NMS · Financial Statements

Arrow Financial Corporation (AROW) Financial Statements

$38.37 NMS: AROW Market Cap $710.75M

Arrow Financial Corporation most recently reported annual revenue of $243.0M, net profit of $44.0M. Revenue grew at an average annual rate of 10.9% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Arrow Financial Corporation: Revenue rose from $105.0M in 2016 to $243.0M in 2025, a change of +131.4% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 36.0% to 22.8%, a shift of -13.2 percentage points; the most recent year shows net profit of $44.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$105.0M$112.0M$125.0M$138.0M$145.0M$148.0M$161.0M$192.0M$223.0M$243.0M
Operating Expenses$67.0M$72.0M$80.0M$91.0M$93.0M$84.0M$98.0M$154.0M$186.0M$187.0M
Operating Profit$38.0M$40.0M$45.0M$47.0M$52.0M$64.0M$63.0M$38.0M$37.0M$55.0M
Operating Margin36.0%35.5%36.1%34.0%35.9%43.5%39.2%19.6%16.8%22.8%
Other Income$0$0$0$0$0$0$0$0$0$0
Interest$5.0M$7.0M$12.0M$22.0M$13.0M$5.0M$11.0M$58.0M$83.0M$77.0M
Depreciation$6.0M$5.0M$5.0M$6.0M$7.0M$8.0M$8.0M$7.0M$5.0M$5.0M
Profit Before Tax$38.0M$40.0M$45.0M$47.0M$52.0M$64.0M$63.0M$38.0M$37.0M$55.0M
Tax$29.7M$26.4M$19.9M$20.4M$21.3M$22.6M$22.4M$19.8M$20.5M$20.6M
Net Profit$27.0M$29.0M$36.0M$37.0M$41.0M$50.0M$49.0M$30.0M$30.0M$44.0M
EPS$1.65$1.81$2.22$2.22$2.41$2.92$2.86$1.77$1.77$2.65
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$50.0M$52.0M$55.0M$56.0M$58.0M$55.0M$58.0M$59.0M$62.0M$63.0M$62.0M$24.0M
Operating Expenses$41.0M$42.0M$45.0M$45.0M$46.0M$50.0M$50.0M$45.0M$46.0M$46.0M$45.0M$41.0M
Operating Profit$10.0M$9.0M$10.0M$11.0M$12.0M$5.0M$8.0M$14.0M$17.0M$17.0M$17.0M$-16.0M
Operating Margin19.1%18.1%17.8%19.6%20.0%9.5%14.0%23.5%26.6%26.7%27.8%-67.7%
Interest$17.0M$19.0M$20.0M$21.0M$21.0M$21.0M$19.0M$19.0M$19.0M$19.0M$18.0M$18.0M
Profit Before Tax$10.0M$9.0M$10.0M$11.0M$12.0M$5.0M$8.0M$14.0M$17.0M$17.0M$17.0M$14.0M
Tax$19.1M$17.7M$20.9M$21.2M$22.2M$14.4M$22.4M$22.2M$22.7M$16.4M$22.3M$21.1M
Net Profit$8.0M$8.0M$8.0M$9.0M$9.0M$4.0M$6.0M$11.0M$13.0M$14.0M$13.0M$11.0M
EPS$0.46$0.45$0.45$0.51$0.54$0.27$0.38$0.65$0.78$0.85$0.82$0.67

Over the 10 years reported for Arrow Financial Corporation, borrowings decreased from $357.0M in 2016 to $29.0M in 2025, cash stood at $29.0M in the latest year, shareholders' equity was $22.0M, current assets covered current liabilities 0.04 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$2.6B$2.8B$3.0B$3.2B$3.7B$4.0B$4.0B$4.2B$4.3B$4.4B
Current Assets$404.0M$373.0M$402.0M$428.0M$746.0M$1.0B$638.0M$640.0M$618.0M$29.0M
Cash$57.0M$73.0M$84.0M$70.0M$381.0M$458.0M$65.0M$143.0M$155.0M$29.0M
Inventory$0$0$0$0$0$0$0$0$0$0
Receivables$0$0$0$0$0$0$0$0$0$0
Fixed Assets$27.0M$28.0M$30.0M$41.0M$43.0M$46.0M$56.0M$60.0M$60.0M$59.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$2.4B$2.6B$2.8B$3.0B$3.2B$3.4B$3.7B$3.8B$3.9B$4.2B
Other Assets$22.0M$22.0M$22.0M$22.0M$22.0M$22.0M$22.0M$22.0M$24.0M$24.0M
Total Liabilities$2.4B$2.5B$2.7B$2.9B$3.4B$3.7B$3.6B$3.8B$3.9B$4.0B
Current Liabilities$2.3B$2.4B$2.6B$2.8B$3.3B$3.5B$3.5B$3.7B$3.8B$722.0M
Borrowings$357.0M$350.0M$588.0M$366.0M$88.0M$70.0M$107.0M$72.0M$34.0M$29.0M
Other Liabilities$2.0B$2.2B$2.1B$2.5B$3.3B$3.6B$3.5B$3.7B$3.9B$4.0B
Equity$18.0M$18.0M$19.0M$20.0M$20.0M$21.0M$21.0M$22.0M$22.0M$22.0M
Reserves$233.0M$250.0M$270.0M$302.0M$334.0M$371.0M$354.0M$380.0M$401.0M$432.0M

For Arrow Financial Corporation, operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $36.0M; free cash flow was positive in 10 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$35.0M$38.0M$42.0M$44.0M$42.0M$68.0M$60.0M$21.0M$34.0M$41.0M
Investing Cash Flow$-159.0M$-151.0M$-233.0M$-200.0M$-192.0M$-282.0M$-407.0M$-90.0M$-95.0M$-67.0M
Financing Cash Flow$87.0M$127.0M$101.0M$270.0M$618.0M$315.0M$-54.0M$186.0M$103.0M$103.0M
Net Cash Flow$6.0M$15.0M$11.0M$-14.0M$311.0M$77.0M$-393.0M$78.0M$12.0M$60.0M
Free Cash Flow$33.0M$35.0M$37.0M$36.0M$37.0M$61.0M$45.0M$13.0M$29.0M$36.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.17
EV / EBITDA—
FCF Yield—
Quick Ratio—
Interest Coverage—
Return 1Y51.92%
Return 3Y110.01%
Return 5Y40.44%

Arrow Financial Corporation (AROW) financials — frequently asked questions

What is Arrow Financial Corporation's annual revenue?

Arrow Financial Corporation (AROW) reported annual revenue of $243.0M in its most recent fiscal year.

What is Arrow Financial Corporation's net profit?

Arrow Financial Corporation (AROW) reported net profit of $44.0M in its most recent fiscal year.

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