Western Alliance Bancorporation (WAL) Income Statement
WAL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsWAL revenue and net income
Where WAL's revenue goes
2025Each bar shows an amount and its share of revenue. WAL kept 18.4% of revenue as net income.
WAL profit margins
WAL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +5.2% | +31.9% | +31.6% | +25.4% |
| Gross profit | +9.3% | +12.0% | +23.6% | +20.1% |
| Operating income | +21.8% | −12.7% | +14.2% | +16.7% |
| Net income | +23.0% | −2.9% | +13.8% | +17.4% |
| EPS (diluted) | +21.3% | −4.4% | +11.4% | +15.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
WAL quarterly EPS vs estimates
Western Alliance Bancorporation beat the analyst EPS estimate in 2 of the last 8 quarters. Next report: October 19, 2026 (estimate $2.43).
WAL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.28B | $5.02B | $2.13B | $2.30B | $1.84B | $1.33B | $1.29B | $1.07B | $882.9M | $738.6M |
| Cost of revenue | $2.05B | $2.07B | $430.7M | $55.5M | $53.5M | $218.5M | $203.9M | $142.6M | $78.1M | $51.3M |
| Gross profit | $3.22B | $2.95B | $1.70B | $2.30B | $1.84B | $1.12B | $1.08B | $925.1M | $804.8M | $687.3M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $144.6M | $663.8M | $778.5M | $570.6M | $489.7M | $313.2M | $290.5M | $257.0M | $218.1M | $192.4M |
| Total operating expenses | $2.02B | $1.96B | $1.19B | $122.0M | −$720.9M | $493.1M | $478.2M | $414.8M | $353.0M | $326.1M |
| Operating income | $1.21B | $991.2M | $865.2M | $1.81B | $1.12B | $622.5M | $604.2M | $510.3M | $451.8M | $361.2M |
| Interest income | $4.69B | $4.54B | $3.75B | $2.69B | $1.66B | $1.26B | $1.22B | $1.03B | $837.8M | $691.5M |
| Interest expense | $1.83B | $1.92B | $1.70B | $475.5M | $109.9M | $94.9M | $184.6M | $117.6M | $60.8M | $43.3M |
| Income before taxes | $1.21B | $991.2M | $933.6M | $1.32B | $1.12B | $622.5M | $604.2M | $510.3M | $451.8M | $361.2M |
| Income taxes | $216.6M | $203.5M | $211.2M | $258.8M | $223.8M | $115.9M | $105.0M | $74.5M | $126.3M | $101.4M |
| Net income | $969.0M | $787.7M | $722.4M | $1.06B | $899.2M | $506.6M | $499.2M | $435.8M | $325.5M | $259.8M |
| EBITDA | $1.34B | $1.11B | $1.02B | $1.39B | $1.17B | $657.1M | $633.2M | $524.6M | $465.2M | $373.7M |
| EPS (diluted) | $8.49 | $7.00 | $7.28 | $9.71 | $8.83 | $4.95 | $4.80 | $4.15 | $3.10 | $2.58 |
| Gross margin | 61.1% | 58.8% | 79.7% | 100.0% | 100.0% | 83.6% | 84.1% | 86.6% | 91.2% | 93.1% |
| Operating margin | 22.9% | 19.8% | 40.7% | 78.9% | 60.9% | 46.7% | 47.0% | 47.8% | 51.2% | 48.9% |
| Net margin | 18.4% | 15.7% | 34.0% | 46.0% | 48.8% | 38.0% | 38.8% | 40.8% | 36.9% | 35.2% |
| 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 | $888.5M | $1.44B | $1.41B | $1.40B | $1.28B | $1.21B | $1.29B | $1.31B | $1.25B | $1.17B | $1.12B | $1.15B |
| Cost of revenue | $515.4M | $635.1M | $524.2M | $555.1M | $496.7M | $476.2M | $529.3M | $536.5M | $528.0M | $471.3M | $459.3M | $455.7M |
| Gross profit | $373.1M | $805.7M | $882.3M | $843.2M | $785.9M | $730.4M | $760.6M | $770.8M | $718.1M | $698.6M | $658.2M | $692.2M |
| Sales, general & admin | $41.1M | $287.3M | $44.7M | $223.6M | $186.0M | $188.3M | $176.5M | $167.5M | $159.4M | $160.4M | $141.3M | $142.1M |
| Total operating expenses | $41.1M | $574.4M | $526.6M | $529.4M | $494.6M | $484.0M | $501.2M | $518.7M | $470.2M | $466.8M | $447.2M | $414.3M |
| Operating income | $332.0M | $231.3M | $355.7M | $313.8M | $291.3M | $246.4M | $259.4M | $252.1M | $247.9M | $231.8M | $211.0M | $277.9M |
| Interest income | $1.23B | $1.19B | $1.22B | $1.23B | $1.15B | $1.10B | $1.14B | $1.14B | $1.09B | $1.01B | $993.3M | $1.03B |
| Interest expense | $435.0M | $421.9M | $451.2M | $475.1M | $456.8M | $445.0M | $472.1M | $503.1M | $490.9M | $456.1M | $447.3M | $439.6M |
| Income before taxes | $332.0M | $231.3M | $355.7M | $313.8M | $291.3M | $246.4M | $259.4M | $252.1M | $247.9M | $231.8M | $211.0M | $277.9M |
| Income taxes | $63.2M | $42.1M | $62.5M | $53.3M | $53.5M | $47.3M | $42.5M | $52.3M | $54.3M | $54.4M | $63.1M | $61.3M |
| Net income | $261.7M | $189.2M | $286.1M | $253.4M | $230.4M | $199.1M | $216.9M | $199.8M | $193.6M | $177.4M | $147.9M | $216.6M |
| EBITDA | $367.3M | $265.9M | $389.0M | $347.3M | $323.6M | $277.4M | $295.3M | $280.5M | $275.3M | $258.6M | $236.0M | $293.6M |
| EPS (diluted) | $2.22 | $1.25 | $2.59 | $2.15 | $1.99 | $1.76 | $1.88 | $1.70 | $1.70 | $1.72 | $1.18 | $1.84 |
| Gross margin | 42.0% | 55.9% | 62.7% | 60.3% | 61.3% | 60.5% | 59.0% | 59.0% | 57.6% | 59.7% | 58.9% | 60.3% |
| Operating margin | 37.4% | 16.1% | 25.3% | 22.4% | 22.7% | 20.4% | 20.1% | 19.3% | 19.9% | 19.8% | 18.9% | 24.2% |
| Net margin | 29.5% | 13.1% | 20.3% | 18.1% | 18.0% | 16.5% | 16.8% | 15.3% | 15.5% | 15.2% | 13.2% | 18.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in WAL's financial statements (latest annual report filed February 23, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
WAL financial results
In fiscal year 2025 (ended December 31, 2025), Western Alliance Bancorporation reported revenue of $5.3 billion, up 5.2% from the year before. It had net income of $969.0 million (up 23.0%), a net profit margin of 18.4%. Diluted earnings per share came to $8.49. Over five years revenue grew at an average rate of 31.6% a year.
See the WAL stock overview for the latest quote and news, or the WAL chart for price history and technical indicators.
WAL income statement FAQ
What is Western Alliance Bancorporation's annual revenue?
Western Alliance Bancorporation reported total revenue of $5.3 billion for fiscal year 2025, which ended on December 31, 2025. That was up 5.2% from $5.0 billion the previous year.
Is Western Alliance Bancorporation profitable?
Yes. Western Alliance Bancorporation reported net income of $969.0 million in fiscal 2025, a net profit margin of 18.4%; its operating margin was 22.9%.
What is Western Alliance Bancorporation's gross margin?
Western Alliance Bancorporation's gross margin was 61.1% in fiscal 2025: for every $100 of revenue, Western Alliance Bancorporation kept $61 after the direct cost of its products and services.
How fast is Western Alliance Bancorporation growing?
Revenue grew 31.6% a year on average over the last five fiscal years, from $1.3 billion to $5.3 billion.
What are Western Alliance Bancorporation's earnings per share?
Western Alliance Bancorporation earned $8.49 per diluted share in fiscal 2025, compared with $7.00 a year earlier.
When will Western Alliance Bancorporation report its next earnings?
Western Alliance Bancorporation is expected to report results for the quarter ending September 30, 2026 on October 19, 2026 after the market closes.
When does Western Alliance Bancorporation's fiscal year end?
Western Alliance Bancorporation's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 23, 2026.