Heritage Financial Corporation (HFWA) Income Statement
HFWA 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsHFWA revenue and net income
Where HFWA's revenue goes
2025Each bar shows an amount and its share of revenue. HFWA kept 20.1% of revenue as net income.
HFWA profit margins
HFWA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +5.9% | +9.3% | +6.0% | +7.2% |
| Gross profit | +15.6% | −0.9% | +3.8% | +4.4% |
| Operating income | +48.9% | −7.9% | +7.9% | +4.2% |
| Net income | +56.1% | −6.2% | +7.7% | +6.1% |
| EPS (diluted) | +73.4% | −2.4% | +11.5% | +5.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
HFWA quarterly EPS vs estimates
Heritage Financial beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 22, 2026 (estimate $0.57).
HFWA income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $336.0M | $317.2M | $303.1M | $257.0M | $247.4M | $251.5M | $250.3M | $231.0M | $183.3M | $170.1M |
| Cost of revenue | $92.6M | $106.6M | $63.6M | $6.6M | −$22.3M | $49.4M | $22.5M | $17.5M | $12.6M | $10.9M |
| Gross profit | $243.4M | $210.6M | $239.5M | $250.4M | $269.8M | $202.1M | $227.8M | $213.5M | $170.7M | $159.2M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $121.1M | $102.8M | $105.3M | $95.8M | $93.0M | $93.0M | $104.8M | $101.4M | $76.8M | $73.2M |
| Total operating expenses | $165.6M | $158.3M | $166.6M | $151.0M | $149.3M | $148.9M | $146.8M | $149.2M | $110.6M | $106.5M |
| Operating income | $77.8M | $52.3M | $72.9M | $99.4M | $120.5M | $53.2M | $81.0M | $64.3M | $60.1M | $52.7M |
| Interest income | $314.2M | $309.7M | $284.5M | $227.5M | $212.8M | $214.3M | $217.8M | $199.4M | $147.9M | $138.5M |
| Interest expense | $89.8M | $100.3M | $59.3M | $8.1M | $7.0M | $13.3M | $18.2M | $12.4M | $8.3M | $6.0M |
| Income before taxes | $78.6M | $52.3M | $72.9M | $99.4M | $120.5M | $53.2M | $81.0M | $64.3M | $60.1M | $52.7M |
| Income taxes | $11.1M | $9.0M | $11.2M | $17.6M | $22.5M | $6.6M | $13.5M | $11.2M | $18.4M | $13.8M |
| Net income | $67.5M | $43.3M | $61.8M | $81.9M | $98.0M | $46.6M | $67.6M | $53.1M | $41.8M | $38.9M |
| EBITDA | $79.9M | $55.5M | $78.5M | $102.5M | $101.9M | $53.1M | $99.2M | $85.7M | $72.1M | $66.8M |
| EPS (diluted) | $2.15 | $1.24 | $2.01 | $2.31 | $2.73 | $1.25 | $1.83 | $1.73 | $1.47 | $1.30 |
| Gross margin | 72.4% | 66.4% | 79.0% | 97.4% | 109.0% | 80.4% | 91.0% | 92.4% | 93.1% | 93.6% |
| Operating margin | 23.2% | 16.5% | 24.1% | 38.7% | 48.7% | 21.1% | 32.4% | 27.8% | 32.8% | 31.0% |
| Net margin | 20.1% | 13.6% | 20.4% | 31.9% | 39.6% | 18.5% | 27.0% | 23.0% | 22.8% | 22.9% |
| 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 | $62.2M | $99.4M | $86.8M | $87.8M | $80.0M | $81.3M | $82.2M | $81.7M | $81.8M | $71.5M | $71.1M | $79.7M |
| Cost of revenue | $20.4M | $20.4M | $20.5M | $23.9M | $24.5M | $23.7M | $26.4M | $29.3M | $26.7M | $24.2M | $21.8M | $17.0M |
| Gross profit | $41.8M | $78.9M | $66.3M | $63.9M | $55.5M | $57.5M | $55.9M | $52.4M | $55.1M | $47.2M | $49.3M | $62.8M |
| Sales, general & admin | $53.2M | $39.7M | $40.4M | $27.2M | $26.6M | $26.9M | $25.5M | $25.3M | $25.5M | $26.5M | $26.3M | $26.2M |
| Total operating expenses | $64.2M | $56.5M | $41.5M | $41.6M | $41.1M | $41.4M | $39.5M | $39.3M | $39.1M | $40.4M | $42.7M | $41.0M |
| Operating income | −$22.4M | $22.4M | $24.9M | $22.3M | $14.5M | $16.2M | $16.3M | $13.1M | $16.0M | $6.9M | $6.6M | $21.8M |
| Interest income | $97.7M | $90.7M | $78.9M | $79.5M | $78.5M | $77.4M | $79.0M | $79.8M | $76.6M | $74.4M | $74.3M | $73.5M |
| Interest expense | $22.9M | $21.5M | $20.5M | $22.1M | $23.5M | $23.7M | $25.2M | $26.9M | $25.5M | $22.8M | $20.4M | $17.8M |
| Income before taxes | $20.7M | $22.4M | $25.7M | $22.3M | $14.5M | $16.2M | $16.3M | $13.1M | $16.0M | $6.9M | $6.6M | $21.8M |
| Income taxes | $3.2M | $3.5M | $3.4M | $3.1M | $2.2M | $2.2M | $4.4M | $1.6M | $1.8M | $1.1M | $344,000 | $3.6M |
| Net income | $17.5M | $18.9M | $22.2M | $19.2M | $12.2M | $13.9M | $11.9M | $11.4M | $14.2M | $5.7M | $6.2M | $18.2M |
| EBITDA | −$20.8M | $23.4M | $25.4M | $22.6M | $15.0M | $16.9M | $17.2M | $13.5M | $16.9M | $7.8M | $8.0M | $23.0M |
| EPS (diluted) | $0.57 | $0.59 | $0.66 | $0.56 | $0.53 | $0.40 | $0.34 | $0.33 | $0.41 | $0.16 | $0.44 | $0.51 |
| Gross margin | 67.2% | 79.4% | 76.4% | 72.8% | 69.4% | 70.8% | 67.9% | 64.1% | 67.3% | 66.1% | 69.3% | 78.7% |
| Operating margin | −36.0% | 22.5% | 28.6% | 25.4% | 18.1% | 19.9% | 19.9% | 16.0% | 19.5% | 9.6% | 9.2% | 27.3% |
| Net margin | 28.2% | 19.1% | 25.6% | 21.8% | 15.3% | 17.1% | 14.5% | 14.0% | 17.3% | 8.0% | 8.8% | 22.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in HFWA's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HFWA financial results
In fiscal year 2025 (ended December 31, 2025), Heritage Financial reported revenue of $336.0 million, up 5.9% from the year before. It had net income of $67.5 million (up 56.1%), a net profit margin of 20.1%. Diluted earnings per share came to $2.15. Over five years revenue grew at an average rate of 6.0% a year.
See the HFWA stock overview for the latest quote and news, or the HFWA chart for price history and technical indicators.
HFWA income statement FAQ
What is Heritage Financial's annual revenue?
Heritage Financial reported total revenue of $336.0 million for fiscal year 2025, which ended on December 31, 2025. That was up 5.9% from $317.2 million the previous year.
Is Heritage Financial profitable?
Yes. Heritage Financial reported net income of $67.5 million in fiscal 2025, a net profit margin of 20.1%; its operating margin was 23.2%.
What is Heritage Financial's gross margin?
Heritage Financial's gross margin was 72.4% in fiscal 2025: for every $100 of revenue, Heritage Financial kept $72 after the direct cost of its products and services.
How fast is Heritage Financial growing?
Revenue grew 6.0% a year on average over the last five fiscal years, from $251.5 million to $336.0 million.
What are Heritage Financial's earnings per share?
Heritage Financial earned $2.15 per diluted share in fiscal 2025, compared with $1.24 a year earlier.
When will Heritage Financial report its next earnings?
Heritage Financial is expected to report results for the quarter ending September 30, 2026 on October 22, 2026 before the market opens.
When does Heritage Financial's fiscal year end?
Heritage Financial's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.