INDB

MKT CAP:$4B

Independent Bank Corp.

Market Cap

$4B

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$78.32+$5.13 (+7.01%)

Apr 22, 2026

Company Details

Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses primarily in Massachusetts. The company accept...

CEO

Jeffrey J. Tengel

IPO Date

May 14, 1986

Website

www.rocklandtrust.com

Key Metrics TTM

Revenue

$1.2B

+23.8% YoY

Net Income

$241M

EPS (Diluted)

$5.04

Free Cash Flow

$248M

Revenue / Share

$24.81

Gross Margin

52.0%

Operating Margin

17.3%

Net Margin

19.8%

FCF Margin

20.4%

P/S

3.1x

P/E

15.6x

Earnings Reports

Q1 2026

Apr 16, 2026

NEW

$290M+19.7%EPS $1.63

FY 2025

Feb 27, 2026

$1.2B+19.8%EPS $4.45

Q4 2025

Feb 27, 2026

$339M+37.5%EPS $1.52

Q3 2025

Nov 5, 2025

$335M+34.4%EPS $0.69

Q2 2025

Aug 5, 2025

$251M+3.3%EPS $1.20

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$174M	$171M	$82M
Q3 22	$196M	$186M	$95M
Q4 22	$214M	$193M	$100M
Q1 23	$213M	$178M	$81M
Q2 23	$227M	$176M	$83M
Q3 23	$234M	$176M	$80M
Q4 23	$237M	$169M	$71M
Q1 24	$236M	$160M	$62M
Q2 24	$243M	$164M	$66M
Q3 24	$249M	$155M	$55M
Q4 24	$247M	$167M	$63M
Q1 25	$243M	$161M	$57M
Q2 25	$251M	$173M	$66M
Q3 25	$335M	$205M	$44M
Q4 25	$339M	$254M	$100M
Q1 26	$290M	$0	$0

Valuation

Quarter	P/S	P/E
Q2 22	6.1x	23.9x
Q3 22	5.0x	18.3x
Q4 22	4.8x	13.5x
Q1 23	3.6x	10.5x
Q2 23	2.4x	7.5x
Q3 23	2.4x	8.0x
Q4 23	3.0x	11.4x
Q1 24	2.3x	9.5x
Q2 24	2.2x	9.8x
Q3 24	2.6x	12.8x
Q4 24	2.8x	14.2x
Q1 25	2.7x	14.1x
Q2 25	2.7x	14.2x
Q3 25	2.8x	16.5x
Q4 25	2.9x	16.4x
Q1 26	3.0x	15.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$76M	$67M
Q2 22	$97M	$89M
Q3 22	$133M	$132M
Q4 22	$115M	$111M
Q1 23	$51M	$47M
Q2 23	$91M	$88M
Q3 23	$81M	$78M
Q4 23	$54M	$47M
Q1 24	$51M	$47M
Q2 24	$66M	$62M
Q3 24	$70M	$64M
Q4 24	$43M	$37M
Q1 25	$13M	$11M
Q2 25	$107M	$103M
Q3 25	$52M	$58M
Q4 25	$79M	$76M

Capital Expenditures

Quarter	CapEx
Q1 22	$8M
Q2 22	$8M
Q3 22	$2M
Q4 22	$4M
Q1 23	$4M
Q2 23	$2M
Q3 23	$3M
Q4 23	$6M
Q1 24	$4M
Q2 24	$4M
Q3 24	$6M
Q4 24	$6M
Q1 25	$2M
Q2 25	$4M
Q3 25	$6M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+44.5%	+30.5%
Q3 22	+66.1%	+58.1%
Q4 22	+39.5%	-26.3%
Q1 23	+29.0%	+38.7%
Q2 23	+30.5%	+57.1%
Q3 23	+19.3%	+52.2%
Q4 23	+10.6%	+45.6%
Q1 24	+10.6%	+31.4%
Q2 24	+6.8%	+22.0%
Q3 24	+6.5%	+26.1%
Q4 24	+4.1%	+10.6%
Q1 25	+3.0%	+7.1%
Q2 25	+3.3%	+4.8%
Q3 25	+34.4%	+49.8%
Q4 25	+37.5%	+30.4%
Q1 26	+19.7%	+56.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$834.0K	0.5%
Q2 22	$2M	0.9%
Q3 22	$1M	0.5%
Q4 22	$981.0K	0.5%
Q1 23	$2M	0.8%
Q2 23	$2M	0.8%
Q3 23	$1M	0.5%
Q4 23	$2M	0.7%
Q1 24	$1M	0.6%
Q2 24	$2M	0.9%
Q3 24	$2M	0.6%
Q4 24	$2M	0.6%
Q1 25	$2M	0.8%
Q2 25	$3M	1.2%
Q3 25	$2M	0.7%
Q4 25	$2M	0.6%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$51M	—
Q3 22	$54M	—
Q4 22	$49M	—
Q1 23	$60M	—
Q2 23	$57M	$2M
Q3 23	$58M	—
Q4 23	$60M	—
Q1 24	$60M	—
Q2 24	$60M	$2M
Q3 24	$63M	—
Q4 24	$62M	—
Q1 25	$65M	—
Q2 25	$65M	$2M
Q3 25	$84M	—
Q4 25	$82M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$1.5B	$1.5B	$3.0B
Q3 22	$936M	$1.4B	$2.4B
Q4 22	$353M	$1.4B	$1.8B
Q1 23	$503M	$1.4B	$1.9B
Q2 23	$308M	$1.4B	$1.7B
Q3 23	$220M	$1.4B	$1.6B
Q4 23	$224M	$1.3B	$1.6B
Q1 24	$221M	$1.3B	$1.5B
Q2 24	$314M	$1.2B	$1.5B
Q3 24	$424M	$1.2B	$1.7B
Q4 24	$220M	$147M	$367M
Q1 25	$717M	$1.3B	$2.0B
Q2 25	$901M	$1.3B	$2.2B
Q3 25	$911M	$376M	$1.3B
Q4 25	$230M	$5M	$234M
Q1 26	$223M	$0	$223M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	47M	-1.5%	+41.2%
Q3 22	46M	-1.8%	+38.7%
Q4 22	46M	-0.4%	+13.1%
Q1 23	45M	-1.4%	-5.0%
Q2 23	44M	-2.0%	-5.4%
Q3 23	44M	+0.0%	-3.7%
Q4 23	43M	-1.5%	-4.8%
Q1 24	43M	-2.1%	-5.5%
Q2 24	42M	-0.2%	-3.8%
Q3 24	43M	+0.1%	-3.7%
Q4 24	43M	+0.0%	-2.2%
Q1 25	43M	+0.1%	+0.0%
Q2 25	43M	+0.2%	+0.4%
Q3 25	50M	+17.2%	+17.5%
Q4 25	49M	-1.0%	+16.4%
Q1 26	49M	-1.0%	+15.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$103.0K	2K
Q3 22	$116.0K	2K
Q4 22	$126.7K	2K
Q1 23	$126.0K	2K
Q2 23	$134.4K	2K
Q3 23	$138.5K	2K
Q4 23	$140.1K	2K
Q1 24	$139.3K	2K
Q2 24	$143.5K	2K
Q3 24	$147.5K	2K
Q4 24	$145.8K	2K
Q1 25	$143.4K	2K
Q2 25	$148.1K	2K
Q3 25	$198.2K	2K
Q4 25	$200.5K	2K
Q1 26	$171.7K	2K

Revenue / Employee