Associated Banc-corp filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $1.7 billion, rising 45.2% on the year before. That growth rate was down 0.4 percentage points from a quarter earlier.

What stands out

Net income rose 199.3% over the year while free cash flow rose 51.7%, indicating that reported profit and cash are moving at different speeds.

What the company earns

Profit and cash tell different stories, with earnings growing far faster. The trailing net margin was 31.2%. Net income over the twelve months was $526.9 million, up 199.3% on the year before.

Where the cash went

The cash flow statement shows growth. Operating cash flow over the twelve months was $890.2 million, up 47.2% on the year before. Capital spending was $49.3 million, or 2.9% of revenue. Free cash flow, operating cash flow less capital spending, was $841.0 million, up 51.7% on the year before. This represented a free-cash-flow margin of 49.8%, which is 2.1 percentage points higher than a year earlier.

Share count

The share count is rising, so each share claims a smaller slice of the profit. The average diluted share count rose 8.0% over the year.

Against its own history

Set against the company’s own record: today’s free-cash-flow margin of 49.8% is higher than 80% of the company’s own past quarterly readings, which have ranged from 8.9% to 75.5%. Today’s twelve-month revenue growth rate of 45.2% is higher than 98% of past readings (−21.6% to 45.6%).

Guidance

The company kept its 2026 guidance for period end loan growth at 18% to 20%. The company gave its 2026 guidance for noninterest expense growth of 19% to 20%, and for annual effective tax rate of 20% to 22%.

What it means for our valuation

These trends feed directly into what the shares are worth in our model. In our model, growth 5 percentage points lower would lower the value by 24.9%, and 5 percentage points higher would raise it by 31.8%. A free-cash-flow margin 1 percentage point lower would lower it by 1.1%.

Next to watch

The next filing will show whether the trends above continue, slow or reverse.