NASDAQ · Financial Statements

Heritage Financial Corporation (HFWA) Financial Statements

$29.15 NASDAQ: HFWA Market Cap $1.19B

Heritage Financial Corporation most recently reported annual revenue of $336.0M, net profit of $68.0M. Revenue grew at an average annual rate of 5.9% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Heritage Financial Corporation: Revenue rose from $170.0M in 2016 to $336.0M in 2025, a change of +97.6% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 31.0% to 23.1%, a shift of -7.8 percentage points; the most recent year shows net profit of $68.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$170.0M$183.0M$231.0M$250.0M$252.0M$247.0M$257.0M$303.0M$317.0M$336.0M
Operating Expenses$117.0M$123.0M$167.0M$169.0M$198.0M$127.0M$158.0M$230.0M$265.0M$258.0M
Operating Profit$53.0M$60.0M$64.0M$81.0M$53.0M$121.0M$99.0M$73.0M$52.0M$78.0M
Operating Margin31.0%32.8%27.8%32.4%21.1%48.7%38.7%24.1%16.5%23.1%
Other Income$0$0$0$0$0$0$0$0$0$1.0M
Interest$6.0M$8.0M$12.0M$18.0M$13.0M$7.0M$8.0M$59.0M$100.0M$90.0M
Depreciation$14.0M$12.0M$21.0M$18.0M$0$-19.0M$3.0M$6.0M$3.0M$2.0M
Profit Before Tax$53.0M$60.0M$64.0M$81.0M$53.0M$121.0M$99.0M$73.0M$52.0M$79.0M
Tax$26.2M$30.5M$17.5M$16.6M$12.4M$18.6M$17.7M$15.3M$17.2M$14.1M
Net Profit$39.0M$42.0M$53.0M$68.0M$47.0M$98.0M$82.0M$62.0M$43.0M$68.0M
EPS$1.30$1.29$1.50$1.83$1.29$2.73$2.31$1.75$1.24$1.96
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$80.0M$71.0M$71.0M$82.0M$82.0M$82.0M$81.0M$80.0M$88.0M$87.0M$99.0M$62.0M
Operating Expenses$58.0M$65.0M$65.0M$66.0M$69.0M$66.0M$65.0M$66.0M$66.0M$62.0M$77.0M$85.0M
Operating Profit$22.0M$7.0M$7.0M$16.0M$13.0M$16.0M$16.0M$14.0M$22.0M$25.0M$22.0M$-22.0M
Operating Margin27.3%9.3%9.6%19.6%16.0%19.9%19.9%18.1%25.4%28.6%22.5%-36.0%
Interest$18.0M$20.0M$23.0M$25.0M$27.0M$25.0M$24.0M$24.0M$22.0M$21.0M$21.0M$23.0M
Profit Before Tax$22.0M$7.0M$7.0M$16.0M$13.0M$16.0M$16.0M$14.0M$22.0M$26.0M$22.0M$21.0M
Tax$16.4M$5.2M$16.3M$11.5M$12.6M$27.0M$13.9M$15.5M$14.1M$13.4M$15.4M$15.3M
Net Profit$18.0M$6.0M$6.0M$14.0M$11.0M$12.0M$14.0M$12.0M$19.0M$22.0M$19.0M$18.0M
EPS$0.51$0.18$0.16$0.41$0.33$0.35$0.40$0.35$0.56$0.65$0.48$0.42

Over the 10 years reported for Heritage Financial Corporation, borrowings decreased from $121.0M in 2016 to $42.0M in 2025, cash stood at $53.0M in the latest year, shareholders' equity was $531.0M, current assets covered current liabilities 1.18 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$3.9B$4.1B$5.3B$5.6B$6.6B$7.4B$7.0B$7.2B$7.1B$7.0B
Current Assets$989.0M$1.0B$1.3B$1.4B$1.8B$2.8B$1.8B$1.4B$901.0M$5.4B
Cash$104.0M$103.0M$162.0M$229.0M$743.0M$1.7B$104.0M$225.0M$117.0M$53.0M
Inventory$0$0$0$0$0$0$0$0$0$0
Receivables$11.0M$12.0M$15.0M$14.0M$19.0M$15.0M$19.0M$20.0M$19.0M$4.8B
Fixed Assets$64.0M$60.0M$81.0M$88.0M$85.0M$79.0M$77.0M$75.0M$72.0M$75.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$3.4B$3.6B$4.6B$4.7B$5.2B$5.1B$6.1B$6.2B$6.2B$608.0M
Other Assets$119.0M$119.0M$241.0M$241.0M$241.0M$241.0M$241.0M$241.0M$241.0M$241.0M
Total Liabilities$3.4B$3.6B$4.6B$4.7B$5.8B$6.6B$6.2B$6.3B$6.2B$6.0B
Current Liabilities$3.3B$3.5B$4.5B$4.7B$5.8B$6.6B$6.2B$5.6B$5.7B$4.6B
Borrowings$121.0M$144.0M$52.0M$41.0M$57.0M$72.0M$68.0M$522.0M$405.0M$42.0M
Other Liabilities$3.3B$3.5B$4.5B$4.7B$5.7B$6.5B$6.1B$5.8B$5.8B$6.0B
Equity$359.0M$361.0M$592.0M$586.0M$571.0M$552.0M$552.0M$550.0M$532.0M$531.0M
Reserves$482.0M$508.0M$761.0M$809.0M$820.0M$854.0M$798.0M$853.0M$864.0M$922.0M

For Heritage Financial Corporation, operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $86.0M; free cash flow was positive in 10 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$54.0M$74.0M$90.0M$92.0M$70.0M$70.0M$94.0M$110.0M$64.0M$95.0M
Investing Cash Flow$-495.0M$-451.0M$-133.0M$-138.0M$-546.0M$161.0M$-1.2B$-104.0M$-89.0M$178.0M
Financing Cash Flow$118.0M$173.0M$212.0M$130.0M$1.0B$760.0M$-477.0M$-364.0M$62.0M$230.0M
Net Cash Flow$-23.0M$-1.0M$59.0M$67.0M$515.0M$980.0M$-1.6B$121.0M$-108.0M$116.0M
Free Cash Flow$47.0M$70.0M$67.0M$79.0M$63.0M$67.0M$90.0M$99.0M$61.0M$86.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.29
EV / EBITDA—
FCF Yield—
Quick Ratio—
Interest Coverage—
Return 1Y26.22%
Return 3Y89.34%
Return 5Y54.02%

Heritage Financial Corporation (HFWA) financials — frequently asked questions

What is Heritage Financial Corporation's annual revenue?

Heritage Financial Corporation (HFWA) reported annual revenue of $336.0M in its most recent fiscal year.

What is Heritage Financial Corporation's net profit?

Heritage Financial Corporation (HFWA) reported net profit of $68.0M in its most recent fiscal year.

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