WAL

MKT CAP:$9B

Western Alliance Bancorporation

Market Cap

$9B

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

Financials·Banks - Regional·🇺🇸·NYSE

Stock Price

$79.44-$6.03 (-7.06%)

Apr 24, 2026

Company Details

Western Alliance Bancorporation operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. It operates in Commercial, Consumer Rel...

CEO

Kenneth A. Vecchione

IPO Date

Jul 1, 2005

Website

www.westernalliancebancorporation.com

Key Metrics TTM

Revenue

$5.5B

+8.8% YoY

Net Income

$928M

EPS (Diluted)

$8.33

Free Cash Flow

-$3.1B

Revenue / Share

$49.88

Gross Margin

59.8%

Operating Margin

21.0%

Net Margin

17.0%

FCF Margin

-56.2%

P/S

1.6x

P/E

9.4x

Earnings Reports

Q1 2026

Apr 21, 2026

NEW

$1.4B+19.4%EPS $1.67

FY 2025

Feb 20, 2026

$5.3B+5.2%EPS $8.73

Q4 2025

Feb 20, 2026

$1.4B+9.0%EPS $2.59

Q3 2025

Oct 31, 2025

$1.4B+7.0%EPS $2.28

Q1 2025

May 1, 2025

$1.2B+3.1%EPS $1.79

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$578M	$536M	$298M
Q2 22	$651M	$578M	$324M
Q3 22	$786M	$620M	$330M
Q4 22	$932M	$684M	$365M
Q1 23	$894M	$519M	$185M
Q2 23	$1.1B	$629M	$260M
Q3 23	$1.1B	$692M	$278M
Q4 23	$1.1B	$658M	$211M
Q1 24	$1.2B	$699M	$232M
Q2 24	$1.2B	$718M	$248M
Q3 24	$1.3B	$771M	$252M
Q4 24	$1.3B	$761M	$259M
Q1 25	$1.2B	$730M	$246M
Q3 25	$1.4B	$843M	$314M
Q4 25	$1.4B	$882M	$356M
Q1 26	$1.4B	$806M	$231M

Valuation

Quarter	P/S	P/E
Q1 22	4.1x	9.6x
Q2 22	3.3x	8.0x
Q3 22	2.8x	7.2x
Q4 22	2.3x	6.5x
Q1 23	1.2x	3.9x
Q2 23	1.1x	4.4x
Q3 23	1.2x	5.6x
Q4 23	1.6x	9.7x
Q1 24	1.5x	9.0x
Q2 24	1.5x	9.3x
Q3 24	1.9x	13.1x
Q4 24	1.8x	11.5x
Q1 25	1.7x	10.4x
Q3 25	1.8x	11.0x
Q4 25	1.8x	9.7x
Q1 26	1.4x	7.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$615M	$577M
Q1 22	$623M	$597M
Q2 22	$337M	$316M
Q3 22	$491M	$454M
Q4 22	$794M	$738M
Q1 23	$357M	$329M
Q2 23	-$457M	-$490M
Q3 23	-$570M	-$596M
Q4 23	$341M	$314M
Q1 24	-$307M	-$325M
Q2 24	-$746M	-$762M
Q3 24	-$1.1B	-$1.1B
Q4 24	-$622M	-$648M
Q1 25	-$1.7B	-$1.7B
Q3 25	-$597M	-$626M
Q4 25	-$70M	-$118M

Capital Expenditures

Quarter	CapEx
Q4 21	$38M
Q1 22	$26M
Q2 22	$21M
Q3 22	$37M
Q4 22	$57M
Q1 23	$29M
Q2 23	$32M
Q3 23	$26M
Q4 23	$27M
Q1 24	$19M
Q2 24	$16M
Q3 24	$22M
Q4 24	$27M
Q1 25	$17M
Q3 25	$28M
Q4 25	$48M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+63.1%	+133.5%
Q2 22	+26.7%	+37.8%
Q3 22	+38.7%	+72.6%
Q4 22	+60.7%	+110.0%
Q1 23	+54.7%	+153.7%
Q2 23	+69.0%	+156.7%
Q3 23	+46.1%	+90.8%
Q4 23	+19.9%	+59.7%
Q1 24	+30.9%	+32.3%
Q2 24	+13.3%	+18.8%
Q3 24	+13.9%	+21.3%
Q4 24	+15.4%	+13.7%
Q1 25	+3.1%	+2.4%
Q3 25	+12.2%	+8.6%
Q4 25	+7.6%	-0.4%
Q1 26	+11.7%	+17.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$10M	1.6%
Q1 22	$10M	1.7%
Q2 22	$11M	1.7%
Q3 22	$9M	1.2%
Q4 22	$10M	1.0%
Q1 23	$6M	0.7%
Q2 23	$11M	1.0%
Q3 23	$9M	0.8%
Q4 23	$9M	0.8%
Q1 24	$13M	1.1%
Q2 24	$13M	1.0%
Q3 24	-$26M	-2.0%
Q4 24	$11M	0.8%
Q1 25	$15M	1.3%
Q3 25	$13M	0.9%
Q4 25	-$39M	-2.8%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$138M	$4M
Q2 22	$139M	$5M
Q3 22	$137M	$5M
Q4 22	$126M	$7M
Q1 23	$149M	$5M
Q2 23	$146M	$5M
Q3 23	$137M	$5M
Q4 23	$135M	$7M
Q1 24	$155M	$6M
Q2 24	$153M	$6M
Q3 24	$158M	$10M
Q4 24	$165M	$11M
Q1 25	$182M	$6M
Q3 25	$218M	$6M
Q4 25	$34M	$11M
Q1 26	$278M	$10M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$1.9B	$44M	$1.9B
Q3 22	$1.6B	$4M	$1.6B
Q4 22	$1.0B	$7.1B	$8.1B
Q1 23	$3.6B	$918M	$4.6B
Q2 23	$2.2B	$2.3B	$4.5B
Q3 23	$3.5B	$3.2B	$6.7B
Q4 23	$1.6B	$11.2B	$12.7B
Q1 24	$3.5B	$6.6B	$10.1B
Q2 24	$4.1B	$6.2B	$10.3B
Q3 24	$2.6B	$5.1B	$7.7B
Q4 24	$4.1B	$4.4B	$8.5B
Q1 25	$3.3B	$3.7B	$7.0B
Q2 25	$2.8B	$1.7B	$4.4B
Q3 25	$5.8B	$10.1B	$15.9B
Q4 25	$3.6B	$10.4B	$14.0B
Q1 26	$3.3B	$15.9B	$19.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	107M	+2.0%	+5.1%
Q2 22	108M	+1.0%	+4.2%
Q3 22	108M	+0.2%	+3.8%
Q4 22	108M	+0.5%	+3.7%
Q1 23	108M	-0.1%	+1.6%
Q2 23	108M	0.0%	+0.6%
Q3 23	109M	+0.2%	+0.6%
Q4 23	109M	+0.2%	+0.3%
Q1 24	109M	+0.3%	+0.6%
Q2 24	109M	+0.1%	+0.7%
Q3 24	110M	+0.4%	+0.9%
Q4 24	110M	0.0%	+0.7%
Q1 25	110M	+0.1%	+0.6%
Q3 25	110M	+0.2%	+0.6%
Q4 25	109M	-0.5%	-0.2%
Q1 26	109M	0.0%	-0.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$184.0K	3K
Q2 22	$207.4K	3K
Q3 22	$250.3K	3K
Q4 22	$277.1K	3K
Q1 23	$265.6K	3K
Q2 23	$327.0K	3K
Q3 23	$341.1K	3K
Q4 23	$342.8K	3K
Q1 24	$358.9K	3K
Q2 24	$382.2K	3K
Q3 24	$401.0K	3K
Q4 24	$366.0K	4K
Q1 25	$342.4K	4K
Q3 25	$396.8K	4K
Q4 25	$373.2K	4K
Q1 26	$382.3K	4K

Revenue / Employee