Operating cash flow remains resilient at $34.5 million in 2026Q1, providing sufficient liquidity to sustain a consistent quarterly dividend payout of approximately $14.6 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 134.97M | 134.73M | 143.19M | 143.64M | 119.84M | 156.42M | 85.48M | 67.16M | 75.24M | 60.82M | 60.31M | 47.88M | 31.5M | 40.46M | 41.25M | 43.38M | 45.12M | 23.26M | 35.56M | 30.88M | 30.97M | 31.92M | 32.85M | 28.23M | 25.26M | 22.6M | 15.93M | 13.9M | 13.3M | 12.2M | 11.5M |
| Operating CF Growth % | -10.72% | -5.91% | -0.32% | 19.86% | -23.39% | 82.98% | 27.29% | -10.75% | 23.71% | 0.84% | 25.96% | 52.03% | -22.17% | -1.92% | -4.91% | -3.84% | 94% | -34.61% | 15.16% | -0.3% | -2.98% | -2.83% | 16.39% | 11.73% | 11.81% | 41.85% | 14.6% | 4.51% | 9.02% | 6.09% | 22.34% |
| Net Income | 111.45M | 106.78M | 117.2M | 113.36M | 101.29M | 47.55M | 34.77M | 53.7M | 46.26M | 38.47M | 31.16M | 10.94M | 16.68M | 17.57M | 20.39M | 12.55M | 5.58M | 4.19M | 7.46M | 18.31M | 21.56M | 20.5M | 18.27M | 16.25M | 18.75M | 12.34M | 11.13M | 10.7M | 10M | 8.6M | 7.7M |
| Depreciation & Amortization | 0 | 14.48M | 3.51M | 3.67M | 17.32M | 24.64M | 25.64M | 17.86M | 18.2M | 18.14M | 19.17M | 18.5M | 13.17M | 16.11M | 18.77M | 17.19M | 15.8M | 4.09M | 5.75M | 7.19M | 8.65M | 9.67M | 7.74M | 6.61M | 3.47M | 4.55M | 4.61M | 5M | 5.1M | 2.6M | 2.1M |
| Deferred Taxes | 0 | -1.21M | 6.97M | -238K | 18.57M | 2.87M | -8.1M | 109K | -309K | -2.78M | -2.46M | -1.58M | 3.83M | 4.63M | 4.52M | 462K | -1.81M | -5.21M | -2.86M | -988K | -256K | -935K | 1.58M | 1.33M | 889K | 131K | -178K | 300K | -100K | 200K | 200K |
| Other Non-Cash Items | 108.1M | 35.86M | 23.36M | 20.31M | -12.34M | 71M | 32.24M | -4.26M | 12.33M | 1M | 3.13M | 19.11M | -201K | -6.21M | -5.22M | 11.41M | 24.52M | 20.08M | 29.57M | 9.88M | -533K | 2.03M | 5.27M | 5.45M | 2.3M | 5.4M | 1.14M | -1.2M | -1.4M | 1.7M | 1M |
| Working Capital Changes | 0 | -28.09M | -15.19M | 517K | -9.32M | 6.46M | 940K | -248K | -1.24M | 6.19M | 9.67M | 915K | -2M | 8.36M | 2.81M | 1.76M | 1.04M | 114K | -4.35M | -3.51M | 1.55M | 654K | 0 | -1.42M | -144K | 178K | -773K | -900K | -300K | -900K | 500K |
| Cash from Investing | -417.65M | -424.45M | -344.31M | -132.93M | -414.21M | -74.43M | -393.92M | 1.05M | -130.16M | -162.69M | -198.36M | -1.11M | -14.16M | -80.01M | -69.57M | -8.88M | 141.46M | 7.85M | -168.93M | -10.43M | -31.26M | -56.13M | -51.39M | -201.06M | -66.13M | -39.17M | -75.72M | -201.1M | -2.2M | -42.7M | 4M |
| Purchase of Investments | -585.64M | -485.65M | -616.39M | -311.68M | -478.41M | -1.17B | -307.78M | -280.06M | -279.98M | -311.82M | -318.64M | -198.11M | -144.2M | -229.31M | -312.06M | -212.13M | -271.64M | -279.98M | -457.48M | -151.91M | -52.2M | -110.52M | -200.51M | -622.81M | -220.16M | -76.9M | -23.39M | -174.8M | -138.1M | -34M | -45.2M |
| Sale/Maturity of Investments | 528.83M | 480.19M | 478.66M | 455.34M | 243.62M | 858.42M | 456.77M | 284.86M | 149.38M | 154.5M | 160.72M | 186.08M | 189.62M | 225.91M | 265.41M | 186.46M | 353.51M | 265.05M | 294.06M | 136.64M | 93.11M | 112.97M | 235.39M | 407.98M | 153.37M | 85.83M | 28.58M | 65.1M | 79.3M | 31.6M | 27.6M |
| Net Investment Activity | -56.81M | -5.46M | -137.73M | 143.65M | -234.79M | -316.01M | 148.99M | 4.8M | -130.6M | -157.32M | -157.92M | -12.04M | 45.42M | -3.4M | -46.65M | -25.68M | 81.87M | -14.93M | -163.42M | -15.27M | 40.92M | 2.44M | 34.88M | -214.82M | -66.78M | 8.93M | 5.19M | -109.7M | -58.8M | -2.4M | -17.6M |
| Acquisitions | 0 | 0 | -1.58M | 92.59M | -85.79M | 132.72M | -94.86M | 7.81M | 4.7M | -1.07M | -244K | 97.28M | 17.08M | -4.54M | -3.32M | 0 | 0 | 0 | 0 | -1.07M | -1.45M | -1.16M | 0 | 0 | 18.65M | -162K | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -356.35M | -412.96M | -198.17M | -355.72M | -86.88M | 115.54M | -443.75M | -8.75M | 278K | 556K | -34.76M | -76.92M | -69.56M | -65.47M | -15.07M | 18.09M | 61.57M | 24.93M | -2.06M | 8.94M | -68.02M | -53.78M | -84.16M | 16.76M | -16.18M | -45.18M | -78.48M | -89.2M | 59.6M | -39.1M | 23.4M |
| Cash from Financing | 286.1M | 261.01M | -7.94M | 261.99M | 32.67M | 181.64M | 345.34M | -30.63M | 60.33M | 107.92M | 133.08M | -37.11M | -9.7M | 30.83M | 51.91M | -70.2M | -153.71M | -24.93M | 123.76M | -15.06M | 445K | 32.41M | -23.44M | 190.71M | 63.57M | 20.96M | 44.49M | 190.8M | -9.8M | 40.8M | -8M |
| Dividends Paid | -58.22M | -58.14M | -55.83M | -51.84M | -42.37M | -31M | -27.05M | -25.94M | -20.91M | -14.71M | -11.17M | -10.06M | -6.77M | -5.42M | -4.46M | -5.15M | -5.77M | -8.97M | -8.42M | -8.37M | -8.16M | -7.46M | -7.15M | -5.7M | -4.18M | -3.59M | -3.26M | -2.9M | -2.5M | -2.2M | -1.9M |
| Share Repurchases | -3.13M | -3.32M | -3M | -3.03M | -7.41M | -1.31M | -29.28M | -805K | 0 | 0 | -4.96M | -741K | -520K | -228K | -1.36M | -39.19M | -181K | -249K | -506K | -19.35M | 0 | 0 | -13.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 1.73M | 1.67M | 1.48M | 1.26M | 1.23M | 906K | 594K | 6K | 25K | 9K | 18K | 0 | 40.24M | 8K | 6K | 10K | 447K | 5K | 210K | 0 | 2.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -1.4M | -1.65M | -1.52M | -1.77M | -6.18M | -400K | -28.69M | -799K | 25K | 9K | -4.95M | -741K | 39.72M | -220K | -1.35M | -39.18M | 266K | -244K | -296K | -19.35M | 2.72M | 0 | -13.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 2M | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -337K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K |
| Other Financing | -87.48M | 19.69M | 485.8M | 150.3M | -146.85M | 200.76M | 617.51M | 76.42M | 23.93M | 219.87M | -27.01M | -25.97M | -8.26M | -22.33M | 102.97M | -10.61M | -34.38M | 29.4M | 179.85M | -47.17M | 147.61M | 20.48M | -23.05M | -40.56M | 38.53M | 39.33M | 29.43M | 38.9M | -14.3M | 30.6M | 1.5M |
| Net Change in Cash | 3.41M | -28.71M | -209.06M | 272.7M | -261.7M | 263.63M | 36.91M | 37.58M | 5.42M | 6.05M | -4.97M | 9.66M | 7.63M | -8.72M | 23.59M | -35.69M | 32.87M | 6.17M | -9.6M | 5.39M | 158K | 8.2M | -41.98M | 17.88M | 22.71M | 4.39M | -15.3M | 3.7M | -38.8M | -28.5M | -21M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | -11.1M | 0 | -15.5M |
| Cash at Beginning | 188.95M | 217.66M | 426.72M | 154.02M | 415.73M | 152.1M | 115.19M | 77.61M | 72.19M | 66.15M | 71.11M | 61.45M | 53.82M | 62.54M | 38.95M | 74.64M | 41.77M | 35.6M | 45.2M | 39.81M | 39.65M | 31.45M | 73.43M | 55.55M | 32.84M | 28.45M | 43.75M | 40.1M | 38.8M | 28.5M | 21M |
| Cash at End | 190.39M | 188.95M | 217.66M | 426.72M | 154.02M | 415.73M | 152.1M | 115.19M | 77.61M | 72.19M | 66.15M | 71.11M | 61.45M | 53.82M | 62.54M | 38.95M | 74.64M | 41.77M | 35.6M | 45.2M | 39.81M | 39.65M | 31.45M | 73.43M | 55.55M | 32.84M | 28.45M | 43.8M | 29M | 69.3M | 13M |
| Interest Paid | 160.98M | 159.88M | 172.71M | 90.37M | 16.27M | 13.39M | 18.94M | 28.89M | 19.92M | 13M | 10.76M | 11.54M | 10.77M | 11.84M | 15.57M | 21.39M | 30.11M | 41.02M | 48.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 16.99M | 22.93M | 28.49M | 29.87M | 4.13M | 6.69M | 12.5M | 11.45M | 6.13M | 14.04M | 11.89M | 672K | 6.73M | 7.47M | 5.56M | 1.57M | 385K | 1.26M | 4.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 123.63M | 128.7M | 136.37M | 130.19M | 113.09M | 149.74M | 81.18M | 64.35M | 70.71M | 55.95M | 54.88M | 38.45M | 24.39M | 33.86M | 36.72M | 42.09M | 43.14M | 21.1M | 32.12M | 27.85M | 28.26M | 28.28M | 30.75M | 25.23M | 23.45M | 19.85M | 13.5M | 11.7M | 10.3M | 11M | 9.7M |
| FCF Growth % | -8.26% | -5.62% | 4.75% | 15.12% | -24.48% | 84.44% | 26.16% | -9% | 26.37% | 1.97% | 42.71% | 57.66% | -27.97% | -7.8% | -12.76% | -2.42% | 104.43% | -34.29% | 15.3% | -1.44% | -0.07% | -8.01% | 21.85% | 7.59% | 18.16% | 46.97% | 15.41% | 13.59% | -6.36% | 13.4% | 16.87% |
Equipment leasing residual volatility
Based on reported financial statements, Peoples Bancorp consistently generates positive operating cash flow, with the 2026Q1 figure of $34.5 million demonstrating a stable ability to fund organic growth while maintaining regulatory capital buffers despite the inherent volatility of its diversified non-interest income streams.
The bank's ability to maintain a positive OCF/NI ratio, which reached 1.19 in 2026Q1, suggests that earnings are effectively converted into tangible capital. This internal generation capacity appears sufficient to support the bank's ongoing acquisition strategy without necessitating frequent external capital raises.
As indicated by quarterly cash flow data, PEBO actively manages its investment securities portfolio, evidenced by the $117.5 million in purchases and $125.9 million in sales during 2026Q1, suggesting a tactical approach to duration management in response to shifting interest rate expectations.
The frequent turnover in the investment portfolio implies that management is actively adjusting the balance sheet to optimize yield. Investors should monitor whether these reinvestment activities are successfully mitigating the persistent net interest margin compression noted in previous periods.
According to recent SEC filings, PEBO has maintained a consistent quarterly dividend payout of approximately $14.6 million, which appears sustainable given the bank's steady operating cash flow and its disciplined approach to share repurchases, which remained minimal at $2.1 million in 2026Q1.
The prioritization of dividends over aggressive buybacks suggests a conservative capital allocation philosophy that favors shareholder income stability. This approach appears prudent given the integration risks associated with recent acquisitions and the potential for credit volatility in the equipment leasing segment.
Analysis of the cash flow statement reveals that while operating cash flows remain stable, the underlying volatility in provision expenses, such as the $16.6 million recorded in 2025Q2, may mask potential impairments in the equipment leasing portfolio that are not fully captured by headline cash metrics.
The cash flow statement provides limited visibility into the residual value assumptions of the leasing arm, which warrants further investigation. Investors should be cautious, as aggressive accounting in this segment could lead to future cash flow pressures if equipment resale values decline unexpectedly.
Quick answers to the most common questions about buying PEBO stock.
Peoples Bancorp Inc. (PEBO) generated $134.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Peoples Bancorp Inc. (PEBO) generated $128.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Peoples Bancorp Inc. (PEBO) spent $6.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Peoples Bancorp Inc. (PEBO) returned $58.1M to shareholders via cash dividends and spent $3.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.