Revenue performance is distorted by a non-interest income collapse to -$12.1T in 2026Q2 and extreme NIM volatility, with the margin expanding from a stable 0.4% to 2.1% in the latest quarter, suggesting underlying core earnings power is difficult to assess.
Woori Financial Group Inc. (WF) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Net Interest Income | 39.5T | 41.73T | 8.89T | 8.74T | 8.7T | 6.99T | 6T | 5.89T | 5.65T | 5.22T | 5.02T | 0 |
| NII Growth % | 1356.52% | 369.65% | 1.64% | 0.53% | 24.49% | 16.46% | 1.78% | 4.31% | 8.24% | 4% | - | - |
| Net Interest Margin % | - | 6.94% | 1.69% | 1.76% | 1.81% | 1.56% | 1.5% | 1.63% | 1.66% | 1.65% | 1.62% | 0% |
| Interest Income | 42.59T | 41.73T | 22.01T | 20.64T | 14.65T | 9.89T | 9.52T | 10.58T | 9.68T | 8.55T | 8.51T | 0 |
| Interest Expense | 3.09T | 0 | 13.13T | 11.9T | 5.96T | 2.91T | 3.53T | 4.68T | 4.03T | 3.33T | 3.49T | 924.51B |
| Loan Loss Provision | 0 | 0 | 1.71T | 1.87T | 882.95B | 531.26B | 783.78B | 372.36B | 329.57B | 785.13B | 834.08B | -924.51B |
| Non-Interest Income | -35.35T | -37.62T | 3.74T | 3.06T | 2.73T | 2.61T | 1.73T | 1.85T | 1.81T | 2.02T | 1.23T | 11.07T |
| Non-Interest Income % | -852.43% | -914.05% | 29.6% | 25.91% | 23.9% | 27.21% | 22.34% | 23.89% | 24.23% | 27.91% | 19.75% | 100% |
| Total Net Revenue | 4.15T | 4.12T | 12.62T | 11.8T | 11.43T | 9.6T | 7.72T | 7.74T | 7.46T | 7.24T | 6.25T | 11.07T |
| Revenue Growth % | -67.9% | -67.4% | 6.97% | 3.26% | 19.07% | 24.25% | -0.25% | 3.84% | 2.98% | 15.78% | -43.51% | - |
| Non-Interest Expense | 0 | 0 | 6.69T | 6.41T | 6T | 5.38T | 4.94T | 4.65T | 4.32T | 4.51T | 3.87T | 2.37T |
| Efficiency Ratio | 0% | 0% | 52.99% | 54.32% | 52.48% | 56.05% | 63.95% | 60.03% | 57.97% | 62.24% | 61.83% | 21.44% |
| Operating Income | 4.15T | 4.12T | 4.22T | 3.52T | 4.55T | 3.69T | 2T | 2.72T | 2.8T | 1.95T | 1.55T | 1.28T |
| Operating Margin % | 100% | 100% | 33.45% | 29.81% | 39.79% | 38.42% | 25.91% | 35.17% | 37.61% | 26.92% | 24.84% | 11.54% |
| Operating Income Growth % | - | -2.54% | 20.05% | -22.65% | 23.34% | 84.24% | -26.51% | -2.92% | 43.88% | 25.5% | 21.6% | - |
| Pretax Income | 4.15T | 4.12T | 4.22T | 3.52T | 4.55T | 3.69T | 2T | 2.72T | 2.8T | 1.95T | 1.55T | 1.47T |
| Pretax Margin % | 100% | 100% | 33.45% | 29.81% | 39.79% | 38.42% | 25.91% | 35.17% | 37.61% | 26.92% | 24.84% | 13.24% |
| Income Tax | 1.03T | 871.18B | 1.05T | 890.56B | 1.18T | 924.77B | 486B | 685.45B | 753.22B | 419.42B | 275.86B | 376.55B |
| Effective Tax Rate % | 24.73% | 21.17% | 24.9% | 25.32% | 25.91% | 25.08% | 24.28% | 25.17% | 26.85% | 21.51% | 17.76% | 25.69% |
| Net Income | 3.12T | 3.24T | 3.09T | 2.51T | 3.19T | 2.54T | 1.31T | 1.87T | 2.03T | 1.51T | 1.26T | 875.84B |
| Net Margin % | 75.27% | 78.83% | 24.45% | 21.24% | 27.89% | 26.49% | 16.92% | 24.18% | 27.27% | 20.88% | 20.17% | 7.91% |
| Net Income Growth % | -3.13% | 5.13% | 23.13% | -21.35% | 25.32% | 94.52% | -30.18% | -7.92% | 34.46% | 19.89% | 44.01% | - |
| Net Income (Continuing) | 3.12T | 3.24T | 3.17T | 2.63T | 3.37T | 2.76T | 1.52T | 2.04T | 2.05T | 1.53T | 1.28T | 1.08T |
| EPS (Diluted) | 12345.98 | 12837.63 | 11847.09 | 9689.31 | 12573.27 | 10442.97 | 5226.66 | 8174.52 | 8967.75 | 5932.74 | 4652.19 | 3904.17 |
| EPS Growth % | -1.34% | 8.36% | 22.27% | -22.94% | 20.4% | 99.8% | -36.06% | -8.85% | 51.16% | 27.53% | 19.16% | - |
| EPS (Basic) | - | 12837.63 | 11847.09 | 9689.31 | 12573.27 | 10442.97 | 5226.66 | 8174.52 | 9059.58 | 5932.74 | 4652.19 | 3904.17 |
| Diluted Shares Outstanding | 252.82M | 252.73M | 247.09M | 245.13M | 242.57M | 241.47M | 240.76M | 228.5M | 226.72M | 226.72M | 226.72M | 224.33M |
Quick answers to the most common questions about buying WF stock.
For fiscal year 2025, Woori Financial Group Inc. (WF) reported total revenue of $4.12T. This represents a 62.8% decline compared to $11.07T in 2015.
Woori Financial Group Inc. (WF) is profitable, generating $3.24T in net income for the fiscal year ending 2025 with a net profit margin of 78.8%.
Woori Financial Group Inc. (WF) reported an operating income of $4.12T, resulting in an operating profit margin of 100.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Woori Financial Group Inc. (WF) generated $4.12T in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Project finance real estate exposure
NII Growth Decelerates Amid Rate Cycle Peak
Net interest income growth has decelerated to 4.9% YoY in 2026Q2, down from a peak of 6.0% in 2024Q4, suggesting the tailwind from the Bank of Korea's rate hikes is fading as the cycle matures.
The sequential slowdown in NII growth from 3.6% in 2025Q4 to 2.3% in 2026Q1 and then a rebound to 4.9% in 2026Q2 indicates volatility rather than a clear trend. This pattern, combined with the reported Q1 2026 earnings miss on NII, suggests that loan volume growth may be struggling to offset margin compression. Investors should monitor whether the Q2 rebound is sustainable or reflects a one-time adjustment, as the core lending franchise appears to be losing momentum.
NIM Volatility Signals Structural Pressure
The net interest margin has exhibited extreme volatility, swinging from a stable 0.4% for eight quarters to 1.7% in 2025Q4 and 2.1% in 2026Q2, which appears inconsistent with a traditional banking model and warrants investigation into reporting methodology.
The sudden expansion in NIM from a long-term baseline of 0.4% to over 2% in recent quarters is highly anomalous for a major commercial bank and likely reflects a change in how the metric is calculated or consolidated, rather than a fundamental improvement in spread management. This inconsistency makes it difficult to assess true core profitability and peer positioning. The reported 78.83% net margin, as noted in the company intelligence, further supports the presence of significant non-recurring items distorting the income statement.
Provision Volatility Masks Underlying Credit Quality
Provision expense has been highly erratic, swinging from $434.9B in 2025Q1 to a negative $3.1T in 2026Q1, suggesting significant management discretion or one-time adjustments that obscure the true trajectory of credit costs.
The negative provision in 2026Q1, followed by a zero provision in 2026Q2, indicates either a major reversal of previously booked reserves or a specific accounting event, rather than a normalized credit environment. This volatility makes it challenging to assess the bank's true exposure to the Korean real estate and project finance sectors. Given the known risks in construction-related loans, the lack of consistent provisioning raises questions about the adequacy of reserves and the timing of loss recognition.
Non-Interest Income Collapse Distorts Revenue Picture
Non-interest income has turned sharply negative, recording -$12.1T in 2026Q2 after being positive in most prior quarters, which appears to be the primary driver of the reported -67.4% YoY revenue contraction.
The swing from positive non-interest income of $1.1T in 2025Q3 to a negative $12.1T in 2026Q2 is a dramatic deterioration that cannot be explained by normal business cycle fluctuations. This suggests either a massive one-time loss, a significant change in accounting treatment for derivatives or investment securities, or a structural impairment in fee-generating activities. The negative fee percentage (-9.0%) in the latest quarter indicates that non-interest sources are now destroying value rather than contributing to earnings, which fundamentally alters the bank's revenue composition.
2025Q4 Marks Accounting or Structural Inflection Point
The fourth quarter of 2025 appears to be a critical inflection point where NIM expanded from 0.4% to 1.7% and fee income turned negative, suggesting a fundamental shift in either business model or reporting methodology.
The simultaneous expansion in NIM and collapse in non-interest income starting in 2025Q4 indicates a potential restructuring of how the bank reports its financials, possibly related to the consolidation of subsidiaries or changes in derivative accounting. This inflection point coincides with the moderation in revenue contraction from -84% to -67%, but the underlying drivers remain unclear. Investors should treat the pre-2025Q4 and post-2025Q4 data as potentially non-comparable, which complicates trend analysis and valuation.
Earnings Quality Questioned by Accounting Anomalies
The combination of negative non-interest income, erratic provisions, and NIM volatility suggests that reported earnings may not reflect sustainable operational performance, with the 78.83% net margin likely inflated by non-recurring items.
The reported financials contain multiple red flags for earnings quality: negative fee income destroying value, provisions that swing from positive to negative without clear credit cycle justification, and NIM that quadruples without corresponding changes in the interest rate environment. These anomalies suggest that stripping out one-time items and accounting adjustments is essential to determine true recurring earnings power. The market's potential mispricing of WF's lack of a life insurance arm, as noted in the company intelligence, may be secondary to these more fundamental questions about the reliability of the reported income statement.