BOK Financial Corp

bokfinancial.com

How Do They Make Money?

revenue

Segment	Share	Revenue
Trading Revenue	0.0% FY2022: 0.0%
Customer hedging revenue	0.0% FY2022: 0.0%
Retail brokerage revenue	3.7% FY2022: 1.8%
Investment banking revenue	5.5% FY2022: 2.4%
TransFund EFT network revenue	17% FY2022: 9.1%
Merchant services revenue	1.7% FY2022: 1.3%
Corporate card revenue	1.8% FY2022: 0.8%
Personal trust revenue	19% FY2022: 10%
Corporate trust revenue	7.8% FY2022: 2.6%
Institutional trust & retirement plan services revenue	13% FY2022: 5.6%
Investment management services and other	4.3% FY2022: 2.5%
Commercial account service charge revenue	13% FY2022: 6.1%
Overdraft fee revenue	3.9% FY2022: 2.7%
Check card fee revenue	4.1% FY2022: 2.5%
Automated service charge and other deposit fee revenue	1.0% FY2022: 0.6%
Mortgage production revenue	0.0% FY2022: 0.0%
Mortgage servicing revenue	0.0% FY2022: 0.0%
Other revenue	4.8% FY2022: 3.2%

Do Revenues Turn Into Profits?

Yes. It kept 23 cents of every revenue dollar as net income in FY2025 and turned 23 cents into free cash flow.

Net income, FY2025

23% of revenue

▲ +10% vs FY2024 ($523.6M, 20%)

Free cash flow, FY2025

23% of revenue

▼ −54% vs FY2024 ($1.3B, 48%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −1%; vs $642.4M in Q2 FY2025
Net income: ▲ +26%; vs $140M in Q2 FY2025

Personal trust revenue share of fees and commissions revenue from contracts with customers vs 19.6% in Q2 FY2025

Growing. Revenue grew 2.1x in 4 years, from $1.2B in FY2021 to $2.5B in FY2025, about 21% a year.

Revenue over time

Trading Revenue Customer hedging revenue Retail brokerage revenue Investment banking revenue TransFund EFT network revenue Merchant services revenue Corporate card revenue Personal trust revenue Corporate trust revenue Institutional trust & retirement plan services revenue Investment management services and other Commercial account service charge revenue Overdraft fee revenue Check card fee revenue Automated service charge and other deposit fee revenue Mortgage production revenue Mortgage servicing revenue Other revenue Transaction card revenue Mortgage banking revenue Deposit service charges and fees Fiduciary and asset management revenue Fees and commissions revenue Insurance brokerage revenue

$1B$500M$0

100%50%0%

FY2021 FY2022 FY2023 FY2024 FY2025

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