What is Horizon Bancorp's earnings per share (EPS)?

Horizon Bancorp (HBNC) reported diluted earnings per share of $-3.24 for fiscal year 2025. This represents a -505.0% 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.

Horizon Bancorp Financials

HBNC

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Horizon Bancorp (HBNC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).

Financial Health Signals

Financial Profile 52/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Horizon Bancorp's revenue grew a modest 1.8% year-over-year to $362.8M. This slow but positive growth earns a score of 36/100.

Leverage

Horizon Bancorp carries a low D/E ratio of 0.36, meaning only $0.36 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

Horizon Bancorp converts 20.5% of revenue into free cash flow ($74.3M). This strong cash generation earns a score of 76/100.

Returns

Horizon Bancorp generates a -21.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 4.6% the prior year.

Piotroski F-Score Neutral

4/9

Horizon Bancorp passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

-0.53x

For every $1 of reported earnings, Horizon Bancorp generates $-0.53 in operating cash flow ($79.2M OCF vs -$150.5M 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

$362.8M

YoY+1.8%

5Y CAGR+12.7%

10Y CAGR+15.1%

Horizon Bancorp generated $362.8M in revenue in fiscal year 2025. This represents an increase of 1.8% from the prior year.

EBITDA

N/A

Net Income

-$150.5M

YoY-524.7%

Horizon Bancorp reported -$150.5M in net income in fiscal year 2025. This represents a decrease of 524.7% from the prior year.

EPS (Diluted)

$-3.24

YoY-505.0%

Horizon Bancorp earned $-3.24 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 505.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$74.3M

YoY+5684.7%

5Y CAGR+0.3%

10Y CAGR+9.6%

Horizon Bancorp generated $74.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 5684.7% from the prior year.

Cash & Debt

$139.5M

YoY-52.5%

5Y CAGR-11.0%

10Y CAGR+14.7%

Horizon Bancorp held $139.5M in cash against $248.6M in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.64

YoY+0.0%

Horizon Bancorp paid $0.64 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Shares Outstanding

51M

YoY+15.8%

5Y CAGR+3.1%

10Y CAGR+11.1%

Horizon Bancorp had 51M shares outstanding in fiscal year 2025. This represents an increase of 15.8% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-41.5%

YoY-51.4pp

5Y CAGR-75.7pp

10Y CAGR-64.7pp

Horizon Bancorp's net profit margin was -41.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 51.4 percentage points from the prior year.

Return on Equity

-21.9%

YoY-26.5pp

5Y CAGR-31.8pp

10Y CAGR-29.6pp

Horizon Bancorp's ROE was -21.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 26.5 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$5.0M

YoY-2.5%

5Y CAGR-3.3%

10Y CAGR-1.3%

Horizon Bancorp invested $5.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 2.5% from the prior year.

HBNC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$362.8M+1.8%	$356.5M+14.1%	$312.3M+32.3%	$236.0M+21.6%	$194.1M-2.9%	$200.0M
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	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$133.3M-20.6%	$167.9M+22.9%	$136.6M+274.0%	$36.5M+99.5%	$18.3M-46.8%	$34.4M
Income Tax	-$50.7M-527.2%	-$8.1M-173.3%	$11.0M-9.5%	$12.2M-20.7%	$15.4M+55.6%	$9.9M
Net Income	-$150.5M-524.7%	$35.4M+26.6%	$28.0M-70.0%	$93.4M+7.3%	$87.1M+27.1%	$68.5M
EPS (Diluted)	$-3.24-505.0%	$0.80+25.0%	$0.64-70.1%	$2.14+8.1%	$1.98+27.7%	$1.55

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$89.3M-3.8%	$92.8M+1.5%	$91.5M+2.6%	$89.2M-4.5%	$93.3M+2.7%	$90.9M+4.5%	$87.0M+2.0%	$85.3M
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$25.8M-25.1%	$34.5M-4.6%	$36.1M-2.1%	$36.9M-8.2%	$40.2M-8.5%	$44.0M+5.5%	$41.7M-0.7%	$42.0M
Income Tax	$5.8M+109.0%	-$64.3M-1814.8%	$3.8M-9.4%	$4.1M+137.5%	-$11.1M-14634.7%	-$75K-104.3%	$1.7M+31.9%	$1.3M
Net Income	$26.9M+112.1%	-$222.0M-1175.3%	$20.6M-13.8%	$23.9M+320.0%	-$10.9M-159.9%	$18.2M+28.6%	$14.1M+1.1%	$14.0M
EPS (Diluted)	N/A	$-4.69-1097.9%	$0.47-13.0%	$0.54	N/A	$0.41+28.1%	$0.320.0%	$0.32

HBNC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$6.4B-17.5%	$7.8B-1.8%	$7.9B+0.9%	$7.9B+6.2%	$7.4B+25.9%	$5.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$139.5M-52.5%	$293.4M-44.3%	$526.5M+326.3%	$123.5M-79.2%	$593.5M+137.7%	$249.7M
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	$155.2M0.0%	$155.2M0.0%	$155.2M0.0%	$155.2M+0.4%	$154.6M+2.2%	$151.2M
Total Liabilities	$5.7B-18.3%	$7.0B-2.5%	$7.2B+0.4%	$7.2B+7.6%	$6.7B+28.8%	$5.2B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$248.6M-79.8%	$1.2B-8.9%	$1.4B+18.4%	$1.1B+60.4%	$712.7M+50.1%	$475.0M
Total Equity	$688.3M-9.9%	$763.6M+6.2%	$718.8M+6.1%	$677.4M-6.3%	$723.2M+4.5%	$692.2M
Retained Earnings	$255.0M-41.5%	$436.1M+1.7%	$429.0M-0.1%	$429.4M+18.0%	$363.7M+20.7%	$301.4M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$6.4B-4.1%	$6.7B-12.3%	$7.7B+0.3%	$7.6B-2.2%	$7.8B-1.6%	$7.9B+0.2%	$7.9B+0.7%	$7.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$139.5M-69.6%	$458.3M+232.3%	$137.9M-18.7%	$169.7M-42.2%	$293.4M+25.0%	$234.8M+60.7%	$146.1M-46.1%	$271.1M
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	$155.2M0.0%	$155.2M0.0%	$155.2M0.0%	$155.2M0.0%	$155.2M0.0%	$155.2M0.0%	$155.2M0.0%	$155.2M
Total Liabilities	$5.7B-5.0%	$6.1B-11.8%	$6.9B+0.1%	$6.9B-2.6%	$7.0B-1.9%	$7.2B-0.2%	$7.2B+0.7%	$7.1B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$248.6M	N/A	N/A	N/A	$1.2B	N/A	N/A	N/A
Total Equity	$688.3M+4.2%	$660.8M-16.4%	$790.9M+1.9%	$776.1M+1.6%	$763.6M+1.2%	$754.8M+3.9%	$726.7M+0.8%	$721.3M
Retained Earnings	$255.0M+7.9%	$236.3M-49.3%	$466.5M+3.0%	$452.9M+3.9%	$436.1M-3.9%	$454.1M+2.5%	$443.0M+1.6%	$435.9M

HBNC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$79.2M+1144.2%	$6.4M-92.8%	$88.9M-5.8%	$94.4M-11.3%	$106.3M+34.9%	$78.9M
Capital Expenditures	$5.0M-2.5%	$5.1M-34.6%	$7.8M+20.9%	$6.4M+346.5%	$1.4M-75.5%	$5.9M
Free Cash Flow	$74.3M+5684.7%	$1.3M-98.4%	$81.2M-7.7%	$88.0M-16.2%	$104.9M+43.7%	$73.0M
Investing Cash Flow	$979.5M+1955.9%	-$52.8M-116.0%	$329.5M+132.3%	-$1.0B-195.8%	-$344.9M+27.9%	-$478.5M
Financing Cash Flow	-$1.2B-549.6%	-$186.7M-1108.7%	-$15.4M-103.4%	$455.5M-21.8%	$582.3M+5.8%	$550.5M
Dividends Paid	$29.5M+4.1%	$28.3M+0.1%	$28.3M+2.0%	$27.8M+12.1%	$24.8M+16.9%	$21.2M
Share Buybacks	N/A	$0	$0	$0-100.0%	$7.6M-61.3%	$19.6M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$33.6M+207.6%	$10.9M-44.0%	$19.5M+27.9%	$15.2M+131.5%	-$48.4M-249.9%	$32.3M+102.8%	$15.9M+143.3%	$6.5M
Capital Expenditures	$943K-37.5%	$1.5M+9.7%	$1.4M+21.8%	$1.1M-37.2%	$1.8M+40.6%	$1.3M+54.3%	$829K-29.6%	$1.2M
Free Cash Flow	$32.6M+247.0%	$9.4M-48.1%	$18.1M+28.4%	$14.1M+128.1%	-$50.2M-261.8%	$31.0M+105.4%	$15.1M+181.2%	$5.4M
Investing Cash Flow	-$46.3M-104.4%	$1.0B+2050.3%	-$53.3M-237.3%	$38.9M-85.6%	$269.7M+669.4%	$35.0M+119.2%	-$182.3M-4.0%	-$175.2M
Financing Cash Flow	-$306.1M+58.1%	-$730.8M-35117.0%	$2.1M+101.2%	-$177.9M-9.3%	-$162.7M-860.0%	$21.4M-48.2%	$41.3M+147.7%	-$86.7M
Dividends Paid	$8.2M+15.7%	$7.1M-0.2%	$7.1M-0.4%	$7.1M+1.1%	$7.0M-0.8%	$7.1M+0.2%	$7.1M+0.1%	$7.1M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

HBNC 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	-41.5%-51.4pp	9.9%+1.0pp	9.0%-30.6pp	39.6%-5.3pp	44.9%+10.6pp	34.3%
Return on Equity	-21.9%-26.5pp	4.6%+0.8pp	3.9%-9.9pp	13.8%+1.8pp	12.0%+2.1pp	9.9%
Return on Assets	-2.3%-2.8pp	0.4%+0.1pp	0.4%-0.8pp	1.2%+0.0pp	1.2%+0.0pp	1.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.36-1.3	1.61-0.3	1.88+0.2	1.69+0.7	0.99+0.3	0.69
FCF Margin	20.5%+20.1pp	0.4%-25.6pp	26.0%-11.3pp	37.3%-16.8pp	54.0%+17.5pp	36.5%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
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	30.1%+269.3pp	-239.1%-261.7pp	22.6%-4.3pp	26.9%+38.5pp	-11.7%-31.7pp	20.0%+3.7pp	16.3%-0.2pp	16.4%
Return on Equity	3.9%+37.5pp	-33.6%-36.2pp	2.6%-0.5pp	3.1%+4.5pp	-1.4%-3.8pp	2.4%+0.5pp	1.9%0.0pp	1.9%
Return on Assets	0.4%+3.7pp	-3.3%-3.6pp	0.3%-0.0pp	0.3%+0.4pp	-0.1%-0.4pp	0.2%+0.1pp	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	0.36-8.8	9.16+0.5	8.68-0.2	8.83+7.2	1.61-7.9	9.50-0.4	9.890.0	9.89
FCF Margin	36.5%+26.4pp	10.1%-9.7pp	19.8%+4.0pp	15.8%+69.6pp	-53.8%-87.9pp	34.1%+16.8pp	17.3%+11.1pp	6.3%

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Frequently Asked Questions

What is Horizon Bancorp's annual revenue?

Horizon Bancorp (HBNC) reported $362.8M in total revenue for fiscal year 2025. This represents a 1.8% 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 Horizon Bancorp's revenue growing?

Horizon Bancorp (HBNC) revenue grew by 1.8% year-over-year, from $356.5M to $362.8M in fiscal year 2025.

Is Horizon Bancorp profitable?

No, Horizon Bancorp (HBNC) reported a net income of -$150.5M in fiscal year 2025, with a net profit margin of -41.5%.

How much debt does Horizon Bancorp have?

As of fiscal year 2025, Horizon Bancorp (HBNC) had $139.5M in cash and equivalents against $248.6M in long-term debt.

What is Horizon Bancorp's net profit margin?

Horizon Bancorp (HBNC) had a net profit margin of -41.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Horizon Bancorp pay dividends?

Yes, Horizon Bancorp (HBNC) paid $0.64 per share in dividends during fiscal year 2025.

What is Horizon Bancorp's return on equity (ROE)?

Horizon Bancorp (HBNC) has a return on equity of -21.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Horizon Bancorp's free cash flow?

Horizon Bancorp (HBNC) generated $74.3M in free cash flow during fiscal year 2025. This represents a 5684.7% 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 Horizon Bancorp's operating cash flow?

Horizon Bancorp (HBNC) generated $79.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Horizon Bancorp's total assets?

Horizon Bancorp (HBNC) had $6.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Horizon Bancorp's capital expenditures?

Horizon Bancorp (HBNC) invested $5.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Horizon Bancorp have outstanding?

Horizon Bancorp (HBNC) had 51M shares outstanding as of fiscal year 2025.

What is Horizon Bancorp's debt-to-equity ratio?

Horizon Bancorp (HBNC) had a debt-to-equity ratio of 0.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Horizon Bancorp's return on assets (ROA)?

Horizon Bancorp (HBNC) had a return on assets of -2.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Horizon Bancorp's Piotroski F-Score?

Horizon Bancorp (HBNC) 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Horizon Bancorp's earnings high quality?

Horizon Bancorp (HBNC) has an earnings quality ratio of -0.53x, 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 Horizon Bancorp?

Horizon Bancorp (HBNC) scores 52 out of 100 on our Financial Profile, indicating moderate 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.