BOK Financial’s fourth quarter results reflected broad-based momentum in both loan growth and fee-based income, outpacing Wall Street expectations. Management pointed to strong performances across core commercial and industrial lending, healthcare, and energy portfolios, with Texas emerging as a particularly strong market. CEO Stacy Kymes highlighted, “The growth was broad-based as our core C&I portfolio and our healthcare and energy portfolios all posted strong results this quarter.” Fee income also saw notable gains, led by record quarters in fiduciary, asset management, and transaction card services, reinforcing BOK Financial’s diversified revenue base.
Is now the time to buy BOKF? Find out in our full research report (it’s free for active Edge members).
BOK Financial (BOKF) Q4 CY2025 Highlights:
- Revenue: $592.1 million vs analyst estimates of $550.3 million (12.7% year-on-year growth, 7.6% beat)
- Adjusted EPS: $2.48 vs analyst estimates of $2.16 (14.8% beat)
- Adjusted Operating Income: $231.1 million vs analyst estimates of $183.2 million (39% margin, 26.1% beat)
- Market Capitalization: $8.22 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From BOK Financial’s Q4 Earnings Call
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Peter Winter (D.A. Davidson) asked for more detail on the drivers of projected upper single-digit loan growth. CEO Stacy Kymes replied that growth is geographically and segmentally diversified, with no single area dominating results.
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Michael Rose (Raymond James) pressed about the structure of the large Q4 share buyback and deposit competition. CFO Martin Grunst clarified that the buyback included an accelerated share repurchase and that deposit growth included a temporary lift from wholesale sources.
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David Chiaverini (Jefferies) questioned the sustainability of mid-single-digit fee income growth and the impact of trading revenue shifts. Grunst and EVP Scott Grauer noted stable demand from institutional clients and a normalization in trading activity.
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Jared Shaw (Barclays) inquired about conservative growth guidance and credit outlook. Kymes emphasized confidence in upper single-digit loan growth and stated that economic conditions and loan growth are the main credit provision drivers.
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Woody Lay (KBW) asked about funding strategies for the mortgage finance business and trading business growth potential. Grunst outlined that funding will mirror the overall funding mix, and Grauer highlighted that lower rates could accelerate mortgage and municipal trading volumes.
Catalysts in Upcoming Quarters
In the coming quarters, our analysts will be closely monitoring (1) the pace of expansion in the mortgage finance segment and its contributions to loan growth, (2) the sustainability of fee income gains across fiduciary, asset management, and transaction card businesses, and (3) the impact of interest rate changes on both net interest margin and deposit mix. The evolution of expense management and credit quality will also serve as important indicators of BOK Financial’s execution and resilience.
BOK Financial currently trades at $135.48, up from $128.21 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).
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