FFIN

MKT CAP:$5B

First Financial Bankshares, Inc.

Market Cap

$5B

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$32.41+$2.39 (+7.96%)

Apr 23, 2026

Company Details

First Financial Bankshares, Inc., through its subsidiaries, provides commercial banking products and services in Texas. The company accepts checking, savings and money market accounts, and time deposits; commercial and industrial, municipal...

CEO

David W. Bailey

IPO Date

Nov 1, 1993

Website

www.ffin.com

Key Metrics TTM

Revenue

$847M

+11.9% YoY

Net Income

$264M

EPS (Diluted)

$1.84

Free Cash Flow

$283M

Revenue / Share

$5.90

Gross Margin

72.7%

Operating Margin

38.0%

Net Margin

31.1%

FCF Margin

33.4%

P/S

5.4x

P/E

17.3x

Earnings Reports

Q1 2026

Mar 30, 2026

$215M+11.0%EPS $0.50

FY 2025

Feb 25, 2026

$826M+11.7%EPS $1.77

Q4 2025

Feb 25, 2026

$216M+11.8%EPS $0.51

Q3 2025

Nov 7, 2025

$210M+11.3%EPS $0.36

Q2 2025

Aug 1, 2025

$206M+13.3%EPS $0.47

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$136M	$127M	$72M
Q3 22	$140M	$128M	$71M
Q4 22	$146M	$125M	$71M
Q1 23	$146M	$118M	$64M
Q2 23	$156M	$117M	$63M
Q3 23	$160M	$116M	$60M
Q4 23	$161M	$116M	$56M
Q1 24	$176M	$126M	$65M
Q2 24	$181M	$125M	$64M
Q3 24	$189M	$130M	$67M
Q4 24	$193M	$143M	$76M
Q1 25	$194M	$142M	$75M
Q2 25	$206M	$153M	$82M
Q3 25	$210M	$133M	$63M
Q4 25	$216M	$165M	$90M
Q1 26	$215M	$165M	$88M

Valuation

Quarter	P/S	P/E
Q2 22	10.9x	24.8x
Q3 22	11.5x	26.4x
Q4 22	8.8x	20.7x
Q1 23	7.8x	19.3x
Q2 23	7.1x	18.9x
Q3 23	5.7x	16.5x
Q4 23	6.7x	20.8x
Q1 24	7.1x	23.1x
Q2 24	6.1x	20.5x
Q3 24	7.5x	25.5x
Q4 24	7.0x	23.3x
Q1 25	6.8x	22.2x
Q2 25	6.6x	20.9x
Q3 25	6.0x	19.8x
Q4 25	5.3x	17.2x
Q1 26	4.9x	15.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$87M	$83M
Q2 22	$72M	$70M
Q3 22	$96M	$89M
Q4 22	$70M	$66M
Q1 23	$96M	$90M
Q2 23	$57M	$54M
Q3 23	$73M	$69M
Q4 23	$59M	$55M
Q1 24	$76M	$72M
Q2 24	$69M	$64M
Q3 24	$81M	$78M
Q4 24	$84M	$80M
Q1 25	$77M	$75M
Q2 25	$61M	$59M
Q3 25	$79M	$77M
Q4 25	$79M	$73M

Capital Expenditures

Quarter	CapEx
Q1 22	$3M
Q2 22	$2M
Q3 22	$7M
Q4 22	$4M
Q1 23	$6M
Q2 23	$3M
Q3 23	$4M
Q4 23	$4M
Q1 24	$4M
Q2 24	$5M
Q3 24	$3M
Q4 24	$5M
Q1 25	$2M
Q2 25	$3M
Q3 25	$3M
Q4 25	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+9.6%	+12.2%
Q3 22	+6.6%	+12.8%
Q4 22	+14.9%	+23.1%
Q1 23	+13.5%	+31.2%
Q2 23	+14.5%	+46.5%
Q3 23	+13.9%	+44.3%
Q4 23	+9.8%	+38.4%
Q1 24	+20.2%	+35.3%
Q2 24	+16.7%	+26.9%
Q3 24	+18.1%	+22.4%
Q4 24	+20.2%	+12.0%
Q1 25	+10.3%	+7.1%
Q2 25	+13.3%	+5.2%
Q3 25	+11.3%	+20.8%
Q4 25	+11.8%	+8.0%
Q1 26	+11.0%	+7.3%

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	$952.0K	0.7%
Q2 23	$1M	0.7%
Q3 23	$1M	0.7%
Q4 23	$1M	0.8%
Q1 24	$1M	0.6%
Q2 24	$1M	0.6%
Q3 24	$1M	0.7%
Q4 24	$2M	0.8%
Q1 25	$2M	1.0%
Q2 25	$2M	0.7%
Q3 25	$2M	0.8%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$35M	$739.0K
Q3 22	$35M	$738.0K
Q4 22	$35M	$652.0K
Q1 23	$34M	$593.0K
Q2 23	$34M	$889.0K
Q3 23	$35M	$808.0K
Q4 23	$40M	$489.0K
Q1 24	$39M	$716.0K
Q2 24	$40M	$741.0K
Q3 24	$40M	$712.0K
Q4 24	$44M	$706.0K
Q1 25	$45M	$775.0K
Q2 25	$45M	$770.0K
Q3 25	$45M	$744.0K
Q4 25	$77M	$770.0K
Q1 26	$52M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$466M	$6.2B	$6.7B
Q3 22	$366M	$5.7B	$6.1B
Q4 22	$331M	$5.5B	$5.8B
Q1 23	$446M	$5.3B	$5.7B
Q2 23	$279M	$5.1B	$5.3B
Q3 23	$388M	$4.7B	$5.0B
Q4 23	$537M	$4.7B	$5.3B
Q1 24	$588M	$4.7B	$5.2B
Q2 24	$367M	$4.6B	$4.9B
Q3 24	$584M	$4.6B	$5.2B
Q4 24	$763M	$289M	$1.1B
Q1 25	$915M	$2.5B	$3.4B
Q2 25	$700M	$2.7B	$3.4B
Q3 25	$639M	$2.9B	$3.6B
Q4 25	$1.1B	$0	$1.1B
Q1 26	$265M	$0	$265M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	143M	-0.0%	+0.1%
Q3 22	143M	-0.1%	-0.1%
Q4 22	143M	-0.0%	-0.1%
Q1 23	143M	-0.0%	-0.2%
Q2 23	143M	+0.0%	-0.1%
Q3 23	143M	+0.0%	+0.0%
Q4 23	143M	-0.1%	-0.1%
Q1 24	143M	+0.1%	-0.0%
Q2 24	143M	+0.0%	+0.0%
Q3 24	143M	+0.1%	+0.0%
Q4 24	143M	0.0%	+0.2%
Q1 25	143M	+0.1%	+0.2%
Q2 25	142M	-0.7%	-0.5%
Q3 25	143M	+0.8%	+0.2%
Q4 25	143M	0.0%	+0.2%
Q1 26	144M	+0.1%	+0.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$91.5K	1K
Q3 22	$94.6K	1K
Q4 22	$97.5K	2K
Q1 23	$97.3K	2K
Q2 23	$103.6K	2K
Q3 23	$106.5K	2K
Q4 23	$107.2K	2K
Q1 24	$117.1K	2K
Q2 24	$121.0K	2K
Q3 24	$125.9K	2K
Q4 24	$128.9K	2K
Q1 25	$129.1K	2K
Q2 25	$137.1K	2K
Q3 25	$140.1K	2K
Q4 25	$135.1K	2K
Q1 26	$134.4K	2K

Revenue / Employee