Regional banking company UMB Financial (NASDAQ: UMBF) announced better-than-expected revenue in Q4 CY2025, with sales up 66% year on year to $720.9 million. Its non-GAAP profit of $3.08 per share was 13.9% above analysts’ consensus estimates.
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UMB Financial (UMBF) Q4 CY2025 Highlights:
- Net Interest Income: $522.5 million vs analyst estimates of $487.1 million (94.3% year-on-year growth, 7.3% beat)
- Net Interest Margin: 3.3% vs analyst estimates of 3% (28.7 basis point beat)
- Revenue: $720.9 million vs analyst estimates of $679.9 million (66% year-on-year growth, 6% beat)
- Efficiency Ratio: 57.7% vs analyst estimates of 55% (266.6 basis point miss)
- Adjusted EPS: $3.08 vs analyst estimates of $2.70 (13.9% beat)
- Tangible Book Value per Share: $67.02 vs analyst estimates of $65.87 (2.9% year-on-year growth, 1.7% beat)
- Market Capitalization: $9.30 billion
Company Overview
With roots dating back to 1913 and a name derived from "United Missouri Bank," UMB Financial (NASDAQ: UMBF) is a financial holding company that provides banking, asset management, and fund services to commercial, institutional, and individual customers.
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. Over the last five years, UMB Financial grew its revenue at an excellent 17.4% compounded annual growth rate. Its growth beat the average banking company and shows its offerings resonate with customers, a helpful starting point for our analysis.
Long-term growth is the most important, but within financials, a half-decade historical view may miss recent interest rate changes and market returns. UMB Financial’s annualized revenue growth of 32.9% over the last two years is above its five-year trend, suggesting its demand was strong and recently accelerated. 
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, UMB Financial reported magnificent year-on-year revenue growth of 66%, and its $720.9 million of revenue beat Wall Street’s estimates by 6%.
Net interest income made up 64.1% of the company’s total revenue during the last five years, meaning lending operations are UMB 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 are balance sheet-driven businesses because they generate earnings primarily through borrowing and lending. They’re also valued based on their balance sheet strength and ability to compound book value (another name for shareholders’ equity) over time.
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. EPS can become murky due to acquisition impacts or accounting flexibility around loan provisions, and TBVPS resists financial engineering manipulation.
UMB Financial’s TBVPS grew at a tepid 3.2% annual clip over the last five years. However, TBVPS growth has accelerated recently, growing by 8% annually over the last two years from $57.49 to $67.02 per share.
Over the next 12 months, Consensus estimates call for UMB Financial’s TBVPS to grow by 15.8% to $77.62, solid growth rate.
Key Takeaways from UMB Financial’s Q4 Results
We were impressed by how significantly UMB Financial blew past analysts’ net interest income expectations this quarter. We were also excited its revenue outperformed Wall Street’s estimates by a wide margin. Zooming out, we think this quarter featured some important positives. The stock remained flat at $124.91 immediately after reporting.
Big picture, is UMB Financial a buy here and now? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
