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Western Alliance Bancorporation (WAL) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

FINANCIAL SERVICES · BANKS - REGIONAL · DATA UPDATED 2026-08-03

Western Alliance Bancorporation (WAL) operates in the BANKS - REGIONAL industry and is headquartered in Phoenix, United States with about 3,769 employees. Its market capitalization is roughly $9 billion. In the fiscal year ended 2025-12-31, WAL reported $5.3B in revenue and $969M in net income.

Western Alliance Bancorporation operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. It operates through Commercial and Consumer Related segments.

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WAL Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$5.1B	$5.3B	$5.0B	$2.1B	$2.3B	$1.8B	$1.3B	$1.3B	$1.1B	$883M	$739M	$551M	$440M	$373M	$334M	$295M	$284M	$324M	$335M	$328M	$102M
Gross Profit	$2.9B	$3.2B	$2.9B	$1.7B	$2.3B	$1.8B	$1.1B	$1.1B	$925M	$805M	$687M	$515M	$404M	$330M	$259M	$210M	$142M	$101M	$167M	$182M	$13M
Gross Margin %	56.6%	61.1%	58.8%	79.7%	100.0%	100.0%	83.6%	84.2%	86.6%	91.1%	93.1%	93.5%	91.8%	88.5%	77.6%	71.2%	49.9%	31.3%	49.6%	55.5%	13.1%
Operating Income (EBIT)	$1.2B	$1.2B	$991M	$865M	$1.8B	$1.1B	$622M	$604M	$510M	$452M	$361M	$259M	$197M	$146M	$101M	$50M	($11M)	($185M)	($291M)	$48M	$61M
Operating Margin %	24.0%	22.9%	19.8%	40.7%	78.9%	60.9%	46.7%	47.0%	47.8%	51.2%	48.9%	47.0%	44.9%	39.1%	30.2%	17.1%	-3.7%	-57.2%	-86.7%	14.7%	60.0%
Net Income	$990M	$969M	$788M	$722M	$1.1B	$899M	$507M	$499M	$436M	$325M	$260M	$194M	$148M	$115M	$73M	$31M	($7M)	($151M)	($236M)	$33M	$40M
Net Margin %	19.3%	18.4%	15.7%	34.0%	46.0%	48.8%	38.0%	38.8%	40.8%	36.9%	35.2%	35.3%	33.6%	30.9%	21.7%	10.7%	-2.5%	-46.7%	-70.5%	10.0%	39.0%
EBITDA	$1.3B	$1.3B	$1.1B	$1.0B	$1.4B	$1.2B	$657M	$633M	$525M	$465M	$374M	$267M	$199M	$148M	$104M	$61M	$4M	($170M)	($278M)	$61M	$68M
Earnings Per Share (EPS)	$9.05	$8.85	$7.21	$6.66	$9.83	$8.70	$5.04	$4.84	$4.13	$3.10	$2.50	$2.04	$1.69	$1.33	$0.88	$0.39	$-0.10	$-2.57	$-7.24	$1.06	$1.41
Shares Outstanding (M)	109M	110M	109M	108M	108M	103M	100M	103M	105M	105M	104M	95M	88M	87M	83M	81M	75M	59M	33M	31M	28M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

WAL Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$888M	$1.4B	$1.4B	$1.4B	$1.3B	$1.2B	$1.3B	$1.3B
Gross Profit	$373M	$806M	$882M	$843M	$786M	$730M	$761M	$771M
Gross Margin %	42.0%	55.9%	62.7%	60.3%	61.3%	60.5%	59.0%	59.0%
Operating Income (EBIT)	$332M	$231M	$356M	$314M	$291M	$246M	$259M	$252M
Operating Margin %	37.4%	16.1%	25.3%	22.4%	22.7%	20.4%	20.1%	19.3%
Net Income	$262M	$189M	$286M	$253M	$230M	$199M	$217M	$200M
Net Margin %	29.4%	13.1%	20.3%	18.1%	18.0%	16.5%	16.8%	15.3%
EBITDA	$332M	$266M	$389M	$347M	$324M	$277M	$295M	$280M
Earnings Per Share (EPS)	$2.39	$1.73	$2.62	$2.31	$2.10	$1.82	$1.98	$1.82
Shares Outstanding (M)	109M	109M	109M	110M	110M	110M	110M	110M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

WAL Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	($667M)	($2.7B)	($2.7B)	($329M)	$2.2B	($2.7B)	$670M	$718M	$541M	$384M	$281M	$220M	$38M	$58M	$19M	$142M	$0M	$75M	$81M	$55M	$44M
Capital Expenditures (CapEx)	$125M	$114M	$84M	$114M	$141M	$69M	$27M	$35M	$2M	$9M	$11M	$11M	$1M	$0M	$0M	$0M	$34M	$7M	$7M	$36M	$35M
Free Cash Flow (FCF)	($792M)	($2.8B)	($2.8B)	($443M)	$2.1B	($2.7B)	$643M	$683M	$539M	$375M	$270M	$210M	$38M	$58M	$19M	$142M	($33M)	$68M	$74M	$19M	$9M
FCF Margin %	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Dividends Paid	$193M	$185M	$177M	$172M	$166M	$128M	$101M	$51M	$51M	$51M	$0M	$1M	$1M	$1M	$4M	$7M	$7M	$7M	—	—	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

WAL Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$507M	($507M)	($70M)	($597M)	($358M)	($1.7B)	($622M)	($1.1B)
Capital Expenditures (CapEx)	$24M	$24M	$48M	$28M	$21M	$17M	$27M	$22M
Free Cash Flow (FCF)	$483M	($531M)	($118M)	($626M)	($379M)	($1.7B)	($648M)	($1.1B)
FCF Margin %	—	—	—	—	—	—	—	—
Dividends Paid	$42M	$56M	$49M	$45M	$45M	$45M	$45M	$44M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

WAL Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$98.7B	$92.8B	$80.9B	$70.9B	$67.7B	$56.0B	$36.5B	$26.8B	$23.1B	$20.3B	$17.2B	$14.3B	$10.6B	$9.3B	$7.6B	$6.8B	$6.2B	$5.8B	$5.2B	$5.0B	$4.2B
Cash & Cash Equivalents	$5.9B	$3.6B	$4.1B	$1.6B	$1.0B	$516M	$2.7B	$435M	$499M	$417M	$284M	$225M	$164M	$305M	$205M	$155M	$216M	$393M	$139M	$105M	$265M
Total Liabilities	$90.6B	$84.8B	$74.2B	$64.8B	$62.4B	$51.0B	$33.0B	$23.8B	$20.5B	$18.1B	$15.3B	$12.7B	$9.6B	$8.5B	$6.9B	$6.2B	$5.6B	$5.2B	$4.7B	$4.5B	$3.8B
Total Debt (Short + Long-Term)	$0M	$10.2B	$6.5B	$8.1B	$12.2B	$3.1B	$26M	$410M	$874M	$767M	$490M	$338M	$611M	$412M	$312M	$512M	$298M	$355M	$1.1B	$937M	$501M
Total Shareholders' Equity	$7.8B	$7.7B	$6.7B	$6.1B	$5.4B	$5.0B	$3.4B	$3.0B	$2.6B	$2.2B	$1.9B	$1.6B	$1.0B	$855M	$760M	$637M	$602M	$576M	$495M	$502M	$409M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive WAL viewer.

WAL Metric Deep Dives

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