Filing Flows › Western Alliance Bancorporation (WAL) › Q4 2025
Western Alliance Bancorporation (WAL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 23, 2026
Western Alliance Bancorporation (WAL) reported revenue of $981M for the fourth quarter 2025 (Q4 2025), +17% from a year earlier and +5% from the quarter before. Operating margin was 36.3%, net earnings $286M (29.2% of revenue).
Western Alliance Bancorporation, Q4 2025: revenue $981M (+17% year over year), operating margin 36.3%, net earnings $286M, operating cash flow −$69.8M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $981M | +5% | +17% |
| Operating profit | $356M | +13% | +37% |
| Net earnings | $286M | +13% | +32% |
| Operating cash flow | −$69.8M | — | — |
What changed
Revenue was $980.9M in Q4 2025, up 17% year over year and up 5% from the previous quarter.
Operating profit was $355.7M, a 36.3% margin (up 5.3 points year over year). Of the extra revenue versus a year earlier, 68% reached operating profit, above the 31% margin then. Total costs grew 8% against revenue growth of 17%. The fastest-growing cost line was Credit loss provision (+22%). Net earnings were $286.1M, up 32% year over year. The effective tax rate was 17.6%.
Operating cash flow was −$69.8M. Non-cash charges added back $27.5M of depreciation and amortization and $12.1M of share-based compensation. Working capital and other items used $402.6M.
Questions
What was Western Alliance Bancorporation's revenue in the fourth quarter 2025?
Western Alliance Bancorporation (WAL) reported revenue of $981M for the fourth quarter 2025 (Q4 2025), +17% from a year earlier and +5% from the quarter before.
Was Western Alliance Bancorporation profitable in the fourth quarter 2025?
Operating profit was $356M (36.3% of revenue) and net earnings $286M.