Arrow Financial (AROW) Financial Statements & Analysis

Arrow Financial (AROW) Income Statement

Arrow Financial reported revenue of $158.32M in fiscal 2025 (fiscal year ended Dec 31, 2025), down 29.0% from $223.07M a year earlier. Net income was $43.95M, up 47.9% year over year, a net margin of 27.8%. Gross margin was 125.1% and operating margin 55.5%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $41.36M, up 3.0% from the same quarter a year earlier.

Arrow Financial Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Arrow Financial Corporation income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	158.32	223.07	130.57	144.44	142.72	144.55	138.31	125.45	112.30
Cost of Revenue	84.26	88.44	61.11	16.11	5.47	22.01	23.79	15.09	9.74
Gross Profit	198.03	134.63	163.07	180.14	175.09	122.54	114.53	110.36	102.56
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	66.57	56.74	56.27	54.38	46.92	45.93	41.68	42.52	41.39
Operating Expenses	110.21	97.27	96.43	86.33	78.32	70.68	67.45	65.06	62.71
Operating Income	87.82	37.36	66.64	93.81	96.77	51.86	47.08	45.31	39.86
Other Income/Expense
Interest Income	210.15	194.99	162.56	129.65	115.55	111.90	109.76	96.50	84.66
Interest Expense	76.98	83.26	57.73	11.31	5.20	12.69	21.71	12.49	7.01
Other Income/Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Income
Income Before Tax	55.39	37.36	37.52	62.91	64.40	51.86	47.08	45.31	39.86
Income Tax Expense	11.44	7.65	7.45	14.11	14.55	11.04	9.60	9.03	10.53
Net Income	43.95	29.71	30.08	48.80	49.86	40.83	37.48	36.28	29.33
Net Income - Continuous Operations	43.95	29.71	30.08	48.80	49.86	40.83	37.48	36.28	29.33
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	93.24	42.72	73.36	101.36	104.60	58.73	52.58	50.06	45.25
EBIT	87.82	65.43	66.64	93.81	96.77	-	-	-	-
Depreciation & Amortization	0.31	5.36	0.18	0.19	0.21	6.87	5.50	4.75	5.40
Earnings Per Share
Basic EPS	3.00	2.00	2.00	3.00	3.00	2.00	2.00	2.00	2.00
Diluted EPS	3.00	2.00	2.00	3.00	3.00	2.00	2.00	2.00	2.00
Basic Shares Outstanding	16.50	16.74	17.04	17.01	16.99	16.90	16.82	16.22	16.11
Diluted Shares Outstanding	16.51	16.75	17.04	17.06	17.05	16.91	16.86	16.31	16.21

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Arrow Financial Financial Statements

What was Arrow Financial's revenue in fiscal 2025?

Arrow Financial reported revenue of $158.32M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 29.0% from $223.07M a year earlier.

Is Arrow Financial profitable?

Yes. Arrow Financial earned net income of $43.95M in fiscal 2025, a net margin of 27.8%. In fiscal 2024 it earned $29.71M.

What is Arrow Financial's operating margin?

Arrow Financial's operating income was $87.82M on revenue of $158.32M in fiscal 2025, an operating margin of 55.5%, compared with 16.7% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition