AROW

MKT CAP:$596M

Arrow Financial Corporation

Market Cap

$596M

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$36.54+$5.24 (+16.74%)

Apr 23, 2026

Company Details

Arrow Financial Corporation, a bank holding company, provides commercial and consumer banking, and financial products and services. The company's deposit products include demand deposits, interest-bearing checking accounts, savings deposits...

CEO

David S. DeMarco

IPO Date

Sep 18, 1980

Website

www.arrowfinancial.com

Key Metrics TTM

Revenue

$243M

+8.7% YoY

Net Income

$44M

EPS (Diluted)

$2.66

Free Cash Flow

$36M

Revenue / Share

$14.78

Gross Margin

65.3%

Operating Margin

22.8%

Net Margin

18.1%

FCF Margin

14.9%

P/S

2.5x

P/E

13.6x

Earnings Reports

Q1 2026

Apr 30, 2026

PENDING

FY 2025

Mar 6, 2026

$243M+8.7%EPS $2.65

Q4 2025

Mar 6, 2026

$63M+14.1%EPS $0.85

Q3 2025

Nov 6, 2025

$62M+8.2%EPS $0.78

Q2 2025

Aug 8, 2025

$59M+6.0%EPS $0.65

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$37M	$35M	$16M
Q2 22	$38M	$36M	$16M
Q3 22	$42M	$37M	$16M
Q4 22	$43M	$36M	$16M
Q1 23	$43M	$33M	$11M
Q2 23	$47M	$32M	$8M
Q3 23	$50M	$33M	$10M
Q4 23	$52M	$33M	$9M
Q1 24	$55M	$34M	$10M
Q2 24	$56M	$34M	$11M
Q3 24	$58M	$36M	$12M
Q4 24	$55M	$31M	$5M
Q1 25	$58M	$34M	$8M
Q2 25	$59M	$40M	$14M
Q3 25	$62M	$42M	$17M
Q4 25	$63M	$43M	$17M

Valuation

Quarter	P/S	P/E
Q1 22	4.0x	12.1x
Q2 22	4.0x	12.5x
Q3 22	3.9x	12.7x
Q4 22	3.7x	12.2x
Q1 23	3.6x	13.3x
Q2 23	3.4x	15.3x
Q3 23	3.3x	17.3x
Q4 23	3.1x	19.8x
Q1 24	2.9x	20.4x
Q2 24	2.8x	18.8x
Q3 24	2.7x	18.1x
Q4 24	2.7x	20.1x
Q1 25	2.6x	21.0x
Q2 25	2.6x	19.5x
Q3 25	2.5x	17.3x
Q4 25	2.5x	13.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$17M	$14M
Q2 22	$14M	$11M
Q3 22	$18M	$13M
Q4 22	$12M	$8M
Q1 23	$13M	$11M
Q2 23	$12M	$10M
Q3 23	$11M	$10M
Q4 23	-$16M	-$17M
Q1 24	$10M	$9M
Q2 24	$9M	$8M
Q3 24	$9M	$8M
Q4 24	$6M	$4M
Q1 25	$10M	$9M
Q2 25	$10M	$8M
Q3 25	$15M	$14M
Q4 25	$6M	$5M

Capital Expenditures

Quarter	CapEx
Q1 22	$3M
Q2 22	$3M
Q3 22	$5M
Q4 22	$3M
Q1 23	$3M
Q2 23	$2M
Q3 23	$1M
Q4 23	$607.0K
Q1 24	$1M
Q2 24	$2M
Q3 24	$1M
Q4 24	$2M
Q1 25	$1M
Q2 25	$2M
Q3 25	$739.0K
Q4 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+2.2%	+6.5%
Q2 22	+0.4%	+10.2%
Q3 22	+12.1%	+27.9%
Q4 22	+19.8%	+22.0%
Q1 23	+15.3%	+52.9%
Q2 23	+22.4%	+72.2%
Q3 23	+19.3%	+53.4%
Q4 23	+20.3%	+54.1%
Q1 24	+27.5%	+40.7%
Q2 24	+19.0%	+14.4%
Q3 24	+14.8%	+13.4%
Q4 24	+6.4%	+17.6%
Q1 25	+6.7%	+11.6%
Q2 25	+6.0%	+0.8%
Q3 25	+8.2%	-0.7%
Q4 25	+14.1%	-7.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$209.0K	0.6%
Q2 22	$208.0K	0.5%
Q3 22	$206.0K	0.5%
Q4 22	$236.0K	0.5%
Q1 23	$236.0K	0.6%
Q2 23	$125.0K	0.3%
Q3 23	$270.0K	0.5%
Q4 23	$192.0K	0.4%
Q1 24	$211.0K	0.4%
Q2 24	$209.0K	0.4%
Q3 24	$184.0K	0.3%
Q4 24	$205.0K	0.4%
Q1 25	$257.0K	0.4%
Q2 25	$416.0K	0.7%
Q3 25	$228.0K	0.4%
Q4 25	$519.0K	0.8%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$12M	—
Q2 22	$12M	—
Q3 22	$13M	—
Q4 22	$12M	$1M
Q1 23	$12M	—
Q2 23	$13M	—
Q3 23	$13M	—
Q4 23	$12M	$1M
Q1 24	$14M	—
Q2 24	$14M	—
Q3 24	$14M	—
Q4 24	$14M	$1M
Q1 25	$14M	—
Q2 25	$15M	—
Q3 25	$15M	—
Q4 25	$21M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$488M	$582M	$1.1B
Q2 22	$217M	$583M	$800M
Q3 22	$373M	$575M	$948M
Q4 22	$65M	$573M	$638M
Q1 23	$203M	$566M	$769M
Q2 23	$174M	$544M	$717M
Q3 23	$295M	$519M	$814M
Q4 23	$143M	$498M	$640M
Q1 24	$282M	$486M	$768M
Q2 24	$200M	$451M	$651M
Q3 24	$340M	$437M	$777M
Q4 24	$155M	$463M	$618M
Q1 25	$301M	$446M	$747M
Q2 25	$268M	$448M	$716M
Q3 25	$397M	$524M	$921M
Q4 25	$29M	$0	$29M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	17M	+0.0%	+0.3%
Q2 22	17M	-0.2%	-0.2%
Q3 22	17M	+0.1%	-0.1%
Q4 22	17M	+3.2%	+3.2%
Q1 23	17M	-0.2%	+3.0%
Q2 23	17M	-0.1%	+3.1%
Q3 23	17M	0.0%	+3.0%
Q4 23	17M	-0.3%	-0.5%
Q1 24	17M	-0.8%	-1.1%
Q2 24	17M	-0.9%	-2.0%
Q3 24	17M	+0.2%	-1.8%
Q4 24	17M	-0.0%	-1.6%
Q1 25	17M	-0.4%	-1.2%
Q2 25	17M	-0.7%	-0.9%
Q3 25	16M	-0.9%	-2.0%
Q4 25	16M	+0.0%	-1.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$72.5K	512
Q2 22	$74.9K	512
Q3 22	$82.1K	512
Q4 22	$85.8K	502
Q1 23	$85.2K	502
Q2 23	$93.5K	502
Q3 23	$99.9K	502
Q4 23	$96.5K	537
Q1 24	$101.6K	537
Q2 24	$104.0K	537
Q3 24	$107.2K	537
Q4 24	$99.5K	554
Q1 25	$105.1K	554
Q2 25	$106.8K	554
Q3 25	$112.5K	554
Q4 25	$108.8K	578

Revenue / Employee