Axos Financial, Inc.
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ITEM 1. BUSINESS
Overview
Our Company is a technology-driven, diversified financial services company with approximately $30.0 billion in assets and approximately $47.8 billion of assets under custody and/or administration at Axos Clearing LLC (“Axos Clearing”). Our client-centric, technology-enabled services model provides secure and scalable banking, clearing and custody, and investment advisory solutions to retail and business customers. The Bank provides consumer and commercial banking products and services through its digital online and mobile banking platforms, low-cost distribution channels and affinity partners. Our Bank offers deposit and lending products to customers nationwide including consumer and business checking, savings and time deposit accounts and single family and multifamily residential mortgages, commercial real estate mortgages and loans, lender finance loans, asset-based loans, capital call facilities, equipment lending and leasing, auto loans, retail and floor plan marine loans and other consumer loans. Our Bank generates non-interest income from consumer and business products and services, including fees from loans originated for sale, operating lease income, deposit account service fees, prepayment fees, loan servicing fees, as well as technology and payment transaction processing fees, among others. We offer securities products and services to independent registered investment advisors (“RIAs”) and introducing broker-dealers (“IBDs”) through Axos Clearing and Axos Advisor Services (“AAS”) and direct-to-consumer securities trading and digital investment management products through Axos Invest, Inc. (“Axos Invest”). AAS and Axos Clearing generate interest and asset- and transaction-based fee income by providing comprehensive securities custody services to RIAs and clearing, stock lending, and margin lending services to IBDs respectively. Axos Invest generates fee income from self-directed securities trading and digital wealth management services. Our common stock is listed on the New York Stock Exchange under the ticker symbol “AX” and is a component of the Russell 2000® Index and the S&P SmallCap 600® Index, among other indices.
Segment Information
We conduct business primarily through two operating segments: the Banking Business Segment and the Securities Business Segment. For additional information on our business segments, see Note 23—“Segment Reporting” in the Consolidated Financial Statements.
Banking Business Segment
We distribute our loan products through our retail, correspondent and wholesale channels. The loans we retain primarily include first mortgages secured by single family real property, multifamily real property and commercial real property, commercial & industrial loans and leases to businesses, automobile loans and certain other consumer loans. We also invest in debt securities to manage liquidity and interest rate risk. Because risk-adjusted returns available on acquired assets may exceed returns available through retaining assets from our origination channels, we have elected to purchase loans and securities from time to time, and may continue to do so in the future. Our deposit products are sourced from a wide range of retail and commercial distribution channels, and our deposits consist of demand, savings and time deposits.
Loan Portfolio
Single Family - Mortgage & Warehouse
Our Single Family - Mortgage & Warehouse loans are primarily secured by first liens on 1-4 unit residential properties. Loans include fixed- and adjustable-rate single family residential mortgages and home equity lines of credit. We source single family mortgage loans through mortgage brokers, mortgage bankers, financial institutions and direct to consumer.
Our adjustable-rate loans have initial fixed-rate periods, generally five, seven, or ten years, before starting a variable rate period, and may also have interest rate floors, ceilings and rate change caps.
We also warehouse certain loans for independent mortgage bankers to sell to investors and government agencies.
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Multifamily and Commercial Mortgage
Our Multifamily and Commercial Mortgage loans are primarily secured by multifamily real estate or commercial real estate. Loans often include initial fixed rate periods of either three, five, or seven years before starting a variable rate period, which is based on the Secured Overnight Financing Rate (“SOFR”) or other interest rate indices. Multifamily and commercial mortgage loans generally include prepayment protection clauses, interest floors and rate change caps. We source multifamily and commercial mortgage loans through targeted direct-to-borrower origination channels and we may sell certain loans to investors.
Commercial Real Estate
Our Commercial Real Estate (“CRE”) loans are secured by real estate properties in a variety of structures. CRE loans include our CRE specialty loans, real estate lender finance loans, as well as other CRE loans that may be collateralized directly by real estate or indirectly by loans secured by real estate. We source our CRE loans through direct-to-borrower originations, brokers, and third-party lenders.
Our commercial real estate loans generally have a variable rate, which is generally based on SOFR, as well as prepayment protection clauses, interest rate floors and rate change caps.
Commercial & Industrial - Non-Real Estate (“non-RE”)
Our commercial & industrial – non-RE loans are typically secured by commercial assets, including, but not limited to, receivables, inventory, equipment and other assets as included in related uniform commercial code (“UCC”) all asset filings. Product types include lender finance, asset-based loans, leveraged cash flow loans, insurance premium finance, capital call facilities, equipment loans and leases, floor plan loans, and general working capital commercial and industrial loans. We source commercial & industrial – non-RE loans through direct-to-borrower origination and through third-party sales referrals.
Our commercial & industrial – non-RE loans generally have a variable rate based on SOFR or other interest rate indices, as well as prepayment protection clauses, interest rate floors and rate change caps. Our equipment leases typically have fixed rates. For certain commercial non-real estate loan products, we typically reduce risk exposure in these loans by entering into a structured facility, under which we take a senior lien position collateralized by the underlying assets at advance rates well below the collateral value. Leveraged cash flow loans rely on free cash flow as a primary repayment source and enterprise value as the secondary repayment source. The liquidation of collateral in the event of a borrower default may be an insufficient source of repayment because accounts or loans receivable may be uncollectible and inventories and equipment may be obsolete or of limited use. We attempt to mitigate these risks through the structuring of these lending products, adhering to underwriting policies in evaluating the management of the business and the creditworthiness of borrowers and guarantors.
Auto & Consumer
Our Auto loans are secured by new and used automobiles (“auto”) and are sourced primarily through indirect channels. Originations are prime credit quality with a fixed interest rate and terms ranging from three to eight years. We retain and service auto originations.
Our Consumer loans are fixed rate, unsecured loans to well-qualified, individual borrowers sourced through existing bank customers, lead aggregators and other marketing efforts.
Loan Underwriting Process and Criteria
Our loan underwriting policies and procedures are adopted by our Board of Directors and our Credit Committee. Credit extensions conform to the intent and technical requirements of our lending policies and the applicable lending regulations of our federal regulators.
In the single family loan underwriting process, we consider all relevant factors including the borrower’s credit score, credit history, documented income, existing and new debt obligations, the value of the collateral, and other internal and external factors. For all multifamily and commercial real estate loans, we rely primarily on the cash flow from the underlying property as the expected source of repayment. Additionally, we often obtain personal guarantees from all material owners or partners of the borrower. In evaluating multifamily or commercial real estate credit, we consider all relevant factors, including the outside financial assets of the material owners or partners, payment history with us or other financial institutions, and the experience of management and/or ownership with similar properties or businesses. In evaluating the underlying property, we consider the recurring net operating income of the property before debt service and depreciation, the ratio of net operating income to debt service and the ratio of the loan amount to the appraised value. For construction loans, we consider borrower experience and may obtain project completion guarantees from our borrowers and require borrowers to fund costs that exceed the initial construction budgets. As part of the underwriting of construction loans, we consider market conditions and perform stress
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testing to help ensure payoff via refinance or sale will cover any loan proceeds advanced. In underwriting commercial & industrial – non-real estate loans, we primarily consider the borrowers’ operating cash flows and the value of underlying collateral. Additionally, in our commercial real estate and commercial & industrial – non-RE loans we generally take a senior lien position in a structured facility collateralized by the underlying assets.
For additional information on the Company’s loan portfolio, including asset quality and the allowance for credit losses, see Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations—“Financial Condition.”
Available-for-Sale Securities Portfolio
We buy and sell available-for-sale securities to facilitate liquidity and to manage our interest rate risk. Our investment policy is designed to maintain liquidity and generate a favorable return on investment without incurring undue interest rate risk, credit risk or asset concentration risk. Under our investment policy, the Bank is authorized to invest in United States Treasury securities, agency mortgage-backed obligations issued or fully guaranteed by the United States government, non-agency asset-backed obligations, specific federal agency obligations, municipal obligations, specific time deposits, negotiable certificates of deposit issued by commercial banks and other insured financial institutions, investment grade corporate debt securities and other specified investments.
We manage the credit risk of our non-agency securities by assessing historic credit performance and any remaining credit enhancements including subordination, over collateralization, excess spread and purchase discounts. Substantially all of our non-agency securities are senior tranches protected from credit losses by subordinated tranches. For additional information on our available-for-sale securities portfolio, refer to Note 3—“Fair Value” and Note 4—“Available-For-Sale Securities” in the Consolidated Financial Statements.
Deposits
We generate deposits through a variety of channels, including advertisements, sales teams, software company affiliates, financial advisory firms, affinity partnerships and our lending businesses. We may also from time-to-time acquire deposits from other institutions. Our deposit lines of business include:
•Commercial deposits, which primarily include deposits sourced from a targeted set of industry verticals:
◦Commercial Banking Verticals, which include middle market industries along with deposit relationships from commercial real estate and commercial & industrial clients
◦Specialty Deposit Verticals, which include title, escrow, homeowner association (“HOA”) and property management, 1031 exchange, trust & estates and payment processors; and
◦Software Verticals, which include:
▪Axos Fiduciary Services: A full-service fiduciary team catered specifically to support bankruptcy and non-bankruptcy trustees and fiduciaries with their software and banking needs, and
▪Zenith Information Systems, Inc.: A business management and entertainment accounting and payroll software offering supported by a dedicated service team.
•Consumer deposits, which primarily include retail and small business deposits as well as sweep deposits from financial advisory and clearing firms, including Axos Clearing and its business division, AAS.
We believe our deposit franchise will continue to provide strategic funding advantages with greater scalability than branch-intensive banking models because the traditional branch model operates with limited marketing reach and slower deposit fundraising capabilities, in addition to inherently higher fixed operating costs.
Securities Business Segment
The Securities Business Segment provides a wide range of investment and wealth management services to individual and institutional clients, primarily through Axos Clearing and its business division, AAS. At June 30, 2026, we provided services to approximately 300 financial organizations, including correspondent broker-dealers and RIAs.
Axos Clearing offers fully disclosed clearing services to Financial Industry Regulatory Authority (“FINRA”) and SEC registered member firms for trade execution and clearance in addition to back-office services such as recordkeeping, trade reporting, and reorganization assistance. Axos Clearing also provides margin loans, which are collateralized by securities or cash, and conducts securities lending activities, including borrowing and lending securities with other broker-dealers.
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AAS provides RIAs who custody client accounts at Axos with a proprietary turnkey technology platform with client-account information as well as trading capabilities. This technology platform provides account servicing capabilities for RIAs, including account opening, money movement, transfer of assets, trading, and communication with our service team. AAS also provides integrations with third-party platforms, which support a variety of advisor needs including client relationship management, portfolio management, trade order management and financial planning.
Also included in the Securities Business Segment is Axos Invest, which provides retail self-directed and digital advice services.
The Securities Business Segment generates both fee and interest income and is also a source of low-cost deposits for the Company.
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis contains forward-looking statements that are based upon current expectations. Forward-looking statements involve risks and uncertainties. Our actual results and the timing of events could differ materially from those expressed or implied in our forward-looking statements due to various important factors, including those set forth under “Risk Factors” in Item 1A. and elsewhere in this Annual Report on Form 10-K. The following discussion and analysis should be read together with the Consolidated Financial Statements, including the related notes included elsewhere in this Annual Report on Form 10-K.
OVERVIEW
The Consolidated Financial Statements include the accounts of Axos Financial, Inc. (“Axos”) and its wholly owned subsidiaries, Axos Bank (the “Bank” or “Axos Bank”) and Axos Nevada Holding, LLC (“Axos Nevada Holding”), collectively, the “Company.” Axos, the Bank, three lending-related entities and Axos Nevada Holding comprise substantially all of the Company’s assets and liabilities and revenues and expenses. The Bank, its wholly owned subsidiaries, three lending-related entities and certain other lending activities constitute the Banking Business Segment. Axos Nevada Holding owns Axos Securities, LLC, which owns Axos Clearing LLC (“Axos Clearing”), a clearing broker-dealer, Axos Invest, Inc., a registered investment advisor, and Axos Invest LLC, an introducing broker-dealer. Axos Securities, LLC and its consolidated subsidiaries constitute the Securities Business Segment. Axos Bank provides consumer and business banking products through its low-cost distribution channels and affinity partners. Axos Clearing and Axos Invest LLC, provide comprehensive securities clearing services to introducing broker-dealers and registered investment advisor correspondents and digital investment advisory services to retail investors, respectively. Axos Financial, Inc.’s common stock is listed on the New York Stock Exchange under the ticker symbol “AX” and is a component of the Russell 2000® Index and the S&P SmallCap 600® Index, among other indices.
MERGERS AND ACQUISITIONS
From time to time, we undertake acquisitions or similar transactions consistent with our operating and growth strategies. On August 23, 2023, the Company acquired approximately $52 million of marine floor financing loans at par value along with other assets for an additional $2 million, primarily consisting of servicing rights as well as certain employees. The transaction was accounted for as an asset acquisition and such assets are included in the Company’s Consolidated Balance Sheets.
On December 7, 2023, the Company acquired from the Federal Deposit Insurance Corporation (“FDIC”) two loan portfolios, comprising both purchased credit deteriorated (“PCD”) and non-PCD loans, with an aggregate unpaid principal balance of $1.3 billion at a fair value of $901.5 million, reflecting a non-credit-related discount of $306.8 million and an allowance for credit losses on PCD loans of $70.1 million, (the “FDIC Loan Purchase”). Also included in the acquisition were certain related interest rate derivative assets and liabilities with a fair value of $109.0 million and $104.4 million, respectively, as of the date of the acquisition and whose maturities generally align with those of the loans acquired. The acquisition of the non-PCD loans and interest rate derivatives was accounted for as a purchase of financial assets and liabilities, and the Company recognized a $92.4 million gain on the transaction included in “Gain on acquisition” in the Consolidated Statement of Income.
On September 30, 2025, the Company completed the acquisition of 100% of the membership interests in Verdant Commercial Capital, LLC (“Verdant”) in an all-cash transaction, which increases the Company’s scale and enhances the Company’s existing equipment leasing business. As part of the acquisition, the Company acquired, among other assets and liabilities, approximately $1.0 billion of loans and leases (including $211.0 million of PCD assets) and $212.6 million of equipment under operating lease arrangements.
On January 23, 2026, the Company purchased a multi-building commercial office complex and associated amenities located in San Diego, California for approximately $125 million, which Axos Bank intends to occupy as its headquarters in the future.
On April 22, 2026, the Bank entered into a purchase and assumption agreement with Capital One, National Association to acquire approximately $3.2 billion of deposits, comprising IRA savings and IRA certificate of deposit accounts. The deposit acquisition was approved by the Office of the Comptroller of the Currency on June 8, 2026, and is expected to close in calendar year 2026.
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On May 2, 2026, the Bank completed its previously announced acquisition of all of the United States consumer deposits of Jenius Bank, a digital banking business of SMBC MANUBANK (“SMBC”), pursuant to the terms of the Purchase and Assumption Agreement, dated February 12, 2026. The Bank acquired approximately $2.3 billion of deposits from Jenius Bank and received cash, less a negotiated premium.
For additional information on these acquisitions, see Note 2—”Acquisitions.” There were no other significant acquisitions during fiscal years 2026, 2025 or 2024.
CRITICAL ACCOUNTING ESTIMATES
The following discussion and analysis of our financial condition and results of operations is based upon our Consolidated Financial Statements and the notes thereto, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of these Consolidated Financial Statements requires us to make a number of estimates and assumptions that affect the reported amounts and disclosures in the Consolidated Financial Statements. On an ongoing basis, we evaluate our estimates and assumptions based upon historical experience and various factors and circumstances. We believe that our estimates and assumptions are reasonable under the circumstances. However, actual results may differ significantly from these estimates and assumptions that could have a material effect on the carrying value of assets and liabilities at the balance sheet dates and our results of operations for the reporting periods.
Critical accounting estimates are those that we consider most important to the portrayal of our financial condition and results of operations because they require our most difficult judgments, often as a result of the need to make estimates that are inherently uncertain. We have identified critical accounting policies and estimates below. In addition, these critical accounting estimates are discussed further in Note 1—“Organizations and Summary of Significant Accounting Policies” in the Consolidated Financial Statements.
Allowance for Credit Losses. The Company maintains an allowance for credit losses (“ACL”) for its held-for-investment loan and net investment in leases portfolio as well as lending commitments, excluding loans measured at fair value in accordance with applicable accounting standards, which represents management’s estimate of the expected lifetime credit losses on the loans and net investment in leases. The estimate of the allowance for credit losses includes both a quantitative and qualitative assessment, both of which include variables that are subject to uncertainty.
The quantitative assessment reflects modeled outputs utilizing economic scenarios and forecasts, which are subject to uncertainty, and is also based on the Company’s current and expected future economic outlook. Key economic variables considered in the quantitative assessment include factors such as the U.S. unemployment rate and interest rates, both of which impact the default rate of the loan pools. Additionally, the results of the quantitative assessment are impacted by the third-party macroeconomic forecasts across various economic scenarios. The Company periodically reviews and adjusts the weighting of scenarios based on management’s ACL framework. Adjustment of scenario weighting away from the baseline scenario to the adverse scenario should increase the ACL on the Company’s held-for-investment loan and net investment in leases portfolio, all else remaining equal. Economic forecasts that impacted management’s assessment of scenario weightings included, among other forecasts, interest rates, inflation, changes in trade policies, and geopolitical unrest. Changes in one or more of these variables can cause a significant change in the estimate of the ACL.
Additionally, management performs a qualitative assessment to address inherent limitations in the model and data. Qualitative criteria used in the assessment, as outlined in Note 1—“Organizations and Summary of Significant Accounting Policies” in the Consolidated Financial Statements, can require significant judgment and is subject to uncertainty.
For further information on the ACL, refer to Note 1—“Organizations and Summary of Significant Accounting Policies” and Note 5—“Loans & Allowance for Credit Losses” in the Consolidated Financial Statements.
USE OF NON-GAAP FINANCIAL MEASURES
In addition to the results presented in accordance with GAAP, this report includes non-GAAP financial measures such as adjusted earnings, adjusted earnings per common share, and tangible book value per common share. Non-GAAP financial measures have inherent limitations, may not be comparable to similarly titled measures used by other companies and are not audited. Readers should be aware of these limitations and should be cautious as to their reliance on such measures. We believe the non-GAAP financial measures disclosed in this release enhance investors’ understanding of our business and performance, and our management uses these measures when it internally evaluates the performance of our business and makes operating decisions. However, these non-GAAP measures should not be considered in isolation, or as a substitute for GAAP basis financial measures.
We define “adjusted earnings”, a non-GAAP financial measure, as net income without the after-tax impact of non-recurring acquisition-related items (including amortization of intangible assets related to acquisitions) and other costs (unusual
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or non-recurring charges). Adjusted EPS, a non-GAAP financial measure, is calculated by dividing non-GAAP adjusted earnings by the average number of diluted common shares outstanding during the period. We believe the non-GAAP measures of adjusted earnings and adjusted EPS provide useful information about the Company’s operating performance. We believe excluding the non-recurring acquisition-related costs, and other costs provides investors with an alternative understanding of our core business.
Below is a reconciliation of net income and diluted EPS, the nearest comparable GAAP measure, to adjusted earnings and adjusted EPS (Non-GAAP):
| For Fiscal Year Ended June 30, | |||||||||||||||||
| (Dollars in thousands, except per share amounts) | 2026 | 2025 | 2024 | ||||||||||||||
| Net income | $ | 490,372 | $ | 432,908 | $ | 450,008 | |||||||||||
| FDIC Loan Purchase - Gain on purchase | — | — | (92,397) | ||||||||||||||
| FDIC Loan Purchase - Provision for credit losses | — | — | 4,648 | ||||||||||||||
Favorable legal settlement1 | (22,000) | — | — | ||||||||||||||
| FINRA arbitration matter | 21,000 | — | — | ||||||||||||||
Acquisition-related costs2 | 13,689 | 7,408 | 10,843 | ||||||||||||||
Other costs3 | — | (1,878) | — | ||||||||||||||
| Verdant acquisition - Provision for credit losses | 7,765 | — | — | ||||||||||||||
| Income tax effect | (4,944) | (1,627) | 22,446 | ||||||||||||||
| Adjusted earnings (Non-GAAP) | 505,882 | 436,811 | 395,548 | ||||||||||||||
| Average dilutive common shares outstanding | 57,837,761 | 58,241,421 | 58,725,636 | ||||||||||||||
| Diluted EPS | $ | 8.48 | $ | 7.43 | $ | 7.66 | |||||||||||
| FDIC Loan Purchase - Gain on purchase | — | — | (1.57) | ||||||||||||||
| FDIC Loan Purchase - Provision for credit losses | — | — | 0.08 | ||||||||||||||
Favorable legal settlement1 | (0.38) | — | — | ||||||||||||||
| FINRA arbitration matter | 0.36 | — | — | ||||||||||||||
Acquisition-related costs2 | 0.24 | 0.13 | 0.18 | ||||||||||||||
Other costs3 | — | (0.03) | — | ||||||||||||||
| Verdant acquisition - Provision for credit losses | 0.13 | — | — | ||||||||||||||
| Income tax effect | $ | (0.09) | $ | (0.03) | $ | 0.39 | |||||||||||
| Adjusted EPS (Non-GAAP) | $ | 8.74 | $ | 7.50 | $ | 6.74 | |||||||||||
1 Favorable legal settlement reflects the recognition of a legal settlement in the Company’s favor reached in March 2026.
2 Acquisition-related costs includes amortization of intangible assets, and for the fiscal year ended June 30, 2026, also includes $1.3 million of acquisition-related costs associated with the Verdant acquisition.
3Other costs for the fiscal year ended 2025 primarily reflects the payment of a legal judgment at an amount less than previously accrued.
We define “tangible book value,” a non-GAAP financial measure, as book value adjusted for goodwill and other intangible assets. Tangible book value is calculated using common stockholders’ equity minus servicing rights, goodwill and other intangible assets. Tangible book value per common share is calculated by dividing tangible book value by the common shares outstanding at the end of the period. We believe tangible book value per common share is useful in evaluating the Company’s capital strength, financial condition, and ability to manage potential losses.
Below is a reconciliation of total stockholders’ equity, the nearest comparable GAAP measure, to tangible book value (Non-GAAP) as of the dates indicated:
| At the Fiscal Years Ended June 30, | |||||||||||||||||||||||||
| (Dollars in thousands, except per share amounts) | 2026 | 2025 | 2024 | ||||||||||||||||||||||
| Common stockholders’ equity | $ | 3,166,418 | $ | 2,680,677 | $ | 2,290,596 | |||||||||||||||||||
| Less: servicing rights, carried at fair value | 25,653 | 27,218 | 28,924 | ||||||||||||||||||||||
| Less: goodwill and intangible assets—net | 249,317 | 134,502 | 141,769 | ||||||||||||||||||||||
| Tangible book value (Non-GAAP) | $ | 2,891,448 | $ | 2,518,957 | $ | 2,119,903 | |||||||||||||||||||
| Common shares outstanding at end of period | 56,734,049 | 56,483,617 | 56,894,565 | ||||||||||||||||||||||
| Book value per common share | $ | 55.81 | $ | 47.46 | $ | 40.26 | |||||||||||||||||||
| Less: servicing rights, carried at fair value per common share | $ | 0.45 | $ | 0.48 | $ | 0.51 | |||||||||||||||||||
| Less: goodwill and other intangible assets—net per common share | $ | 4.40 | $ | 2.38 | $ | 2.49 | |||||||||||||||||||
| Tangible book value per common share (Non-GAAP) | $ | 50.96 | $ | 44.60 | $ | 37.26 | |||||||||||||||||||
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FINANCIAL HIGHLIGHTS
The following selected consolidated financial information should be read in conjunction with Item 7—“Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the Consolidated Financial Statements and footnotes included elsewhere in this report.
| At or for the Fiscal Years Ended June 30, | |||||||||||||||||||||||||
| (Dollars in thousands, except per share amounts) | 2026 | 2025 | 2024 | ||||||||||||||||||||||
| Selected Balance Sheet Data: | |||||||||||||||||||||||||
| Total assets | $ | 29,961,869 | $ | 24,783,078 | $ | 22,855,334 | |||||||||||||||||||
| Loans—net of allowance for credit losses | 25,595,403 | 21,049,610 | 19,231,385 | ||||||||||||||||||||||
| Allowance for credit losses | 347,375 | 290,049 | 260,542 | ||||||||||||||||||||||
| Available-for-sale securities | 803,667 | 66,008 | 141,611 | ||||||||||||||||||||||
| Securities borrowed | 163,462 | 139,396 | 67,212 | ||||||||||||||||||||||
| Customer, broker-dealer and clearing receivables | 347,944 | 252,720 | 240,028 | ||||||||||||||||||||||
| Total deposits | 24,565,392 | 20,829,543 | 19,359,217 | ||||||||||||||||||||||
| Advances from the Federal Home Loan Bank | 154,000 | 60,000 | 90,000 | ||||||||||||||||||||||
| Secured financings | 576,680 | — | — | ||||||||||||||||||||||
| Borrowings, subordinated notes and debentures | 342,915 | 312,671 | 325,679 | ||||||||||||||||||||||
| Securities loaned | 194,729 | 139,426 | 74,177 | ||||||||||||||||||||||
| Customer, broker-dealer and clearing payables | 365,792 | 350,606 | 301,127 | ||||||||||||||||||||||
| Total stockholders’ equity | 3,166,418 | 2,680,677 | 2,290,596 | ||||||||||||||||||||||
| Selected Income Statement Data: | |||||||||||||||||||||||||
| Interest and dividend income | $ | 1,956,952 | $ | 1,815,465 | $ | 1,655,607 | |||||||||||||||||||
| Interest expense | 710,042 | 687,693 | 694,178 | ||||||||||||||||||||||
| Net interest income | 1,246,910 | 1,127,772 | 961,429 | ||||||||||||||||||||||
| Provision for credit losses | 101,105 | 55,745 | 32,500 | ||||||||||||||||||||||
| Net interest income, after provision for credit losses | 1,145,805 | 1,072,027 | 928,929 | ||||||||||||||||||||||
| Non-interest income | 233,583 | 131,066 | 222,660 | ||||||||||||||||||||||
| Non-interest expense | 732,718 | 589,698 | 516,108 | ||||||||||||||||||||||
| Income before income tax expense | 646,670 | 613,395 | 635,481 | ||||||||||||||||||||||
| Income taxes | 156,298 | 180,487 | 185,473 | ||||||||||||||||||||||
| Net income | $ | 490,372 | $ | 432,908 | $ | 450,008 | |||||||||||||||||||
| Per Common Share Data: | |||||||||||||||||||||||||
| Net income: | |||||||||||||||||||||||||
| Basic | $ | 8.66 | $ | 7.61 | $ | 7.82 | |||||||||||||||||||
| Diluted | $ | 8.48 | $ | 7.43 | $ | 7.66 | |||||||||||||||||||
Adjusted earnings per common share (Non-GAAP1) | $ | 8.74 | $ | 7.50 | $ | 6.74 | |||||||||||||||||||
| Book value per common share | $ | 55.81 | $ | 47.46 | $ | 40.26 | |||||||||||||||||||
Tangible book value per common share (Non-GAAP1) | $ | 50.96 | $ | 44.60 | $ | 37.26 | |||||||||||||||||||
| Weighted-average number of common shares outstanding: | |||||||||||||||||||||||||
| Basic | 56,656,722 | 56,862,630 | 57,509,029 | ||||||||||||||||||||||
| Diluted | 57,837,761 | 58,241,421 | 58,725,636 | ||||||||||||||||||||||
| Common shares outstanding at end of period | 56,734,049 | 56,483,617 | 56,894,565 | ||||||||||||||||||||||
| Common shares issued at end of period | 71,939,630 | 71,101,642 | 70,221,632 | ||||||||||||||||||||||
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| At or for the Fiscal Years Ended June 30, | |||||||||||||||||||||||||
| (Dollars in thousands, except per share amounts) | 2026 | 2025 | 2024 | ||||||||||||||||||||||
| Performance Ratios and Other Data: | |||||||||||||||||||||||||
| Growth in loans held for investment, net | $ | 4,545,793 | $ | 1,818,225 | $ | 2,774,657 | |||||||||||||||||||
| Loan originations for sale | $ | 240,355 | $ | 199,845 | $ | 197,305 | |||||||||||||||||||
| Return on average assets | 1.76 | % | 1.82 | % | 2.08 | % | |||||||||||||||||||
| Return on average common stockholders’ equity | 16.32 | % | 17.30 | % | 21.64 | % | |||||||||||||||||||
Interest rate spread2 | 3.93 | % | 3.97 | % | 3.62 | % | |||||||||||||||||||
Net interest margin3 | 4.70 | % | 4.90 | % | 4.62 | % | |||||||||||||||||||
Net interest margin - Banking Business Segment only3 | 4.74 | % | 4.95 | % | 4.68 | % | |||||||||||||||||||
Efficiency ratio4 | 49.49 | % | 46.84 | % | 43.59 | % | |||||||||||||||||||
Efficiency ratio - Banking Business Segment only4 | 42.19 | % | 40.80 | % | 38.42 | % | |||||||||||||||||||
| Capital Ratios: | |||||||||||||||||||||||||
| Equity to assets at end of period | 10.57 | % | 10.82 | % | 10.02 | % | |||||||||||||||||||
| Axos Financial, Inc.: | |||||||||||||||||||||||||
| Tier 1 leverage (to adjusted average assets) | 9.94 | % | 10.73 | % | 9.43 | % | |||||||||||||||||||
| Common equity tier 1 capital (to risk-weighted assets) | 11.76 | % | 12.52 | % | 12.01 | % | |||||||||||||||||||
| Tier 1 capital (to risk-weighted assets) | 11.76 | % | 12.52 | % | 12.01 | % | |||||||||||||||||||
| Total capital (to risk-weighted assets) | 14.39 | % | 15.28 | % | 14.84 | % | |||||||||||||||||||
| Axos Bank: | |||||||||||||||||||||||||
| Tier 1 leverage (to adjusted average assets) | 9.24 | % | 10.23 | % | 9.74 | % | |||||||||||||||||||
| Common equity tier 1 capital (to risk-weighted assets) | 10.93 | % | 12.42 | % | 12.74 | % | |||||||||||||||||||
| Tier 1 capital (to risk-weighted assets) | 10.93 | % | 12.42 | % | 12.74 | % | |||||||||||||||||||
| Total capital (to risk-weighted assets) | 12.10 | ||||||||||||||||||||||||
Recent insider activity
| Date | Insider | Role | Action | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 2026-08-05 | Santi Roque A | Director | Sell | -500 | $105.30 | -$52,650 |
Source: SEC Form 4 filings.
Next expected filings
- ~2026-10-30 10-Q expected by 2026-11-10 (in 1 day)
- ~2027-01-29 10-Q expected by 2027-02-09 (in 92 days)
- ~2027-04-30 10-Q expected by 2027-05-11 (in 183 days)
- ~2027-08-19 10-K expected by 2027-08-25 (in 294 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-09-24 DEF 14A Proxy Statement
- 2026-09-21 8-K Completion of Acquisition/Disposition; Financial Statements and Exhibits
- 2026-08-20 10-K Annual Report
- 2026-07-30 8-K Earnings Release; Other Events; Financial Statements and Exhibits
- 2026-07-07 8-K Other Events; Financial Statements and Exhibits
- 2026-06-09 8-K Other Events; Financial Statements and Exhibits
- 2026-05-04 8-K Completion of Acquisition/Disposition; Financial Statements and Exhibits
- 2026-04-30 8-K Earnings Release; Financial Statements and Exhibits
- 2026-04-30 10-Q Quarterly Report
- 2026-04-23 8-K Material Agreement Entered; Financial Statements and Exhibits
- 2026-03-23 8-K Other Events; Financial Statements and Exhibits
- 2026-02-12 8-K Material Agreement Entered; Financial Statements and Exhibits
- 2026-01-29 10-Q Quarterly Report
- 2026-01-29 8-K Earnings Release; Financial Statements and Exhibits
- 2026-01-06 8-K Other Events