BHRB

MKT CAP:$964M

Burke & Herbert Financial Services Corp.

Market Cap

$964M

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$63.96+$2.19 (+3.55%)

Apr 24, 2026

Company Details

Burke Herbert Financial Services Corp. is a bank holding company, which engages in the provision of banking products and financial services to small to medium-sized businesses, their owners and employees, professional corporations, non-prof...

CEO

David Boyle

IPO Date

Oct 7, 2003

Website

www.burkeandherbertbank.com

Key Metrics TTM

Revenue

$487M

+22.8% YoY

Net Income

$117M

EPS (Diluted)

$7.74

Free Cash Flow

$96M

Revenue / Share

$32.44

Gross Margin

69.1%

Operating Margin

29.7%

Net Margin

24.1%

FCF Margin

19.7%

P/S

2.0x

P/E

8.2x

Earnings Reports

FY 2025

Feb 27, 2026

$491M+23.7%EPS $7.75

Q4 2025

Feb 27, 2026

$123M+0.2%EPS $2.00

Q3 2025

Nov 7, 2025

$122M-4.6%EPS $1.97

Q2 2025

Aug 8, 2025

$123M+18.1%EPS $1.97

Q1 2025

May 9, 2025

$120M+181.9%EPS $1.80

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$28M	$30M	$11M
Q2 22	$31M	$33M	$12M
Q3 22	$34M	$33M	$13M
Q4 22	$37M	$32M	$16M
Q1 23	$38M	$28M	$8M
Q2 23	$41M	$28M	$7M
Q3 23	$41M	$26M	$5M
Q4 23	$42M	$27M	$6M
Q1 24	$42M	$27M	$6M
Q2 24	$104M	$44M	-$19M
Q3 24	$128M	$82M	$33M
Q4 24	$122M	$80M	$20M
Q1 25	$120M	$81M	$33M
Q2 25	$123M	$85M	$37M
Q3 25	$122M	$84M	$37M
Q4 25	$123M	$86M	$38M

Valuation

Quarter	P/S	P/E
Q1 22	8.2x	26.5x
Q2 22	8.1x	25.8x
Q3 22	7.9x	24.5x
Q4 22	7.4x	21.9x
Q1 23	6.9x	22.7x
Q2 23	6.4x	25.3x
Q3 23	6.1x	31.1x
Q4 23	5.9x	42.5x
Q1 24	5.8x	47.3x
Q2 24	4.2x	—
Q3 24	3.0x	45.9x
Q4 24	2.4x	27.0x
Q1 25	2.0x	16.7x
Q2 25	2.0x	9.2x
Q3 25	2.0x	9.0x
Q4 25	2.0x	8.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$14M	$14M
Q2 22	$17M	$16M
Q3 22	$18M	-$4M
Q4 22	$12M	$11M
Q1 23	$11M	$8M
Q2 23	$12M	$10M
Q3 23	$9M	$7M
Q4 23	$10M	$2M
Q1 24	$7M	$6M
Q2 24	-$46M	-$47M
Q3 24	$21M	$19M
Q4 24	$77M	$77M
Q1 25	$38M	$36M
Q2 25	$41.0K	-$3M
Q3 25	$39M	$35M
Q4 25	$31M	$28M

Capital Expenditures

Quarter	CapEx
Q1 22	$109.0K
Q2 22	$637.0K
Q3 22	$21M
Q4 22	$1M
Q1 23	$3M
Q2 23	$2M
Q3 23	$2M
Q4 23	$8M
Q1 24	$2M
Q2 24	$1M
Q3 24	$2M
Q4 24	$294.0K
Q1 25	$2M
Q2 25	$3M
Q3 25	$4M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-2.9%	-10.6%
Q2 22	+4.2%	-2.9%
Q3 22	+12.2%	+3.0%
Q4 22	+26.0%	+9.3%
Q1 23	+34.4%	+73.4%
Q2 23	+32.9%	+83.6%
Q3 23	+22.6%	+81.5%
Q4 23	+14.8%	+72.7%
Q1 24	+11.4%	+21.8%
Q2 24	+153.3%	+259.2%
Q3 24	+210.3%	+158.9%
Q4 24	+190.1%	+178.9%
Q1 25	+181.9%	+137.5%
Q2 25	+18.1%	-30.2%
Q3 25	-4.6%	-10.7%
Q4 25	+0.2%	-17.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$506.0K	1.8%
Q2 22	$493.0K	1.6%
Q3 22	$493.0K	1.5%
Q4 22	$508.0K	1.4%
Q1 23	$581.0K	1.5%
Q2 23	$607.0K	1.5%
Q3 23	$610.0K	1.5%
Q4 23	$666.0K	1.6%
Q1 24	$632.0K	1.5%
Q2 24	$864.0K	0.8%
Q3 24	$688.0K	0.5%
Q4 24	$695.0K	0.6%
Q1 25	$1M	1.1%
Q2 25	$1M	0.9%
Q3 25	$1M	1.0%
Q4 25	$1M	0.9%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$13M	$317.0K
Q2 22	$13M	$317.0K
Q3 22	$13M	$230.0K
Q4 22	$12M	$431.0K
Q1 23	$13M	$219.0K
Q2 23	$13M	$119.0K
Q3 23	$13M	$116.0K
Q4 23	$13M	$218.0K
Q1 24	$13M	$329.0K
Q2 24	$28M	$378.0K
Q3 24	$27M	$427.0K
Q4 24	$32M	$760.0K
Q1 25	$27M	$387.0K
Q2 25	$27M	$382.0K
Q3 25	$27M	$387.0K
Q4 25	$32M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$0	$0	$0
Q3 22	$0	$0	$0
Q4 22	$50M	$1.4B	$1.4B
Q1 23	$117M	$1.4B	$1.5B
Q2 23	$81M	$1.3B	$1.3B
Q3 23	$42M	$1.2B	$1.3B
Q4 23	$44M	$506M	$550M
Q1 24	$54M	$1.3B	$1.3B
Q2 24	$212M	$1.4B	$1.6B
Q3 24	$292M	$1.4B	$1.7B
Q4 24	$135M	$332M	$468M
Q1 25	$149M	$1.4B	$1.6B
Q2 25	$325M	$1.5B	$1.8B
Q3 25	$132M	$498M	$630M
Q4 25	$53M	$1.6B	$1.7B
Q1 26	$54M	$1.8B	$1.9B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	8M	+7.5%	+3.6%
Q2 22	8M	0.0%	+7.5%
Q3 22	7M	-7.2%	-0.2%
Q4 22	7M	-7.7%	-7.9%
Q1 23	8M	+9.5%	-6.2%
Q2 23	8M	+0.1%	-6.1%
Q3 23	7M	-0.2%	+1.0%
Q4 23	8M	+1.1%	+10.6%
Q1 24	8M	-0.7%	+0.3%
Q2 24	12M	+61.5%	+61.8%
Q3 24	15M	+23.7%	+100.6%
Q4 24	15M	-0.0%	+98.4%
Q1 25	15M	-0.1%	+99.6%
Q2 25	15M	-0.0%	+23.6%
Q3 25	15M	+0.6%	+0.5%
Q4 25	15M	-0.6%	-0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	$105.6K	400
Q1 24	$106.1K	400
Q2 24	$261.2K	400
Q3 24	$318.8K	400
Q4 24	$150.3K	815
Q1 25	$146.8K	815
Q2 25	$151.4K	815
Q3 25	$149.2K	815
Q4 25	$147.6K	832

Revenue / Employee