Regional banking company BOK Financial (NASDAQ: BOKF) met Wall Street’s revenue expectations in Q1 CY2026, with sales up 9.7% year on year to $553.8 million. Its GAAP profit of $2.58 per share was 12.7% above analysts’ consensus estimates.
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BOK Financial (BOKF) Q1 CY2026 Highlights:
- Net Interest Income: $342.6 million vs analyst estimates of $349.7 million (8.3% year-on-year growth, 2% miss)
- Net Interest Margin: 2.9% vs analyst estimates of 3% (11.3 basis point miss)
- Revenue: $553.8 million vs analyst estimates of $552.6 million (9.7% year-on-year growth, in line)
- Efficiency Ratio: 63.2% vs analyst estimates of 66.1% (289 basis point beat)
- EPS (GAAP): $2.58 vs analyst estimates of $2.29 (12.7% beat)
- Tangible Book Value per Share: $80.58 vs analyst estimates of $81.21 (10.6% year-on-year growth, 0.8% miss)
- Market Capitalization: $8.39 billion
Company Overview
Tracing its roots back to 1910 when Oklahoma was still a young state, BOK Financial (NASDAQ: BOKF) is a regional bank holding company that provides commercial banking, consumer banking, and wealth management services across eight states in the central and southwestern US.
Sales Growth
In general, banks make money from two primary sources. The first is net interest income, which is interest earned on loans, mortgages, and investments in securities minus interest paid out on deposits. The second source is non-interest income, which can come from bank account, credit card, wealth management, investing banking, and trading fees. Regrettably, BOK Financial’s revenue grew at a sluggish 2.5% compounded annual growth rate over the last five years. This was below our standards and is a rough starting point for our analysis.
We at StockStory place the most emphasis on long-term growth, but within financials, a half-decade historical view may miss recent interest rate changes, market returns, and industry trends. BOK Financial’s annualized revenue growth of 5.8% over the last two years is above its five-year trend, which is encouraging. 
Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, BOK Financial grew its revenue by 9.7% year on year, and its $553.8 million of revenue was in line with Wall Street’s estimates.
Net interest income made up 61.3% of the company’s total revenue during the last five years, meaning lending operations are BOK Financial’s largest source of revenue.
Net interest income commands greater market attention due to its reliability and consistency, whereas non-interest income is often seen as lower-quality revenue that lacks the same dependable characteristics.
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Tangible Book Value Per Share (TBVPS)
Banks are balance sheet-driven businesses because they generate earnings primarily through borrowing and lending. They’re also valued based on their balance sheet strength and ability to compound book value (another name for shareholders’ equity) over time.
When analyzing banks, tangible book value per share (TBVPS) takes precedence over many other metrics. This measure isolates genuine per-share value by removing intangible assets of debatable liquidation worth. On the other hand, EPS is often distorted by mergers and flexible loan loss accounting. TBVPS provides clearer performance insights.
BOK Financial’s TBVPS grew at a solid 6.6% annual clip over the last five years. TBVPS growth has also accelerated recently, growing by 13.6% annually over the last two years from $62.42 to $80.58 per share.
Over the next 12 months, Consensus estimates call for BOK Financial’s TBVPS to grow by 9.8% to $88.45, paltry growth rate.
Key Takeaways from BOK Financial’s Q1 Results
It was good to see BOK Financial beat analysts’ EPS expectations this quarter. On the other hand, its net interest income missed and its tangible book value per share fell slightly short of Wall Street’s estimates. Overall, this was a weaker quarter. The stock remained flat at $137.10 immediately after reporting.
Is BOK Financial an attractive investment opportunity at the current price? We think that the latest quarter is only one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
