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Q4 25 EPS
$2.59
BEAT +9.07%
Est. $2.37
Q4 25 Revenue
$980.9M
BEAT +7.33%
Est. $913.9M
vs S&P Since Q4 25
-12.4%
TRAILING MARKET
WAL -7.0% vs S&P +5.4%
Full Year 2025 Results
FY 25 EPS
$8.73
BEAT +4.78%
Est. $8.33
FY 25 Revenue
$3.54B
BEAT +1.96%
Est. $3.48B
Market Reaction
Did WAL Beat Earnings? Q4 2025 Results
Western Alliance Bancorporation capped 2025 on a high note, posting fourth-quarter earnings per share of $2.59, an 8.82% beat against the $2.38 consensus, as record net interest income and pre-provision net revenue underscored the strength of the ban… Read more Western Alliance Bancorporation capped 2025 on a high note, posting fourth-quarter earnings per share of $2.59, an 8.82% beat against the $2.38 consensus, as record net interest income and pre-provision net revenue underscored the strength of the bank's organic growth engine. Revenue came in at $980.90 million, down 24.0% year-over-year, though the headline decline was offset by a standout 15.0% rise in net interest income to $766.20 million, driven by $2.00 billion in quarterly loan growth concentrated in commercial and industrial lending that pushed total assets to roughly $92.80 billion. Non-interest income climbed 24.9% to $214.70 million, with mortgage banking benefiting from an improved gain-on-sale margin of 30 basis points, up from 21 basis points a year ago. Full-year net income reached $990.60 million with EPS of $8.73. Management raised the quarterly dividend to $0.42 per share and guided 2026 net interest income growth of 11-14%, with HFI loan growth of $6.00 billion, signaling continued confidence in its commercial banking momentum heading into the new year.
Key Takeaways
- • Record net interest income driven by higher average earning asset balances and lower rates on interest-bearing liabilities
- • Outstanding loan growth of $2.0 billion in Q4, primarily in commercial and industrial lending
- • Non-interest income increased 24.9% YoY driven by commercial banking fees and mortgage origination gains
- • Improved operating leverage with net revenue growth of 17.0% vs non-interest expense growth of 6.4%
- • Efficiency ratio improved to 55.7% from 61.2% a year ago
- • Deposit cost rate relief from falling ECR rates
- • Insurance expense decreased $19.0 million YoY due to lower brokered deposit levels and FDIC special assessment charges
WAL YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
WAL Revenue by Segment
With YoY comparisons, source: SEC Filings
“Western Alliance delivered exceptional results to close out 2025, highlighted by record net interest income, revenues, and PPNR. Outstanding loan and deposit growth, gathering strength in commercial banking non-interest income, improved efficiency, and a steady net interest margin were key factors behind our solid operating leverage and strong financial performance. These results position us to sustain a strong earnings trajectory in 2026.”
— Kenneth A. Vecchione, Q4 2025 Earnings Press Release
WAL Earnings Trends
WAL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
WAL EPS Trend
Earnings per share: estimate vs actual
WAL Revenue Trend
Quarterly revenue: estimate vs actual
WAL Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.36 | $2.22 | +62.95% | $1.02B | +6.21% |
| Q4 25 BEAT FY | $2.37 | $2.59 | +9.07% | $980.9M | +7.33% |
| FY Full Year | $8.33 | $8.73 | +4.78% | $3.54B | +1.96% |
| Q3 25 BEAT | $2.07 | $2.28 | +9.95% | $938.2M | +5.70% |
| Q2 25 BEAT | $2.00 | $2.07 | +3.28% | $845.9M | +0.86% |
| Q1 25 BEAT | $1.78 | $1.79 | +0.66% | $778.0M | -1.92% |