Associated Banc-Corp (ASB) Income Statement
ASB 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsASB revenue and net income
Where ASB's revenue goes
2025Each bar shows an amount and its share of revenue. ASB kept 19.3% of revenue as net income.
ASB profit margins
ASB growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +16.8% | +20.0% | +11.8% | +8.5% |
| Gross profit | +51.8% | +6.1% | +5.8% | +4.0% |
| Operating income | +329.8% | +7.9% | +12.1% | +7.9% |
| Net income | +285.5% | +9.0% | +9.1% | +9.7% |
| EPS (diluted) | +29.5% | +6.1% | +18.7% | +9.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ASB quarterly EPS vs estimates
Associated Banc-Corp beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 22, 2026 (estimate $0.76).
ASB income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.46B | $2.10B | $1.96B | $1.42B | $1.12B | $1.41B | $1.54B | $1.50B | $1.21B | $1.14B |
| Cost of revenue | $1.03B | $1.16B | −$860.7M | $220.9M | −$15.7M | $323.9M | $352.9M | $274.6M | $171.4M | $154.3M |
| Gross profit | $1.43B | $944.4M | $1.96B | $1.20B | $1.14B | $1.08B | $1.19B | $1.23B | $1.04B | $990.2M |
| Research & development | — | — | — | — | — | — | — | — | — | $0 |
| Sales, general & admin | $597.0M | $554.5M | $526.2M | $502.3M | $466.0M | $470.9M | $532.9M | $543.6M | $489.2M | $485.8M |
| Total operating expenses | $855.6M | $809.9M | −$1.75B | $741.1M | $700.7M | $756.0M | $785.1M | $814.4M | $701.8M | $702.6M |
| Operating income | $577.9M | $134.5M | $206.1M | $459.6M | $436.3M | $327.0M | $406.5M | $413.3M | $338.8M | $287.6M |
| Interest income | $2.17B | $2.12B | $1.82B | $1.15B | $798.2M | $912.8M | $1.17B | $1.15B | $886.6M | $791.6M |
| Interest expense | $971.6M | $1.08B | $918.5M | $187.9M | $72.3M | $149.9M | $336.9M | $274.6M | $145.4M | $84.3M |
| Income before taxes | $577.9M | $134.5M | $206.1M | $459.6M | $436.3M | $327.0M | $406.5M | $413.3M | $338.8M | $287.6M |
| Income taxes | $103.1M | $11.3M | $23.1M | $93.5M | $85.3M | $20.2M | $79.7M | $79.8M | $109.5M | $87.3M |
| Net income | $474.8M | $123.1M | $183.0M | $366.1M | $351.0M | $306.8M | $326.8M | $333.6M | $229.3M | $200.3M |
| EBITDA | $680.0M | $237.0M | $206.1M | $528.5M | $506.7M | $435.4M | $510.6M | $491.0M | $435.3M | $394.1M |
| EPS (diluted) | $2.81 | $2.17 | $2.28 | $2.35 | $2.17 | $1.19 | $1.96 | $1.89 | $1.53 | $1.26 |
| Gross margin | 58.3% | 44.9% | 100.0% | 84.5% | 101.4% | 77.0% | 77.1% | 81.7% | 85.9% | 86.5% |
| Operating margin | 23.5% | 6.4% | 10.5% | 32.3% | 38.9% | 23.2% | 26.3% | 27.5% | 28.0% | 25.1% |
| Net margin | 19.3% | 5.9% | 9.3% | 25.8% | 31.3% | 21.8% | 21.2% | 22.2% | 18.9% | 17.5% |
| 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 | $703.7M | $603.9M | $623.7M | $636.2M | $609.8M | $582.1M | $320.0M | $604.8M | $593.6M | $586.4M | $393.8M | $573.2M |
| Cost of revenue | $272.6M | $231.9M | $241.4M | $267.4M | $263.5M | $252.9M | $275.4M | $298.8M | $296.7M | $289.5M | $293.0M | $276.3M |
| Gross profit | $431.0M | $372.0M | $382.4M | $368.8M | $346.3M | $329.1M | $44.6M | $306.0M | $297.0M | $296.9M | $100.8M | $296.8M |
| Sales, general & admin | $180.7M | $154.5M | $156.2M | $154.0M | $144.4M | $140.7M | $142.5M | $135.9M | $136.2M | $139.9M | $170.5M | $133.4M |
| Total operating expenses | $271.9M | $219.2M | $219.5M | $214.6M | $206.6M | $208.0M | $222.3M | $197.8M | $194.1M | $195.7M | $238.8M | $194.2M |
| Operating income | $159.2M | $152.9M | $162.9M | $154.3M | $139.6M | $121.1M | −$177.8M | $108.6M | $102.9M | $101.5M | −$138.0M | $102.7M |
| Interest income | $623.3M | $528.0M | $544.3M | $556.6M | $545.5M | $525.9M | $528.7M | $540.3M | $530.3M | $523.4M | $525.4M | $508.6M |
| Interest expense | $253.3M | $220.9M | $234.4M | $251.4M | $245.5M | $239.9M | $258.4M | $277.8M | $273.7M | $265.5M | $272.0M | $254.4M |
| Income before taxes | $159.2M | $152.9M | $162.9M | $154.3M | $139.6M | $121.1M | −$177.8M | $108.1M | $102.9M | $101.2M | −$138.0M | $102.7M |
| Income taxes | $35.6M | $33.2M | $25.8M | $29.6M | $28.4M | $19.4M | −$16.1M | $20.1M | −$12.7M | $20.0M | −$47.2M | $19.4M |
| Net income | $123.6M | $119.6M | $137.1M | $124.7M | $111.2M | $101.7M | −$161.6M | $88.0M | $115.6M | $81.2M | −$90.8M | $83.2M |
| EBITDA | $181.5M | $179.6M | $189.9M | $180.7M | $165.8M | $143.6M | −$149.3M | $132.8M | $127.0M | $126.4M | −$112.4M | $127.6M |
| EPS (diluted) | $0.73 | $0.70 | $0.80 | $0.73 | $0.65 | $0.63 | $0.57 | $0.56 | $0.52 | $0.52 | $0.53 | $0.53 |
| Gross margin | 61.3% | 61.6% | 61.3% | 58.0% | 56.8% | 56.5% | 13.9% | 50.6% | 50.0% | 50.6% | 25.6% | 51.8% |
| Operating margin | 22.6% | 25.3% | 26.1% | 24.3% | 22.9% | 20.8% | −55.5% | 18.0% | 17.3% | 17.3% | −35.0% | 17.9% |
| Net margin | 17.6% | 19.8% | 22.0% | 19.6% | 18.2% | 17.5% | −50.5% | 14.6% | 19.5% | 13.8% | −23.1% | 14.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ASB's financial statements (latest annual report filed February 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ASB financial results
In fiscal year 2025 (ended December 31, 2025), Associated Banc-Corp reported revenue of $2.5 billion, up 16.8% from the year before. It had net income of $474.8 million (up 285.5%), a net profit margin of 19.3%. Diluted earnings per share came to $2.81. Over five years revenue grew at an average rate of 11.8% a year.
See the ASB stock overview for the latest quote and news, or the ASB chart for price history and technical indicators.
ASB income statement FAQ
What is Associated Banc-Corp's annual revenue?
Associated Banc-Corp reported total revenue of $2.5 billion for fiscal year 2025, which ended on December 31, 2025. That was up 16.8% from $2.1 billion the previous year.
Is Associated Banc-Corp profitable?
Yes. Associated Banc-Corp reported net income of $474.8 million in fiscal 2025, a net profit margin of 19.3%; its operating margin was 23.5%.
What is Associated Banc-Corp's gross margin?
Associated Banc-Corp's gross margin was 58.3% in fiscal 2025: for every $100 of revenue, Associated Banc-Corp kept $58 after the direct cost of its products and services.
How fast is Associated Banc-Corp growing?
Revenue grew 11.8% a year on average over the last five fiscal years, from $1.4 billion to $2.5 billion.
What are Associated Banc-Corp's earnings per share?
Associated Banc-Corp earned $2.81 per diluted share in fiscal 2025, compared with $2.17 a year earlier.
When will Associated Banc-Corp report its next earnings?
Associated Banc-Corp is expected to report results for the quarter ending September 30, 2026 on October 22, 2026 after the market closes.
When does Associated Banc-Corp's fiscal year end?
Associated Banc-Corp's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 12, 2026.