United Bankshares (UBSI) financial statements
United Bankshares reported revenue of $1.2B in fiscal 2025, up 10.7% a year over 9 years.
Net income was $465M.
Free cash flow was $481M, and the company returned $209M in dividends and $127M in net buybacks.
The diluted share count rose 92% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from United Bankshares's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $495M | $681M | $240M | $277M | $263M | $331M | $312M | $1.1B | $1.0B | $1.2B |
| Interest expense | $45M | $75M | $129M | $185M | $109M | $52M | $106M | $481M | — | — |
| Pre-tax income | $223M | $285M | $327M | $324M | $360M | $463M | $476M | $464M | $465M | $583M |
| Income tax | $76M | $134M | $71M | $64M | $71M | $95M | $96M | $97M | $92M | $119M |
| Net income | $147M | $151M | $256M | $260M | $289M | $368M | $380M | $366M | $373M | $465M |
| EPS (diluted) | $1.99 | $1.54 | $2.45 | $2.55 | $2.40 | $2.83 | $2.80 | $2.71 | $2.75 | $3.27 |
| Diluted shares | 74M | 98M | 104M | 102M | 120M | 130M | 135M | 135M | 135M | 142M |
| Net margin | 29.7% | 22.1% | 106.9% | 94.0% | 109.8% | 111.1% | 121.7% | 34.7% | 36.0% | 37.5% |
Balance sheet
Fiscal years, from United Bankshares's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.4B | — | — | $837M | $2.2B | $3.8B | $1.2B | $1.6B | $2.3B | $2.5B |
| Property, plant and equipment | $76M | $105M | $95M | $97M | $176M | $197M | $199M | $191M | $186M | $209M |
| Goodwill | $864M | $1.5B | $1.5B | $1.5B | $1.8B | $1.9B | $1.9B | $1.9B | $1.9B | $2.0B |
| Total assets | $14.5B | $19.1B | $19.3B | $19.7B | $26.2B | $29.3B | $29.5B | $29.9B | $30.0B | $33.7B |
| Total liabilities | $12.3B | $15.8B | $16.0B | $16.3B | $21.9B | $24.6B | $25.0B | $25.2B | $25.0B | $28.2B |
| Shareholders' equity | $2.2B | $3.2B | $3.3B | $3.4B | $4.3B | $4.7B | $4.5B | $4.8B | $5.0B | $5.5B |
| Net debt | -$1.4B | — | — | -$837M | -$2.2B | -$3.8B | -$1.2B | -$1.6B | -$2.3B | -$2.5B |
Cash flow
Fiscal years, from United Bankshares's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $171M | $254M | $294M | $152M | $140M | $610M | $761M | $435M | $445M | $499M |
| Capital spending | $7M | $14M | $6M | $11M | $19M | $15M | $17M | $12M | $12M | $18M |
| Free cash flow | $163M | $240M | $288M | $141M | $121M | $594M | $744M | $424M | $433M | $481M |
| Stock-based compensation | $3M | $4M | $4M | $5M | $6M | $8M | $10M | $12M | $12M | $13M |
| Dividends paid | $96M | $121M | $142M | $139M | $163M | $181M | $193M | $195M | $201M | $209M |
| Share buybacks (net) | -$1,000 | -$1,000 | -$101M | -$36M | -$21M | -$11M | -$79M | -$1M | -$1M | -$127M |
| Free cash flow margin | 33.0% | 35.2% | 120.3% | 50.9% | 46.1% | 179.5% | 238.5% | 40.1% | 41.9% | 38.9% |
| Dividends per share | $1.30 | $1.24 | $1.36 | $1.36 | $1.35 | $1.40 | $1.43 | $1.45 | $1.48 | $1.47 |
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Open UBSI in InvestinglyQuestions
What was United Bankshares's revenue in 2025?
$1.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does United Bankshares generate?
$481M in fiscal 2025 (operating cash flow minus capital spending).
From United Bankshares's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.