Popular, Inc. (NASDAQ: BPOP) reported net income of $234 million for the quarter ended December 31, 2025. For the full year 2025, the company reported net income of $833 million. Q4 2025 net income increased 31 percent from $178 million in Q4 2024. Full year 2025 net income increased 36 percent from $614 million in 2024.
Market Capitalization
Popular held total assets of $75.3 billion at December 31, 2025. The company is the leading financial institution in Puerto Rico by assets and deposits. Common shares outstanding totaled 65.7 million shares at year-end 2025. The company operates 192 banking branches across Puerto Rico, the U.S. Virgin Islands, and mainland United States.
Latest Quarterly Results
Net interest income in Q4 2025 was $657.6 million, an increase of $11.0 million from Q3 2025 and an increase of $66.8 million from Q4 2024. Net interest margin was 3.61 percent in Q4 2025, compared to 3.51 percent in Q3 2025 and 3.35 percent in Q4 2024. Non-interest income was $166.3 million in Q4 2025, compared to $171.2 million in Q3 2025 and $164.7 million in Q4 2024. Operating expenses totaled $473.2 million in Q4 2025, compared to $495.3 million in Q3 2025 and $467.6 million in Q4 2024. Return on average tangible common equity was 14.39 percent in Q4 2025, compared to 13.06 percent in Q3 2025 and 11.22 percent in Q4 2024.
Full-Year Results Context
Net interest income for the year totaled $2.54 billion, an increase of $259 million from 2024. Net interest margin expanded to 3.49 percent from 3.24 percent in 2024. Total provision for credit losses was $260 million in 2025, compared to $257 million in 2024. Non-interest income was $658 million in 2025, compared to $659 million in 2024. Total operating expenses were $1.93 billion in 2025, including a goodwill impairment charge of $13 million. Return on average tangible common equity was 13.04 percent in 2025, compared to 9.85 percent in 2024.
Chart 1: Operating Performance – Net Interest Income Trend
Chart 2: Market Performance – 3-Month Stock Price Trend
Business and Operations Update
Loans held in portfolio increased to $39.3 billion at December 31, 2025, from $37.1 billion at December 31, 2024. Commercial loans increased $1.1 billion. Mortgage loans increased $0.4 billion. Construction loans increased $0.3 billion. Deposits totaled $66.2 billion at December 31, 2025, compared to $64.9 billion at December 31, 2024. Total borrowings were $1.4 billion at December 31, 2025, compared to $1.2 billion at December 31, 2024.
M&A and Strategic Moves
The company repurchased 4.66 million shares of common stock for $502 million at an average price of $107.61 per share during 2025. A new $500 million common stock repurchase authorization was announced in Q3 2025. As of December 31, 2025, $281 million remained available for repurchase. The quarterly common stock dividend was increased to $0.75 per share from $0.70 per share.
Equity Analyst Commentary
The company reported that management is executing on strategic objectives including strengthening customer relationships, improving productivity, and reducing costs. Management indicated the company is advancing transformation initiatives and aiming to deliver sustainable, profitable growth.
Guidance and Outlook
The company did not provide formal earnings guidance for 2026. Management stated focus areas include executing the strategic framework to be the number one bank for customers, simplifying operations, and attracting top talent.
Asset Quality
Non-performing loans were $498 million at December 31, 2025, or 1.27 percent of total loans. Non-performing loans were $351 million, or 0.95 percent of total loans at December 31, 2024. Net charge-offs were $50 million, or 0.52 percent annualized in 2025, compared to $68 million, or 0.68 percent annualized in 2024. Allowance for credit losses totaled $808 million, or 2.05 percent of total loans.
Performance Summary
Popular reported Q4 2025 net income of $234 million and full year 2025 net income of $833 million. Net interest margin expanded in both Q4 2025 and full year 2025. Loans increased 6.0 percent. Deposits increased 2.0 percent. Return on average tangible common equity reached 14.39 percent in Q4 2025. Common Equity Tier 1 ratio was 15.72 percent at year-end 2025.