Western Alliance Bancorporation (WAL) Balance Sheet
WAL balance sheet, 2025
December 31, 2025 · U.S. dollars$92.77B assets = $84.83B liabilities + $7.95B equity
Both columns are drawn to the same scale: what WAL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
WAL financial health
Descriptive bands, not a rating. Fiscal 2025.
WAL balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $17.20B2016 | $92.77B2025 | +20.6%/yr | |
| Total liabilities | $15.31B2016 | $84.83B2025 | +21.0%/yr | |
| Shareholders’ equity | $1.89B2016 | $7.65B2025 | +16.8%/yr | |
| Cash & short-term investments | $2.89B2016 | $13.96B2025 | +19.1%/yr | |
| Total debt | $489.7M2016 | $6.48B2025 | +33.2%/yr | |
| Net cash (debt) | $2.40B2016 | $7.48B2025 | +$5.1B | |
| Working capital | −$11.78B2016 | −$67.05B2025 | −$55.3B | |
| Book value per share | $18.222016 | $69.892025 | +16.1%/yr | |
| Debt / equity | 0.262016 | 0.852025 | +0.59 | |
| Shares outstanding | 103.8M2016 | 109.5M2025 | +0.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WAL assets
WAL liabilities and equity
WAL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
WAL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $13.96B | $8.53B | $12.74B | $8.13B | $6.71B | $7.38B | $3.78B | $3.78B | $3.92B | $2.89B |
| Cash & equivalents | $3.60B | $4.10B | $1.58B | $1.04B | $516.0M | $2.67B | $434.6M | $498.6M | $416.8M | $284.5M |
| Short-term investments | $10.36B | $4.44B | $11.16B | $7.09B | $6.19B | $4.71B | $3.35B | $3.28B | $3.50B | $2.61B |
| Receivables | $473.0M | $0 | $0 | $0 | $0 | $1.6M | $1.6M | $1.4M | $1.3M | $0 |
| Inventory | $0 | $0 | $0 | $11.0M | $11.7M | $1.4M | $13.8M | $17.9M | $28.5M | $47.8M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $11.94B | $0 |
| Total current assets | $13.96B | $8.53B | $12.74B | $8.13B | $6.71B | $7.38B | $3.78B | $3.78B | $15.89B | $2.89B |
| Property, plant & equipment (net) | $573.0M | $489.0M | $484.0M | $439.0M | $315.0M | $206.6M | $198.4M | $119.5M | $118.7M | $119.8M |
| Goodwill & intangible assets | $2.14B | $1.79B | $1.79B | $1.83B | $1.33B | $298.5M | $297.6M | $299.2M | $311.6M | $302.9M |
| Long-term investments | $21.03B | $15.70B | $13.29B | $8.76B | $7.54B | $26.77B | $21.44B | $4.04B | $4.02B | $2.70B |
| Other non-current assets | $55.07B | $54.43B | $42.56B | $48.57B | $40.09B | $1.80B | $1.10B | $14.88B | $0 | $11.18B |
| Total assets | $92.77B | $80.93B | $70.86B | $67.73B | $55.98B | $36.46B | $26.82B | $23.11B | $20.33B | $17.20B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $1.36B | $867.5M | $467.4M | $520.3M | $444.5M | $334.5M | $269.9M |
| Short-term debt | $3.88B | $3.15B | $6.78B | $4.99B | $727.0M | $21.0M | $16.7M | $513.4M | $390.0M | $121.7M |
| Deferred revenue | — | — | — | — | — | — | $491.3M | −$7.46B | −$7.43B | −$5.63B |
| Total current liabilities | $81.01B | $69.49B | $62.12B | $58.64B | $48.34B | $31.95B | $22.81B | $19.69B | $724.5M | $14.67B |
| Long-term debt | $6.32B | $3.32B | $1.34B | $7.19B | $2.38B | $5.0M | $393.6M | $491.0M | $390.0M | $80.0M |
| Lease obligations | $160.0M | $159.0M | $179.0M | $185.0M | $142.8M | $79.9M | $78.1M | — | — | — |
| Other long-term liabilities | $0 | $1.41B | $1.33B | $0 | $299.9M | $1.09B | $598.4M | $313.9M | $0 | $557.7M |
| Total liabilities | $84.83B | $74.23B | $64.78B | $62.38B | $51.02B | $33.05B | $23.81B | $20.50B | $18.10B | $15.31B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $2.10B | $2.25B | $2.20B | $2.16B | $1.97B | $1.39B | $1.37B | $10,000 | $1.38B | $10,000 |
| Retained earnings (deficit) | $5.61B | $4.83B | $4.21B | $3.66B | $2.77B | $2.00B | $1.68B | $1.28B | $847.9M | $522.4M |
| Treasury stock | — | — | — | −$105.0M | −$86.8M | −$71.1M | −$62.7M | −$53.1M | −$40.2M | −$26.4M |
| Accumulated other comprehensive income | −$344.0M | −$534.0M | −$513.0M | −$661.0M | $15.7M | $92.3M | −$1.35B | −$33.6M | −$3.1M | −$4.7M |
| Minority interest | $293.0M | $0 | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $7.65B | $6.71B | $6.08B | $5.36B | $4.96B | $3.41B | $3.02B | $2.61B | $2.23B | $1.89B |
| Key figures | ||||||||||
| Total debt | $6.48B | $6.63B | $8.30B | $7.38B | $2.54B | $649.6M | $488.4M | $873.9M | $766.9M | $489.7M |
| Net cash (debt) | $7.48B | $1.90B | $4.44B | $758.0M | $4.16B | $6.73B | $3.29B | $2.90B | $3.15B | $2.40B |
| Working capital | −$67.05B | −$60.96B | −$49.38B | −$50.50B | −$41.63B | −$24.57B | −$19.03B | −$15.92B | $15.16B | −$11.78B |
| Tangible book value | $5.51B | $4.92B | $4.29B | $3.53B | $3.63B | $3.12B | $2.72B | $2.31B | $1.92B | $1.59B |
| Book value per share | $69.89 | $61.36 | $56.02 | $49.78 | $48.04 | $33.97 | $29.25 | $24.80 | $21.23 | $18.22 |
| Shares outstanding | 109.5M | 109.3M | 108.5M | 107.6M | 103.3M | 100.5M | 103.1M | 105.4M | 105.0M | 103.8M |
| Current ratio | 0.17 | 0.12 | 0.21 | 0.14 | 0.14 | 0.23 | 0.17 | 0.19 | 21.93 | 0.20 |
| Quick ratio | 0.18 | 0.12 | 0.21 | 0.14 | 0.14 | 0.23 | 0.17 | 0.19 | 5.41 | 0.20 |
| Debt / equity | 0.85 | 0.99 | 1.37 | 1.38 | 0.51 | 0.19 | 0.16 | 0.33 | 0.34 | 0.26 |
| Equity / assets | 8.2% | 8.3% | 8.6% | 7.9% | 8.9% | 9.4% | 11.2% | 11.3% | 11.0% | 11.0% |
| 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 | $15.88B | $18.50B | $13.96B | $15.90B | $4.42B | $7.01B | $8.53B | $7.67B | $10.26B | $10.11B | $12.74B | $3.50B |
| Cash & equivalents | $5.94B | $8.55B | $3.60B | $5.76B | $2.77B | $3.28B | $4.10B | $2.59B | $4.08B | $3.55B | $1.58B | $3.50B |
| Short-term investments | $9.94B | $9.94B | $10.36B | $10.14B | $1.65B | $3.73B | $4.44B | $5.08B | $6.18B | $6.56B | $11.16B | $9.69B |
| Receivables | $505.0M | $473.0M | $473.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $8.0M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $959.0M | $18.50B | $13.96B | $15.90B | $4.42B | $7.01B | $8.53B | $7.67B | $10.26B | $10.11B | $12.74B | $3.50B |
| Property, plant & equipment (net) | $598.0M | $605.0M | $573.0M | $550.0M | $495.0M | $486.0M | $489.0M | $481.0M | $484.0M | $483.0M | $484.0M | $477.0M |
| Goodwill & intangible assets | $2.14B | $2.16B | $2.14B | $1.86B | $1.70B | $1.90B | $1.79B | $1.67B | $1.81B | $1.84B | $1.79B | $1.91B |
| Long-term investments | $21.19B | $20.97B | $21.03B | $19.42B | $19.19B | $16.46B | $15.70B | $16.94B | $17.80B | $16.64B | $13.29B | $11.42B |
| Other non-current assets | $73.81B | $56.62B | $55.07B | $53.23B | $60.92B | $57.19B | $54.43B | $53.31B | $50.23B | $47.90B | $42.56B | $53.59B |
| Total assets | $98.70B | $98.85B | $92.77B | $90.97B | $86.72B | $83.04B | $80.93B | $80.08B | $80.58B | $76.99B | $70.86B | $70.89B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | — | — | — | — | — | — | — | — | $1.04B |
| Short-term debt | $4.76B | $4.52B | $3.88B | $3.86B | $3.14B | $2.54B | $3.15B | $1.57B | $5.15B | $5.78B | $6.78B | $7.37B |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | — | −$6.33B |
| Total current liabilities | $4.76B | $87.25B | $81.01B | $81.11B | $74.25B | $71.86B | $69.49B | $69.61B | $71.39B | $68.01B | $62.12B | $1.04B |
| Long-term debt | $2.55B | $2.16B | $6.32B | $3.58B | $6.73B | $2.51B | $3.32B | $2.33B | $1.33B | $1.34B | $1.34B | $9.63B |
| Lease obligations | $148.0M | $154.0M | $160.0M | $164.0M | $160.0M | $154.0M | $159.0M | $159.0M | $165.0M | $172.0M | $179.0M | $180.0M |
| Other long-term liabilities | $83.26B | $1.54B | $0 | $0 | $0 | $1.46B | $1.41B | $1.47B | $1.52B | $1.47B | $1.33B | $180.0M |
| Total liabilities | $90.57B | $90.94B | $84.83B | $83.28B | $79.32B | $75.83B | $74.23B | $73.40B | $74.25B | $70.82B | $64.78B | $65.14B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2.20B | $2.19B | $2.23B | $2.14B | $2.14B | $2.26B | $2.25B | $2.23B | $2.22B | $2.21B | $2.20B | $2.07B |
| Retained earnings (deficit) | $5.95B | $5.74B | $5.61B | $5.37B | $5.17B | $4.98B | $4.83B | $4.65B | $4.50B | $4.35B | $4.21B | $4.11B |
| Accumulated other comprehensive income | −$451.0M | −$456.0M | −$344.0M | −$409.0M | −$482.0M | −$478.0M | −$534.0M | −$382.0M | −$558.0M | −$558.0M | −$513.0M | −$733.0M |
| Minority interest | $293.0M | $293.0M | $293.0M | $293.0M | $293.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $7.84B | $7.62B | $7.65B | $7.40B | $7.11B | $6.92B | $6.71B | $6.68B | $6.33B | $6.17B | $6.08B | $5.75B |
| Key figures | ||||||||||||
| Total debt | $7.45B | $6.84B | $6.48B | $4.71B | $6.89B | $5.20B | $6.63B | $4.05B | $6.65B | $7.29B | $8.30B | $17.00B |
| Net cash (debt) | $8.43B | $11.66B | $7.48B | $11.19B | −$2.47B | $1.81B | $1.90B | $3.62B | $3.61B | $2.83B | $4.44B | −$13.51B |
| Working capital | −$3.80B | −$68.75B | −$67.05B | −$65.21B | −$69.83B | −$64.85B | −$60.96B | −$61.93B | −$61.14B | −$57.89B | −$49.38B | $2.45B |
| Tangible book value | $5.70B | $5.45B | $5.51B | $5.53B | $5.42B | $5.03B | $4.92B | $5.00B | $4.53B | $4.33B | $4.29B | $3.84B |
| Book value per share | $71.75 | $69.67 | $70.02 | $67.37 | $64.91 | $63.16 | $61.25 | $60.98 | $58.06 | $56.62 | $55.92 | $52.96 |
| Shares outstanding | 109.3M | 109.3M | 109.3M | 109.8M | 109.6M | 109.6M | 109.5M | 109.5M | 109.1M | 109.0M | 108.7M | 108.5M |
| Current ratio | 0.20 | 0.21 | 0.17 | 0.20 | 0.06 | 0.10 | 0.12 | 0.11 | 0.14 | 0.15 | 0.21 | 3.35 |
| Quick ratio | 3.44 | 0.22 | 0.18 | 0.20 | 0.06 | 0.10 | 0.12 | 0.11 | 0.14 | 0.15 | 0.21 | 3.35 |
| Debt / equity | 0.95 | 0.90 | 0.85 | 0.64 | 0.97 | 0.75 | 0.99 | 0.61 | 1.05 | 1.18 | 1.37 | 2.96 |
| Equity / assets | 7.9% | 7.7% | 8.2% | 8.1% | 8.2% | 8.3% | 8.3% | 8.3% | 7.9% | 8.0% | 8.6% | 8.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 23, 2026); data from EODHD.
WAL financial position
At the end of fiscal 2025 (December 31, 2025), Western Alliance Bancorporation had total assets of $92.8 billion (up 14.6% from a year earlier), total liabilities of $84.8 billion and shareholders' equity of $7.7 billion. It held $14.0 billion in cash and short-term investments against $6.5 billion of debt, a net cash position of $7.5 billion. Its current ratio was 0.17. In the latest quarter (ended June 30, 2026) total assets were $98.7 billion and equity $7.8 billion.
Related: WAL income statement, WAL cash flow statement, WAL key metrics. See the WAL stock overview for the latest quote and news.
WAL balance sheet FAQ
What are Western Alliance Bancorporation's total assets?
Western Alliance Bancorporation reported total assets of $92.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $80.9 billion a year earlier.
How much debt does Western Alliance Bancorporation have?
Western Alliance Bancorporation had $6.5 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.85.
How much cash does Western Alliance Bancorporation have?
Western Alliance Bancorporation held $14.0 billion in cash and short-term investments at the end of fiscal 2025; with $6.5 billion of debt that is net cash of $7.5 billion.
What is Western Alliance Bancorporation's book value?
Western Alliance Bancorporation's shareholders' equity (book value) was $7.7 billion at the end of fiscal 2025, or $69.89 per share.
What is Western Alliance Bancorporation's current ratio?
Western Alliance Bancorporation had current assets of $14.0 billion and current liabilities of $81.0 billion, a current ratio of 0.17 (current liabilities exceed current assets).
How much goodwill does Western Alliance Bancorporation have?
Western Alliance Bancorporation carried $2.1 billion of goodwill and intangible assets, 2.3% of total assets, at the end of fiscal 2025.