FISI

MKT CAP:$661M

Financial Institutions, Inc.

Market Cap

$661M

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$34.15+$3.31 (+10.73%)

Apr 23, 2026

Company Details

Financial Institutions, Inc. operates as a holding company for the Five Star Bank, a chartered bank that provides banking and financial services to individuals, municipalities, and businesses in New York. The company offers checking and sav...

CEO

Martin K. Birmingham

IPO Date

Jun 25, 1999

Website

www.fiiwarsaw.com

Key Metrics TTM

Revenue

$378M

+42.1% YoY

Net Income

$79M

EPS (Diluted)

$3.84

Free Cash Flow

$16M

Revenue / Share

$18.99

Gross Margin

63.7%

Operating Margin

25.3%

Net Margin

20.9%

FCF Margin

4.1%

P/S

1.7x

P/E

8.4x

Earnings Reports

Q1 2026

Apr 23, 2026

NEW

$92M+1.3%EPS $1.04

FY 2025

Mar 9, 2026

$378M+43.1%EPS $3.61

Q4 2025

Mar 9, 2026

$97M+802.0%EPS $0.96

Q3 2025

Nov 3, 2025

$96M+10.7%EPS $0.99

Q2 2025

Aug 4, 2025

$93M-8.6%EPS $0.85

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$56M	$52M	$20M
Q3 22	$63M	$51M	$19M
Q4 22	$69M	$48M	$14M
Q1 23	$74M	$48M	$15M
Q2 23	$82M	$50M	$17M
Q3 23	$85M	$51M	$16M
Q4 23	$91M	$49M	$15M
Q1 24	$89M	$37M	$2M
Q2 24	$102M	$62M	$30M
Q3 24	$87M	$46M	$15M
Q4 24	-$14M	-$57M	-$115M
Q1 25	$91M	$54M	$21M
Q2 25	$93M	$57M	$21M
Q3 25	$96M	$61M	$25M
Q4 25	$97M	$61M	$24M
Q1 26	$92M	$63M	$25M

Valuation

Quarter	P/S	P/E
Q2 22	1.9x	6.0x
Q3 22	1.6x	5.8x
Q4 22	1.5x	6.6x
Q1 23	1.1x	5.5x
Q2 23	0.9x	4.8x
Q3 23	0.8x	4.8x
Q4 23	1.0x	6.8x
Q1 24	0.8x	7.0x
Q2 24	0.8x	5.7x
Q3 24	1.1x	7.7x
Q4 24	1.6x	—
Q1 25	1.5x	—
Q2 25	2.0x	—
Q3 25	2.0x	—
Q4 25	1.7x	8.5x
Q1 26	1.6x	7.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$44M	$43M
Q2 22	$38M	$35M
Q3 22	$36M	$34M
Q4 22	$16M	$13M
Q1 23	$7M	$6M
Q2 23	$8M	$8M
Q3 23	$44M	$43M
Q4 23	-$48M	-$49M
Q1 24	$12M	$11M
Q2 24	$36M	$35M
Q3 24	$2M	-$299.0K
Q4 24	$27M	$27M
Q1 25	$10M	$9M
Q2 25	-$6M	-$7M
Q3 25	-$7M	-$4M
Q4 25	$21M	$18M

Capital Expenditures

Quarter	CapEx
Q1 22	$1M
Q2 22	$3M
Q3 22	$2M
Q4 22	$3M
Q1 23	$848.0K
Q2 23	$384.0K
Q3 23	$507.0K
Q4 23	$1M
Q1 24	$1M
Q2 24	$951.0K
Q3 24	$2M
Q4 24	$403.0K
Q1 25	$816.0K
Q2 25	$2M
Q3 25	$2M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+10.8%	+45.8%
Q3 22	+20.2%	+44.7%
Q4 22	+24.3%	+72.8%
Q1 23	+40.8%	+72.9%
Q2 23	+45.6%	+77.1%
Q3 23	+34.0%	+52.9%
Q4 23	+33.1%	+41.1%
Q1 24	+19.5%	+45.3%
Q2 24	+24.2%	+10.0%
Q3 24	+2.5%	+6.0%
Q4 24	-115.1%	+33.0%
Q1 25	+2.3%	-18.7%
Q2 25	-8.6%	-0.2%
Q3 25	+10.7%	-1.9%
Q4 25	+802.0%	-28.5%
Q1 26	+1.3%	-4.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$443.0K	0.8%
Q2 22	$947.0K	1.7%
Q3 22	$662.0K	1.0%
Q4 22	$499.0K	0.7%
Q1 23	$551.0K	0.7%
Q2 23	$657.0K	0.8%
Q3 23	$721.0K	0.9%
Q4 23	-$255.0K	-0.3%
Q1 24	$569.0K	0.6%
Q2 24	$746.0K	0.7%
Q3 24	$494.0K	0.6%
Q4 24	-$199.0K	—
Q1 25	$506.0K	0.6%
Q2 25	$954.0K	1.0%
Q3 25	$756.0K	0.8%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$18M	$406.0K
Q3 22	$19M	$651.0K
Q4 22	$6M	$576.0K
Q1 23	$19M	$314.0K
Q2 23	$19M	$498.0K
Q3 23	$19M	$744.0K
Q4 23	$21M	$370.0K
Q1 24	$19M	$297.0K
Q2 24	$17M	$440.0K
Q3 24	$17M	$371.0K
Q4 24	$21M	$465.0K
Q1 25	$18M	$342.0K
Q2 25	$19M	$495.0K
Q3 25	$20M	$491.0K
Q4 25	$23M	—
Q1 26	$35M	$524.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$110M	$1.1B	$1.2B
Q3 22	$119M	$966M	$1.1B
Q4 22	$130M	$954M	$1.1B
Q1 23	$140M	$945M	$1.1B
Q2 23	$180M	$912M	$1.1B
Q3 23	$192M	$854M	$1.0B
Q4 23	$124M	$888M	$1.0B
Q1 24	$237M	$924M	$1.2B
Q2 24	$146M	$872M	$1.0B
Q3 24	$250M	$887M	$1.1B
Q4 24	$87M	$8.0K	$87M
Q1 25	$167M	$3.0K	$167M
Q2 25	$93M	$916M	$1.0B
Q3 25	$186M	$924M	$1.1B
Q4 25	$109M	$922M	$1.0B
Q1 26	$85M	$0	$85M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	15M	-2.0%	-3.3%
Q3 22	15M	+0.1%	-3.4%
Q4 22	15M	+0.1%	-3.2%
Q1 23	15M	+0.1%	-1.7%
Q2 23	15M	-0.1%	+0.2%
Q3 23	15M	+0.3%	+0.4%
Q4 23	16M	+0.3%	+0.6%
Q1 24	16M	+0.2%	+0.7%
Q2 24	16M	+0.1%	+0.9%
Q3 24	16M	+0.5%	+1.1%
Q4 24	16M	+5.0%	+5.8%
Q1 25	20M	+23.6%	+30.5%
Q2 25	20M	0.0%	+30.4%
Q3 25	20M	+0.3%	+30.1%
Q4 25	20M	-0.1%	+23.8%
Q1 26	20M	-1.9%	-1.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$90.2K	625
Q3 22	$101.2K	625
Q4 22	$102.0K	672
Q1 23	$110.8K	672
Q2 23	$122.2K	672
Q3 23	$126.2K	672
Q4 23	$146.2K	624
Q1 24	$142.6K	624
Q2 24	$163.5K	624
Q3 24	$139.3K	624
Q4 24	-$23.0K	598
Q1 25	$152.2K	598
Q2 25	$155.8K	598
Q3 25	$161.0K	598
Q4 25	$153.0K	631
Q1 26	$146.2K	631

Revenue / Employee