Associated Banc-Corp (ASB) Balance Sheet
ASB balance sheet, 2025
December 31, 2025 · U.S. dollars$45.20B assets = $40.23B liabilities + $4.98B equity
Both columns are drawn to the same scale: what ASB owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ASB financial health
Descriptive bands, not a rating. Fiscal 2025.
ASB balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $29.14B2016 | $45.20B2025 | +5.0%/yr | |
| Total liabilities | $26.05B2016 | $40.23B2025 | +4.9%/yr | |
| Shareholders’ equity | $3.09B2016 | $4.98B2025 | +5.4%/yr | |
| Cash & short-term investments | $5.28B2016 | $5.97B2025 | +1.4%/yr | |
| Total debt | $3.40B2016 | $4.17B2025 | +2.3%/yr | |
| Net cash (debt) | $1.88B2016 | $1.80B2025 | −$77.3M | |
| Working capital | $21.17B2016 | −$14.26B2025 | −$35.4B | |
| Book value per share | $20.612016 | $29.862025 | +4.2%/yr | |
| Debt / equity | 1.102016 | 0.842025 | −0.26 | |
| Shares outstanding | 150.0M2016 | 166.6M2025 | +1.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ASB assets
ASB liabilities and equity
ASB debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ASB balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $5.97B | $5.57B | $4.52B | $3.34B | $5.36B | $3.80B | $3.84B | $4.68B | $4.73B | $5.28B |
| Cash & equivalents | $574.7M | $997.6M | $909.5M | $593.6M | $1.03B | $716.0M | $581.0M | $728.4M | $683.4M | $595.7M |
| Short-term investments | $5.40B | $4.58B | $3.60B | $2.74B | $4.33B | $3.09B | $3.26B | $3.95B | $4.04B | $4.68B |
| Receivables | $161.1M | $167.8M | $169.6M | $144.4M | $80.5M | $90.3M | $91.2M | $0 | $0 | $0 |
| Inventory | $0 | $0 | −$1.09B | −$765.9M | −$1.11B | −$807.7M | $27.1M | $12.0M | $20.0M | $17.7M |
| Other current assets | $0 | $0 | $1.08B | $765.9M | $1.11B | $807.7M | $0 | $0 | $17.81B | $16.46B |
| Total current assets | $6.13B | $5.74B | $4.68B | $3.48B | $5.44B | $3.89B | $3.93B | $4.68B | $22.56B | $21.75B |
| Property, plant & equipment (net) | $381.6M | $379.1M | $373.3M | $376.9M | $385.2M | $418.9M | $435.3M | $363.2M | $331.0M | $330.3M |
| Goodwill & intangible assets | $1.13B | $1.22B | $1.23B | $1.23B | $1.22B | $1.22B | $1.33B | $1.31B | $1.05B | $1.05B |
| Long-term investments | $9.26B | $8.60B | $7.76B | $7.00B | $6.88B | $24.07B | $24.83B | $25.53B | $22.87B | $21.22B |
| Other non-current assets | $28.30B | $27.08B | $26.97B | $27.31B | $21.18B | $3.82B | $1.86B | $1.76B | $0 | $0 |
| Total assets | $45.20B | $43.02B | $41.02B | $39.41B | $35.10B | $33.42B | $32.39B | $33.65B | $30.48B | $29.14B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $29.64B | $28.47B | $26.48B | $23.78B | $24.90B | $22.79B | $21.89B |
| Short-term debt | $307.9M | $1.72B | $1.07B | $3.73B | $284.1M | $252.3M | $985.1M | $1.06B | $351.5M | $583.7M |
| Total current liabilities | $20.40B | $36.37B | $35.07B | $33.91B | $284.1M | $27.10B | $25.23B | $26.45B | $351.5M | $583.7M |
| Long-term debt | $594.3M | $837.6M | $541.3M | $248.1M | $1.87B | $549.5M | $549.3M | $883.3M | $3.47B | $2.81B |
| Lease obligations | — | $295,000 | $383,000 | $469,000 | $163,000 | $1.1M | $2.2M | — | — | — |
| Other long-term liabilities | $19.24B | $1.21B | $1.23B | $1.23B | $0 | $1.68B | $2.68B | $2.50B | $0 | $0 |
| Total liabilities | $40.23B | $38.42B | $36.84B | $35.39B | $31.08B | $29.33B | $28.46B | $29.87B | $27.25B | $26.05B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.9M | $1.9M | $1.8M | $1.8M | $1.8M | $1.8M | $1.8M | $1.8M | $1.6M | $1.6M |
| Retained earnings (deficit) | $3.23B | $2.92B | $2.95B | $2.90B | $2.67B | $2.46B | $2.38B | $2.18B | $1.82B | $1.70B |
| Treasury stock | — | — | — | −$525.2M | −$546.2M | −$456.2M | −$400.5M | −$246.6M | −$134.8M | −$170.8M |
| Accumulated other comprehensive income | −$7.6M | −$74.4M | −$171.1M | −$272.8M | −$10.3M | $12.6M | −$33.2M | −$125.0M | −$62.8M | −$54.7M |
| Minority interest | — | — | — | — | — | — | — | — | — | $0 |
| Total shareholders' equity | $4.98B | $4.61B | $4.17B | $4.02B | $4.02B | $4.09B | $3.92B | $3.78B | $3.24B | $3.09B |
| Key figures | ||||||||||
| Total debt | $4.17B | $3.16B | $2.81B | $5.17B | $2.15B | $2.43B | $4.20B | $4.53B | $3.82B | $3.40B |
| Net cash (debt) | $1.80B | $2.41B | $1.72B | −$1.84B | $3.20B | $1.37B | −$351.8M | $149.9M | $910.2M | $1.88B |
| Working capital | −$14.26B | −$30.63B | −$30.39B | −$30.43B | $5.15B | −$23.21B | −$21.30B | −$21.78B | $22.21B | $21.17B |
| Tangible book value | $3.85B | $3.38B | $2.94B | $2.78B | $2.81B | $2.87B | $2.59B | $2.47B | $2.19B | $2.04B |
| Book value per share | $29.86 | $30.03 | $27.67 | $26.68 | $26.48 | $26.63 | $24.22 | $22.28 | $21.07 | $20.61 |
| Shares outstanding | 166.6M | 153.3M | 150.9M | 150.5M | 152.0M | 153.6M | 161.9M | 169.7M | 153.6M | 150.0M |
| Current ratio | 0.30 | 0.16 | 0.13 | 0.10 | 19.14 | 0.14 | 0.16 | 0.18 | 64.19 | 37.27 |
| Quick ratio | 0.30 | 0.16 | 0.13 | 0.10 | 19.14 | 0.14 | 0.16 | 0.18 | 13.45 | 9.04 |
| Debt / equity | 0.84 | 0.69 | 0.67 | 1.29 | 0.54 | 0.60 | 1.07 | 1.20 | 1.18 | 1.10 |
| Equity / assets | 11.0% | 10.7% | 10.2% | 10.2% | 11.5% | 12.2% | 12.1% | 11.2% | 10.6% | 10.6% |
| 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 | $6.91B | $5.98B | $5.97B | $1.29B | $6.29B | $6.02B | $5.60B | $5.12B | $4.87B | $4.57B | $4.51B | $4.20B |
| Cash & equivalents | $548.1M | $465.3M | $574.7M | $1.29B | $1.26B | $1.23B | $997.6M | $962.7M | $955.5M | $850.0M | $909.5M | $711.8M |
| Short-term investments | $6.37B | $5.51B | $5.40B | $1.0M | $5.03B | $4.79B | $4.60B | $4.15B | $3.91B | $3.72B | $3.60B | $3.49B |
| Receivables | $181.9M | $161.0M | $161.1M | $168.5M | $168.6M | $159.7M | $167.8M | $167.8M | $173.1M | $167.1M | $169.6M | $171.1M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$4.87B | $297.7M | −$598.6M | −$1.09B | −$883.9M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $4.87B | $0 | $598.6M | $1.09B | $883.9M |
| Total current assets | $730.0M | $6.14B | $6.13B | $1.46B | $6.46B | $6.18B | $5.74B | $5.28B | $5.04B | $4.74B | $4.68B | $4.37B |
| Property, plant & equipment (net) | $449.0M | $376.8M | $381.6M | $384.1M | $377.4M | $377.5M | $379.1M | $373.8M | $370.3M | $367.6M | $373.0M | $373.0M |
| Goodwill & intangible assets | $1.26B | $1.13B | $1.13B | $1.22B | $1.22B | $1.22B | $1.22B | $1.22B | $1.23B | $1.23B | $1.23B | $1.24B |
| Long-term investments | $10.14B | $9.34B | $9.26B | $9.12B | $8.98B | $8.78B | $8.60B | $8.21B | $7.98B | $7.83B | $7.76B | $7.68B |
| Other non-current assets | $39.23B | $28.61B | $28.30B | $32.27B | $26.96B | $26.75B | $27.08B | $27.12B | $27.00B | $26.97B | $26.97B | $27.97B |
| Total assets | $51.81B | $45.59B | $45.20B | $44.46B | $43.99B | $43.31B | $43.02B | $42.21B | $41.62B | $41.14B | $41.02B | $41.64B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | — | — | — | — | — | — | — | — | $32.12B |
| Short-term debt | $529.3M | $395.7M | $307.9M | $3.21B | $3.55B | $1.73B | $1.72B | $1.12B | $1.83B | $903.7M | $1.07B | $3.00B |
| Total current liabilities | $529.3M | $395.7M | $20.40B | $38.09B | $37.69B | $36.93B | $36.37B | $34.68B | $34.53B | $34.62B | $35.07B | $35.76B |
| Long-term debt | $850.8M | $1.00B | $594.3M | $594.1M | $593.5M | $591.4M | $837.6M | $844.3M | $1.73B | $1.73B | $1.74B | $529.5M |
| Lease obligations | — | — | — | $228,000 | $250,000 | $273,000 | $295,000 | $317,000 | $339,000 | $361,000 | $383,000 | $405,000 |
| Other long-term liabilities | $44.79B | $39.20B | $19.24B | $902.0M | $926.3M | $1.10B | $1.21B | $2.28B | $1.12B | $620.5M | $35.2M | $1.22B |
| Total liabilities | $46.17B | $40.60B | $40.23B | $39.59B | $39.21B | $38.62B | $38.42B | $37.80B | $37.38B | $36.97B | $36.84B | $37.51B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2.1M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.8M | $1.8M | $1.8M | $1.8M | $1.8M |
| Retained earnings (deficit) | $3.38B | $3.30B | $3.23B | $3.13B | $3.05B | $2.98B | $2.92B | $3.12B | $3.07B | $2.99B | $2.95B | $3.07B |
| Accumulated other comprehensive income | −$79.6M | −$44.5M | −$7.6M | −$16.0M | −$14.3M | −$35.1M | −$74.4M | −$111.7M | −$219.2M | −$209.9M | −$171.1M | −$339.1M |
| Total shareholders' equity | $5.64B | $5.00B | $4.98B | $4.87B | $4.78B | $4.69B | $4.61B | $4.41B | $4.24B | $4.17B | $4.17B | $4.13B |
| Key figures | ||||||||||||
| Total debt | $5.70B | $4.41B | $4.17B | $4.21B | $4.55B | $2.93B | $3.16B | $3.17B | $3.57B | $2.64B | $2.81B | $4.71B |
| Net cash (debt) | $1.22B | $1.57B | $1.80B | −$2.92B | $1.74B | $3.09B | $2.43B | $1.94B | $1.30B | $1.94B | $1.70B | −$510.6M |
| Working capital | $200.7M | $5.75B | −$14.26B | −$36.63B | −$31.23B | −$30.74B | −$30.63B | −$29.39B | −$29.48B | −$29.88B | −$30.39B | −$31.38B |
| Tangible book value | $4.37B | $3.87B | $3.85B | $3.65B | $3.56B | $3.47B | $3.38B | $3.19B | $3.02B | $2.94B | $2.94B | $2.89B |
| Book value per share | $29.69 | $30.01 | $29.84 | $29.20 | $28.74 | $28.13 | $29.20 | $29.13 | $28.04 | $27.55 | $27.81 | $27.33 |
| Shares outstanding | 189.9M | 166.6M | 166.7M | 166.7M | 166.3M | 166.6M | 157.7M | 151.5M | 151.3M | 151.3M | 150.1M | 151.0M |
| Current ratio | 1.38 | 15.52 | 0.30 | 0.04 | 0.17 | 0.17 | 0.16 | 0.15 | 0.15 | 0.14 | 0.13 | 0.12 |
| Quick ratio | 13.41 | 15.52 | 0.30 | 0.04 | 0.17 | 0.17 | 0.16 | 0.15 | 0.15 | 0.14 | 0.13 | 0.12 |
| Debt / equity | 1.01 | 0.88 | 0.84 | 0.87 | 0.95 | 0.63 | 0.69 | 0.72 | 0.84 | 0.63 | 0.67 | 1.14 |
| Equity / assets | 10.9% | 11.0% | 11.0% | 11.0% | 10.9% | 10.8% | 10.7% | 10.5% | 10.2% | 10.1% | 10.2% | 9.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 12, 2026); data from EODHD.
ASB financial position
At the end of fiscal 2025 (December 31, 2025), Associated Banc-Corp had total assets of $45.2 billion (up 5.1% from a year earlier), total liabilities of $40.2 billion and shareholders' equity of $5.0 billion. It held $6.0 billion in cash and short-term investments against $4.2 billion of debt, a net cash position of $1.8 billion. Its current ratio was 0.30. In the latest quarter (ended June 30, 2026) total assets were $51.8 billion and equity $5.6 billion.
Related: ASB income statement, ASB cash flow statement, ASB key metrics. See the ASB stock overview for the latest quote and news.
ASB balance sheet FAQ
What are Associated Banc-Corp's total assets?
Associated Banc-Corp reported total assets of $45.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $43.0 billion a year earlier.
How much debt does Associated Banc-Corp have?
Associated Banc-Corp had $4.2 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.84.
How much cash does Associated Banc-Corp have?
Associated Banc-Corp held $6.0 billion in cash and short-term investments at the end of fiscal 2025; with $4.2 billion of debt that is net cash of $1.8 billion.
What is Associated Banc-Corp's book value?
Associated Banc-Corp's shareholders' equity (book value) was $5.0 billion at the end of fiscal 2025, or $29.86 per share.
What is Associated Banc-Corp's current ratio?
Associated Banc-Corp had current assets of $6.1 billion and current liabilities of $20.4 billion, a current ratio of 0.30 (current liabilities exceed current assets).
How much goodwill does Associated Banc-Corp have?
Associated Banc-Corp carried $1.1 billion of goodwill and intangible assets, 2.5% of total assets, at the end of fiscal 2025.