Regional banking company BOK Financial (NASDAQ: BOKF) reported Q4 CY2025 results topping the market’s revenue expectations, with sales up 12.2% year on year to $589.6 million. Its GAAP profit of $2.89 per share was 33.3% above analysts’ consensus estimates.
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BOK Financial (BOKF) Q4 CY2025 Highlights:
- Net Interest Income: $345.3 million vs analyst estimates of $345.1 million (10.3% year-on-year growth, in line)
- Net Interest Margin: 3% vs analyst estimates of 2.9% (4 basis point beat)
- Revenue: $589.6 million vs analyst estimates of $550.3 million (12.2% year-on-year growth, 7.1% beat)
- Efficiency Ratio: 60.7% vs analyst estimates of 66.9% (620.3 basis point beat)
- EPS (GAAP): $2.89 vs analyst estimates of $2.17 (33.3% beat)
- Tangible Book Value per Share: $79.83 vs analyst estimates of $79.87 (14.9% year-on-year growth, in line)
- Market Capitalization: $8.08 billion
Company Overview
Tracing its roots back to 1910 when Oklahoma was still a young state, BOK Financial (NASDAQ: BOKF) is a regional bank holding company that provides commercial banking, consumer banking, and wealth management services across eight states in the central and southwestern US.
Sales Growth
Two primary revenue streams drive bank earnings. While net interest income, which is earned by charging higher rates on loans than paid on deposits, forms the foundation, fee-based services across banking, credit, wealth management, and trading operations provide additional income. Unfortunately, BOK Financial’s 2.2% annualized revenue growth over the last five years was sluggish. This was below our standards and is a rough starting point for our analysis.
We at StockStory place the most emphasis on long-term growth, but within financials, a half-decade historical view may miss recent interest rate changes, market returns, and industry trends. BOK Financial’s annualized revenue growth of 2.7% over the last two years aligns with its five-year trend, suggesting its demand was consistently weak. 
Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, BOK Financial reported year-on-year revenue growth of 12.2%, and its $589.6 million of revenue exceeded Wall Street’s estimates by 7.1%.
Net interest income made up 61.3% of the company’s total revenue during the last five years, meaning lending operations are BOK Financial’s largest source of revenue.
Net interest income commands greater market attention due to its reliability and consistency, whereas non-interest income is often seen as lower-quality revenue that lacks the same dependable characteristics.
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Tangible Book Value Per Share (TBVPS)
Banks profit by intermediating between depositors and borrowers, making them fundamentally balance sheet-driven enterprises. Market participants emphasize balance sheet quality and sustained book value growth when evaluating these institutions.
This is why we consider tangible book value per share (TBVPS) the most important metric to track for banks. TBVPS represents the real, liquid net worth per share of a bank, excluding intangible assets that have debatable value upon liquidation. Traditional metrics like EPS are helpful but face distortion from M&A activity and loan loss accounting rules.
BOK Financial’s TBVPS grew at a solid 6.3% annual clip over the last five years. TBVPS growth has also accelerated recently, growing by 13.3% annually over the last two years from $62.15 to $79.83 per share.
Over the next 12 months, Consensus estimates call for BOK Financial’s TBVPS to grow by 8.6% to $86.71, paltry growth rate.
Key Takeaways from BOK Financial’s Q4 Results
It was good to see BOK Financial beat analysts’ EPS expectations this quarter. We were also excited its revenue outperformed Wall Street’s estimates by a wide margin. Zooming out, we think this was a good print with some key areas of upside. The stock traded up 2% to $130.62 immediately after reporting.
BOK Financial put up rock-solid earnings, but one quarter doesn’t necessarily make the stock a buy. Let’s see if this is a good investment. When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).
