BOKF Nasdaq Russell 1000 Earnings call
BOK Financial Corporation (BOKF) · Q2 2026 results and valuation
Share price: $130.73 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 21 Jul 2026 and 21 Apr 2026
Net income up 13.3% on the previous quarter, guidance raised. Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+13.3%
Net income vs Q1 2026
Guidance raised
Net income 176.5M vs 155.8M
Revenue +6.5%
Against the same quarter last year (Q2 2025) it is +26.1%, so it is not just seasonal.
2 · How management spoke
Upbeat
More upbeat than 80% of company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
Figure
AUMA grew $5.7 billion during the quarter to $129.3 billion due to increased market valuations and continued customer expansion.
Valuation
Is BOK Financial Corporation undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (the standard assumption), the model's fair value is $214.96 a share — the stock trades 39% below it. Today's price assumes 2.7% growth a year.
Current price
$130.73
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+2.7% for 10 yrs
Fair value / share
$214.96
Buy below
$161.22
Price vs fair value
Undervalued 39%
Price vs buy-below price
Undervalued 19%
Management expects
Growth +10% · from the Q2 2026 report: “Full-year 2026 loan growth is now expected to exceed 10%.”
A guidance figure for growth, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
-
Guidance ↑
Full-year 2026 loan growth is now expected to exceed 10%.
Source quote
“We are increasing our guidance as we now expect full year 2026 loan growth to be over 10%.”
-
Guidance
Near-term net charge-offs are expected to stay below historical averages before normalizing.
Source quote
“In the long term, we expect credit metrics to normalize However, we expect net charge offs to remain below historical averages in the near term.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“We are entering the second half of the year from a position of strength, With strong business momentum and a solid foundation for continued growth.”
“The decline in personnel expense was primarily driven by lower cash based incentive compensation reflecting reduced trading activity as well as seasonally lower employee benefits costs.”
“The record pace of loan growth, continued strength in our fee based businesses, outstanding credit performance reflects the quality of our franchise and dedication of our team.”
Full figures
USD · ROIC.AI fundamentals (NASDAQ:BOKF, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 577.5M | 542.3M | +6.5% | 528.6M | +9.3% |
| Net income | 176.5M | 155.8M | +13.3% | 140.0M | +26.1% |
| EPS | 2.94 | 2.59 | +13.2% | 2.22 | +32.6% |
| P/E today 12.1 | 13.1 | 12.9 | +0.2 | 11.7 | +1.4 |
Topics
Most discussed now
- New BOK Financial has its market leader in Texas particularly, but David, who leads its markets outside of Texas, it has pipelines...
- BOK Financial delivered strong results, including record quarterly loan growth.
- Record quarterly fiduciary and asset management revenue, continued expense discipline, with credit remaining outstanding, During the…
- From an activity standpoint, results in BOK Financial's fixed income business were impacted by lower customer activity particularly as…
- Supported by robust activity and continued customer demand resulting in a record second quarter for the business.
Faded since Q1 2026
- Dropped BOK Financial has seen some incrementally competitive behavior at the high end of the credit size and the very strong end...
- Dropped My view is you will not see folks drilling unless they can lock in a return with oil above $70...
- Dropped The rig counts reflect that there is no impetus right now for folks to drill given the backwardation of the...
- Fading Over the past several quarters, BOK Financial has worked to better align expenses with market opportunities and customer needs.
Latest announcements
Official filings, newest first.
- Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Other events · SEC 8-K
- Director or officer change · SEC 8-K
- Regulation FD disclosure · SEC 8-K