Western Alliance Bancorporation
WAL NYSE Regional Banks Financials FY2016–FY2025
Western Alliance Bancorporation's revenue rose 12.1% to $3.5 billion in fiscal 2025. Net income was $969 million, up 23.0%. Its return on equity was 13.5%, up from 12.3% a year earlier. Its efficiency ratio was 59.6%, down from 64.0% a year earlier. It paid out $68 million in dividends and buybacks. The diluted share count rose 0.2%.
Revenue
Total sales reported in the income statement.
$3.5B
12.0%
vs prior year
Efficiency ratio
Noninterest expense as a share of revenue. Lower is better for banks.
59.6%
4.4 pts
Net income
Profit after all expenses, interest and tax.
$969M
23.0%
Return on equity
Net income as a share of average shareholders' equity.
13.5%
1.2 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$8.3B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
8.6x
On $8.88 EPS (TTM)
What Western Alliance Bancorporation does
No business description yet.
- Legal name
- WESTERN ALLIANCE BANCORPORATION
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001628280-26-010336
0001212545
Revenue and margins
Western Alliance Bancorporation had $3.5B of revenue in fiscal 2025, up 12.1% on the year before.
FY16
Revenue $700M
FY17
Revenue $830M
FY18
Revenue $959M
FY19
Revenue $1.1B
FY20
Revenue $1.2B
FY21
Revenue $2.0B
FY22
Revenue $2.5B
FY23
Revenue $2.6B
FY24
Revenue $3.2B
FY25
Revenue $3.5B
Q3 '23
Revenue $716M
Q4 '23
Revenue $682M
Q1 '24
Revenue $729M
Q2 '24
Revenue $772M
Q3 '24
Revenue $823M
Q4 '24
Revenue $838M
Q1 '25
Revenue $778M
Q2 '25
Revenue $846M
Q3 '25
Revenue $938M
Q4 '25
Revenue $981M
Q1 '26
Revenue $1.0B
Q2 '26
Revenue $996M
FY16
Net interest share 93.9%
Efficiency ratio 47.3%
FY17
Net interest share 94.5%
Efficiency ratio 43.5%
FY18
Net interest share 95.5%
Efficiency ratio 44.2%
FY19
Net interest share 94.1%
Efficiency ratio 43.6%
FY20
Net interest share 94.3%
Efficiency ratio 39.7%
FY21
Net interest share 79.3%
Efficiency ratio 43.6%
FY22
Net interest share 87.2%
Efficiency ratio 45.5%
FY23
Net interest share 89.3%
Efficiency ratio 62.0%
FY24
Net interest share 82.8%
Efficiency ratio 64.0%
FY25
Net interest share 80.9%
Efficiency ratio 59.6%
Net interest share
Efficiency ratio
Q3 '23
Net interest share 82.0%
Efficiency ratio 59.5%
Q4 '23
Net interest share 86.7%
Efficiency ratio 67.7%
Q1 '24
Net interest share 82.2%
Efficiency ratio 66.1%
Q2 '24
Net interest share 85.1%
Efficiency ratio 63.1%
Q3 '24
Net interest share 84.7%
Efficiency ratio 65.3%
Q4 '24
Net interest share 79.5%
Efficiency ratio 61.9%
Q1 '25
Net interest share 83.6%
Efficiency ratio 64.3%
Q2 '25
Net interest share 82.5%
Efficiency ratio 60.9%
Q3 '25
Net interest share 80.0%
Efficiency ratio 58.0%
Q4 '25
Net interest share 78.1%
Efficiency ratio 56.3%
Q1 '26
Net interest share 75.2%
Efficiency ratio 56.4%
Q2 '26
Net interest share 80.0%
Efficiency ratio 58.6%
Net interest share
Efficiency ratio
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 14.9% a year. Loss periods are shown in red.
FY16
Net income $260M
FY17
Net income $326M
FY18
Net income $436M
FY19
Net income $499M
FY20
Net income $507M
FY21
Net income $899M
FY22
Net income $1.1B
FY23
Net income $722M
FY24
Net income $788M
FY25
Net income $969M
Q3 '23
Net income $217M
Q4 '23
Net income $148M
Q1 '24
Net income $177M
Q2 '24
Net income $194M
Q3 '24
Net income $200M
Q4 '24
Net income $217M
Q1 '25
Net income $199M
Q2 '25
Net income $230M
Q3 '25
Net income $253M
Q4 '25
Net income $286M
Q1 '26
Net income $182M
Q2 '26
Net income $262M
FY16
Diluted EPS $2.50
FY17
Diluted EPS $3.10
FY18
Diluted EPS $4.14
FY19
Diluted EPS $4.84
FY20
Diluted EPS $5.04
FY21
Diluted EPS $8.67
FY22
Diluted EPS $9.70
FY23
Diluted EPS $6.54
FY24
Diluted EPS $7.09
FY25
Diluted EPS $8.73
Q3 '23
Diluted EPS $1.97
Q4 '23
Diluted EPS $1.33
Q1 '24
Diluted EPS $1.60
Q2 '24
Diluted EPS $1.75
Q3 '24
Diluted EPS $1.80
Q4 '24
Diluted EPS $1.95
Q1 '25
Diluted EPS $1.79
Q2 '25
Diluted EPS $2.07
Q3 '25
Diluted EPS $2.28
Q4 '25
Diluted EPS $2.59
Q1 '26
Diluted EPS $1.65
Q2 '26
Diluted EPS $2.36
Returns and efficiency
For banks, return on equity and the efficiency ratio (costs as a share of revenue) say most about how well the business runs.
FY16
ROE 14.9%
ROTE 18.1%
Efficiency ratio 47.3%
FY17
ROE 15.8%
ROTE 18.5%
Efficiency ratio 43.5%
FY18
ROE 18.0%
ROTE 20.5%
Efficiency ratio 44.2%
FY19
ROE 17.7%
ROTE 19.8%
Efficiency ratio 43.6%
FY20
ROE 15.8%
ROTE 17.3%
Efficiency ratio 39.7%
FY21
ROE 21.5%
ROTE 24.5%
Efficiency ratio 43.6%
FY22
ROE 20.5%
ROTE 24.0%
Efficiency ratio 45.5%
FY23
ROE 12.6%
ROTE 14.5%
Efficiency ratio 62.0%
FY24
ROE 12.3%
ROTE 13.9%
Efficiency ratio 64.0%
FY25
ROE 13.5%
ROTE 15.0%
Efficiency ratio 59.6%
ROE
ROTE
Efficiency ratio
Dividends, buybacks and share count
Western Alliance Bancorporation returned $68.1M to shareholders in fiscal 2025. The diluted share count rose 0.2%.
FY16
Dividends $0.0M
Buybacks $0.0M
FY17
Dividends $0.0M
Buybacks $0.0M
FY18
Dividends $0.0M
Buybacks $35.7M
FY19
Dividends $51.3M
Buybacks $120M
FY20
Dividends $101M
Buybacks $71.6M
FY21
Dividends $128M
Buybacks $0.0M
FY22
Dividends $166M
Buybacks $0.0M
FY23
Dividends $172M
Buybacks $0.0M
FY24
Dividends $177M
Buybacks $0.0M
FY25
Dividends $0.0M
Buybacks $68.1M
Dividends
Buybacks
Q3 '23
Dividends $42.6M
Buybacks $0.0M
Q4 '23
Dividends $43.7M
Buybacks $0.0M
Q1 '24
Dividends $43.9M
Buybacks $0.0M
Q2 '24
Dividends $44.0M
Buybacks $0.0M
Q3 '24
Dividends $43.9M
Buybacks $0.0M
Q4 '24
Dividends $45.0M
Buybacks $0.0M
Q1 '25
Dividends $45.0M
Buybacks $0.0M
Q2 '25
Dividends $0.0M
Buybacks $0.0M
Q3 '25
Dividends $0.0M
Buybacks $10.6M
Q4 '25
Dividends $0.0M
Buybacks $57.5M
Q1 '26
Dividends $0.0M
Buybacks $50.3M
Q2 '26
Dividends $0.0M
Buybacks $2.3M
Dividends
Buybacks
FY16
Diluted shares 0.10B
FY17
Diluted shares 0.11B
FY18
Diluted shares 0.11B
FY19
Diluted shares 0.10B
FY20
Diluted shares 0.10B
FY21
Diluted shares 0.10B
FY22
Diluted shares 0.11B
FY23
Diluted shares 0.11B
FY24
Diluted shares 0.11B
FY25
Diluted shares 0.11B
Value Western Alliance Bancorporation yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Earnings multiple
Value per share
—
Reference multiples: today 8.6x · peers 11.7x · sector 13.7x.
Balance sheet
Loans, deposits and capital at each fiscal year end.
FY16
Loans $13.1B
Deposits $14.5B
FY17
Loans $15.0B
Deposits $17.0B
FY18
Loans $17.6B
Deposits $19.2B
FY19
Loans $20.9B
Deposits $22.8B
FY20
Loans $26.8B
Deposits $31.9B
FY21
Loans $38.8B
Deposits $47.6B
FY22
Loans $51.6B
Deposits $53.6B
FY23
Loans $50.0B
Deposits $55.3B
FY24
Loans $53.3B
Deposits $66.3B
FY25
Loans $58.2B
Deposits $77.2B
Loans
Deposits
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Loans, net | $38.8B | $51.6B | $50.0B | $53.3B | $58.2B |
| Deposits | $47.6B | $53.6B | $55.3B | $66.3B | $77.2B |
| Loans / deposits | 81.5% | 96.1% | 90.3% | 80.4% | 75.5% |
| Total assets | $56.0B | $67.7B | $70.9B | $80.9B | $92.8B |
| Shareholders' equity | $5.0B | $5.4B | $6.1B | $6.7B | $7.7B |
| Goodwill | $491M | $527M | $527M | $527M | $527M |
| Intangible assets | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Provision / loans | −0.1% | 0.2% | 0.1% | 0.3% | 0.4% |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.3M
1 insider
Sold, 12 months
$5.9M
3 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 9, 2026 | Dale GibbonsVice Chair and CBO, Deposits | Sold | 40,000 | $82.39 | $3.3M | Form 4 |
| Jun 8, 2026 | Ben MuchaChief Accounting Officer | Sold | 5,946 | $81.00 | $0.5M | Form 4 |
| Feb 18, 2026 | Ben MuchaChief Accounting Officer | Sold | 641 | $95.62 | $0.1M | Form 4 |
| Dec 15, 2025 | Marianne Boyd JohnsonDirector | Sold | 23,142 | $87.05 | $2.0M | Form 4 |
| Oct 30, 2025 | Dale GibbonsVice Chairman and CFO | Bought | 4,000 | $77.00 | $0.3M | Form 4 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Western Alliance Bancorporation WAL | $8.3B | 12.1% | — | — | — | 8.6x | — | |
| First Horizon FHN | $12.0B | 7.2% | — | — | — | 11.3x | — | Compare → |
| East West Bancorp EWBC | $18.2B | 12.2% | — | — | — | 12.6x | — | Compare → |
| Wintrust Financial WTFC | $10.2B | 11.2% | — | — | — | 12.1x | — | Compare → |
| South State Bank SSB | $10.7B | 56.1% | — | — | — | 11.1x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $700M | $830M | $959M | $1.1B | $1.2B | $2.0B | $2.5B | $2.6B | $3.2B | $3.5B |
| Net interest income | $657M | $785M | $916M | $1.0B | $1.2B | $1.5B | $2.2B | $2.3B | $2.6B | $2.9B |
| Noninterest income | $42.9M | $45.3M | $43.1M | $65.1M | $70.8M | $404M | $325M | $281M | $543M | $678M |
| Noninterest expense | $331M | $361M | $424M | $482M | $492M | $851M | $1.2B | $1.6B | $2.0B | $2.1B |
| Provision for credit losses | $8.0M | $17.2M | $25.0M | $19.3M | $124M | −$21.4M | $68.1M | $62.6M | $146M | $224M |
| Pretax income | $361M | $452M | $510M | $604M | $623M | $1.1B | $1.3B | $934M | $991M | $1.2B |
| Income tax | $101M | $126M | $74.5M | $105M | $116M | $224M | $259M | $211M | $204M | $217M |
| Net income | $260M | $326M | $436M | $499M | $507M | $899M | $1.1B | $722M | $788M | $969M |
| Net income to common | $260M | $326M | $436M | $499M | $507M | $896M | $1.0B | $710M | $775M | $956M |
| Diluted EPS | $2.50 | $3.10 | $4.14 | $4.84 | $5.04 | $8.67 | $9.70 | $6.54 | $7.09 | $8.73 |
| Diluted shares | 0.10B | 0.11B | 0.11B | 0.10B | 0.10B | 0.10B | 0.11B | 0.11B | 0.11B | 0.11B |
| Cash flow | ||||||||||
| Stock-based compensation | $20.3M | $23.6M | $25.7M | $26.2M | $28.7M | $35.1M | $39.8M | $34.3M | $47.7M | $51.4M |
| Share buybacks | $0.0M | $0.0M | $35.7M | $120M | $71.6M | $0.0M | $0.0M | $0.0M | $0.0M | $68.1M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $51.3M | $101M | $128M | $166M | $172M | $177M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $35.7M | $172M | $173M | $128M | $166M | $172M | $177M | $68.1M |
| Balance sheet | ||||||||||
| Loans, net | $13.1B | $15.0B | $17.6B | $20.9B | $26.8B | $38.8B | $51.6B | $50.0B | $53.3B | $58.2B |
| Deposits | $14.5B | $17.0B | $19.2B | $22.8B | $31.9B | $47.6B | $53.6B | $55.3B | $66.3B | $77.2B |
| Goodwill | $290M | $290M | $290M | $290M | $290M | $491M | $527M | $527M | $527M | $527M |
| Intangible assets | $12.9M | $10.9M | $9.3M | $7.7M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Total assets | $17.2B | $20.3B | $23.1B | $26.8B | $36.5B | $56.0B | $67.7B | $70.9B | $80.9B | $92.8B |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $295M | $295M | $295M | $295M | $295M |
| Shareholders' equity | $1.9B | $2.2B | $2.6B | $3.0B | $3.4B | $5.0B | $5.4B | $6.1B | $6.7B | $7.7B |
| Margins | ||||||||||
| Net margin | 37.1% | 39.2% | 45.4% | 45.2% | 40.9% | 46.0% | 41.6% | 27.6% | 24.9% | 27.4% |
| Net interest share of revenue | 93.9% | 94.5% | 95.5% | 94.1% | 94.3% | 79.3% | 87.2% | 89.3% | 82.8% | 80.9% |
| Efficiency ratio | 47.3% | 43.5% | 44.2% | 43.6% | 39.7% | 43.6% | 45.5% | 62.0% | 64.0% | 59.6% |
| Returns | ||||||||||
| Return on equity | 14.9% | 15.8% | 18.0% | 17.7% | 15.8% | 21.5% | 20.5% | 12.6% | 12.3% | 13.5% |
| Return on assets | 1.7% | 1.7% | 2.0% | 2.0% | 1.6% | 2.0% | 1.7% | 1.0% | 1.0% | 1.1% |
| Return on tangible equity | 18.1% | 18.5% | 20.5% | 19.8% | 17.3% | 24.5% | 24.0% | 14.5% | 13.9% | 15.0% |
| Growth | ||||||||||
| Revenue growth | 34.0% | 18.6% | 15.5% | 15.3% | 12.0% | 57.8% | 30.1% | 3.1% | 20.7% | 12.1% |
| Net income growth | 33.8% | 25.3% | 33.9% | 14.6% | 1.5% | 77.5% | 17.6% | −31.7% | 9.0% | 23.0% |
| EPS growth | 23.2% | 24.0% | 33.6% | 16.9% | 4.1% | 72.0% | 11.9% | −32.6% | 8.4% | 23.1% |
| Share count change | 9.1% | 1.1% | 0.4% | −2.2% | −2.5% | 2.8% | 4.2% | 0.8% | 0.7% | 0.2% |
| Financial health | ||||||||||
| Loans / deposits | 89.8% | 88.1% | 91.6% | 91.8% | 83.9% | 81.5% | 96.1% | 90.3% | 80.4% | 75.5% |
| Provision / loans | 0.1% | 0.1% | 0.2% | 0.1% | 0.5% | −0.1% | 0.2% | 0.1% | 0.3% | 0.4% |
| Capital allocation | ||||||||||
| Stock comp / revenue | 2.9% | 2.8% | 2.7% | 2.4% | 2.3% | 1.8% | 1.6% | 1.3% | 1.5% | 1.5% |
Source: SEC EDGAR XBRL filings (CIK 0001212545). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.