FS Bancorp (FSBW) Financial Statements & Analysis

FS Bancorp (FSBW) Income Statement

FS Bancorp reported revenue of $217.51M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 56.3% from $139.15M a year earlier. Net income was $33.35M, down 4.8% year over year, a net margin of 15.3%. Gross margin was 66.5% and operating margin 20.6%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $10.93M, down 69.0% from the same quarter a year earlier.

FS Bancorp Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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FS Bancorp, Inc. 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	217.51	139.15	185.26	134.08	131.08	142.13	109.59	79.03	66.54
Cost of Revenue	72.76	67.24	48.66	20.63	10.23	27.75	22.20	11.77	5.68
Gross Profit	144.75	136.47	136.59	113.45	120.86	114.38	87.39	67.26	60.86
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	58.56	34.19	57.36	49.75	50.99	39.45	34.85	29.80	27.85
Operating Expenses	100.01	94.88	91.32	76.47	73.44	64.53	59.26	38.69	40.28
Operating Income	44.74	41.58	45.27	36.99	47.42	49.85	28.13	28.57	20.58
Other Income/Expense
Interest Income	197.25	184.84	167.19	118.69	96.37	88.84	89.63	62.33	46.18
Interest Expense	66.84	61.73	43.89	14.41	9.73	14.72	19.32	10.23	4.93
Other Income/Expense	-3.62	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Income
Income Before Tax	41.12	41.58	45.27	36.99	47.42	49.85	28.13	28.57	20.58
Income Tax Expense	7.77	6.56	9.22	7.34	10.01	10.59	5.41	4.22	6.49
Net Income	33.35	35.02	36.05	29.65	37.41	39.26	22.72	24.35	14.09
Net Income - Continuous Operations	33.35	35.02	36.05	29.65	37.41	39.26	22.72	24.35	14.09
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	54.95	10.57	57.92	50.99	62.60	63.47	40.16	33.83	24.52
EBIT	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	10.21	3.63	12.65	14.00	15.18	13.62	12.00	5.26	3.94
Earnings Per Share
Basic EPS	4.00	4.00	5.00	4.00	4.00	5.00	3.00	3.00	2.00
Diluted EPS	4.00	4.00	5.00	4.00	4.00	4.00	3.00	3.00	2.00
Basic Shares Outstanding	7.52	7.70	7.79	7.91	8.46	8.55	8.83	7.40	6.19
Diluted Shares Outstanding	7.66	7.89	7.91	8.01	8.66	8.71	9.05	7.74	6.58

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

Frequently Asked Questions About FS Bancorp Financial Statements

What was FS Bancorp's revenue in fiscal 2025?

FS Bancorp reported revenue of $217.51M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 56.3% from $139.15M a year earlier.

Is FS Bancorp profitable?

Yes. FS Bancorp earned net income of $33.35M in fiscal 2025, a net margin of 15.3%. In fiscal 2024 it earned $35.02M.

What is FS Bancorp's operating margin?

FS Bancorp's operating income was $44.74M on revenue of $217.51M in fiscal 2025, an operating margin of 20.6%, compared with 29.9% 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