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Friday 6 November 2026 Export ONB’s income statement to Excel — free account

Old National Bancorp

ONB Financial Banks Regional

Old National Bancorp’s revenue for fiscal 2025 (year ended December 2025) was $3.7 billion, up 26.4% from fiscal 2024.

Revenue
−0.23%
EPS
+43.5%
Free cash flow
+11.5%
Total debt
+6.23%

Quarter to September 2026, against a year earlier

25.12 0.77 −2.97%
Market cap
$9.5B
P/E
10.2×
Fwd P/E
9.8×
Dividend yield
2.87%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Insider Decisions last twelve months

Sold, $m 52.09
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 2 — — — — 2 — — — 1
Insider Ownership 11.86%

Capital & Financial Ratios $m

Size
Market Cap 9,480.00
Revenue ttm 4,100.03
Net income ttm 957.70
Free cash flow ttm 979.98
Net debt Q 5,214.02
Valuation
P/E 10.21
Forward P/E 9.81
Price / sales 2.32
Forward P/S Powerpack
Price / FCF 9.72
Price / book 1.18
Financial health
Current ratio Q 0.93
Debt / equity Q 0.83
Interest coverage Q —
Growth
Revenue growth Q −0.23% (below 0%: shrinking)
Operating income growth Q +39.20% (above 0%: growing)
EPS, this year +16.38% (at or above 15%: strong)
EPS, next year A +8.74%
Revenue, next year A −22.92% (below 0%: weak)
EPS, past 5 yrs +5.65%
EPS, next 5 yrs A +12.07%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 17.42%
10-year low 10-year high
P/S against its own 10 years 27.76%
10-year low 10-year high
P/B against its own 10 years 81.77%
10-year low 10-year high

Dividends

Yield
2.87%
Annual rate
0.72
Payout ratio
29.4%
Growth, 2018–26
+1.37%/yr
  1. 0.52 ’18
  2. 0.52 ’19 +0
  3. 0.56 ’20 +8
  4. 0.56 ’21 +0
  5. 0.56 ’22 +0
  6. 0.56 ’23 +0
  7. 0.56 ’24 +0
  8. 0.56 ’25 +0
  9. 0.58 ’26 +4
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,175 1,228 1,826 1,679
Receivables — — — —
Inventory — — — —
Other — — — —
35,483 38,923 52,600 55,056
2023 2024 2025 Q'26
Payables 37,235 40,824 55,088 57,639
ST’ Debt — — — —
Other — — — —
38,481 42,070 56,567 59,236

Compound Annual Growth %

10y 5y 3y
Sales 19.49% 32.86% 26.31%
Cash Flow 18.60% 25.39% (5.77%)
Earnings 18.79% 23.60% 16.40%
Book Value 19.00% 23.37% 18.32%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.66 Actual 0.66

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.59 0.62 Beat by 0.03
Q1 FY26 0.60 0.61 Beat by 0.01
Q2 FY26 0.62 0.65 Beat by 0.03
Q3 FY26 0.66 0.66 Met by 0.00
Q4 FY26 0.66 — Reports 20 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.59 0.65 0.66 — —
’25 0.44 0.34 0.46 0.55 1.79
’24 0.40 0.37 0.44 0.47 1.68
’23 0.49 0.52 0.49 0.44 1.94
’22 (0.13) 0.38 0.47 0.67 1.50
’21 0.52 0.38 0.43 0.34 1.67
’20 0.13 0.32 0.47 0.44 1.36
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,000 1,048 1,045 — —
’25 724 957 1,048 1,007 3,736
’24 674 751 774 758 2,956
’23 566 627 657 690 2,540
’22 301 443 487 623 1,854
’21 216 212 217 208 853
’20 226 220 225 232 903
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 206 280 379 — —
’25 108 73 341 159 681
’24 104 161 121 236 622
’23 54 161 229 73 516
’22 161 278 248 127 814
’21 83 82 99 66 330
’20 (21) (15) 135 121 220
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 193 276 373 — —
’25 104 64 335 137 640
’24 96 152 117 229 594
’23 45 155 219 63 481
’22 154 270 238 119 781
’21 78 60 102 70 311
’20 (29) (20) 128 118 197
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 14.8% a year for ten years. It grew 2.6% a year over the last ten.

Implied
14.8%
10 years, reported
2.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 700 679 827 930 903 853 1,854 2,540 2,956 3,736 4,100 +20.5% 2,880 3,028 3,191 (5.1%)
Gross margin, % 93.65 91.43 88.58 86.44 92.55 95.05 93.19 72.30 63.78 67.56 69.04 (26.1) pt
EBT 200 169 209 290 256 339 545 751 680 841 1,215 +17.3%
EBT margin, % 28.63 24.85 25.22 31.23 28.31 39.73 29.38 29.58 23.02 22.52 29.63 (6.1) pt
Net income 134 96 191 238 226 278 428 582 539 669 958 +19.5%
Per share, $
Per share, $ Revenue 5.48 4.92 5.31 5.41 5.45 5.16 6.74 8.74 9.55 10.28 10.81 +7.2%
Earnings 1.05 0.69 1.23 1.38 1.36 1.67 1.50 1.95 1.68 1.79 2.46 +6.1%
Cash flow 0.19 1.81 1.51 1.36 1.33 2.00 2.96 1.78 2.01 1.87 2.70 +28.6%
Capex (1.71) (0.14) (0.17) (0.20) (0.14) (0.12) (0.12) (0.12) (0.09) (0.11) (0.12) (25.9%)
Free cash flow (1.52) 1.68 1.34 1.16 1.19 1.88 2.84 1.66 1.92 1.76 2.58 n/m
Book value 14.21 15.63 17.28 16.59 17.96 18.24 18.64 19.13 20.49 23.37 21.87 +5.7%
Shares, m 128 138 156 172 166 165 275 291 309 364 378 +12.3%
Valuation, ×
Valuation, × P/E 17.24 24.51 12.62 13.25 12.18 10.79 12.85 8.77 12.92 12.39 10.21 13.8
P/S 3.30 3.53 2.90 3.38 3.04 3.51 2.65 1.95 2.27 2.17 2.32 2.9
P/B 1.27 1.11 0.89 1.10 0.92 0.99 1.00 0.93 1.10 0.98 1.18 1.0
EV/Sales 5.18 5.84 4.76 5.30 4.87 5.09 4.72 3.47 3.60 3.58 — 4.6
EV/FCF (18.72) 17.12 18.89 24.63 22.32 13.96 11.21 18.32 17.91 20.90 — 14.7
Cash, $m
Cash, $m Operating cash flow 25 250 234 234 220 330 814 516 622 681 1,025 +44.5%
Capex (218) (19) (26) (34) (23) (19) (33) (35) (29) (42) (45) (16.8%)
Free cash flow (194) 231 208 200 197 311 781 481 594 640 980 n/m
Balance, $m
Balance, $m Working capital (2,081) (2,037) (2,562) (2,915) (3,261) (4,733) (3,980) (2,998) (3,146) (3,968) (4,179) +7.4%
Net debt 1,312 1,562 1,539 1,783 1,652 1,347 3,844 3,870 3,914 5,264 5,214 +16.7%
Shareholders’ equity 1,814 2,154 2,690 2,852 2,973 3,012 5,129 5,563 6,340 8,495 8,295 +18.7%
Returns, %
Returns, % ROA 1.00 0.59 1.02 1.19 1.04 1.17 1.16 1.18 1.02 1.04 1.29 0.0 pt
ROIC 4.01 2.84 3.08 3.91 3.45 4.86 3.79 4.98 4.15 3.82 5.62 (0.2) pt
ROE 8.12 4.82 7.88 8.60 7.77 9.27 10.47 11.06 9.14 9.09 11.66 +1.0 pt
People
People Employees 2,733 2,801 2,892 2,709 2,445 2,374 3,967 3,940 4,066 4,971 — +6.9%
Revenue/emp, $m 0.26 0.24 0.29 0.34 0.37 0.36 0.47 0.64 0.73 0.75 — +12.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Old National Bancorp is an Indiana-based financial holding company whose wholly owned subsidiary is Old National Bank. Founded in 1834, it is headquartered in Evansville, Indiana; its commercial and consumer banking operations are headquartered in Chicago, Illinois. James C. Ryan is chairman and chief executive officer.

The company serves individuals and businesses primarily in the Midwest and Southeast. It accepts deposits, makes loans and offers services for managing money and investments. Its banking centers provide community banking services, while customers can also use online, mobile and telephone banking.

Old National Bancorp vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WTFC Wintrust Financial Corporation $10.2B 11.5× 11.4× +4.06% (above 0%: growing) +21.28% (above 0%: growing) −23.80% (below 0%: shrinking) 66.53% 0.00% Compare
UMBF UMB Financial Corporation $10.2B 10.1× 9.8× +4.21% (above 0%: growing) +53.84% (above 0%: growing) +39.21% (above 0%: growing) 68.49% 0.00% Compare
SSB SouthState Bank Corporation $10.1B 11.1× 11.3× −2.24% (below 0%: shrinking) −5.33% (below 0%: shrinking) +285.97% (above 0%: growing) 71.49% 0.00% Compare
CIB Grupo Cibest S.A. - Sponsored ADR $10.1B 18.0× — +178.87% (above 0%: growing) +85.47% (above 0%: growing) −187.28% (below 0%: shrinking) 71.39% 0.00% Compare
BPOP Popular, Inc. $9.8B 10.5× 9.7× +4.48% (above 0%: growing) +40.78% (above 0%: growing) +46.43% (above 0%: growing) 75.20% 0.00% Compare
CFR Cullen/Frost Bankers, Inc. $9.7B 14.6× 14.2× +2.95% (above 0%: growing) +6.37% (above 0%: growing) +21.44% (above 0%: growing) 78.65% 0.00% Compare
ONB Old National Bancorp $9.5B 10.2× 9.8× −0.23% (below 0%: shrinking) +43.48% (above 0%: growing) +11.48% (above 0%: growing) 68.19% 0.00%
ZION Zions Bancorporation, N.A. $9.5B 8.0× 8.2× −0.80% (below 0%: shrinking) +20.27% (above 0%: growing) +518.28% (above 0%: growing) 70.88% 0.00% Compare
CBC Central Bancompany $9.0B 20.6× 18.2× +10.36% (above 0%: growing) +9.05% (above 0%: growing) −5.17% (below 0%: shrinking) 85.56% 0.00% Compare
Median of peers $9.9B 11.3× 11.3× +4.14% +20.78% +30.33% 71.44% 0.00%

All 327 Banks Regional stocks →

From the latest earnings call

Updated

  • James C. Ryan said Old National added 26 commercial and wealth relationship managers and continued to pursue lending opportunities that met its pricing and credit requirements.
  • John Vincent Moran said he expects fourth-quarter net interest income to rise and the net interest margin to improve modestly.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 84.87%
Held by the ten largest 51.38%
Holder Shares Stake Change
BlackRock 46.94m 12.15% +2.15m
Vanguard 36.95m 9.56% +151.24k
Fidelity (FMR) 34.73m 8.99% −296.75k
Dimensional Fund Advisors 18.22m 4.72% +338.90k
State Street 16.32m 4.22% +571.67k
FULLER & THALER ASSET MANAGEMENT, INC. 13.82m 3.58% −1.24m
Geode Capital Management 10.03m 2.60% +446.47k
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 7.70m 1.99% −1.92m
Morgan Stanley 6.95m 1.80% −722.45k
First Trust 6.88m 1.78% +475.96k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 2 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 7.63m 9.20m 158.00
2024 7.54m 12.50m 150.00
2023 6.52m 6.23m 113.00
2022 11.66m 12.88m 116.00
2021 3.97m 4.41m 113.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Old National Bancorp (ONB) Latest News

28 Oct

Impact 4 · · The Motley Fool

27 Oct

Impact 3 · · GlobeNewswire

22 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · GlobeNewswire
Impact 3 · · StockStory

21 Oct

Impact 4 · · MarketBeat transcript
Impact 4 · · Moby earnings
Impact 3 · · The Motley Fool transcript
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Associated Press

20 Oct

Impact 3 · · Zacks

19 Oct

Impact 3 · · StockStory

15 Oct

Impact 3 · · Zacks

29 Sep

Impact 3 · · StockStory
Impact 3 · · Simply Wall St.

10 Aug

Impact 3 ·

23 Jul

Impact 3 · · Moby transcript

22 Jul

Impact 4 ·
Impact 3 · · MarketBeat transcript
Impact 3 · · InvestorsHub
Impact 3 ·
Impact 3 ·

21 Jul

Impact 3 ·

15 Jul

Impact 3 ·

8 Jul

Impact 3 ·

23 Apr

Impact 4 · · MarketBeat
Impact 4 · · GuruFocus.com

ONB metrics, ten years each

stockrow.com/ONB · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com