ONB

MKT CAP:$9B

Old National Bancorp

Market Cap

$9B

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$23.85+$1.30 (+5.76%)

Apr 23, 2026

Company Details

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing...

CEO

James C. Ryan

IPO Date

Jun 20, 1984

Website

www.oldnational.com

Key Metrics TTM

Revenue

$4.0B

+32.5% YoY

Net Income

$758M

EPS (Diluted)

$1.95

Free Cash Flow

$660M

Revenue / Share

$10.27

Gross Margin

64.5%

Operating Margin

24.8%

Net Margin

19.0%

FCF Margin

16.6%

P/S

2.3x

P/E

11.9x

Earnings Reports

Q1 2026

Apr 22, 2026

NEW

$1000M+38.0%EPS $0.59

FY 2025

Feb 19, 2026

$3.7B+25.5%EPS $1.79

Q4 2025

Feb 19, 2026

$1.0B+32.9%EPS $0.55

Q3 2025

Oct 29, 2025

$1.0B+31.9%EPS $0.46

Q2 2025

Jul 30, 2025

$957M+27.5%EPS $0.35

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$443M	$417M	$140M
Q3 22	$487M	$441M	$179M
Q4 22	$623M	$529M	$262M
Q1 23	$566M	$439M	$188M
Q2 23	$627M	$449M	$202M
Q3 23	$657M	$437M	$192M
Q4 23	$690M	$453M	$169M
Q1 24	$674M	$415M	$153M
Q2 24	$751M	$439M	$156M
Q3 24	$774M	$457M	$185M
Q4 24	$758M	$463M	$186M
Q1 25	$724M	$450M	$182M
Q2 25	$957M	$540M	$156M
Q3 25	$1.0B	$678M	$233M
Q4 25	$1.0B	$691M	$304M
Q1 26	$1000M	$660M	$295M

Valuation

Quarter	P/S	P/E
Q2 22	3.7x	20.3x
Q3 22	3.4x	17.3x
Q4 22	2.8x	12.3x
Q1 23	2.0x	6.9x
Q2 23	1.8x	6.4x
Q3 23	1.7x	6.4x
Q4 23	1.9x	8.5x
Q1 24	2.0x	9.5x
Q2 24	1.9x	10.3x
Q3 24	2.0x	11.4x
Q4 24	2.3x	12.7x
Q1 25	2.4x	12.7x
Q2 25	2.2x	12.7x
Q3 25	2.2x	12.3x
Q4 25	2.2x	12.1x
Q1 26	2.1x	11.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$161M	$151M
Q2 22	$278M	$270M
Q3 22	$248M	$237M
Q4 22	$127M	$118M
Q1 23	$54M	$43M
Q2 23	$161M	$154M
Q3 23	$229M	$218M
Q4 23	$73M	$63M
Q1 24	$104M	$96M
Q2 24	$161M	$152M
Q3 24	$121M	$116M
Q4 24	$236M	$229M
Q1 25	$108M	$102M
Q2 25	$73M	$64M
Q3 25	$341M	$356M
Q4 25	$159M	$137M

Capital Expenditures

Quarter	CapEx
Q1 22	$10M
Q2 22	$8M
Q3 22	$11M
Q4 22	$9M
Q1 23	$10M
Q2 23	$7M
Q3 23	$11M
Q4 23	$10M
Q1 24	$8M
Q2 24	$9M
Q3 24	$6M
Q4 24	$7M
Q1 25	$6M
Q2 25	$9M
Q3 25	$15M
Q4 25	$22M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+109.2%	+124.5%
Q3 22	+124.9%	+142.2%
Q4 22	+198.9%	+157.4%
Q1 23	+88.3%	+12.2%
Q2 23	+41.3%	+39.7%
Q3 23	+35.0%	+51.1%
Q4 23	+10.8%	+44.4%
Q1 24	+18.9%	+37.6%
Q2 24	+19.9%	+40.2%
Q3 24	+17.7%	+26.6%
Q4 24	+9.9%	+9.7%
Q1 25	+7.5%	+4.2%
Q2 25	+27.5%	+34.9%
Q3 25	+31.9%	+33.8%
Q4 25	+32.9%	+22.9%
Q1 26	+38.0%	+29.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$6M	2.1%
Q2 22	$8M	1.8%
Q3 22	$7M	1.5%
Q4 22	$7M	1.1%
Q1 23	$13M	2.2%
Q2 23	$5M	0.8%
Q3 23	$5M	0.7%
Q4 23	$5M	0.7%
Q1 24	$5M	0.8%
Q2 24	$9M	1.2%
Q3 24	$9M	1.1%
Q4 24	$9M	1.2%
Q1 25	$14M	2.0%
Q2 25	$8M	0.8%
Q3 25	$9M	0.8%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$167M	$9M
Q3 22	$153M	$10M
Q4 22	$69M	$9M
Q1 23	$148M	$9M
Q2 23	$145M	$10M
Q3 23	$141M	$9M
Q4 23	$169M	$11M
Q1 24	$161M	$11M
Q2 24	$169M	$11M
Q3 24	$159M	$11M
Q4 24	$159M	$13M
Q1 25	$158M	$12M
Q2 25	$101M	$14M
Q3 25	$446M	$15M
Q4 25	$340M	$14M
Q1 26	$268M	$16M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$798M	$7.6B	$8.4B
Q3 22	$802M	$6.9B	$7.7B
Q4 22	$728M	$6.8B	$7.5B
Q1 23	$1.1B	$6.7B	$7.8B
Q2 23	$1.2B	$6.5B	$7.7B
Q3 23	$1.7B	$6.4B	$8.1B
Q4 23	$1.2B	$6.7B	$7.9B
Q1 24	$939M	$6.8B	$7.7B
Q2 24	$1.2B	$7.1B	$8.3B
Q3 24	$1.2B	$7.4B	$8.6B
Q4 24	$1.2B	$7.5B	$8.7B
Q1 25	$1.2B	$7.8B	$9.0B
Q2 25	$1.8B	$308M	$2.1B
Q3 25	$1.7B	$243M	$1.9B
Q4 25	$592M	$1.2B	$1.8B
Q1 26	$537M	$0	$537M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	292M	+28.6%	+75.9%
Q3 22	292M	+0.2%	+76.3%
Q4 22	293M	+0.2%	+76.4%
Q1 23	293M	-0.1%	+29.0%
Q2 23	291M	-0.5%	-0.2%
Q3 23	292M	+0.2%	-0.3%
Q4 23	292M	+0.1%	-0.4%
Q1 24	292M	+0.1%	-0.2%
Q2 24	316M	+8.3%	+8.7%
Q3 24	317M	+0.3%	+8.8%
Q4 24	319M	+0.5%	+9.2%
Q1 25	321M	+0.7%	+9.9%
Q2 25	340M	+6.0%	+7.5%
Q3 25	357M	+5.0%	+12.6%
Q4 25	390M	+9.0%	+22.2%
Q1 26	388M	-0.4%	+20.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$186.8K	2K
Q3 22	$205.1K	2K
Q4 22	$157.0K	4K
Q1 23	$142.8K	4K
Q2 23	$157.9K	4K
Q3 23	$165.7K	4K
Q4 23	$175.1K	4K
Q1 24	$170.9K	4K
Q2 24	$190.6K	4K
Q3 24	$196.5K	4K
Q4 24	$186.4K	4K
Q1 25	$178.1K	4K
Q2 25	$235.5K	4K
Q3 25	$251.1K	4K
Q4 25	$247.7K	4K
Q1 26	$245.9K	4K

Revenue / Employee