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Associated Banc-Corp (ASB) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 27, 2026 · Associated Banc-Corp (ASB) Q3 2026 earnings results →

Q3 2026 Revenue up 20% year over year to $464M · 32¢ of every $1 of revenue kept as net profit · operating margin 40.9%

Associated Banc-Corp made $464M in Q3 2026 (+20% Y/Y): Net interest income $377M, Noninterest income $87.1M. Operating margin 40.9%, net earnings $147M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 27, 2026.

Revenue$464M
Year over year+20%
Operating margin40.9%
Net earnings$147M
Operating cash flow$329M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $464.4M in Q3 2026, up 20% year over year and up 3% from the previous quarter. Net interest income was the largest line at 81% of revenue. Net interest income added $72.0M year over year (up 24%), 92% of the total change.

Operating profit was $190.0M, a 40.9% margin (up 1.0 points year over year). Of the extra revenue versus a year earlier, 46% reached operating profit, above the 40% margin then. Total costs grew 18% against revenue growth of 20%. The fastest-growing cost line was Noninterest expense (+20%). Net earnings were $146.6M, up 18% year over year. The effective tax rate was 22.9%.

Operating cash flow was $329.2M (up 108% year over year), 225% of net earnings. Non-cash charges added back $18.9M of depreciation and amortization. Working capital and other items added $163.7M.

Quarterly history

QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 27, 2026$464M+20%40.9%$147M$329M

Charts

Associated Banc-Corp: where the cash came from (+) and went (−), TTM to Q3 2026Associated Banc-Corp: where the cash came from (+) and went (−), TTM to Q3 2026Other investing−$1.8BOther financing$1.5BOperating cash flow$890MCash drawn (+) / kept (−)−$335MDividends−$171MNet borrowing (+) / repaid (−)−$148MShares issued$16.8M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Associated Banc-Corp: profit against cash, quarter by quarterAssociated Banc-Corp: profit against cash, quarter by quarterNet incomeOperating cash flow−$162M$207MQ4 2024$102M$98.2MQ1 2025$111M$141MQ2 2025$125M$158MQ3 2025$137M$218MQ4 2025$120M$136MQ1 2026$124M$207MQ2 2026$147M$329MQ3 2026
Latest (Q3 2026): Net income $147M, Operating cash flow $329M.
Associated Banc-Corp: diluted shares by fiscal yearAssociated Banc-Corp: diluted shares by fiscal year154MFY2020152MFY2021150MFY2022151MFY2023153MFY2024167MFY2025
+8.4% since FY2020: more shares outstanding (issuance, stock pay).
Associated Banc-Corp: long-term debt falling due (FY2025)Associated Banc-Corp: long-term debt falling due (FY2025)$204M2026$2.2M2027$201M2028$3.2M2029$300M2030$296MLater
Cash $1.7B, short-term investments —, long-term debt $594M at 2025-12-31.
Associated Banc-Corp in its industry: growth against margin (133 companies, SIC 6022)Associated Banc-Corp in its industry: growth against margin (133 companies, SIC 6022)revenue growth, year over year →↑ operating marginmedian +9%median 40%BNYSTTFITBMTBFCNCAALLYCFGNTRSWALBPOPEWBCWTFCCOLBSSBCBSHHWCAUBGBCIUBSIABCBHTHHOMBUCBRNSTFBPCATYFIBKCUBIFHBIBOCMBINSBCFBOHCVBFBUSEEFSCOFGLOBFBKFFINSFBSMCHBCCBFBNCGABCBYSYBTPEBOTCBKOBKSTBAFMBHRBCAACNOBAMALMCBQCRHOSBCFMNBBFSTUVSPTMPCCNEMSBIHBTEQBKCTBICPFTHFFMPBSBSIMBWMLKFNIBCPEGBNSPFIWASHCCBGCOFSCWBCHBIAACNBGSBCFSBCTRSTCIVBFCBCMCBSFBIZINBKBWBCBANMVBFBSRRCZNCCFFIRBBISTRUNTYBWFGBMRCRRBIPCBFCBMCHMGCZFSNWFLWTBAMYFWAVBHOPBKUSCBFCCOEBMTCOSOFXNCPKBKISBAPEBKBPRNBRBSHNVRMNSBFVCBCCFNSBFGJMSBBOTJNWPPFUSBAUBNJUVFASB (+20%, 41%)
State Commercial Banks; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Associated Banc-Corp

Associated Banc-Corp (NYSE: ASB) has total assets of $52 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from over 200 banking locations throughout Wisconsin, Illinois, Iowa, Minnesota, Missouri and Nebraska. The Company also operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

In its own words, from its 8-K, filed Jul 23, 2026.

Associated Banc-Corp against its State Commercial Banks peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +20% against the peers' median +12%. Operating margin: 40.9% against the peers' median 34.7%.

CompanyQuarterRevenueY/YOp. margin
ASB Associated Banc-CorpQ3 2026$464M+20%40.9%
BNY Bank of New York MellonQ3 2026$5.7B+12%38.5%
STT State StreetQ3 2026$4.0B+13%34.7%
FITB Fifth Third BancorpQ3 2026$3.3B+42%33.8%
MTB M&T BankQ3 2026$2.5B+0.9%39.7%
FCNCA First Citizens BancsharesQ3 2026$2.4B0%33.1%
ALLY Ally FinancialQ3 2026$2.3B+8%24.3%
CFG Citizens Financial GroupQ3 2026$2.3B+10%34.6%
NTRS Northern TrustQ3 2026$2.3B+13%34.7%

Source: Associated Banc-Corp 10-Q on SEC EDGAR · CIK 7789 · State Commercial Banks

13F: who owns ASB and who is buying

Largest holders of ASB (13F)Largest holders of ASB (13F)BlackRock$716MVanguard Group$478MVanguard Portfolio Management LLC$319MDimensional Fund Advisors LP$309MState Street$272MFirst Trust Advisors LP$232MVanguard Capital Management LLC$205MGeode Capital Management, LLC$132MAmerican Century Companies$131MNomura Asset Management Internati…$94.9M
Funds' net buying of ASB by quarter (13F)Funds' net buying of ASB by quarter (13F)−$3.2M2024-09$61.3M2024-12−$19.0M2025-03−$44.5M2025-06$39.2M2025-09−$62.3M2025-12$86.0M2026-03$146M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on ASB

History

Every quarter: Q3 2026 results

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中文版：Associated Banc-Corp（ASB）财报

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