NYSE · Financial Statements

Associated Banc-Corp (ASB) Financial Statements

$30.21 NYSE: ASB Market Cap $5.01B

Associated Banc-Corp most recently reported annual revenue of $2.5B, net profit of $475.0M. Revenue grew at an average annual rate of 11.8% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Associated Banc-Corp: Revenue rose from $1.1B in 2016 to $2.5B in 2025, a change of +114.9% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 25.1% to 23.5%, a shift of -1.6 percentage points; the most recent year shows net profit of $475.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$1.1B$1.2B$1.5B$1.5B$1.4B$1.1B$1.4B$2.0B$2.1B$2.5B
Operating Expenses$857.0M$873.0M$1.1B$1.1B$1.1B$685.0M$962.0M$1.8B$2.0B$1.9B
Operating Profit$288.0M$339.0M$413.0M$407.0M$327.0M$436.0M$460.0M$206.0M$134.0M$578.0M
Operating Margin25.1%27.9%27.5%26.3%23.2%38.9%32.3%10.2%6.4%23.5%
Other Income$0$0$0$0$0$0$0$0$0$0
Interest$84.0M$145.0M$275.0M$337.0M$150.0M$72.0M$188.0M$918.0M$1.1B$972.0M
Depreciation$106.0M$96.0M$78.0M$104.0M$108.0M$70.0M$69.0M$94.0M$103.0M$102.0M
Profit Before Tax$288.0M$339.0M$413.0M$407.0M$327.0M$436.0M$460.0M$206.0M$134.0M$578.0M
Tax$30.4M$32.3M$19.3M$19.6M$6.2M$19.6M$20.3M$11.2M$8.4M$17.9M
Net Profit$200.0M$229.0M$334.0M$327.0M$307.0M$351.0M$366.0M$183.0M$123.0M$475.0M
EPS$1.26$1.42$1.89$1.91$1.86$2.18$2.34$1.13$0.72$2.77
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$573.0M$394.0M$586.0M$594.0M$605.0M$320.0M$582.0M$610.0M$636.0M$624.0M$604.0M$704.0M
Operating Expenses$470.0M$532.0M$485.0M$491.0M$496.0M$498.0M$461.0M$470.0M$482.0M$461.0M$451.0M$545.0M
Operating Profit$103.0M$-138.0M$101.0M$103.0M$109.0M$-178.0M$121.0M$140.0M$154.0M$163.0M$153.0M$159.0M
Operating Margin17.9%-35.0%17.3%17.3%18.0%-55.5%20.8%22.9%24.3%26.1%25.3%22.6%
Interest$254.0M$272.0M$266.0M$274.0M$278.0M$258.0M$240.0M$246.0M$251.0M$234.0M$221.0M$253.0M
Profit Before Tax$103.0M$-138.0M$101.0M$103.0M$108.0M$-178.0M$121.0M$140.0M$154.0M$163.0M$153.0M$159.0M
Tax$18.9M$34.2M$19.8M$-12.3M$18.6M$9.1M$16.0M$20.3M$19.2M$15.8M$21.8M$22.4M
Net Profit$83.0M$-91.0M$81.0M$116.0M$88.0M$-162.0M$102.0M$111.0M$125.0M$137.0M$120.0M$124.0M
EPS$0.53$-0.62$0.52$0.74$0.56$-1.04$0.59$0.65$0.73$0.80$0.70$0.63

Over the 10 years reported for Associated Banc-Corp, borrowings increased from $3.9B in 2016 to $4.2B in 2025, cash stood at $575.0M in the latest year, shareholders' equity was $2.0M, current assets covered current liabilities 0.30 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$29.1B$30.5B$33.6B$32.4B$33.4B$35.1B$39.4B$41.0B$43.0B$45.2B
Current Assets$5.3B$4.7B$4.7B$3.9B$3.9B$5.4B$3.5B$4.7B$5.7B$6.1B
Cash$596.0M$683.0M$728.0M$581.0M$716.0M$1.0B$594.0M$909.0M$998.0M$575.0M
Inventory$0$0$0$0$0$0$0$0$0$0
Receivables$0$0$0$91.0M$90.0M$81.0M$144.0M$170.0M$168.0M$161.0M
Fixed Assets$330.0M$331.0M$363.0M$435.0M$419.0M$385.0M$377.0M$373.0M$379.0M$382.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$25.9B$27.1B$29.7B$28.5B$29.5B$31.0B$35.5B$36.7B$38.7B$5.4B
Other Assets$972.0M$976.0M$1.2B$1.2B$1.1B$1.1B$1.1B$1.1B$1.1B$1.1B
Total Liabilities$26.0B$27.2B$29.9B$28.5B$29.3B$31.1B$35.4B$36.8B$38.4B$40.2B
Current Liabilities$23.3B$23.6B$26.5B$25.2B$27.1B$29.2B$33.9B$35.1B$36.4B$20.4B
Borrowings$3.9B$4.1B$4.5B$4.2B$2.4B$2.2B$5.2B$2.8B$3.2B$4.2B
Other Liabilities$22.2B$23.2B$25.3B$24.3B$26.9B$28.9B$30.2B$34.0B$35.3B$36.1B
Equity$2.0M$2.0M$2.0M$2.0M$2.0M$2.0M$2.0M$2.0M$2.0M$2.0M
Reserves$3.1B$3.2B$3.8B$3.9B$4.1B$4.0B$4.0B$4.2B$4.6B$5.0B

For Associated Banc-Corp, operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $579.0M; free cash flow was positive in 10 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$641.0M$458.0M$497.0M$574.0M$550.0M$530.0M$847.0M$443.0M$580.0M$616.0M
Investing Cash Flow$-1.8B$-1.4B$-447.0M$1.6B$-849.0M$-1.6B$-5.3B$-1.5B$-2.3B$-1.7B
Financing Cash Flow$856.0M$851.0M$23.0M$-2.0B$2.2B$1.9B$1.2B$3.8B$1.2B$875.0M
Net Cash Flow$169.0M$74.0M$161.0M$-288.0M$127.0M$309.0M$-404.0M$302.0M$96.0M$701.0M
Free Cash Flow$538.0M$411.0M$431.0M$507.0M$495.0M$477.0M$784.0M$381.0M$535.0M$579.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.04
EV / EBITDA—
FCF Yield—
Quick Ratio—
Interest Coverage—
Return 1Y20.54%
Return 3Y100.33%
Return 5Y83.63%

Associated Banc-Corp (ASB) financials — frequently asked questions

What is Associated Banc-Corp's annual revenue?

Associated Banc-Corp (ASB) reported annual revenue of $2.5B in its most recent fiscal year.

What is Associated Banc-Corp's net profit?

Associated Banc-Corp (ASB) reported net profit of $475.0M in its most recent fiscal year.

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