Track market-moving stories before they get noisy

Posted by Defense World Staff on Apr 24th, 2026

Cwm LLC grew its position in ITT Inc. (NYSE:ITT – Free Report) by 31.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 19,092 shares of the conglomerate’s stock after buying an additional 4,536 shares during the period. Cwm LLC’s holdings in ITT were worth $3,313,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in ITT. True Wealth Design LLC increased its holdings in ITT by 219.2% in the third quarter. True Wealth Design LLC now owns 166 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 114 shares during the last quarter. Quent Capital LLC acquired a new position in ITT in the third quarter valued at about $37,000. Triumph Capital Management bought a new position in ITT during the third quarter worth about $37,000. Measured Wealth Private Client Group LLC bought a new position in ITT during the third quarter worth about $43,000. Finally, Bayforest Capital Ltd acquired a new position in shares of ITT during the 3rd quarter worth about $46,000. Institutional investors and hedge funds own 91.59% of the company’s stock.

Analyst Upgrades and Downgrades ITT has been the subject of several recent analyst reports. DA Davidson set a $245.00 target price on shares of ITT in a research note on Monday, February 9th. BMO Capital Markets started coverage on shares of ITT in a research report on Friday, March 27th. They set an “outperform” rating and a $233.00 price target on the stock. Stifel Nicolaus upped their price objective on shares of ITT from $218.00 to $228.00 and gave the company a “buy” rating in a research report on Friday, February 6th. Barclays dropped their price objective on ITT from $220.00 to $210.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 1st. Finally, KeyCorp lifted their target price on ITT from $215.00 to $230.00 and gave the stock an “overweight” rating in a report on Friday, February 6th. Ten analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, ITT currently has a consensus rating of “Moderate Buy” and a consensus target price of $225.55.

Read Our Latest Research Report on ITT

Insider Buying and Selling In other news, CEO Luca Savi sold 63,450 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $190.69, for a total transaction of $12,099,280.50. Following the completion of the sale, the chief executive officer owned 262,354 shares in the company, valued at $50,028,284.26. The trade was a 19.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.88% of the company’s stock.

ITT Price Performance NYSE ITT opened at $219.40 on Friday. The firm’s 50 day moving average is $199.71 and its 200-day moving average is $187.69. The company has a quick ratio of 2.07, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $19.61 billion, a PE ratio of 35.91, a price-to-earnings-growth ratio of 2.04 and a beta of 1.32. ITT Inc. has a 12-month low of $131.98 and a 12-month high of $224.12.

ITT (NYSE:ITT – Get Free Report) last released its earnings results on Thursday, February 5th. The conglomerate reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.06. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.01 billion. ITT had a return on equity of 17.74% and a net margin of 12.39%.ITT’s revenue was up 13.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.50 earnings per share. ITT has set its Q1 2026 guidance at 1.680-1.72 EPS. Equities research analysts anticipate that ITT Inc. will post 7.9 earnings per share for the current fiscal year.

ITT Increases Dividend The business also recently declared a quarterly dividend, which was paid on Monday, April 6th. Investors of record on Friday, March 6th were paid a $0.386 dividend. This is an increase from ITT’s previous quarterly dividend of $0.35. The ex-dividend date was Friday, March 6th. This represents a $1.54 dividend on an annualized basis and a yield of 0.7%. ITT’s dividend payout ratio (DPR) is currently 25.20%.

About ITT (Free Report)

ITT Inc is a diversified industrial manufacturing company that designs, manufactures and services mission-critical components and systems for global markets. Its engineered solutions support applications in aerospace, defense, transportation, energy and industrial automation. The company focuses on delivering high-performance products that enable reliable fluid handling, precision motion control and robust connectivity in demanding environments.

The company’s operations are organized into three segments: Motion Technologies, which provides precision components and aftermarket repair services for aircraft engines and industrial turbines; Connect & Control Technologies, which offers specialty valves, couplings, seals and proximity sensors for fuel, hydraulics and environmental control systems; and Fluid & Motion Control, which delivers pumps, heat exchangers and fluid management solutions for oil and gas, chemical processing and power generation.

Further Reading Five stocks we like better than ITT

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Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at ITT (ITT - Free Report) , a company that currently holds a Momentum Style Score of B. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. ITT currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market? In order to see if ITT is a promising momentum pick, let's examine some Momentum Style elements to see if this supplier of parts and services to a wide variety of industries holds up.

Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.

For ITT, shares are up 0.98% over the past week while the Zacks Diversified Operations industry is up 0.01% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 17.2% compares favorably with the industry's 0.59% performance as well.

Considering longer term price metrics, like performance over the last three months or year, can be advantageous as well. Shares of ITT have increased 18.61% over the past quarter, and have gained 59.31% in the last year. In comparison, the S&P 500 has only moved 3.07% and 33.83%, respectively.

Investors should also take note of ITT's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now ITT is averaging 966,783 shares for the last 20 days..

Earnings OutlookThe Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with ITT.

Over the past two months, 3 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost ITT's consensus estimate, increasing from $7.33 to $7.90 in the past 60 days. Looking at the next fiscal year, 3 estimates have moved upwards while there have been no downward revisions in the same time period.

Bottom LineGiven these factors, it shouldn't be surprising that ITT is a #2 (Buy) stock and boasts a Momentum Score of B. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep ITT on your short list.

ITT (ITT - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The earnings report, which is expected to be released on May 6, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis supplier of parts and services to a wide variety of industries is expected to post quarterly earnings of $1.77 per share in its upcoming report, which represents a year-over-year change of +22.1%.

Revenues are expected to be $1.12 billion, up 22.4% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 12.64% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for ITT?For ITT, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.

On the other hand, the stock currently carries a Zacks Rank of #2.

So, this combination makes it difficult to conclusively predict that ITT will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that ITT would post earnings of $1.79 per share when it actually produced earnings of $1.85, delivering a surprise of +3.35%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

ITT doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

ITT (ITT - Free Report) came out with quarterly earnings of $1.98 per share, beating the Zacks Consensus Estimate of $1.77 per share. This compares to earnings of $1.45 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +11.86%. A quarter ago, it was expected that this supplier of parts and services to a wide variety of industries would post earnings of $1.79 per share when it actually produced earnings of $1.85, delivering a surprise of +3.35%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

ITT, which belongs to the Zacks Diversified Operations industry, posted revenues of $1.21 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 8.45%. This compares to year-ago revenues of $913 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

ITT shares have added about 22.6% since the beginning of the year versus the S&P 500's gain of 6%.

What's Next for ITT?While ITT has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for ITT was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.99 on $1.37 billion in revenues for the coming quarter and $7.90 on $5.29 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Diversified Operations is currently in the top 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, CompoSecure, Inc. (GPGI - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 7.

This company is expected to post quarterly earnings of $0.14 per share in its upcoming report, which represents a year-over-year change of -44%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

CompoSecure, Inc.'s revenues are expected to be $118.79 million, up 98.6% from the year-ago quarter.

Key Takeaways ITT Q1 EPS jumped 25.3% and beat estimates, while revenues surged 32.7% year over year.ITT benefited from SPX FLOW, aerospace connectors, transportation and valve demand.Adjusted operating margin expanded to 20.3% as operational performance improved. ITT Inc.’s (ITT - Free Report) first-quarter 2026 adjusted earnings of $1.98 per share surpassed the Zacks Consensus Estimate of $1.77. The bottom line jumped 25.3% year over year, aided by improved operational performance.

Total revenues of $1.21 billion beat the consensus estimate of $1.12 billion. The top line increased 32.7% year over year. Organic sales rose 10.9% year over year, driven by solid momentum in connectors, projects including Svanehøj, transportation and valves.

ITT’s Segmental ResultsIn the first quarter of 2026, the company combined the Industrial Process segment with its SPX FLOW business to form the Flow Technologies segment.

Revenues from the Flow Technologies segment totaled $537.4 million, up 61.2% year over year. The increase was primarily driven by solid contributions from the SPX FLOW buyout, along with strength in the Svanehøj unit and valves execution. Organic sales increased 12.2% and adjusted operating income grew 67.9% on a year-over-year basis.

Revenues from the Motion Technologies segment amounted to $397.2 million, implying a year-over-year increase of 14.8%. The higher sales were attributable to solid momentum in Friction original equipment and KONI businesses. Organic revenues increased 5.3% year over year. Adjusted operating income increased 21.7%. Our estimate for segmental revenues was pinned at $372 million.

Revenues from the Connect & Control Technologies segment of $278.5 million rose 18.7% year over year on a reported basis and 17.5% organically. Our estimate was $269 million. The results were driven by growth in demand for commercial aerospace components and industrial connectors, and favorable pricing actions. Adjusted operating income increased 19.6% year over year.

ITT’s Margin ProfileITT’s cost of revenues increased 32.8% year over year to $783.1 million. The gross profit jumped 32.7% to $428.8 million.

General and administrative expenses increased 81.1% year over year to $154.1 million. Sales and marketing expenses rose 53.9% to $73.7 million. Research and development expenses increased 30.8% year over year to $33.1 million.

Adjusted operating income rose 41.7% year over year to $245.6 million. The margin expanded 130 basis points to 20.3%.

ITT’s Balance Sheet and Cash FlowExiting the first quarter, ITT had cash and cash equivalents of $600.8 million compared with $1.74 billion at the end of fourth-quarter 2025. The company’s short-term borrowings were $477.3 million compared with $261.3 million at the end of December 2025.

In the first three months of 2026, ITT generated net cash of $39.9 million from operating activities compared with $113.4 million in the year-ago period. Capital expenditure totaled $26.1 million in the same period, down 29.1% year over year. Free cash flow was $13.8 million compared with $76.6 million in the prior-year period.

During the first three months of the year, ITT paid out dividends of $35 million, up 22% year over year. It repurchased shares worth $100 million in the period.

ITT's OutlookFor fiscal 2026, ITT expects adjusted earnings to be in the range of $7.70-$8.00 per share. Management projects revenue growth to be in the range of 36-38% (4-6% organically). Adjusted operating margin is estimated to be 19.7-20.6%. Free cash flow is projected in the band of $540-$580 million, indicating a free cash flow margin of 10-11%.

ITT’s Zacks Rank and Other Stocks to ConsiderThe company currently carries a Zacks Rank #2 (Buy). Some other top-ranked stocks are discussed below:

DXP Enterprises (DXPE - Free Report) presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

DXP Enterprises’ earnings surpassed the consensus estimate by 52.8% in the last reported quarter. In the past 60 days, the Zacks Consensus Estimate for DXPE’s 2026 earnings has increased 17.2%.

Kennametal (KMT - Free Report) presently sports a Zacks Rank of 1. Kennametal’s earnings surpassed the consensus estimate thrice and missed once in the trailing four quarters. The average earnings surprise was 35.4%. In the past 60 days, the Zacks Consensus Estimate for Kennametal’s fiscal 2026 earnings has increased 9%.

Powell Industries (POWL - Free Report) currently carries a Zacks Rank of 2. Powell’s earnings topped the consensus estimate thrice and missed once in the trailing four quarters. The average earnings surprise was 7.8%. In the past 60 days, the Zacks Consensus Estimate for Powell’s fiscal 2026 earnings has increased 4.7%.

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Investors interested in Diversified Operations stocks are likely familiar with Marubeni Corp. (MARUY) and ITT (ITT). But which of these two stocks offers value investors a better bang for their buck right now?

Neurogene Inc. (Nasdaq: NGNE), a clinical-stage company founded to bring life-changing genetic medicines to patients and families affected by rare neurological

Caliway Unveils Latest OI25 Animal Study Data for CBL-514 in Combination with GLP-1R-Based Weight-Loss Therapies at ADA 2026, Demonstrating Dua

QuantumScape (QS) shares climbed about 8% on Thursday as traders positioned for next week's earnings, while the battery developer still draws skepticism over re

© KTSDesign/SCIENCEPHOTOLIBRARY / Science Photo Library via Getty Images

QuantumScape (NYSE:QS | QS Price Prediction), the pre-revenue solid-state battery developer, used its Q4 2025 report to pair a narrow earnings beat with a strategic pivot: chasing AI data centers, robotics, aviation and defense as new markets for a battery that has yet to power a single commercial electric vehicle. Q1 EPS of -$0.16 eased past the -$0.18 consensus. Shares are rising 5.8% heading into noon trading, but are down 25.8% year-to-date, even as the stock remains up 94.35% over one year. Investors want to know whether the AI pivot is vision or distraction.

Q 2025 Earnings Scorecard Category Grade Key Insight Revenue Performance F Still zero product revenue; customer billings totaled $1 million, against a $4.7 billion market cap. Earnings Beat/Miss B Q1 EPS of -$0.16 beat consensus by 11.11%. Forward Guidance C 2026 adjusted EBITDA loss guided to $250M to $275M, roughly a 10% improvement, with capex rising to $40M to $60M. Profit Margins C+ Q1 operating loss narrowed 11.64% YoY to -$109.18 million; R&D fell roughly 11.5% to $84.57 million. Cash Generation C Q1 free cash flow of -$69.5 million worsened slightly from Q4, but total liquidity sits at $904.7 million, with cash down 37% YoY. Management Tone B CEO Siva Sivaram called the Eagle Line “will help drive a virtuous cycle” of growth while reframing QSE-5 as a fit for data centers where “you absolutely cannot have a fire with million-dollar GPUs.” Bottom Line Assessment Blended GPA lands near 2.3, roughly a C+. Verdict: Concerning to Hold. QuantumScape has not commercialized a battery in its primary EV market, yet is already positioning for AI, aviation and defense, a pattern that looks like chasing the next hot theme after EV demand cooled. The balance sheet buys time, and Wall Street agrees the risk-reward is balanced: zero Buy ratings, 7 Hold and 2 Sell, with a $7.41 consensus target implying -4.94% downside from current levels.

The single number to watch next quarter is customer billings; management expects an increase over 2025, and Eagle Line yield data will determine whether the AI pivot has technical substance or is purely narrative.

Today's Change

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QuantumScape (QS 2.63%), which develops solid-state lithium-metal battery technology for electric vehicles, closed Thursday at $7.41, up 1.37%. The stock moved higher after Q1 2026 results, and QuantumScape detailed Eagle production line progress. Investors are also watching how new AI and defense end markets could translate into commercial deals.
Trading volume reached 111.8 million shares, about 651% above its three-month average of 14.9 million shares. QuantumScape IPO'd in 2020 and has fallen 25% since going public.

How the markets moved todayThe S&P 500 (^GSPC +0.12%) fell 0.41% to 7,108, while the Nasdaq Composite (^IXIC 0.30%) lost 0.89% to finish at 24,439. Within battery and energy storage names, EnerSys (ENS +1.47%) closed at $207.80 (+2.72%) and Energizer (ENR +3.37%) ended at $19.96 (-0.30%) as investors weighed battery-demand trends across the industry.

What this means for investorsAfter soaring 32% in early trading, QuantumScape gave back almost all of those gains Thursday. QuantumScape reported a Q1 loss of $0.16 per share versus a $0.18 forecast, but that wasn’t the big news for investors.

The company is just beginning to ramp up its Eagle Line for QSE-5 solid-state battery cells. Automotive customers will be testing the cells with QuantumScape hoping to begin commercial production upon approvals.

Management also noted that it is now eyeing new markets for its battery technology. They include data centers, aerospace, and military. That may help explain why the company added former U.S. Air Force Chief Scientist Dr. Mark Maybury to its Strategic Advisory Board earlier this month. Investors should watch for more commentary related to these sectors.

Howard Smith has positions in QuantumScape. The Motley Fool has positions in and recommends EnerSys. The Motley Fool has a disclosure policy.

QuantumScape (NYSE:QS) executives highlighted progress on its automated pilot production line, early customer billings from ecosystem partners, and expanding interest beyond automotive during the company’s first-quarter 2026 earnings call.

Eagle Line installation completed; Q2 ramp planned CEO Dr. Siva Sivaram said the company completed installation of its “Eagle Line” in the first quarter and began startup operations. The Eagle Line is QuantumScape’s “highly automated pilot production line” intended to demonstrate scalable manufacturing of its solid-state lithium-metal battery technology.

According to Sivaram, QuantumScape is producing initial volumes of its QSE-5 cells and is focusing on improving “equipment uptime, line throughput, control systems, and process stability.” He added that the company has been integrating advanced AI models into the line and said it has seen “substantive progress on cell quality and reliability,” attributing improvements to faster and more consistent quality determinations using metrology data.

Looking ahead, Sivaram said QuantumScape plans to ramp QSE-5 production in the second quarter to support customer programs “across automotive and other applications.” Responding to Deutsche Bank’s Winnie Dong about the pace of the ramp, Sivaram said the company would begin ramping in Q2 and “continue to go up satisfying these demands through the rest of the year,” citing ongoing demand for samples from both automotive customers and prospective new markets.

Automotive remains core, with field testing the next phase Sivaram reiterated that EV development remains the company’s core focus and “largest source of customer billings.” He said QuantumScape continues to work closely with Volkswagen Group’s PowerCo and described “field testing” as the next step in the automotive commercialization roadmap, with cells from the Eagle Line expected to be tested under “real-world test conditions.”

During Q&A, Sivaram told William Blair’s Mark Shooter that field testing with Volkswagen will use the QSE-5 cell. He added that Volkswagen is also working with QuantumScape to design a cell for VW’s unified cell architecture, and he expects other OEMs will seek their own form factors. Sivaram said QuantumScape’s licensing model supports this flexibility because its separator can handle different form factors.

QuantumScape also described expanding engagement with additional automotive partners. Sivaram said the company shipped cells in Q1 to an automotive joint development agreement (JDA) partner for testing. He also said QuantumScape completed a technology evaluation with another top-10 global automotive OEM and is moving into joint development activities with the goal of deploying the technology in automotive and other applications.

In a later exchange, Sivaram said four of the world’s top 10 auto OEMs are “actively involved” with QuantumScape across North America, Japan, and Europe. He characterized customer progress as moving from evaluation to joint development and then toward licensing, with Volkswagen the most advanced. He also emphasized that the Eagle Line is important to supporting sampling and advancing customers toward licensing.

Ecosystem model produces first partner billings in Q1 Management also pointed to progress on its “QS ecosystem,” which the company describes as the foundation of its capital-light approach to scaling. Sivaram said QuantumScape continues working with Murata Manufacturing and Corning to scale production of its ceramic separator using the Cobra process. He added that ecosystem partners are investing in QuantumScape proprietary hardware and systems to produce the separator, which he framed as both a sign of commitment and “a source of customer billings.”

In Q1, QuantumScape recorded what it said were its first customer billings from ecosystem partners. CFO Kevin Hettrich called the milestone important for three reasons: it indicates partner investment in the technology platform, it provides an additional source of cash flow as the company transfers equipment and know-how while retaining ownership of core technology, and it supports longer-term plans for “ecosystem licensing payments and royalties.”

Hettrich and Sivaram both reiterated that “customer billings” is an operational metric that reflects the total value of invoices issued during the period “regardless of accounting treatment,” and that it is not a substitute for GAAP revenue.

New markets: AI data centers and defense-related demand Sivaram said QuantumScape sees its solid-state design as a fit for AI data centers, particularly as data centers shift toward 800-volt DC architectures and adopt power-system approaches from the EV industry. He pointed to the potential for higher energy density to increase compute density in “AI factories,” along with the importance of safety in higher-temperature environments where a fire could lead to significant damage and downtime.

In response to investor questions facilitated by IR head Sam Kamara, Sivaram said the AI data center opportunity is “early days” but “a great addition to our automotive portfolio,” citing market growth, product-market fit, and the company’s ability to create and capture value. He described AI workloads as demanding from a battery perspective and said QuantumScape’s technology could enable “last-meter power” delivery by placing energy storage closer to compute.

Sivaram also said QuantumScape is seeing strong interest from “global players in the military, aerospace, and government sectors,” citing a combination of energy density, power capability, and safety. He noted supply chain considerations as well, emphasizing QuantumScape’s graphite-free design compared with conventional lithium-ion batteries that rely on graphite “almost exclusively sourced from China.”

As the company staffs for these markets, Sivaram said QuantumScape added Ross Niebergall to its board and Dr. Mark Maybury as an advisor to help pursue opportunities in these areas. He also told analysts the company will ship samples from the Eagle Line to meet inbound interest.

Asked by HSBC’s Laisha Zaack whether new markets could affect automotive timelines, Sivaram said automotive remains a key focus and the company is “adding these additional markets to our automotive portfolio,” not shifting away from EV efforts. He said resourcing for these opportunities was included in the company’s annual operating plan, describing the approach as “not an either/or.”

Financial results: losses, guidance reiterated, liquidity near $905 million Hettrich reported GAAP operating expenses of $109.2 million and a GAAP net loss of $100.8 million in Q1. Adjusted EBITDA loss was $63.2 million, which he said was “in line with expectations.”

QuantumScape reiterated full-year 2026 guidance for an adjusted EBITDA loss of $250 million to $275 million. Capital expenditures were $10 million in the first quarter, “primarily composed of final payments related to the Eagle Line,” and the company reiterated its full-year CapEx guidance of $40 million to $60 million.

Customer billings were $11 million in Q1, which Hettrich said reflected “a mix of customer development activities and ecosystem partner payments.” In response to Goldman Sachs’ Ayush Ghosh (on for Mark Delaney), Hettrich noted that fiscal 2025 customer billings were approximately $19.5 million and said the company continues to guide to billings increasing year over year in 2026 versus 2025.

QuantumScape ended the quarter with $904.7 million in liquidity, and Hettrich said the company expects to remain “prudent” with its balance sheet.

About QuantumScape (NYSE:QS) QuantumScape Corporation is a development-stage company specializing in the research and commercialization of next-generation solid-state lithium-metal batteries for electric vehicles. The company’s core technology replaces the traditional liquid electrolyte with a solid ceramic separator, aiming to deliver higher energy density, faster charging times and enhanced safety compared to conventional lithium-ion cells. QuantumScape’s product roadmap focuses on enabling electric vehicle manufacturers to extend driving range and reduce charging downtime, addressing key barriers to widespread EV adoption.

Founded in 2010 and headquartered in San Jose, California, QuantumScape has attracted significant strategic investment and formed partnerships with leading automotive OEMs.

Featured Articles Five stocks we like better than QuantumScape

Over the past decade, the electric vehicle (EV) market has grown rapidly as lower vehicle prices, improved charging infrastructure, and high gas prices drew in new customers. However, its growth is gradually cooling as governments rein in their EV subsidies; unpredictable tariffs, geopolitical conflicts, and supply chain constraints disrupt cross-border shipments; and inflation and elevated interest rates throttle consumer spending.

But from 2025 to 2030, Grand View Research expects the global EV market to grow at a 32.5% CAGR as cheaper, more power-efficient EVs enter the market. If you want to profit from that secular trend, you should buy these two oft-overlooked EV stocks -- BYD (BYDDY +0.62%) and QuantumScape (QS 2.63%) -- as the bulls look the other way.

Image source: Getty Images.

BYD BYD, China's largest automaker, is also the world's largest EV maker. It was originally a battery maker before it evolved into a diversified automaker. Still, its growth didn't accelerate until it stopped producing gas-powered vehicles in 2022 to aggressively expand its EV business. It sells both plug-in hybrid EVs (PHEVs) and battery-powered EVs (BEVs).

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From 2022 to 2025, BYD's annual vehicle sales surged from 1.9 million units to 4.6 million units, its revenue rose from 424 billion yuan ($118 billion) to 804 billion yuan ($118 billion), and its net income nearly doubled from 17 billion yuan ($5 billion) to 33 billion yuan ($5 billion).

BYD stood out in China's crowded EV market by leveraging its experience as a battery maker and producing its own lithium iron phosphate (LFP) batteries, which were safer, cheaper, and more power-efficient than conventional lithium-ion batteries. It also expanded its first-party supply chain by producing its own motors, chips, and power electronics, and it unified its production lines with its e-Platform 3.0 architecture across multiple vehicles. That vertical integration boosted its gross margins as production increased, and its profits grew.

From 2025 to 2028, analysts expect BYD's revenue and net income to grow at 12% and 23% CAGRs, respectively. That expansion should be supported by overseas growth in Southeast Asia, Europe, and Latin America; new AI features for its mid-range vehicles; increased production capacity; and upgrades for its fast-charging network across China. That's an impressive outlook for a stock that trades at just 17 times next year's earnings.

QuantumScape QuantumScape is a developer of solid-state lithium-metal batteries that provide better thermal stability, shorter charging times, and higher charging capacities than lithium-ion batteries.

Its QSE-5 battery, which it's been co-developing with Volkswagen (OTC:VWAP.Y) for more than a decade, has an energy density of 844 Wh/L (watt hours per liter) and can be quick-charged from 10% to 80% in under 15 minutes. Most lithium-ion batteries for EVs have an average energy density of 300-700 Wh/L and a fast-charging time of 20 minutes to an hour.

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QuantumScape initially planned to manufacture its own QSE-5 batteries through a joint venture with Volkswagen. In 2024, it abandoned its capital-intensive strategy and decided to license its technology to other battery makers to generate higher-margin royalties and licensing fees.

QuantumScape's batteries could make EVs much more efficient, but it hasn't commercialized any of its designs or generated any meaningful revenue yet. However, it's been upgrading its older Raptor separator process to its newer Cobra process over the past year to improve its cell reliability, productivity, and overall yields. That upgrade will enable QuantumScape to ramp up its production of higher-volume battery samples for Volkswagen and other automakers.

From 2026 to 2028, analysts expect QuantumScape's revenue to rise from nothing to $99 million as it finally licenses its first commercial QSE-5 batteries. With a market cap of $4.2 billion, it might seem overvalued at 42 times its 2028 sales. However, it could deserve that premium valuation if its solid-state batteries replace conventional lithium-ion batteries.

Rocket Lab stock NASDAQ:RKLB has become one of the market’s favorite regret trades.

It went public at $11.58, fell to a record low of $3.79 in 2022, and now trades around $84.65, after a long run built on launch execution, defense contracts and a growing backlog.

That is the kind of move investors look back on and say they should have seen coming.

The frustrating part is that Rocket Lab is no longer cheap, as analysts now see it as a company with real momentum, but also a stock priced for a lot of success already.

As per The Motley Fool analysis, the stock’s strong run reflects solid execution and growing demand, but also leaves limited room for error at current valuations.

Rocket Lab's rise came from repetition with 87 successful Electron launches, a long list of contracts with customers such as NASA, the US Space Force, BlackSky and Capella Space, and a steady shift from “interesting space company” to “real business with real demand.”

The company is still expected to grow fast, with analysts looking for revenue to rise from about $602 million in 2025 to $1.6 billion by 2028.

Even after that growth, though, the stock is trading at about 29 times those 2028 sales estimates, which leaves much less room for mistakes than it used to.

RKLB shows the kind of setup that can work extremely well: genuine technology, a market that is still early, and a business that keeps delivering enough proof points to pull in more institutional money.

The problem for anyone arriving late is that the easy part of the move may already be over.

Also read: Why selling these 3 dividend stocks could be a mistake

QuantumScape (NASDAQ: QS) is the cleaner “next Rocket Lab” story for investors who like long-dated technology bets.

The company is developing solid-state lithium-metal batteries that can charge from 10% to 80% in under 15 minutes and are designed to deliver 844 watt-hours per liter of energy density.

It has spent more than a decade developing batteries with Volkswagen, and it plans to license its first commercial designs by the end of 2026.

That commercialization milestone could become a major inflection point as analysts currently expect QuantumScape’s revenue to remain minimal in the near term before rising to roughly $48 million in 2027 and potentially surpassing $100 million in 2028.

The stock still looks like a distressed name.

QuantumScape trades around $7.95, below its 52-week high of $19.07 and only a little above its 52-week low of $3.80.

Plug Power (NASDAQ: PLUG) is the more established, more industrial version of the same idea.

It already has a commercial footprint, with more than 74,000 fuel cell systems deployed worldwide, and major customers include Amazon and Walmart.

Analysts expect revenue to rise from about $710 million in 2025 to $1.2 billion by 2028, while adjusted EBITDA is projected to turn positive in the final year of that period.

That is a much more tangible path to re-rating than a pure concept story.

Valuation is the other part of the appeal as Plug Power trades around $3.31, close to its lower trading band and well below its 52-week high of $4.58.

At roughly six times this year’s sales, it is far cheaper than Rocket Lab on a forward-sales basis and still far better known than QuantumScape.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

© Courtesy of QuantumScape

Shares of QuantumScape (NYSE:QS | QS Price Prediction) are up 7% in early Wednesday trading, pushing the stock to around $9 from a prior close of $8.42. The pop extends a sharp recovery for the solid-state battery developer, which has now rallied 32% over the past month.

The move follows fresh investor enthusiasm around the company’s Eagle Line pilot production facility and the early ramp of customer billings, two milestones that mark the most concrete step yet in QuantumScape’s transition from research to commercial manufacturing. QS stock is also up 97% over the past year, though it remains down 19% year to date.

For a name that has long traded on promise rather than production, this counts as a meaningful inflection. The market is responding to tangible operational evidence.

Eagle Line and First Customer Billings Drive the Move QuantumScape completed its Eagle Line pilot production facility, a higher-volume pilot designed to match the throughput of its Cobra separator process. The Eagle Line was inaugurated on February 4 and is intended to bridge lab-scale demonstrations and full commercial manufacturing.

The second catalyst is the initiation of customer billings. QuantumScape booked $19.5 million in first-ever customer billings for full-year 2025, a new operating KPI that, even at modest scale, signals customers are paying for the technology. The launch customer remains Volkswagen Group’s PowerCo, which received Cobra-process QSE-5 cells.

QuantumScape’s Q4 2025 financials reinforced the operational progress for QS stock. The company’s net loss narrowed to $100.11 million from $114.66 million a year earlier, while R&D fell to $86.77 million. Meanwhile, QuantumScape’s liquidity stood at $970.8 million at year end.

Why Solid-State and Market Diversification Matter Solid-state batteries offer higher energy density, faster charging, improved safety, and longer cycle life than conventional lithium-ion cells. QuantumScape is now positioning that platform beyond electric vehicles, with management targeting AI data centers and defense as new addressable markets where weight, density, and reliability command a premium.

The broader engagement pipeline supports that ambition. The company added two major global automotive OEMs via new joint development and tech evaluation agreements in Q4 2025, alongside ceramics partnerships with Murata Manufacturing and Corning. QuantumScape also guided to a $250 million to $275 million adjusted EBITDA loss for 2026.

Sentiment Split and Insider Activity Crowd sentiment on QuantumScape is running hotter than the sell side. Reddit social sentiment scored 72 on a recent WallStreetBets thread, while the composite prediction-markets index sits at 60.29 with a bullish lean.

Wall Street remains cautious on QS stock. The analyst consensus target is $7.16 with 7 hold ratings and 2 sell ratings, leaving the consensus below today’s price. Insider activity, however, shows 66 recent transactions with net buying, a more constructive signal.

What to Watch Next The bull case rests on QuantumScape converting Eagle Line pilot output into repeatable, scaled production and growing those customer billings beyond the launch partner. Field testing with PowerCo is targeted to begin in 2026, making each operational update increasingly material.

The risk side is equally real, however. QuantumScape is still pre-revenue on product sales, the Eagle Line is pilot rather than commercial scale, and solid-state battery timelines have slipped across the industry for years. Prudent investors may want to size positions accordingly given the capital intensity ahead.

The next major catalyst could be QuantumScape’s Q1 2026 earnings report and any color on customer billings cadence, which management has flagged could vary quarter to quarter. Watch for whether today’s gains hold above $9 into the close.

QuantumScape Corporation is downgraded from Buy to Hold due to increased risks, despite notable operational and financial progress. Eagle Line's pilot-scale production validates manufacturability, addressing the core bear thesis and supporting the PowerCo licensing model. Q1 2026 billings of $11M signal a sharp acceleration, narrowing losses and suggesting the thesis is delayed, not broken.

QuantumScape's (QS 2.63%) battery technology aims to overcome the limitations of today's lithium-ion technology. Since its founding, the company has focused on electric vehicles (EVs), but growing demand for power solutions from hyperscaler data centers and defense technologies could open up another avenue for growth.

That said, QuantumScape stock has had a rough go of it since its 2020 initial public offering (IPO). With QuantumScape stock down 95% from its all-time high, is it finally time to buy the dip? Let's dive into the company and what's next for it.

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How QuantumScape is enhancing battery technology QuantumScape designs next-generation solid-state lithium-metal batteries. Its battery technology aims to overcome the structural limitations of traditional lithium-ion batteries by providing significantly higher energy density, faster charging (from 10% to 80% in under 15 minutes), and enhanced safety.

Since 2012, Volkswagen has been a major partner and investor in QuantumScape, supporting its research and development. In 2024, Volkswagen's battery subsidiary, PowerCo, signed a $130 million licensing agreement to produce up to 80 gigawatt-hours of batteries annually using QuantumScape's technology. It has since expanded the agreement by another $131 million.

Image source: Getty Images.

While EVs remain a primary focus, QuantumScape is also exploring high-value markets like data centers, robotics, aviation, and defense. This could help QuantumScape expand beyond the EV industry, which has experienced uneven adoption over the past few years. By commercializing in other industries, QuantumScape diversifies into other high-value alternatives that could provide a faster path to commercialization and profitability.

Moving toward large-scale production QuantumScape has made strides in recent years, moving from pure research and development toward mass production. Last year, it introduced its Cobra separator process, a specialized, next-generation heat-treatment system that bakes and manufactures ceramic sheets 25 times faster than before. Meanwhile, its Eagle Line automated pilot production line uses the Cobra separator machine and automated cell-assembly robotics to quickly build prototype cells for delivery to clients.

Earlier this year, the company added defense executive Dr. Ross Niebergall, formerly of L3Harris Technologies and RTX's Raytheon, to its board of directors, signaling a potential push to secure government and military drone contracts. Management noted that QuantumScape is "ramping up engagements in new markets" and preparing sample shipments of its QSE-5 cells for testing in artificial intelligence data centers.

Investors buying today could be getting in on the ground floor of QuantumScape's battery technology. If you believe the company can secure major defense deals and data center deals and expand its platform beyond EVs, then QuantumScape may be a stock for you.

However, it's still a long road to mass production. Analysts covering the company project revenue of $29.5 million in 2027 and around $360 million in 2028, showing the company is still a couple of years away from generating meaningful revenue. For these reasons, I think investors are better off waiting for the company to advance its technology and secure more deals before buying the stock.

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SummaryQuantumScape Corporation remains on track with its commercialization roadmap, despite recent price weakness and ongoing skepticism.QS’s cash and marketable securities provide a 25–32 month runway, supporting development through its targeted commercialization window of 2027–2029.Valuation is attractive: P/B at 3.89x versus a historical average of 4.56x, with a target price range of $7.41–$8.20.I reiterate my buy rating as technicals show improving momentum, and the current downtrend presents renewed entry opportunities. JHVEPhoto/iStock Editorial via Getty Images

Barely two months after the previous coverage, QuantumScape Corporation (QS) made some rebound attempts and justified my buy rating. But now, it appears to be going downhill again from $8 to $7. I can't blame the market

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of QS either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Wintrust Financial Corporation remains a soft "Buy" due to robust asset and credit quality, despite shares appearing slightly expensive. WTFC's deposits grew to $57.72 billion and loans to $52.73 billion, with minimal high-cost and office exposure, supporting balance sheet strength. Net interest income and non-interest income both increased, driving 2025 net income to $774.2 million, up from $667.1 million, despite higher provisions.

Wintrust Financial Corporation (NASDAQ: WTFC - Get Free Report) has received a consensus rating of "Moderate Buy" from the fourteen brokerages that are currently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the

Wintrust Financial demonstrates robust loan and deposit growth, a strong net interest margin, and leverages a unique multi-charter community banking model. WTFC's Q4 2025 earnings highlight 11% YoY net income growth and top-tier net interest margin at 3.52%, outperforming peers. Despite operational strengths, macroeconomic headwinds—yield curve pressures, private credit contagion risk, and credit deterioration—limit upside potential.

Brian A. Kenney to Succeed Hackett as Chairman April 09, 2026 17:15 ET  | Source: Wintrust Financial Corporation

CHICAGO, April 09, 2026 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (NASDAQ: WTFC) (“Wintrust”) today announced Board of Directors members H. Patrick Hackett Jr. and William J. Doyle will not stand for re-election and will conclude their service at the Annual Meeting of Shareholders to be held May 28, 2026.

It is anticipated that Brian A. Kenney, a Wintrust Board member since 2023, will succeed Hackett as Chairman of the Board, pending his re-election at the Annual Meeting.

“We are grateful to Pat and Bill for their years of service on our Board, including Pat’s nine years of leadership as Chairman” said Tim Crane, President and Chief Executive Officer, Wintrust Financial Corporation. “Pat and Bill, along with our entire board, have been instrumental in sharing their expertise and insights as we have grown to a $71 billion bank with sophisticated financial capabilities delivered through a community banking model centered on exceptional customer service.”

Hackett is Managing Member of HHS Partners LLC, a Chicago-area investment company. He joined the Board in 2008 and has served as Chairman since 2017. Doyle has been a Director since 2017. He retired as President and Chief Executive Officer of PotashCorp in 2015.

Kenney retired as Chairman, President and Chief Executive Officer of GATX Corporation in 2022. As a member of the Wintrust Board, he currently serves as Chairman of the Risk Management Committee and as a member of Nominating Committee.

“Brian’s experience leading a global, publicly traded company is particularly valuable for our financial organization and I am pleased that he will serve as Chairman of the Board,” Crane added.

The remaining 12 Board members are seeking re-election, as noted in the 2026 Proxy Statement available at ir.wintrust.com.

About Wintrust
Wintrust is a financial holding company with $71 billion in assets whose common stock is traded on the NASDAQ Global Select Market. Guided by its “Different Approach, Better Results®” philosophy, Wintrust offers the sophisticated resources of a large bank while providing a community banking experience to each customer. Wintrust operates more than 200 retail banking locations through 16 community bank subsidiaries in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. In addition, Wintrust operates various non-bank business units, providing residential mortgage origination, wealth management, commercial and life insurance premium financing, short-term accounts receivable financing/outsourced administrative services to the temporary staffing services industry, and qualified intermediary services for tax-deferred exchanges. For more information, please visit wintrust.com.

Forward-Looking Information
This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Wintrust's expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" and the forward-looking statement disclosure contained in Wintrust's Annual Report on Form 10-K for the most recently ended fiscal year. Forward-looking statements speak only as of the date made and Wintrust undertakes no duty to update the information.

For more information, media may contact Amy Yuhn at 847-939-9591 or [email protected]. For investor relations inquiries, please contact Dave Dykstra at 847-939-9000.

Contact: Amy Yuhn
Phone: 847-939-9591
Mobile: 312-218-2364
Email: [email protected]

April 15, 2026 16:50 ET  | Source: Wintrust Financial Corporation

ROSEMONT, Ill., April 15, 2026 (GLOBE NEWSWIRE) -- The Board of Directors of Wintrust Financial Corporation (“Wintrust” or the “Company”) (Nasdaq: WTFC) has approved a quarterly cash dividend of $0.55 per share of outstanding common stock. The dividend is payable on May 28, 2026, to shareholders of record as of May 14, 2026.

Additionally, the Company’s Board of Directors approved a cash dividend on outstanding shares of the Company’s 7.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series F. The dividend is payable on July 15, 2026, to shareholders of record as of July 1, 2026.

About Wintrust

Wintrust is a financial holding company with $71.1 billion in assets whose common stock is traded on the Nasdaq Global Select Market. Guided by its “Different Approach, Better Results®” philosophy, Wintrust offers the sophisticated resources of a large bank while providing a community banking experience to each customer. Wintrust operates more than 200 retail banking locations through 16 community bank subsidiaries in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. In addition, Wintrust operates various non-bank business units, providing residential mortgage origination, wealth management, commercial and life insurance premium financing, short-term accounts receivable financing/outsourced administrative services to the temporary staffing services industry, and qualified intermediary services for tax-deferred exchanges. For more information, please visit wintrust.com.

Forward-Looking Information

This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Wintrust's expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" and the forward-looking statement disclosure contained in Wintrust's Annual Report on Form 10-K for the most recently ended fiscal year. Forward-looking statements speak only as of the date made and Wintrust undertakes no duty to update the information.

FOR MORE INFORMATION CONTACT:
David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000
Amy Yuhn, Executive Vice President, Communications
(847) 939-9591
Website address: www.wintrust.com

ROSEMONT, Ill., April 20, 2026 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record net income of $227.4 million, or $3.22 per diluted common share, for the first quarter of 2026 compared to net income of $223.0 million, or $3.15 per diluted common share for the fourth quarter of 2025. Pre-tax, pre-provision income (non-GAAP) for the first quarter of 2026 totaled a record $330.5 million, as compared to $329.8 million for the fourth quarter of 2025.

Timothy S. Crane, President and Chief Executive Officer, commented, “We are pleased with our first quarter 2026 results, with diversified loan growth, robust deposit generation and prudent expense management resulting in a fifth consecutive quarter of record net income. Our multi-faceted business model and unique market position continued to build franchise value.”

Additionally, Mr. Crane noted, “Net interest margin in the first quarter remained within our expected range, improving by two basis points to 3.56%. Strong loan growth, coupled with a stable net interest margin supported solid net interest income levels in the first quarter of 2026. Our disciplined approach to underwriting led to strong credit quality with low levels of net charge-offs and non-performing loans.”

Highlights of the first quarter of 2026:
Comparative information to the fourth quarter of 2025, unless otherwise noted

Total loans increased by $1.0 billion, or 7% annualized.Total deposits increased by $1.2 billion, or 8% annualized.Total assets increased by $1.0 billion, or 6% annualized.Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2026. Net interest income decreased to $579.0 million in the first quarter of 2026, compared to $583.9 million in the fourth quarter of 2025, primarily due to two fewer calendar days in the first quarter, partially offset by average earning asset growth during the quarter.         Provision for credit losses totaled $29.6 million in the first quarter of 2026, compared to a provision for credit losses of $27.6 million in the fourth quarter of 2025.Net charge-offs totaled $18.4 million, or 14 basis points of average total loans on an annualized basis, in the first quarter of 2026 down from $21.8 million, or 17 basis points of average total loans on an annualized basis, in the fourth quarter of 2025.Non-performing loans totaled $182.7 million and comprised 0.34% of total loans at March 31, 2026, as compared to $185.8 million and 0.35% of total loans at December 31, 2025. “Our first quarter performance reflected the efficient execution of our strategic priorities to deliver our differentiated customer experience, deliver disciplined and strategic growth and build the foundation for our future”, Mr. Crane said. “We believe the continued momentum in our financial results has us well-positioned for the remainder of 2026. We expect sustained balance sheet growth, as we manage our expenses while investing appropriately in our businesses, to create consistent value for our shareholders.”

The graphs shown on pages 3-7 illustrate certain financial highlights of the first quarter of 2026 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

Graphs available at the following link: 
http://ml.globenewswire.com/Resource/Download/eee88316-a409-40c9-8b41-bcc28fae9695

SUMMARY OF RESULTS:

BALANCE SHEET

Total assets increased $1.0 billion in the first quarter of 2026 compared to the fourth quarter of 2025, driven by a $1.0 billion increase in total loans. The increase in loans was broad-based with growth across most major loan categories.

Total liabilities increased by $0.9 billion in the first quarter of 2026 compared to the fourth quarter of 2025, driven by a $1.2 billion increase in total deposits. Robust organic deposit growth in the first quarter of 2026 was driven by our diverse deposit product offerings. Non-interest bearing deposit balances represented 20% of total deposits and average non-interest bearing deposit balances have remained stable in recent quarters. The Company's loans-to-deposits ratio ended the quarter at 91.8%.

For more information regarding changes in the Company’s balance sheet, see Consolidated Statements of Condition and Table 1 through Table 3 in this report.

NET INTEREST INCOME

For the first quarter of 2026, net interest income totaled $579.0 million, a decrease of $4.9 million compared to the fourth quarter of 2025. The decrease in net interest income in the first quarter of 2026 was driven by two fewer calendar days in the quarter, partially offset by average earning asset growth during the quarter.

Net interest margin was 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2026, up two basis points compared to the fourth quarter of 2025, benefiting from two fewer calendar days in the calendar. The yield on earning assets declined 10 basis points during the first quarter of 2026 primarily due to a 13 basis point decrease in loan yields. Funding cost on interest-bearing deposits decreased by 16 basis points compared to the fourth quarter of 2025, which more than offset the reduction in loan yields. The net free funds contribution in the first quarter of 2026 declined four basis points compared to the fourth quarter of 2025.

For more information regarding net interest income, see Table 4 through Table 7 in this report.

ASSET QUALITY

The allowance for credit losses totaled $471.6 million as of March 31, 2026, an increase from $460.5 million as of December 31, 2025. A provision for credit losses totaling $29.6 million was recorded for the first quarter of 2026 compared to $27.6 million recorded in the fourth quarter of 2025. The provision for credit losses recognized in the first quarter of 2026 reflects stable credit quality and a mostly stable macroeconomic forecast. However, given future economic performance remains uncertain, model results capture uncertainty related to credit spreads and equity market valuations. For more information regarding the allowance for credit losses and provision for credit losses, see Table 10 in this report.

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Company is required to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of March 31, 2026, December 31, 2025, and September 30, 2025 is shown on Table 11 of this report.

Net charge-offs totaled $18.4 million in the first quarter of 2026, a decrease of $3.4 million compared to $21.8 million of net charge-offs in the fourth quarter of 2025. Net charge-offs as a percentage of average total loans were 14 basis points in the first quarter of 2026 on an annualized basis compared to 17 basis points on an annualized basis in the fourth quarter of 2025. For more information regarding net charge-offs, see Table 9 in this report.

The Company’s loan portfolio delinquency rates remain low and manageable. For more information regarding past due loans, see Table 12 in this report.

Non-performing assets and non-performing loans were stable compared to prior quarter. Non-performing assets totaled $200.2 million and comprised 0.28% of total assets as of March 31, 2026, as compared to $206.6 million, or 0.29% of total assets, as of December 31, 2025. Non-performing loans totaled $182.7 million and comprised 0.34% of total loans at March 31, 2026, as compared to $185.8 million and 0.35% of total loans at December 31, 2025. For more information regarding non-performing assets, see Table 13 in this report.

NON-INTEREST INCOME

Non-interest income totaled $134.1 million in the first quarter of 2026, increasing $3.7 million, compared to $130.4 million in the fourth quarter of 2025.

Wealth management revenue increased by approximately $2.7 million in the first quarter of 2026, compared to the fourth quarter of 2025. The increase in the first quarter of 2026 was primarily driven by the increase in trust and asset management revenue. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

Mortgage banking revenue totaled $23.4 million in the first quarter of 2026, compared to $22.6 million in the fourth quarter of 2025. The increase in the first quarter of 2026 was primarily attributed to higher production revenue. For more information regarding mortgage banking revenue, see Table 15 in this report.

The Company recognized approximately $31,000 in net losses on investment securities in the first quarter of 2026 compared to approximately $1.5 million in net gains in the fourth quarter of 2025. The net losses in the first quarter of 2026 were primarily the result of unrealized losses on the Company’s equity investment securities with a readily determinable fair value.

For more information regarding non-interest income, see Table 14 in this report.

NON-INTEREST EXPENSE

Non-interest expense totaled $382.6 million in the first quarter of 2026, decreasing $1.9 million, compared to $384.5 million in the fourth quarter of 2025. Non-interest expense, as a percent of average assets, remained stable at 2.21% in the first quarter of 2026.

Salaries and employee benefits expense increased by approximately $5.9 million in the first quarter of 2026, compared to the fourth quarter of 2025. This was primarily driven by an increase in base salaries as annual merit increases go into effect in the first quarter.

The Company recorded net OREO expense of $207,000 in the first quarter of 2026, compared to net OREO expense of $2.2 million in the fourth quarter of 2025. The primary driver of the decrease in the first quarter can be attributed to valuation adjustments in the fourth quarter of 2025. Net OREO expenses include all costs associated with obtaining, maintaining and selling other real estate owned properties as well as valuation adjustments.

Advertising and marketing expenses in the first quarter of 2026 totaled $13.2 million, which was a $574,000 decrease as compared to the fourth quarter of 2025. Marketing costs are incurred to promote the Company’s brand, commercial banking capabilities and the Company’s various products, to attract loans and deposits and to announce new branch openings as well as the expansion of the Company’s non-bank businesses. The level of marketing expenditures depends on the timing of sponsorship programs utilized which are determined based on the market area, targeted audience, competition and various other factors. Generally, these expenses are elevated in the second and third quarters of each year.

Travel and entertainment expense decreased approximately $2.5 million in the first quarter of 2026, compared to the fourth quarter of 2025. The decrease is primarily attributed to seasonal corporate events that occur in the fourth quarter.

For more information regarding non-interest expense, see Table 16 in this report.

INCOME TAXES

The Company recorded income tax expense of $73.6 million in the first quarter of 2026 compared to $79.2 million in the fourth quarter of 2025. The effective tax rates were 24.4% in the first quarter of 2026 compared to 26.2% in the fourth quarter of 2025. The effective tax rates were impacted by the tax effects related to share-based compensation which fluctuate based on the Company’s stock price and timing of employee stock option exercises and vesting of other share-based awards. The Company recorded net excess tax benefits of $6.6 million in the first quarter of 2026, compared to net excess tax benefits of $70,000 in the fourth quarter of 2025 related to share-based compensation.

BUSINESS SUMMARY

Community Banking

Through community banking, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the first quarter of 2026, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.

Mortgage banking revenue was $23.4 million for the first quarter of 2026, an increase of $771,000 compared to the fourth quarter of 2025. See Table 15 for more detail. Service charges on deposit accounts totaled $21.0 million in the first quarter of 2026 as compared to $20.4 million in the fourth quarter of 2025. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of March 31, 2026 indicating momentum for expected continued loan growth in the second quarter of 2026.

Specialty Finance

Through specialty finance, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were $5.1 billion during the first quarter of 2026. Average balances decreased by $81.0 million, as compared to the fourth quarter of 2025. The Company’s leasing divisions’ portfolio balances increased in the first quarter of 2026, with capital leases, loans, and equipment on operating leases of $3.0 billion, $1.2 billion, and $362.8 million as of March 31, 2026, respectively, compared to $2.9 billion, $1.2 billion, and $360.6 million as of December 31, 2025, respectively. Revenues from the Company’s out-sourced administrative services business were $1.2 million in the first quarter of 2026, which was relatively stable compared to the fourth quarter of 2025.

Wealth Management

Through wealth management, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. Wealth management revenue totaled $42.1 million in the first quarter of 2026, an increase as compared to the fourth quarter of 2025. At March 31, 2026, the Company’s wealth management subsidiaries had approximately $45.9 billion of assets under administration, which excludes assets owned by the Company and its subsidiary banks.

WINTRUST FINANCIAL CORPORATION

Key Operating Measures

Wintrust’s key operating measures and growth rates for the first quarter of 2026, as compared to the fourth quarter of 2025 (sequential quarter) and first quarter of 2025 (linked quarter), are shown in the table below:

      % or(1)
basis point  (bp) change from
4th Quarter
2025% or
basis point  (bp) change from
1st Quarter
2025 Three Months Ended(Dollars in thousands, except per share data)Mar 31, 2026 Dec 31, 2025 Mar 31, 2025Net income$227,388  $223,024  $189,039 2 %20 %Pre-tax income, excluding provision for credit losses (non-GAAP)(2) 330,534   329,811   277,018 0  19  Net income per common share – Diluted 3.22   3.15   2.69 2  20  Cash dividends declared per common share 0.55   0.50   0.50 10  10  Net revenue(3) 713,166   714,264   643,108 0  11  Net interest income 579,024   583,874   526,474 (1) 10  Net interest margin 3.54%  3.52%  3.54%2 bps— bpsNet interest margin – fully taxable-equivalent (non-GAAP)(2) 3.56   3.54   3.56 2  —  Net overhead ratio(4) 1.44   1.45   1.58 (1) (14) Return on average assets 1.32   1.27   1.20 5  12  Return on average common equity 12.76   12.63   12.21 13  55  Return on average tangible common equity (non-GAAP)(2) 14.89   14.83   14.72 6  17  At end of period         Total assets$72,157,433  $71,142,046  $65,870,066 6 %10 %Total loans(5) 54,071,292   53,105,101   48,708,390 7  11  Total deposits 58,914,382   57,717,191   53,570,038 8  10  Total shareholders’ equity 7,378,100   7,258,715   6,600,537 7  12   (1) Period-end balance sheet percentage changes are annualized.
(2) See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(3) Net revenue is net interest income plus non-interest income.
(4) The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.
(5) Excludes mortgage loans held-for-sale.

Certain returns, yields, performance ratios, or quarterly growth rates are “annualized” in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate.

WINTRUST FINANCIAL CORPORATION
Selected Financial Highlights

  Three Months Ended(Dollars in thousands, except per share data) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025Selected Financial Condition Data (at end of period):Total assets $72,157,433  $71,142,046  $69,629,638  $68,983,318  $65,870,066 Total loans(1)  54,071,292   53,105,101   52,063,482   51,041,679   48,708,390 Total deposits  58,914,382   57,717,191   56,711,381   55,816,811   53,570,038 Total shareholders’ equity  7,378,100   7,258,715   7,045,757   7,225,696   6,600,537 Selected Statements of Income Data:          Net interest income $579,024  $583,874  $567,010  $546,694  $526,474 Net revenue(2)  713,166   714,264   697,837   670,783   643,108 Net income  227,388   223,024   216,254   195,527   189,039 Pre-tax income, excluding provision for credit losses (non-GAAP)(3)  330,534   329,811   317,809   289,322   277,018 Net income per common share – Basic  3.26   3.21   2.82   2.82   2.73 Net income per common share – Diluted  3.22   3.15   2.78   2.78   2.69 Cash dividends declared per common share  0.55   0.50   0.50   0.50   0.50 Selected Financial Ratios and Other Data:          Performance Ratios:          Net interest margin  3.54%  3.52%  3.48%  3.52%  3.54%Net interest margin – fully taxable-equivalent (non-GAAP)(3)  3.56   3.54   3.50   3.54   3.56 Non-interest income to average assets  0.78   0.74   0.76   0.76   0.74 Non-interest expense to average assets  2.21   2.19   2.21   2.32   2.32 Net overhead ratio(4)  1.44   1.45   1.45   1.57   1.58 Return on average assets  1.32   1.27   1.26   1.19   1.20 Return on average common equity  12.76   12.63   11.58   12.07   12.21 Return on average tangible common equity (non-GAAP)(3)  14.89   14.83   13.74   14.44   14.72 Average total assets $70,089,123  $69,492,268  $68,303,036  $65,840,345  $64,107,042 Average total shareholders’ equity  7,387,713   7,166,608   6,955,543   6,862,040   6,460,941 Average loans to average deposits ratio  93.1%  92.4%  92.5%  93.0%  92.3%Period-end loans to deposits ratio  91.8   92.0   91.8   91.4   90.9 Common Share Data at end of period:          Market price per common share $138.94  $139.82  $132.44  $123.98  $112.46 Book value per common share  103.10   102.03   98.87   95.43   92.47 Tangible book value per common share (non-GAAP)(3)  89.90   88.66   85.39   81.86   78.83 Common shares outstanding  67,437,300   66,974,913   66,961,209   66,937,732   66,919,325 Other Data at end of period:          Common equity to assets ratio  9.6%  9.6%  9.5%  9.3%  9.4%Tangible common equity ratio (non-GAAP)(3)  8.5   8.5   8.3   8.0   8.1 Tier 1 leverage ratio(5)  9.8   9.6   9.5   10.2   9.6 Risk-based capital ratios:          Tier 1 capital ratio(5)  11.1   11.0   10.9   11.5   10.8 Common equity tier 1 capital ratio(5)  10.4   10.3   10.2   10.0   10.1 Total capital ratio(5)  12.5   12.4   12.4   13.0   12.5 Allowance for credit losses(6) $471,591  $460,465  $454,586  $457,461  $448,387 Allowance for loan and unfunded lending-related commitment losses to total loans  0.87%  0.87%  0.87%  0.90%  0.92%Number of:          Bank subsidiaries  16   16   16   16   16 Banking offices  209   209   208   208   208  (1) Excludes mortgage loans held-for-sale.
(2) Net revenue is net interest income plus non-interest income.
(3) See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(4) The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.
(5) Capital ratios for current quarter-end are estimated.
(6) The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION

  (Unaudited)   (Unaudited) (Unaudited) (Unaudited)  Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands)  2026   2025   2025   2025   2025 Assets          Cash and due from banks $543,654  $467,874  $565,406  $695,501  $616,216 Federal funds sold and securities purchased under resale agreements  65   64   63   63   63 Interest-bearing deposits with banks  3,051,665   3,180,553   3,422,452   4,569,618   4,238,237 Available-for-sale securities, at fair value  7,244,282   6,236,263   5,274,124   4,885,715   4,220,305 Held-to-maturity securities, at amortized cost  3,270,207   3,343,905   3,438,406   3,502,186   3,564,490 Equity securities with readily determinable fair value  63,786   63,770   63,445   273,722   270,442 Federal Home Loan Bank and Federal Reserve Bank stock  292,044   291,881   282,755   282,087   281,893 Mortgage loans held-for-sale, at fair value  383,405   340,745   333,883   299,606   316,804 Loans, net of unearned income  54,071,292   53,105,101   52,063,482   51,041,679   48,708,390 Allowance for loan losses  (390,651)  (379,283)  (386,622)  (391,654)  (378,207)Net loans  53,680,641   52,725,818   51,676,860   50,650,025   48,330,183 Premises, software and equipment, net  777,603   781,611   775,425   776,324   776,679 Lease investments, net  362,766   360,646   301,000   289,768   280,472 Accrued interest receivable and other assets  1,596,617   1,617,682   1,614,674   1,610,025   1,598,255 Receivable on unsettled securities sales  —   835,275   978,209   240,039   463,023 Goodwill  797,658   797,960   797,639   798,144   796,932 Other acquisition-related intangible assets  93,040   97,999   105,297   110,495   116,072 Total assets $72,157,433  $71,142,046  $69,629,638  $68,983,318  $65,870,066 Liabilities and Shareholders’ Equity          Deposits:          Non-interest-bearing $12,112,891  $11,423,701  $10,952,146  $10,877,166  $11,201,859 Interest-bearing  46,801,491   46,293,490   45,759,235   44,939,645   42,368,179 Total deposits  58,914,382   57,717,191   56,711,381   55,816,811   53,570,038 Federal Home Loan Bank advances  3,451,309   3,451,309   3,151,309   3,151,309   3,151,309 Other borrowings  340,647   477,966   579,328   625,392   529,269 Subordinated notes  298,717   298,636   298,536   298,458   298,360 Junior subordinated debentures  253,566   253,566   253,566   253,566   253,566 Payable on unsettled securities purchases  —   —   —   39,105   — Accrued interest payable and other liabilities  1,520,712   1,684,663   1,589,761   1,572,981   1,466,987 Total liabilities  64,779,333   63,883,331   62,583,881   61,757,622   59,269,529 Shareholders’ Equity:          Preferred stock  425,000   425,000   425,000   837,500   412,500 Common stock  67,525   67,062   67,042   67,025   67,007 Surplus  2,546,792   2,534,024   2,521,306   2,495,637   2,494,347 Treasury stock  (13,970)  (9,156)  (9,150)  (9,156)  (9,156)Retained earnings  4,719,561   4,537,539   4,356,367   4,200,923   4,045,854 Accumulated other comprehensive loss  (366,808)  (295,754)  (314,808)  (366,233)  (410,015)Total shareholders’ equity  7,378,100   7,258,715   7,045,757   7,225,696   6,600,537 Total liabilities and shareholders’ equity $72,157,433  $71,142,046  $69,629,638  $68,983,318  $65,870,066 
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 Three Months Ended(Dollars in thousands, except per share data)Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025 Mar 31,
2025Interest income         Interest and fees on loans$797,889  $822,494  $832,140 $797,997 $768,362 Mortgage loans held-for-sale 4,615   5,607   4,757  4,872  4,246 Interest-bearing deposits with banks 19,150   27,190   34,992  34,317  36,766 Federal funds sold and securities purchased under resale agreements 64   77   75  276  179 Investment securities 100,278   95,461   86,426  78,053  72,016 Trading account securities —   —   —  —  11 Federal Home Loan Bank and Federal Reserve Bank stock 5,564   5,497   5,444  5,393  5,307 Brokerage customer receivables —   —   —  —  78 Total interest income 927,560   956,326   963,834  920,908  886,965 Interest expense         Interest on deposits 309,187   332,178   355,846  333,470  320,233 Interest on Federal Home Loan Bank advances 27,701   26,408   26,007  25,724  25,441 Interest on other borrowings 4,026   5,956   6,887  6,957  6,792 Interest on subordinated notes 3,719   3,737   3,717  3,735  3,714 Interest on junior subordinated debentures 3,903   4,173   4,367  4,328  4,311 Total interest expense 348,536   372,452   396,824  374,214  360,491 Net interest income 579,024   583,874   567,010  546,694  526,474 Provision for credit losses 29,594   27,588   21,768  22,234  23,963 Net interest income after provision for credit losses 549,430   556,286   545,242  524,460  502,511 Non-interest income         Wealth management 42,059   39,365   37,188  36,821  34,042 Mortgage banking 23,396   22,625   24,451  23,170  20,529 Service charges on deposit accounts 20,970   20,402   19,825  19,502  19,362 (Losses) gains on investment securities, net (31)  1,505   2,972  650  3,196 Fees from covered call options 4,669   5,992   5,619  5,624  3,446 Trading gains (losses), net 10   (257)  172  151  (64)Operating lease income, net 19,154   16,365   15,466  15,166  15,287 Other 23,915   24,393   25,134  23,005  20,836 Total non-interest income 134,142   130,390   130,827  124,089  116,634 Non-interest expense         Salaries and employee benefits 228,447   222,557   219,668  219,541  211,526 Software and equipment 35,654   36,096   35,027  36,522  34,717 Operating lease equipment 10,987   11,034   10,409  10,757  10,471 Occupancy, net 20,566   20,105   20,809  20,228  20,778 Data processing 11,266   11,809   11,329  12,110  11,274 Advertising and marketing 13,218   13,792   19,027  18,761  12,272 Professional fees 7,375   8,280   7,465  9,243  9,044 Amortization of other acquisition-related intangible assets 4,958   4,999   5,196  5,580  5,618 FDIC insurance 10,990   10,562   11,418  10,971  10,926 Other real estate owned (“OREO”) expenses, net 207   2,162   262  505  643 Other 38,964   43,057   39,418  37,243  38,821 Total non-interest expense 382,632   384,453   380,028  381,461  366,090 Income before taxes 300,940   302,223   296,041  267,088  253,055 Income tax expense 73,552   79,199   79,787  71,561  64,016 Net income$227,388  $223,024  $216,254 $195,527 $189,039 Preferred stock dividends 8,367   8,367   13,295  6,991  6,991 Preferred stock redemption —   —   14,046  —  — Net income applicable to common shares$219,021  $214,657  $188,913 $188,536 $182,048 Net income per common share - Basic$3.26  $3.21  $2.82 $2.82 $2.73 Net income per common share - Diluted$3.22  $3.15  $2.78 $2.78 $2.69 Cash dividends declared per common share$0.55  $0.50  $0.50 $0.50 $0.50 Weighted average common shares outstanding 67,246   66,970   66,952  66,931  66,726 Dilutive potential common shares 851   1,143   1,028  888  923 Average common shares and dilutive common shares 68,097   68,113   67,980  67,819  67,649 
TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

          % Growth From(1)(Dollars in thousands)Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30, 
2025 Mar 31,
2025Dec 31,
2025(2)Mar 31,
2025Balance:           Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies$249,350 $217,136 $211,360 $192,633 $181,58060%37%Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies 134,055  123,609  122,523  106,973  135,22434 (1)Total mortgage loans held-for-sale$383,405 $340,745 $333,883 $299,606 $316,80451%21%            Core loans:           Commercial           Commercial and industrial$7,620,239 $7,267,505 $7,135,083 $7,028,247 $6,871,20620%11%Asset-based lending 1,558,089  1,512,888  1,588,522  1,663,693  1,701,96212 (8)Municipal 839,633  868,958  804,986  771,785  798,646(14)5 Leases 3,002,014  2,921,366  2,834,563  2,757,331  2,680,94311 12 Commercial real estate           Residential construction 53,097  54,753  60,923  59,027  55,849(12)(5)Commercial construction 1,959,375  2,013,244  2,273,545  2,165,263  2,086,797(11)(6)Land 311,470  341,585  323,685  304,827  306,235(36)2 Office 1,652,482  1,688,614  1,578,208  1,601,208  1,641,555(9)1 Industrial 3,323,977  3,167,768  2,912,547  2,824,889  2,677,55520 24 Retail 1,469,658  1,436,252  1,478,861  1,452,351  1,402,8379 5 Multi-family 3,565,419  3,445,507  3,306,597  3,200,578  3,091,31414 15 Mixed use and other 1,826,808  1,793,013  1,684,841  1,683,867  1,652,7598 11 Home equity 471,264  480,525  484,202  466,815  455,683(8)3 Residential real estate           Residential real estate loans for investment 4,319,941  4,171,439  4,019,046  3,814,715  3,561,41714 21 Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies 83,036  84,706  75,088  80,800  86,952(8)(5)Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies 62,189  61,087  49,736  53,267  36,7907 69 Total core loans$32,118,691 $31,309,210 $30,610,433 $29,928,663 $29,108,50010%10%            Niche loans:           Commercial           Franchise$1,293,639 $1,298,493 $1,298,140 $1,286,265 $1,262,555(2)%2%Mortgage warehouse lines of credit 1,800,972  1,515,003  1,204,661  1,232,530  1,019,54377 77 Community Advantage - homeowners association 526,274  532,027  537,696  526,595  525,492(4)— Insurance agency lending 1,122,361  1,128,446  1,140,691  1,120,985  1,070,979(2)5 Premium Finance receivables           U.S. property & casualty insurance 7,127,234  7,308,054  7,502,901  7,378,340  6,486,663(10)10 Canada property & casualty insurance 763,097  875,362  863,391  944,836  753,199(52)1 Life insurance 9,196,382  9,023,642  8,758,553  8,506,960  8,365,1408 10 Consumer and other 122,642  114,864  147,016  116,505  116,31927 5 Total niche loans$21,952,601 $21,795,891 $21,453,049 $21,113,016 $19,599,8903%12%            Total loans, net of unearned income$54,071,292 $53,105,101 $52,063,482 $51,041,679 $48,708,3907%11% (1)  NM - Not Meaningful.
(2)  Annualized.

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

          % Growth From(Dollars in thousands)Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025 Mar 31,
2025Dec 31,
2025(1) Mar 31,
2025Balance:            Non-interest-bearing$12,112,891  $11,423,701  $10,952,146  $10,877,166  $11,201,859 24% 8%NOW and interest-bearing demand deposits 5,987,258   6,233,753   6,710,919   6,795,725   6,340,168 (16) (6)Wealth management deposits(2) 1,670,620   1,907,647   1,600,735   1,595,764   1,408,790 (50) 19 Money market 21,714,267   21,368,924   20,270,382   19,556,041   18,074,733 7  20 Savings 6,942,565   6,905,216   6,758,743   6,659,419   6,576,251 2  6 Time certificates of deposit 10,486,781   9,877,950   10,418,456   10,332,696   9,968,237 25  5 Total deposits$58,914,382  $57,717,191  $56,711,381  $55,816,811  $53,570,038 8% 10%Mix:            Non-interest-bearing 20%  20%  19%  19%  21%   NOW and interest-bearing demand deposits 10   11   12   12   12    Wealth management deposits(2) 3   3   3   3   3    Money market 37   37   36   35   34    Savings 12   12   12   12   12    Time certificates of deposit 18   17   18   19   18    Total deposits 100%  100%  100%  100%  100%    (1) Annualized.
(2) Represents deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), and trust and asset management customers of the Company.

TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS
As of March 31, 2026

(Dollars in thousands) Total Time
Certificates of
Deposit Weighted-Average
Rate of Maturing
Time Certificates
of Deposit1-3 months $2,650,966 3.45%4-6 months  5,018,880 3.51 7-9 months  1,589,764 3.37 10-12 months  822,123 3.40 13-18 months  243,686 2.88 19-24 months  70,182 2.85 24+ months  91,180 2.72 Total $10,486,781 3.44%
TABLE 4: QUARTERLY AVERAGE BALANCES

  Average Balance for three months ended,  Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands)  2026   2025   2025   2025   2025 Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents(1) $2,247,083  $2,842,829  $3,276,683  $3,308,199  $3,520,048 Investment securities(2)  10,616,617   10,084,138   9,377,930   8,801,560   8,409,735 FHLB and FRB stock(3)  291,972   284,643   282,338   282,001   281,702 Liquidity management assets(4) $13,155,672  $13,211,610  $12,936,951  $12,391,760  $12,211,485 Other earning assets(4) (5)  —   —   —   —   13,140 Mortgage loans held-for-sale  317,047   357,672   295,365   310,534   286,710 Loans, net of unearned income(4) (6)  52,845,685   52,193,637   51,403,566   49,517,635   47,833,380 Total earning assets(4) $66,318,404  $65,762,919  $64,635,882  $62,219,929  $60,344,715 Allowance for loan and investment security losses  (391,810)  (404,075)  (410,681)  (398,685)  (375,371)Cash and due from banks  534,189   517,616   495,292   478,707   476,423 Other assets  3,628,340   3,615,808   3,582,543   3,540,394   3,661,275 Total assets $70,089,123  $69,492,268  $68,303,036  $65,840,345  $64,107,042            NOW and interest-bearing demand deposits $6,081,218  $6,133,333  $6,687,292  $6,423,050  $6,046,189 Wealth management deposits  1,858,560   1,925,808   1,604,142   1,552,989   1,574,480 Money market accounts  21,156,125   20,475,659   19,431,021   18,184,754   17,581,141 Savings accounts  6,921,251   6,814,263   6,723,325   6,578,698   6,479,444 Time deposits  9,782,112   10,045,136   10,319,719   9,841,702   9,406,126 Interest-bearing deposits $45,799,266  $45,394,199  $44,765,499  $42,581,193  $41,087,380 FHLB advances(3)  3,451,312   3,203,483   3,151,310   3,151,310   3,151,309 Other borrowings  442,200   547,507   614,892   593,657   582,139 Subordinated notes  298,661   298,576   298,481   298,398   298,306 Junior subordinated debentures  253,566   253,566   253,566   253,566   253,566 Total interest-bearing liabilities $50,245,005  $49,697,331  $49,083,748  $46,878,124  $45,372,700 Non-interest-bearing deposits  10,963,887   11,080,254   10,791,709   10,643,798   10,732,156 Other liabilities  1,492,518   1,548,075   1,472,036   1,456,383   1,541,245 Equity  7,387,713   7,166,608   6,955,543   6,862,040   6,460,941 Total liabilities and shareholders’ equity $70,089,123  $69,492,268  $68,303,036  $65,840,345  $64,107,042            Net free funds/contribution(7) $16,073,399  $16,065,588  $15,552,134  $15,341,805  $14,972,015  (1) Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.
(2) Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.
(3) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)
(4) See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(5) Other earning assets include brokerage customer receivables and trading account securities.
(6) Loans, net of unearned income, include non-accrual loans.
(7) Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.

TABLE 5: QUARTERLY NET INTEREST INCOME

  Net Interest Income for three months ended,  Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands)  2026   2025   2025   2025   2025 Interest income:          Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents $19,214  $27,267  $35,067  $34,593  $36,945 Investment securities  100,864   96,122   87,101   78,733   72,706 FHLB and FRB stock(1)  5,564   5,497   5,444   5,393   5,307 Liquidity management assets(2) $125,642  $128,886  $127,612  $118,719  $114,958 Other earning assets(2)  —   —   —   —   92 Mortgage loans held-for-sale  4,615   5,607   4,757   4,872   4,246 Loans, net of unearned income(2)  799,915   824,628   834,294   800,197   770,568 Total interest income $930,172  $959,121  $966,663  $923,788  $889,864            Interest expense:          NOW and interest-bearing demand deposits $29,666  $31,681  $40,448  $37,517  $33,600 Wealth management deposits  8,941   10,011   8,415   8,182   8,606 Money market accounts  155,299   163,585   169,831   155,890   146,374 Savings accounts  30,672   34,371   38,844   37,637   35,923 Time deposits  84,609   92,530   98,308   94,244   95,730 Interest-bearing deposits $309,187  $332,178  $355,846  $333,470  $320,233 FHLB advances(1)  27,701   26,408   26,007   25,724   25,441 Other borrowings  4,026   5,956   6,887   6,957   6,792 Subordinated notes  3,719   3,737   3,717   3,735   3,714 Junior subordinated debentures  3,903   4,173   4,367   4,328   4,311 Total interest expense $348,536  $372,452  $396,824  $374,214  $360,491            Less: Fully taxable-equivalent adjustment  (2,612)  (2,795)  (2,829)  (2,880)  (2,899)Net interest income (GAAP)(3)  579,024   583,874   567,010   546,694   526,474 Fully taxable-equivalent adjustment  2,612   2,795   2,829   2,880   2,899 Net interest income, fully taxable-equivalent (non-GAAP)(3) $581,636  $586,669  $569,839  $549,574  $529,373  (1) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)
(2) Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.
(3) See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

TABLE 6: QUARTERLY NET INTEREST MARGIN

  Net Interest Margin for three months ended,  Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025 Mar 31,
2025Yield earned on:          Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents 3.47% 3.81% 4.25% 4.19% 4.26%Investment securities 3.85  3.78  3.68  3.59  3.51 FHLB and FRB stock(1) 7.73  7.66  7.65  7.67  7.64 Liquidity management assets 3.87% 3.87% 3.91% 3.84% 3.82%Other earning assets —  —  —  —  2.84 Mortgage loans held-for-sale 5.90  6.22  6.39  6.29  6.01 Loans, net of unearned income 6.14  6.27  6.44  6.48  6.53 Total earning assets 5.69% 5.79% 5.93% 5.96% 5.98%           Rate paid on:          NOW and interest-bearing demand deposits 1.98% 2.05% 2.40% 2.34% 2.25%Wealth management deposits 1.95  2.06  2.08  2.11  2.22 Money market accounts 2.98  3.17  3.47  3.44  3.38 Savings accounts 1.80  2.00  2.29  2.29  2.25 Time deposits 3.51  3.65  3.78  3.84  4.13 Interest-bearing deposits 2.74% 2.90% 3.15% 3.14% 3.16%FHLB advances 3.26  3.27  3.27  3.27  3.27 Other borrowings 3.69  4.32  4.44  4.70  4.73 Subordinated notes 5.05  4.97  4.94  5.02  5.05 Junior subordinated debentures 6.24  6.53  6.83  6.85  6.90 Total interest-bearing liabilities 2.81% 2.97% 3.21% 3.20% 3.22%           Interest rate spread(2) (3) 2.88% 2.82% 2.72% 2.76% 2.76%Less: Fully taxable-equivalent adjustment (0.02) (0.02) (0.02) (0.02) (0.02)Net free funds/contribution(4) 0.68  0.72  0.78  0.78  0.80 Net interest margin (GAAP)(3) 3.54% 3.52% 3.48% 3.52% 3.54%Fully taxable-equivalent adjustment 0.02  0.02  0.02  0.02  0.02 Net interest margin, fully taxable-equivalent (non-GAAP)(3) 3.56% 3.54% 3.50% 3.54% 3.56% (1) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)
(2) Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
(3) See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(4) Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.

TABLE 7: INTEREST RATE SENSITIVITY

As an ongoing part of its financial strategy, the Company attempts to manage the impact of fluctuations in market interest rates on net interest income. Management measures its exposure to changes in interest rates by modeling many different interest rate scenarios.

The following interest rate scenarios display the percentage change in net interest income over a one-year time horizon assuming increases and decreases of 100 and 200 basis points as compared to projected net interest income in a scenario with no assumed rate changes. The Static Shock Scenario results incorporate actual cash flows and repricing characteristics for balance sheet instruments following an instantaneous, parallel change in market rates based upon a static (i.e. no growth or constant) balance sheet. Conversely, the Ramp Scenario results incorporate management’s projections of future volume and pricing of each of the product lines following a gradual, parallel change in market rates over twelve months. Actual results may differ from these simulated results due to timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies. The interest rate sensitivity for both the Static Shock and Ramp Scenario is as follows:

Static Shock Scenario +200 Basis Points +100 Basis Points -100 Basis Points -200 Basis PointsMar 31, 2026 (0.8)% (0.1)% (1.0)% (1.9)%Dec 31, 2025 (1.6) (0.5) (0.5) (0.8)Sep 30, 2025 (2.3) (0.8) 0.0  (0.4)Jun 30, 2025 (1.5) (0.4) (0.2) (1.2)Mar 31, 2025 (1.8) (0.6) (0.2) (1.2) Ramp Scenario+200 Basis Points +100 Basis Points -100 Basis Points -200 Basis PointsMar 31, 2026(0.1)% 0.0% (0.1)% (0.3)%Dec 31, 2025(0.0) 0.1  (0.1) (0.2)Sep 30, 2025(0.2) (0.1) 0.1  (0.1)Jun 30, 20250.0  0.0  (0.1) (0.4)Mar 31, 20250.2  0.2  (0.1) (0.5)
As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to remain relatively neutral. Management has taken action to reposition its sensitivity to interest rates to stabilize net interest margin following the rise in short term interest rates in 2022 and 2023. To this end, management has executed various derivative instruments including collars, floors and receive-fixed swaps to hedge variable-rate loan exposures. The Company will continue to monitor current and projected interest rates and may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future periods.

TABLE 8: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

 Loans repricing or contractual maturity periodAs of March 31, 2026One year or
less
 From one to
five years
 From five to
fifteen years
 After fifteen
years
 Total
(In thousands)    Commercial         Fixed rate$521,142  $4,062,342 $2,182,827 $19,916 $6,786,227Variable rate 10,975,702   1,292  —  —  10,976,994Total commercial$11,496,844  $4,063,634 $2,182,827 $19,916 $17,763,221Commercial real estate         Fixed rate$860,484  $2,648,718 $345,954 $71,217 $3,926,373Variable rate 10,225,429   10,419  65  —  10,235,913Total commercial real estate$11,085,913  $2,659,137 $346,019 $71,217 $14,162,286Home equity         Fixed rate$9,160  $1,141 $— $8 $10,309Variable rate 460,955   —  —  —  460,955Total home equity$470,115  $1,141 $— $8 $471,264Residential real estate         Fixed rate$20,050  $4,549 $68,021 $1,052,334 $1,144,954Variable rate 126,191   776,281  2,417,740  —  3,320,212Total residential real estate$146,241  $780,830 $2,485,761 $1,052,334 $4,465,166Premium finance receivables - property & casualty         Fixed rate$7,762,445  $127,886 $— $— $7,890,331Variable rate —   —  —  —  —Total premium finance receivables - property & casualty$7,762,445  $127,886 $— $— $7,890,331Premium finance receivables - life insurance         Fixed rate$55,951  $88,566 $— $— $144,517Variable rate 9,051,865   —  —  —  9,051,865Total premium finance receivables - life insurance$9,107,816  $88,566 $— $— $9,196,382Consumer and other         Fixed rate$29,654  $8,473 $857 $842 $39,826Variable rate 82,816   —  —  —  82,816Total consumer and other$112,470  $8,473 $857 $842 $122,642          Total per category         Fixed rate$9,258,886  $6,941,675 $2,597,659 $1,144,317 $19,942,537Variable rate 30,922,958   787,992  2,417,805  —  34,128,755Total loans, net of unearned income$40,181,844  $7,729,667 $5,015,464 $1,144,317 $54,071,292Less: Existing cash flow hedging derivatives(1) (5,900,000)        Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity$34,281,844                   Variable Rate Loan Pricing by Index:         SOFR tenors(2)        $22,224,81812- month CMT(3)         7,992,586Prime         3,011,508Fed Funds         625,005Other U.S. Treasury tenors         175,047Other         99,791Total variable rate        $34,128,755 (1) Excludes cash flow hedges with future effective starting dates and those that have matured as of March 31, 2026. The $5.90 billion of cash flow hedging derivatives includes receive fixed swaps, collars and floors of which $4.95 billion were impacting the cash flows of loans indexed to one-month SOFR as of March 31, 2026.
(2) SOFR - Secured Overnight Financing Rate.
(3) CMT - Constant Maturity Treasury Rate.

Graph available at the following link: 
http://ml.globenewswire.com/Resource/Download/73886619-830d-4279-b7fe-e334db005633 

Source: Bloomberg

As noted in the table on the previous page, the majority of the Company’s portfolio is tied to SOFR and CMT indices which, as shown in the table above, do not mirror the same changes as the Prime rate, which has historically moved when the Federal Reserve raises or lowers interest rates. Specifically, the Company has variable rate loans of $19.5 billion tied to one-month SOFR and $8.0 billion tied to twelve-month CMT. The above chart shows:

  Basis Point (bp) Change in  1-month
SOFR 12- month CMT Prime First Quarter 2026 (3)bps20 bps— bpsFourth Quarter 2025 (44) (20) (50) Third Quarter 2025 (19) (28) (25) Second Quarter 2025 —  (7) —  First Quarter 2025 (1) (13) —  
TABLE 9: ALLOWANCE FOR CREDIT LOSSES

  Three Months Ended  Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars in thousands)  2026   2025   2025   2025   2025 Allowance for credit losses at beginning of period $460,465  $454,586  $457,461  $448,387  $437,060 Provision for credit losses - Other  29,594   27,588   21,768   22,234   23,963 Other adjustments  (50)  71   (88)  180   4 Charge-offs:          Commercial  8,428   12,894   21,597   6,148   9,722 Commercial real estate  7,260   5,625   144   5,711   454 Home equity  —   —   27   111   — Residential real estate  350   —   26   —   — Premium finance receivables - property & casualty  7,431   8,354   6,860   6,346   7,114 Premium finance receivables - life insurance  —   —   18   —   12 Consumer and other  180   203   174   179   147 Total charge-offs  23,649   27,076   28,846   18,495   17,449 Recoveries:          Commercial  1,419   956   1,449   1,746   929 Commercial real estate  6   4   241   10   12 Home equity  303   28   104   30   216 Residential real estate  1   1   1   2   136 Premium finance receivables - property & casualty  3,437   4,275   2,459   3,335   3,487 Premium finance receivables - life insurance  —   —   —   —   — Consumer and other  65   32   37   32   29 Total recoveries  5,231   5,296   4,291   5,155   4,809 Net charge-offs  (18,418)  (21,780)  (24,555)  (13,340)  (12,640)Allowance for credit losses at period end $471,591  $460,465  $454,586  $457,461  $448,387            Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:Commercial  0.17%  0.29%  0.49%  0.11%  0.23%Commercial real estate  0.21   0.16   (0.00)  0.17   0.01 Home equity  (0.26)  (0.02)  (0.06)  0.07   (0.20)Residential real estate  0.03   (0.00)  0.00   (0.00)  (0.02)Premium finance receivables - property & casualty  0.20   0.20   0.20   0.16   0.20 Premium finance receivables - life insurance  —   —   0.00   —   0.00 Consumer and other  0.35   0.47   0.40   0.44   0.45 Total loans, net of unearned income  0.14%  0.17%  0.19%  0.11%  0.11%           Loans at period end $54,071,292  $53,105,101  $52,063,482  $51,041,679  $48,708,390 Allowance for loan losses as a percentage of loans at period end  0.72%  0.71%  0.74%  0.77%  0.78%Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end  0.87   0.87   0.87   0.90   0.92  PCD - Purchase Credit Deteriorated

TABLE 10: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

  Three Months Ended  Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands)  2026   2025   2025   2025   2025 Provision for loan losses - Other $29,836  $14,369  $19,610  $26,607  $26,826 Provision for unfunded lending-related commitments losses - Other  (239)  13,354   2,160   (4,325)  (2,852)Provision for held-to-maturity securities losses  (3)  (135)  (2)  (48)  (11)Provision for credit losses $29,594  $27,588  $21,768  $22,234  $23,963            Allowance for loan losses $390,651  $379,283  $386,622  $391,654  $378,207 Allowance for unfunded lending-related commitments losses  80,683   80,922   67,569   65,409   69,734 Allowance for loan losses and unfunded lending-related commitments losses  471,334   460,205   454,191   457,063   447,941 Allowance for held-to-maturity securities losses  257   260   395   398   446 Allowance for credit losses $471,591  $460,465  $454,586  $457,461  $448,387  PCD - Purchase Credit Deteriorated        

TABLE 11: ALLOWANCE BY LOAN PORTFOLIO

The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of March 31, 2026, December 31, 2025 and September 30, 2025.

 As of Mar 31, 2026As of Dec 31, 2025As of Sep 30, 2025(Dollars in thousands)Recorded
Investment Calculated
Allowance % of its
category’s balanceRecorded
Investment Calculated
Allowance % of its
category’s balanceRecorded
Investment Calculated
Allowance % of its
category’s balanceCommercial$17,763,221 $210,959 1.19%$17,044,686 $178,545 1.05%$16,544,342 $189,476 1.15%Commercial real estate:               Construction and development 2,323,942  74,092 3.19  2,409,582  93,106 3.86  2,658,153  78,765 2.96 Non-construction 11,838,344  150,778 1.27  11,531,154  153,827 1.33  10,961,054  151,712 1.38 Total commercial real estate$14,162,286 $224,870 1.59%$13,940,736 $246,933 1.77%$13,619,207 $230,477 1.69%Total commercial and commercial real estate$31,925,507 $435,829 1.37%$30,985,422 $425,478 1.37%$30,163,549 $419,953 1.39%Home equity 471,264  10,213 2.17  480,525  10,402 2.16  484,202  9,229 1.91 Residential real estate 4,465,166  13,081 0.29  4,317,232  12,519 0.29  4,143,870  12,013 0.29 Premium finance receivables - property & casualty 7,890,331  10,591 0.13  8,183,416  10,226 0.12  8,366,292  11,187 0.13 Premium finance receivables - life insurance 9,196,382  800 0.01  9,023,642  785 0.01  8,758,553  762 0.01 Consumer and other 122,642  820 0.67  114,864  795 0.69  147,016  1,047 0.71 Total loans, net of unearned income$54,071,292 $471,334 0.87%$53,105,101 $460,205 0.87%$52,063,482 $454,191 0.87%                Total core loans(1)$32,118,691 $408,892 1.27%$31,309,210 $412,714 1.32%$30,610,433 $408,780 1.34%Total niche loans(1) 21,952,601  62,442 0.28  21,795,891  47,491 0.22  21,453,049  45,411 0.21  (1)   See Table 1 for additional detail on core and niche loans.

TABLE 12: LOAN PORTFOLIO AGING

(In thousands) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025Loan Balances:          Commercial          Nonaccrual $87,750 $78,059 $66,577 $80,877 $70,56090+ days and still accruing  —  —  —  —  4660-89 days past due  9,996  22,952  12,190  34,855  15,24330-59 days past due  90,389  90,205  36,136  45,103  97,397Current  17,575,086  16,853,470  16,429,439  16,226,596  15,748,080Total commercial $17,763,221 $17,044,686 $16,544,342 $16,387,431 $15,931,326Commercial real estate          Nonaccrual $16,757 $25,147 $28,202 $32,828 $26,18790+ days and still accruing  —  —  —  —  —60-89 days past due  17,133  19,529  14,119  11,257  6,99530-59 days past due  54,143  65,601  83,055  51,173  83,653Current  14,074,253  13,830,459  13,493,831  13,196,752  12,798,066Total commercial real estate $14,162,286 $13,940,736 $13,619,207 $13,292,010 $12,914,901Home equity          Nonaccrual $1,142 $1,221 $1,295 $1,780 $2,07090+ days and still accruing  —  —  —  —  —60-89 days past due  463  1,112  246  138  98430-59 days past due  2,012  2,818  2,294  2,971  3,403Current  467,647  475,374  480,367  461,926  449,226Total home equity $471,264 $480,525 $484,202 $466,815 $455,683Residential real estate          Early buy-out loans guaranteed by U.S. government agencies(1) $145,225 $145,793 $124,824 $134,067 $123,742Nonaccrual  27,360  32,862  28,942  28,047  22,52290+ days and still accruing  —  —  —  —  —60-89 days past due  129  7,562  8,829  8,954  1,35130-59 days past due  30,854  24,908  95  38  38,943Current  4,261,598  4,106,107  3,981,180  3,777,676  3,498,601Total residential real estate $4,465,166 $4,317,232 $4,143,870 $3,948,782 $3,685,159Premium finance receivables - property & casualty          Nonaccrual $33,891 $29,354 $24,512 $30,404 $29,84690+ days and still accruing  15,823  19,115  13,006  14,350  18,08160-89 days past due  16,188  29,294  23,527  25,641  19,71730-59 days past due  47,936  57,685  38,133  29,460  39,459Current  7,776,493  8,047,968  8,267,114  8,223,321  7,132,759Total Premium finance receivables - property & casualty $7,890,331 $8,183,416 $8,366,292 $8,323,176 $7,239,862Premium finance receivables - life insurance          Nonaccrual $— $— $— $— $—90+ days and still accruing  —  —  —  327  2,96260-89 days past due  22,690  13,887  34,016  11,202  10,58730-59 days past due  58,760  22,806  34,506  34,403  29,924Current  9,114,932  8,986,949  8,690,031  8,461,028  8,321,667Total Premium finance receivables - life insurance $9,196,382 $9,023,642 $8,758,553 $8,506,960 $8,365,140Consumer and other          Nonaccrual $16 $8 $38 $41 $1890+ days and still accruing  10  42  60  184  9860-89 days past due  130  466  49  61  16230-59 days past due  230  643  159  175  542Current  122,256  113,705  146,710  116,044  115,499Total consumer and other $122,642 $114,864 $147,016 $116,505 $116,319Total loans, net of unearned income          Early buy-out loans guaranteed by U.S. government agencies(1) $145,225 $145,793 $124,824 $134,067 $123,742Nonaccrual  166,916  166,651  149,566  173,977  151,20390+ days and still accruing  15,833  19,157  13,066  14,861  21,18760-89 days past due  66,729  94,802  92,976  92,108  55,03930-59 days past due  284,324  264,666  194,378  163,323  293,321Current  53,392,265  52,414,032  51,488,672  50,463,343  48,063,898Total loans, net of unearned income $54,071,292 $53,105,101 $52,063,482 $51,041,679 $48,708,390 (1) Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.

TABLE 13: NON-PERFORMING ASSETS (1)

 Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars in thousands) 2026   2025   2025   2025   2025 Loans past due greater than 90 days and still accruing:         Commercial$—  $—  $—  $—  $46 Commercial real estate —   —   —   —   — Home equity —   —   —   —   — Residential real estate —   —   —   —   — Premium finance receivables - property & casualty 15,823   19,115   13,006   14,350   18,081 Premium finance receivables - life insurance —   —   —   327   2,962 Consumer and other 10   42   60   184   98 Total loans past due greater than 90 days and still accruing 15,833   19,157   13,066   14,861   21,187 Non-accrual loans:         Commercial 87,750   78,059   66,577   80,877   70,560 Commercial real estate 16,757   25,147   28,202   32,828   26,187 Home equity 1,142   1,221   1,295   1,780   2,070 Residential real estate 27,360   32,862   28,942   28,047   22,522 Premium finance receivables - property & casualty 33,891   29,354   24,512   30,404   29,846 Premium finance receivables - life insurance —   —   —   —   — Consumer and other 16   8   38   41   18 Total non-accrual loans 166,916   166,651   149,566   173,977   151,203 Total non-performing loans:         Commercial 87,750   78,059   66,577   80,877   70,606 Commercial real estate 16,757   25,147   28,202   32,828   26,187 Home equity 1,142   1,221   1,295   1,780   2,070 Residential real estate 27,360   32,862   28,942   28,047   22,522 Premium finance receivables - property & casualty 49,714   48,469   37,518   44,754   47,927 Premium finance receivables - life insurance —   —   —   327   2,962 Consumer and other 26   50   98   225   116 Total non-performing loans$182,749  $185,808  $162,632  $188,838  $172,390 Other real estate owned 17,439   20,839   24,832   23,615   22,625 Total non-performing assets$200,188  $206,647  $187,464  $212,453  $195,015 Total non-performing loans by category as a percent of its own respective category’s period-end balance:         Commercial 0.49%  0.46%  0.40%  0.49%  0.44%Commercial real estate 0.12   0.18   0.21   0.25   0.20 Home equity 0.24   0.25   0.27   0.38   0.45 Residential real estate 0.61   0.76   0.70   0.71   0.61 Premium finance receivables - property & casualty 0.63   0.59   0.45   0.54   0.66 Premium finance receivables - life insurance —   —   —   0.00   0.04 Consumer and other 0.02   0.04   0.07   0.19   0.10 Total loans, net of unearned income 0.34%  0.35%  0.31%  0.37%  0.35%Total non-performing assets as a percentage of total assets 0.28%  0.29%  0.27%  0.31%  0.30%Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans 282.38%  276.15%  303.67%  262.71%  296.25%           (1) Excludes early buy-out loans guaranteed by U.S. government agencies. Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.

Non-performing Loans Rollforward, excluding early buy-out loans guaranteed by U.S. government agencies

 Three Months Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands) 2026   2025   2025   2025   2025 Balance at beginning of period$185,808  $162,632  $188,838  $172,390  $170,823 Additions from becoming non-performing in the respective period 24,969   46,198   34,805   48,651   27,721 Return to performing status (3,663)  (2,937)  (3,399)  (6,896)  (1,207)Payments received (13,780)  (13,734)  (28,052)  (5,602)  (15,965)Transfer to OREO or other assets (868)  (286)  (348)  (2,247)  — Charge-offs, net (10,930)  (16,998)  (21,526)  (11,734)  (8,600)Net change for premium finance receivables 1,213   10,933   (7,686)  (5,724)  (382)Balance at end of period$182,749  $185,808  $162,632  $188,838  $172,390 
Other Real Estate Owned

 Three Months Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands) 2026   2025   2025  2025   2025 Balance at beginning of period$20,839  $24,832  $23,615 $22,625  $23,116 Disposals/resolved (4,760)  (2,141)  —  —   — Transfers in at fair value, less costs to sell 1,360   —   1,217  1,315   — Fair value adjustments —   (1,852)  —  (325)  (491)Balance at end of period$17,439  $20,839  $24,832 $23,615  $22,625            Period End(In thousands)Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,Balance by Property Type: 2026   2025   2025  2025   2025 Residential real estate$—  $—  $— $—  $— Commercial real estate 17,439   20,839   24,832  23,615   22,625 Total$17,439  $20,839  $24,832 $23,615  $22,625 
TABLE 14: NON-INTEREST INCOME

 Three Months EndedQ1 2026 compared to
Q4 2025
Q1 2026 compared to
Q1 2025 Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars in thousands) 2026   2025   2025   2025  2025 $ Change % Change$ Change % ChangeBrokerage$5,301  $5,384  $4,426  $4,212 $4,757 $(83) (2)%$544  11%Trust and asset management 36,758   33,981   32,762   32,609  29,285  2,777  8  7,473  26 Total wealth management 42,059   39,365   37,188   36,821  34,042  2,694  7  8,017  24 Mortgage banking 23,396   22,625   24,451   23,170  20,529  771  3  2,867  14 Service charges on deposit accounts 20,970   20,402   19,825   19,502  19,362  568  3  1,608  8 (Losses) gains on investment securities, net (31)  1,505   2,972   650  3,196  (1,536) NM (3,227) NMFees from covered call options 4,669   5,992   5,619   5,624  3,446  (1,323) (22) 1,223  35 Trading gains (losses), net 10   (257)  172   151  (64) 267  NM 74  NMOperating lease income, net 19,154   16,365   15,466   15,166  15,287  2,789  17  3,867  25 Other:               Interest rate swap fees 4,041   4,664   3,909   3,010  2,269  (623) (13) 1,772  78 BOLI 948   1,915   1,591   2,257  796  (967) (50) 152  19 Administrative services 1,243   1,352   1,240   1,315  1,393  (109) (8) (150) (11)Foreign currency remeasurement (losses) gains (368)  322   (416)  658  (183) (690) NM (185) NMChanges in fair value on EBOs and loans held-for-investment (287)  (1,702)  1,452   172  383  1,415  83  (670) NMEarly pay-offs of capital leases 1,198   581   519   400  768  617  NM 430  56 Miscellaneous 17,140   17,261   16,839   15,193  15,410  (121) (1) 1,730  11 Total Other 23,915   24,393   25,134   23,005  20,836  (478) (2) 3,079  15 Total Non-Interest Income$134,142  $130,390  $130,827  $124,089 $116,634 $3,752  3%$17,508  15% NM - Not meaningful.
BOLI - Bank-owned life insurance.
EBO - Early buy-out.

TABLE 15: MORTGAGE BANKING

 Three Months Ended(Dollars in thousands)Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025 Mar 31,
2025Originations:         Retail originations$441,749  $589,139  $505,793  $523,759  $348,468 Veterans First originations 152,244   208,054   137,600   157,787   111,985 Total originations for sale (A)$593,993  $797,193  $643,393  $681,546  $460,453 Originations for investment 371,540   364,988   351,012   422,926   217,177 Total originations$965,533  $1,162,181  $994,405  $1,104,472  $677,630 As a percentage of originations for sale:         Retail originations 74%  74%  79%  77%  76%Veterans First originations 26   26   21   23   24 Purchases 52%  52%  77%  74%  77%Refinances 48   48   23   26   23 Production Margin:         Production revenue (B)(1)$13,028  $10,878  $15,388  $13,380  $9,941 Total originations for sale (A)$593,993  $797,193  $643,393  $681,546  $460,453 Add: Current period end mandatory interest rate lock commitments to fund originations for sale(2) 218,156   122,804   307,932   163,664   197,297 Less: Prior period end mandatory interest rate lock commitments to fund originations for sale(2) 122,804   307,932   163,664   197,297   103,946 Total mortgage production volume (C)$689,345  $612,065  $787,661  $647,913  $553,804 Production margin (B / C) 1.89%  1.78%  1.95%  2.07%  1.80%Mortgage Servicing:         Loans serviced for others (D)$12,534,513  $12,608,694  $12,524,131  $12,470,924  $12,402,352 Mortgage Servicing Rights (“MSR”), at fair value (E) 195,276   195,023   190,938   193,061   196,307 Percentage of MSRs to loans serviced for others (E / D) 1.56%  1.55%  1.52%  1.55%  1.58%Servicing income$10,353  $10,185  $10,112  $10,520  $10,611 MSR Fair Value Asset Activity         MSR - FV at Beginning of Period$195,023  $190,938  $193,061  $196,307  $203,788 MSR - current period capitalization 6,434   9,150   5,829   6,336   4,669 MSR - collection of expected cash flows - paydowns (1,620)  (1,550)  (1,554)  (1,516)  (1,590)MSR - collection of expected cash flows - payoffs and repurchases (5,021)  (6,250)  (4,050)  (4,100)  (3,046)MSR - changes in fair value model assumptions 460   2,735   (2,348)  (3,966)  (7,514)MSR Fair Value at end of period$195,276  $195,023  $190,938  $193,061  $196,307 Summary of Mortgage Banking Revenue:         Operational:         Production revenue(1)$13,028  $10,878  $15,388  $13,380  $9,941 MSR - Current period capitalization 6,434   9,150   5,829   6,336   4,669 MSR - Collection of expected cash flows - paydowns (1,620)  (1,550)  (1,554)  (1,516)  (1,590)MSR - Collection of expected cash flows - payoffs and repurchases (5,021)  (6,250)  (4,050)  (4,100)  (3,046)Servicing Income 10,353   10,185   10,112   10,520   10,611 Other Revenue (45)  (17)  (345)  (79)  (172)Total operational mortgage banking revenue$23,129  $22,396  $25,380  $24,541  $20,413 Fair Value:         MSR - changes in fair value model assumptions$460  $2,735  $(2,348) $(3,966) $(7,514)(Loss) gain on derivative contract held as an economic hedge, net (900)  (2,425)  265   2,535   4,897 Changes in FV on early buy-out loans guaranteed by US Govt held-for-sale 707   (81)  1,154   60   2,733 Total fair value mortgage banking revenue$267  $229  $(929) $(1,371) $116 Total mortgage banking revenue$23,396  $22,625  $24,451  $23,170  $20,529  (1) Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.
(2) Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund.

TABLE 16: NON-INTEREST EXPENSE

 Three Months EndedQ1 2026 compared to
Q4 2025
Q1 2026 compared to
Q1 2025 Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars in thousands) 2026  2025   2025  2025  2025$ Change % Change$ Change % ChangeSalaries and employee benefits:               Salaries$129,086 $124,856  $124,623 $123,174 $123,917$4,230  3%$5,169  4%Commissions and incentive compensation 57,407  57,117   56,244  55,871  52,536 290  1  4,871  9 Benefits 41,954  40,584   38,801  40,496  35,073 1,370  3  6,881  20 Total salaries and employee benefits 228,447  222,557   219,668  219,541  211,526 5,890  3  16,921  8 Software and equipment 35,654  36,096   35,027  36,522  34,717 (442) (1) 937  3 Operating lease equipment 10,987  11,034   10,409  10,757  10,471 (47) (0) 516  5 Occupancy, net 20,566  20,105   20,809  20,228  20,778 461  2  (212) (1)Data processing 11,266  11,809   11,329  12,110  11,274 (543) (5) (8) (0)Advertising and marketing 13,218  13,792   19,027  18,761  12,272 (574) (4) 946  8 Professional fees 7,375  8,280   7,465  9,243  9,044 (905) (11) (1,669) (18)Amortization of other acquisition-related intangible assets 4,958  4,999   5,196  5,580  5,618 (41) (1) (660) (12)FDIC insurance 10,990  11,061   11,418  10,971  10,926 (71) (1) 64  1 FDIC insurance - special assessment —  (499)  —  —  — 499  (100) —  — OREO expense, net 207  2,162   262  505  643 (1,955) (90) (436) (68)Other:               Lending expenses, net of deferred origination costs 6,510  6,367   6,169  4,869  5,866 143  2  644  11 Travel and entertainment 5,426  7,965   6,029  6,026  5,270 (2,539) (32) 156  3 Miscellaneous 27,028  28,725   27,220  26,348  27,685 (1,697) (6) (657) (2)Total other 38,964  43,057   39,418  37,243  38,821 (4,093) (10) 143  0 Total Non-Interest Expense$382,632 $384,453  $380,028 $381,461 $366,090$(1,821) (0)%$16,542  5% NM - Not meaningful.

TABLE 17: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. These include taxable-equivalent net interest income (including its individual components), taxable-equivalent net interest margin (including its individual components), the taxable-equivalent efficiency ratio, tangible common equity ratio, tangible book value per common share, return on average tangible common equity, and pre-tax income, excluding provision for credit losses. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company’s interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently.

Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis (“FTE”). In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a FTE basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Company’s equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Company’s core net income.

 Three Months Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars and shares in thousands) 2026   2025   2025   2025   2025 Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:(A) Interest Income (GAAP)$927,560  $956,326  $963,834  $920,908  $886,965 Taxable-equivalent adjustment:         - Loans 2,026   2,134   2,154   2,200   2,206 - Liquidity Management Assets 586   661   675   680   690 - Other Earning Assets —   —   —   —   3 (B) Interest Income (non-GAAP)$930,172  $959,121  $966,663  $923,788  $889,864 (C) Interest Expense (GAAP) 348,536   372,452   396,824   374,214   360,491 (D) Net Interest Income (GAAP) (A minus C) 579,024   583,874   567,010   546,694   526,474 (E) Net Interest Income (non-GAAP) (B minus C) 581,636   586,669   569,839   549,574   529,373 Net interest margin (GAAP) 3.54%  3.52%  3.48%  3.52%  3.54%Net interest margin, fully taxable-equivalent (non-GAAP) 3.56   3.54   3.50   3.54   3.56 (F) Non-interest income$134,142  $130,390  $130,827  $124,089  $116,634 (G) (Losses) gains on investment securities, net (31)  1,505   2,972   650   3,196 (H) Non-interest expense 382,632   384,453   380,028   381,461   366,090 Efficiency ratio (H/(D+F-G)) 53.65%  53.94%  54.69%  56.92%  57.21%Efficiency ratio (non-GAAP) (H/(E+F-G)) 53.45   53.73   54.47   56.68   56.95  Three Months Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars and shares in thousands) 2026   2025   2025   2025   2025 Reconciliation of Non-GAAP Tangible Common Equity Ratio:Total shareholders’ equity (GAAP)$7,378,100  $7,258,715  $7,045,757  $7,225,696  $6,600,537 Less: Non-convertible preferred stock (GAAP) (425,000)  (425,000)  (425,000)  (837,500)  (412,500)Less: Acquisition-related intangible assets (GAAP) (890,698)  (895,959)  (902,936)  (908,639)  (913,004)(I) Total tangible common shareholders’ equity (non-GAAP)$6,062,402  $5,937,756  $5,717,821  $5,479,557  $5,275,033 (J) Total assets (GAAP)$72,157,433  $71,142,046  $69,629,638  $68,983,318  $65,870,066 Less: Acquisition-related intangible assets (GAAP) (890,698)  (895,959)  (902,936)  (908,639)  (913,004)(K) Total tangible assets (non-GAAP)$71,266,735  $70,246,087  $68,726,702  $68,074,679  $64,957,062 Common equity to assets ratio (GAAP) (L/J) 9.6%  9.6%  9.5%  9.3%  9.4%Tangible common equity ratio (non-GAAP) (I/K) 8.5   8.5   8.3   8.0   8.1  Reconciliation of Non-GAAP Tangible Book Value per Common Share:Total shareholders’ equity$7,378,100  $7,258,715  $7,045,757  $7,225,696  $6,600,537 Less: Non-convertible preferred stock (GAAP) (425,000)  (425,000)  (425,000)  (837,500)  (412,500)(L) Total common equity$6,953,100  $6,833,715  $6,620,757  $6,388,196  $6,188,037 (M) Actual common shares outstanding 67,437   66,975   66,961   66,938   66,919 Book value per common share (L/M)$103.10  $102.03  $98.87  $95.43  $92.47 Tangible book value per common share (non-GAAP) (I/M) 89.90   88.66   85.39   81.86   78.83           Reconciliation of Non-GAAP Return on Average Tangible Common Equity:(N) Net income applicable to common shares$219,021  $214,657  $188,913  $188,536  $182,048 Add: Acquisition-related intangible asset amortization 4,958   4,999   5,196   5,580   5,618 Less: Tax effect of acquisition-related intangible asset amortization (1,210)  (1,310)  (1,403)  (1,495)  (1,421)After-tax Acquisition-related intangible asset amortization$3,748  $3,689  $3,793  $4,085  $4,197 (O) Tangible net income applicable to common shares (non-GAAP)$222,769  $218,346  $192,706  $192,621  $186,245 Total average shareholders’ equity$7,387,713  $7,166,608  $6,955,543  $6,862,040  $6,460,941 Less: Average preferred stock (425,000)  (425,000)  (483,288)  (599,313)  (412,500)(P) Total average common shareholders’ equity$6,962,713  $6,741,608  $6,472,255  $6,262,727  $6,048,441 Less: Average acquisition-related intangible assets (894,211)  (901,022)  (906,032)  (910,924)  (916,069)(Q) Total average tangible common shareholders’ equity (non-GAAP)$6,068,502  $5,840,586  $5,566,223  $5,351,803  $5,132,372 Return on average common equity, annualized (N/P) 12.76%  12.63%  11.58%  12.07%  12.21%Return on average tangible common equity, annualized (non-GAAP) (O/Q) 14.89   14.83   13.74   14.44   14.72           Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:  Income before taxes$300,940  $302,223  $296,041  $267,088  $253,055 Add: Provision for credit losses 29,594   27,588   21,768   22,234   23,963 Pre-tax income, excluding provision for credit losses (non-GAAP)$330,534  $329,811  $317,809  $289,322  $277,018   Three Months Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars and shares in thousands, except per share data) 2026  2025  2025  2025  2025Reconciliation of Non-GAAP Net Income per Common Share:  Net income$        227,388         $        223,024         $        216,254         $        195,527         $        189,039        Preferred stock dividends         8,367                  8,367                  13,295                  6,991                  6,991        Preferred stock redemption         —                  —                  14,046                  —                  —        (R) Net income applicable to common shares$        219,021         $        214,657         $        188,913         $        188,536         $        182,048        (S) Weighted average common shares outstanding         67,246                  66,970                  66,952                  66,931                  66,726        Dilutive potential common shares         851                  1,143                  1,028                  888                  923        (T) Average common shares and dilutive common shares         68,097                  68,113                  67,980                  67,819                  67,649        Net income per common share - Basic (R/S)$        3.26         $        3.21         $        2.82         $        2.82         $        2.73        Net income per common share - Diluted (R/T)$        3.22         $        3.15         $        2.78         $        2.78         $        2.69        Preferred stock series F excess one-time extended first dividend$        —         $        —         $        4,927         $        —         $        —        Preferred stock redemption         —                  —                  14,046                  —                  —        (U) Total non-recurring preferred stock offering impact (non-GAAP)$        —         $        —         $        18,973         $        —         $        —        Net income per common share - Basic (non-GAAP) (R+U)/S$        3.26         $        3.21         $        3.11         $        2.82         $        2.73        Net income per common share - Diluted (non-GAAP) (R+U)/T$        3.22         $        3.15         $        3.06         $        2.78         $        2.69        
WINTRUST SUBSIDIARIES

Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC) that operates bank retail locations in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. Its 16 community bank subsidiaries are: Barrington Bank & Trust Company, N.A., Beverly Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Lake Forest Bank & Trust Company, N.A., Libertyville Bank & Trust Company, N.A., Macatawa Bank, N.A., Northbrook Bank & Trust Company, N.A., Old Plank Trail Community Bank, N.A., Schaumburg Bank & Trust Company, N.A., St. Charles Bank & Trust Company, N.A., State Bank of The Lakes, N.A., Town Bank, N.A., Village Bank & Trust, N.A., Wheaton Bank & Trust Company, N.A., and Wintrust Bank, N.A.

Additionally, the Company operates various non-bank businesses:

FIRST Insurance Funding and Wintrust Life Finance, each a division of Lake Forest Bank & Trust Company, N.A., serve property and casualty and life insurance loan customers, respectively, throughout the United States.First Insurance Funding of Canada serves property and casualty insurance loan customers throughout Canada.Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States.Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States.Wintrust Investments, LLC provides a full range of private client and brokerage services to clients and correspondent banks located primarily in the Midwest.Great Lakes Advisors LLC provides money management services and advisory services to individual accounts.Wintrust Private Trust Company, N.A., a trust subsidiary, allows Wintrust to service customers’ trust and investment needs at each banking location.Wintrust Asset Finance offers direct leasing opportunities.CDEC provides Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031.
FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2025 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following:

economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government shutdown, debt default or rating downgrade, particularly in the markets in which it operates;negative effects suffered by us or our customers resulting from changes in U.S. or international trade policies;the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;the financial success and economic viability of the borrowers of our commercial loans;commercial real estate market conditions in the Chicago metropolitan area, southern Wisconsin and west Michigan;the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses;inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio;changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities;the interest rate environment, including a prolonged period of low interest rates or rising interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability;competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products;failure to identify and complete favorable acquisitions in the future or unexpected losses, difficulties or developments related to the Company’s recent or future acquisitions;unexpected difficulties and losses related to FDIC-assisted acquisitions;harm to the Company’s reputation;any negative perception of the Company’s financial strength;ability of the Company to raise additional capital on acceptable terms when needed;disruption in capital markets, which may lower fair values for the Company’s investment portfolio;ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;failure or breaches of our security systems or infrastructure, or those of third parties;security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion and similar events or data corruption attempts and identity theft;adverse effects on our information technology systems, or those of third parties, resulting from failures, human error or cyberattacks (including ransomware);adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;increased costs as a result of protecting our customers from the impact of stolen debit card information;accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;ability of the Company to attract and retain senior management experienced in the banking and financial services industries;environmental liability risk associated with lending activities;the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;the soundness of other financial institutions and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns;the expenses and delayed returns inherent in opening new branches and de novo banks;liabilities, potential customer loss or reputational harm related to closings of existing branches;examinations and challenges by tax authorities, and any unanticipated impact of tax legislation;changes in accounting standards, rules and interpretations, and the impact on the Company’s financial statements;the ability of the Company to receive dividends from its subsidiaries;a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise;legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies;changes in laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity;a lowering of our credit rating;changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to persistent inflation or otherwise;regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business;increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment;the impact of heightened capital requirements;increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;delinquencies or fraud with respect to the Company’s premium finance business;credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;the Company’s ability to comply with covenants under its credit facility;fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation; andwidespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change.
Therefore, there can be no assurances that future actual results will correspond to these forward-looking statements. The reader is cautioned not to place undue reliance on any forward-looking statement made by the Company. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. The Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events after the date of the press release. Persons are advised, however, to consult further disclosures management makes on related subjects in its reports filed with the Securities and Exchange Commission and in its press releases.

CONFERENCE CALL, WEBCAST AND REPLAY

The Company will hold a conference call on Tuesday, April 21, 2026 at 10:00 a.m. (CDT) regarding first quarter 2026 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the Conference Call Link included within the Company’s press release dated March 18, 2026 available at the Investor Relations, Investor News and Events, Press Releases link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the first quarter 2026 earnings press release will also be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, Investor News and Events, Press Releases link on its website.

FOR MORE INFORMATION CONTACT:
David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000
Amy Yuhn, Executive Vice President, Communications
(847) 939-9591
Web site address: www.wintrust.com