First Business Financial Services, Inc. (FBIZ) Financial Statements
Industry: State Commercial Banks
In fiscal 2025, First Business Financial Services reported revenue of $168.6M, up 9.9% from $153.5M the year before. Net income was $50.3M (a 29.8% net margin), or $5.94 per diluted share. Net interest income was $136.7M, and the efficiency ratio (noninterest expense / revenue) was 59.0%. Operating activities generated $61.7M of cash, leaving $61.1M of free cash flow. At fiscal year end, First Business Financial Services held $4.08B in total assets against $3.71B in total liabilities, including $39.5M of cash and equivalents.
Open the full interactive First Business Financial Services financials → Quarterly statements, key ratios, valuation history and price charts.
First Business Financial Services Key Stats
| Share Price | $69.96 |
|---|---|
| Market Cap | $574.2M |
| P/E Ratio | 11.8 |
| Revenue YoY Growth | +9.9% |
| 52-Week Range | $46.62 – $72.85 |
| Shares Outstanding | 8.2 million (basic, 2026 Q2) |
First Business Financial Services Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Net Interest Income | $77.1M | $84.7M | $98.4M | $112.6M | $124.2M | $136.7M |
| Provision for Credit Losses | $16.8M | -$5.8M | -$3.9M | $8.2M | $8.8M | $8.7M |
| Noninterest Income | $26.9M | $28.1M | $29.4M | $31.3M | $29.3M | $31.9M |
| Noninterest Expense | $68.9M | $71.5M | $79.5M | $88.6M | $93.5M | $99.5M |
| Revenue | $104.0M | $112.8M | $127.8M | $143.9M | $153.5M | $168.6M |
| Pre-Tax Income | $18.3M | $47.0M | $52.2M | $47.1M | $51.1M | $60.5M |
| Income Tax | $1.3M | $11.3M | $11.4M | $10.1M | $6.9M | $10.1M |
| Net Income | $17.0M | $35.8M | $40.9M | $37.0M | $44.2M | $50.3M |
| Diluted EPS | $1.97 | $4.17 | $4.75 | $4.33 | $5.20 | $5.94 |
First Business Financial Services Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $44.5M | $42.2M | $44.3M | $46.7M |
| Net Income | $14.4M | $13.3M | $12.2M | $15.6M |
| Diluted EPS | $1.70 | $1.63 | $1.44 | $1.84 |
First Business Financial Services Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $56.9M | $57.1M | $102.7M | $139.5M | $157.7M | $39.5M |
| Loans (Net) | $2.12B | $2.22B | $2.42B | $2.82B | $3.08B | $3.34B |
| Total Assets | $2.57B | $2.65B | $2.98B | $3.51B | $3.85B | $4.08B |
| Deposits | $1.86B | $1.96B | $2.17B | $2.80B | $3.11B | $3.38B |
| Total Long-Term Debt | $429.2M | $413.5M | $456.8M | $330.9M | $320.0M | $252.1M |
| Total Liabilities | $2.36B | $2.42B | $2.72B | $3.22B | $3.52B | $3.71B |
| Shareholders' Equity | $206.2M | $232.4M | $260.6M | $289.6M | $328.6M | $371.6M |
First Business Financial Services Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $26.6M | $36.0M | $38.6M | $52.3M | $57.5M | $61.7M |
| Cash From Investing | -$454.5M | -$111.0M | -$245.3M | -$506.8M | -$328.5M | -$373.4M |
| Cash From Financing | $417.7M | $75.2M | $252.2M | $491.4M | $289.2M | $193.5M |
| Free Cash Flow | $26.4M | $35.6M | $35.4M | $49.4M | $57.3M | $61.1M |
Figures from First Business Financial Services' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full First Business Financial Services financials page for every line item.
First Business Financial Services Company Profile
| Ticker | FBIZ |
|---|---|
| Exchange | Nasdaq |
| Industry | State Commercial Banks |
| Headquarters | Madison, Wisconsin |
| Incorporated in | Wisconsin |
| Fiscal Year End | December 31 |
| SEC Filer Category | Accelerated filer |
| SEC CIK | 0001521951 |
Frequently Asked Questions
What was First Business Financial Services' revenue in fiscal 2025?
First Business Financial Services (FBIZ) reported revenue of $168.6M for fiscal 2025.
What is First Business Financial Services' annual revenue history?
First Business Financial Services' annual revenue by fiscal year: 2020: $104.0M; 2021: $112.8M; 2022: $127.8M; 2023: $143.9M; 2024: $153.5M; 2025: $168.6M.
What was First Business Financial Services' net income in fiscal 2025?
First Business Financial Services reported net income of $50.3M for fiscal 2025.
What was First Business Financial Services' earnings per share (EPS) in fiscal 2025?
First Business Financial Services' diluted EPS was $5.94 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did First Business Financial Services generate in fiscal 2025?
First Business Financial Services generated $61.1M of free cash flow in fiscal 2025.
What was First Business Financial Services' revenue last quarter?
In its most recent reported quarter (2026 Q2), First Business Financial Services reported revenue of $46.7M.
How much debt does First Business Financial Services have?
First Business Financial Services reported $252.1M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of First Business Financial Services are outstanding?
First Business Financial Services reported a weighted average of 8.2 million basic shares outstanding in 2026 Q2.
What is First Business Financial Services' market cap?
Based on its latest closing price, First Business Financial Services (FBIZ) has a market capitalization of about $574.2M.
When does First Business Financial Services' fiscal year end?
First Business Financial Services' fiscal year end, as registered with the SEC, is December 31.
Where is First Business Financial Services headquartered?
First Business Financial Services lists its business address in Madison, Wisconsin in its SEC filings.