BOK Financial
BOKFNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $131.20 Prior regular-session close from the quote source.
- $129.81–$131.20 Regular-session low and high so far today.
- 166.3K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $102.72–$146.84 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own BOKF if those drivers hold, modest NIM expansion and low credit costs should compound EPS and return on equity.
BOKF price history
Loading recent earnings…
Investment thesis
What must happen next
A durable shift toward deposit funding and yield recovery on securities will keep net interest income resilient and sustain revenue growth.StrengtheningMateriality: High
Revenue increased from $2,062,129,000 (2023) to $2,175,474,000 (2025) (InterestIncomeExpenseNet + NoninterestIncome). If funding remains deposit-heavy and AFS yields hold, interest income will stay stable or grow without requiring risky loan growth; if deposits flee or yields collapse, revenue will compress.
Watch: A material outflow of low-cost deposits or a rapid decline in market yields (e.g., Federal Reserve cutting rates aggressively) that forces re-pricing of earning assets faster than liabilities.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue increased from $2,062,129,000 (2023) to $2,175,474,000 (2025) (InterestIncomeExpenseNet + NoninterestIncome).
Open source ↗Disciplined commercial underwriting and conservative allowance levels will keep credit losses low, protecting earnings and capital.StrengtheningMateriality: High
Net income was $577,990,000 for 2025, up from $523,569,000 in 2024. Persistent low credit costs allow modest margins and fees to convert into stable net income and support dividend/shareholder returns; a deterioration in commercial CRE or energy credits would produce outsized provisions and quickly reduce earnings.
Watch: A localized downturn that hits BOKF's commercial loan mix (commercial real estate or energy borrower defaults) producing rising nonperforming assets and material provisions.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Net income was $577,990,000 for 2025, up from $523,569,000 in 2024.
Open source ↗Growth in wealth management AUM and fiduciary fees diversifies revenue, reducing earnings volatility and supporting fee income during rate cycles.StrengtheningMateriality: Medium
MD&A: Assets under management or administration increased to $126.6 billion at 12/31/2025, up $12.0 billion year-over-year. If wealth AUM and fiduciary fees keep growing, noninterest income cushions NIM swings and supports PPNR; a market drawdown or client outflows would quickly lower fee revenue and increase earnings volatility.
Watch: A significant equity market decline or persistent outflows from wealth clients that reduce AUM and fee revenue.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
MD&A: Assets under management or administration increased to $126.6 billion at 12/31/2025, up $12.0 billion year-over-year.
Open source ↗Reported equity and capital ratios provide capacity for organic growth, measured buybacks or acquisitions, and sustained dividends without forcing capital raises.StrengtheningMateriality: Medium
Equity rose to $5,918,646,000 at 12/31/2025 from $5,148,353,000 at 12/31/2023. If regulatory capital remains comfortably above requirements, management can allocate excess to buybacks/dividends or modest M&A to accelerate growth; if capital is eroded by losses or acquisitions, dilution or dividend cuts become likely.
Watch: A material credit shock or an aggressive acquisition that meaningfully reduces capital ratios and forces regulatory constraints on dividends/buybacks.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Equity rose to $5,918,646,000 at 12/31/2025 from $5,148,353,000 at 12/31/2023.
Open source ↗PPNR growth (fee stability plus NII resilience) combined with controlled expense growth will allow EPS to compound above low-single-digit rates.HoldingMateriality: Medium
EPS diluted rose from $8.02 (2023) to $9.17 (2025). Sustained PPNR expansion with controlled expenses is the path to EPS growth and justifies the current multiple; if PPNR stalls or expenses rise faster than revenues, EPS growth will falter despite asset growth.
Watch: Sustained rise in non-personnel operating expenses (data processing, professional fees) or re-acceleration of provisions that erode PPNR.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
EPS diluted rose from $8.02 (2023) to $9.17 (2025).
Open source ↗
Full investment case & evidence
Loading the original research archive…
Original research
A durable shift toward deposit funding and yield recovery on securities will keep net interest income resilient and sustain revenue growth. If funding remains deposit-heavy and AFS yields hold, interest income will stay stable or grow without requiring risky loan growth; if deposits flee or yields collapse, revenue will compress.
Disciplined commercial underwriting and conservative allowance levels will keep credit losses low, protecting earnings and capital. Persistent low credit costs allow modest margins and fees to convert into stable net income and support dividend/shareholder returns; a deterioration in commercial CRE or energy credits would produce outsized provisions and quickly reduce earnings.
Growth in wealth management AUM and fiduciary fees diversifies revenue, reducing earnings volatility and supporting fee income during rate cycles. If wealth AUM and fiduciary fees keep growing, noninterest income cushions NIM swings and supports PPNR; a market drawdown or client outflows would quickly lower fee revenue and increase earnings volatility.
Reported equity and capital ratios provide capacity for organic growth, measured buybacks or acquisitions, and sustained dividends without forcing capital raises. If regulatory capital remains comfortably above requirements, management can allocate excess to buybacks/dividends or modest M&A to accelerate growth; if capital is eroded by losses or acquisitions, dilution or dividend cuts become likely.
PPNR growth (fee stability plus NII resilience) combined with controlled expense growth will allow EPS to compound above low-single-digit rates. Sustained PPNR expansion with controlled expenses is the path to EPS growth and justifies the current multiple; if PPNR stalls or expenses rise faster than revenues, EPS growth will falter despite asset growth.
All standing thesis claims
Original report summary
those drivers hold, modest NIM expansion and low credit costs should compound EPS and return on equity.
Bull case and bear case
Bull case and bear case for Bok Financial
Where the evidence on Bok Financial stands: Holding on the latest evidence (Nov 7, 2026). Of its 5 thesis points, 4 strengthening and 1 holding.
Bull case: what the evidence supports
A durable shift toward deposit funding and yield recovery on securities will keep net interest income resilient and sustain revenue growth.
Disciplined commercial underwriting and conservative allowance levels will keep credit losses low, protecting earnings and capital.
Growth in wealth management AUM and fiduciary fees diversifies revenue, reducing earnings volatility and supporting fee income during rate cycles.
Reported equity and capital ratios provide capacity for organic growth, measured buybacks or acquisitions, and sustained dividends without forcing capital raises.
PPNR growth (fee stability plus NII resilience) combined with controlled expense growth will allow EPS to compound above low-single-digit rates.
Bear case: what would count against it
A material outflow of low-cost deposits or a rapid decline in market yields (e.g., Federal Reserve cutting rates aggressively) that forces re-pricing of earning assets faster than liabilities.
A localized downturn that hits BOKF's commercial loan mix (commercial real estate or energy borrower defaults) producing rising nonperforming assets and material provisions.
A significant equity market decline or persistent outflows from wealth clients that reduce AUM and fee revenue.
Thesis-Break Engine
What has broken in Bok Financial’s thesis
Each break OptimistFi flagged on Bok Financial, dated — with what has historically followed the same kind of break across the market, not a forecast for Bok Financial.
- Analyst downgradecondition set before this filing
Across all companies, this kind of break has happened 12,641 times before. Those stocks trailed comparable companies by a median of 1% over the next six months, and 33% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedRegulation FD disclosure.
Bok Financial filed an SEC 8-K on 2026-11-06: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Bok Financial filed an SEC 8-K on 2026-10-19: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedRegulation FD disclosure.
Bok Financial filed an SEC 8-K on 2026-08-31: Regulation FD disclosure. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A material outflow of low-cost deposits or a rapid decline in market yields (e.g., Federal Reserve cutting rates aggressively) that forces re-pricing of earning assets faster than liabilities.
- A localized downturn that hits BOKF's commercial loan mix (commercial real estate or energy borrower defaults) producing rising nonperforming assets and material provisions.
- A significant equity market decline or persistent outflows from wealth clients that reduce AUM and fee revenue.
- A material credit shock or an aggressive acquisition that meaningfully reduces capital ratios and forces regulatory constraints on dividends/buybacks.
- Sustained rise in non-personnel operating expenses (data processing, professional fees) or re-acceleration of provisions that erode PPNR.
BOKF news
Loading headlines…
Financial statements
BOKF income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
BOKF: quick answers
- Have members of Congress traded BOKF?
- 1 trade in BOKF has been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed BOKF trade