Arrow Financial (AROW) financial statements
Net income was $44M.
Free cash flow was $36M, and the company returned $10M in net buybacks.
The diluted share count rose 15% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Arrow Financial's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $99M | $105M | $113M | $117M | $132M | $143M | $149M | $134M | — | — |
| Interest expense | $5M | $7M | $12M | $22M | $13M | $5M | $11M | $58M | $83M | $77M |
| Pre-tax income | $38M | $40M | $45M | $47M | $52M | — | — | — | — | — |
| Income tax | $11M | $11M | $9M | $10M | $11M | $15M | $14M | $7M | $8M | $11M |
| Net income | $27M | $29M | $36M | $37M | $41M | $50M | $49M | $30M | $30M | $44M |
| EPS (diluted) | $1.86 | $1.98 | $2.36 | $2.36 | $2.49 | $2.92 | $2.86 | $1.77 | $1.77 | $2.65 |
| Diluted shares | 14M | 15M | 15M | 16M | 16M | 17M | 17M | 17M | 17M | 17M |
| Net margin | 26.7% | 27.9% | 32.1% | 32.1% | 31.0% | 34.9% | 32.7% | 22.5% | — | — |
Balance sheet
Fiscal years, from Arrow Financial's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $57M | $73M | $84M | $70M | $381M | $458M | $65M | $143M | $155M | $214M |
| Property, plant and equipment | $27M | $28M | $30M | $41M | $43M | $46M | $56M | $60M | $60M | $59M |
| Goodwill | $22M | $22M | $22M | $22M | $22M | $22M | $22M | $22M | $24M | $24M |
| Total assets | $2.6B | $2.8B | $3.0B | $3.2B | $3.7B | $4.0B | $4.0B | $4.2B | $4.3B | $4.4B |
| Total liabilities | $2.4B | $2.5B | $2.7B | $2.9B | $3.4B | $3.7B | $3.6B | $3.8B | $3.9B | $4.0B |
| Shareholders' equity | $233M | $250M | $270M | $302M | $334M | $371M | $354M | $380M | $401M | $432M |
| Net debt | -$57M | -$73M | -$84M | -$70M | -$381M | -$458M | -$65M | -$143M | -$155M | -$214M |
Cash flow
Fiscal years, from Arrow Financial's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $35M | $38M | $42M | $44M | $42M | $68M | $60M | $21M | $34M | $41M |
| Capital spending | $1M | $3M | $5M | $8M | $5M | $7M | $14M | $7M | $6M | $5M |
| Free cash flow | $33M | $35M | $37M | $36M | $37M | $61M | $45M | $13M | $29M | $36M |
| Stock-based compensation | $287,000 | $351,000 | $356,000 | $391,000 | $420,000 | $414,000 | $451,000 | $605,000 | $314,000 | $683,000 |
| Dividends paid | $13M | $14M | $14M | $15M | $16M | $16M | $17M | — | — | — |
| Share buybacks (net) | -$2M | -$3M | -$2M | -$2M | -$2M | -$3M | -$3M | -$4M | -$7M | -$10M |
| Net borrowing | $13M | $29M | -$10M | -$4M | -$34M | -$17M | $0 | — | — | — |
| Free cash flow margin | 33.5% | 33.5% | 32.6% | 31.0% | 28.2% | 42.8% | 30.5% | 10.1% | — | — |
| Dividends per share | $0.92 | $0.92 | $0.94 | $0.96 | $0.96 | $0.96 | $1.02 | — | — | — |
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How much free cash flow does Arrow Financial generate?
$36M in fiscal 2025 (operating cash flow minus capital spending).
From Arrow Financial's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.