Western Alliance Financials
This page shows Western Alliance (WAL) 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).
Western Alliance’s core mechanic is balance-sheet expansion, with asset growth outpacing the recent recovery in returns on those assets.
From FY2023 to FY2025, assets rose by$21.9B and equity by$1.6B , yet operating cash flow stayed negative in all three years. That combination means reported profit is replenishing capital, but the business’s expansion is still showing up mainly as liability-funded balance-sheet growth rather than as cash accumulating cleanly on the cash-flow statement.
Net income recovered to
Cash stood at
Financial Health Signals
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 Western Alliance'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.
Western Alliance's revenue surged 99.7% year-over-year to $135.8M, reflecting rapid business expansion. This strong growth earns a score of 62/100.
Western Alliance carries a low D/E ratio of 0.18, meaning only $0.18 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.
Western Alliance's ROE of 12.7% shows moderate profitability relative to equity, earning a score of 38/100. This is up from 11.8% the prior year.
Western Alliance passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Western Alliance generates $-2.76 in operating cash flow (-$2.7B OCF vs $969.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Western Alliance generated $135.8M in revenue in fiscal year 2025. This represents an increase of 99.7% from the prior year.
Western Alliance reported $969.0M in net income in fiscal year 2025. This represents an increase of 23.0% from the prior year.
Western Alliance earned $8.73 per diluted share (EPS) in fiscal year 2025. This represents an increase of 23.1% from the prior year.
Cash & Balance Sheet
Western Alliance held $3.6B in cash against $1.4B in long-term debt as of fiscal year 2025.
Western Alliance paid $1.56 per share in dividends in fiscal year 2025. This represents an increase of 4.7% from the prior year.
Margins & Returns
Western Alliance's net profit margin was 713.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 445.3 percentage points from the prior year.
Western Alliance's ROE was 12.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.9 percentage points from the prior year.
Capital Allocation
Western Alliance spent $68.1M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
WAL Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $64.8M+164.5% | $24.5M+4.3% | $23.5M+2.2% | $23.0M+2.7% | $22.4M+47.4% | $15.2M-10.1% | $16.9M+25.2% | $13.5M |
| 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 | $201.7M+4.2% | $193.5M+7.6% | $179.9M-1.4% | $182.4M+10.3% | $165.4M+4.8% | $157.8M+3.1% | $153.0M-1.2% | $154.9M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $451.2M-5.0% | $475.1M+4.0% | $456.8M+2.7% | $445.0M-5.7% | $472.1M-6.2% | $503.1M+2.5% | $490.9M+7.6% | $456.1M |
| Income Tax | $62.5M+17.3% | $53.3M-0.4% | $53.5M+13.1% | $47.3M+11.3% | $42.5M-18.7% | $52.3M-3.7% | $54.3M-0.2% | $54.4M |
| Net Income | $286.1M+12.9% | $253.4M+10.0% | $230.4M+15.7% | $199.1M-8.3% | $217.2M+8.7% | $199.8M+3.2% | $193.6M+9.1% | $177.4M |
| EPS (Diluted) | N/A | $2.28+10.1% | $2.07+15.6% | $1.79 | N/A | $1.80+2.9% | $1.75+9.4% | $1.60 |
WAL Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $92.8B+2.0% | $91.0B+4.9% | $86.7B+4.4% | $83.0B+2.6% | $80.9B+1.1% | $80.1B-0.6% | $80.6B+4.7% | $77.0B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $3.6B-37.5% | $5.8B+108.1% | $2.8B-15.6% | $3.3B-19.9% | $4.1B+58.0% | $2.6B-36.4% | $4.1B+14.9% | $3.5B |
| 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 | $527.0M | N/A | N/A | N/A | $527.0M | N/A | N/A | N/A |
| Total Liabilities | $84.8B+1.9% | $83.3B+5.0% | $79.3B+4.6% | $75.8B+2.2% | $74.2B+1.1% | $73.4B-1.1% | $74.2B+4.8% | $70.8B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $1.4B-52.0% | $2.9B-0.3% | $2.9B+80.1% | $1.6B-33.3% | $2.4B+69.6% | $1.4B+227.5% | $436.0M-1.1% | $441.0M |
| Total Equity | $7.7B+3.5% | $7.4B+4.0% | $7.1B+2.8% | $6.9B+3.2% | $6.7B+0.4% | $6.7B+5.4% | $6.3B+2.6% | $6.2B |
| Retained Earnings | $5.6B+4.4% | $5.4B+4.0% | $5.2B+3.7% | $5.0B+3.2% | $4.8B+3.7% | $4.7B+3.5% | $4.5B+3.4% | $4.3B |
WAL Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$69.8M+88.3% | -$597.4M-67.0% | -$357.7M+78.4% | -$1.7B-166.0% | -$621.7M+41.8% | -$1.1B-43.2% | -$745.8M-143.3% | -$306.5M |
| 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 | -$3.8B-537.4% | -$595.7M+85.0% | -$4.0B-148.7% | -$1.6B-371.3% | $587.2M+248.7% | -$394.9M+84.3% | -$2.5B+31.1% | -$3.6B |
| Financing Cash Flow | $1.7B-59.2% | $4.2B+9.9% | $3.8B+56.7% | $2.4B+58.0% | $1.5B+6935.6% | -$22.5M-100.6% | $3.8B-36.2% | $5.9B |
| Dividends Paid | N/A | N/A | N/A | $45.0M0.0% | $45.0M+2.5% | $43.9M-0.2% | $44.0M+0.2% | $43.9M |
| Share Buybacks | $57.5M | N/A | N/A | $0 | $0 | N/A | N/A | N/A |
WAL Financial Ratios
| 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 | 441.5%-592.8pp | 1034.3%+53.9pp | 980.4%+114.8pp | 865.6%-104.0pp | 969.6%-344.8pp | 1314.5%+168.9pp | 1145.6%-168.5pp | 1314.1% |
| Return on Equity | 3.7%+0.3pp | 3.4%+0.2pp | 3.2%+0.4pp | 2.9%-0.4pp | 3.2%+0.2pp | 3.0%-0.1pp | 3.1%+0.2pp | 2.9% |
| Return on Assets | 0.3%+0.0pp | 0.3%0.0pp | 0.3%+0.0pp | 0.2%-0.0pp | 0.3%+0.0pp | 0.3%+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 | 0.18-0.2 | 0.39-0.0 | 0.41+0.2 | 0.23-0.1 | 0.36+0.1 | 0.21+0.1 | 0.070.0 | 0.07 |
| 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 Western Alliance's annual revenue?
Western Alliance (WAL) reported $135.8M in total revenue for fiscal year 2025. This represents a 99.7% 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 Western Alliance's revenue growing?
Western Alliance (WAL) revenue grew by 99.7% year-over-year, from $68.0M to $135.8M in fiscal year 2025.
Is Western Alliance profitable?
Yes, Western Alliance (WAL) reported a net income of $969.0M in fiscal year 2025, with a net profit margin of 713.6%.
How much debt does Western Alliance have?
As of fiscal year 2025, Western Alliance (WAL) had $3.6B in cash and equivalents against $1.4B in long-term debt.
What is Western Alliance's net profit margin?
Western Alliance (WAL) had a net profit margin of 713.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Western Alliance pay dividends?
Yes, Western Alliance (WAL) paid $1.56 per share in dividends during fiscal year 2025.
What is Western Alliance's return on equity (ROE)?
Western Alliance (WAL) has a return on equity of 12.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Western Alliance's operating cash flow?
Western Alliance (WAL) generated -$2.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Western Alliance's total assets?
Western Alliance (WAL) had $92.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Western Alliance's debt-to-equity ratio?
Western Alliance (WAL) had a debt-to-equity ratio of 0.18 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Western Alliance's return on assets (ROA)?
Western Alliance (WAL) had a return on assets of 1.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Western Alliance's cash runway?
Based on fiscal year 2025 data, Western Alliance (WAL) had $3.6B in cash against an annual operating cash burn of $2.7B. This gives an estimated cash runway of approximately 16 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Western Alliance's Piotroski F-Score?
Western Alliance (WAL) 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 Western Alliance's earnings high quality?
Western Alliance (WAL) has an earnings quality ratio of -2.76x, considered low quality (accrual-driven). 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 Western Alliance?
Western Alliance (WAL) scores 33 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.