Saturday 17 October 2026 Export AROW’s income statement to Excel — free account

Arrow Financial Corporation

Arrow Financial Corporation’s revenue for fiscal 2025 (year ended December 2025) was $242.6 million, up 8.75% from fiscal 2024. In the quarter to June 2026, revenue grew 4.55%, EPS grew 1.54%, free cash flow grew 37.2% and total debt was flat, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years, revenue growth for ten; insiders bought in the last twelve months.

36.85 0.05 +0.14%

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Market cap: $681.7M
P/E: 11.9×
Fwd P/E: 13.8×
Dividend yield: 3.23%
F-score: 8/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.19

Total sells 0.16

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	2	1	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	1	—	—	—	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 681.67

Revenue 249.49

Net Income 51.29

Free Cash Flow 47.71

Net Debt (161.90)

Current Ratio 0.92

Debt/Equity 0.06

P/E ratio 11.89

Fwd P/E 13.80

P/S ratio 2.43

P/B ratio 1.36

Past 5Y EPS Growth 1.87%

This Y EPS Growth 32.49%

Next Y EPS Growth 22.71%

Next Y revenue growth (14.96%)

Next 5Y EPS Growth 18.86%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 22.85%

10-year low 10-year high

P/S against its own 10 years 26.87%

10-year low 10-year high

P/B against its own 10 years 29.27%

10-year low 10-year high

Dividends

Payout Ratio 0.38

Annual Dividend Rate 1.19

Annual Dividend Yield 3.23%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.20	0.30 0.30 0.30
2025	1.14	0.28 0.28 0.29 0.29
2024	1.09	0.27 0.27 0.27 0.28
2023	1.06	0.26 0.26 0.26 0.27
2022	1.03	0.25 0.25 0.25 0.26
2021	0.96	0.24 0.24 0.24 0.25
2020	0.93	0.23 0.23 0.23 0.24
2019	0.90	0.22 0.22 0.22 0.23
2018	0.86	0.21 0.21 0.22 0.22
2017	0.82	0.20 0.20 0.20 0.21
2016	0.80	0.20 0.20 0.20 0.20

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	143	155	214	187
Receivables	—	—	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	3,324	3,515	3,633	3,647

	2023	2024	2025	Q'26
Payables	3,688	3,828	3,939	3,655
ST’ Debt	—	—	—	—
Other	—	—	—	—
	3,714	3,837	3,944	3,965

Compound Annual Growth %

	10y	5y	3y
Sales	9.39%	10.91%	14.75%
Cash Flow	3.62%	(0.49%)	(11.58%)
Earnings	5.95%	1.49%	(3.43%)
Book Value	7.27%	5.25%	6.90%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	62	62	—	—	—
’25	58	59	62	63	243
’24	55	56	58	55	223
’23	43	47	50	52	192
’22	37	38	42	43	161
’21	36	38	38	36	148
’20	36	35	36	37	145

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	15	16	—	—	—
’25	10	10	15	6	41
’24	10	9	9	6	34
’23	13	12	11	(16)	21
’22	17	14	18	12	60
’21	20	20	16	12	68
’20	13	3	12	15	42

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	14	12	—	—	—
’25	9	9	15	6	39
’24	10	9	9	5	32
’23	11	11	10	(16)	16
’22	14	11	13	9	47
’21	19	19	14	10	63
’20	13	2	12	13	40

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.82	0.66	—	—	—
’25	0.38	0.65	0.77	0.85	2.65
’24	0.45	0.52	0.53	0.27	1.77
’23	0.50	0.35	0.46	0.46	1.77
’22	0.74	0.71	0.72	0.71	2.86
’21	0.78	0.78	0.76	0.59	2.92
’20	0.48	0.54	0.65	0.74	2.42

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	21.80	27.28	28.20	28.71	20.18	27.82	28.50	16.65	21.50	22.72	Analyst estimates 2026–2028 Powerpack
	High	37.05	36.38	36.74	37.19	36.93	37.15	36.51	34.49	34.63	33.56
People
People	Employees	524	533	516	520	517	512	502	537	554	578
	Revenue/emp, $m	0.20	0.21	0.24	0.27	0.28	0.29	0.32	0.36	0.40	0.42
Income, $m
Income, $m	Revenue	105	112	125	138	145	148	161	192	223	243
	Gross margin, %	94.89	93.76	90.05	84.30	91.22	96.49	92.96	69.88	62.67	68.26
	EBT	38	40	45	47	52	64	63	38	37	55
	EBT margin, %	36.04	35.49	36.11	34.03	35.88	43.54	39.19	19.57	16.75	22.83
	Net income	27	29	36	37	41	50	49	30	30	44
	Depreciation	6	5	5	6	7	8	8	7	5	5
Per share, $
Per share, $	Revenue	6.36	6.77	7.51	8.23	8.55	8.70	9.44	11.25	13.33	14.70
	Earnings	1.61	1.77	2.17	2.23	2.42	2.93	2.86	1.77	1.78	2.65
	Cash flow	2.11	2.28	2.51	2.61	2.50	4.01	3.51	1.21	2.06	2.50
	Capex	0.03	(0.07)	(0.20)	(0.46)	(0.16)	(0.33)	(0.75)	(0.26)	(0.14)	(0.12)
	Free cash flow	2.14	2.21	2.32	2.15	2.35	3.68	2.76	0.95	1.92	2.38
	Book value	14.14	15.05	16.14	17.94	19.79	21.84	20.79	22.29	23.95	26.17
	Shares, m	16	17	17	17	17	17	17	17	17	17
Valuation, ×
Valuation, ×	P/E	22.38	17.69	13.87	16.49	12.04	11.67	11.84	15.93	16.13	11.85
	P/S	5.66	4.60	4.02	4.46	3.39	3.93	3.60	2.51	2.15	2.14
	P/B	2.55	2.07	1.87	2.05	1.47	1.57	1.63	1.27	1.20	1.20
	EV/Sales	7.01	5.55	5.73	5.29	1.24	1.31	3.35	1.90	1.57	1.36
	EV/FCF	20.83	17.01	18.57	20.25	4.54	3.09	11.47	22.46	10.90	8.36
Cash, $m
Cash, $m	Operating cash flow	35	38	42	44	42	68	60	21	34	41
	Capex	1	(1)	(3)	(8)	(3)	(6)	(13)	(4)	(2)	(2)
	Free cash flow	35	37	39	36	40	63	47	16	32	39
Balance, $m
Balance, $m	Working capital	(359)	(305)	(140)	(232)	(305)	(452)	(535)	(390)	(321)	(311)
	Total debt	198	180	299	185	70	70	25	25	25	25
	Net debt	141	107	215	115	(311)	(388)	(40)	(117)	(130)	(189)
	Shareholders’ equity	233	250	270	302	334	371	354	380	401	432
Returns, %
Returns, %	ROA	1.05	1.09	1.26	1.21	1.19	1.29	1.22	0.74	0.70	1.00
	ROIC	6.32	6.98	5.85	7.06	137.24	0.00	12.52	8.94	8.60	14.27
	ROE	11.88	12.16	13.98	13.12	12.84	14.13	13.47	8.20	7.61	10.56

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
WASH Washington Trust Bancorp, Inc.	$707.1M	12.7×	10.7×	−2.18% (below 0%: shrinking)	+21.74% (above 0%: growing)	+101.28% (above 0%: growing)	64.44%	0.00%	Compare
CWBC Community West Bancshares	$699.2M	13.8×	11.5×	+32.57% (above 0%: growing)	−75.61% (below 0%: shrinking)	+65.55% (above 0%: growing)	76.29%	0.00%	Compare
BCAL California BanCorp	$698.0M	11.7×	11.5×	−3.68% (below 0%: shrinking)	+2.33% (above 0%: growing)	+6.82% (above 0%: growing)	79.50%	0.00%	Compare
TCBX Third Coast Bancshares, Inc.	$689.5M	8.8×	10.6×	+24.52% (above 0%: growing)	+11.61% (above 0%: growing)	+223.46% (above 0%: growing)	59.80%	0.00%	Compare
AROW Arrow Financial Corporation	$681.7M	11.9×	13.8×	+4.55% (above 0%: growing)	+1.54% (above 0%: growing)	+37.22% (above 0%: growing)	71.42%	0.00%
PFIS Peoples Financial Services Corp.	$681.2M	12.0×	9.2×	+3.78% (above 0%: growing)	−12.94% (below 0%: shrinking)	+54.41% (above 0%: growing)	70.19%	0.00%	Compare
CARE Carter Bankshares, Inc.	$671.8M	5.2×	4.6×	+44.00% (above 0%: growing)	+254.05% (above 0%: growing)	−3,522.21% (below 0%: shrinking)	76.12%	0.00%	Compare
MSBI Midland States Bancorp, Inc.	$670.3M	20.7×	9.1×	−7.83% (below 0%: shrinking)	+86.36% (above 0%: growing)	+9.48% (above 0%: growing)	74.46%	0.00%	Compare
RRBI Red River Bancshares, Inc.	$666.1M	14.5×	12.5×	+6.30% (above 0%: growing)	+18.54% (above 0%: growing)	+237.31% (above 0%: growing)	76.50%	0.00%	Compare
Median of peers	$685.4M	12.4×	10.6×	+5.04%	+15.08%	+59.98%	75.29%	0.00%

All 323 Banks Regional stocks →

Arrow Financial Corporation (AROW) key facts

Strength: Arrow Financial Corporation’s revenue for fiscal 2025 (year ended December 2025) was $242.6 million, up 8.75% from fiscal 2024.
Strength: Net income was $44.0 million, or $2.65 per share (basic), a net margin of 18.1%.
Arrow Financial Corporation (AROW) is a Banks Regional company in the Financial sector, listed on Nasdaq.
As of October 16, 2026, AROW traded at $36.85, a market capitalization of $681.7 million.
At that price the stock trades at 11.9× trailing-twelve-month earnings and 2.4× sales; its P/E is higher than 23% of its own readings over the past ten years.
Arrow Financial Corporation pays an annual dividend of $1.19 per share, a yield of 3.23%, with a payout ratio of 38.4%.
Return on equity was 10.6% and debt-to-equity 0.06.
Its Piotroski F-score is 8 out of 9 for fiscal 2025.