Capital allocation is heavily skewed toward share repurchases, which reached $107.4 million in 2025Q4, significantly outpacing the $9.3 million in dividends paid during the same period.
| 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 | 297.63M | 220M | 219.9M | 237M | 480.85M | 125.65M | 15.14M | 89.87M | 135.57M | 130.17M | 80.18M | 74.18M | 67.85M | 57.38M | 103.03M | 76.35M | 61.97M | 21.75M | 46.39M | 32.7M | 32.42M | 40.43M | 33.26M | 9.57M | 25.05M | 33.08M | 41.85M | -5.41M | 20.8M | 15.7M | 17.4M |
| Operating CF Growth % | 4618.62% | 0.05% | -7.22% | -50.71% | 282.7% | 729.8% | -83.15% | -33.71% | 4.15% | 62.34% | 8.09% | 9.32% | 18.25% | -44.31% | 34.95% | 23.2% | 184.92% | -53.11% | 41.83% | 0.87% | -19.81% | 21.57% | 247.43% | -61.78% | -24.27% | -20.96% | 873.53% | -126.01% | 32.48% | -9.77% | 41.46% |
| Net Income | 308.28M | 287.25M | 263.5M | 269.02M | 222.65M | 271.61M | 113.32M | 147.92M | 134.74M | 50.24M | 64.08M | 53.53M | 53.76M | 46.88M | 31.31M | 22.68M | 14.12M | 663K | 16.14M | 29.65M | 30.44M | 27.86M | 25.9M | 63.02M | 101.14M | 17.08M | 16.88M | 19.71M | 18M | 16.4M | 16.4M |
| Depreciation & Amortization | 38.73M | 37.64M | 39.7M | 48.6M | 60.54M | 37.84M | 38.2M | 49.81M | 11.27M | 11.63M | 9.91M | 8.18M | 7.21M | 6.97M | 17.4M | 11.14M | 6.66M | 6.95M | 6.22M | 4.93M | 4.51M | 5.44M | 6.02M | 11.56M | 8.89M | 4.98M | 2.37M | 3.37M | 2.9M | -900K | -400K |
| Deferred Taxes | 6.43M | 5.7M | -8.16M | -5.4M | -4M | 39.84M | -32.85M | 7.07M | 3.38M | 17.9M | 5.37M | 2.23M | -5.66M | 755K | 3.59M | 2.98M | -2.18M | -8.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 2.08M | 19.02M | -46.13M | -35.64M | -20.26M | -164.16M | -87.15M | -130.7M | -1.39M | 50.01M | 3.16M | 9.11M | 14.6M | 10.48M | 42.49M | 31.23M | 37.96M | 41.87M | 22.48M | 5.75M | 3.74M | 4.24M | 10.4M | -32.42M | -120.96M | 19.82M | 21.63M | -25.78M | -3.8M | -2.6M | 4.7M |
| Working Capital Changes | -71.17M | -142.41M | -40.91M | -49.2M | 215.58M | -65.16M | -19.06M | 12.15M | -14.72M | -3.01M | -5.39M | -2.97M | -6.58M | -11.32M | 6.26M | 6.51M | 4.62M | -20.1M | 822K | -7.62M | -6.27M | 2.9M | -9.07M | -32.59M | 35.98M | -8.82M | 971K | -2.71M | 3.7M | 2.8M | -3.3M |
| Cash from Investing | -59.3M | 124.88M | -66.73M | -326.26M | -137.37M | -1.49B | -874.94M | 293.82M | -359.91M | -388.79M | -276.59M | -275.84M | -26.56M | -172.46M | -115.25M | -280.82M | -15.7M | -248.88M | -288.31M | -171.11M | -137.78M | -315.06M | -268.61M | -597.55M | 37.85M | -112.95M | 17.67M | -113.78M | -95.3M | -155M | -154.3M |
| Purchase of Investments | -321.2M | -203.01M | -67.43M | -27.69M | -1.34B | -3.49B | -1.46B | -958.26M | -500.03M | -706.65M | -375.31M | -329.74M | -288.21M | -335.58M | -941.38M | -621.14M | -393.18M | -444.08M | -132.72M | -72.16M | -68.44M | -249.91M | -210.9M | -1.01B | -690.75M | -356.21M | -247.29M | -213.19M | -375.5M | -183.8M | -191.8M |
| Sale/Maturity of Investments | 456.32M | 442.78M | 411.72M | 445.69M | 1.08B | 736.79M | 1.02B | 904.06M | 135.11M | 656.04M | 289.67M | 298.97M | 313.09M | 364.88M | 910.23M | 525.64M | 371.44M | 285.58M | 101.45M | 121.91M | 182.65M | 179.84M | 232.17M | 502.33M | 620.82M | 352.28M | 386.49M | 212.98M | 308.6M | 159M | 111.4M |
| Net Investment Activity | 135.12M | 239.77M | 344.29M | 418.01M | -257.1M | -2.75B | -436.1M | -54.2M | -364.93M | -50.61M | -85.64M | -30.77M | 24.88M | 29.3M | -31.14M | -95.5M | -21.74M | -158.5M | -31.27M | 49.75M | 114.21M | -70.06M | 21.27M | -510.01M | -69.94M | -3.94M | 139.2M | -217K | -66.9M | -24.8M | -80.4M |
| Acquisitions | 8K | 2.43M | 0 | -3M | 573.75M | 0 | 0 | 76.07M | 0 | 0 | 39.79M | 40.86M | 8.66M | -4.03M | 0 | 0 | 40.33M | 119K | -12.19M | -680K | -466K | -452K | -1.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -189.58M | -110.93M | -396.76M | -734.86M | -445.2M | 1.27B | -431.68M | 286.15M | 10.52M | -330.45M | -220.88M | -277.57M | -55.37M | -194.87M | -76M | -172.78M | -28.57M | -83.72M | -239.86M | -211M | -240.77M | -239.42M | -276.01M | -84.74M | 112.54M | -107.02M | -116.23M | -108.41M | -23.7M | -125.9M | -73.1M |
| Cash from Financing | 1.22B | 199.46M | -91.25M | 344.9M | -1.04B | 1.24B | 1.94B | -432.69M | 121.23M | 160.56M | 457.16M | 255.69M | -17.68M | 98.62M | 45.09M | 295.73M | 8.74M | 300.19M | 222.95M | 164.12M | 113.23M | 315.57M | 266.84M | 522.09M | -7.19M | 159.12M | -27.33M | 101.61M | 98.6M | 141.9M | 124.3M |
| Dividends Paid | -37.41M | -37.17M | -35.8M | -36.74M | -35.75M | -24.24M | -24.37M | -22.46M | -13.25M | -9.43M | -7.63M | -6M | -4.64M | -6M | -6.81M | -6.72M | -6.21M | -5.21M | -2.83M | -2.4M | -2.06M | -1.84M | -1.64M | -1.58M | -1.73M | -1.54M | -1.61M | -1.37M | -1.1M | 0 | 0 |
| Share Repurchases | -326.01M | -290.28M | -96.31M | -54.65M | -200.08M | -13.27M | -155.83M | -97.19M | -31.2M | -11.75M | -14.31M | -31.66M | -2.69M | 0 | 0 | 0 | 0 | 0 | -3.56M | -36.17M | 0 | -40.1M | -17.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | -696K | -3.23M | 466K | 3.3M | 3.18M | 1.52M | 2.03M | 7.75M | 11.25M | 3.42M | 1.9M | 3.16M | 3.61M | 4.35M | 2.5M | 1.12M | 48.76M | 25.98M | 1.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -326.7M | -293.51M | -95.84M | -51.35M | -196.9M | -11.75M | -153.8M | -89.43M | -19.95M | -8.33M | -12.41M | -28.5M | 927K | 4.35M | 2.5M | 1.12M | 48.76M | 25.98M | -1.69M | -36.17M | 0 | -40.1M | -17.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | 1.58B | 601.17M | 554.36M | 247.99M | -1.16B | 1.39B | 2.08B | -105.01M | 535.96M | 381.31M | 206.9M | 25.62M | 245.65M | -103.85M | 187.36M | 251.6M | 90.37M | 399.61M | 309.8M | 84.13M | 352.98M | 228.47M | 305.3M | 14.89M | 94.81M | 31.72M | 225.6M | 52.52M | 56M | 70.2M | 126.8M |
| Net Change in Cash | 1.45B | 544.34M | 61.92M | 255.64M | -695.68M | -121.8M | 1.08B | -49.01M | -103.11M | -98.06M | 260.74M | 53.14M | 23.61M | -16.46M | 32.87M | 91.26M | 55.01M | 73.19M | -18.98M | 25.71M | 7.87M | 40.94M | 31.49M | -65.88M | 55.71M | 79.24M | 32.18M | -17.58M | 24M | 2.65M | -62.6M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 1.7B | 1.15B | 1.09B | 837.26M | 1.53B | 1.65B | 571.75M | 620.76M | 723.87M | 821.92M | 561.18M | 508.04M | 484.43M | 500.89M | 468.02M | 376.76M | 321.75M | 248.56M | 267.54M | 241.82M | 233.95M | 193.01M | 160.42M | 226.3M | 170.59M | 91.35M | 59.17M | 76.75M | 52.7M | 50.1M | 62.6M |
| Cash at End | 2.47B | 1.7B | 1.15B | 1.09B | 837.26M | 1.53B | 1.65B | 571.75M | 620.76M | 723.87M | 821.92M | 561.18M | 508.04M | 484.43M | 500.89M | 468.02M | 376.76M | 321.75M | 248.56M | 267.54M | 241.82M | 233.95M | 192.48M | 160.42M | 226.3M | 170.59M | 91.35M | 59.17M | 76.7M | 52.75M | 186.9M |
| Interest Paid | 297.63M | 312.13M | 366.65M | 209.91M | 36.49M | 23.43M | 50.1M | 74.94M | 45.64M | 33.57M | 22.48M | 15.98M | 15.66M | 15.7M | 24.1M | 34.01M | 42.66M | 55.64M | 80.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 63.47M | 75.16M | 82.12M | 99.14M | 58.15M | 40.69M | 72.76M | 33.84M | 33.32M | 31.44M | 24.82M | 23.4M | 23.69M | 21.87M | 13.81M | 3.15M | 10.52M | 2.59M | 10.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 292.78M | 213.61M | 205.64M | 230.6M | 472.05M | 119.07M | 7.98M | 75.67M | 130.07M | 122.44M | 70.31M | 65.81M | 63.12M | 54.52M | 94.92M | 65.85M | 56.24M | 14.97M | 41.4M | 23.52M | 21.67M | 35.31M | 20.51M | 6.77M | 20.3M | 31.08M | 36.55M | -10.57M | 16.1M | 11.4M | 16.6M |
| FCF Growth % | 183.37% | 3.88% | -10.82% | -51.15% | 296.44% | 1391.57% | -89.45% | -41.83% | 6.23% | 74.15% | 6.83% | 4.27% | 15.77% | -42.56% | 44.14% | 17.09% | 275.56% | -63.83% | 75.98% | 8.54% | -38.61% | 72.11% | 202.88% | -66.63% | -34.69% | -14.96% | 445.92% | -165.63% | 41.23% | -31.33% | 48.21% |
CRE concentration and logistics
According to quarterly financial data, WSFS consistently prioritized share repurchases, with buybacks reaching $107.4 million in 2025Q4 alone, a figure that significantly exceeds the $9.3 million paid in dividends during the same period, suggesting a management preference for returning capital over organic balance sheet expansion.
The recurring intensity of share buybacks relative to net income suggests that management may be signaling confidence in the bank's capital adequacy. However, investors should monitor whether this aggressive capital return strategy limits the bank's capacity to absorb potential credit shocks, particularly given the volatility observed in recent provision expenses.
As reported in recent filings, WSFS maintains a high velocity of investment securities activity, with quarterly sales frequently exceeding $100 million, which appears to be a tactical effort to manage liquidity and reinvestment yields in a fluctuating interest rate environment that has pressured net interest margins.
The consistent pattern of purchasing and selling securities suggests that the bank is actively rotating its portfolio to optimize duration and yield. This behavior may indicate that the bank is attempting to mitigate the impact of margin compression by utilizing its investment portfolio as a primary lever for liquidity management.
Based on the provided cash flow data, provision expenses have fluctuated wildly from a $2.0 million benefit in 2026Q1 to a $24.9 million charge in 2023Q4, indicating that the bank's internal credit loss expectations remain highly sensitive to the evolving economic outlook for the Delaware Valley.
The shift from significant provisioning to a net benefit suggests that management's view on credit quality has improved, yet the historical volatility warrants caution. This pattern may imply that the bank is susceptible to sudden adjustments in its reserve requirements, potentially impacting future earnings stability.
As evidenced by the erratic OCF/NI ratio, which swung from -0.79 in 2023Q4 to 1.72 in 2024Q1, the bank's operating cash flow is heavily influenced by non-operating items and the unique logistics requirements of the Cash Connect segment rather than pure banking profitability.
The lack of correlation between net income and operating cash flow suggests that traditional cash flow analysis is insufficient for evaluating WSFS. Investors should interpret these figures as a reflection of the bank's complex operational structure rather than a direct indicator of core earnings quality or cash generation.
Quick answers to the most common questions about buying WSFS stock.
WSFS Financial Corporation (WSFS) generated $220.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
WSFS Financial Corporation (WSFS) generated $213.6M 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.
WSFS Financial Corporation (WSFS) spent $6.4M 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, WSFS Financial Corporation (WSFS) returned $37.2M to shareholders via cash dividends and spent $290.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.