Huntington Bancshares filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $10.4 billion, a 30.6% rise on the year before. That growth rate was up 4.1 percentage points compared to the quarter earlier.
What stands out
Capital spending rose 143.2%, faster than operating cash flow’s 25.4%. Consequently, less of the generated cash remained.
Profitability
The business is profitable with a trailing net margin of 24.0%. Net income over the twelve months was $2.5 billion, up 12.1% on the year before.
Where the cash went
Investment is rising faster than operating cash flow, squeezing what remains for shareholders. Operating cash flow over the twelve months was $3.3 billion, up 25.4% on the year before. Capital spending was $428.0 million, or 4.1% of revenue. Free cash flow, defined as operating cash flow less capital spending, was $2.9 billion, up 17.1% on the year before. The free-cash-flow margin stood at 28.1% of revenue, down 3.2 percentage points from a year earlier.
The share base
The rising share count means each share claims a smaller slice of profit. The average diluted share count rose 27.6% over the year.
How today compares
In the context of past results, today’s free-cash-flow margin of 28.1% is higher than 26% of the company’s own past quarterly readings, which have ranged from 11.6% to 55.6%. Today’s twelve-month revenue growth rate of 30.6% is higher than 95% of past readings (−6.2% to 35.1%).
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 25.6%, and 5 percentage points higher would raise it by 32.8%. A free-cash-flow margin 1 percentage point lower would lower it by 3.8%.
What comes next
The next filing will show whether the trends above continue, slow or reverse.
