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Amalgamated Financial (AMAL) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Amalgamated Financial (AMAL) Q3 2026 earnings results →
Q3 2026 Revenue up 19% year over year to $102M · 36¢ of every $1 of revenue kept as net profit · operating margin 48.4%
Amalgamated Financial made $102M in Q3 2026 (+19% Y/Y): Net interest income $87.9M, Noninterest income $13.8M. Operating margin 48.4%, net earnings $36.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
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What changed this quarter
Revenue was $101.7M in Q3 2026, up 19% year over year and up 3% from the previous quarter. Net interest income was the largest line at 86% of revenue. Net interest income added $11.5M year over year (up 15%), 71% of the total change.
Operating profit was $49.2M, a 48.4% margin (up 5.5 points year over year). Of the extra revenue versus a year earlier, 78% reached operating profit, above the 43% margin then. Total costs grew 7% against revenue growth of 19%. The fastest-growing cost line was Noninterest expense (+12%). Net earnings were $36.4M, up 36% year over year. The effective tax rate was 26.0%.
Operating cash flow was $41.4M (up 5% year over year), 114% of net earnings. Non-cash charges added back $1.9M of share-based compensation. Working capital and other items added $3.1M. Capital expenditures of $8.4M left free cash flow of $33.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $102M | +19% | 48.4% | $36.4M | $41.4M |
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About Amalgamated Financial
Amalgamated Financial Corp., a Delaware public benefit corporation ("we" or the "Company"), was formed on August 25, 2020 to serve as the holding company for Amalgamated Bank (the "Bank") and is a bank holding company registered with the Board of Governors of the Federal Reserve under the Bank Holding Company Act of 1956, as amended. On March 1, 2021 (the “Effective Date”), the Company acquired all of the outstanding stock of Amalgamated Bank, a New York state-chartered commercial bank in a statutory share exchange transaction (the “Reorganization”) effected under New York law and in accordance with the terms of a Plan of Acquisition dated September 4, 2020. Pursuant to the Reorganization, the Bank became the sole subsidiary of the Company, the Company became the holding company for the Bank and the stockholders of the Bank became stockholders of the Company.
In its own words, from its 10-K, filed Mar 5, 2026.
Amalgamated Financial against its State Commercial Banks peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +19% against the peers' median +12%. Operating margin: 48.4% against the peers' median 34.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AMAL Amalgamated Financial | Q3 2026 | $102M | +19% | 48.4% |
| BNY Bank of New York Mellon | Q3 2026 | $5.7B | +12% | 38.5% |
| STT State Street | Q3 2026 | $4.0B | +13% | 34.7% |
| FITB Fifth Third Bancorp | Q3 2026 | $3.3B | +42% | 33.8% |
| MTB M&T Bank | Q3 2026 | $2.5B | +0.9% | 39.7% |
| FCNCA First Citizens Bancshares | Q3 2026 | $2.4B | 0% | 33.1% |
| ALLY Ally Financial | Q3 2026 | $2.3B | +8% | 24.3% |
| CFG Citizens Financial Group | Q3 2026 | $2.3B | +10% | 34.6% |
| NTRS Northern Trust | Q3 2026 | $2.3B | +13% | 34.7% |
Source: Amalgamated Financial 10-Q on SEC EDGAR · CIK 1823608 · State Commercial Banks
Guidance and outlook
13F: who owns AMAL and who is buying
More on AMAL
History
Every quarter: Q3 2026 results