Waterstone Financial, Inc. (WSBF) Income Statement
WSBF 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsWSBF revenue and net income
Where WSBF's revenue goes
2025Each bar shows an amount and its share of revenue. WSBF kept 13.1% of revenue as net income.
WSBF profit margins
WSBF growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +1.1% | +5.6% | −8.7% | +1.9% |
| Gross profit | +8.4% | −2.9% | −12.9% | +0.2% |
| Operating income | +39.3% | +11.0% | −20.9% | +2.6% |
| Net income | +41.3% | +10.7% | −20.1% | +4.8% |
| EPS (diluted) | +47.5% | +19.2% | −15.1% | +10.5% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
WSBF quarterly EPS vs estimates
Waterstone Financial beat the analyst EPS estimate in 3 of the last 5 quarters. Next report: October 22, 2026.
WSBF income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $201.6M | $199.4M | $177.0M | $171.1M | $268.5M | $317.9M | $207.2M | $188.5M | $188.4M | $187.2M |
| Cost of revenue | $58.0M | $66.8M | $49.6M | $14.3M | $10.4M | $31.3M | $26.6M | $18.5M | $15.2M | $20.7M |
| Gross profit | $143.6M | $132.5M | $127.3M | $156.8M | $258.1M | $286.5M | $180.6M | $170.1M | $173.2M | $166.6M |
| Sales, general & admin | $5.7M | $84.6M | $87.9M | $103.5M | $138.6M | $142.7M | $107.0M | $103.5M | $102.0M | $99.3M |
| Total operating expenses | $110.2M | $108.5M | $116.3M | $132.3M | $166.0M | $178.4M | $133.0M | $129.8M | $128.8M | $124.6M |
| Operating income | $33.4M | $24.0M | $11.0M | $24.5M | $92.1M | $108.1M | $47.6M | $40.3M | $44.4M | $42.0M |
| Interest income | $116.1M | $113.2M | $93.2M | $70.2M | $69.9M | $78.5M | $79.7M | $73.7M | $67.1M | $63.7M |
| Interest expense | $59.4M | $67.0M | $49.0M | $13.3M | $14.4M | $25.0M | $27.5M | $19.5M | $16.4M | $20.3M |
| Income before taxes | $33.4M | $24.0M | $11.0M | $24.5M | $92.1M | $108.1M | $47.6M | $40.3M | $44.4M | $42.0M |
| Income taxes | $7.0M | $5.3M | $1.7M | $5.0M | $21.3M | $27.0M | $11.7M | $9.5M | $18.5M | $16.5M |
| Net income | $26.4M | $18.7M | $9.4M | $19.5M | $70.8M | $81.1M | $35.9M | $30.8M | $26.0M | $25.5M |
| EBITDA | $36.0M | $26.5M | $14.3M | $28.5M | $98.2M | $113.7M | $52.3M | $45.0M | $46.6M | $45.2M |
| EPS (diluted) | $1.49 | $1.01 | $0.46 | $0.88 | $2.95 | $3.37 | $1.37 | $1.11 | $1.05 | $0.93 |
| Gross margin | 71.2% | 66.5% | 71.9% | 91.7% | 96.1% | 90.1% | 87.1% | 90.2% | 91.9% | 89.0% |
| Operating margin | 16.6% | 12.0% | 6.2% | 14.3% | 34.3% | 34.0% | 23.0% | 21.4% | 23.6% | 22.4% |
| Net margin | 13.1% | 9.4% | 5.3% | 11.4% | 26.4% | 25.5% | 17.3% | 16.3% | 13.8% | 13.6% |
| 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 | $7.3M | $49.2M | $54.3M | $51.2M | $52.2M | $43.9M | $47.6M | $51.0M | $53.7M | $47.1M | $42.8M | $47.9M |
| Cost of revenue | $13.8M | $13.8M | $13.8M | $14.5M | $15.0M | $14.6M | $16.6M | $17.3M | $17.1M | $15.8M | $14.5M | $14.8M |
| Gross profit | −$6.5M | $35.4M | $40.5M | $36.6M | $37.2M | $29.3M | $31.0M | $33.7M | $36.5M | $31.3M | $28.3M | $33.1M |
| Sales, general & admin | $1.0M | $1.0M | $20.6M | $21.2M | $1.2M | $2.5M | $19.1M | $21.9M | $22.7M | $20.8M | $21.1M | $22.5M |
| Total operating expenses | $1.0M | $27.9M | $30.4M | $26.8M | $27.6M | $25.4M | $24.8M | $27.9M | $29.4M | $26.5M | $28.9M | $29.3M |
| Operating income | −$7.6M | $7.6M | $10.1M | $9.8M | $9.7M | $3.9M | $6.2M | $5.9M | $7.1M | $4.8M | −$595,000 | $3.8M |
| Interest income | $29.6M | $29.0M | $30.1M | $29.6M | $28.7M | $27.8M | $29.1M | $29.2M | $28.0M | $26.9M | $26.7M | $26.4M |
| Interest expense | $13.6M | $13.6M | $14.4M | $14.8M | $15.0M | $15.2M | $16.2M | $17.7M | $17.3M | $15.8M | $14.9M | $14.4M |
| Income before taxes | $10.6M | $7.6M | $10.1M | $9.8M | $9.7M | $3.9M | $6.2M | $5.9M | $7.1M | $4.8M | −$595,000 | $3.8M |
| Income taxes | $2.2M | $1.6M | $2.3M | $1.9M | $1.9M | $845,000 | $996,000 | $1.2M | $1.4M | $1.7M | −$555,000 | $500,000 |
| Net income | $8.5M | $6.0M | $7.7M | $7.9M | $7.7M | $3.0M | $5.2M | $4.7M | $5.7M | $3.0M | −$40,000 | $3.3M |
| EBITDA | −$6.8M | $8.5M | $10.7M | $10.4M | $10.2M | $4.6M | $6.8M | $6.6M | $7.8M | $5.3M | $438,000 | $4.5M |
| EPS (diluted) | $0.49 | $0.34 | $0.44 | $0.45 | $0.43 | $0.17 | $0.28 | $0.26 | $0.31 | $0.16 | $0.00 | $0.16 |
| Gross margin | −89.5% | 71.9% | 74.5% | 71.6% | 71.3% | 66.7% | 65.1% | 66.1% | 68.1% | 66.4% | 66.1% | 69.0% |
| Operating margin | −103.6% | 15.3% | 18.5% | 19.2% | 18.5% | 8.8% | 13.0% | 11.5% | 13.3% | 10.1% | −1.4% | 7.8% |
| Net margin | 116.1% | 12.2% | 14.2% | 15.5% | 14.8% | 6.9% | 11.0% | 9.3% | 10.6% | 6.4% | −0.1% | 6.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in WSBF's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
WSBF financial results
In fiscal year 2025 (ended December 31, 2025), Waterstone Financial reported revenue of $201.6 million, up 1.1% from the year before. It had net income of $26.4 million (up 41.3%), a net profit margin of 13.1%. Diluted earnings per share came to $1.49. Over five years revenue grew at an average rate of −8.7% a year.
See the WSBF stock overview for the latest quote and news, or the WSBF chart for price history and technical indicators.
WSBF income statement FAQ
What is Waterstone Financial's annual revenue?
Waterstone Financial reported total revenue of $201.6 million for fiscal year 2025, which ended on December 31, 2025. That was up 1.1% from $199.4 million the previous year.
Is Waterstone Financial profitable?
Yes. Waterstone Financial reported net income of $26.4 million in fiscal 2025, a net profit margin of 13.1%; its operating margin was 16.6%.
What is Waterstone Financial's gross margin?
Waterstone Financial's gross margin was 71.2% in fiscal 2025: for every $100 of revenue, Waterstone Financial kept $71 after the direct cost of its products and services.
How fast is Waterstone Financial growing?
Revenue grew −8.7% a year on average over the last five fiscal years, from $317.9 million to $201.6 million.
What are Waterstone Financial's earnings per share?
Waterstone Financial earned $1.49 per diluted share in fiscal 2025, compared with $1.01 a year earlier.
When will Waterstone Financial report its next earnings?
Waterstone Financial is expected to report results for the quarter ending September 30, 2026 on October 22, 2026 after the market closes.
When does Waterstone Financial's fiscal year end?
Waterstone Financial's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.