Independent Bank Corp. (INDB) Income Statement
INDB 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsINDB revenue and net income
Where INDB's revenue goes
2025Each bar shows an amount and its share of revenue. INDB kept 17.6% of revenue as net income.
INDB profit margins
INDB growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +19.8% | +15.9% | +18.1% | +14.3% |
| Gross profit | +22.6% | +3.6% | +13.5% | +10.7% |
| Operating income | +8.0% | −8.4% | +11.8% | +11.2% |
| Net income | +6.8% | −8.0% | +11.1% | +12.2% |
| EPS (diluted) | +22.2% | −1.5% | +8.7% | +7.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
INDB quarterly EPS vs estimates
Independent Bank beat the analyst EPS estimate in 6 of the last 8 quarters.
INDB income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.17B | $974.1M | $795.7M | $749.8M | $516.0M | $507.4M | $556.6M | $412.2M | $356.8M | $326.1M |
| Cost of revenue | $374.3M | $327.3M | $212.5M | $36.1M | $31.9M | $86.8M | $59.9M | $30.3M | $21.3M | $24.9M |
| Gross profit | $792.9M | $646.9M | $795.7M | $713.7M | $484.1M | $420.6M | $496.7M | $381.9M | $335.5M | $301.2M |
| Research & development | — | — | — | — | — | — | — | — | $0 | $0 |
| Sales, general & admin | $297.7M | $244.5M | $234.1M | $211.7M | $180.7M | $159.2M | $162.5M | $137.2M | $129.6M | $122.2M |
| Total operating expenses | $526.0M | $399.7M | −$480.6M | $366.0M | $327.4M | $267.7M | $278.6M | $226.0M | $200.9M | $189.1M |
| Operating income | $266.9M | $247.1M | $315.1M | $347.8M | $156.7M | $152.8M | $218.1M | $155.9M | $134.5M | $112.1M |
| Interest income | $1.02B | $852.8M | $795.7M | $642.8M | $415.3M | $402.1M | $447.0M | $323.7M | $277.2M | $246.6M |
| Interest expense | $313.6M | $291.0M | $189.2M | $29.6M | $13.7M | $34.3M | $53.9M | $25.5M | $18.3M | $18.8M |
| Income before taxes | $262.2M | $247.1M | $315.1M | $347.8M | $156.7M | $152.8M | $218.1M | $155.9M | $134.5M | $112.1M |
| Income taxes | $57.0M | $55.0M | $75.6M | $83.9M | $35.7M | $31.7M | $52.9M | $34.3M | $47.3M | $35.4M |
| Net income | $205.1M | $192.1M | $239.5M | $263.8M | $121.0M | $121.2M | $165.2M | $121.6M | $87.2M | $76.6M |
| EBITDA | $309.1M | $288.0M | $315.1M | $386.6M | $189.5M | $180.1M | $237.5M | $171.6M | $150.3M | $126.4M |
| EPS (diluted) | $5.56 | $4.55 | $5.42 | $5.81 | $5.31 | $3.66 | $5.58 | $4.70 | $3.36 | $3.04 |
| Gross margin | 67.9% | 66.4% | 100.0% | 95.2% | 93.8% | 82.9% | 89.2% | 92.6% | 94.0% | 92.4% |
| Operating margin | 22.9% | 25.4% | 39.6% | 46.4% | 30.4% | 30.1% | 39.2% | 37.8% | 37.7% | 34.4% |
| Net margin | 17.6% | 19.7% | 30.1% | 35.2% | 23.4% | 23.9% | 29.7% | 29.5% | 24.4% | 23.5% |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $345.7M | $289.3M | $290.3M | $339.0M | $335.2M | $250.5M | $242.5M | $246.6M | $249.5M | $242.6M | $235.5M | $236.9M |
| Cost of revenue | $90.2M | $78.4M | $77.8M | $85.0M | $129.9M | $77.9M | $81.4M | $79.2M | $94.3M | $78.2M | $75.6M | $67.6M |
| Gross profit | $255.4M | $210.9M | $212.5M | $253.9M | $205.2M | $172.6M | $161.1M | $167.4M | $155.1M | $164.4M | $159.9M | $169.4M |
| Sales, general & admin | $99.3M | $126.6M | $139.9M | $81.6M | $84.2M | $67.0M | $64.9M | $61.8M | $62.7M | $61.7M | $60.2M | $60.3M |
| Total operating expenses | $138.4M | $140.3M | $142.9M | $154.4M | $160.8M | $106.8M | $103.9M | $104.5M | $99.8M | $98.0M | $97.4M | $98.5M |
| Operating income | $117.0M | $70.7M | $69.5M | $99.6M | $44.4M | $65.8M | $57.2M | $62.9M | $55.3M | $66.4M | $62.5M | $70.9M |
| Interest income | — | $289.3M | $290.3M | $297.5M | $294.8M | $218.2M | $211.9M | $216.3M | $216.5M | $211.9M | $208.0M | $207.2M |
| Interest expense | $83.7M | $78.4M | $77.8M | $85.0M | $91.4M | $70.7M | $66.4M | $71.7M | $74.8M | $73.9M | $70.6M | $62.1M |
| Income before taxes | $117.0M | $106.8M | $104.3M | $94.8M | $44.4M | $65.8M | $57.2M | $62.9M | $55.3M | $66.4M | $62.5M | $70.9M |
| Income taxes | $27.3M | $25.0M | $24.4M | $19.5M | $10.1M | $14.7M | $12.7M | $12.9M | $12.4M | $15.1M | $14.7M | $16.1M |
| Net income | $89.7M | $81.8M | $79.9M | $75.3M | $34.3M | $51.1M | $44.4M | $50.0M | $42.9M | $51.3M | $47.8M | $54.8M |
| EBITDA | $117.0M | $91.0M | $79.8M | $109.4M | $57.2M | $75.0M | $67.5M | $72.3M | $65.6M | $77.3M | $72.8M | $79.4M |
| EPS (diluted) | $1.90 | $1.70 | $1.68 | $1.70 | $1.55 | $1.25 | $1.06 | $1.21 | $1.01 | $1.21 | $1.12 | $1.26 |
| Gross margin | 73.9% | 72.9% | 73.2% | 74.9% | 61.2% | 68.9% | 66.4% | 67.9% | 62.2% | 67.8% | 67.9% | 71.5% |
| Operating margin | 33.9% | 24.4% | 24.0% | 29.4% | 13.2% | 26.3% | 23.6% | 25.5% | 22.2% | 27.4% | 26.5% | 29.9% |
| Net margin | 26.0% | 28.3% | 27.5% | 22.2% | 10.2% | 20.4% | 18.3% | 20.3% | 17.2% | 21.2% | 20.3% | 23.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in INDB's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
INDB financial results
In fiscal year 2025 (ended December 31, 2025), Independent Bank reported revenue of $1.2 billion, up 19.8% from the year before. It had net income of $205.1 million (up 6.8%), a net profit margin of 17.6%. Diluted earnings per share came to $5.56. Over five years revenue grew at an average rate of 18.1% a year.
See the INDB stock overview for the latest quote and news, or the INDB chart for price history and technical indicators.
INDB income statement FAQ
What is Independent Bank's annual revenue?
Independent Bank reported total revenue of $1.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 19.8% from $974.1 million the previous year.
Is Independent Bank profitable?
Yes. Independent Bank reported net income of $205.1 million in fiscal 2025, a net profit margin of 17.6%; its operating margin was 22.9%.
What is Independent Bank's gross margin?
Independent Bank's gross margin was 67.9% in fiscal 2025: for every $100 of revenue, Independent Bank kept $68 after the direct cost of its products and services.
How fast is Independent Bank growing?
Revenue grew 18.1% a year on average over the last five fiscal years, from $507.4 million to $1.2 billion.
What are Independent Bank's earnings per share?
Independent Bank earned $5.56 per diluted share in fiscal 2025, compared with $4.55 a year earlier.
When does Independent Bank's fiscal year end?
Independent Bank's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.