ASB

MKT CAP:$5B

Associated Banc-Corp

Market Cap

$5B

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

Financials·Banks - Regional·🇺🇸·NYSE

Stock Price

$27.85+$2.09 (+8.11%)

Apr 22, 2026

Company Details

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company operates through three segments: Corporate and Commercial Specia...

CEO

Andrew John Harmening

IPO Date

Mar 17, 1980

Website

www.associatedbank.com

Key Metrics TTM

Revenue

$2.5B

+16.5% YoY

Net Income

$475M

EPS (Diluted)

$2.77

Free Cash Flow

$579M

Revenue / Share

$14.70

Gross Margin

58.2%

Operating Margin

23.6%

Net Margin

19.4%

FCF Margin

23.6%

P/S

1.8x

P/E

9.5x

Earnings Reports

FY 2025

Feb 12, 2026

$2.5B+16.8%EPS $2.77

Q4 2025

Feb 12, 2026

$624M+94.9%EPS $0.80

Q3 2025

Oct 28, 2025

$636M+5.2%EPS $0.73

Q2 2025

Jul 29, 2025

$610M+2.7%EPS $0.65

Q1 2025

Apr 29, 2025

$582M-0.7%EPS $0.59

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$275M	$264M	$93M
Q2 22	$311M	$290M	$110M
Q3 22	$384M	$317M	$122M
Q4 22	$452M	$330M	$134M
Q1 23	$504M	$317M	$131M
Q2 23	$545M	$300M	$111M
Q3 23	$573M	$297M	$103M
Q4 23	$394M	$101M	-$138M
Q1 24	$586M	$297M	$101M
Q2 24	$594M	$297M	$103M
Q3 24	$605M	$306M	$109M
Q4 24	$320M	$45M	-$178M
Q1 25	$582M	$329M	$121M
Q2 25	$610M	$346M	$140M
Q3 25	$636M	$369M	$154M
Q4 25	$624M	$382M	$163M

Valuation

Quarter	P/S	P/E
Q1 22	3.2x	10.6x
Q2 22	2.4x	8.6x
Q3 22	2.5x	9.2x
Q4 22	2.4x	9.5x
Q1 23	1.6x	6.8x
Q2 23	1.3x	6.3x
Q3 23	1.2x	6.6x
Q4 23	1.6x	17.7x
Q1 24	1.5x	19.8x
Q2 24	1.5x	16.5x
Q3 24	1.5x	16.9x
Q4 24	1.7x	29.5x
Q1 25	1.6x	23.8x
Q2 25	1.9x	28.9x
Q3 25	2.0x	24.3x
Q4 25	1.8x	9.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$246M	$229M
Q2 22	$243M	$227M
Q3 22	$233M	$221M
Q4 22	$124M	$107M
Q1 23	$47M	$34M
Q2 23	$131M	$116M
Q3 23	$199M	$185M
Q4 23	$65M	$46M
Q1 24	$155M	$146M
Q2 24	$113M	$102M
Q3 24	$105M	$93M
Q4 24	$207M	$194M
Q1 25	$98M	$91M
Q2 25	$141M	$131M
Q3 25	$158M	$147M
Q4 25	$218M	$210M

Capital Expenditures

Quarter	CapEx
Q1 22	$17M
Q2 22	$16M
Q3 22	$12M
Q4 22	$17M
Q1 23	$14M
Q2 23	$16M
Q3 23	$14M
Q4 23	$18M
Q1 24	$9M
Q2 24	$12M
Q3 24	$12M
Q4 24	$13M
Q1 25	$7M
Q2 25	$11M
Q3 25	$11M
Q4 25	$8M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-5.0%	+6.9%
Q2 22	+15.2%	+28.3%
Q3 22	+36.7%	+54.8%
Q4 22	+60.6%	+67.8%
Q1 23	+83.4%	+105.2%
Q2 23	+75.3%	+116.4%
Q3 23	+49.3%	+80.0%
Q4 23	-12.9%	+67.2%
Q1 24	+16.4%	+30.0%
Q2 24	+8.9%	+13.0%
Q3 24	+5.5%	+5.5%
Q4 24	-18.7%	-6.4%
Q1 25	-0.7%	-4.9%
Q2 25	+2.7%	-4.2%
Q3 25	+5.2%	-2.9%
Q4 25	+94.9%	-7.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$110M	$5M
Q2 22	$118M	$6M
Q3 22	$124M	$7M
Q4 22	$125M	$8M
Q1 23	$123M	$6M
Q2 23	$124M	$7M
Q3 23	$126M	$7M
Q4 23	$162M	$8M
Q1 24	$133M	$7M
Q2 24	$129M	$8M
Q3 24	$129M	$7M
Q4 24	$135M	$7M
Q1 25	$134M	$6M
Q2 25	$137M	$8M
Q3 25	$146M	$8M
Q4 25	$156M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$834M	$2.7B	$3.5B
Q3 22	$498M	$2.5B	$3.0B
Q4 22	$594M	$2.7B	$3.3B
Q1 23	$822M	$3.4B	$4.2B
Q2 23	$599M	$3.5B	$4.1B
Q3 23	$712M	$3.5B	$4.2B
Q4 23	$909M	$3.6B	$4.5B
Q1 24	$850M	$3.7B	$4.6B
Q2 24	$955M	$3.9B	$4.9B
Q3 24	$963M	$4.2B	$5.1B
Q4 24	$998M	$4.6B	$5.6B
Q1 25	$1.2B	$4.8B	$6.0B
Q2 25	$1.3B	$5.0B	$6.3B
Q3 25	$1.3B	$1M	$1.3B
Q4 25	$575M	$5.4B	$6.0B
Q1 26	$465M	$5.5B	$6.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	150M	+0.3%	-2.1%
Q2 22	150M	-0.2%	-2.1%
Q3 22	150M	+0.0%	-0.6%
Q4 22	151M	+0.4%	+0.6%
Q1 23	151M	+0.2%	+0.4%
Q2 23	151M	-0.2%	+0.4%
Q3 23	151M	+0.1%	+0.5%
Q4 23	150M	-0.6%	-0.5%
Q1 24	151M	+0.8%	+0.1%
Q2 24	151M	-0.0%	+0.3%
Q3 24	151M	+0.1%	+0.3%
Q4 24	158M	+4.1%	+5.1%
Q1 25	167M	+5.6%	+10.1%
Q2 25	166M	-0.2%	+10.0%
Q3 25	167M	+0.2%	+10.0%
Q4 25	167M	+0.0%	+5.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$68.6K	4K
Q2 22	$77.7K	4K
Q3 22	$95.9K	4K
Q4 22	$107.7K	4K
Q1 23	$119.9K	4K
Q2 23	$129.8K	4K
Q3 23	$136.5K	4K
Q4 23	$96.0K	4K
Q1 24	$143.0K	4K
Q2 24	$144.8K	4K
Q3 24	$147.5K	4K
Q4 24	$78.0K	4K
Q1 25	$142.0K	4K
Q2 25	$148.7K	4K
Q3 25	$155.2K	4K
Q4 25	$152.1K	4K

Revenue / Employee