Filing Flows › Western Alliance Bancorporation (WAL) › Q3 2025
Western Alliance Bancorporation (WAL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 3, 2025
Western Alliance Bancorporation (WAL) reported revenue of $938M for the third quarter 2025 (Q3 2025), +14% from a year earlier and +11% from the quarter before. Operating margin was 33.4%, net earnings $253M (27.0% of revenue).
Western Alliance Bancorporation, Q3 2025: revenue $938M (+14% year over year), operating margin 33.4%, net earnings $253M, operating cash flow −$597M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $938M | +11% | +14% |
| Operating profit | $314M | +8% | +24% |
| Net earnings | $253M | +10% | +27% |
| Operating cash flow | −$597M | — | — |
What changed
Revenue was $938.2M in Q3 2025, up 14% year over year and up 11% from the previous quarter.
Operating profit was $313.8M, a 33.4% margin (up 2.8 points year over year). Of the extra revenue versus a year earlier, 54% reached operating profit, above the 31% margin then. Total costs grew 9% against revenue growth of 14%. The fastest-growing cost line was Credit loss provision (+138%). Net earnings were $253.4M, up 27% year over year. The effective tax rate was 17.0%.
Operating cash flow was −$597.4M. Non-cash charges added back $27.7M of depreciation and amortization and $12.8M of share-based compensation. Working capital and other items used $898.4M.
Questions
What was Western Alliance Bancorporation's revenue in the third quarter 2025?
Western Alliance Bancorporation (WAL) reported revenue of $938M for the third quarter 2025 (Q3 2025), +14% from a year earlier and +11% from the quarter before.
Was Western Alliance Bancorporation profitable in the third quarter 2025?
Operating profit was $314M (33.4% of revenue) and net earnings $253M.