First BanCorp

1firstbank.com

What Do They Do?

Provides banking and automobile products and services through FirstBank and its subsidiaries.

How Do They Make Money?

FY2025 revenue by reportable segment (Total Revenues (Loss)) revenue

Segment	Share	Revenue
Mortgage Banking Activities	8.6% FY2022: 10%
Consumer (Retail) Banking Segment	68% FY2022: 60%
Commercial and Corporate Segment	18% FY2022: 16%
Treasury and Investments Segment	−11% FY2022: −1.5%
United States Operations Segment	9.1% FY2022: 8.4%
Virgin Islands Operations Segment	7.5% FY2022: 6.4%

Do Revenues Turn Into Profits?

Yes. It kept 27 cents of every revenue dollar as net income in FY2025 and turned 35 cents into free cash flow.

Net income, FY2025

27% of revenue

▲ +15% vs FY2024 ($298.7M, 24%)

Free cash flow, FY2025

35% of revenue

▲ +11% vs FY2024 ($394.1M, 32%)

How Are They Changing?

Since the FY2025 annual report

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

Revenue: ▲ +7%; vs $246.8M in Q2 FY2025
Net income: ▲ +20%; vs $80.2M in Q2 FY2025

Consumer (Retail) Banking Segment share of revenue vs 68.2% in Q2 FY2025

Growing. Revenue grew 37% in 4 years, from $915.9M in FY2021 to $1.3B in FY2025, about 8% a year.

Revenue over time

Mortgage Banking Activities Consumer (Retail) Banking Segment Commercial and Corporate Segment Treasury and Investments Segment United States Operations Segment Virgin Islands Operations Segment

$2B$1B$0