
Retained Earnings	$351.5M+13.6%	$309.4M+10.3%	$280.6M+12.9%	$248.7M+24.7%	$199.3M+28.8%	$154.8M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$5.3B-1.3%	$5.4B+0.9%	$5.4B+1.2%	$5.3B+3.1%	$5.1B+1.4%	$5.1B+8.0%	$4.7B+0.1%	$4.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$222.2M+79.9%	$123.5M-6.3%	$131.8M-39.4%	$217.5M+30.9%	$166.2M-27.7%	$229.8M+19.8%	$191.9M+43.1%	$134.1M
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	$12.0M0.0%	$12.0M0.0%	$12.0M0.0%	$12.0M0.0%	$12.0M0.0%	$12.0M+356.3%	$2.6M0.0%	$2.6M
Total Liabilities	$4.8B-1.7%	$4.9B+0.6%	$4.9B+0.9%	$4.8B+3.3%	$4.7B+1.3%	$4.6B+8.7%	$4.2B-0.2%	$4.2B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$528.4M+2.2%	$517.1M+3.9%	$497.5M+4.4%	$476.3M+1.6%	$469.0M+2.4%	$457.9M+1.3%	$452.2M+3.0%	$439.2M
Retained Earnings	$367.8M+4.7%	$351.5M+3.6%	$339.1M+3.2%	$328.5M+3.3%	$318.0M+2.8%	$309.4M+2.4%	$302.2M+2.6%	$294.6M

BWB Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$27.8M-40.0%	$46.4M+54.5%	$30.0M-64.7%	$85.0M+56.7%	$54.2M+135.6%	$23.0M
Capital Expenditures	$5.8M+43.3%	$4.1M+37.4%	$3.0M+81.9%	$1.6M+110.2%	$777K-96.9%	$24.7M
Free Cash Flow	$22.0M-48.1%	$42.3M+56.4%	$27.0M-67.6%	$83.4M+55.9%	$53.5M+3303.1%	-$1.7M
Investing Cash Flow	-$417.5M-338.3%	-$95.2M+54.5%	-$209.2M+77.7%	-$938.2M-64.2%	-$571.4M-7.7%	-$530.3M
Financing Cash Flow	$283.4M+88.9%	$150.1M-32.0%	$220.7M-72.3%	$796.8M+59.4%	$500.0M-21.4%	$636.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$2.2M-57.8%	$5.2M+14.4%	$4.5M-57.9%	$10.8M+368.4%	$2.3M-77.7%	$10.3M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$16.0M+129.2%	$7.0M-25.6%	$9.4M+116.1%	$4.3M-39.1%	$7.1M-79.4%	$34.6M+677.6%	-$6.0M-156.5%	$10.6M
Capital Expenditures	$1.8M-28.2%	$2.5M+58.9%	$1.6M+37.3%	$1.2M+117.5%	$536K-84.3%	$3.4M+637.5%	$464K+146.8%	$188K
Free Cash Flow	$14.2M+219.6%	$4.4M-43.0%	$7.8M+145.1%	$3.2M-51.8%	$6.6M-78.9%	$31.2M+583.0%	-$6.5M-161.9%	$10.4M
Investing Cash Flow	$162.0M+539.3%	-$36.9M+73.1%	-$137.0M-26.0%	-$108.8M+19.3%	-$134.8M-54.9%	-$87.0M-240.2%	$62.1M+357.3%	$13.6M
Financing Cash Flow	-$79.4M-467.5%	$21.6M-48.6%	$42.0M-73.1%	$155.7M+142.9%	$64.1M-29.0%	$90.3M+5254.1%	$1.7M+105.0%	-$33.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$621K	$0	$0-100.0%	$1.6M+152.8%	$621K+3552.9%	$17K	$0-100.0%	$2.9M

BWB 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	16.4%+3.0pp	13.4%-4.6pp	18.0%-14.6pp	32.6%-2.8pp	35.4%+11.8pp	23.7%
Return on Equity	8.9%+1.7pp	7.2%-2.2pp	9.4%-4.2pp	13.6%+1.5pp	12.0%+1.8pp	10.3%
Return on Assets	0.9%+0.2pp	0.7%-0.2pp	0.9%-0.4pp	1.2%-0.1pp	1.3%+0.4pp	0.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	9.46-0.6	10.06+0.2	9.84-0.2	10.03+1.9	8.17-1.9	10.03
FCF Margin	7.8%-9.4pp	17.2%+5.0pp	12.2%-38.8pp	50.9%+9.4pp	41.5%+42.9pp	-1.5%

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	24.9%+6.7pp	18.2%+2.4pp	15.8%-0.9pp	16.7%+2.0pp	14.7%+1.7pp	13.0%-0.8pp	13.8%+0.4pp	13.3%
Return on Equity	3.3%+0.7pp	2.6%+0.2pp	2.3%-0.1pp	2.4%+0.4pp	2.1%+0.3pp	1.8%-0.1pp	1.9%+0.1pp	1.8%
Return on Assets	0.3%+0.1pp	0.3%+0.0pp	0.2%0.0pp	0.2%+0.0pp	0.2%+0.0pp	0.2%-0.0pp	0.2%+0.0pp	0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	9.10-0.4	9.46-0.3	9.77-0.3	10.12+0.2	9.95-0.1	10.06+0.7	9.37-0.3	9.67
FCF Margin	20.3%+14.2pp	6.0%-4.5pp	10.6%+6.0pp	4.6%-5.4pp	10.0%-39.2pp	49.2%+59.4pp	-10.2%-27.3pp	17.1%

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Frequently Asked Questions

What is Bridgewater Bancshares Inc's annual revenue?

Bridgewater Bancshares Inc (BWB) reported $281.8M in total revenue for fiscal year 2025. This represents a 14.6% 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 Bridgewater Bancshares Inc's revenue growing?

Bridgewater Bancshares Inc (BWB) revenue grew by 14.6% year-over-year, from $245.9M to $281.8M in fiscal year 2025.

Is Bridgewater Bancshares Inc profitable?

Yes, Bridgewater Bancshares Inc (BWB) reported a net income of $46.1M in fiscal year 2025, with a net profit margin of 16.4%.

What is Bridgewater Bancshares Inc's net profit margin?

Bridgewater Bancshares Inc (BWB) had a net profit margin of 16.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Bridgewater Bancshares Inc's return on equity (ROE)?

Bridgewater Bancshares Inc (BWB) has a return on equity of 8.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Bridgewater Bancshares Inc's free cash flow?

Bridgewater Bancshares Inc (BWB) generated $22.0M in free cash flow during fiscal year 2025. This represents a -48.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Bridgewater Bancshares Inc's operating cash flow?

Bridgewater Bancshares Inc (BWB) generated $27.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Bridgewater Bancshares Inc's total assets?

Bridgewater Bancshares Inc (BWB) had $5.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Bridgewater Bancshares Inc's capital expenditures?

Bridgewater Bancshares Inc (BWB) invested $5.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Bridgewater Bancshares Inc buy back shares?

Yes, Bridgewater Bancshares Inc (BWB) spent $2.2M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Bridgewater Bancshares Inc have outstanding?

Bridgewater Bancshares Inc (BWB) had 28M shares outstanding as of fiscal year 2025.

What is Bridgewater Bancshares Inc's debt-to-equity ratio?

Bridgewater Bancshares Inc (BWB) had a debt-to-equity ratio of 9.46 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Bridgewater Bancshares Inc's return on assets (ROA)?

Bridgewater Bancshares Inc (BWB) had a return on assets of 0.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Bridgewater Bancshares Inc's Piotroski F-Score?

Bridgewater Bancshares Inc (BWB) has a Piotroski F-Score of 4 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 Bridgewater Bancshares Inc's earnings high quality?

Bridgewater Bancshares Inc (BWB) has an earnings quality ratio of 0.60x, considered mixed 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 Bridgewater Bancshares Inc?

Bridgewater Bancshares Inc (BWB) scores 23 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.