INBK

MKT CAP:$196M

First Internet Bancorp

Market Cap

$196M

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$22.62+$2.19 (+10.72%)

Apr 23, 2026

Company Details

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services to individuals and commercial customers in the United States. The company accep...

CEO

David Becker

IPO Date

Apr 5, 2006

Website

www.firstinternetbancorp.com

Key Metrics TTM

Revenue

$318M

-4.6% YoY

Net Income

-$35M

EPS (Diluted)

-$4.03

Free Cash Flow

-$10M

Revenue / Share

$36.26

Gross Margin

12.3%

Operating Margin

-16.0%

Net Margin

-11.1%

FCF Margin

-3.2%

P/S

0.6x

P/E

—

Earnings Reports

FY 2025

Mar 11, 2026

$323M-3.2%EPS -$4.03

Q4 2025

Mar 11, 2026

$89M-3.2%EPS $0.60

Q3 2025

Nov 10, 2025

$58M-32.3%EPS -$4.76

Q2 2025

Aug 6, 2025

$85M+5.6%EPS $0.02

Q1 2025

May 7, 2025

$86M+14.1%EPS $0.11

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$41M	$30M	$13M
Q2 22	$40M	$28M	$11M
Q3 22	$42M	$26M	$9M
Q4 22	$50M	$24M	$7M
Q1 23	$56M	$14M	-$5M
Q2 23	$63M	$21M	$4M
Q3 23	$69M	$22M	$3M
Q4 23	$72M	$22M	$4M
Q1 24	$75M	$25M	$6M
Q2 24	$80M	$27M	$6M
Q3 24	$86M	$29M	$8M
Q4 24	$92M	$31M	$8M
Q1 25	$86M	$22M	$34.0K
Q2 25	$85M	$18M	-$2M
Q3 25	$58M	-$31M	-$55M
Q4 25	$89M	$30M	$6M

Valuation

Quarter	P/S	P/E
Q1 22	2.7x	9.0x
Q2 22	2.2x	7.9x
Q3 22	1.9x	7.6x
Q4 22	1.3x	6.2x
Q1 23	0.8x	6.9x
Q2 23	0.6x	8.5x
Q3 23	0.6x	13.2x
Q4 23	0.8x	25.6x
Q1 24	1.0x	17.6x
Q2 24	0.8x	12.9x
Q3 24	0.9x	13.3x
Q4 24	0.9x	12.4x
Q1 25	0.7x	11.1x
Q2 25	0.7x	15.2x
Q3 25	0.6x	—
Q4 25	0.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$31M	$21M
Q2 22	$21M	$18M
Q3 22	$22M	$20M
Q4 22	$9M	$6M
Q1 23	$6M	$3M
Q2 23	-$11M	-$11M
Q3 23	$4M	$2M
Q4 23	$12M	$12M
Q1 24	$3M	$2M
Q2 24	$16M	$15M
Q3 24	$331.0K	-$270.0K
Q4 24	-$6M	-$7M
Q1 25	$33M	$33M
Q2 25	-$90M	-$91M
Q3 25	$37M	$37M
Q4 25	$11M	$11M

Capital Expenditures

Quarter	CapEx
Q1 22	$10M
Q2 22	$3M
Q3 22	$2M
Q4 22	$3M
Q1 23	$3M
Q2 23	$428.0K
Q3 23	$2M
Q4 23	$397.0K
Q1 24	$940.0K
Q2 24	$556.0K
Q3 24	$601.0K
Q4 24	$495.0K
Q1 25	$184.0K
Q2 25	$650.0K
Q3 25	$106.0K
Q4 25	$288.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+0.4%	-1.9%
Q2 22	+1.2%	+21.4%
Q3 22	+4.5%	+25.6%
Q4 22	+22.4%	+63.0%
Q1 23	+34.5%	+115.2%
Q2 23	+58.4%	+105.1%
Q3 23	+63.5%	+101.0%
Q4 23	+43.3%	+57.7%
Q1 24	+35.4%	+14.2%
Q2 24	+27.8%	+25.5%
Q3 24	+23.8%	+18.0%
Q4 24	+27.7%	+22.2%
Q1 25	+14.1%	+23.3%
Q2 25	+5.6%	+16.7%
Q3 25	-32.3%	+44.3%
Q4 25	-3.2%	-0.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$640.0K	1.6%
Q2 22	$894.0K	2.3%
Q3 22	$433.0K	1.0%
Q4 22	$68.0K	0.1%
Q1 23	$372.0K	0.7%
Q2 23	$115.0K	0.2%
Q3 23	$386.0K	0.6%
Q4 23	$385.0K	0.5%
Q1 24	$443.0K	0.6%
Q2 24	$458.0K	0.6%
Q3 24	$455.0K	0.5%
Q4 24	$458.0K	0.5%
Q1 25	$1.0K	0.0%
Q2 25	$242.0K	0.3%
Q3 25	$490.0K	0.8%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$10M	$756.0K
Q2 22	$11M	$920.0K
Q3 22	$11M	$1M
Q4 22	$9M	$837.0K
Q1 23	$12M	$844.0K
Q2 23	$12M	$705.0K
Q3 23	$13M	$500.0K
Q4 23	$11M	$518.0K
Q1 24	$13M	$736.0K
Q2 24	$14M	$609.0K
Q3 24	$15M	$548.0K
Q4 24	$16M	$696.0K
Q1 25	$15M	$647.0K
Q2 25	$12M	$702.0K
Q3 25	$16M	$482.0K
Q4 25	$16M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$518M	$465M	$983M
Q2 22	$208M	$425M	$633M
Q3 22	$221M	$394M	$615M
Q4 22	$257M	$390M	$647M
Q1 23	$304M	$396M	$700M
Q2 23	$466M	$379M	$845M
Q3 23	$521M	$451M	$972M
Q4 23	$406M	$475M	$881M
Q1 24	$481M	$482M	$964M
Q2 24	$397M	$489M	$885M
Q3 24	$712M	$575M	$1.3B
Q4 24	$466M	$413M	$880M
Q1 25	$394M	$510M	$905M
Q2 25	$446M	$479M	$925M
Q3 25	$788M	$471M	$1.3B
Q4 25	$6M	$779M	$785M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	10M	-1.2%	-0.9%
Q2 22	10M	-2.1%	-3.2%
Q3 22	10M	-1.4%	-4.6%
Q4 22	9M	-1.9%	-6.5%
Q1 23	9M	-3.4%	-8.6%
Q2 23	9M	-1.3%	-7.8%
Q3 23	9M	-1.6%	-8.0%
Q4 23	9M	-0.5%	-6.7%
Q1 24	9M	+0.3%	-3.0%
Q2 24	9M	-1.1%	-2.8%
Q3 24	9M	+1.3%	+0.0%
Q4 24	9M	0.0%	+0.6%
Q1 25	9M	+0.2%	+0.4%
Q2 25	9M	-0.3%	+1.2%
Q3 25	9M	-0.2%	-0.3%
Q4 25	9M	+0.3%	+0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$144.3K	286
Q2 22	$138.9K	286
Q3 22	$147.8K	286
Q4 22	$158.2K	319
Q1 23	$174.0K	319
Q2 23	$197.2K	319
Q3 23	$216.6K	319
Q4 23	$249.4K	290
Q1 24	$259.1K	290
Q2 24	$277.2K	290
Q3 24	$294.9K	290
Q4 24	$283.3K	326
Q1 25	$263.0K	326
Q2 25	$260.5K	326
Q3 25	$177.6K	326
Q4 25	$274.3K	326

Revenue / Employee