Regional banking company Wintrust Financial (NASDAQ:WTFC) reported Q4 CY2025 results exceeding the market’s revenue expectations, with sales up 10.8% year on year to $714.3 million. Its non-GAAP profit of $3.15 per share was 7.5% above analysts’ consensus estimates.
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Wintrust Financial (WTFC) Q4 CY2025 Highlights:
- Net Interest Income: $583.9 million vs analyst estimates of $577.1 million (11.2% year-on-year growth, 1.2% beat)
- Net Interest Margin: 3.5% vs analyst estimates of 3.5% (2.3 basis point beat)
- Revenue: $714.3 million vs analyst estimates of $702.7 million (10.8% year-on-year growth, 1.6% beat)
- Efficiency Ratio: 53.9% vs analyst estimates of 54.5% (54.2 basis point beat)
- Adjusted EPS: $3.15 vs analyst estimates of $2.93 (7.5% beat)
- Tangible Book Value per Share: $88.66 vs analyst estimates of $87.93 (17.6% year-on-year growth, 0.8% beat)
- Market Capitalization: $9.77 billion
Timothy S. Crane, President and Chief Executive Officer, commented, “We are pleased with our strong 2025 results, including the 19% improvement in net income. Throughout the year, we leveraged our unique position in the markets we serve to achieve robust growth in both loans and deposits. Wintrust ended the year with solid momentum evidenced by record net income, record net interest income, a stable net interest margin and strong balance sheet growth.”
Company Overview
Founded in 1991 as a community-focused alternative to big banks in the Chicago area, Wintrust Financial (NASDAQGS:WTFC) operates community banks in the Chicago area and provides specialty finance services including insurance premium financing and wealth management.
Sales Growth
In general, banks make money from two primary sources. The first is net interest income, which is interest earned on loans, mortgages, and investments in securities minus interest paid out on deposits. The second source is non-interest income, which can come from bank account, credit card, wealth management, investing banking, and trading fees. Thankfully, Wintrust Financial’s 10.6% annualized revenue growth over the last five years was decent. Its growth was slightly above the average banking company and shows its offerings resonate with customers.
We at StockStory place the most emphasis on long-term growth, but within financials, a half-decade historical view may miss recent interest rate changes, market returns, and industry trends. Wintrust Financial’s recent performance shows its demand has slowed as its annualized revenue growth of 9.4% over the last two years was below its five-year trend. 
Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, Wintrust Financial reported year-on-year revenue growth of 10.8%, and its $714.3 million of revenue exceeded Wall Street’s estimates by 1.6%.
Net interest income made up 76.5% of the company’s total revenue during the last five years, meaning lending operations are Wintrust Financial’s largest source of revenue.
Net interest income commands greater market attention due to its reliability and consistency, whereas non-interest income is often seen as lower-quality revenue that lacks the same dependable characteristics.
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Tangible Book Value Per Share (TBVPS)
Banks operate as balance sheet businesses, with profits generated through borrowing and lending activities. Valuations reflect this reality, emphasizing balance sheet strength and long-term book value compounding ability.
This is why we consider tangible book value per share (TBVPS) the most important metric to track for banks. TBVPS represents the real, liquid net worth per share of a bank, excluding intangible assets that have debatable value upon liquidation. Other (and more commonly known) per-share metrics like EPS can sometimes be murky due to M&A or accounting rules allowing for loan losses to be spread out.
Wintrust Financial’s TBVPS grew at an incredible 10.7% annual clip over the last five years. TBVPS growth has also accelerated recently, growing by 12.3% annually over the last two years from $70.33 to $88.66 per share.
Over the next 12 months, Consensus estimates call for Wintrust Financial’s TBVPS to grow by 11.4% to $98.78, mediocre growth rate.
Key Takeaways from Wintrust Financial’s Q4 Results
It was encouraging to see Wintrust Financial beat analysts’ revenue expectations this quarter. We were also happy its net interest income narrowly outperformed Wall Street’s estimates. Overall, this print had some key positives. The stock remained flat at $146.00 immediately following the results.
Indeed, Wintrust Financial had a rock-solid quarterly earnings result, but is this stock a good investment here? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).