Arrow Financial (AROW) Financials

$41.29 -0.27 (-0.65%)

Closing price 04:00 PM Eastern

Extended Trading

$41.27 -0.02 (-0.05%)

As of 04:10 PM Eastern

Annual Income Statements for Arrow Financial

This table shows Arrow Financial's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	25	27	29	36	37	41	50	49	30	30	44
Consolidated Net Income / (Loss)	25	27	29	36	37	41	50	49	30	30	44
Net Income / (Loss) Continuing Operations	25	27	29	36	37	41	50	49	30	30	44
Total Pre-Tax Income	35	38	40	45	47	52	64	63	38	37	55
Total Revenue	94	99	105	113	117	132	143	149	134	140	166
Net Interest Income / (Expense)	66	72	78	84	88	99	110	118	105	112	133
Total Interest Income	71	77	85	97	110	112	116	130	163	195	210
Loans and Leases Interest Income	57	63	70	82	95	100	105	113	142	171	184
Investment Securities Interest Income	14	14	14	14	14	11	10	14	15	14	18
Deposits and Money Market Investments Interest Income	0.09	0.15	0.35	0.71	0.72	0.32	0.57	3.10	5.83	9.62	8.09
Total Interest Expense	4.81	5.36	7.01	12	22	13	5.20	11	58	83	77
Deposits Interest Expense	3.12	3.32	4.11	7.68	17	11	3.53	9.83	50	79	76
Long-Term Debt Interest Expense	1.68	2.00	2.85	4.75	5.07	2.01	1.67	1.48	7.63	4.51	1.04
Total Non-Interest Income	28	28	28	29	29	33	32	31	29	28	32
Other Service Charges	20	9.78	9.54	9.21	8.66	10	8.26	9.05	8.94	9.93	9.67
Net Realized & Unrealized Capital Gains on Investments	0.82	0.80	0.10	0.35	0.91	3.43	2.50	0.51	-0.06	-2.70	1.36
Other Non-Interest Income	-	17	18	19	19	19	22	21	20	21	21
Provision for Credit Losses	1.35	2.03	2.74	2.61	2.08	9.32	0.27	4.80	3.38	5.18	7.27
Total Non-Interest Expense	57	60	63	65	67	71	78	82	93	97	103
Salaries and Employee Benefits	33	35	38	39	38	42	45	47	48	53	56
Net Occupancy & Equipment Expense	9.27	9.40	15	16	18	19	21	22	24	27	29
Property & Liability Insurance Claims	1.19	1.08	0.89	0.88	0.16	1.06	1.04	1.18	2.05	2.78	2.52
Other Operating Expenses	14	14	8.75	9.08	10	8.96	12	11	19	15	16
Income Tax Expense	11	11	11	9.03	9.60	11	15	14	7.45	7.65	11
Basic Earnings per Share	$1.80	$1.87	$1.99	$2.37	$2.36	$2.49	$2.93	$2.86	$1.77	$1.77	$2.65
Weighted Average Basic Shares Outstanding	13.68M	14.21M	14.74M	15.29M	15.85M	16.41M	16.99M	17.01M	17.04M	16.74M	16.50M
Diluted Earnings per Share	$1.80	$1.86	$1.98	$2.36	$2.36	$2.49	$2.92	$2.86	$1.77	$1.77	$2.65
Weighted Average Diluted Shares Outstanding	13.73M	14.30M	14.84M	15.37M	15.90M	16.42M	17.05M	17.06M	17.04M	16.75M	16.51M
Weighted Average Basic & Diluted Shares Outstanding	13.30M	13.80M	13.90M	14.40M	15.01M	15.53M	16.01M	-	16.55M	16.72M	16.51M
Cash Dividends to Common per Share	$0.93	$0.98	$0.98	$1.00	$1.02	$1.02	$1.02	$1.06	$1.06	$1.09	$1.14

This table shows Arrow Financial's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	7.74	7.72	7.66	8.60	8.98	4.47	6.31	11	13	14	13
Consolidated Net Income / (Loss)	7.74	7.72	7.66	8.60	8.98	4.47	6.31	11	13	14	13
Net Income / (Loss) Continuing Operations	7.74	7.72	7.66	8.60	8.98	4.47	6.31	11	13	14	13
Total Pre-Tax Income	9.57	9.38	9.68	11	12	5.22	8.13	14	17	17	17
Total Revenue	33	33	34	35	37	34	39	40	43	43	45
Net Interest Income / (Expense)	25	26	26	27	28	30	31	33	34	35	36
Total Interest Income	42	44	47	48	49	51	50	52	54	55	54
Loans and Leases Interest Income	37	39	40	42	44	45	45	46	47	47	47
Investment Securities Interest Income	3.61	3.64	3.85	3.65	3.22	3.32	4.20	4.35	4.52	4.93	4.99
Deposits and Money Market Investments Interest Income	1.81	1.87	2.45	2.19	2.10	2.88	1.62	1.62	2.25	2.60	1.68
Total Interest Expense	17	19	20	21	21	21	19	19	19	19	18
Deposits Interest Expense	14	17	19	19	20	21	19	19	19	19	17
Long-Term Debt Interest Expense	2.36	1.67	1.30	1.40	1.40	0.42	0.38	0.21	0.22	0.22	0.22
Total Non-Interest Income	8.05	7.48	7.86	7.86	8.13	4.23	7.84	7.61	8.72	8.27	8.63
Other Service Charges	2.82	2.27	2.84	2.64	2.60	1.85	2.29	2.25	2.61	2.52	2.75
Net Realized & Unrealized Capital Gains on Investments	0.09	0.13	0.02	0.06	0.22	-3.00	0.42	0.17	0.65	0.12	0.44
Other Non-Interest Income	5.14	5.09	5.00	5.16	5.31	5.38	5.14	5.19	5.46	5.63	5.44
Provision for Credit Losses	0.35	0.53	0.62	0.78	0.93	2.85	5.02	0.59	0.82	0.85	0.55
Total Non-Interest Expense	23	23	24	23	24	26	26	26	25	26	27
Salaries and Employee Benefits	12	12	13	13	13	13	14	14	14	14	15
Net Occupancy & Equipment Expense	5.89	6.28	6.59	6.51	6.45	6.99	7.11	7.54	6.87	7.03	7.51
Property & Liability Insurance Claims	0.52	0.57	0.72	0.70	0.70	0.66	0.67	0.65	0.63	0.56	0.59
Other Operating Expenses	5.09	4.64	3.81	3.08	3.51	4.85	4.71	3.38	3.59	3.90	3.85
Income Tax Expense	1.83	1.66	2.02	2.31	2.56	0.75	1.82	3.09	3.77	2.75	3.86
Basic Earnings per Share	$0.46	$0.46	$0.45	$0.52	$0.54	$0.26	$0.38	$0.65	$0.77	$0.85	$0.82
Weighted Average Basic Shares Outstanding	17.05M	17.04M	16.87M	16.69M	16.71M	16.74M	16.67M	16.55M	16.40M	16.50M	16.38M
Diluted Earnings per Share	$0.46	$0.46	$0.45	$0.52	$0.53	$0.27	$0.38	$0.65	$0.77	$0.85	$0.82
Weighted Average Diluted Shares Outstanding	17.05M	17.04M	16.87M	16.71M	16.74M	16.75M	16.67M	16.55M	16.41M	16.51M	16.40M
Weighted Average Basic & Diluted Shares Outstanding	17.06M	16.55M	16.70M	16.73M	16.74M	16.72M	16.68M	16.47M	16.44M	16.51M	16.53M
Cash Dividends to Common per Share	$0.26	-	$0.27	$0.27	$0.27	-	$0.28	$0.28	$0.29	$0.29	$0.30

This table details how cash moves in and out of Arrow Financial's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	4.77	6.29	15	11	-14	311	77	-393	78	12	60
Net Cash From Operating Activities	29	35	38	42	44	42	68	60	21	34	41
Net Cash From Continuing Operating Activities	29	35	38	42	44	42	68	60	21	34	41
Net Income / (Loss) Continuing Operations	25	27	29	36	37	41	50	49	30	30	44
Consolidated Net Income / (Loss)	25	27	29	36	37	41	50	49	30	30	44
Provision For Loan Losses	1.35	2.03	2.74	2.61	2.08	9.32	0.27	4.80	3.38	5.18	7.27
Depreciation Expense	6.29	5.94	5.40	4.75	5.50	6.87	7.83	7.55	6.72	5.36	5.42
Non-Cash Adjustments to Reconcile Net Income	-1.73	0.71	-0.46	0.20	25	82	60	-0.06	-0.13	11	17
Changes in Operating Assets and Liabilities, net	-1.65	-0.52	0.83	-1.86	-26	-97	-50	-1.37	-19	-16	-32
Net Cash From Investing Activities	-230	-158	-149	-228	-192	-187	-275	-393	-83	-89	-61
Net Cash From Continuing Investing Activities	-230	-158	-149	-228	-192	-187	-275	-393	-83	-89	-61
Purchase of Property, Leasehold Improvements and Equipment	-1.62	-1.44	-2.60	-5.10	-7.79	-5.13	-7.14	-14	-7.08	-5.60	-5.09
Acquisitions	-	-	-	-	-	-	-	-	-	-	0.00
Purchase of Investment Securities	-439	-402	-359	-345	-329	-394	-418	-516	-311	-345	-236
Sale of Property, Leasehold Improvements and Equipment	1.90	1.99	1.41	1.83	1.51	2.48	1.55	1.48	2.71	3.33	3.15
Sale and/or Maturity of Investments	209	243	211	121	138	204	149	136	232	225	176
Other Investing Activities, net	-	-	-	-	5.19	4.97	-0.03	-0.68	1.02	0.70	-0.02
Net Cash From Financing Activities	205	129	126	197	134	456	283	-60	140	66	80
Net Cash From Continuing Financing Activities	205	129	126	197	134	456	283	-60	140	66	80
Net Change in Deposits	127	86	129	100	270	619	316	-52	189	103	112
Issuance of Debt	100	54	29	129	0.00	45	0.00	27	257	102	0.00
Issuance of Common Equity	0.89	1.74	1.68	1.76	1.78	1.81	1.84	1.90	0.47	0.00	0.00
Repayment of Debt	-10	0.00	0.00	-20	-123	-194	-18	-17	-285	-120	-4.34
Repurchase of Common Equity	-1.50	-2.14	-3.25	-2.10	-2.47	-1.58	-2.66	-2.87	-3.61	-6.79	-10
Payment of Dividends	-13	-13	-14	-14	-15	-16	-16	-17	-18	-18	-19
Other Financing Activities, Net	1.47	3.09	-16	2.76	2.29	1.22	1.99	1.11	0.22	6.84	1.74
Cash Interest Paid	4.86	5.34	6.96	12	21	14	5.37	5.75	52	84	77
Cash Income Taxes Paid	9.36	12	11	10	9.93	11	15	13	6.64	8.85	19

This table details how cash moves in and out of Arrow Financial's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	121	-152	140	-82	140	-186	147	-33	129	-183	71
Net Cash From Operating Activities	11	-16	10	9.08	9.42	5.63	10	10	15	5.91	15
Net Cash From Continuing Operating Activities	11	-16	10	9.08	9.42	5.63	10	10	15	5.91	15
Net Income / (Loss) Continuing Operations	7.74	7.72	7.66	8.60	8.98	4.47	6.31	11	13	14	13
Consolidated Net Income / (Loss)	7.74	7.72	7.66	8.60	8.98	4.47	6.31	11	13	14	13
Provision For Loan Losses	0.35	0.53	0.62	0.78	0.93	2.85	5.02	0.59	0.82	0.85	0.55
Depreciation Expense	1.53	1.76	1.39	1.25	1.36	1.35	1.21	1.41	1.51	1.29	1.25
Non-Cash Adjustments to Reconcile Net Income	0.19	-0.73	-0.19	-0.35	6.18	4.98	2.99	7.70	8.67	-2.43	4.91
Changes in Operating Assets and Liabilities, net	1.38	-26	0.86	-1.20	-8.04	-8.03	-5.45	-10	-8.80	-7.80	-4.95
Net Cash From Investing Activities	-52	-1.83	-38	6.16	33	-90	5.08	6.56	-50	-23	-15
Net Cash From Continuing Investing Activities	-52	-1.83	-38	6.16	33	-90	5.08	6.56	-50	-23	-15
Purchase of Property, Leasehold Improvements and Equipment	-1.41	-0.61	-1.16	-1.56	-1.37	-1.51	-1.27	-2.00	-0.74	-1.07	-1.30
Purchase of Investment Securities	-76	-144	-52	-59	-29	-205	-24	-65	-75	-72	-34
Sale of Property, Leasehold Improvements and Equipment	0.67	0.73	0.64	1.59	0.48	0.62	0.62	0.82	0.85	0.86	0.47
Sale and/or Maturity of Investments	24	142	14	65	30	116	30	73	25	48	20
Other Investing Activities, net	-0.18	0.06	0.84	-0.07	-0.08	-0.00	0.00	-0.20	0.19	-0.00	-0.00
Net Cash From Financing Activities	162	-134	167	-98	98	-101	132	-50	164	-166	71
Net Cash From Continuing Financing Activities	162	-134	167	-98	98	-101	132	-50	162	-164	71
Net Change in Deposits	164	21	91	-95	116	-9.53	140	-39	171	-161	74
Repayment of Debt	-4.04	-148	-20	-20	-5.02	-95	-0.03	-0.01	-4.38	0.08	-0.02
Repurchase of Common Equity	-	-2.76	-5.96	-0.51	-0.05	-0.27	-3.48	-5.18	-1.43	-0.15	-0.11
Payment of Dividends	-4.47	-4.58	-4.57	-4.51	-4.53	-4.68	-4.70	-4.66	-4.77	-4.77	-4.95
Other Financing Activities, Net	0.03	-0.04	6.36	2.92	-11	8.45	0.19	-1.63	1.79	1.39	1.91
Cash Interest Paid	13	20	19	19	23	24	19	19	20	20	18
Cash Income Taxes Paid	2.55	0.83	0.95	2.60	2.00	3.30	0.51	3.70	2.60	12	0.60

This table presents Arrow Financial's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,446	2,605	2,760	2,988	3,184	3,689	4,028	3,970	4,170	4,306	4,446
Cash and Due from Banks	35	43	43	57	47	42	27	32	37	27	29
Interest Bearing Deposits at Other Banks	16	14	30	28	23	339	431	33	106	127	185
Trading Account Securities	723	692	636	603	604	367	758	751	631	468	568
Loans and Leases, Net of Allowance	1,558	1,736	1,932	2,176	-21	-29	-27	-30	-31	-34	-34
Allowance for Loan and Lease Losses	16	17	19	20	21	29	27	30	31	34	34
Premises and Equipment, Net	27	27	28	30	41	43	46	56	60	60	59
Goodwill	22	22	22	22	22	22	22	22	22	24	24
Intangible Assets	3.11	2.70	2.29	1.85	1.66	1.95	1.92	1.50	1.11	2.06	1.74
Other Assets	62	68	68	71	2,467	2,904	2,770	3,104	3,345	3,632	3,613
Total Liabilities & Shareholders' Equity	2,446	2,605	2,760	2,988	3,184	3,689	4,028	3,970	4,170	4,306	4,446
Total Liabilities	2,232	2,372	2,511	2,719	2,883	3,354	3,657	3,616	3,790	3,905	4,014
Non-Interest Bearing Deposits	359	387	442	473	485	701	810	837	758	703	722
Interest Bearing Deposits	1,672	1,729	1,803	1,873	2,131	2,533	2,740	2,661	2,929	3,125	3,217
Long-Term Debt	157	198	180	299	180	65	65	75	47	29	24
Other Long-Term Liabilities	22	22	21	20	35	37	41	43	56	49	50
Total Equity & Noncontrolling Interests	214	233	250	270	302	334	371	354	380	401	432
Total Preferred & Common Equity	214	233	250	270	302	334	371	354	380	401	432
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	214	233	250	270	302	334	371	354	380	401	432
Common Stock	268	289	309	334	355	374	399	422	435	436	437
Retained Earnings	32	29	29	29	33	42	54	65	66	77	102
Treasury Stock	-77	-77	-79	-79	-80	-81	-82	-84	-87	-93	-103
Accumulated Other Comprehensive Income / (Loss)	-7.97	-6.83	-8.51	-14	-6.36	-0.82	0.35	-50	-33	-18	-4.04

This table presents Arrow Financial's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	4,233	4,115	4,104	4,273	4,334	4,244	4,411	4,449	4,415	4,587	4,522
Cash and Due from Banks	45	25	34	40	27	30	54	33	41	46	29
Interest Bearing Deposits at Other Banks	329	178	140	255	255	170	286	268	227	352	257
Trading Account Securities	759	735	689	662	616	552	545	549	524	554	590
Loans and Leases, Net of Allowance	-29	-31	-31	-31	-32	-31	-31	-38	-34	-34	-34
Allowance for Loan and Lease Losses	29	31	31	31	32	31	31	38	34	34	34
Premises and Equipment, Net	54	58	60	60	59	59	60	60	61	60	60
Goodwill	22	22	22	22	22	22	24	24	24	24	24
Intangible Assets	1.60	1.40	1.30	1.21	1.02	0.93	2.19	1.95	1.87	1.81	1.69
Other Assets	3,052	3,125	3,189	3,264	3,385	3,441	3,471	3,551	3,570	3,584	3,595
Total Liabilities & Shareholders' Equity	4,233	4,115	4,104	4,273	4,334	4,244	4,411	4,449	4,415	4,587	4,522
Total Liabilities	3,887	3,751	3,742	3,913	3,956	3,861	4,018	4,044	4,006	4,169	4,082
Non-Interest Bearing Deposits	910	789	759	798	697	705	740	697	737	771	722
Interest Bearing Deposits	2,885	2,758	2,743	2,868	3,083	2,979	3,097	3,271	3,193	3,329	3,292
Long-Term Debt	45	163	192	194	127	127	124	29	29	24	24
Other Long-Term Liabilities	47	42	48	52	50	51	57	48	48	45	44
Total Equity & Noncontrolling Interests	346	363	361	360	378	383	393	404	409	418	440
Total Preferred & Common Equity	346	363	361	360	378	383	393	404	409	418	440
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	346	363	361	360	378	383	393	404	409	418	440
Common Stock	421	422	422	434	435	435	435	436	436	436	436
Retained Earnings	58	69	71	63	69	73	77	79	85	93	111
Treasury Stock	-84	-85	-85	-85	-93	-93	-93	-96	-102	-103	-102
Accumulated Other Comprehensive Income / (Loss)	-49	-44	-48	-53	-33	-32	-26	-14	-11	-8.64	-4.76

This table displays calculated financial ratios and metrics derived from Arrow Financial's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	12,907,654.00	13,467,310.00	13,920,322.00	14,452,521.00	14,976,493.00	15,491,432.00	16,023,411.00	-	-	-	16,442,453.00
DEI Adjusted Shares Outstanding	12,907,654.00	13,467,310.00	13,920,322.00	14,452,521.00	14,976,493.00	15,491,432.00	16,023,411.00	-	-	-	16,442,453.00
DEI Earnings Per Adjusted Shares Outstanding	1.91	1.97	2.11	2.51	2.50	2.64	3.11	-	-	-	2.67
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.19%	5.68%	5.94%	7.29%	3.22%	13.08%	8.24%	4.57%	-10.25%	4.37%	18.45%
EBITDA Growth	2.44%	5.11%	3.58%	10.61%	5.04%	11.70%	22.99%	-2.45%	-37.22%	-3.43%	42.34%
EBIT Growth	5.18%	7.02%	5.58%	13.67%	3.91%	10.17%	24.18%	-2.32%	-40.36%	-0.43%	48.26%
NOPAT Growth	5.57%	7.59%	10.52%	23.71%	3.30%	8.94%	22.12%	-2.12%	-38.37%	-1.22%	47.95%
Net Income Growth	5.57%	7.59%	10.52%	23.71%	3.30%	8.94%	22.12%	-2.12%	-38.37%	-1.22%	47.95%
EPS Growth	2.27%	3.33%	6.45%	19.19%	0.00%	5.51%	17.27%	-2.05%	-38.11%	0.00%	49.72%
Operating Cash Flow Growth	-5.60%	19.94%	9.03%	10.97%	4.69%	-3.71%	61.19%	-12.45%	-65.54%	67.49%	19.76%
Free Cash Flow Firm Growth	-289.89%	39.33%	191.69%	-435.90%	221.06%	-0.94%	-89.39%	333.64%	-43.26%	-17.61%	-34.53%
Invested Capital Growth	27.33%	16.14%	-0.29%	32.35%	-15.28%	-17.09%	9.21%	-1.80%	-0.48%	0.76%	6.20%
Revenue Q/Q Growth	1.06%	1.07%	6.71%	-2.74%	1.34%	4.40%	-0.53%	2.02%	-3.35%	0.59%	6.08%
EBITDA Q/Q Growth	0.11%	-0.26%	12.39%	-6.50%	3.28%	8.40%	-4.02%	2.83%	-12.13%	-9.65%	23.26%
EBIT Q/Q Growth	0.05%	0.00%	14.92%	-7.18%	2.92%	8.05%	-4.10%	3.57%	-14.10%	-10.02%	26.32%
NOPAT Q/Q Growth	0.82%	0.12%	5.28%	1.93%	2.69%	7.24%	-4.20%	3.78%	-12.67%	-9.87%	27.73%
Net Income Q/Q Growth	0.82%	0.12%	5.28%	1.93%	2.69%	7.24%	-4.20%	3.78%	-12.67%	-9.87%	27.73%
EPS Q/Q Growth	-0.55%	-0.53%	3.66%	0.43%	2.16%	6.41%	-6.41%	6.72%	-10.15%	-9.69%	28.02%
Operating Cash Flow Q/Q Growth	-0.76%	1.80%	5.30%	-6.77%	6.91%	9.10%	-3.20%	-1.63%	-57.48%	175.20%	0.69%
Free Cash Flow Firm Q/Q Growth	-73.98%	-495.25%	248.53%	-41.52%	16.12%	277.34%	-42.02%	-30.62%	124.85%	-62.37%	-84.15%
Invested Capital Q/Q Growth	29.65%	41.63%	21.82%	23.39%	23.45%	0.94%	2.59%	9.68%	-23.10%	-16.91%	3.21%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	44.20%	43.96%	42.98%	44.31%	45.09%	44.54%	50.61%	47.21%	33.03%	30.56%	36.72%
EBIT Margin	37.50%	37.98%	37.85%	40.10%	40.37%	39.33%	45.12%	42.16%	28.01%	26.72%	33.45%
Profit (Net Income) Margin	26.22%	26.70%	27.85%	32.11%	32.14%	30.96%	34.93%	32.70%	22.45%	21.25%	26.54%
Tax Burden Percent	69.92%	70.29%	73.58%	80.08%	79.61%	78.72%	77.41%	77.57%	80.16%	79.53%	79.35%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	30.08%	29.71%	26.42%	19.92%	20.39%	21.28%	22.59%	22.43%	19.84%	20.47%	20.65%
Return on Invested Capital (ROIC)	7.45%	6.62%	6.82%	7.27%	7.14%	9.27%	11.93%	11.29%	7.04%	6.94%	9.93%
ROIC Less NNEP Spread (ROIC-NNEP)	7.45%	6.62%	6.82%	7.27%	7.14%	9.27%	11.93%	11.29%	7.04%	6.94%	9.93%
Return on Net Nonoperating Assets (RNNOA)	4.44%	5.26%	5.34%	6.71%	5.98%	3.57%	2.20%	2.18%	1.16%	0.67%	0.63%
Return on Equity (ROE)	11.89%	11.88%	12.16%	13.98%	13.12%	12.84%	14.13%	13.47%	8.20%	7.61%	10.56%
Cash Return on Invested Capital (CROIC)	-16.60%	-8.32%	7.11%	-20.58%	23.68%	27.96%	3.13%	13.10%	7.52%	6.19%	3.92%
Operating Return on Assets (OROA)	1.51%	1.49%	1.49%	1.58%	1.53%	1.51%	1.67%	1.57%	0.92%	0.88%	1.27%
Return on Assets (ROA)	1.06%	1.05%	1.09%	1.26%	1.21%	1.19%	1.29%	1.22%	0.74%	0.70%	1.00%
Return on Common Equity (ROCE)	11.89%	11.88%	12.16%	13.98%	13.12%	12.84%	14.13%	13.47%	8.20%	7.61%	10.56%
Return on Equity Simple (ROE_SIMPLE)	11.53%	11.40%	11.75%	13.46%	12.42%	12.21%	13.43%	13.80%	7.92%	7.41%	10.18%
Net Operating Profit after Tax (NOPAT)	25	27	29	36	37	41	50	49	30	30	44
NOPAT Margin	26.22%	26.70%	27.85%	32.11%	32.14%	30.96%	34.93%	32.70%	22.45%	21.25%	26.54%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	45.01%	44.31%	50.39%	48.77%	48.77%	46.00%	45.88%	46.45%	53.62%	56.68%	51.23%
Operating Expenses to Revenue	61.06%	59.97%	59.55%	57.59%	57.85%	53.60%	54.68%	54.63%	69.47%	69.57%	62.16%
Earnings before Interest and Taxes (EBIT)	35	38	40	45	47	52	64	63	38	37	55
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	42	44	45	50	53	59	72	70	44	43	61
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.90	1.36	1.17	1.12	1.30	1.03	1.20	1.39	1.19	1.19	1.18
Price to Tangible Book Value (P/TBV)	1.01	1.52	1.29	1.23	1.41	1.11	1.28	1.49	1.27	1.27	1.25
Price to Revenue (P/Rev)	2.04	3.19	2.77	2.68	3.37	2.60	3.11	3.29	3.38	3.40	3.07
Price to Earnings (P/E)	7.78	11.96	9.94	8.34	10.49	8.41	8.90	10.07	15.04	16.01	11.55
Dividend Yield	6.73%	4.24%	4.77%	4.87%	3.96%	4.69%	3.75%	3.63%	4.07%	4.79%	3.69%
Earnings Yield	12.86%	8.36%	10.06%	11.99%	9.53%	11.89%	11.23%	9.94%	6.65%	6.25%	8.66%
Enterprise Value to Invested Capital (EV/IC)	0.80	1.06	0.93	0.91	1.04	0.07	0.12	1.17	0.84	0.81	0.70
Enterprise Value to Revenue (EV/Rev)	3.17	4.61	3.79	4.58	4.31	0.21	0.36	3.36	2.66	2.50	1.92
Enterprise Value to EBITDA (EV/EBITDA)	7.16	10.48	8.81	10.33	9.57	0.47	0.71	7.11	8.05	8.18	5.23
Enterprise Value to EBIT (EV/EBIT)	8.44	12.13	10.01	11.42	10.68	0.53	0.79	7.97	9.49	9.36	5.74
Enterprise Value to NOPAT (EV/NOPAT)	12.07	17.26	13.60	14.26	13.42	0.67	1.03	10.27	11.84	11.77	7.23
Enterprise Value to Operating Cash Flow (EV/OCF)	10.29	13.20	10.54	12.32	11.44	0.65	0.75	8.40	17.31	10.14	7.70
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	13.04	0.00	4.05	0.22	3.91	8.85	11.08	13.20	18.33
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.73	0.85	0.72	1.11	0.60	0.19	0.18	0.21	0.12	0.07	0.06
Long-Term Debt to Equity	0.73	0.85	0.72	1.11	0.60	0.19	0.18	0.21	0.12	0.07	0.06
Financial Leverage	0.60	0.79	0.78	0.92	0.84	0.39	0.18	0.19	0.17	0.10	0.06
Leverage Ratio	11.24	11.31	11.12	11.07	10.80	10.80	10.94	11.04	11.10	10.86	10.51
Compound Leverage Factor	11.24	11.31	11.12	11.07	10.80	10.80	10.94	11.04	11.10	10.86	10.51
Debt to Total Capital	42.32%	45.96%	41.90%	52.59%	37.37%	16.27%	14.90%	17.46%	10.91%	6.66%	5.32%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	42.32%	45.96%	41.90%	52.59%	37.37%	16.27%	14.90%	17.46%	10.91%	6.66%	5.32%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	57.68%	54.04%	58.10%	47.41%	62.63%	83.73%	85.10%	82.54%	89.09%	93.34%	94.68%
Debt to EBITDA	3.78	4.53	3.98	5.97	3.42	1.11	0.90	1.06	1.05	0.67	0.40
Net Debt to EBITDA	2.55	3.22	2.37	4.29	2.09	-5.38	-5.44	0.14	-2.17	-2.95	-3.12
Long-Term Debt to EBITDA	3.78	4.53	3.98	5.97	3.42	1.11	0.90	1.06	1.05	0.67	0.40
Debt to NOPAT	6.37	7.46	6.14	8.24	4.80	1.59	1.30	1.53	1.55	0.96	0.55
Net Debt to NOPAT	4.30	5.30	3.65	5.92	2.93	-7.74	-7.88	0.21	-3.19	-4.24	-4.32
Long-Term Debt to NOPAT	6.37	7.46	6.14	8.24	4.80	1.59	1.30	1.53	1.55	0.96	0.55
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-55	-33	31	-103	124	123	13	57	32	26	17
Operating Cash Flow to CapEx	0.00%	0.00%	3,168.09%	1,281.71%	700.41%	1,594.35%	1,220.14%	467.42%	470.51%	1,517.79%	2,125.64%
Free Cash Flow to Firm to Interest Expense	-11.42	-6.23	4.36	-8.23	5.73	9.70	2.51	5.01	0.56	0.32	0.23
Operating Cash Flow to Interest Expense	6.01	6.48	5.40	3.36	2.02	3.33	13.13	5.28	0.36	0.41	0.54
Operating Cash Flow Less CapEx to Interest Expense	6.07	6.58	5.23	3.10	1.74	3.12	12.05	4.15	0.28	0.39	0.51
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.03	0.03	0.04
Fixed Asset Turnover	3.36	3.66	3.86	3.89	3.28	3.17	3.21	2.91	2.31	2.34	2.78
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	371	431	430	569	482	399	436	428	426	430	456
Invested Capital Turnover	0.28	0.25	0.24	0.23	0.22	0.30	0.34	0.35	0.31	0.33	0.37
Increase / (Decrease) in Invested Capital	80	60	-1.25	139	-87	-82	37	-7.85	-2.07	3.23	27
Enterprise Value (EV)	298	458	399	517	503	27	51	501	356	350	318
Market Capitalization	192	317	292	303	393	343	444	491	452	476	508
Book Value per Share	$16.58	$17.29	$17.93	$18.65	$20.15	$21.59	$23.17	$21.39	$22.27	$23.95	$26.26
Tangible Book Value per Share	$14.64	$15.47	$16.20	$17.01	$18.58	$20.05	$21.68	$19.98	$20.92	$22.41	$24.71
Total Capital	371	431	430	569	482	399	436	428	426	430	456
Total Debt	157	198	180	299	180	65	65	75	47	29	24
Total Long-Term Debt	157	198	180	299	180	65	65	75	47	29	24
Net Debt	106	141	107	215	110	-316	-393	10	-96	-126	-190
Capital Expenditures (CapEx)	-0.28	-0.55	1.19	3.28	6.27	2.65	5.59	13	4.37	2.27	1.94
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	157	198	180	299	180	65	65	75	47	29	24
Total Depreciation and Amortization (D&A)	6.29	5.94	5.40	4.75	5.50	6.87	7.83	7.55	6.72	5.36	5.42
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.91	$1.98	$2.11	$2.52	$2.51	$2.64	$3.11	$2.95	$1.77	$1.77	$2.65
Adjusted Weighted Average Basic Shares Outstanding	12.89M	13.39M	13.89M	14.41M	14.94M	15.47M	16.02M	16.51M	17.04M	16.74M	16.50M
Adjusted Diluted Earnings per Share	$1.91	$1.97	$2.10	$2.50	$2.50	$2.64	$3.10	$2.95	$1.77	$1.77	$2.65
Adjusted Weighted Average Diluted Shares Outstanding	12.94M	13.48M	13.99M	14.49M	14.98M	15.48M	16.07M	16.56M	17.04M	16.75M	16.51M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	12.95M	13.51M	13.95M	14.47M	15.01M	15.53M	16.01M	0.00	16.55M	16.72M	16.51M
Normalized Net Operating Profit after Tax (NOPAT)	25	27	29	36	37	41	50	49	30	30	44
Normalized NOPAT Margin	26.22%	26.70%	27.85%	32.11%	32.14%	30.96%	34.93%	32.70%	22.45%	21.25%	26.54%
Pre Tax Income Margin	37.50%	37.98%	37.85%	40.10%	40.37%	39.33%	45.12%	42.16%	28.01%	26.72%	33.45%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.33	7.05	5.69	3.63	2.17	4.09	12.40	5.56	0.65	0.45	0.72
NOPAT to Interest Expense	5.12	4.95	4.19	2.91	1.73	3.22	9.60	4.32	0.52	0.36	0.57
EBIT Less CapEx to Interest Expense	7.39	7.15	5.52	3.37	1.88	3.88	11.32	4.43	0.57	0.42	0.69
NOPAT Less CapEx to Interest Expense	5.18	5.06	4.02	2.64	1.44	3.01	8.52	3.19	0.45	0.33	0.55
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	51.50%	49.34%	46.37%	39.66%	40.58%	38.55%	32.69%	35.75%	59.79%	61.55%	42.99%
Augmented Payout Ratio	57.57%	57.41%	57.45%	45.45%	47.16%	42.42%	38.02%	41.63%	71.79%	84.41%	66.29%

This table displays calculated financial ratios and metrics derived from Arrow Financial's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	16,717,564.00	16,675,338.00	16,469,026.00	16,442,453.00	16,511,643.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	16,717,564.00	16,675,338.00	16,469,026.00	16,442,453.00	16,511,643.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	0.38	0.65	0.78	0.85	0.82
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-13.75%	-12.31%	-1.32%	7.13%	9.48%	2.47%	14.23%	14.67%	17.16%	28.00%	14.19%
EBITDA Growth	-36.84%	-35.42%	-12.49%	30.23%	16.23%	-40.97%	-15.71%	25.84%	40.38%	174.51%	99.09%
EBIT Growth	-38.52%	-39.64%	-11.33%	42.74%	20.55%	-44.34%	-16.03%	27.31%	43.88%	220.97%	113.29%
NOPAT Growth	-36.34%	-36.10%	-10.53%	42.29%	15.91%	-42.12%	-17.62%	25.58%	42.90%	213.49%	113.71%
Net Income Growth	-36.34%	-36.10%	-10.53%	42.29%	15.91%	-42.12%	-17.62%	25.58%	42.90%	213.49%	113.71%
EPS Growth	-36.11%	-30.30%	-10.00%	48.57%	15.22%	-41.30%	-15.56%	25.00%	45.28%	214.81%	115.79%
Operating Cash Flow Growth	-36.09%	-241.87%	-21.72%	-27.25%	-15.93%	134.47%	-2.70%	13.21%	59.55%	5.05%	51.37%
Free Cash Flow Firm Growth	-433.49%	-50.90%	125.44%	130.66%	129.73%	-87.32%	165.08%	59.03%	89.28%	-1,115.55%	-123.03%
Invested Capital Growth	41.93%	-0.48%	-4.12%	-7.90%	-6.75%	0.76%	-14.17%	-14.21%	-14.50%	6.20%	7.25%
Revenue Q/Q Growth	2.22%	-0.92%	3.67%	2.03%	4.46%	-7.27%	15.57%	2.41%	6.74%	1.32%	3.10%
EBITDA Q/Q Growth	18.83%	0.34%	-0.54%	9.81%	6.05%	-49.04%	42.02%	63.94%	18.30%	-0.34%	3.00%
EBIT Q/Q Growth	25.15%	-1.96%	3.22%	12.71%	5.70%	-54.74%	55.73%	70.88%	19.45%	0.98%	3.48%
NOPAT Q/Q Growth	28.05%	-0.26%	-0.82%	12.32%	4.31%	-50.20%	41.16%	71.24%	18.70%	9.26%	-3.77%
Net Income Q/Q Growth	28.05%	-0.26%	-0.82%	12.32%	4.31%	-50.20%	41.16%	71.24%	18.70%	9.26%	-3.77%
EPS Q/Q Growth	31.43%	0.00%	-2.17%	15.56%	1.92%	-49.06%	40.74%	71.05%	18.46%	10.39%	-3.53%
Operating Cash Flow Q/Q Growth	-10.25%	-245.71%	163.42%	-12.27%	3.71%	-40.26%	79.02%	2.07%	46.17%	-60.67%	157.96%
Free Cash Flow Firm Q/Q Growth	8.60%	106.27%	199.78%	78.32%	-11.37%	-97.32%	6,168.09%	6.98%	5.49%	-114.36%	-42.14%
Invested Capital Q/Q Growth	0.19%	-23.10%	18.35%	1.00%	1.45%	-16.91%	0.82%	0.95%	1.11%	3.21%	1.82%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	33.23%	33.65%	32.29%	34.75%	35.28%	19.39%	23.82%	38.14%	42.27%	41.58%	41.54%
EBIT Margin	28.65%	28.35%	28.22%	31.18%	31.55%	15.40%	20.75%	34.62%	38.74%	38.61%	38.75%
Profit (Net Income) Margin	23.18%	23.33%	22.32%	24.58%	24.54%	13.18%	16.10%	26.92%	29.93%	32.28%	30.13%
Tax Burden Percent	80.91%	82.32%	79.10%	78.83%	77.79%	85.60%	77.59%	77.76%	77.26%	83.60%	77.75%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	19.09%	17.68%	20.90%	21.17%	22.21%	14.40%	22.41%	22.24%	22.74%	16.40%	22.25%
Return on Invested Capital (ROIC)	6.80%	7.31%	5.78%	6.28%	6.37%	4.31%	4.97%	8.52%	9.75%	12.07%	11.49%
ROIC Less NNEP Spread (ROIC-NNEP)	6.80%	7.31%	5.78%	6.28%	6.37%	4.31%	4.97%	8.52%	9.75%	12.07%	11.49%
Return on Net Nonoperating Assets (RNNOA)	2.31%	1.21%	2.26%	2.69%	2.69%	0.41%	0.99%	1.67%	1.78%	0.77%	0.72%
Return on Equity (ROE)	9.11%	8.52%	8.04%	8.97%	9.06%	4.72%	5.95%	10.19%	11.52%	12.84%	12.21%
Cash Return on Invested Capital (CROIC)	-27.37%	7.52%	9.87%	14.20%	13.14%	6.19%	21.30%	21.76%	22.81%	3.92%	4.40%
Operating Return on Assets (OROA)	0.93%	0.93%	0.89%	1.01%	1.01%	0.51%	0.68%	1.20%	1.34%	1.46%	1.48%
Return on Assets (ROA)	0.76%	0.77%	0.71%	0.80%	0.79%	0.43%	0.53%	0.93%	1.04%	1.22%	1.15%
Return on Common Equity (ROCE)	9.11%	8.52%	8.04%	8.97%	9.06%	4.72%	5.95%	10.19%	11.52%	12.84%	12.21%
Return on Equity Simple (ROE_SIMPLE)	9.57%	0.00%	7.72%	8.28%	8.38%	0.00%	7.01%	7.48%	8.24%	0.00%	11.62%
Net Operating Profit after Tax (NOPAT)	7.74	7.72	7.66	8.60	8.98	4.47	6.31	11	13	14	13
NOPAT Margin	23.18%	23.33%	22.32%	24.58%	24.54%	13.18%	16.10%	26.92%	29.93%	32.28%	30.13%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	53.52%	54.32%	56.78%	55.83%	54.39%	59.92%	52.72%	53.88%	49.50%	49.16%	50.12%
Operating Expenses to Revenue	70.29%	70.07%	69.98%	66.61%	65.90%	76.19%	66.45%	63.90%	59.36%	59.44%	60.02%
Earnings before Interest and Taxes (EBIT)	9.57	9.38	9.68	11	12	5.22	8.13	14	17	17	17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	11	11	11	12	13	6.58	9.34	15	18	18	19
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.73	1.19	1.05	1.10	1.20	1.19	1.04	1.04	1.09	1.18	1.25
Price to Tangible Book Value (P/TBV)	0.78	1.27	1.12	1.17	1.28	1.27	1.11	1.11	1.16	1.25	1.33
Price to Revenue (P/Rev)	1.91	3.38	2.98	3.11	3.38	3.40	2.90	2.83	2.91	3.07	3.21
Price to Earnings (P/E)	7.68	15.04	13.62	13.30	14.26	16.01	14.78	13.90	13.19	11.55	10.75
Dividend Yield	0.00%	4.07%	5.62%	5.34%	4.81%	4.79%	4.39%	4.36%	4.10%	3.69%	3.48%
Earnings Yield	13.02%	6.65%	7.34%	7.52%	7.01%	6.25%	6.77%	7.20%	7.58%	8.66%	9.30%
Enterprise Value to Invested Capital (EV/IC)	0.30	0.84	0.48	0.68	0.49	0.81	0.34	0.42	0.18	0.70	0.62
Enterprise Value to Revenue (EV/Rev)	1.18	2.66	1.81	2.57	1.82	2.50	1.01	1.23	0.52	1.92	1.68
Enterprise Value to EBITDA (EV/EBITDA)	3.26	8.05	5.66	7.66	5.36	8.18	3.57	4.19	1.64	5.23	4.12
Enterprise Value to EBIT (EV/EBIT)	3.76	9.49	6.66	8.81	6.11	9.36	4.09	4.76	1.84	5.74	4.46
Enterprise Value to NOPAT (EV/NOPAT)	4.76	11.84	8.28	10.98	7.69	11.77	5.16	6.05	2.35	7.23	5.64
Enterprise Value to Operating Cash Flow (EV/OCF)	3.39	17.31	13.64	24.35	20.24	10.14	4.28	5.22	1.97	7.70	6.21
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	11.08	4.75	4.62	3.60	13.20	1.47	1.79	0.74	18.33	14.62
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.54	0.12	0.33	0.33	0.31	0.07	0.07	0.07	0.06	0.06	0.06
Long-Term Debt to Equity	0.54	0.12	0.33	0.33	0.31	0.07	0.07	0.07	0.06	0.06	0.06
Financial Leverage	0.34	0.17	0.39	0.43	0.42	0.10	0.20	0.20	0.18	0.06	0.06
Leverage Ratio	12.06	11.10	11.40	11.21	11.53	10.86	11.23	10.94	11.10	10.51	10.62
Compound Leverage Factor	12.06	11.10	11.40	11.21	11.53	10.86	11.23	10.94	11.10	10.51	10.62
Debt to Total Capital	35.05%	10.91%	25.08%	24.83%	23.91%	6.66%	6.60%	6.54%	5.49%	5.32%	5.22%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	35.05%	10.91%	25.08%	24.83%	23.91%	6.66%	6.60%	6.54%	5.49%	5.32%	5.22%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	64.95%	89.09%	74.93%	75.17%	76.09%	93.34%	93.40%	93.46%	94.51%	94.68%	94.78%
Debt to EBITDA	3.86	1.05	2.97	2.78	2.61	0.67	0.70	0.65	0.49	0.40	0.35
Net Debt to EBITDA	-2.00	-2.17	-3.66	-1.62	-4.58	-2.95	-6.66	-5.44	-7.56	-3.12	-3.73
Long-Term Debt to EBITDA	3.86	1.05	2.97	2.78	2.61	0.67	0.70	0.65	0.49	0.40	0.35
Debt to NOPAT	5.64	1.55	4.34	3.99	3.75	0.96	1.01	0.94	0.71	0.55	0.47
Net Debt to NOPAT	-2.92	-3.19	-5.35	-2.32	-6.57	-4.24	-9.62	-7.85	-10.84	-4.32	-5.11
Long-Term Debt to NOPAT	5.64	1.55	4.34	3.99	3.75	0.96	1.01	0.94	0.71	0.55	0.47
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-156	9.79	29	52	46	1.24	78	83	88	-13	-18
Operating Cash Flow to CapEx	1,519.67%	0.00%	1,997.88%	0.00%	1,061.56%	628.49%	1,546.85%	866.61%	0.00%	2,787.26%	1,827.70%
Free Cash Flow to Firm to Interest Expense	-9.31	0.52	1.45	2.51	2.21	0.06	4.09	4.37	4.51	-0.65	-1.01
Operating Cash Flow to Interest Expense	0.67	-0.87	0.51	0.44	0.45	0.27	0.53	0.54	0.77	0.30	0.86
Operating Cash Flow Less CapEx to Interest Expense	0.62	-0.87	0.49	0.44	0.41	0.22	0.50	0.48	0.78	0.29	0.82
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.04	0.04
Fixed Asset Turnover	2.42	2.31	2.27	2.28	2.31	2.34	2.42	2.50	2.60	2.78	2.87
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	554	426	504	510	517	430	433	437	442	456	464
Invested Capital Turnover	0.29	0.31	0.26	0.26	0.26	0.33	0.31	0.32	0.33	0.37	0.38
Increase / (Decrease) in Invested Capital	164	-2.07	-22	-44	-37	3.23	-71	-72	-75	27	31
Enterprise Value (EV)	164	356	241	348	254	350	146	185	81	318	288
Market Capitalization	264	452	397	422	470	476	419	425	454	508	550
Book Value per Share	$21.75	$22.27	$22.83	$22.94	$23.51	$23.95	$24.19	$24.50	$25.36	$26.26	$26.87
Tangible Book Value per Share	$20.35	$20.92	$21.45	$21.57	$21.95	$22.41	$22.65	$22.96	$23.81	$24.71	$25.31
Total Capital	554	426	504	510	517	430	433	437	442	456	464
Total Debt	194	47	127	127	124	29	29	29	24	24	24
Total Long-Term Debt	194	47	127	127	124	29	29	29	24	24	24
Net Debt	-100	-96	-156	-74	-216	-126	-273	-240	-373	-190	-261
Capital Expenditures (CapEx)	0.74	-0.12	0.52	-0.03	0.89	0.90	0.65	1.19	-0.11	0.21	0.83
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	194	47	127	127	124	29	29	29	24	24	24
Total Depreciation and Amortization (D&A)	1.53	1.76	1.39	1.25	1.36	1.35	1.21	1.41	1.51	1.29	1.25
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.46	$0.46	$0.45	$0.52	$0.54	$0.26	$0.38	$0.65	$0.77	$0.85	$0.82
Adjusted Weighted Average Basic Shares Outstanding	17.05M	17.04M	16.87M	16.69M	16.71M	16.74M	16.67M	16.55M	16.40M	16.50M	16.38M
Adjusted Diluted Earnings per Share	$0.46	$0.46	$0.45	$0.52	$0.53	$0.27	$0.38	$0.65	$0.77	$0.85	$0.82
Adjusted Weighted Average Diluted Shares Outstanding	17.05M	17.04M	16.87M	16.71M	16.74M	16.75M	16.67M	16.55M	16.41M	16.51M	16.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	17.06M	16.55M	16.70M	16.73M	16.74M	16.72M	16.68M	16.47M	16.44M	16.51M	16.53M
Normalized Net Operating Profit after Tax (NOPAT)	7.74	7.72	7.66	8.60	8.98	4.47	6.31	11	13	14	13
Normalized NOPAT Margin	23.18%	23.33%	22.32%	24.58%	24.54%	13.18%	16.10%	26.92%	29.93%	32.28%	30.13%
Pre Tax Income Margin	28.65%	28.35%	28.22%	31.18%	31.55%	15.40%	20.75%	34.62%	38.74%	38.61%	38.75%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.57	0.50	0.48	0.52	0.55	0.25	0.43	0.73	0.85	0.86	0.98
NOPAT to Interest Expense	0.46	0.41	0.38	0.41	0.43	0.21	0.33	0.57	0.66	0.72	0.76
EBIT Less CapEx to Interest Expense	0.53	0.51	0.45	0.53	0.51	0.20	0.39	0.67	0.86	0.85	0.93
NOPAT Less CapEx to Interest Expense	0.42	0.42	0.35	0.41	0.39	0.17	0.30	0.51	0.66	0.71	0.72
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	51.89%	59.79%	61.99%	57.12%	55.15%	61.55%	64.95%	60.77%	54.67%	42.99%	37.46%
Augmented Payout Ratio	54.79%	71.79%	91.88%	86.21%	83.32%	84.41%	80.14%	90.13%	84.75%	66.29%	50.90%

Financials Breakdown Chart

Key Financial Trends

Arrow Financial (NASDAQ: AROW) has shown a notable improvement in profitability since the weak period in 2024, but its balance sheet and cash flow remain heavily influenced by deposit swings and investment portfolio activity. The company’s latest quarter, Q1 2026, was solid on the income statement, with net income of $13.5 million versus $6.3 million in Q1 2025 and $7.7 million in Q1 2024. Earnings per share also improved to $0.82 from $0.38 a year earlier.

Revenue trends are stable to improving. Q1 2026 total revenue reached $44.8 million, up from $39.2 million in Q1 2025 and $34.3 million in Q1 2024. Growth came from both net interest income and non-interest income, although the biggest driver remains interest-related business.

Net interest income is holding up well despite higher funding costs. In Q1 2026, net interest income was $36.1 million, up from $31.4 million in Q1 2025 and $26.5 million in Q1 2024. However, deposit interest expense stayed elevated at $17.4 million in the latest quarter, which continues to pressure margins relative to the low-rate environment of earlier periods.

Non-interest income has become more supportive. Q1 2026 non-interest income was $8.6 million, slightly above Q1 2025 and ahead of Q1 2024. That helps offset the bank’s still-rising expense base, but it is not yet large enough to fully change the earnings profile.

Expenses remain the main headwind. Q1 2026 non-interest expense was $26.9 million, up from $26.0 million in Q1 2025 and $24.0 million in Q1 2024. Payroll and occupancy costs are still high, so while profits are improving, operating leverage is not yet strong.

Credit quality appears manageable, though provisioning has ticked up again. The provision for credit losses was $548,000 in Q1 2026, lower than the elevated $5.0 million in Q1 2025 but higher than some recent quarters. That suggests management still sees some credit risk, but the latest number is not alarming by itself.

Cash flow was very strong in Q1 2026. Operating cash flow came in at $15.2 million, and net change in cash and equivalents was a hefty $71.4 million. That is a meaningful improvement from Q1 2025, when cash generation was also positive but less robust.

The balance sheet looks larger and more liquid, but deposits are volatile. Total assets rose to $4.52 billion in Q1 2026 from $4.45 billion in Q1 2025 and $4.33 billion in Q1 2024. Cash and due from banks increased to $29.1 million, while interest-bearing deposits at other banks stood at $256.5 million. At the same time, interest-bearing deposits at the bank increased to $3.29 billion, underscoring continued dependence on deposit funding.

Equity has grown, but not dramatically. Total common equity was $440.1 million in Q1 2026, up from $404.4 million in Q1 2025 and $377.9 million in Q1 2024. That improvement is helped by retained earnings growth, but treasury stock and accumulated other comprehensive losses remain notable offsets.

Strong rebound in earnings: Q1 2026 net income of $13.5 million was well above prior-year levels.
Revenue growth is improving: Total revenue rose to $44.8 million from $39.2 million a year ago.
Net interest income is expanding: NII improved to $36.1 million, showing the core banking business is still generating solid spread income.
Operating cash flow remains healthy: The company generated $15.2 million from operations in Q1 2026.
Liquidity improved: Cash and equivalents were higher, and the quarter ended with a strong net increase in cash.
Credit losses remain contained: Provisioning was modest at $548,000, but it has varied a lot over the last several quarters.
Balance sheet growth is steady: Total assets and equity have both increased gradually year over year.
Deposit funding remains a key swing factor: Quarterly deposit changes have been volatile, which can affect liquidity and funding costs.
Expense base is still high: Non-interest expense continues to run above $26 million per quarter.
Interest expense remains elevated: Deposit costs are still eating into margin expansion.

Bottom line: Arrow Financial looks materially stronger than it did in early 2025, with better earnings, better cash generation, and a firmer balance sheet. The key question for investors is whether management can keep improving margins while controlling expenses and stabilizing deposits. If that happens, the recent earnings rebound could prove sustainable.

07/20/26 07:01 PM ETAI Generated. May Contain Errors.

Arrow Financial Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Arrow Financial's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Arrow Financial's net income appears to be on an upward trend, with a most recent value of $43.95 million in 2025, rising from $24.66 million in 2015. The previous period was $29.71 million in 2024. View Arrow Financial's forecast to see where analysts expect Arrow Financial to go next.

Over the last 10 years, Arrow Financial's total revenue changed from $94.05 million in 2015 to $165.60 million in 2025, a change of 76.1%.

Arrow Financial's total liabilities were at $4.01 billion at the end of 2025, a 2.8% increase from 2024, and a 79.8% increase since 2015.

In the past 10 years, Arrow Financial's cash and equivalents has ranged from $26.98 million in 2021 to $56.53 million in 2018, and is currently $29.13 million as of their latest financial filing in 2025.

Over the last 10 years, Arrow Financial's book value per share changed from 16.58 in 2015 to 26.26 in 2025, a change of 58.4%.

Related Companies

Financial statements for NASDAQ:AROW last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Arrow Financial (AROW) Financials

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Arrow Financial (AROW) Financials

Annual Income Statements for Arrow Financial

Quarterly Income Statements for Arrow Financial

Annual Cash Flow Statements for Arrow Financial

Quarterly Cash Flow Statements for Arrow Financial

Annual Balance Sheets for Arrow Financial

Quarterly Balance Sheets for Arrow Financial

Annual Metrics And Ratios for Arrow Financial

Quarterly Metrics And Ratios for Arrow Financial

Financials Breakdown Chart

Key Financial Trends

Arrow Financial Financials - Frequently Asked Questions

When does Arrow Financial's fiscal year end?

How has Arrow Financial's net income changed over the last 10 years?

How has Arrow Financial's revenue changed over the last 10 years?

How much debt does Arrow Financial have?

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How has Arrow Financial's book value per share changed over the last 10 years?

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