Arrow Financial Corporation (AROW) Income Statement
AROW 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAROW revenue and net income
Where AROW's revenue goes
2025Each bar shows an amount and its share of revenue. AROW kept 18.1% of revenue as net income.
AROW profit margins
AROW growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +8.7% | +17.6% | +10.9% | +9.4% |
| Gross profit | +17.6% | +2.0% | +5.3% | +5.5% |
| Operating income | +48.3% | −9.3% | +1.3% | +4.6% |
| Net income | +47.9% | −3.4% | +1.5% | +5.9% |
| EPS (diluted) | +39.1% | −1.6% | +2.6% | +5.5% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AROW quarterly EPS vs estimates
Arrow Financial beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 29, 2026 (estimate $0.94).
AROW income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $242.6M | $223.1M | $191.7M | $149.2M | $147.9M | $144.6M | $138.3M | $125.5M | $112.3M | $104.7M |
| Cost of revenue | $84.3M | $88.4M | $61.1M | $0 | $5.5M | $22.0M | $23.8M | $15.1M | $9.7M | $7.4M |
| Gross profit | $158.3M | $134.6M | $130.6M | $149.2M | $142.5M | $122.5M | $114.5M | $110.4M | $102.6M | $97.4M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $84.8M | $56.7M | $50.9M | $48.2M | $46.9M | $45.9M | $41.7M | $42.5M | $41.4M | $44.3M |
| Total operating expenses | $102.9M | $97.3M | $93.0M | — | $78.0M | $70.7M | $67.5M | $65.1M | $62.7M | $59.6M |
| Operating income | $55.4M | $37.4M | $37.5M | $74.2M | $64.4M | $51.9M | $47.1M | $45.3M | $39.9M | $37.7M |
| Interest income | $210.1M | $195.0M | $154.1M | $129.7M | $115.5M | $111.9M | $109.8M | $96.5M | $84.7M | $76.9M |
| Interest expense | $77.0M | $83.3M | $57.7M | $11.3M | $5.2M | $12.7M | $21.7M | $12.5M | $7.0M | $5.4M |
| Income before taxes | $55.4M | $37.4M | $37.5M | $62.9M | $64.4M | $51.9M | $47.1M | $45.3M | $39.9M | $37.7M |
| Income taxes | $11.4M | $7.6M | $7.4M | $14.1M | $14.5M | $11.0M | $9.6M | $9.0M | $10.5M | $11.2M |
| Net income | $44.0M | $29.7M | $30.1M | $48.8M | $49.9M | $40.8M | $37.5M | $36.3M | $29.3M | $26.5M |
| EBITDA | $60.8M | $42.7M | $44.2M | — | $72.2M | $58.7M | $52.6M | $50.1M | $45.3M | $43.7M |
| EPS (diluted) | $2.74 | $1.97 | $1.93 | $2.88 | $2.91 | $2.41 | $2.19 | $2.16 | $1.79 | $1.70 |
| Gross margin | 65.3% | 60.4% | 68.1% | 100.0% | 96.3% | 84.8% | 82.8% | 88.0% | 91.3% | 92.9% |
| Operating margin | 22.8% | 16.7% | 19.6% | 49.7% | 43.5% | 35.9% | 34.0% | 36.1% | 35.5% | 36.0% |
| Net margin | 18.1% | 13.3% | 15.7% | 32.7% | 33.7% | 28.2% | 27.1% | 28.9% | 26.1% | 25.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $24.2M | $62.4M | $62.9M | $62.3M | $59.2M | $58.2M | $55.1M | $57.6M | $55.8M | $54.5M | $51.8M | $50.2M |
| Cost of revenue | $18.2M | $18.2M | $20.3M | $20.3M | $19.6M | $24.0M | $24.1M | $21.9M | $21.6M | $20.8M | $19.2M | $17.1M |
| Gross profit | $6.0M | $44.2M | $42.6M | $42.0M | $39.5M | $34.2M | $31.1M | $35.6M | $34.2M | $33.7M | $32.6M | $33.0M |
| Sales, general & admin | $22.4M | $22.4M | $21.3M | $15.0M | $14.7M | $14.2M | $15.2M | $14.1M | $13.7M | $13.6M | $13.4M | $12.5M |
| Total operating expenses | $22.4M | $26.9M | $25.8M | $25.4M | $25.7M | $26.0M | $25.8M | $24.1M | $23.3M | $24.0M | $23.2M | $23.5M |
| Operating income | −$16.4M | $17.3M | $16.8M | $16.6M | $13.9M | $8.1M | $5.2M | $11.5M | $10.9M | $9.7M | $9.4M | $9.6M |
| Interest income | $53.6M | $53.8M | $54.6M | $53.6M | $51.6M | $50.4M | $50.9M | $49.4M | $48.0M | $46.7M | $44.3M | $42.1M |
| Interest expense | $17.7M | $17.7M | $19.5M | $19.5M | $19.0M | $19.0M | $21.2M | $21.0M | $20.8M | $20.2M | $18.7M | $16.8M |
| Income before taxes | $13.9M | $17.3M | $16.8M | $16.6M | $13.9M | $8.1M | $5.2M | $11.5M | $10.9M | $9.7M | $9.4M | $9.6M |
| Income taxes | $2.9M | $3.9M | $2.7M | $3.8M | $3.1M | $1.8M | $752,000 | $2.6M | $2.3M | $2.0M | $1.7M | $1.8M |
| Net income | $11.0M | $13.5M | $14.0M | $12.8M | $10.8M | $6.3M | $4.5M | $9.0M | $8.6M | $7.7M | $7.7M | $7.7M |
| EBITDA | −$15.1M | $18.6M | $18.0M | $18.1M | $15.3M | $9.3M | $6.6M | $12.9M | $12.2M | $11.1M | $11.1M | $11.1M |
| EPS (diluted) | $0.71 | $0.82 | $0.85 | $0.81 | $0.70 | $0.38 | $0.47 | $0.53 | $0.52 | $0.45 | $0.46 | $0.46 |
| Gross margin | 24.9% | 70.8% | 67.7% | 67.5% | 66.8% | 58.7% | 56.3% | 61.9% | 61.3% | 61.8% | 62.9% | 65.9% |
| Operating margin | −67.7% | 27.8% | 26.7% | 26.6% | 23.5% | 14.0% | 9.5% | 20.0% | 19.6% | 17.8% | 18.1% | 19.1% |
| Net margin | 45.2% | 21.6% | 22.3% | 20.6% | 18.3% | 10.8% | 8.1% | 15.6% | 15.4% | 14.0% | 14.9% | 15.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in AROW's financial statements (latest annual report filed March 6, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AROW financial results
In fiscal year 2025 (ended December 31, 2025), Arrow Financial reported revenue of $242.6 million, up 8.7% from the year before. It had net income of $44.0 million (up 47.9%), a net profit margin of 18.1%. Diluted earnings per share came to $2.74. Over five years revenue grew at an average rate of 10.9% a year.
See the AROW stock overview for the latest quote and news, or the AROW chart for price history and technical indicators.
AROW income statement FAQ
What is Arrow Financial's annual revenue?
Arrow Financial reported total revenue of $242.6 million for fiscal year 2025, which ended on December 31, 2025. That was up 8.7% from $223.1 million the previous year.
Is Arrow Financial profitable?
Yes. Arrow Financial reported net income of $44.0 million in fiscal 2025, a net profit margin of 18.1%; its operating margin was 22.8%.
What is Arrow Financial's gross margin?
Arrow Financial's gross margin was 65.3% in fiscal 2025: for every $100 of revenue, Arrow Financial kept $65 after the direct cost of its products and services.
How fast is Arrow Financial growing?
Revenue grew 10.9% a year on average over the last five fiscal years, from $144.6 million to $242.6 million.
What are Arrow Financial's earnings per share?
Arrow Financial earned $2.74 per diluted share in fiscal 2025, compared with $1.97 a year earlier.
When will Arrow Financial report its next earnings?
Arrow Financial is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Arrow Financial's fiscal year end?
Arrow Financial's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 6, 2026.