FS Bancorp, Inc. (FSBW) Income Statement
FSBW 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsFSBW revenue and net income
Where FSBW's revenue goes
2025Each bar shows an amount and its share of revenue. FSBW kept 15.3% of revenue as net income.
FSBW profit margins
FSBW growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +6.8% | +17.5% | +8.9% | +16.4% |
| Gross profit | +6.1% | +8.5% | +4.8% | +13.2% |
| Operating income | +7.6% | +6.6% | −2.1% | +12.5% |
| Net income | −4.8% | +4.0% | −3.2% | +14.2% |
| EPS (diluted) | −16.2% | +0.4% | −2.7% | +10.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
FSBW quarterly EPS vs estimates
FS Bancorp beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: October 20, 2026 (estimate $1.11).
FSBW income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $217.5M | $203.7M | $185.3M | $134.1M | $131.1M | $142.1M | $109.6M | $79.0M | $66.5M | $59.2M |
| Cost of revenue | $72.8M | $67.2M | $48.7M | $20.6M | $10.2M | $27.8M | $22.2M | $11.8M | $5.7M | $6.6M |
| Gross profit | $144.7M | $136.5M | $136.6M | $113.5M | $120.9M | $114.4M | $87.4M | $67.3M | $60.9M | $52.7M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $58.6M | $58.4M | $57.4M | $49.8M | $51.0M | $39.5M | $34.9M | $29.8M | $27.8M | $23.2M |
| Total operating expenses | $100.0M | $94.9M | $91.3M | $76.5M | $73.4M | $64.5M | $59.3M | $38.7M | $40.3M | $36.6M |
| Operating income | $44.7M | $41.6M | $45.3M | $37.0M | $47.4M | $49.9M | $28.1M | $28.6M | $20.6M | $16.1M |
| Interest income | $197.2M | $184.8M | $158.6M | $118.7M | $96.4M | $88.8M | $89.6M | $62.3M | $46.2M | $38.0M |
| Interest expense | $66.8M | $61.7M | $43.9M | $14.4M | $9.7M | $14.7M | $19.3M | $10.2M | $4.9M | $4.2M |
| Income before taxes | $41.1M | $41.6M | $45.3M | $37.0M | $47.4M | $49.9M | $28.1M | $28.6M | $20.6M | $16.1M |
| Income taxes | $7.8M | $6.6M | $9.2M | $7.3M | $10.0M | $10.6M | $5.4M | $4.2M | $6.5M | $5.6M |
| Net income | $33.3M | $35.0M | $36.1M | $29.6M | $37.4M | $39.3M | $22.7M | $24.3M | $14.1M | $10.5M |
| EBITDA | $56.7M | $52.1M | $57.9M | $51.0M | $62.6M | $63.5M | $40.2M | $33.8M | $24.5M | $21.3M |
| EPS (diluted) | $3.82 | $4.56 | $4.96 | $3.78 | $4.30 | $4.37 | $2.57 | $2.33 | $2.02 | $2.20 |
| Gross margin | 66.5% | 67.0% | 73.7% | 84.6% | 92.2% | 80.5% | 79.7% | 85.1% | 91.5% | 88.9% |
| Operating margin | 20.6% | 20.4% | 24.4% | 27.6% | 36.2% | 35.1% | 25.7% | 36.1% | 30.9% | 27.2% |
| Net margin | 15.3% | 17.2% | 19.5% | 22.1% | 28.5% | 27.6% | 20.7% | 30.8% | 21.2% | 17.7% |
| 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 | $10.9M | $54.8M | $57.2M | $55.8M | $53.2M | $51.4M | $59.2M | $52.2M | $51.2M | $41.2M | $49.5M | $47.7M |
| Cost of revenue | $19.3M | $19.3M | $17.2M | $19.6M | $18.6M | $17.4M | $17.4M | $17.3M | $16.6M | $15.9M | $15.4M | $13.2M |
| Gross profit | −$8.4M | $35.5M | $40.0M | $36.2M | $34.5M | $34.0M | $41.8M | $34.9M | $34.5M | $25.3M | $34.2M | $34.5M |
| Sales, general & admin | $1.5M | $1.3M | $26.4M | $15.3M | $1.6M | $15.3M | $15.0M | $14.9M | $14.2M | $14.3M | $13.7M | $14.5M |
| Total operating expenses | $1.5M | $25.6M | $26.1M | $24.6M | $24.8M | $24.5M | $31.9M | $25.0M | $23.2M | $14.7M | $22.1M | $23.0M |
| Operating income | −$9.9M | $9.9M | $13.9M | $11.6M | $9.8M | $9.5M | $9.9M | $9.9M | $11.3M | $10.5M | $12.1M | $11.5M |
| Interest income | $49.7M | $49.3M | $50.8M | $51.0M | $48.7M | $46.8M | $47.0M | $47.0M | $45.9M | $44.9M | $44.4M | $43.3M |
| Interest expense | $17.0M | $16.8M | $17.2M | $17.3M | $16.6M | $15.8M | $15.9M | $15.8M | $15.5M | $14.5M | $14.0M | $12.6M |
| Income before taxes | $10.1M | $9.9M | $10.3M | $11.6M | $9.8M | $9.5M | $9.9M | $9.9M | $11.3M | $10.5M | $12.1M | $11.5M |
| Income taxes | $2.1M | $2.1M | $1.9M | $2.4M | $2.0M | $1.4M | $2.5M | −$420,000 | $2.4M | $2.1M | $2.3M | $2.5M |
| Net income | $7.9M | $7.8M | $8.4M | $9.2M | $7.7M | $8.0M | $7.4M | $10.3M | $9.0M | $8.4M | $9.8M | $9.0M |
| EBITDA | −$7.5M | $12.2M | $16.4M | $14.8M | $13.7M | $11.8M | $12.5M | $12.0M | $14.3M | $13.4M | $15.2M | $14.8M |
| EPS (diluted) | $1.08 | $1.02 | $0.97 | $1.03 | $0.89 | $0.93 | $0.96 | $1.29 | $1.13 | $1.18 | $1.32 | $1.13 |
| Gross margin | −76.8% | 64.7% | 70.0% | 64.9% | 65.0% | 66.1% | 70.6% | 66.8% | 67.5% | 61.3% | 68.9% | 72.4% |
| Operating margin | −90.6% | 18.1% | 24.4% | 20.8% | 18.4% | 18.4% | 16.7% | 18.9% | 22.2% | 25.6% | 24.4% | 24.1% |
| Net margin | 72.6% | 14.3% | 14.7% | 16.4% | 14.5% | 15.6% | 12.5% | 19.7% | 17.5% | 20.4% | 19.7% | 18.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in FSBW's financial statements (latest annual report filed March 13, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
FSBW financial results
In fiscal year 2025 (ended December 31, 2025), FS Bancorp reported revenue of $217.5 million, up 6.8% from the year before. It had net income of $33.3 million (down 4.8%), a net profit margin of 15.3%. Diluted earnings per share came to $3.82. Over five years revenue grew at an average rate of 8.9% a year.
See the FSBW stock overview for the latest quote and news, or the FSBW chart for price history and technical indicators.
FSBW income statement FAQ
What is FS Bancorp's annual revenue?
FS Bancorp reported total revenue of $217.5 million for fiscal year 2025, which ended on December 31, 2025. That was up 6.8% from $203.7 million the previous year.
Is FS Bancorp profitable?
Yes. FS Bancorp reported net income of $33.3 million in fiscal 2025, a net profit margin of 15.3%; its operating margin was 20.6%.
What is FS Bancorp's gross margin?
FS Bancorp's gross margin was 66.5% in fiscal 2025: for every $100 of revenue, FS Bancorp kept $67 after the direct cost of its products and services.
How fast is FS Bancorp growing?
Revenue grew 8.9% a year on average over the last five fiscal years, from $142.1 million to $217.5 million.
What are FS Bancorp's earnings per share?
FS Bancorp earned $3.82 per diluted share in fiscal 2025, compared with $4.56 a year earlier.
When will FS Bancorp report its next earnings?
FS Bancorp is expected to report results for the quarter ending September 30, 2026 on October 20, 2026 after the market closes.
When does FS Bancorp's fiscal year end?
FS Bancorp's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 13, 2026.