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Stocks · Financials · National Commercial Banks

ARROW FINANCIAL CORP

AROW Clue Score53
United States Fiscal year ends December CIK 0000717538
$36.38 -1.76% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $36.38 +1.62% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
Net income
Fiscal year 2016Net income26.5EPS, diluted1.86Fiscal year 2017Net income29.3 +10.5%EPS, diluted1.98 +6.5%Fiscal year 2018Net income36.3 +23.7%EPS, diluted2.36 +19.2%Fiscal year 2019Net income37.5 +3.3%EPS, diluted2.36 +0.0%Fiscal year 2020Net income40.8 +8.9%EPS, diluted2.49 +5.5%Fiscal year 2021Net income49.9 +22.1%EPS, diluted2.92 +17.3%Fiscal year 2022Net income48.8 −2.1%EPS, diluted2.86 −2.1%Fiscal year 2023Net income30.1 −38.4%EPS, diluted1.77 −38.1%Fiscal year 2024Net income29.7 −1.2%EPS, diluted1.77 +0.0%Fiscal year 2025Net income44.0 +47.9%EPS, diluted2.65 +49.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net income 26.5 29.3 36.3 37.5 40.8 49.9 48.8 30.1 29.7 44.0
Growth +10.5% +23.7% +3.3% +8.9% +22.1% −2.1% −38.4% −1.2% +47.9%
EPS, diluted 1.86 1.98 2.36 2.36 2.49 2.92 2.86 1.77 1.77 2.65
Growth +6.5% +19.2% +0.0% +5.5% +17.3% −2.1% −38.1% +0.0% +49.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow34.7Capital expenditure−1.4Free cash flow33.3Buybacks−2.1Dividends paid−13.1Fiscal year 2017Operating cash flow37.8Capital expenditure−2.6Free cash flow35.2 +5.9%Buybacks−3.2Dividends paid−13.6Fiscal year 2018Operating cash flow42.0Capital expenditure−5.1Free cash flow36.9 +4.7%Buybacks−2.1Dividends paid−14.4Fiscal year 2019Operating cash flow43.9Capital expenditure−7.8Free cash flow36.2 −1.9%Buybacks−2.5Dividends paid−15.2Fiscal year 2020Operating cash flow42.3Capital expenditure−5.1Free cash flow37.2 +2.8%Buybacks−1.6Dividends paid−15.7Fiscal year 2021Operating cash flow68.2Capital expenditure−7.1Free cash flow61.1 +64.2%Buybacks−2.7Dividends paid−16.3Fiscal year 2022Operating cash flow59.7Capital expenditure−14.3Free cash flow45.5 −25.6%Buybacks−2.9Dividends paid−17.4Fiscal year 2023Operating cash flow20.6Capital expenditure−7.1Free cash flow13.5 −70.3%Buybacks−3.6Fiscal year 2024Operating cash flow34.5Capital expenditure−5.6Free cash flow28.9 +113.9%Buybacks−6.8Fiscal year 2025Operating cash flow41.3Capital expenditure−5.1Free cash flow36.2 +25.3%Buybacks−10.2
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 34.7 37.8 42.0 43.9 42.3 68.2 59.7 20.6 34.5 41.3
Capital expenditure −1.4 −2.6 −5.1 −7.8 −5.1 −7.1 −14.3 −7.1 −5.6 −5.1
Free cash flow 33.3 35.2 36.9 36.2 37.2 61.1 45.5 13.5 28.9 36.2
Growth +5.9% +4.7% −1.9% +2.8% +64.2% −25.6% −70.3% +113.9% +25.3%
Buybacks −2.1 −3.2 −2.1 −2.5 −1.6 −2.7 −2.9 −3.6 −6.8 −10.2
Dividends paid −13.1 −13.6 −14.4 −15.2 −15.7 −16.3 −17.4 n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash57.4Total debt55.0Net cash (debt)2.4Shareholders’ equity232.9Debt to equity0.24Fiscal year 2017Cash72.8Total debt55.0Net cash (debt)17.8Shareholders’ equity249.6Debt to equity0.22Fiscal year 2018Cash84.2Total debt45.0Net cash (debt)39.2Shareholders’ equity269.6Debt to equity0.17Fiscal year 2019Cash70.2Total debt30.0Net cash (debt)40.2Shareholders’ equity301.7Debt to equity0.10Fiscal year 2020Cash381.0Total debt45.0Net cash (debt)336.0Shareholders’ equity334.4Debt to equity0.13Fiscal year 2021Cash457.7Total debt45.0Net cash (debt)412.7Shareholders’ equity371.2Debt to equity0.12Fiscal year 2022Cash64.7Total debt27.8Net cash (debt)36.9Shareholders’ equity353.5Debt to equity0.08Fiscal year 2023Cash142.5Total debt6.5Net cash (debt)136.0Shareholders’ equity379.8Debt to equity0.02Fiscal year 2024Cash154.5Total debt8.6Net cash (debt)145.9Shareholders’ equity400.9Debt to equity0.02Fiscal year 2025Cash214.2Total debt4.3Net cash (debt)209.9Shareholders’ equity431.9Debt to equity0.01
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 57.4 72.8 84.2 70.2 381.0 457.7 64.7 142.5 154.5 214.2
Total debt 55.0 55.0 45.0 30.0 45.0 45.0 27.8 6.5 8.6 4.3
Net cash (debt) 2.4 17.8 39.2 40.2 336.0 412.7 36.9 136.0 145.9 209.9
Shareholders’ equity 232.9 249.6 269.6 301.7 334.4 371.2 353.5 379.8 400.9 431.9
Debt to equity 0.24 0.22 0.17 0.10 0.13 0.12 0.08 0.02 0.02 0.01

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Cash flow

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Operations
34.7 37.8 42.0 43.9 42.3 68.2 59.7 20.6 34.5 41.3
Growth +9.0% +11.0% +4.7% −3.7% +61.2% −12.5% −65.5% +67.5% +19.8%
Investment
−1.4 −2.6 −5.1 −7.8 −5.1 −7.1 −14.3 −7.1 −5.6 −5.1
calc 33.3 35.2 36.9 36.2 37.2 61.1 45.5 13.5 28.9 36.2
Growth +5.9% +4.7% −1.9% +2.8% +64.2% −25.6% −70.3% +113.9% +25.3%
calc 2.33 2.37 2.40 2.27 2.26 3.58 2.67 0.79 1.72 2.19
−157.8 −148.6 −227.8 −192.2 −187.3 −274.6 −393.1 −82.7 −89.0 −61.5
Financing
129.4 126.2 197.2 134.3 455.8 283.1 −59.7 139.9 66.5 79.8
−13.1 −13.6 −14.4 −15.2 −15.7 −16.3 −17.4 n/a n/a n/a
−2.1 −3.2 −2.1 −2.5 −1.6 −2.7 −2.9 −3.6 −6.8 −10.2

Lines marked calc are worked out here from filed figures; point at one for how. Capital expenditure, dividends and buybacks are shown as money out, so negative.