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Independent Bank (INDB) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 9, 2026 · Independent Bank (INDB) Q3 2026 earnings results →

Q3 2026 Revenue up 8% year over year to $262M · 34¢ of every $1 of revenue kept as net profit · operating margin 44.7%

Independent Bank made $262M in Q3 2026 (+8% Y/Y): Net interest income $221M, Noninterest income $41.3M. Operating margin 44.7%, net earnings $89.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 9, 2026.

Revenue$262M
Year over year+8%
Operating margin44.7%
Net earnings$89.7M
Operating cash flow$106M

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 $261.9M in Q3 2026, up 7% year over year and up 3% from the previous quarter. Net interest income was the largest line at 84% of revenue. Net interest income added $17.3M year over year (up 9%), 95% of the total change.

Operating profit was $117.0M, a 44.7% margin (up 26.5 points year over year). Of the extra revenue versus a year earlier, 399% reached operating profit, above the 18% margin then. Total costs fell 27% while revenue rose 7%. Net earnings were $89.7M, up 162% year over year. The effective tax rate was 23.3%.

Operating cash flow was $106.4M (up 104% year over year), 119% of net earnings. Non-cash charges added back $8.0M of depreciation and amortization and $2.5M of share-based compensation. Working capital and other items added $6.1M. Capital expenditures of $6.8M left free cash flow of $99.6M.

Quarterly history

QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 9, 2026$262M+8%44.7%$89.7M$106M

Charts

Independent Bank: where the cash came from (+) and went (−), TTM to Q3 2026Independent Bank: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$376MOther investing−$335MCash drawn (+) / kept (−)$251MBuybacks−$233MNet borrowing (+) / repaid (−)$125MDividends−$120MOther financing−$44.9MCapital spending−$22.2MShares issued$3.1MAsset & business sales$370K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Independent Bank: profit against cash, quarter by quarterIndependent Bank: profit against cash, quarter by quarterNet incomeOperating cash flow$50.0M$42.9MQ4 2024$44.4M$13.3MQ1 2025$51.1M$107MQ2 2025$34.3M$52.2MQ3 2025$75.3M$78.9MQ4 2025$79.9M$117MQ1 2026$81.8M$73.4MQ2 2026$89.7M$106MQ3 2026
Latest (Q3 2026): Net income $89.7M, Operating cash flow $106M.
Independent Bank: diluted shares by fiscal yearIndependent Bank: diluted shares by fiscal year33MFY202035MFY202146MFY202244MFY202343MFY202446MFY2025
+38.8% since FY2020: more shares outstanding (issuance, stock pay).
Independent Bank in its industry: growth against margin (147 companies, SIC 6022)Independent Bank in its industry: growth against margin (147 companies, SIC 6022)revenue growth, year over year →↑ operating marginmedian +9%median 40%DBBNYSTTFITBMTBFCNCAALLYCFGNTRSWALBPOPEWBCWTFCCOLBSSBPBCBSHASBHWCAUBGBCIUBSIABCBHTHHOMBUCBRNSTFBPCATYFIBKCUBIFHBIBOCMBINSBCFBOHCVBFBUSEEFSCOFGLOBFBKFFINSFBSMCHBCCBFBNCGABCBYSYBTPEBOTCBKOBKSTBAFMBHRBCAACNOBAMALMCBQCRHOSBCFMNBBancplus CorpBFSTUVSPTMPCCNEMSBIHBTEQBKCTBICPFTHFFMPBSBSIMBWMLKFNIBCPEGBNORRFSPFIWASHCCBGCOFSCWBCHBIAACNBGSBCFSBCTRSTBHBFRSTCIVBFCBCMCBSFBIZINBKBWBCBANMVBFBSRRCZNCCFFIRBBISTRUNTYBWFGOBTFRAFBMRCRRBIPCBFCBMCHMGCZFSNWFLWTBAMYFWAVBHOPBKUSCBFCCOEBMTCOSOFXNCPKBKISBAPEBKBSVNEFSIBPRNBRBSBCMLMNSBHNVRFVCBCCFNSBFGJMSBCBFVUNBBOTJNWPPFUSBAUBNJUVFINDB (+8%, 45%)
State Commercial Banks; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵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 Independent Bank

Independent Bank Corp. (the “Company”) is a state chartered, federally registered bank holding company headquartered in Rockland, Massachusetts that was incorporated under Massachusetts law in 1985. The Company is the sole stockholder of Rockland Trust Company (“Rockland Trust” or the “Bank”), a Massachusetts trust company chartered in 1907. The Bank provides a wide range of banking, investment and financial services, operating with over 150 retail branches, as well as a network of commercial and residential lending centers, and investment management offices primarily in Eastern Massachusetts, as well as in Worcester County, southern New Hampshire, and Rhode Island. Rockland Trust also offers a full suite of mobile, online, and telephone banking services.

In its own words, from its 10-K, filed Feb 27, 2026.

Independent Bank against its State Commercial Banks peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +8%. Operating margin: 44.7% against the peers' median 34.6%.

CompanyQuarterRevenueY/YOp. margin
INDB Independent BankQ3 2026$262M+8%44.7%
DB Deutsche Bank AktiengesellschaftQ3 2026$6.1B-31%-7.6%
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%

Source: Independent Bank 10-Q on SEC EDGAR · CIK 776901 · State Commercial Banks

Guidance and outlook

Independent Bank: what its forward-looking statements are about (10-Q filed 2026-11-09)Independent Bank: what its forward-looking statements are about (10-Q filed 2026-11-09)Other5The economy3Deals2Costs1Financing1Demand1
13 statements; tone -0.31 (−1 all cautious, +1 all confident); 0 hedged.
Independent Bank: outlook statements against the filing beforeIndependent Bank: outlook statements against the filing beforeConfident1Cautious5

13F: who owns INDB and who is buying

Largest holders of INDB (13F)Largest holders of INDB (13F)BlackRock$584MVanguard Group$429MVanguard Portfolio Management LLC$274MState Street$223MDimensional Fund Advisors LP$220MVanguard Capital Management LLC$182MGeode Capital Management, LLC$121MAlliancebernstein L.P.$88.7MNomura Asset Management Internati…$76.8MChanning Capital Management, LLC$70.9M
Funds' net buying of INDB by quarter (13F)Funds' net buying of INDB by quarter (13F)−$2.0M2024-09$49.5M2024-12$103M2025-03$66.0M2025-06$179M2025-09−$71.0M2025-12−$25.7M2026-03−$94.9M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on INDB

History

Every quarter: Q3 2026 results

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