NASDAQ: HBAN · Regional Banks
Huntington Bancshares
Huntington Bancshares, based in Columbus, Ohio, is a regional bank holding company offering consumer, small business, commercial, wealth and capital markets services. At the end of 2025 it had $225 billion of assets and more than 1,000 branches in 14 states. It expanded into Texas and the South through two acquisitions: Veritex Holdings (Dallas; closed October 20, 2025, valued at $1.7 billion) and Cadence Bank (Houston and Tupelo; closed February 1, 2026, issuing 462 million shares), after which it operates nearly 1,400 branches in 21 states. 2025 revenue (net interest income plus noninterest income) was $8,166 million and net income $2,211 million. In Q2 2026 net interest income rose 40% to $2,052 million.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 25, 2026 03:38 (SEC EDGAR) · Source 10-K filed: February 13, 2026
Built on10-K FY2025 · filed 2026-02-1310-Q (quarter ended 2026-09-30) · filed 2026-10-27Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 11.1%
- Net marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 27.1%
- Return on equityROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- 10.0%
- Equity ratioEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 10.8%
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.12x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 0 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 10.0x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.02
Higher than 68% of 44 financial companies
Average yearly growth over the years shown
Higher than 76% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 24% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 40% of 45 financial companies
Equity ÷ total assets
Higher than 36% of 44 financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$15.92close on 2026-11-04
Market cap$24.96B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 10.0x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 1.2x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- —
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 3.9%
At FY2025 year-end: 12.5x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.3x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 8.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Net income$629M → $721M (vs. a year earlier)↑ +14.6%$629M → $721M (vs. a year earlier)
- Diluted EPS$0.41 → $0.33 (vs. a year earlier)↓ −19.5%$0.41 → $0.33 (vs. a year earlier)
- Cash$15.6B → $16.82B (vs. previous quarter-end)↑ +7.8%$15.6B → $16.82B (vs. previous quarter-end)
- Long-term debt$18.74B → $17.34B (vs. previous quarter-end)↓ −7.5%$18.74B → $17.34B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 22, 2026.
Key changes
Net interest margin 3.25%, up 4 basis points. Source sentence
NIM of 3.25% was up 4 basis points driven by higher yields on investment securities and modestly lower overall net funding costs
Noninterest income down 8% from Q2. Source sentence
Noninterest income decreased 8% quarter-over-quarter, largely due to lower capital markets fees and unfavorable equity valuation adjustments
Tangible book value per share $9.47, down 2%. Source sentence
TBV per common share (1) of $9.47 was down $0.18, or 2%, from the prior quarter, largely due to the impact of market interest rates unfavorably impacting AOCI
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- HUNTINGTON BANCSHARES INC /MD/
- Headquarters
- COLUMBUS, OH
- Incorporated in
- Maryland
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: HBAN
- Industry
- Regional Banks
- CIK
- 49196
- IR page
- https://ir.huntington.com/ ↗
Workforce (as of FY2025 year-end)
Employees
20,424
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 17–22 days after quarter end (Jan 22, 2026; Jan 17, 2025; Jan 19, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 17–23 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 22, 2026 (+22 days) | Oct 27, 2026 10-Q (+27 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 23, 2026 (+23 days) | Jul 28, 2026 10-Q (+28 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 23, 2026 (+23 days) | Apr 30, 2026 10-Q (+30 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 22, 2026 (+22 days) | Feb 13, 2026 10-K (+44 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 20, 2025 (+20 days) | Oct 28, 2025 10-Q (+28 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 18, 2025 (+18 days) | Jul 29, 2025 10-Q (+29 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 17, 2025 (+17 days) | Apr 29, 2025 10-Q (+29 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 17, 2025 (+17 days) | Feb 14, 2025 10-K (+45 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 17, 2024 (+17 days) | Oct 29, 2024 10-Q (+29 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 19, 2024 (+19 days) | Jul 30, 2024 10-Q (+30 days) |
| Q1 FY2024 | Mar 31, 2024 | — | Apr 30, 2024 10-Q (+30 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 19, 2024 (+19 days) | Feb 16, 2024 10-K (+47 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Consumer & Regional Banking
Consumer and small business banking
Deposits, consumer loans, mortgages, cards, wealth and small business services through branches and digital channels.
Commercial Banking
Commercial banking and capital markets
Lending, treasury management, equipment and distribution finance, capital markets and advisory for businesses.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
The 10-K gives no market share or rank for Huntington.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
Recent developments.
Cadence merger
Completed February 1, 2026; Huntington issued 462 million shares.
Source: Form 8-K (2026-02-02) — Item 2.01 completion of Cadence Bank merger
Q3 2026
EPS $0.33 (adjusted $0.38); net income to common $680M (vs $602M); ROTCE 14.6%; CET1 ratio 10.1%. Huntington repurchased $100M of stock in the quarter ($409M in total).
Source: Q3 2026 earnings release
Leadership
Brantley J. Standridge appointed President effective September 8, 2026.
Source: Form 8-K (2026-09-10) — Item 5.02 President appointment
Dividend
Quarterly common dividend of $0.155 declared October 22, 2026, unchanged.
Source: Form 8-K (2026-10-22) — Item 8.01 quarterly dividends declared
Capex ÷ D&A (FY2025)
0.35x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$267M ÷ $762M = 0.35x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$223M
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $119M in FY2020 to $267M in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Total revenue (FY2025)
$8.17B
As reported in the 10-K
Revenue CAGR (5 years)
+11.1%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($8,166M ÷ $4,815M) ^ (1÷5) − 1 = 11.1%
termsCAGR · ^ (exponent) · Revenue (net sales)
ROE (FY2025)
10.0%▲favorable
6-year average: 9.5%
As reported in the 10-K
- ▲
Revenue grew +11.1% a year over 5 years (strong growth)
From $4.82B in FY2020 to $8.17B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 9.5% over 6 years (latest: 10.0%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Cadence Bank
- Veritex Holdings
07 · what it does
Key activities
- Consumer & Regional Banking
- Commercial Banking
- Treasury / Other
06 · what it draws on
Key resources
- 20,424 average full-time equivalent colleagues (2025)
- More than 1,000 branches (nearly 1,400 after Cadence)
- Deposits of $176.6B (end-2025)
02 · why customers buy
Value propositions
- 'Fair Play' banking: differentiated products built on customer-friendly practices.
04 · how it keeps them
Customer relationships
- Ongoing deposit and lending relationships with consumers and businesses.
03 · how it reaches them
Channels
- Nearly 1,400 branches in 21 states (after Cadence, February 2026), ATMs, online and mobile, and national specialty finance channels.
01 · who it serves
Customer segments
- Consumers, small businesses and companies in 21 states after the Cadence merger
09 · where money goes
Cost structure
FY2025, share of revenue ($8.17B)
- Interest expense52.9%
- Operating expenses (as reported)61.4%
Revenue here is reported net of interest expense, so these lines overlap and add up to more than 100%.
Depreciation & amortization (inside the costs above): $762M. Capital spending: $267M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Net interest income $5,991M
- Noninterest income $2,175M (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Takes deposits and lends to consumers and businesses, earning net interest income, plus fees from payments, wealth management, capital markets, mortgage banking and other services.
01 what it draws on
Inputs & resources
- 20,424 average full-time equivalent colleagues (2025)
- More than 1,000 branches (nearly 1,400 after Cadence)
- Deposits of $176.6B (end-2025)
02 what it does
Activities
- Consumer & Regional Banking
- Commercial Banking
- Treasury / Other
03 who it serves
Customers
- Consumers, small businesses and companies in 21 states after the Cadence merger
04 how money comes in
How it earns
- Net interest income $5,991M
- Noninterest income $2,175M (2025)
How the business makes money
- Segment net income 2025: Consumer & Regional Banking $1,462M; Commercial Banking $1,125M; Treasury/Other −$376M.
- Cadence shareholders received 2.475 Huntington shares per share.
- 2025 noninterest expense included $168M of acquisition-related expenses.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Huntington is regulated as a bank holding company; debit interchange caps affect fee income.
Regulated prices & reimbursement
Debit interchange cap
The Federal Reserve proposed in October 2023 to lower the maximum debit card interchange fee large issuers can receive.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Approvals & licenses
Bank capital and supervision
Subject to bank supervision, and to SEC disclosure rules as a public company.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Consumer & Regional Banking
5,551 (66%)Commercial Banking
2,911 (34%)
Source: Form 10-K (FY2025) — Tables 30–31, segment key performance indicators Segment revenue = net interest income + noninterest income. Treasury/Other is not shown.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
Cadence Bank
All-stock merger completed February 1, 2026 (2.475 Huntington shares per Cadence share).
Source: Form 8-K (2026-02-02) — Item 2.01 completion of Cadence Bank merger
Pending or recent acquisition
Veritex Holdings
Acquisition valued at $1.7 billion completed October 20, 2025.
Source: Form 10-K (FY2025)
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Consumers, small businesses and commercial clients in the Midwest, Texas and the South.
Named by the company
No customer is named.
Suppliers
Depositors, wholesale funding markets and technology vendors.
Named by the company
No supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Huntington competes with banks and other financial services firms; the 10-K names no specific competitors.
Competitors named in the 10-K
The 10-K names competitor categories only.
Peer group the company chose
Peer banks (2024–2025 compensation peer group), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Banks selected for relevant size and business models, positioning Huntington near the median.
- Citizens Financial Groupsite ↗
- Comericasite ↗
- Fifth Third Bancorpsite ↗
- First Horizonsite ↗
- KeyCorpsite ↗
- M&T Banksite ↗
- PNC Financial Servicessite ↗
- Regions Financialsite ↗
- Truist Financialsite ↗
- U.S. Bancorpsite ↗
- Zions Bancorporationsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Total revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
| Line item | FY2020In next year’s 10-K | FY2021In next year’s 10-K | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 4,815 | 5,991 | 7,254 | 7,360 | 7,385 | 8,166 |
| Pretax income | 972 | 1,591 | 2,764 | 2,384 | 2,403 | 2,688 |
| Net income (attributable) | 817 | 1,295 | 2,238 | 1,951 | 1,940 | 2,211 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 24.4% | 21.1% | 1.5% | 0.3% | 10.6% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 17.0% | 21.6% | 30.9% | 26.5% | 26.3% | 27.1% |
| Balance sheet ($M) | ||||||
| Total assets | 123,038 | 174,064 | 182,906 | 189,368 | 204,230 | 225,106 |
| Total equity | 12,993 | 19,318 | 17,769 | 19,398 | 19,782 | 24,379 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 8,535 | 7,442 | 11,713 | 13,014 | 16,573 | 18,482 |
| Equity ratio | 10.6% | 11.1% | 9.7% | 10.2% | 9.7% | 10.8% |
| ROE | 6.3% | 8.0% | 12.1% | 10.5% | 9.9% | 10.0% |
| Cash flow ($M) | ||||||
| Operating CF | 1,323 | 2,062 | 4,027 | 2,657 | 1,836 | 2,482 |
| Investing CF | -8,639 | -3,962 | -11,609 | -2,997 | -12,119 | -6,347 |
| Financing CF | 12,741 | 827 | 8,764 | 3,765 | 13,001 | 4,513 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,204 | 1,815 | 3,813 | 2,517 | 1,693 | 2,215 |
| Cash and equivalents | 6,595 | 5,522 | 6,704 | 10,129 | 12,847 | 13,495 |
| Per share & other | ||||||
| EPS ($) | 0.69 | 0.90 | 1.45 | 1.24 | 1.22 | 1.39 |
| BVPS ($) | 10.62 | 11.91 | 10.79 | 11.71 | 12.21 | 13.78 |
| Dividend per share ($) | 0.60 | 0.61 | 0.62 | 0.62 | 0.62 | 0.62 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 87.0% | 67.2% | 42.8% | 50.0% | 50.8% | 44.6% |
| P/E (x) | 18.3 | 17.1 | 9.7 | 10.3 | 13.3 | 12.5 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.19 | 1.29 | 1.31 | 1.09 | 1.33 | 1.26 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Net income | Diluted EPS |
|---|---|---|
| 2026-09-30 | $721M+14.6% | $0.33 |
| 2026-06-30 | $727M+35.6% | $0.33 |
| 2026-03-31 | $523M-0.8% | $0.25 |
| 2025-12-31 † | $519M-2.1% | — |
| 2025-09-30 | $629M | $0.41 |
| 2025-06-30 | $536M | $0.34 |
| 2025-03-31 | $527M | $0.34 |
| 2024-12-31 † | $530M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Measures that fit this businessFrom SEC data
ROIC and free cash flow don’t suit a bank, so these are the usual yardsticks instead.
- CET1 capital ratio
- 10.4%
December 31, 2025
As stated by the company: Form 10-K (FY2025)
| Measure | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Return on equityNet income ÷ stockholders’ equity. | 6.3% | 8.0% | 12.1% | 10.5% | 9.9% | 10.0% |
| Net interest income ÷ average assetsSpread earned on the balance sheet; a stand-in for net interest margin, which uses earning assets. | — | 2.8% | 3.0% | 2.9% | 2.7% | 2.8% |
| Noninterest expense ÷ revenueThe efficiency ratio. Lower means less cost for each dollar of revenue. | 58.0% | 73.0% | 57.9% | 62.1% | 61.8% | 61.4% |
| Credit provision ÷ average loansCredit cost: what the year set aside for expected loan losses. Negative means a net release. | — | 0.0% | — | — | — | — |
| Credit allowance ÷ loansThe reserve held against loan losses at year-end. | 2.2% | 1.8% | 1.8% | 1.8% | 1.7% | 1.7% |
| Loans ÷ depositsHow much of the deposit base is lent out. | 82.5% | 77.7% | 80.8% | 80.7% | 80.1% | 84.7% |
| Equity ÷ total assetsThe accounting cushion. Regulatory capital ratios are listed separately above when the filing states them. | 10.6% | 11.1% | 9.7% | 10.2% | 9.7% | 10.8% |
Computed from SEC XBRL figures. A dash means the company doesn’t tag that figure or the result fell outside a plausible range. Tagging differs between filers, so check the filing before comparing two companies closely.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Banks, insurers, and similar financial companies aren’t compared this way, since deposits/policies are the business itself and debt can’t be cleanly separated from operating capital.
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not applied to banks, insurers, and similar financial companies: their operating cash flow includes deposits or premiums held for customers, so it isn’t free cash flow available to investors.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
Financial companies’ operating cash flow behaves differently from an operating company’s, so this analysis doesn’t apply.
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Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 86.9%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 13.1%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 234 of 416
- Beta (adjusted)
- 1.02
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 56% of covered companies have more
above 1 = swings more than the market
- 1,756.0M shares reported by 1,150 13F filers ÷ 2,020.4M shares outstanding on 2026-06-30. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-12 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-06-30)
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Strengths & weaknessesSite analysis
Strengths
1. Scale from acquisitions
Veritex added $12.0B of assets and Cadence lifted the network to nearly 1,400 branches in 21 states, extending Huntington into Texas and the South.
Evidence: Form 10-K (FY2025)
2. Revenue growth
Q3 2026 net interest income rose 37% to $2,069M and noninterest income 15% to $722M after the mergers; NIM rose 4 bp to 3.25%.
Evidence: Q3 2026 earnings release
3. Steady profitability
Net income stayed between $817M and $2,238M in every year 2020–2025.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Higher expenses
Q3 2026 noninterest expense rose 42% to $1,772M after the mergers (flat from Q2 excluding acquisition costs); tangible book value per share fell 2% in the quarter to $9.47 on AOCI.
Evidence: Q3 2026 earnings release
2. Flat dividend
Common dividend held at $0.155 per quarter.
Evidence: Form 8-K (2026-10-22) — Item 8.01 quarterly dividends declared
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What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
12.5x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
3.57%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
45%
Dividends per share ÷ diluted EPS
1. Larger footprint
Nearly 1,400 branches in 21 states after Cadence.
- What has to hold
- Integration delivers synergies.
- The other side
- Integration and credit risk.
Evidence: Form 10-K (FY2025)
2. Dividend yield
$0.62 per share annually.
- What has to hold
- Earnings grow with the larger balance sheet.
- The other side
- Share count rose with stock-funded deals.
Evidence: Form 8-K (2026-10-22) — Item 8.01 quarterly dividends declared
Revenue is net interest income plus noninterest income (overridden from the income statements). Book value per share is common equity ÷ common shares outstanding (excludes preferred stock).
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ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
For an insurer or bank, debt-coverage ratios like these don’t describe its ability to absorb losses — that depends on its capital, reserves, and investment portfolio, which are covered in part 3 below.
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Net income | -12.8% in FY2023 ($2.24B → $1.95B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable through 2020
Net income of $817M in 2020.
Source: Form 10-K (FY2020)
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Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Huntington estimates reasonably possible losses of $0 to $75 million above accruals; the largest disclosed case is a Louisiana receiver suit against Cadence over a Main Street Lending Program loan.
1 open matter (1 flagged as major)
Louisiana insurance receiver v. Cadence (MSLP loan)
PendingLawsuitMajorReceiver for the Louisiana Insurance Commissioner v. Cadence Bank (19th Jud. Dist. Ct., E. Baton Rouge, La.)
Arises from an $8M Main Street Lending Program loan Cadence made in November 2020 to the holding company of an insurer later placed in receivership after Hurricane Ida. Remaining claims are conspiracy to commit fraud and breach of fiduciary duty; the receiver seeks about $350M of compensatory damages plus punitive damages. The parties have reached a tentative resolution; court dates are stayed while settlement documents are finalized.
- Amounts
- About $350 million sought
- Next step
- Trial scheduled to begin November 4, 2026.
Source: Form 10-Q (quarter ended 2026-09-30) — Note 17, Commitments and Contingent Liabilities
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-09-30) — Note 17, Commitments and Contingent Liabilities, reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
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Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1M&A & integration
Merger integration
- Company disclosure (summarized from the 10-K)
- Integrating Veritex and Cadence may cost more or deliver less than expected.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2Demand & macro
Credit losses
- Company disclosure (summarized from the 10-K)
- Provision for credit losses rose to $290M in H1 2026; weaker economic conditions could raise losses.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3FX & interest rates
Interest rate risk
- Company disclosure (summarized from the 10-K)
- Net interest income depends on interest rates and deposit costs.
- Company’s stated mitigation
- Use of Derivatives to Manage Interest Rate Risk An integral component of our interest rate risk management strategy is the use of derivative instruments to minimize significant fluctuations in earnings caused by changes in market interest rates.
- This site’s assessment
- Impact Med / Likelihood High
- 4Law & regulation
Inherited litigation
- Company disclosure (summarized from the 10-K)
- Cadence faces a Louisiana suit seeking about $350M plus punitive damages; trial set for November 4, 2026.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Competes with banks, nonbanks and fintech firms.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
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What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
The following is a summary of material risks that could adversely affect Huntington’s business, financial condition, results of operation, or business.
• We grow our business in part by acquiring, from time to time, other financial services businesses and businesses with technologies or other assets valuable to us. Read more
Acquisitions present several risks and uncertainties related both to the acquisition transactions themselves and to the integration of the acquired businesses into Huntington after closing.
Our emphasis on commercial lending may expose us to increased lending risks.
At December 31, 2025, 60% of our loan portfolio was comprised of loans in our commercial loan portfolio, which includes commercial and industrial loans, commercial real estate loans, and lease financing. Read more
While commercial loans are generally more interest rate sensitive and carry higher yields than residential mortgage loans, these types of loans generally expose a lender to greater risk of non-payment and loss than single-family residential mortgage loans because repayment of the loans often depend on the income stream of the borrowers or successful operation of the property. Such loans typically involve larger loan balances to single borrowers or groups of related borrowers compared to single-family residential mortgage loans. At December 31, 2025, we had $1.7 billion of reserves specifically allocated to loans in our commercial loan portfolio. We also monitor loan concentrations on an…
We grow our business in part by acquiring, from time to time, other financial services businesses and businesses with technologies or other assets valuable to us. Read more
Acquisitions present several risks and uncertainties related both to the acquisition transactions themselves and to the integration of the acquired businesses into Huntington after closing.
Acquisitions of other companies or of financial assets, deposits, and other liabilities present risks and uncertainties to us, in addition to those presented by the nature of the business acquired, which may materially and adversely affect our results of operations. Many of the same risks arise when we engage in strategic partnerships. Our ability to analyze the risks presented by prospective acquisitions, as well as our ability to prepare in advance of closing and integration, may be limited to the extent that we cannot gather necessary or desirable information with respect to the business we are acquiring. We may also make certain assumptions related to an acquisition that may prove to be inaccurate and that may limit the anticipated benefits (such as cost savings from synergies or strategic gains from being able to offer enhanced product sets) or make the acquisition more expensive…
Acquisitions have their own risks that could impact the success of an acquisition and its integration into Huntington, such as:
• The results of litigation and governmental investigations that may be pending at the time of the acquisition or that may be filed or commenced thereafter, because of an acquisition or otherwise, which are often hard to predict.
No longer in the text (2)
We may, from time-to-time, consider using our existing liquidity position to opportunistically retire outstanding securities in privately negotiated or open market transactions.
Relative to acquisitions, we incur risks and challenges associated with the integration of employees, accounting systems, and technology platforms from acquired businesses and institutions in a timely and efficient manner, and we cannot guarantee that we will be successful in retaining existing customer relationships or achieving anticipated operating efficiencies expected from such acquisitions. Acquisitions may be subject to the receipt of approvals from certain governmental authorities, including the Federal Reserve, the OCC, and the DOJ, as well as the approval of our shareholders and the shareholders of companies that we seek to acquire. These approvals for acquisitions may not be received, may take longer than expected, or may impose conditions that are not presently anticipated or that could have an adverse effect on the combined company following the acquisitions. Subject to…
13 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 13, 2026 ↗ with the 10-K filed Feb 14, 2025 ↗.
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What to watch going forwardSite analysis
- Cadence and Veritex integration and cost savings.
- Outcome of the Louisiana receiver suit against Cadence (trial November 4, 2026).
- Net interest margin and deposit costs.
- Credit quality in the combined loan book.
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Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
- Form 10-K (FY2025)
- Form 10-Q (quarter ended 2026-09-30)
- Proxy statement (2026)
- Form 10-K (FY2020)
- Form 10-K (FY2021)
- Form 10-K (FY2022)
- Form 10-K (FY2023)
- Form 10-K (FY2024)
- Form 8-K (2026-02-02) — Item 2.01 completion of Cadence Bank merger
- Form 8-K (2026-10-22) — Item 8.01 quarterly dividends declared
- Form 8-K (2026-09-10) — Item 5.02 President appointment
- Form 8-K (2026-10-22) — Q3 2026 earnings release
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 25, 2026 03:38 (SEC EDGAR) · Source 10-K filed: February 13, 2026
Built on10-K FY2025 · filed 2026-02-13Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Huntington Bancshares’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.