Independent Bank (INDB) financial statements
Independent Bank reported revenue of $858M in fiscal 2025, up 12.0% a year over 9 years.
Net income was $205M.
Free cash flow was $239M, and the company returned $104M in dividends and $61M in net buybacks.
The diluted share count rose 75% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Independent Bank's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $310M | $342M | $387M | $508M | $479M | $507M | $728M | $731M | $690M | $858M |
| Interest expense | $19M | $18M | $26M | $54M | $34M | $14M | $30M | $189M | — | — |
| Pre-tax income | $112M | $135M | $156M | $218M | $153M | $157M | $348M | $315M | $247M | $262M |
| Income tax | $35M | $47M | $34M | $53M | $32M | $36M | $84M | $76M | $55M | $57M |
| Net income | $77M | $87M | $122M | $165M | $121M | $121M | $264M | $240M | $192M | $205M |
| EPS (diluted) | $2.90 | $3.19 | $4.40 | $5.03 | $3.64 | $3.47 | $5.69 | $5.42 | $4.52 | $4.44 |
| Diluted shares | 26M | 27M | 28M | 33M | 33M | 35M | 46M | 44M | 43M | 46M |
| Net margin | 24.7% | 25.5% | 31.5% | 32.5% | 25.3% | 23.8% | 36.2% | 32.8% | 27.8% | 23.9% |
Balance sheet
Fiscal years, from Independent Bank's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | — | — | — | $151M | $1.3B | $2.2B | $353M | $224M | $220M | $772M |
| Property, plant and equipment | $78M | $95M | $98M | $124M | $116M | $196M | $197M | $193M | $193M | $218M |
| Goodwill | $222M | $256M | $506M | $506M | $506M | $985M | $985M | $985M | $985M | $1.1B |
| Total assets | $7.7B | $8.1B | $8.9B | $11.4B | $13.2B | $20.4B | $19.3B | $19.3B | $19.4B | $24.9B |
| Long-term debt | $108M | $108M | $111M | $187M | $145M | $127M | $113M | $113M | $63M | $359M |
| Total liabilities | $6.8B | $7.1B | $7.8B | $9.7B | $11.5B | $17.4B | $16.4B | $16.5B | $16.4B | $21.3B |
| Shareholders' equity | $865M | $944M | $1.1B | $1.7B | $1.7B | $3.0B | $2.9B | $2.9B | $3.0B | $3.6B |
| Net debt | — | — | — | $36M | -$1.2B | -$2.1B | -$240M | -$111M | -$157M | -$413M |
Cash flow
Fiscal years, from Independent Bank's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $93M | $131M | $142M | $217M | $65M | $190M | $421M | $277M | $230M | $251M |
| Capital spending | $10M | $25M | $11M | $17M | $13M | $25M | $22M | $16M | $20M | $12M |
| Free cash flow | $83M | $106M | $131M | $200M | $52M | $165M | $399M | $261M | $209M | $239M |
| Stock-based compensation | $3M | $3M | $4M | $4M | $4M | $4M | $4M | $6M | $7M | $9M |
| Dividends paid | $30M | $34M | $40M | $53M | $61M | $63M | $94M | $98M | $96M | $104M |
| Share buybacks (net) | — | — | $0 | $0 | -$95M | $0 | -$140M | -$189M | -$31M | -$61M |
| Net borrowing | -$49M | — | $0 | $75M | -$42M | -$19M | -$14M | $0 | — | — |
| Free cash flow margin | 26.6% | 31.0% | 33.8% | 39.3% | 10.9% | 32.5% | 54.8% | 35.7% | 30.4% | 27.9% |
| Dividends per share | $1.12 | $1.24 | $1.45 | $1.62 | $1.83 | $1.80 | $2.02 | $2.22 | $2.26 | $2.25 |
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What was Independent Bank's revenue in 2025?
$858M in fiscal 2025, from its 10-K filing.
How much free cash flow does Independent Bank generate?
$239M in fiscal 2025 (operating cash flow minus capital spending).
From Independent Bank's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.