BPOPMEDIUM SIGNALFINANCIAL10-K

Popular Inc. delivered strong financial performance with meaningfully higher net income and improved credit quality, while maintaining solid asset and equity growth.

The bank demonstrated robust profitability improvement driven by revenue growth and reduced credit provisioning, indicating both expanding business activity and improving asset quality. The substantial increase in operating cash flow alongside higher net income suggests strong underlying earnings quality and cash generation capability.

Comparing 2026-03-02 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

Popular Inc. showed strong financial momentum with net income growing notably by 35.6% to $833.2 million, supported by 16% revenue growth and a meaningful 27.3% reduction in credit loss provisions. The company expanded its balance sheet with stockholders' equity increasing 11.3% to $6.2 billion, while operating cash flow grew substantially by 30.2% to $878.4 million. The only notable decline was a reduction in cash and equivalents, which likely reflects deployment of liquidity into higher-yielding assets as the business expanded.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+35.6%
$614.2M→$833.2M

Net income grew 35.6% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
-33.2%
$677.3M→$452.4M

Cash declined 33.2% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Operating Cash Flow
Cash Flow
+30.2%
$674.7M→$878.4M

Operating cash flow surged 30.2% — exceptional cash generation, highest quality earnings signal.

Provision for Credit Losses
P&L
-27.3%
$228.1M→$165.8M

Provisions reduced 27.3% — improving credit quality or reserve release boosting reported earnings.

Revenue
P&L
+16%
$651.8M→$756.1M

Revenue growing 16% — solid top-line momentum, watch margins for quality of growth.

Stockholders Equity
Balance Sheet
+11.3%
$5.6B→$6.2B

Equity base grew 11.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-03-03
ADDED
was approximately $ 7.5 billion based upon the reported closing price of $110.21 on the Nasdaq Global Select Market on that date.
As of February 26, 2026, there were 65,104,302 shares of Popular, Inc.
The Proxy Statement will be filed with the Securities and Exchange Commission (the SEC ) on or about March 24, 2026.
Popular was incorporated in 1984 under the laws of the Commonwealth of Puerto Rico and is the largest financial institution based in Puerto Rico, with consolidated assets of $75.3 billion, total deposits of $66.2 billion and stockholders equity of $6.2 billion at December 31, 2025.
We operate in two principal markets: Puerto Rico: We provide retail, mortgage and commercial banking services, as well as auto and equipment leasing and financing through our principal banking subsidiary, Banco Popular de Puerto Rico ( Banco Popular or BPPR ), and broker- dealer and insurance services through specialized subsidiaries.
Mainland United States: We provide retail and commercial banking services, as well as equipment leasing and financing, through our New York -chartered banking subsidiary, Popular Bank ( PB or Popular U.S.
Construction loans are CRE loans to companies or developers used for the construction of a commercial or residential property for which repayment will be generated by the sale or permanent financing of the property.
Our construction loan portfolio primarily consists of residential land development, multifamily housing, and condominium projects.
However, 52% of our loan portfolio at December 31, 2025 consisted of real estate- related loans, including residential mortgage loans, construction loans and commercial loans secured by commercial real estate.
Although we originate most of our loans internally in both the Puerto Rico and mainland United States markets, we occasionally purchase or participate in loans originated by other financial institutions.
REMOVED
was approximately $ 6.3 billion based upon the reported closing price of $88.43 on the Nasdaq Global Select Market on that date.
As of February 27, 2025, there were 69,606,726 shares of Popular, Inc.
The Proxy Statement will be filed with the Securities and Exchange Commission (the SEC ) on or about March 25, 2025.
Popular was incorporated in 1984 under the laws of the Commonwealth of Puerto Rico and is the largest financial institution based in Puerto Rico, with consolidated assets of $73.0 billion, total deposits of $64.9 billion and stockholders equity of $5.6 billion at December 31, 2024.
We operate in two principal markets: Puerto Rico: We provide retail, mortgage and commercial banking services through our principal banking subsidiary, Banco Popular de Puerto Rico ( Banco Popular or BPPR ), as well as auto and equipment leasing and financing, broker-dealer and insurance services through specialized subsidiaries.
Mainland United States: We provide retail, mortgage and commercial banking services through our New York-chartered banking subsidiary, Popular Bank ( PB or Popular U.S.
), which has branches in New York, New Jersey and Florida; as well as investment and insurance services, and commercial direct financing leases through specialized subsidiaries.
Construction loans are CRE loans to companies, community or homeowners associations, or developers used for the construction of a commercial or residential property for which repayment will be generated by the sale or permanent financing of the property.
Our construction loan portfolio primarily consists of retail, residential (land and condominiums), office and warehouse product types.
However, approximately 55% of our loan portfolio at December 31, 2024 consisted of real estate-related loans, including residential mortgage loans, construction loans and commercial loans secured by commercial real estate.
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