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Heritage Financial (HFWA) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Heritage Financial (HFWA) Q3 2026 earnings results →
Q3 2026 Revenue up 32% year over year to $86.5M · 22¢ of every $1 of revenue kept as net profit · operating margin 25.8%
Heritage Financial made $86.5M in Q3 2026 (+32% Y/Y): Net interest income $77.3M, Noninterest income $9.3M. Operating margin 25.8%, net earnings $18.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
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What changed this quarter
Revenue was $86.5M in Q3 2026, up 32% year over year and up 3% from the previous quarter. Net interest income was the largest line at 89% of revenue. Net interest income added $19.9M year over year (up 35%), 96% of the total change.
Operating profit was $22.3M, a 25.8% margin (down 8.2 points year over year). Operating profit fell $23K even though revenue rose $20.8M versus a year earlier, so costs grew faster than sales. Total costs grew 48% against revenue growth of 32%. The fastest-growing cost line was Noninterest expense (+49%). Net earnings were $18.7M, down 2% year over year. The effective tax rate was 16.0%.
Operating cash flow was $30.5M (up 21% year over year), 163% of net earnings. Working capital and other items added $11.7M. Capital expenditures of $2.1M left free cash flow of $28.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $86.5M | +32% | 25.8% | $18.7M | $30.5M |
Charts
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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 Heritage Financial
Heritage Financial Corporation is a bank holding company that was incorporated in the State of Washington in August 1997. We are primarily engaged in the business of planning, directing, and coordinating the business activities of our wholly-owned subsidiary and single reportable segment, Heritage Bank. Heritage Bank is headquartered in Olympia, Washington and conducts business from its 50 branch offices located throughout Washington State, the greater Portland, Oregon area, Eugene, Oregon and Boise, Idaho and its one loan production office in Spokane, Washington as of December 31, 2025. Heritage Bank also does business under the Whidbey Island Bank name on Whidbey Island, Washington. On January 31, 2026, Heritage completed its acquisition of Olympic and Olympic’s wholly-owned banking subsidiary, Kitsap Bank.
In its own words, from its 10-K, filed Feb 27, 2026.
Heritage Financial against its Savings Institutions, Not Federally Chartered peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +32% against the peers' median +8%. Operating margin: 25.8% against the peers' median 36.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| HFWA Heritage Financial | Q3 2026 | $86.5M | +32% | 25.8% |
| FLG Flagstar Bank, National Association | Q3 2026 | $530M | +2% | -1.9% |
| BBT Beacon Financial | Q2 2025 | $114M | +5% | 36.5% |
| 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% |
| AVBC Avidia Bancorp | Q3 2026 | $31.2M | +11% | 37.1% |
Source: Heritage Financial 10-Q on SEC EDGAR · CIK 1046025 · Savings Institutions, Not Federally Chartered
Guidance and outlook
13F: who owns HFWA and who is buying
More on HFWA
History
Every quarter: Q3 2026 results