FB Financial (NYSE:FBK) reports Q2 CY2026 sales below analysts’ expectations

Regional banking company FB Financial (NYSE:FBK) missed market revenue expectations in the second quarter of CY2026, but sales increased 26.6% year over year to $174.8 million. Its non-GAAP profit of $1.14 per share was 1.2% below analysts’ consensus estimate.

Is now the time to buy FB Financial? Learn in our full research report.

FB Financial (FBK) Q2 CY2026 Highlights:

• net interest income: $149 million vs. analyst estimates of $148.9 million (33.7% year-over-year increase, in line)

• Net Interest Margin: Analyst estimates of 4% vs. 3.9% (6.4 basis points beat)

• Income: $174.8 million vs. analyst estimates of $177.2 million (up 26.6% year-over-year, down 1.4%)

• Efficiency Ratio: 52.3% vs. analyst estimate of 53.8% (beat 153.7 basis points)

• Adjusted EPS: Analyst expectations of $1.14 vs. $1.15 (1.2% miss)

• Tangible book value per share: $31.19 vs. analyst estimates of $31.84 (up 4.7% year-over-year, down 2%)

• Market Capitalization: $2.92 billion

Company Overview

Founded in 1906 and operating through economic cycles for more than a century, FB Financial (NYSE:FBK) operates FirstBank, which provides commercial and consumer banking services in Tennessee, Kentucky, Alabama and North Georgia.

sales growth

Net interest income and fee-based revenue are the two pillars supporting a bank’s earnings. The former derive profits from the difference between lending rates and deposit costs, while the latter include charges for banking services, credit products, wealth management and trading activities. Sadly, FB Financial’s revenue grew at a slow compound annual growth rate of 2.6% over the last five years. This is lower than our benchmark and a rough starting point for our analysis.

At StockStory we place the greatest emphasis on long-term growth, but in the financial sector, a half-decade historical view may miss recent interest rate changes, market returns and industry trends. FB Financial’s annual revenue growth of 19% over the past two years is above its five-year trend, suggesting a recent acceleration in demand.

This quarter, FB Financial posted an excellent 26.6% year-over-year revenue growth rate, but its revenue of $174.8 million fell short of Wall Street’s high expectations.

Net interest income during the last five years stood at 82.1% of the company’s total revenue, meaning that FB Financial is barely relying on non-interest income to drive its overall growth.

Our experience and research shows that the market primarily cares about a bank’s net interest income growth as non-interest income is considered a low-quality and non-recurring revenue source.

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Tangible Book Value Per Share (TBVPS)

Banks are balance sheet-driven businesses because they earn primarily through borrowing and lending. They are also evaluated based on the strength of their balance sheet and their ability to compound book value (another name for shareholders’ equity) over time.

When analyzing banks, tangible book value per share (TBVPS) is given priority over many other metrics. This measure isolates the actual per-share value by removing intangible assets of disputed liquidation value. Traditional metrics like EPS are helpful but suffer distortion from M&A activity and loan loss accounting rules.

FB Financial’s TBVPS has grown at an annual rate of 5.9% over the past five years. TBVPS’s growth has accelerated recently, rising 7.8% annually over the past two years from $26.82 to $31.19 per share.

Over the next 12 months, the consensus estimates FB Financial’s TBVPS will rise 14.2% to $35.61, which is a good growth rate.

Key findings from FB Financial’s Q2 results

We struggled to find many positives in these results. Its EPS declined slightly and its revenue fell slightly short of Wall Street estimates. Overall this quarter could have been better. The stock was trading down 2.4% at $55.59 immediately after the report.

It may have been a tough quarter for FB Financial, but does that really create an opportunity to invest right now? When making this decision, it is important to consider its valuation, business merits, as well as what has happened in the latest quarter. We cover this in our full actionable research report which you can read here, it’s free.