10-K · February 23, 2026
Western Alliance completed a brand unity on October 4, 2025 and ended 2025 with a $58.7 billion HFI loan portfolio and $92,736 million of bank total assets (Western Alliance Bank) as of December 31, 2025. Quarterly…
Earnings analysis · 10-Q
WAL earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
Western Alliance Bancorporation reported strong performance in Q1 2026 with revenue of $1.0189 billion and a diluted EPS of $2.22, exceeding expectations. However, these figures were impacted by a notable provision for…
Read full summary
Western Alliance Bancorporation reported strong performance in Q1 2026 with revenue of $1.0189 billion and a diluted EPS of $2.22, exceeding expectations. However, these figures were impacted by a notable provision for credit losses of $213.2 million due to fraud-related charge-offs. Overall, the financial Condition shows growth in assets and deposits despite challenges from credit losses.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.22
- Segment
- Commercial Banking
- Segment
- Consumer Related Banking
- Segment
- Corporate & Other
What stood out
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Revenue Beat Expectations
Actual revenue was $1.0189 billion, outperforming estimates of $959.4 million.
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Strong EPS Increase
EPS of $2.22 surpasses the estimated $1.41, reflecting strong operational performance.
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Asset and Deposit Growth
Total assets rose to $98.9 billion, up $6.1 billion or 6.6% since Dec 31, 2025.
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Improved Net Interest Margin
Net interest margin improved to 3.54%, up from 3.47% in Q1 2025.
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Increase in Non-interest Income
Non-interest income surged to $252.6 million, a $125.2 million increase year-over-year.
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Efficiency Ratio Improvement
Efficiency ratio improved to 55.8% from 63.5% in the first quarter of 2025.
What to watch
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High Provision for Credit Losses
Provision for credit losses of $213.2 million significantly increased from $31.2 million in Q1 2025.
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Decline in GAAP Earnings
Net income available to common stockholders fell to $178.9 million, down from $195.9 million year-over-year.
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Legal and Fraud-Related Risks
Notably, the company incurred $126.4 million in charge-offs related to a loan from Leucadia Asset Management LLC.
Management's outlook
Management indicated ongoing challenges with credit losses and market conditions but did not provide specific numeric guidance.
Earlier filings 4
10-Q · August 1, 2024
Western Alliance reported quarterly revenue of $771.8M and diluted EPS of $1.75 for the three months ended June 30, 2024. Revenue and net interest income expanded materially year-over-year (to $771.8M and $656.6M,…
10-Q · May 2, 2024
Western Alliance reported Q1 2024 total revenue of $728.8M (net interest income $598.9M + non‑interest income $129.9M), up from $551.9M in Q1 2023, driving net income of $177.4M and diluted EPS of $1.60. The quarter…
10-Q · October 31, 2023
Western Alliance reported total revenue of $716.2 million in Q3 (net interest income $587.0M + non-interest income $129.2M) and diluted EPS of $1.97. Revenue and non-interest income expanded year-over-year, but pre-tax…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.