ARROW FINANCIAL CORP AROW

Financials SIC 6021 - National Commercial Banks NAICS Finance and Insurance › Credit Intermediation and Related Activities › Depository Credit Intermediation › Commercial Banking derived Nasdaq

Arrow was incorporated on March 21, 1983 and is registered as a bank holding company within the meaning of the Bank Holding Company Act of 1956. As of December 31, 2025 the Company had one wholly-owned banking subsidiary, Arrow Bank National Association. Through Arrow Bank, Arrow indirectly owns various non-bank subsidiaries, including an insurance agency, a registered investment adviser and a REIT. See "The Company and Its Subsidiaries," above.

Arrow's business consists primarily of the ownership, supervision and control of Arrow Bank, including the bank's subsidiaries. Arrow provides various advisory and administrative services and coordinates the general policies and operation of Arrow Bank. There were 578 full-time equivalent employees, including 40 employees within Arrow's insurance agency subsidiary, at December 31, 2025. See the discussion of our human capital resources in Section G ("HUMAN CAPITAL") of this Item 1.

Last close 38.37 2026-10-23
Market cap $710.8M 2026-06-30 share count
52-week range 26.17 - 42.70

Valuation FY2025 figures against the last close

P/S—
P/E14.5x
P/FCF19.6x
EV/EBITDA—
Dividend yield—
Diluted EPS2.65

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Interest expense $77.0M$83.3M$57.7M$11.3M$5.2M$12.7M$21.7M$12.5M$7.0M$5.4M
Pre-tax income $55.4M$37.3M$37.5M$62.9M$64.4M$51.9M$47.1M$45.3M$39.9M$37.7M
Income tax $11.4M$7.6M$7.4M$14.1M$14.5M$11.0M$9.6M$9.0M$10.5M$11.2M
Net income $44.0M$29.7M$30.1M$48.8M$49.9M$40.8M$37.5M$36.3M$29.3M$26.5M
EPS, basic 2.651.771.772.862.932.492.362.371.991.87
EPS, diluted 2.651.771.772.862.922.492.362.361.981.86
Shares, diluted (wtd. avg.) 16.5M16.7M17.0M17.1M17.1M16.4M15.9M15.4M14.8M14.3M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $214.2M$154.5M$142.5M$64.7M$457.7M$381.0M$70.2M$84.2M$72.8M$57.4M
Property, plant and equipment $55.3M$55.4M$55.2M$51.9M$41.4M$37.6M$35.5M$30.4M$27.6M$26.9M
Goodwill $23.8M$23.8M$21.9M$21.9M$21.9M$21.9M$21.9M$21.9M$21.9M$21.9M
Other intangibles $1.7M$2.1M$1.1M$1.5M$1.9M$1.9M$1.7M$1.9M$2.3M$2.7M
Total assets $4.45B$4.31B$4.17B$3.97B$4.03B$3.69B$3.18B$2.99B$2.76B$2.61B
Short-term debt $4.3M$8.6M$26.5M$54.8M$0$17.5M$181.1M$288.7M$170.0M$158.8M
Long-term debt $4.3M$8.6M$6.5M$27.8M$45.0M$45.0M$30.0M$45.0M$55.0M$55.0M
Total liabilities $4.01B$3.91B$3.79B$3.62B$3.66B$3.35B$2.88B$2.72B$2.51B$2.37B
Retained earnings $102.3M$77.2M$65.8M$65.4M$54.1M$41.9M$33.2M$29.3M$28.8M$28.6M
Total equity $431.9M$400.9M$379.8M$353.5M$371.2M$334.4M$301.7M$269.6M$249.6M$232.9M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $41.3M$34.5M$20.6M$59.7M$68.2M$42.3M$43.9M$42.0M$37.8M$34.7M
Depreciation and amortisation $4.7M$4.4M$3.8M$3.3M$3.0M$2.8M$2.2M$1.9M$1.9M$1.9M
Stock-based compensation $683.0K$314.0K$605.0K$451.0K$414.0K$301.0K$316.0K$322.0K$351.0K$287.0K
Capital expenditure $5.1M$5.6M$7.1M$14.2M$7.1M$5.1M$7.8M$5.1M$2.6M$1.4M
Investing cash flow -$61.5M-$89.0M-$82.7M-$393.1M-$274.6M-$187.3M-$192.2M-$227.8M-$148.6M-$157.8M
Financing cash flow $79.8M$66.5M$139.9M-$59.7M$283.1M$455.8M$134.3M$197.2M$126.2M$129.4M
Dividends paid ———$17.4M$16.3M$15.7M$15.2M$14.4M$13.6M$13.1M
Buybacks $10.2M$6.8M$3.6M$2.9M$2.7M$1.6M$2.5M$2.1M$3.2M$2.1M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000717538-26-000045.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 20M 40M 60M Net income, FY2016: 26.5M Net income, FY2017: 29.3M Net income, FY2018: 36.3M Net income, FY2019: 37.5M Net income, FY2020: 40.8M Net income, FY2021: 49.9M Net income, FY2022: 48.8M Net income, FY2023: 30.1M Net income, FY2024: 29.7M Net income, FY2025: 44M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — — — — — — — — — —
Gross profit — — — — — — — — — —
Net income $26.5M $29.3M $36.3M $37.5M $40.8M $49.9M $48.8M $30.1M $29.7M $44.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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