BPOP Nasdaq Russell 1000 Earnings call
Popular, Inc. (BPOP) · Q2 2026 results and valuation
Share price: $160.10 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 23 Jul 2026 and 23 Apr 2026
Net income up 13.2% on the previous quarter. Management sounded upbeat, though noticeably less so answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+13.2%
Net income vs Q1 2026
Outlook given
Net income 278.2M vs 245.7M
Revenue +2058.3%
Against the same quarter last year (Q2 2025) it is +32.2%, so it is not just seasonal.
2 · How management spoke
Upbeat
More upbeat than 78% of company calls
Answers to analysts: restrained, but clearly less so than the script.
Last call it was different: script and answers matched.
3 · What stood out
Guidance
The company expects full year expense growth to remain at approximately 2% to 3% based on current trends.
Valuation
Is Popular, Inc. 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 $296.79 a share — the stock trades 46% below it. Today's price assumes 1.0% growth a year.
Current price
$160.10
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.
+1.0% for 10 yrs
Fair value / share
$296.79
Buy below
$222.59
Price vs fair value
Undervalued 46%
Price vs buy-below price
Undervalued 28%
Management expects
Growth +2.5% · from the Q2 2026 report: “The company expects full year expense growth to remain at approximately 2% to 3% based on current trends.”
A guidance figure for growth, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
-
Guidance
Puerto Rico public deposits are expected to ease from $22.7 billion into the $20–22 billion range for the rest of the year.
Source quote
“Puerto Rico public deposits ended the quarter at $22.7 billion We expect public deposits to be in the range of $20-22 billion for the rest of the year.”
-
Figure
Earnings per share increased by 41% compared to the second quarter of last year.
Source quote
“Compared to the second quarter of last year, earnings per share increased by 41%.”
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.
Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 90% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.
Sentences that drove the tone
“During the quarter, we delivered strong earnings growth, stable margin performance, continued balance sheet growth, and announced meaningful increases in capital return to our shareholders.”
“Compared to the second quarter of 2025, non-interest income improved by 7%, driven by growth in debit and credit card fees of 13% to 17%, as well as a 7%...”
“Net interest income increased by $23 million to $693 million, driven by the loan growth fixed asset repricing, and higher investment balances supported by deposit growth at BPPR.”
Full figures
USD · ROIC.AI fundamentals (NASDAQ:BPOP, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 836.7M | 38.8M | +2058.3% | 762.2M | +9.8% |
| Net income | 278.2M | 245.7M | +13.2% | 210.4M | +32.2% |
| EPS | 4.35 | 3.78 | +15.1% | 3.09 | +40.9% |
| P/E today 10.7 | 11.1 | 9.9 | +1.2 | 10.7 | +0.4 |
Topics
Most discussed now
- During the quarter, Popular delivered strong earnings growth, stable margin performance, continued balance sheet growth, and announced…
- I am also excited to continue working alongside Lidio in his new role as CFO.
- Net charge offs benefited from lower losses the auto portfolio and the allowance for consumer loans declined reflecting improved credit...
- With that, credit quality remained stable during the second quarter supported by continued improvement in consumer credit performance…
- Consumers remained resilient despite elevated gas prices and inflation, supported by higher tax refunds and a solid labor market.
Faded since Q1 2026
- Fading Credit trends remained favorable with lower NPLs and improved NPL ratios.
- Fading These results were driven by better NII, higher NIM and lower expenses partly offset by a slightly higher provision for...
- Fading Excluding this, the net charge ratio for the fourth quarter was 57 basis points.
- Fading Popular is confident that the sustained execution of its strategy will advance its ultimate goal to be a top-performing bank...
Latest announcements
Official filings, newest first.
- Director or officer change · SEC 8-K
- Other events · SEC 8-K
- Other events · SEC 8-K
- Director or officer change; Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Other events · SEC 8-K
- Articles or bylaws amended; Shareholder vote results · SEC 8-K
- Other events · SEC 8-K