Detailed financial statements for International Bancshares Corporation (IBOC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
International Bancshares Corporation (IBC), functioning as a financial holding company, delivers a comprehensive array of commercial and retail banking services. The institution facilitates checking and savings deposits and extends various loan products, including financing for commercial ventures, real estate, personal needs, home improvements, automobiles, and other installment or term-based credit.
Analysis Summary
International Bancshares Corporation reported revenue of $1.05B in the most recent fiscal year, growing at a 5-year CAGR of 12.8%. Net income reached $412.3M, with a 19.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 78.7%, operating margin 49.2%, net margin 38.8%. Free cash flow grew at 9.6% CAGR over 5 years.
At $66.01 (closing price, October 19, 2026), IBOC trades at a P/E of 9.96 and an ROE of 12.67%. Market capitalisation stands at $4.1B.
Balance sheet quality for IBOC: debt-to-equity ratio of 0.22, current ratio of 0.86 over the last 12 months, net debt of $168.3M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $472.9M represents 115% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $549.6M | $565.5M | $630.9M | $647.2M | $577.6M | $620.4M | $712.9M | $970.1M | $1.04B | $1.05B |
| Cost of Revenue | $63.0M | $50.2M | $58.8M | $77.5M | $84.5M | $34.8M | $59.8M | $171.2M | $241.1M | $228.9M |
| Gross Profit | $486.6M | $515.4M | $572.1M | $569.8M | $493.1M | $585.6M | $653.1M | $798.9M | $801.8M | $824.7M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $142.3M | $143.9M | $150.0M | $155.1M | $136.2M | $131.9M | $139.3M | $145.7M | $159.1M | $188.4M |
| Operating Expenses | $289.6M | $293.7M | $299.5M | $309.8M | $281.3M | $263.3M | $270.5M | $275.4M | $293.1M | $304.3M |
| Operating Income | $197.0M | $221.6M | $272.6M | $260.0M | $211.8M | $322.3M | $382.6M | $523.5M | $508.7M | $520.4M |
| EBITDA | $221.9M | $246.9M | $298.5M | $288.2M | $240.1M | $347.4M | $404.5M | $545.5M | $531.2M | $543.7M |
| Interest Expense | $43.1M | $38.9M | $52.7M | $58.6M | $39.1M | $26.8M | $38.2M | $136.7M | $209.3M | $213.9M |
| Pre-tax Income | $197.0M | $221.6M | $272.6M | $260.0M | $211.8M | $322.3M | $382.6M | $523.5M | $508.7M | $520.4M |
| Income Tax | $63.1M | $64.2M | $56.7M | $54.9M | $44.4M | $68.4M | $82.4M | $111.7M | $99.6M | $108.1M |
| Net Income | $133.9M | $157.4M | $215.9M | $205.1M | $167.3M | $253.9M | $300.2M | $411.8M | $409.2M | $412.3M |
| EPS | $2.03 | $2.38 | $3.27 | $3.13 | $2.63 | $4.01 | $4.79 | $6.63 | $6.58 | $6.62 |
| EPS (Diluted) | $2.02 | $2.36 | $3.24 | $3.12 | $2.62 | $4.00 | $4.78 | $6.62 | $6.57 | $6.62 |
| Shares Outstanding (Diluted) | 66.3 M | 66.8 M | 66.6 M | 65.7 M | 63.9 M | 63.5 M | 62.8 M | 62.2 M | 62.3 M | 62.3 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $272.6M | $270.6M | $257.3M | $264.1M |
| Gross Profit | $216.3M | $212.7M | $205.3M | $203.7M |
| Operating Income | $136.5M | $136.8M | $129.4M | $121.1M |
| EBITDA | $142.2M | $143.3M | $135.6M | $127.3M |
| Net Income | $108.4M | $106.9M | $102.2M | $95.8M |
| EPS | $1.74 | $1.71 | $1.64 | $1.54 |
| EPS (Diluted) | $1.74 | $1.71 | $1.64 | $1.54 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $269.2M | $265.4M | $316.8M | $256.8M | $2.00B | $3.21B | $2.09B | $651.1M | $352.7M | $536.5M |
| Short-term Investments | $4.18B | $4.15B | $3.41B | $3.38B | $3.08B | $4.21B | $4.42B | $4.82B | $4.99B | 0 |
| Receivables | $32.2M | $34.5M | $36.8M | $36.6M | $37.9M | $30.6M | $45.8M | $65.3M | $72.2M | $72.4M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $4.48B | $4.42B | $3.76B | $3.67B | $5.12B | $7.45B | $6.55B | $5.54B | $5.41B | $608.9M |
| Property, Plant & Equipment | $527.6M | $514.5M | $506.9M | $506.6M | $479.9M | $447.1M | $431.6M | $437.1M | $428.2M | $423.0M |
| Goodwill | $282.5M | $282.5M | $282.5M | $282.5M | $282.5M | $282.5M | $282.5M | $282.5M | $282.5M | $282.5M |
| Intangible Assets | $25,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $11.80B | $12.18B | $11.87B | $12.11B | $14.03B | $16.05B | $15.50B | $15.07B | $15.74B | $16.68B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $505.0M | $353.8M | $230.0M | $236.5M | $428.1M | $439.7M | $431.2M | $530.4M | $535.3M | $585.5M |
| Total Current Liabilities | $9.12B | $8.90B | $8.93B | $9.06B | $11.15B | $13.06B | $13.09B | $12.35B | $12.65B | $585.5M |
| Long-term Debt | $893.8M | $1.36B | $866.1M | $761.2M | $571.0M | $570.8M | $145.6M | $119.6M | $119.4M | $119.2M |
| Total Liabilities | $10.08B | $10.35B | $9.93B | $9.99B | $11.85B | $13.74B | $13.46B | $12.62B | $12.94B | $13.43B |
| Retained Earnings | $1.78B | $1.89B | $2.06B | $2.20B | $2.29B | $2.47B | $2.70B | $3.03B | $3.36B | $3.68B |
| Total Equity | $1.72B | $1.84B | $1.94B | $2.12B | $2.18B | $2.31B | $2.04B | $2.45B | $2.80B | $3.25B |
| Total Debt | $1.40B | $1.71B | $1.10B | $997.7M | $999.1M | $1.01B | $576.8M | $650.0M | $654.7M | $704.7M |
| Net Debt | -$3.05B | -$2.71B | -$2.63B | -$2.64B | -$4.08B | -$6.41B | -$5.93B | -$4.82B | -$4.69B | $168.3M |
| Working Capital | -$4.64B | -$4.47B | -$5.16B | -$5.39B | -$6.03B | -$5.60B | -$6.54B | -$6.82B | -$7.23B | $23.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $589.3M | $536.5M | $585.9M | $451.2M |
| Total Assets | $16.55B | $16.68B | $16.83B | $17.02B |
| Total Liabilities | $13.42B | $13.43B | $13.54B | $13.65B |
| Total Equity | $3.13B | $3.25B | $3.29B | $3.38B |
| Total Debt | $783.6M | $704.7M | $724.0M | $731.0M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $133.9M | $157.4M | $215.9M | $205.1M | $167.3M | $253.9M | $300.2M | $411.8M | $409.2M | $412.3M |
| Depreciation & Amortization | $24.9M | $25.3M | $25.9M | $28.3M | $28.3M | $25.0M | $21.8M | $21.9M | $22.5M | $23.3M |
| Stock-based Compensation | $1.1M | $903,000 | $1.0M | $980,000 | $743,000 | $506,000 | $449,000 | $330,000 | $214,000 | $104,000 |
| Change in Working Capital | -$811,000 | -$17.8M | -$29.3M | $40.4M | $27.4M | $27.0M | $39.8M | -$16.1M | $26.1M | $30.1M |
| Operating Cash Flow | $203.2M | $196.8M | $229.8M | $311.6M | $305.1M | $291.7M | $387.9M | $474.4M | $473.9M | $491.1M |
| Capital Expenditure | -$38.9M | -$14.3M | -$21.4M | -$29.6M | -$6.7M | -$10.4M | -$19.2M | -$27.5M | -$14.1M | -$18.1M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$8.0M | -$187,000 | -$19.0M | -$17.8M | -$48.9M | -$716,000 | -$52.0M | -$4.6M | -$963,000 | -$4.6M |
| Dividends Paid | -$39.6M | -$43.6M | -$49.6M | -$68.7M | -$69.9M | -$72.8M | -$75.4M | -$78.2M | -$82.1M | -$87.1M |
| Free Cash Flow | $164.4M | $182.5M | $208.5M | $282.0M | $298.4M | $281.3M | $368.7M | $446.9M | $459.8M | $472.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $115.2M | $139.9M | $120.7M | $94.2M |
| Capital Expenditure | -$2.9M | -$3.9M | -$4.7M | -$5.7M |
| Free Cash Flow | $112.2M | $136.0M | $116.0M | $88.6M |
| Dividends Paid | -$43.5M | -$1,000 | -$45.4M | 0 |
| Stock-based Compensation | $20,000 | $18,000 | $18,000 | $15,000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +2.9% | +11.6% | +2.6% | -10.8% | +7.4% | +14.9% | +36.1% | +7.5% | +1.0% | |
| Net Income Growth (YoY) | +17.5% | +37.2% | -5.0% | -18.4% | +51.8% | +18.2% | +37.1% | -0.6% | +0.8% | |
| EPS Growth (YoY) | +17.2% | +37.4% | -4.3% | -16.0% | +52.5% | +19.5% | +38.4% | -0.8% | +0.6% | |
| Shares Change (YoY) | +0.7% | -0.2% | -1.4% | -2.8% | -0.6% | -1.1% | -0.9% | +0.1% | -0.1% | |
| FCF Growth (YoY) | +11.0% | +14.2% | +35.3% | +5.8% | -5.7% | +31.1% | +21.2% | +2.9% | +2.9% | |
| Gross Margin | 88.5% | 91.1% | 90.7% | 88.0% | 85.4% | 94.4% | 91.6% | 82.3% | 76.9% | 78.3% |
| Operating Margin | 35.8% | 39.2% | 43.2% | 40.2% | 36.7% | 52.0% | 53.7% | 54.0% | 48.8% | 49.4% |
| EBITDA Margin | 40.4% | 43.7% | 47.3% | 44.5% | 41.6% | 56.0% | 56.7% | 56.2% | 50.9% | 51.6% |
| Net Margin | 24.4% | 27.8% | 34.2% | 31.7% | 29.0% | 40.9% | 42.1% | 42.4% | 39.2% | 39.1% |
| FCF Margin | 29.9% | 32.3% | 33.0% | 43.6% | 51.7% | 45.3% | 51.7% | 46.1% | 44.1% | 44.9% |
| Effective Tax Rate | 32.0% | 29.0% | 20.8% | 21.1% | 21.0% | 21.2% | 21.5% | 21.3% | 19.6% | 20.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.48 | $2.73 | $3.13 | $4.29 | $4.67 | $4.43 | $5.87 | $7.18 | $7.38 | $7.60 |
| Dividends Per Share | $0.60 | $0.65 | $0.74 | $1.05 | $1.10 | $1.15 | $1.20 | $1.26 | $1.32 | $1.40 |
| Shares Outstanding (Basic) | 66.0 M | 66.0 M | 66.1 M | 65.5 M | 63.7 M | 63.4 M | 62.7 M | 62.1 M | 62.2 M | 62.3 M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 12.67% |
| Return on Invested Capital | 2.43% |
| Return on Assets | 2.43% |
| Gross Margin | 78.70% |
| Operating Margin | 49.20% |
| Net Margin | 38.81% |
Financial Health
| Debt / Equity | 0.22 |
| Current Ratio | 0.86 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 0.66 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 20.10 | 16.68 | 10.52 | 13.76 | 14.24 | 10.57 | 9.55 | 8.19 | 9.60 | 10.04 |
| P/B | 1.56 | 1.43 | 1.17 | 1.33 | 1.10 | 1.16 | 1.40 | 1.38 | 1.40 | 1.27 |
| P/S | 4.90 | 4.64 | 3.60 | 4.36 | 4.13 | 4.33 | 4.02 | 3.48 | 3.77 | 3.93 |
| Gross Margin | 88.5% | 91.1% | 90.7% | 88.0% | 85.4% | 94.4% | 91.6% | 82.3% | 76.9% | 78.3% |
| Operating Margin | 35.8% | 39.2% | 43.2% | 40.2% | 36.7% | 52.0% | 53.7% | 54.0% | 48.8% | 49.4% |
| Net Margin | 24.4% | 27.8% | 34.2% | 31.7% | 29.0% | 40.9% | 42.1% | 42.4% | 39.2% | 39.1% |
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Explore sector: Financial Services · Banks - Regional
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