CASH

MKT CAP:$2B

Pathward Financial, Inc.

Market Cap

$2B

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$87.82+$15.95 (+22.19%)

Apr 24, 2026

Company Details

Pathward Financial, Inc. operates as the holding company for Pathward, National Association that provides various banking products and services in the United States. It operates through three segments: Consumer, Commercial, and Corporate Se...

CEO

Brett L. Pharr

IPO Date

Sep 20, 1993

Website

www.pathwardfinancial.com

Key Metrics TTM

Revenue

$640M

+5.3% YoY

Net Income

$189M

EPS (Diluted)

$8.42

Free Cash Flow

$422M

Revenue / Share

$29.45

Gross Margin

74.7%

Operating Margin

21.6%

Net Margin

29.5%

FCF Margin

66.0%

P/S

3.0x

P/E

10.0x

Earnings Reports

Q2 2026

Apr 22, 2026

NEW

$151M-35.9%EPS $3.35

Q1 2026

Feb 5, 2026

$175M+28.8%EPS $1.57

FY 2025

Nov 25, 2025

$685MEPS $7.87

Q4 2025

Nov 25, 2025

$155MEPS $1.69

Q3 2025

Sep 16, 2025

$158MEPS $1.81

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 17	$36M	$33M	$2M
Q2 17	$100M	$87M	$41M
Q3 17	$52M	$47M	$12M
Q4 17	$53M	$49M	$719.0K
Q1 18	$53M	$47M	$10M
Q2 18	$112M	$88M	$38M
Q3 18	$59M	$48M	$7M
Q4 18	$79M	$63M	$2M
Q1 22	$102M	$101M	$76M
Q1 24	$134M	$118M	$34M
Q1 25	$136M	$114M	$36M
Q2 25	$236M	$195M	$91M
Q3 25	$158M	$148M	$47M
Q4 25	$155M	$160M	$48M
Q1 26	$175M	$170M	$43M
Q2 26	$151M	$0	$0

Valuation

Quarter	P/S	P/E
Q1 17	6.1x	31.7x
Q2 17	3.8x	16.5x
Q3 17	3.8x	17.1x
Q4 17	3.2x	17.1x
Q1 18	3.4x	18.3x
Q2 18	3.9x	22.2x
Q3 18	4.3x	26.7x
Q4 18	3.5x	20.7x
Q1 22	5.0x	16.2x
Q1 24	3.4x	12.3x
Q1 25	4.0x	14.1x
Q2 25	2.8x	8.7x
Q3 25	2.7x	10.3x
Q4 25	2.5x	9.1x
Q1 26	2.2x	8.5x
Q2 26	3.1x	10.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 16	$29M	$27M
Q1 17	-$5M	-$8M
Q2 17	$76M	$74M
Q3 17	$12M	$11M
Q4 17	$37M	$36M
Q1 18	$10M	$8M
Q2 18	$94M	$93M
Q3 18	$8M	$7M
Q4 18	-$61M	-$55M
Q1 22	$157M	$50M
Q1 24	$22M	-$86M
Q1 25	-$72M	-$127M
Q2 25	$188M	$150M
Q3 25	$30M	$2M
Q4 25	$304M	$211M
Q1 26	$108M	$59M

Capital Expenditures

Quarter	CapEx
Q4 16	$1M
Q1 17	$3M
Q2 17	$1M
Q3 17	$1M
Q4 17	$1M
Q1 18	$3M
Q2 18	$1M
Q3 18	$1M
Q4 18	$5M
Q1 22	$107M
Q1 24	$108M
Q1 25	$55M
Q2 25	$38M
Q3 25	$29M
Q4 25	$93M
Q1 26	$50M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 17	+110.5%	+100.6%
Q3 17	+35.3%	+39.6%
Q4 17	+49.2%	+85.6%
Q1 18	+46.7%	+23.6%
Q2 18	+12.8%	+25.9%
Q3 18	+12.2%	+28.5%
Q4 18	+49.4%	+48.0%
Q1 22	+91.7%	-38.4%
Q1 24	+19.2%	+34.9%
Q1 25	+131.9%	+94.3%
Q2 25	+198.0%	+86.9%
Q3 25	+55.0%	+320.1%
Q4 25	+16.1%	+6.8%
Q1 26	+28.8%	+32.7%
Q2 26	-35.9%	+4.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 16	$0	0.0%
Q1 17	$69.0K	0.2%
Q2 17	$424.0K	0.4%
Q3 17	$8M	15.1%
Q4 17	$2M	3.8%
Q1 18	$3M	6.1%
Q2 18	$3M	2.7%
Q3 18	$2M	3.6%
Q4 18	$3M	3.4%
Q1 22	$3M	3.4%
Q1 24	$1M	0.9%
Q1 25	$2M	1.2%
Q2 25	$3M	1.5%
Q3 25	$2M	1.4%
Q4 25	$2M	1.5%
Q1 26	$3M	1.6%

OpEx Breakdown

Quarter	G&A	S&M
Q1 17	$18M	$470.0K
Q2 17	$27M	$610.0K
Q3 17	$23M	$381.0K
Q4 17	$22M	$656.0K
Q1 18	$23M	$553.0K
Q2 18	$32M	$668.0K
Q3 18	$25M	$416.0K
Q4 18	$30M	$1M
Q1 22	$38M	—
Q1 24	$47M	—
Q1 25	$49M	—
Q2 25	$52M	—
Q3 25	$49M	—
Q4 25	$51M	—
Q1 26	$64M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$157M	$2.0B	$2.1B
Q4 22	$388M	$1.9B	$2.3B
Q1 23	$369M	$1.8B	$2.2B
Q2 23	$433M	$1.8B	$2.3B
Q3 23	$515M	$1.9B	$2.4B
Q4 23	$376M	$1.8B	$2.2B
Q1 24	$672M	$1.9B	$2.5B
Q2 24	$348M	$1.8B	$2.1B
Q3 24	$299M	$1.7B	$2.0B
Q4 24	$158M	$1.7B	$1.9B
Q1 25	$597M	$1.5B	$2.1B
Q2 25	$254M	$1.0B	$1.3B
Q3 25	$258M	$1.0B	$1.3B
Q4 25	$121M	$973M	$1.1B
Q1 26	$331M	$961M	$1.3B
Q2 26	$158M	$1.3B	$1.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 17	27M	+3.6%	—
Q2 17	28M	+5.8%	+10.5%
Q3 17	28M	+0.1%	+10.3%
Q4 17	28M	+0.0%	+9.7%
Q1 18	29M	+3.2%	+9.3%
Q2 18	29M	+0.1%	+3.5%
Q3 18	29M	+0.1%	+3.5%
Q4 18	36M	+22.6%	+26.8%
Q1 22	30M	-15.5%	+3.9%
Q1 24	26M	-14.7%	-11.6%
Q1 25	24M	-5.9%	-16.9%
Q2 25	24M	-2.1%	-33.6%
Q3 25	23M	-2.7%	-23.5%
Q4 25	23M	-1.3%	-11.5%
Q1 26	22M	-2.0%	-7.8%
Q2 26	22M	-3.0%	-8.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 17	$54.0K	672
Q2 17	$148.1K	672
Q3 17	$77.7K	672
Q4 17	$64.1K	827
Q1 18	$64.3K	827
Q2 18	$135.7K	827
Q3 18	$70.8K	827
Q4 18	$64.9K	1K
Q1 22	$89.9K	1K
Q1 24	$111.6K	1K
Q1 25	$113.3K	1K
Q2 25	$196.8K	1K
Q3 25	$131.9K	1K
Q4 25	$129.6K	1K
Q1 26	$145.9K	1K
Q2 26	$126.1K	1K

Revenue / Employee