Bridgewater Bancshares Inc
NASDAQ: BWB · FINANCIAL SERVICES · BANKS - REGIONAL
Updated 2026-06-05
Bridgewater Bancshares Inc (BWB) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $53.20M | $68.88M | $87.77M | $107.60M | $120.67M | $134.19M | $169.34M | $226.95M | $251.44M | $291.63M |
| Revenue growth (YoY) | — | — | +29.5% | +27.4% | +22.6% | +12.1% | +11.2% | +26.2% | +34.0% | +10.8% | +16.0% |
| Cost of revenue | — | $11.76M | $16.35M | $24.06M | $32.35M | $39.61M | $24.52M | $41.70M | $117.01M | $147.23M | $154.01M |
| Gross profit | — | $41.44M | $52.53M | $63.71M | $75.26M | $81.05M | $109.67M | $127.64M | $109.94M | $104.22M | $137.62M |
| Gross margin | — | 77.9% | 76.3% | 72.6% | 69.9% | 67.2% | 81.7% | 75.4% | 48.4% | 41.4% | 47.2% |
| R&D | — | — | — | $0.00 | — | — | — | — | — | — | — |
| SG&A | — | $12.09M | $14.05M | $20.94M | $24.45M | $26.36M | $32.19M | $38.31M | $40.23M | $42.52M | $49.37M |
| Operating income | — | $21.27M | $27.04M | $32.14M | $38.33M | $35.67M | $61.57M | $71.71M | $52.52M | $42.74M | $61.48M |
| Operating margin | — | 40.0% | 39.3% | 36.6% | 35.6% | 29.6% | 45.9% | 42.3% | 23.1% | 17.0% | 21.1% |
| EBITDA | — | $21.96M | $27.92M | $33.10M | $39.52M | $37.06M | $64.13M | $74.96M | $55.66M | $45.74M | $64.70M |
| EBITDA margin | — | 41.3% | 40.5% | 37.7% | 36.7% | 30.7% | 47.8% | 44.3% | 24.5% | 18.2% | 22.2% |
| EBIT | — | $21.27M | $27.04M | $32.14M | $38.33M | $35.67M | $61.57M | $71.71M | $52.52M | $42.74M | $61.48M |
| Interest expense | $0.00 | $8.51M | $12.17M | $20.49M | $29.65M | $26.86M | $19.37M | $34.00M | $117.18M | $143.71M | $149.41M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $11.20M | $13.21M | $16.89M | $26.92M | $31.40M | $27.19M | $45.69M | $53.39M | $39.96M | $32.83M | $46.09M |
| Net income growth (YoY) | — | +18.0% | +27.8% | +59.4% | +16.7% | -13.4% | +68.0% | +16.9% | -25.2% | -17.9% | +40.4% |
| Profit margin | — | 24.8% | 24.5% | 30.7% | 29.2% | 22.5% | 34.0% | 31.5% | 17.6% | 13.1% | 15.8% |
Frequently asked questions
What is Bridgewater Bancshares Inc's revenue?
Bridgewater Bancshares Inc's trailing twelve-month revenue is $151.53M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is BWB?
In its most recent fiscal year, BWB ran a gross margin of 47.19%, an operating margin of 21.08%, and a net margin of 15.80%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does BWB generate?
BWB produced $21.96M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is BWB's balance sheet healthy?
BWB holds $123.51M in cash and equivalents against $508.18M in long-term debt, on $517.10M of shareholder equity. That debt is best read against the cash flow the business throws off each year.