Old National Bancorp (ONB) Stock: Price, Forecast & Analyst Target

Research dated 2026-09-13.

Revenue was nearly unchanged from the preceding period, while gross profit edged higher and operating profit, net income and diluted earnings advanced. Lower operating expenses supplied the clearest mechanical support for that improvement. Operating cash flow also strengthened across the latest reporting sequence.

The latest earnings release exceeded the prevailing revenue and earnings estimates. The broader history shows earnings generally meeting or surpassing expectations even when revenue results were mixed, while the annual series shows steady revenue expansion and a recovery in net income after an earlier decline. Management attributes its outlook to fee growth, controlled expenses, positive operating leverage and normalized credit; those remain expectations rather than reported outcomes.

Research dated 2026-09-13.

Operating cash flow has remained positive throughout the displayed quarterly series, and recent generation improved. Cash and short-term investments also rose sharply and stand above reported debt, giving Old National a substantial liquidity layer.

That headline requires care because the wider cash-and-investments total is dominated by long-term investments whose classification is unclassified. Credit is the more direct operating risk: Old National lends across commercial property, broader commercial finance, housing and personal credit, so worsening borrower performance could raise losses and expenses just as management is relying on normalized credit and operating leverage.

Research dated 2026-09-13.

The scheduled earnings release should be tested against a demanding recent pattern: stable revenue must coexist with continued earnings progress, controlled expenses and stronger cash conversion. Fee income deserves separate attention because management has made its growth part of the operating-leverage outlook.

Analyst averages assume continuing revenue and earnings expansion across the forecast horizon. Confirmation would come from fee growth, disciplined expenses and credit remaining normalized; deterioration in operating profit or cash generation despite stable revenue would weaken that case. The unusually large movement in cash and short-term investments also warrants reconciliation with the long-term investment balance in the next periodic filing.

What the records here don't tell us

• No forward revenue or earnings estimate is on file.

Checked against the records this page reads, on the dates shown above.

Research dated 2026-09-13.

Old National should not be viewed solely as a regional spread lender. Its customer proposition extends from deposits and commercial credit into wealth management, investment administration, treasury services, merchant processing, brokerage, trust and capital-markets work across a multistate Midwestern footprint.

That breadth makes fee penetration and expense discipline more revealing comparison points than branch scale alone. Management describes profitability as peer-leading, while the reported operating trend supports improvement; the available company results do not independently establish a relative ranking.