BOK Financial

BOKF · Nasdaq · Financials · Financials, fiscal 2016 to 2025

BOKF · Last close · October 26, 2026

$129.03

BOK Financial's revenue rose 6.1% to $2.2 billion in fiscal 2025. Net income was $578 million, up 10.4%. Its return on equity was 10.1%, up from 9.8% a year earlier. Its efficiency ratio was 65.9%, down from 66.6% a year earlier. It paid out $561 million in dividends and buybacks. The diluted share count fell 1.8%.

BOK FINANCIAL CORP Latest fiscal year ended December 31, 2025 10-K filed February 18, 2026 · 0000875357-26-000013 Updated October 24, 2026

Revenue

$2.2B

6.1%

Net income

$578M

10.4%

Return on equity

10.1%

0.3 pts

Return on tangible equity

12.3%

0.1 pts

Efficiency ratio

65.9%

0.8 pts

Market cap

$7.8B

Oct 26 close

P/E

12.1x

On $10.62 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and returns

Revenue

US$ billions, fiscal years. Revenue is net of interest expense.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 11.2% a year and net income 10.6% a year, as buybacks cut the share count by 4%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Efficiency and income mix

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Value BOK Financial yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from BOK Financial's earnings per share of $10.62 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.8×, the middle of BOK Financial's own P/E today, its peers' median and its sector's median (the Financials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Frost Bank, Columbia Banking System, Pinnacle Financial Partners.

Earnings growth in the years ahead (% a year) Starts at BOK Financial's revenue growth over the last 3 years, 5.5% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $129.03
Value at this multiple, against the last close: —
BOK Financial's P/E at the last close: 12.1×

Company	Last close	Earnings per share	P/E today
Pinnacle Financial PartnersPNFP	$100.31	$4.04	24.9×
Frost BankCFR	$158.58	$10.58	15.0×
BOK FinancialBOKF	$129.03	$10.62	12.1×
Columbia Banking SystemCOLB	$31.06	$2.56	12.1×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	19,949	22,321	23,628	23,835	25,376
Deposits	41,242	34,481	34,020	38,191	39,435
Loans to deposits	48.4%	64.7%	69.5%	62.4%	64.3%
Provision for credit losses	−100	30	46	18	2
Provision to average loans	−0.5%	0.1%	0.2%	0.1%	0.0%
Total assets	50,249	47,791	49,825	49,686	52,238
Shareholders' equity	5,364	4,683	5,142	5,548	5,919

US$ millions unless stated, at each fiscal year end.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought BOK Financial shares on the open market, and 5 insiders sold $2.4 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 11, 2026	Steven BangertDirector	Sold	1,250	$143.96	$179,950	Form 4
Aug 4, 2026	Brad A VincentEVP - Specialized Industries	Sold	4,015	$145.42	$583,861	Form 4
Jul 23, 2026	Stacy KymesPresident & CEO, Director	Sold	9	$139.53	$1,192	Form 4
May 8, 2026	Mark B. WadeEVP - Texas Market Executive	Sold	1,700	$132.62	$225,454	Form 4
May 7, 2026	Steven BangertDirector	Sold	2,600	$134.81	$350,493	Form 4
Apr 23, 2026	Jeffrey A. ReidEVP, Chief HR Officer	Sold	1,200	$135.52	$162,627	Form 4
Jan 22, 2026	Steven BangertDirector	Sold	3,800	$137.78	$523,558	Form 4
Dec 1, 2025	Steven BangertDirector	Sold	1,000	$114.89	$114,890	Form 4
Oct 30, 2025	Steven BangertDirector	Sold	2,500	$106.20	$265,505	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put BOK Financial side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
BOK Financial	FY25	6.1%	26.6%	10.1%	12.3%	65.9%
Frost Bank	FY25	8.3%	29.0%	15.3%	15.7%	63.5%	Compare
Flagstar Bank	FY25	−19.2%	−8.6%	−2.2%	−2.9%	100.7%	Compare
Columbia Banking System	FY25	19.3%	23.9%	8.5%	11.9%	61.8%	Compare
Pinnacle Financial Partners	FY25	18.3%	31.2%	9.5%	12.9%	56.8%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,421	1,537	1,602	1,808	1,951	1,874	1,855	2,062	2,050	2,176
Revenue growth	4.4%	8.1%	4.2%	12.9%	7.9%	−3.9%	−1.0%	11.2%	−0.6%	6.1%
Net interest income	747	842	985	1,113	1,108	1,118	1,211	1,272	1,211	1,327
Noninterest income	674	695	617	695	842	756	643	790	840	848
Noninterest expense	1,018	1,026	1,028	1,133	1,164	1,178	1,164	1,333	1,366	1,433
Provision for credit losses	65	−7	8	44	223	−100	30	46	18	2
Net income	233	335	446	501	435	618	520	531	524	578
Diluted EPS (US$)	3.53	5.11	6.63	7.03	6.19	8.95	7.68	8.02	8.14	9.17
Diluted shares (millions)	65	65	67	71	70	69	67	66	64	63
Payouts
Dividends paid	114	116	127	144	144	144	144	143	143	148
Share buybacks	67	7	54	130	76	118	155	177	90	413
Balance sheet at fiscal year end
Loans, net	16,744	16,923	21,449	21,540	22,619	19,949	22,321	23,628	23,835	25,376
Deposits	22,748	22,061	25,264	27,621	36,144	41,242	34,481	34,020	38,191	39,435
Total assets	32,772	32,272	38,020	42,172	46,671	50,249	47,791	49,825	49,686	52,238
Shareholders' equity	3,275	3,495	4,432	4,856	5,266	5,364	4,683	5,142	5,548	5,919
Ratios
Return on equity	7.2%	9.9%	11.2%	10.8%	8.6%	11.6%	10.4%	10.8%	9.8%	10.1%
Return on tangible common equity	8.2%	11.4%	14.1%	14.4%	11.1%	14.7%	13.3%	13.9%	12.2%	12.3%
Return on assets	0.7%	1.0%	1.3%	1.2%	1.0%	1.3%	1.1%	1.1%	1.1%	1.1%
Efficiency ratio	71.6%	66.7%	64.2%	62.7%	59.7%	62.9%	62.8%	64.6%	66.6%	65.9%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: BOK Financial's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with BOK Financial.