Hancock Whitney

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

HWC · Last close · October 26, 2026

$72.96

Hancock Whitney's revenue rose 4.8% to $1.5 billion in fiscal 2025. Net income was $486 million, up 5.5%. Its return on equity was 11.3%, down from 11.6% a year earlier. Its efficiency ratio was 56.2%, down from 56.7% a year earlier. It paid out $401 million in dividends and buybacks. The diluted share count fell 1.4%.

HANCOCK WHITNEY CORPORATION Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001193125-26-077903 Updated October 18, 2026

Revenue

$1.5B

4.8%

Net income

$486M

5.5%

Return on equity

11.3%

0.3 pts

Return on tangible equity

14.3%

0.5 pts

Efficiency ratio

56.2%

0.5 pts

Market cap

$5.9B

Oct 26 close

P/E

14.3x

On $5.11 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 13.1% a year and net income 14.0% a year, as new shares raised the share count by 10% and diluted each share's earnings.

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 Hancock Whitney 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 Hancock Whitney's earnings per share of $5.11 (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 Hancock Whitney'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 11%, 10% and 9%. 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: Associated Bank, FNB, Texas Capital Bancshares, Prosperity Bancshares.

Earnings growth in the years ahead (% a year) Starts at Hancock Whitney's revenue growth over the last 3 years, 3.1% 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: $72.96
Value at this multiple, against the last close: —
Hancock Whitney's P/E at the last close: 14.3×

Company	Last close	Earnings per share	P/E today
Hancock WhitneyHWC	$72.96	$5.11	14.3×
Texas Capital BancsharesTCBI	$101.61	$7.79	13.0×
Prosperity BancsharesPB	$69.74	$5.77	12.1×
FNBFNB	$18.33	$1.68	10.9×
Associated BankASB	$30.23	$2.87	10.5×

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	21,134	23,114	23,922	—	—
Deposits	30,466	29,070	29,690	29,493	29,280
Loans to deposits	69.4%	79.5%	80.6%	—	—
Provision for credit losses	—	—	—	—	—
Provision to average loans	—	—	—	—	—
Total assets	36,531	35,184	35,579	35,082	35,473
Shareholders' equity	3,670	3,343	3,804	4,128	4,460

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 Hancock Whitney shares on the open market, and 6 insiders sold $7.6 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 20, 2026	Emory L Mayfield JrChief Banking Officer	Sold	4,990	$76.40	$381,236	Form 4
Jul 24, 2026	Michael M AcharyChief Financial Officer	Sold	22,694	$76.18	$1.7 million	Form 4
May 22, 2026	Christine L PickeringDirector	Sold	417	$67.16	$28,006	Form 4
Feb 10, 2026	John M HairstonPresident & CEO, Director	Sold	26,453	$72.81	$1.9 million	Form 4
Feb 10, 2026	Christine L PickeringDirector	Sold	1,082	$73.03	$79,018	Form 4
Feb 9, 2026	John M HairstonPresident & CEO, Director	Sold	37,000	$74.36	$2.8 million	Form 4
Jan 23, 2026	Christopher S ZilucaChief Credit Officer	Sold	5,227	$68.57	$358,415	Form 4
Nov 14, 2025	Dean LiollioDirector	Sold	5,328	$58.48	$311,588	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 Hancock Whitney 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
Hancock Whitney	FY25	4.8%	32.1%	11.3%	14.3%	56.2%
Associated Bank	FY25	43.3%	31.9%	9.9%	12.7%	57.5%	Compare
FNB	FY25	10.6%	32.0%	8.7%	14.1%	57.2%	Compare
Texas Capital Bancshares	FY25	34.7%	26.3%	9.4%	9.8%	61.2%	Compare
Prosperity Bancshares	FY25	4.8%	43.4%	7.2%	13.5%	44.5%	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	910	1,060	1,134	1,211	1,267	1,298	1,382	1,386	1,446	1,515
Revenue growth	5.5%	16.5%	7.0%	6.8%	4.6%	2.4%	6.5%	0.3%	4.3%	4.8%
Net interest income	659	792	849	895	942	933	1,050	1,098	1,082	1,109
Noninterest income	251	268	285	316	324	364	332	288	364	406
Noninterest expense	612	693	716	771	789	807	751	837	820	852
Provision for credit losses	—	—	—	—	—	—	—	—	—	—
Net income	149	216	324	327	−45	463	524	393	461	486
Diluted EPS (US$)	1.87	2.48	3.72	3.72	−0.54	5.22	5.98	4.50	5.28	5.67
Diluted shares (millions)	78	85	86	87	86	87	86	86	87	85
Payouts
Dividends paid	77	83	89	95	96	96	94	105	131	154
Share buybacks	0	0	8	185	13	22	59	0	38	247
Balance sheet at fiscal year end
Loans, net	16,752	19,004	20,026	21,213	21,790	21,134	23,114	23,922	—	—
Deposits	19,424	22,253	23,150	23,804	27,698	30,466	29,070	29,690	29,493	29,280
Total assets	23,975	27,336	28,236	30,601	33,639	36,531	35,184	35,579	35,082	35,473
Shareholders' equity	2,720	2,885	3,081	3,468	3,439	3,670	3,343	3,804	4,128	4,460
Ratios
Return on equity	5.8%	7.7%	10.8%	10.0%	−1.3%	13.0%	14.9%	11.0%	11.6%	11.3%
Return on tangible common equity	7.9%	10.2%	14.6%	13.4%	−1.7%	17.2%	19.8%	14.4%	14.8%	14.3%
Return on assets	0.6%	0.8%	1.2%	1.1%	−0.1%	1.3%	1.5%	1.1%	1.3%	1.4%
Efficiency ratio	67.3%	65.3%	63.1%	63.6%	62.3%	62.2%	54.3%	60.4%	56.7%	56.2%

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