Arrow Financial Corporation (AROW) Balance Sheet
AROW balance sheet, 2025
December 31, 2025 · U.S. dollars$4.45B assets = $4.01B liabilities + $431.9M equity
Both columns are drawn to the same scale: what AROW owns equals what it owes plus shareholders’ equity. Hover a block for its value.
AROW financial health
Descriptive bands, not a rating. Fiscal 2025.
AROW balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.61B2016 | $4.45B2025 | +6.1%/yr | |
| Total liabilities | $2.37B2016 | $4.01B2025 | +6.0%/yr | |
| Shareholders’ equity | $232.9M2016 | $431.9M2025 | +7.1%/yr | |
| Cash & short-term investments | $404.4M2016 | $29.1M2025 | −25.3%/yr | |
| Total debt | $356.8M2016 | $29.2M2025 | −24.3%/yr | |
| Net cash (debt) | $47.5M2016 | −$62,0002025 | −$47.6M | |
| Working capital | −$1.87B2016 | −$693.2M2025 | +$1.2B | |
| Book value per share | $14.472016 | $26.152025 | +6.8%/yr | |
| Debt / equity | 1.532016 | 0.072025 | −1.46 | |
| Shares outstanding | 16.1M2016 | 16.5M2025 | +0.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AROW assets
AROW liabilities and equity
AROW debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
AROW balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $29.1M | $617.7M | $640.3M | $638.2M | $1.02B | $746.3M | $427.6M | $401.8M | $373.0M | $404.4M |
| Cash & equivalents | $29.1M | $154.5M | $142.5M | $64.7M | $457.7M | $381.0M | $70.2M | $84.2M | $72.8M | $57.4M |
| Short-term investments | $542.2M | $463.1M | $497.8M | $573.5M | $559.3M | $365.3M | $357.3M | $317.5M | $300.2M | $347.0M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $2.57B | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $593,000 | $126,000 | $155,000 | $1.3M | $1.3M | $1.8M | $1.7M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $29.1M | $617.7M | $640.3M | $638.2M | $1.02B | $746.3M | $427.6M | $401.8M | $373.0M | $404.4M |
| Property, plant & equipment (net) | $59.4M | $59.7M | $59.6M | $56.5M | $46.2M | $42.6M | $40.6M | $30.4M | $27.6M | $26.9M |
| Goodwill & intangible assets | $25.5M | $25.8M | $23.0M | $23.4M | $23.8M | $23.8M | $23.5M | $23.7M | $24.2M | $24.6M |
| Long-term investments | $572.8M | $570.8M | $636.1M | $757.1M | $757.6M | $583.7M | $2.97B | $2.78B | $2.27B | $2.08B |
| Other non-current assets | $3.76B | $3.03B | $2.81B | $2.49B | $2.18B | $2.29B | $0 | $0 | $67.6M | $67.7M |
| Total assets | $4.45B | $4.31B | $4.17B | $3.97B | $4.03B | $3.69B | $3.18B | $2.99B | $2.76B | $2.61B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $3.50B | $3.55B | $3.23B | $2.62B | $2.35B | $2.25B | $2.12B |
| Short-term debt | — | — | $20.0M | $27.0M | $874,000 | $17.5M | $181.1M | $288.7M | $170.0M | $158.8M |
| Total current liabilities | $722.4M | $3.83B | $3.71B | $27.0M | $3.55B | $3.25B | $2.80B | $2.63B | $2.42B | $2.28B |
| Long-term debt | $24.3M | $28.6M | $26.5M | $47.8M | $20.0M | $20.0M | $20.0M | $20.0M | $20.0M | $20.0M |
| Lease obligations | $4.9M | $5.0M | $5.1M | $5.1M | $5.2M | $5.2M | $5.3M | — | — | — |
| Other long-term liabilities | $3.27B | $48.9M | $56.0M | $0 | $86.3M | $82.0M | $65.4M | $64.5M | $75.8M | $77.0M |
| Total liabilities | $4.01B | $3.91B | $3.79B | $3.62B | $3.66B | $3.35B | $2.88B | $2.72B | $2.51B | $2.37B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $22.1M | $22.1M | $22.1M | $21.4M | $20.8M | $20.2M | $19.6M | $19.0M | $18.5M | $17.9M |
| Retained earnings (deficit) | $102.3M | $77.2M | $65.8M | $65.4M | $54.1M | $41.9M | $33.2M | $29.3M | $28.8M | $28.6M |
| Treasury stock | — | — | — | — | −$82.0M | −$80.5M | −$80.1M | −$79.3M | −$79.2M | −$77.4M |
| Accumulated other comprehensive income | −$4.0M | −$18.5M | −$33.4M | −$49.7M | $347,000 | −$816,000 | −$6.4M | −$13.8M | −$8.5M | −$6.8M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $431.9M | $400.9M | $379.8M | $353.5M | $371.2M | $334.4M | $301.7M | $269.6M | $249.6M | $232.9M |
| Key figures | ||||||||||
| Total debt | $29.2M | $33.6M | $71.6M | $79.9M | $70.2M | $87.7M | $366.4M | $587.7M | $350.0M | $356.8M |
| Net cash (debt) | −$62,000 | $584.1M | $568.7M | $558.2M | $946.8M | $658.6M | $61.2M | −$185.9M | $23.1M | $47.5M |
| Working capital | −$693.2M | −$3.21B | −$3.07B | $611.2M | −$2.53B | −$2.51B | −$2.37B | −$2.23B | −$2.04B | −$1.87B |
| Tangible book value | $406.3M | $375.1M | $356.8M | $330.2M | $347.4M | $310.6M | $278.2M | $245.9M | $225.4M | $208.3M |
| Book value per share | $26.15 | $23.94 | $22.29 | $21.36 | $21.77 | $19.77 | $17.89 | $16.53 | $15.39 | $14.47 |
| Shares outstanding | 16.5M | 16.7M | 17.0M | 16.6M | 17.1M | 16.9M | 16.9M | 16.3M | 16.2M | 16.1M |
| Current ratio | 0.04 | 0.16 | 0.17 | 23.64 | 0.29 | 0.23 | 0.15 | 0.15 | 0.15 | 0.18 |
| Quick ratio | 0.04 | 0.16 | 0.17 | 23.64 | 0.29 | 1.02 | 0.15 | 0.15 | 0.15 | 0.18 |
| Debt / equity | 0.07 | 0.08 | 0.19 | 0.23 | 0.19 | 0.26 | 1.21 | 2.18 | 1.40 | 1.53 |
| Equity / assets | 9.7% | 9.3% | 9.1% | 8.9% | 9.2% | 9.1% | 9.5% | 9.0% | 9.0% | 8.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $30.9M | $29.1M | $29.1M | $921.3M | $716.1M | $747.2M | $617.7M | $777.2M | $651.0M | $768.3M | $640.3M | $814.0M |
| Cash & equivalents | $30.9M | $29.1M | $29.1M | $397.4M | $268.4M | $301.4M | $154.5M | $340.1M | $200.2M | $282.5M | $142.5M | $294.7M |
| Short-term investments | $551.5M | $565.0M | $542.2M | $523.9M | $447.7M | $445.7M | $463.1M | $437.1M | $450.8M | $485.8M | $497.8M | $519.2M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $30.9M | $29.1M | $29.1M | $921.3M | $716.1M | $747.2M | $617.7M | $777.2M | $651.0M | $768.3M | $640.3M | $814.0M |
| Property, plant & equipment (net) | $62.5M | $59.6M | $59.4M | $60.0M | $60.7M | $59.9M | $59.7M | $59.9M | $59.2M | $59.5M | $59.6M | $60.3M |
| Goodwill & intangible assets | $25.4M | $25.5M | $25.5M | $25.6M | $25.7M | $25.7M | $25.8M | $26.0M | $22.8M | $22.9M | $23.0M | $23.1M |
| Long-term investments | $587.9M | $594.6M | $572.8M | $554.1M | $523.8M | $548.6M | $570.8M | $545.5M | $552.1M | $615.8M | $636.1M | $661.8M |
| Other non-current assets | $3.78B | $3.81B | $3.76B | $3.03B | $3.09B | $3.07B | $3.03B | $3.00B | $2.96B | $2.87B | $2.81B | $2.71B |
| Total assets | $4.48B | $4.52B | $4.45B | $4.59B | $4.41B | $4.45B | $4.31B | $4.41B | $4.24B | $4.33B | $4.17B | $4.27B |
| Liabilities | ||||||||||||
| Short-term debt | $310.2M | $1.1M | — | $971,000 | — | — | — | $1.1M | $815,000 | $100.0M | $20.0M | $980,000 |
| Total current liabilities | $3.97B | $1.1M | $722.4M | $4.10B | $3.93B | $3.97B | $3.83B | $3.84B | $3.68B | $3.88B | $3.71B | $3.67B |
| Long-term debt | $330.2M | $24.3M | $24.3M | $24.3M | $28.6M | $28.6M | $28.6M | $28.6M | $26.5M | $26.5M | $26.5M | $194.3M |
| Lease obligations | $4.9M | $4.9M | $4.9M | $4.9M | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M | $5.1M | $5.1M | $5.1M |
| Other long-term liabilities | $0 | $4.06B | $3.27B | $45.1M | $48.3M | $47.7M | $48.9M | $152.1M | $151.2M | $50.1M | $56.0M | $52.1M |
| Total liabilities | $4.04B | $4.08B | $4.01B | $4.17B | $4.01B | $4.04B | $3.91B | $4.02B | $3.86B | $3.96B | $3.79B | $3.91B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $22.1M | $22.1M | $22.1M | $22.1M | $22.1M | $22.1M | $22.1M | $22.1M | $22.1M | $22.1M | $22.1M | $22.1M |
| Retained earnings (deficit) | $116.8M | $110.8M | $102.3M | $93.0M | $85.0M | $78.8M | $77.2M | $77.4M | $73.0M | $68.9M | $65.8M | $62.6M |
| Accumulated other comprehensive income | −$5.4M | −$4.8M | −$4.0M | −$8.6M | −$10.9M | −$13.5M | −$18.5M | −$26.0M | −$31.6M | −$32.7M | −$33.4M | −$52.6M |
| Total shareholders' equity | $446.3M | $440.1M | $431.9M | $417.7M | $408.5M | $404.4M | $400.9M | $393.3M | $383.0M | $378.0M | $379.8M | $360.0M |
| Key figures | ||||||||||||
| Total debt | $335.1M | $34.1M | $29.2M | $29.2M | $33.6M | $33.6M | $33.6M | $33.6M | $31.5M | $131.6M | $71.6M | $199.4M |
| Net cash (debt) | −$304.2M | −$5.0M | −$62,000 | $892.2M | $682.6M | $713.6M | $584.1M | $743.5M | $619.4M | $636.7M | $568.7M | $614.6M |
| Working capital | −$3.93B | $28.0M | −$693.2M | −$3.18B | −$3.21B | −$3.22B | −$3.21B | −$3.06B | −$3.03B | −$3.11B | −$3.07B | −$2.85B |
| Tangible book value | $420.9M | $414.7M | $406.3M | $392.1M | $382.8M | $378.7M | $375.1M | $367.3M | $360.2M | $355.1M | $356.8M | $336.9M |
| Book value per share | $27.15 | $26.83 | $26.31 | $25.46 | $24.68 | $24.26 | $23.95 | $23.49 | $22.92 | $22.41 | $22.33 | $21.12 |
| Shares outstanding | 16.4M | 16.4M | 16.4M | 16.4M | 16.6M | 16.7M | 16.7M | 16.7M | 16.7M | 16.9M | 17.0M | 17.1M |
| Current ratio | 0.01 | 25.33 | 0.04 | 0.22 | 0.18 | 0.19 | 0.16 | 0.20 | 0.18 | 0.20 | 0.17 | 0.22 |
| Quick ratio | 0.01 | 25.33 | 0.04 | 0.22 | 0.18 | 0.19 | 0.16 | 0.20 | 0.18 | 0.20 | 0.17 | 0.22 |
| Debt / equity | 0.75 | 0.08 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.09 | 0.08 | 0.35 | 0.19 | 0.55 |
| Equity / assets | 10.0% | 9.7% | 9.7% | 9.1% | 9.3% | 9.1% | 9.3% | 8.9% | 9.0% | 8.7% | 9.1% | 8.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 6, 2026); data from EODHD.
AROW financial position
At the end of fiscal 2025 (December 31, 2025), Arrow Financial had total assets of $4.4 billion (up 3.2% from a year earlier), total liabilities of $4.0 billion and shareholders' equity of $431.9 million. It held $29.1 million in cash and short-term investments against $29.2 million of debt, net debt of $0.1 million. Its current ratio was 0.04. In the latest quarter (ended June 30, 2026) total assets were $4.5 billion and equity $446.3 million.
Related: AROW income statement, AROW cash flow statement, AROW key metrics. See the AROW stock overview for the latest quote and news.
AROW balance sheet FAQ
What are Arrow Financial's total assets?
Arrow Financial reported total assets of $4.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $4.3 billion a year earlier.
How much debt does Arrow Financial have?
Arrow Financial had $29.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.07.
How much cash does Arrow Financial have?
Arrow Financial held $29.1 million in cash and short-term investments at the end of fiscal 2025; with $29.2 million of debt that is net debt of $0.1 million.
What is Arrow Financial's book value?
Arrow Financial's shareholders' equity (book value) was $431.9 million at the end of fiscal 2025, or $26.15 per share.
What is Arrow Financial's current ratio?
Arrow Financial had current assets of $29.1 million and current liabilities of $722.4 million, a current ratio of 0.04 (current liabilities exceed current assets).
How much goodwill does Arrow Financial have?
Arrow Financial carried $25.5 million of goodwill and intangible assets, 0.6% of total assets, at the end of fiscal 2025.