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FS Bancorp (FSBW) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 9, 2026 · FS Bancorp (FSBW) Q3 2026 earnings results →
Q3 2026 Revenue up 7% year over year to $41.9M · 12¢ of every $1 of revenue kept as net profit · operating margin 14.5%
FS Bancorp made $41.9M in Q3 2026 (+7% Y/Y): Net interest income $35.7M, Noninterest income $6.2M. Operating margin 14.5%, net earnings $4.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 9, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $41.9M in Q3 2026, up 7% year over year and up 8% from the previous quarter. Net interest income was the largest line at 85% of revenue. Net interest income added $2.0M year over year (up 6%), 77% of the total change.
Operating profit was $6.1M, a 14.5% margin (down 15.0 points year over year). Operating profit fell $5.5M even though revenue rose $2.6M versus a year earlier, so costs grew faster than sales. Total costs grew 29% against revenue growth of 7%. The fastest-growing cost line was Credit loss provision (+50%). Net earnings were $4.9M, down 46% year over year. The effective tax rate was 19.1%.
Operating cash flow was $33.1M (down 26% year over year), 672% of net earnings. Non-cash charges added back $3.2M of depreciation and amortization and $627K of share-based compensation. Working capital and other items added $24.4M. Capital expenditures of $1.3M left free cash flow of $31.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 9, 2026 | $41.9M | +7% | 14.5% | $4.9M | $33.1M |
Charts
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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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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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About FS Bancorp
FS Bancorp, a Washington corporation, was organized in September 2011 for the purpose of becoming the holding company of 1st Security Bank upon the Bank’s conversion from a mutual to a stock savings bank (“Conversion”). The Conversion was completed on July 9, 2012. At December 31, 2025, the Company had consolidated total assets of $3.2 billion, total loans receivable, net of $2.62 billion, total deposits of $2.67 billion, and total stockholders’ equity of $307.7 million. The Company has not engaged in significant activities other than holding the stock of the Bank and providing capital to it through the debt and equity markets. Accordingly, the information set forth in this Form 10–K, including the consolidated financial statements and related data, relates primarily to the Bank.
In its own words, from its 10-K, filed Mar 13, 2026.
FS Bancorp against its Savings Institutions, Not Federally Chartered peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +7% against the peers' median +8%. Operating margin: 14.5% against the peers' median 31.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| FSBW FS Bancorp | Q3 2026 | $41.9M | +7% | 14.5% |
| FLG Flagstar Bank, National Association | Q3 2026 | $530M | +2% | -1.9% |
| BBT Beacon Financial | Q3 2026 | $223M | +58% | 36.5% |
| HFWA Heritage Financial | Q3 2026 | $86.5M | +32% | 25.8% |
| NBBK NB Bancorp | Q3 2026 | $76.5M | +48% | 37.9% |
| TCBX Third Coast Bancshares | Q3 2026 | $65.9M | +21% | 36.1% |
| SMBC Southern Missouri Bancorp | Q1 FY27 | $53.1M | +8% | 44.4% |
| HBCP Home Bancorp | Q3 2026 | $40.1M | +6% | 31.8% |
| NARA Narragansett Bancorp | Q2 2026 | $35.3M | +6% | 11.2% |
Source: FS Bancorp 10-Q on SEC EDGAR · CIK 1530249 · Savings Institutions, Not Federally Chartered
Guidance and outlook
13F: who owns FSBW and who is buying
More on FSBW
History
Every quarter: Q3 2026 results