NTB

MKT CAP:$2B

The Bank of N.T. Butterfield & Son Limited

Market Cap

$2B

Financial Services·Banks - Diversified·🇧🇲 Bermuda·NYSE

Financials·Banks·🇧🇲·NYSE

Stock Price

$55.87+$6.17 (+12.41%)

Apr 24, 2026

Company Details

The Bank of N.T. Butterfield & Son Limited provides a range of community, commercial, and private banking services to individuals and small to medium-sized businesses. It accepts retail and corporate checking, savings, term, and interest be...

CEO

Michael Weld Collins

IPO Date

Sep 16, 2016

Website

www.butterfieldgroup.com

Key Metrics TTM

Revenue

$800M

-2.0% YoY

Net Income

$232M

EPS (Diluted)

$5.48

Free Cash Flow

$255M

Revenue / Share

$19.31

Gross Margin

75.8%

Operating Margin

29.7%

Net Margin

29.0%

FCF Margin

31.8%

P/S

2.8x

P/E

9.6x

Earnings Reports

FY 2025

Feb 18, 2026

$800M-2.0%EPS $5.47

Q4 2025

Mar 2, 2026

$203M-2.9%EPS $1.54

Q3 2025

Oct 28, 2025

$201M-2.6%EPS $1.46

Q2 2025

Jul 28, 2025

$198M-2.6%EPS $1.25

Q1 2025

Mar 31, 2025

$198M+0.2%EPS $1.23

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$127M	$127M	$0
Q2 22	$134M	$134M	$0
Q3 22	$141M	$141M	$0
Q4 22	$150M	$150M	$0
Q1 23	$148M	$148M	$0
Q2 23	$147M	$147M	$0
Q3 23	$142M	$142M	$0
Q4 23	$145M	$145M	$72M
Q1 24	$198M	$143M	$54M
Q2 24	$203M	$143M	$52M
Q3 24	$206M	$143M	$54M
Q4 24	$209M	$152M	$61M
Q1 25	$198M	$148M	$55M
Q2 25	$198M	$146M	$55M
Q3 25	$201M	$153M	$63M
Q4 25	$203M	$159M	$66M

Valuation

Quarter	P/S	P/E
Q1 22	3.6x	11.2x
Q2 22	3.0x	9.0x
Q3 22	3.1x	8.5x
Q4 22	2.7x	7.0x
Q1 23	2.4x	5.8x
Q2 23	2.3x	5.6x
Q3 23	2.2x	5.4x
Q4 23	2.5x	6.5x
Q1 24	2.3x	6.8x
Q2 24	2.3x	7.5x
Q3 24	2.1x	7.6x
Q4 24	1.9x	7.4x
Q1 25	2.1x	7.8x
Q2 25	2.3x	8.6x
Q3 25	2.2x	7.8x
Q4 25	2.6x	9.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$61M	$54M
Q2 22	$41M	$35M
Q3 22	$45M	$37M
Q4 22	$72M	$66M
Q1 23	$77M	$70M
Q2 23	$77M	$69M
Q3 23	$32M	$26M
Q4 23	$114M	$81M
Q1 24	$28M	$26M
Q2 24	$88M	$83M
Q3 24	$113M	$106M
Q4 24	$36M	$28M
Q1 25	$63M	$55M
Q2 25	$101M	$94M
Q3 25	$52M	$47M
Q4 25	$64M	$59M

Capital Expenditures

Quarter	CapEx
Q1 22	$7M
Q2 22	$6M
Q3 22	$8M
Q4 22	$6M
Q1 23	$7M
Q2 23	$8M
Q3 23	$6M
Q4 23	$33M
Q1 24	$2M
Q2 24	$5M
Q3 24	$7M
Q4 24	$8M
Q1 25	$7M
Q2 25	$7M
Q3 25	$5M
Q4 25	$5M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-1.2%	+47.6%
Q2 22	+7.8%	+7.8%
Q3 22	+12.9%	+12.9%
Q4 22	+13.6%	+67.4%
Q1 23	+16.6%	+16.6%
Q2 23	+9.5%	+9.5%
Q3 23	+0.7%	+0.7%
Q4 23	-3.4%	-51.4%
Q1 24	+34.1%	-2.6%
Q2 24	+38.7%	+3.5%
Q3 24	+44.8%	+6.9%
Q4 24	+44.4%	+103.3%
Q1 25	+0.2%	-0.2%
Q2 25	-2.6%	-5.5%
Q3 25	-2.6%	-9.2%
Q4 25	-2.9%	-7.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	2.6%
Q2 22	$4M	3.2%
Q3 22	$4M	3.1%
Q4 22	$5M	3.4%
Q1 23	$4M	3.0%
Q2 23	$6M	3.8%
Q3 23	$5M	3.6%
Q4 23	$6M	4.0%
Q1 24	$5M	2.4%
Q2 24	$6M	2.9%
Q3 24	$5M	2.5%
Q4 24	$5M	2.4%
Q1 25	$5M	2.7%
Q2 25	$0	0.0%
Q3 25	$6M	—
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$40M	$1M
Q2 22	$41M	$2M
Q3 22	$41M	$1M
Q4 22	$48M	$2M
Q1 23	$42M	$2M
Q2 23	$41M	$2M
Q3 23	$50M	$2M
Q4 23	$24M	$2M
Q1 24	$43M	$1M
Q2 24	$44M	$2M
Q3 24	$44M	$1M
Q4 24	$47M	$2M
Q1 25	$46M	$2M
Q2 25	$45M	$2M
Q3 25	$47M	$1M
Q4 25	$48M	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2.1B	$1.6B	$3.7B
Q2 22	$1.3B	$3.3B	$4.7B
Q3 22	$1.5B	$2.6B	$4.1B
Q4 22	$2.1B	$884M	$3.0B
Q1 23	$1.3B	$3.1B	$4.4B
Q2 23	$1.8B	$2.6B	$4.4B
Q3 23	$1.7B	$2.5B	$4.3B
Q4 23	$1.6B	$2.8B	$4.5B
Q1 24	$1.7B	$3.1B	$4.8B
Q2 24	$2.4B	$2.4B	$4.8B
Q3 24	$2.1B	$2.7B	$4.8B
Q4 24	$2.0B	$2.7B	$4.7B
Q1 25	$2.1B	$2.0B	$4.1B
Q2 25	$1.9B	$3.4B	$5.2B
Q3 25	$1.5B	$3.4B	$4.9B
Q4 25	$1.6B	$1.1B	$2.7B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	50M	+0.1%	-0.1%
Q2 22	50M	-0.1%	-0.3%
Q3 22	50M	+0.2%	-0.1%
Q4 22	50M	+0.2%	+0.3%
Q1 23	50M	+0.3%	+0.6%
Q2 23	50M	-0.5%	+0.2%
Q3 23	49M	-1.5%	-1.4%
Q4 23	48M	-2.1%	-3.7%
Q1 24	47M	-1.9%	-5.9%
Q2 24	46M	-1.8%	-7.2%
Q3 24	46M	-1.6%	-7.3%
Q4 24	44M	-4.5%	-9.6%
Q1 25	44M	+0.2%	-7.6%
Q2 25	43M	-2.2%	-7.9%
Q3 25	43M	0.0%	-6.4%
Q4 25	41M	-2.8%	-4.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$99.1K	1K
Q2 22	$104.8K	1K
Q3 22	$110.5K	1K
Q4 22	$111.9K	1K
Q1 23	$110.1K	1K
Q2 23	$109.3K	1K
Q3 23	$106.0K	1K
Q4 23	$108.6K	1K
Q1 24	$148.5K	1K
Q2 24	$152.4K	1K
Q3 24	$154.4K	1K
Q4 24	$160.2K	1K
Q1 25	$152.0K	1K
Q2 25	$151.6K	1K
Q3 25	$153.5K	1K
Q4 25	$154.4K	1K

Revenue / Employee