FLAGSTAR BANK, NATIONAL ASSOCIATION FLG
Where we say "we," "us," "our," the "Bank," the "Company," or "Flagstar," in this report we usually mean Flagstar Bank, National Association.
Flagstar Bank, National Association, is a national banking association headquartered in Hicksville, New York which had $87.5 billion of assets, $61.0 billion of loans, deposits of $66.0 billion, and total stockholders' equity of $8.1 billion as of December 31, 2025. The Bank went public in 1993 and has grown organically and through a series of accretive mergers and acquisitions.
We operate in a single reportable segment and have identified one reporting unit which is the same as our operating segment. We continue to assess our reportable segments and reporting units, which may result in a change to either or both in future reporting periods. Please refer to Note 23 - Segment Reporting.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.47B | $5.95B | $5.49B | $2.09B | $1.69B | $22.0M | $29.0M | $29.8M | $31.8M | $32.7M |
| SG&A | $307.0M | $513.0M | $389.0M | $158.0M | $127.0M | $124.0M | $120.0M | $129.0M | $178.6M | $187.6M |
| Total operating expenses | — | — | — | $604.0M | $518.0M | $511.0M | $511.0M | $546.6M | $641.2M | $638.1M |
| Interest expense | $1.72B | $2.15B | $3.08B | $1.40B | $400.0M | $608.0M | $848.0M | $658.7M | $452.2M | $387.5M |
| Pre-tax income | -$198.0M | -$1.38B | -$50.0M | $826.0M | $806.0M | $588.0M | $523.0M | $557.7M | $668.2M | $777.1M |
| Income tax | $21.0M | $260.0M | $29.0M | $176.0M | $210.0M | $77.0M | $128.0M | $135.3M | $202.0M | $281.7M |
| Net income | -$177.0M | -$1.12B | -$79.0M | $650.0M | $596.0M | $511.0M | $395.0M | $422.4M | $466.2M | $495.4M |
| EPS, basic | -0.50 | -3.49 | -0.49 | 3.78 | 1.20 | 1.02 | 0.77 | 0.79 | 0.90 | 1.01 |
| EPS, diluted | -0.50 | -3.49 | -0.49 | 3.77 | 1.20 | 1.02 | 0.77 | 0.79 | 0.90 | 1.01 |
| Shares, diluted (wtd. avg.) | $415.3M | $330.7M | $237.9M | $161.7M | $464.6M | $463.3M | $465.7M | $487.3M | $487.1M | $485.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.98B | $15.56B | $11.61B | $2.08B | $2.21B | $1.95B | $742.0M | $1.48B | $2.53B | $557.9M |
| Short-term investments | — | $10.42B | $9.16B | — | — | — | — | — | — | — |
| Property, plant and equipment | $477.0M | $562.0M | $652.0M | $491.0M | $270.0M | $287.0M | $312.6M | $346.2M | $368.7M | $373.7M |
| Goodwill | — | $0 | $0 | $2.43B | $2.43B | $2.43B | $2.43B | $2.44B | $2.44B | $2.44B |
| Other intangibles | $381.0M | $488.0M | $625.0M | $287.0M | — | — | — | — | — | — |
| Total assets | $87.51B | $100.16B | $114.06B | $90.14B | $59.53B | $56.31B | $53.64B | $51.90B | $49.12B | $48.93B |
| Short-term debt | $4.00B | $2.75B | — | — | — | — | — | — | — | — |
| Long-term debt | $8.18B | $11.68B | $21.27B | $21.33B | — | — | — | — | — | — |
| Total liabilities | $79.37B | $91.99B | $105.69B | $81.32B | $52.48B | $49.46B | $46.93B | $45.24B | $42.33B | $42.80B |
| Retained earnings | -$988.0M | -$763.0M | $443.0M | $1.04B | $741.0M | $494.0M | $342.0M | $297.2M | $237.9M | $128.4M |
| Total equity | $8.14B | $8.17B | $8.37B | $8.82B | $7.04B | $6.84B | $6.71B | $6.66B | $6.80B | $6.12B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$181.0M | $86.0M | $263.0M | $1.03B | $290.0M | $334.0M | $510.0M | $540.4M | $1.33B | $755.7M |
| Depreciation and amortisation | $148.0M | $184.0M | $165.0M | $18.0M | $21.0M | $24.0M | $27.0M | $32.3M | $32.8M | $32.8M |
| Stock-based compensation | $61.0M | $54.0M | $47.0M | $29.0M | $31.0M | $29.0M | $32.0M | $36.3M | $36.0M | $32.7M |
| Capital expenditure | — | — | — | — | — | — | — | $9.8M | $27.8M | $84.2M |
| Investing cash flow | $2.69B | $15.45B | $20.67B | -$6.32B | -$2.76B | -$1.02B | -$2.06B | -$4.02B | $1.06B | $1.22B |
| Financing cash flow | -$12.09B | -$11.59B | -$11.41B | $5.17B | $2.73B | $1.90B | $816.0M | $2.43B | -$418.1M | -$1.95B |
| Dividends paid | $15.0M | $53.0M | $486.0M | $317.0M | $316.0M | $316.0M | $317.0M | $333.1M | $332.1M | $330.8M |
| Buybacks | $286.0M | $0 | $0 | $7.0M | $0 | $50.0M | $67.0M | $160.8M | $18.5M | $8.7M |
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 0000910073-26-000039.
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