WaFd demonstrated disciplined capital allocation in 2026Q2 by returning $111 million to shareholders while simultaneously deploying $342.8 million into its investment securities portfolio.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Cash from Operations | 255.25M | 236.95M | 439.23M | 213.96M | 268.46M | 314.45M | 166.6M | 234.05M | 190.7M | 179.7M | 221.72M | 142.87M | 173.72M | 181.42M | 174.96M | 261.7M | 250.88M | 184.24M | 162.23M | 142.81M | 131.95M | 143.25M | 125.77M | 120.98M | 137.68M | 125.18M | 97.24M | 91.4M | 89M | 110M | 77.6M |
| Operating CF Growth % | -16.36% | -46.05% | 105.29% | -20.3% | -14.63% | 88.75% | -28.82% | 22.73% | 6.12% | -18.95% | 55.19% | -17.76% | -4.25% | 3.7% | -33.15% | 4.31% | 36.17% | 13.57% | 13.6% | 8.22% | -7.88% | 13.89% | 3.96% | -12.13% | 9.98% | 28.73% | 6.39% | 2.7% | -19.09% | 41.75% | 52.16% |
| Net Income | 252.29M | 226.07M | 200.04M | 257.43M | 236.33M | 183.62M | 173.44M | 210.26M | 203.85M | 173.53M | 164.05M | 160.32M | 157.36M | 151.5M | 138.18M | 111.14M | 118.65M | 48.17M | 62.33M | 135.02M | 143.1M | 145.89M | 131.87M | 145.54M | 148.38M | 113.61M | 105.68M | 114.3M | 111.8M | 105.1M | 79.9M |
| Depreciation & Amortization | -7.74M | 9.72M | 134.1M | 22.97M | 64.05M | 33.91M | 39.91M | 31.06M | 46.73M | 41.68M | 19.51M | 17.89M | 17.35M | 15.77M | 34.5M | 32.83M | 5.77M | 5.15M | 4.28M | 4.07M | 7.71M | -4.91M | -8.77M | -8.98M | -11.2M | 8.73M | 3.41M | -17.3M | -20.1M | -9.1M | 5.5M |
| Deferred Taxes | 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 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.7M | 8.3M | 14.6M | 39.5M | 2.17M | 515K | -5.03M | -14.13M | -7.72M | -13.49M | -24.56M | -28.42M | -15.41M | 6.76M | 47.16M | 143.75M | 266.54M | 212.9M | 138.46M | 2.13M | 1.47M | 1.67M | 1.3M | -25.86M | -1.84M | -9.83M | -12.46M | -10.7M | -5.6M | -7.2M | -10.7M |
| Working Capital Changes | -2.63M | -15.66M | 81.31M | -113.85M | -40.89M | 90.03M | -48.19M | 1.6M | -56.93M | -27.93M | 59.15M | -10.48M | 14.09M | 6.91M | -45.73M | -27.11M | -141.29M | -83.31M | -44.13M | 1.59M | -20.32M | 600K | 1.37M | 10.28M | 2.34M | 12.68M | 614K | 5.1M | 2.9M | 21.2M | 2.9M |
| Cash from Investing | -492.61M | -318.41M | 3.29B | -1.38B | -2.49B | -579.75M | -920.98M | -421.37M | -674.45M | -544.54M | -131.06M | -290.49M | 781.02M | -391.89M | 1.05B | -164.03M | 307.28M | -456.51M | -634.76M | -727.12M | -1.43B | -957.89M | -576.46M | 618.63M | 582.15M | -225.88M | -543.46M | -541.3M | 126.9M | 129.7M | -508.7M |
| Purchase of Investments | -2.03B | -1.75B | -600.45M | -388.98M | -783.3M | -530.23M | -1.06B | -363.71M | -443.62M | -542.42M | -137.59M | -574.6M | -1.28B | -1.68B | -3.61B | -1.59B | -1.77B | -1.18B | -313.95M | -328.1M | -973.15M | -827.18M | -911.4M | -560M | -180.68M | -89.88M | -154.3M | -766M | -319.2M | -54.2M | -241.2M |
| Sale/Maturity of Investments | 639.24M | 615.63M | 605.26M | 460.74M | 610.5M | 980.03M | 1.05B | 402.76M | 386.82M | 960.26M | 806.95M | 1.13B | 713.01M | 649.95M | 3.89B | 892.61M | 1.57B | 553.36M | 327.13M | 345M | 217.71M | 784.43M | 608.8M | 683.25M | 435.14M | 312.6M | 181.59M | 443.2M | 367M | 119.9M | 425.4M |
| Net Investment Activity | -1.39B | -1.13B | 4.81M | 71.76M | -172.8M | 449.81M | -10.53M | 39.05M | -56.8M | 417.83M | 669.36M | 554.12M | -567.47M | -1.03B | 280.29M | -693.33M | -202.65M | -621.96M | 13.18M | 16.9M | -755.45M | -42.74M | -302.6M | 123.25M | 254.46M | 222.72M | 27.29M | -322.8M | 47.8M | 65.7M | 184.2M |
| Acquisitions | -5.4M | -360K | 623.58M | -2.59M | 0 | -1.5M | -2.81M | 0 | -2.21M | -3.37M | 0 | 0 | 1.78B | 202.31M | 50.58M | 0 | 111.68M | 0 | -166.86M | -35.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 940.35M | 841.78M | 2.68B | -1.43B | -2.31B | -998.58M | -875.7M | -424.89M | -588.31M | -943.54M | -758.66M | -798.17M | -376.38M | 462.14M | 755.48M | 539.84M | 411.27M | 170.72M | -458.75M | -706.31M | -670.28M | -911.06M | -269.13M | 500.11M | 332.09M | -441.85M | -568.04M | -215M | 82.7M | 68.1M | -689M |
| Cash from Financing | -324.3M | -1.64B | -2.33B | 1.46B | 817.86M | 653.12M | 2.04B | 337.83M | 439.32M | 227.54M | 75.66M | -350.18M | -376.46M | -337.39M | -1.29B | -170.28M | -167.93M | 688.05M | 493.75M | 599.97M | 703.38M | 944.07M | -478.16M | -277.56M | 224.99M | 102.75M | 449.47M | 452.7M | -217.1M | -235.9M | 427.5M |
| Dividends Paid | -97.24M | -99.26M | -88.89M | -78.42M | -76.2M | -72.25M | -66.5M | -63.32M | -56M | -74.52M | -49.93M | -51.11M | -42.06M | -37.84M | -32.43M | -25.7M | -22.45M | -24.21M | -73.69M | -72.47M | -70.71M | -67.72M | -64.7M | -60M | -57.38M | -54.04M | -51.31M | -49.2M | -46.8M | -42.7M | -37.8M |
| Share Repurchases | -222.4M | -101.93M | -27.07M | -30.46M | -3.26M | -348.65M | -112.13M | -123.85M | -164.25M | -98.37M | -87.85M | -126.73M | -104.29M | -110.24M | -41.91M | -59.68M | 0 | -200M | 0 | -9.85M | 0 | 0 | -1.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 475K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.94M | 534.7M | 8.32M | 8.37M | 6.9M | 5.53M | 8.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -221.93M | -101.93M | -27.07M | -30.46M | -3.26M | -348.65M | -112.13M | -123.85M | -164.25M | -98.37M | -87.85M | -126.73M | -104.29M | -110.24M | -41.91M | -59.68M | 1.94M | 334.7M | 8.32M | -1.48M | 6.9M | 5.53M | 7.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 0 | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 0 | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K |
| Other Financing | -300.13M | 66.97M | -309.55M | 44.52M | 492.32M | 1.77B | 1.78B | 605M | 554.57M | 255.43M | -36.56M | -61.78M | -230.1M | -216.85M | -224.22M | -125.23M | 191.61M | 1.17M | 3.63M | 306.9M | 282.19M | 423.45M | 34.7M | -214.99M | 204.74M | 845.52M | 88.75M | 224M | 178.1M | 119.9M | 35.1M |
| Net Change in Cash | -561.66M | -1.72B | 1.4B | 296.68M | -1.41B | 387.83M | 1.28B | 150.51M | -44.42M | -137.3M | 166.32M | -497.79M | 578.28M | -547.87M | -64.57M | -72.62M | 390.23M | 415.79M | 21.22M | 15.66M | -592.07M | 129.43M | -928.85M | 462.06M | 944.82M | 2.04M | 3.25M | 2.8M | -1.2M | 3.8M | -23.2M |
| 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 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 734.91M | 2.38B | 980.65M | 683.97M | 2.09B | 1.7B | 419.16M | 268.65M | 313.07M | 450.37M | 284.05M | 781.84M | 203.56M | 751.43M | 816M | 888.62M | 498.39M | 82.6M | 61.38M | 45.72M | 637.79M | 508.36M | 1.44B | 975.15M | 30.33M | 28.29M | 25.04M | 22.2M | 23.4M | 19.6M | 664.7M |
| Cash at End | 669.8M | 657.31M | 2.38B | 980.65M | 683.97M | 2.09B | 1.7B | 419.16M | 268.65M | 313.07M | 450.37M | 284.05M | 781.84M | 203.56M | 751.43M | 816M | 888.62M | 498.39M | 82.6M | 61.38M | 45.72M | 637.79M | 508.36M | 1.44B | 975.15M | 30.33M | 28.29M | 25M | 22.2M | 23.4M | 450.7M |
| Interest Paid | 615.51M | 746.93M | 739.08M | 364.39M | 65.17M | 71.84M | 146.68M | 194.28M | 133.72M | 111.33M | 114.51M | 116.23M | 128.73M | 140.41M | 199.74M | 228.44M | 269.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | -2.47M | 41.65M | 20.28M | 61.24M | 35.1M | 47.85M | 35.64M | 33.55M | 44.26M | 54.08M | 68.51M | 65.72M | 64.37M | 80.42M | 59.6M | 73.8M | 27.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 216.69M | 208.25M | 414.55M | 198.89M | 256.68M | 284.98M | 134.66M | 198.52M | 163.57M | 164.24M | 179.95M | 96.43M | 121.92M | 152.18M | 142.95M | 251.16M | 237.85M | 178.97M | 139.9M | 140.32M | 130.27M | 139.16M | 121.04M | 116.25M | 133.28M | 118.43M | 94.53M | 87.9M | 85.4M | 105.9M | 73.7M |
| FCF Growth % | -15.78% | -49.77% | 108.43% | -22.51% | -9.93% | 111.63% | -32.17% | 21.37% | -0.4% | -8.73% | 86.61% | -20.91% | -19.88% | 6.46% | -43.09% | 5.59% | 32.9% | 27.93% | -0.3% | 7.72% | -6.39% | 14.97% | 4.12% | -12.78% | 12.54% | 25.29% | 7.54% | 2.93% | -19.36% | 43.69% | 53.22% |
CRE and construction concentration
According to the reported cash flow data, WaFd generated $65.5 million in net income during 2026Q2, maintaining a consistent ability to fund organic growth while supporting shareholder returns, as evidenced by the bank's sustained profitability levels despite the integration of recent large-scale acquisition activities and market volatility.
The bank's ability to generate positive net income consistently suggests that its core earnings power remains intact despite the recent merger-related complexities. Investors should monitor whether this internal capital generation remains sufficient to support the bank's risk-weighted asset growth without necessitating external capital raises.
Based on financial statements, WaFd's investment activity shows a significant increase in purchase volume, reaching $342.8 million in 2026Q2, which suggests a strategic pivot toward deploying excess liquidity into the securities portfolio as the bank manages its asset-liability mix in a fluctuating interest rate environment.
The elevated purchase activity relative to historical periods may indicate management's attempt to lock in yields or adjust the duration profile of the balance sheet. This trend warrants further investigation into the composition of these new securities and how they impact the bank's overall interest rate sensitivity.
As reported in recent filings, WaFd returned $111 million to shareholders through dividends and buybacks in 2026Q2, reflecting a disciplined approach to capital allocation that appears to balance the need for regulatory capital retention with the desire to provide consistent value to its equity holders.
The uptick in buyback activity during the most recent quarter suggests management's confidence in the bank's capital position following the Luther Burbank acquisition. However, the sustainability of these returns remains contingent on the bank's ability to maintain its capital buffers while navigating potential credit headwinds in its construction portfolio.
According to the provided cash flow data, WaFd recorded $4.0 million in loan loss provisions during 2026Q2, marking a shift from the zero-provision periods observed in early 2024 and suggesting a more conservative stance on credit risk management as the bank's loan book matures post-merger.
This increase in provisioning appears to be a prudent response to the current economic climate and the bank's specific concentration in construction and commercial real estate lending. Analysts should monitor whether these provisions align with actual charge-off trends to determine if the bank is adequately reserved for potential cyclical downturns.
Quick answers to the most common questions about buying WAFD stock.
WaFd, Inc. (WAFD) generated $237.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
WaFd, Inc. (WAFD) generated $208.2M 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.
WaFd, Inc. (WAFD) spent $28.7M 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, WaFd, Inc. (WAFD) returned $99.3M to shareholders via cash dividends and spent $101.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.