Abstract

WaFd will report fiscal results on April 17, 2026, Post Market. This preview consolidates the latest quarter’s actuals and the current quarter’s forecasts, with emphasis on earnings power, margin trajectory, and business-mix implications from January 1, 2026 to April 10, 2026.

Market Forecast

For the current quarter, WaFd’s management and market models point to estimated revenue of 173.14 million US dollars, with estimated year-over-year growth of 9.71%. Forecast EBIT is 83.64 million US dollars with an estimated year-over-year growth of 23.92%, and forecast adjusted EPS is 0.75 with an estimated year-over-year growth of 29.69%. Forecast net profit margin and gross profit margin were not provided in the latest model outputs and are therefore omitted. The main business continues to be Thrift / Savings and Loan Institutions, with a steady outlook underpinned by stabilized funding costs and resilient client activity. The most promising contributor is the Thrift / Savings and Loan Institutions segment with estimated revenue of 173.14 million US dollars and an implied year-over-year growth of 9.71%.

Last Quarter Review

In the previous quarter, WaFd recorded revenue of 171.11 million US dollars, GAAP net profit attributable to shareholders of 64.20 million US dollars, a net profit margin of 34.17%, and adjusted EPS of 0.79 with a year-over-year increase of 46.30%; gross profit margin was not disclosed. Net profit improved quarter on quarter by 5.94%, reflecting operating leverage and disciplined expense control. The main business, Thrift / Savings and Loan Institutions, delivered 187.87 million US dollars in revenue; detailed year-over-year growth by business was not disclosed.

Current Quarter Outlook (with major analytical insights)

Main banking franchise momentum

WaFd’s core franchise is forecast to deliver revenue of 173.14 million US dollars, up 9.71% year over year, with EBIT expected to reach 83.64 million US dollars and EPS at 0.75. The operating trajectory implied by forecast EBIT growth of 23.92% outpacing revenue growth suggests margin support from funding cost normalization and disciplined noninterest expense. The previous quarter’s net profit margin of 34.17%, alongside a 5.94% sequential expansion in net profit, frames an earnings base that could absorb modest volatility in fee income or provision expense. Execution hinges on maintaining stable deposit costs and prudent loan growth while sustaining credit quality indicators in commercial real estate and owner-occupied segments. Management’s ability to hold the line on deposit betas, while optimizing asset yields in a flatter curve, is the near-term swing factor for core profitability.

Most promising driver: earnings sensitivity and operating leverage

With EPS growth forecast at 29.69%, earnings leverage looks favorable relative to the 9.71% top-line expansion. This implies benefits from a better asset mix and operating expense discipline, reflected in last quarter’s stronger-than-expected EPS of 0.79 and EBIT of 85.80 million US dollars. If deposit mix continues to migrate toward lower-cost categories and promotional pricing rolls off, incremental spread capture could sustain above-trend EBIT growth even if loan volumes moderate. On the noninterest side, cost controls are likely to support operating leverage, particularly if technology and branch efficiency initiatives yield incremental savings. Sustained improvement in fee lines tied to treasury services or mortgage banking would add optionality, but the base case does not require outsized fee growth to meet the current EPS forecast.

Stock price swing factors this quarter

Three dynamics could shape investor reaction on April 17, 2026. The first is net interest margin durability: a small change in deposit costs or remixing can meaningfully influence forecast EBIT given the outsized contribution from core spread income. The second is credit provisioning: markets will scrutinize charge-off and nonperforming trendlines, especially across commercial and construction categories, as they determine reserve direction and earnings volatility. The third is guidance credibility: the gap between revenue growth of 9.71% and EPS growth of 29.69% embeds operating leverage that requires cost discipline and stable credit; any deviation would recalibrate valuation multiples quickly.

Analyst Opinions

Cautiously bullish opinions dominate recent commentary regarding WaFd’s upcoming print, with most previews emphasizing resilience in earnings and stabilization in deposit costs. Analysts highlight the positive spread between forecast EPS growth of 29.69% and revenue growth of 9.71%, citing operating leverage as a supportive factor for near-term profitability. Several institutions underscore that last quarter’s EPS of 0.79 and EBIT of 85.80 million US dollars provide a firmer base for sequential margin continuity, while recognizing that provisions and deposit costs remain watch items. The majority view expects WaFd to meet or slightly exceed earnings forecasts if net interest margin holds and credit remains stable, with valuation sensitivity tied to any updated commentary on loan growth pacing and deposit remix through the quarter.