Regional banking company BOK Financial (NASDAQ:BOKF) fell short of the market's revenue expectations in Q3 2026 as sales rose 2.4% year on year to $564.2 million. Its non-GAAP profit of $2.64 per share was 4.9% above analysts' consensus estimates.
Is now the time to buy BOK Financial? Find out in our full research report .
BOK Financial (BOKF) Q3 2026 Highlights:
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Net Interest Income:$370 million vs analyst estimates of $366.5 million (9.6% year-on-year growth, 1% beat)
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Net Interest Margin:3% vs analyst estimates of 3% (4.2 basis point beat)
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Revenue:$564.2 million vs analyst estimates of $572 million (2.4% year-on-year growth, 1.4% miss)
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Efficiency Ratio:63.5% vs analyst estimates of 64.4% (86.7 basis point beat)
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Adjusted EPS:$2.64 vs analyst estimates of $2.52 (4.9% beat)
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Tangible Book Value per Share:$79.89 vs analyst estimates of $83.79 (2.3% year-on-year growth, 4.7% miss)
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Market Capitalization:$7.59 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
Net interest income and fee-based revenue are the two pillars supporting bank earnings. The former captures profit from the gap between lending rates and deposit costs, while the latter encompasses charges for banking services, credit products, wealth management, and trading activities. Unfortunately, BOK Financial's 3.5% annualized revenue growth over the last five years was sluggish. This fell short of our benchmark for the banking sector and is a poor baseline 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 6.4% over the last two years is above its five-year trend, which is encouraging.
This quarter, BOK Financial's revenue grew by 2.4% year on year to $564.2 million, falling short of Wall Street's estimates.
Net interest income made up 61.9% of the company's total revenue during the last five years, meaning lending operations are BOK Financial's largest source of revenue.
While banks generate revenue from multiple sources, investors view net interest income as the cornerstone - its predictable, recurring characteristics stand in sharp contrast to the volatility of non-interest income.
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Tangible Book Value Per Share (TBVPS)
Banks operate as balance sheet businesses, with profits generated through borrowing and lending activities. Valuations reflect this reality, emphasizing balance sheet strength and long-term book value compounding ability.
This is why we consider tangible book value per share (TBVPS) the most important metric to track for banks. TBVPS represents the real, liquid net worth per share of a bank, excluding intangible assets that have debatable value upon liquidation. Other (and more commonly known) per-share metrics like EPS can sometimes be murky due to M&A or accounting rules allowing for loan losses to be spread out.
BOK Financial's TBVPS grew at a decent 5.2% annual clip over the last five years. TBVPS growth has accelerated recently, growing by 6.5% annually over the last two years from $70.44 to $79.89 per share.
Over the next 12 months, Consensus estimates call for BOK Financial's TBVPS to grow by 14.8% to $91.74, decent growth rate.
Key Takeaways from BOK Financial's Q3 Results
It was good to see BOK Financial narrowly top analysts' net interest income expectations this quarter. On the other hand, its tangible book value per share missed and its revenue fell slightly short of Wall Street's estimates. Overall, this was a mixed quarter. The stock remained flat at $122.80 immediately following the results.
Is BOK Financial an attractive investment opportunity at the current price? We think that the latest quarter is just 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 .
