Axos Financial, Inc.: Q4 FY2026 earnings call

What management said about Q4 FY2026, from the documents filed with the SEC on 30 July 2026: press release. The quarter’s numbers.

Key takeaways

Full-year diluted EPS increased 14.1 percent: Diluted EPS for fiscal 2026 was $8.48, up $1.05 from $7.43 in fiscal 2025, reflecting 14.1% growth. Fourth quarter diluted EPS was $2.16 versus $1.92 in the prior year quarter, up 12.5%. Source
Book value per share increased 17.6 percent: Book value per share at June 30, 2026 was $55.81, up 17.6% from $47.46 at June 30, 2025. Tangible book value per share (non-GAAP) was $50.96, up 14.3% from $44.60. Source
Net interest income grew 13.5 percent year-over-year: Q4 net interest income was $317.9 million, up $37.7 million from $280.2 million in Q4 2025. Full-year net interest income was $1.247 billion, up $119.1 million or 10.5% from $1.128 billion in fiscal 2025. Source
Net interest margin remains best-in-class but declined: Q4 net interest margin was 4.54%, down 30 basis points from 4.84% in Q4 2025. Full-year margin was 4.70% versus 4.90%. Management cited solid loan growth across consumer and commercial lending as supporting the best-in-class positioning. Source
Loan portfolio grew $4.5 billion for the year: Total loans at June 30, 2026 were $25.6 billion. Full-year loan growth was $4.5 billion, including $637.9 million in Q4. Growth was distributed across consumer and commercial lending categories with strong real estate and structured credit performance. Source
Total deposits grew 17.9 percent year-over-year: Total deposits at June 30, 2026 were $24.6 billion, up $3.7 billion from $20.8 billion at June 30, 2025. Organic growth was complemented by the $2.3 billion Jenius Bank acquisition deposit addition that closed in May. Source
Jenius Bank deposit acquisition closed in May: Axos strategically closed the Jenius Bank acquisition in May 2026, adding $2.3 billion in deposits. The company had deliberately reduced higher-cost deposits in anticipation of this closing to optimize funding mix for continued organic loan growth. Source
Non-performing assets ratio improved to 0.53 percent: Non-performing assets to total assets declined to 0.53% at June 30, 2026, from 0.71% at June 30, 2025. Non-accrual loans were 0.60% of total loans, down from 0.79%, reflecting strong underlying portfolio quality and credit discipline. Source

“We ended our fiscal 2026 with solid results. Double digit year-over-year increases in net interest income and non-interest income resulted in a 12.5% and 17.6% increase in our diluted earnings per share and book value per share, respectively”
Greg Garrabrants, President and Chief Executive Officer

What changed from last quarter

New: Axos closed the Jenius Bank acquisition in May 2026, adding approximately $2.3 billion in deposits. The acquisition was strategically announced in prior periods to optimize funding and prepare for additional organic loan growth. Source
New: Axos closed the previously announced acquisition of Arc Technologies, Inc., a cash management platform for small businesses, on July 20, 2026, shortly after quarter end, expanding capabilities in payment and cash management for SMB customers. Source

Earnings and Profitability

Full-year diluted EPS increased 14.1 percent: Diluted EPS for fiscal 2026 was $8.48, up $1.05 from $7.43 in fiscal 2025, reflecting 14.1% growth. Fourth quarter diluted EPS was $2.16 versus $1.92 in the prior year quarter, up 12.5%. Source
Net income for the year rose 13.3 percent: Full-year net income was $490.4 million, up $57.5 million from $432.9 million in fiscal 2025. Q4 net income was $124.9 million versus $110.7 million in the prior year quarter, up 12.9%. Source
Book value per share increased 17.6 percent: Book value per share at June 30, 2026 was $55.81, up 17.6% from $47.46 at June 30, 2025. Tangible book value per share (non-GAAP) was $50.96, up 14.3% from $44.60. Source

Net Interest Income and Lending

Net interest income grew 13.5 percent year-over-year: Q4 net interest income was $317.9 million, up $37.7 million from $280.2 million in Q4 2025. Full-year net interest income was $1.247 billion, up $119.1 million or 10.5% from $1.128 billion in fiscal 2025. Source
Net interest margin remains best-in-class but declined: Q4 net interest margin was 4.54%, down 30 basis points from 4.84% in Q4 2025. Full-year margin was 4.70% versus 4.90%. Management cited solid loan growth across consumer and commercial lending as supporting the best-in-class positioning. Source
Loan portfolio grew $4.5 billion for the year: Total loans at June 30, 2026 were $25.6 billion. Full-year loan growth was $4.5 billion, including $637.9 million in Q4. Growth was distributed across consumer and commercial lending categories with strong real estate and structured credit performance. Source

“Our net interest margin remains best-in-class, fueled by solid loan growth across consumer and commercial lending categories. We closed the Jenius Bank acquisition in May, adding approximately $2.3 billion of deposits”
Greg Garrabrants, President and Chief Executive Officer

Deposit Growth and Funding

Total deposits grew 17.9 percent year-over-year: Total deposits at June 30, 2026 were $24.6 billion, up $3.7 billion from $20.8 billion at June 30, 2025. Organic growth was complemented by the $2.3 billion Jenius Bank acquisition deposit addition that closed in May. Source
Jenius Bank deposit acquisition closed in May: Axos strategically closed the Jenius Bank acquisition in May 2026, adding $2.3 billion in deposits. The company had deliberately reduced higher-cost deposits in anticipation of this closing to optimize funding mix for continued organic loan growth. Source
Assets under custody grew 21.3 percent: Axos Clearing assets under custody and administration were $47.8 billion at June 30, 2026, up from $39.4 billion at June 30, 2025, a 21.3% increase. Growth reflects expanding client relationships and business volumes in securities clearing and advisory services. Source

Credit Quality

Non-performing assets ratio improved to 0.53 percent: Non-performing assets to total assets declined to 0.53% at June 30, 2026, from 0.71% at June 30, 2025. Non-accrual loans were 0.60% of total loans, down from 0.79%, reflecting strong underlying portfolio quality and credit discipline. Source
Allowance for credit losses at 221 percent of non-accrual loans: The allowance for credit losses was 221% of total non-accrual loans at June 30, 2026, up from 170% at June 30, 2025. Allowance to total loans held for investment was 1.34%, well-positioned for the low level of credit losses. Source
Net charge-offs 0.09 percent excluding one large loan: Annualized net charge-offs to average loans were 0.25% in Q4. Excluding a $10 million charge-off on a previously reserved C&I loan, the rate would have been 0.09%, improved from 0.16% in Q4 2025, demonstrating strong portfolio credit quality. Source

“We remain well reserved relative to our low level of credit losses, as reflected in our allowance for credit losses to total non-accrual loans of 221% at June 30, 2026”
Derrick Walsh, Chief Financial Officer

Non-Interest Income

Non-interest income increased 49.9 percent year-over-year: Q4 non-interest income was $61.9 million, up $20.6 million or 49.9% from $41.3 million in Q4 2025. Full-year non-interest income was $233.6 million, up $102.5 million or 77.9% from $131.1 million in fiscal 2025. Source
Verdant acquisition contributing lease and rental income: The Verdant Commercial Capital acquisition, which closed in September 2025, contributed operating lease rental and other income throughout Q4. The acquisition provides equipment leasing services integrated into the Banking Business Segment and adds diversified revenue streams. Source

Operating Expenses

Non-interest expense increased due to FINRA accrual: Q4 non-interest expense was $205.9 million, up $55.3 million from $150.7 million in Q4 2025. The increase included a $21 million accrual for a FINRA arbitration matter in Axos Clearing, with increased depreciation from acquisitions and higher salaries. Source
Excluding arbitration accrual, Q4 expenses down linked quarter: Excluding the $21 million FINRA arbitration accrual, Q4 non-interest expenses were down approximately $1 million compared to Q3, despite acquisitions and business expansion. This reflected operational efficiencies and disciplined cost management. Source
Management continues investing in business and people: Management continued to manage non-interest expenses while investing in businesses, technologies, and people. Increased depreciation and amortization from Verdant and deposit acquisitions, plus higher salaries for growth and technology investments, supported expansion. Source

Capital and Shareholder Returns

Company repurchased $22 million of common stock: Axos repurchased $22.0 million of its common stock during Q4 at an average price of $87.95 per share, representing approximately 250,000 shares. The buyback demonstrates management confidence in valuation and capital return to shareholders. Source
Tangible book value per share up 14.3 percent: Tangible book value per share (non-GAAP) was $50.96 at June 30, 2026, up 14.3% from $44.60 at June 30, 2025. The metric excludes goodwill and intangible assets from acquisitions and indicates core equity value creation. Source
Tier 1 leverage ratio at 9.94 percent: Tier 1 leverage ratio to adjusted average assets was 9.94% at June 30, 2026, compared to 10.73% at June 30, 2025. The decline reflects strong balance sheet growth from acquisitions and loans while maintaining solid capital buffers above regulatory minimums. Source

Strategic Acquisitions

Jenius Bank acquisition closed in May 2026: Axos completed the Jenius Bank acquisition in May 2026, adding approximately $2.3 billion in deposits. The acquisition was strategically timed to optimize funding and deposit mix while preparing for organic loan growth initiatives. Source
Verdant Commercial Capital acquisition contributing results: The Verdant Commercial Capital acquisition, which closed in September 2025, is contributing operating lease rental and other income in Q4. Verdant provides equipment leasing services and is integrated within the Banking Business Segment. Source
Arc Technologies acquisition closed July 20, 2026: Axos closed the previously announced acquisition of Arc Technologies, Inc., a cash management platform for small businesses, on July 20, 2026. The acquisition expands capabilities in payment and cash management solutions for SMB customers. Source

Coming up, as management said on 30 July 2026

Arc Technologies acquisition integration underway: Arc Technologies, Inc., a cash management platform for small businesses, closed on July 20, 2026, shortly after the quarter end. The company intends to integrate the platform to expand payment and cash management capabilities. Source

Risks management discussed

Regulatory: Axos accrued $21.0 million related to a FINRA arbitration matter in Axos Clearing in Q4. Resolution of the matter could result in costs, though the reserve reflects management's current estimate of exposure. Source
Financial: Net interest margin declined 30 basis points year-over-year to 4.54% despite management characterizing it as best-in-class. Further declines in rates or deposit mix pressure could impact profitability and earnings growth. Source

Earlier plans management reported on

Ahead: Axos guided to a June quarter closing for the Jenius Bank acquisition in the prior quarter, but completed it in May 2026, adding $2.3 billion deposits. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Axos Financial, Inc. Reports Fiscal Year 2026 Results

LAS VEGAS, NV - (BUSINESS WIRE) - July 30, 2026 - Axos Financial, Inc. (NYSE: AX) (“Axos” or the “Company”) today announced unaudited financial results for the fourth fiscal quarter ended June 30, 2026. Net income was $124.9 million and diluted earnings per share (“EPS”) was $2.16 for the quarter ended June 30, 2026. Net income for the quarter ended June 30, 2025 was $110.7 million and diluted EPS was $1.92. Adjusted earnings and adjusted earnings per diluted common share (“Adjusted EPS”), non-GAAP measures described further below, increased $34.4 million to $146.2 million and increased $0.59 to $2.53, respectively, for the quarter ended June 30, 2026, compared to $111.8 million and $1.94, respectively, for the quarter ended June 30, 2025.

Fourth Quarter Fiscal 2026 Financial Summary

	Three Months Ended June 30,
(Dollars in thousands, except per share data)		2026		2025	% Change
Net interest income	$317,890		$280,161		13.5%
Non-interest income	$61,877		$41,285		49.9%
Net income	$124,946		$110,675		12.9%
Adjusted earnings (Non-GAAP)	$146,170		$111,814		30.7%
Diluted EPS	$2.16		$1.92		12.5%
Adjusted EPS (Non-GAAP)	$2.53		$1.94		30.4%
See “Use of Non-GAAP Financial Measures”

For the year ended June 30, 2026 net income was $490.4 million, an increase of $57.5 million from net income of $432.9 million for the year ended June 30, 2025. Diluted EPS was $8.48 for the year ended June 30, 2026, an increase of $1.05, or 14.1%, as compared to diluted EPS of $7.43 for the year ended June 30, 2025. For the year ended June 30, 2026 adjusted earnings (a non-GAAP financial measure) increased $69.1 million, and Adjusted EPS (a non-GAAP financial measure) increased $1.24.

“We ended our fiscal 2026 with solid results. Double digit year-over-year increases in net interest income and non-interest income resulted in a 12.5% and 17.6% increase in our diluted earnings per share and book value per share, respectively” stated Greg Garrabrants, President and Chief Executive Officer of Axos. “Our net interest margin remains best-in-class, fueled by solid loan growth across consumer and commercial lending categories. We closed the Jenius Bank acquisition in May, adding approximately $2.3 billion of deposits.”

“We continue to manage our non-interest expenses while investing in our businesses, technologies and people,” said Derrick Walsh, Chief Financial Officer of Axos. “Excluding a $21.0 million accrual related to a legal matter in Axos Clearing, our non-interest expenses for the three months ended June 30, 2026 were down by approximately $1.0 million compared to the prior quarter. We remain well reserved relative to our low level of credit losses, as reflected in our allowance for credit losses to total non-accrual loans of 221% at June 30, 2026. Excluding a $10.0 million net charge-off of a C&I cash flow loan we previously reserved for, our annualized net charge-offs to average loans would have been 0.09%, improved from the year ago quarter.”

Other Highlights

Ending net loan balances were $25.6 billion at June 30, 2026, reflecting a net change in loans of $637.9 million for the three months ended June 30, 2026
Non-performing assets to total assets were 0.53% as of June 30, 2026, down from 0.71% as of June 30, 2025
Non-interest income was $61.9 million for the three months ended June 30, 2026, up 49.9% from $41.3 million for the three months ended June 30, 2025
Total deposits were $24.6 billion at June 30, 2026, an increase of $3.7 billion, or 17.9%, from $20.8 billion at June 30, 2025, including a deposit acquisition of approximately $2.3 billion, which closed in the three months ended June 30, 2026
Assets under custody and/or administration at Axos Clearing LLC increased to $47.8 billion at June 30, 2026, compared to $39.4 billion at June 30, 2025
The Company repurchased $22.0 million of Axos common stock during the three months ended June 30, 2026, at an average price of $87.95 per share
Book value per share increased to $55.81 at June 30, 2026, up 17.6% from $47.46 at June 30, 2025
On July 20, 2026, we closed the previously announced acquisition of Arc Technologies, Inc., a cash management platform for small businesses

Fourth Quarter Fiscal 2026 Income Statement Summary

Net income was $124.9 million and diluted EPS was $2.16 for the three months ended June 30, 2026, compared to net income of $110.7 million and diluted EPS of $1.92 for the three months ended June 30, 2025. Net interest income increased $37.7 million, or 13.5%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to an increase in interest income earned on loans, partially offset by a decrease on interest income on deposits in other financial institutions and increases in interest expense on advances from the Federal Home Loan Bank and on secured financings.

The provision for credit losses was $17.9 million for the three months ended June 30, 2026, compared to $15.0 million for the three months ended June 30, 2025. The provision for credit losses for the three months ended June 30, 2026, was primarily driven by loan growth and an increase in specific reserves on individually assessed loans, partially offset by an improved macroeconomic outlook reflected in the forecast scenarios used in the allowance for credit losses model.

Non-interest income increased to $61.9 million for the three months ended June 30, 2026, compared to $41.3 million for the three months ended June 30, 2025. The increase was primarily due to operating lease rental and other income from the acquisition of Verdant Commercial Capital, LLC (“Verdant”) and higher prepayment penalty income, partially offset by the absence of a $12.0 million gain recognized on a loan sale in the prior year quarter.

Non-interest expense, comprised of various operating expenses, increased $55.3 million to $205.9 million for the three months ended June 30, 2026, from $150.7 million for the three months ended June 30, 2025. The increase was primarily due to a $21.0 million accrual related to a FINRA arbitration matter in the three months ended June 30, 2026, increased depreciation and amortization expense, mainly attributable to the Verdant and deposit acquisitions, and an increase in salaries and related costs.

Balance Sheet Summary

Axos’ total assets increased by $5.2 billion, or 20.9%, to $30.0 billion, at June 30, 2026, from $24.8 billion at June 30, 2025, primarily attributable to an increase in loans and securities available-for-sale, partially offset by lower cash and cash equivalents. Total liabilities increased by $4.7 billion, or 21.2%, to $26.8 billion at June 30, 2026, from $22.1 billion at June 30, 2025, primarily attributable to higher deposit balances, as well as secured financings assumed as part of the Verdant acquisition. Stockholders’ equity increased $485.7 million, or 18.1%, to $3.2 billion at June 30, 2026, from $2.7 billion at June 30, 2025, primarily due to net income of $490.4 million.

Conference Call

A conference call and webcast will be held on Thursday, July 30, 2026, at 5:00 PM Eastern / 2:00 PM Pacific. Analysts and investors may dial in and participate in the question/answer session. To access the call, please dial: 877-407-8293. The conference call will be webcast live, and both the webcast and the earnings supplement may be accessed at Axos’ website, investors.axosfinancial.com. For those unable to listen to the live broadcast, a replay will be available until August 30, 2026 at Axos’ website and telephonically by dialing toll-free number 877-660-6853, passcode 13761332.

About Axos Financial, Inc. and Subsidiaries

Axos Financial, Inc., with approximately $30.0 billion in consolidated assets as of June 30, 2026, is the holding company for Axos Bank, Axos Clearing LLC and Axos Invest, Inc. Axos Bank provides consumer and business banking products nationwide through its low-cost distribution channels and affinity partners. Axos Clearing LLC (including its business division Axos Advisor Services), with approximately $47.8 billion of assets under custody and/or administration as of June 30, 2026, and Axos Invest, Inc., 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 NYSE under the symbol “AX” and is a component of the Russell 2000® Index and the S&P SmallCap 600® Index, among other indices. For more information on Axos Financial, Inc., please visit http://investors.axosfinancial.com.

Segment Reporting

The Company operates through two segments: the Banking Business Segment and the Securities Business Segment. In order to reconcile the two segments to the consolidated totals, the Company includes corporate activities and intercompany eliminations. Inter-segment transactions are eliminated in consolidation and primarily include non-interest income earned by the Securities Business Segment and non-interest expense incurred by the Banking Business Segment for cash sorting fees related to deposits sourced from Securities Business Segment customers.

The following tables present the operating results of the segments:

	For the Three Months Ended June 30, 2026
(Dollars in thousands)	Banking Business Segment	Securities Business Segment	Corporate/Eliminations	Axos Consolidated
Net interest income	$311,974	$10,980	$(5,064)	$317,890
Provision for credit losses	17,850	-	-	17,850
Non-interest income	40,688	30,659	(9,470)	61,877
Non-interest expense	151,994	53,120	831	205,945
Income before income taxes	$182,818	$(11,481)	$(15,365)	$155,972
	For the Three Months Ended June 30, 2025
(Dollars in thousands)	Banking Business Segment	Securities Business Segment	Corporate/Eliminations	Axos Consolidated
Net interest income	$276,701	$7,215	$(3,755)	$280,161
Provision for credit losses	14,997	-	-	14,997
Non-interest income	22,226	29,621	(10,562)	41,285
Non-interest expense	122,369	29,942	(1,659)	150,652
Income before income taxes	$161,561	$6,894	$(12,658)	$155,797
	For the Year Ended June 30, 2026
(Dollars in thousands)	Banking Business Segment	Securities Business Segment	Corporate/Eliminations	Axos Consolidated
Net interest income	$1,231,118	$35,675	$(19,883)	$1,246,910
Provision for credit losses	101,105	-	-	101,105
Non-interest income	149,965	120,816	(37,198)	233,583
Non-interest expense	582,702	141,104	8,912	732,718
Income before income taxes	$697,276	$15,387	$(65,993)	$646,670
	For the Year Ended June 30, 2025
(Dollars in thousands)	Banking Business Segment	Securities Business Segment	Corporate/Eliminations	Axos Consolidated
Net interest income	$1,114,173	$28,431	$(14,832)	$1,127,772
Provision for credit losses	55,745	-	-	55,745
Non-interest income	46,430	119,138	(34,502)	131,066
Non-interest expense	473,545	114,627	1,526	589,698
Income before income taxes	$631,313	$32,942	$(50,860)	$613,395

Use of Non-GAAP Financial Measures

In addition to the results presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), this release includes non-GAAP financial measures such as adjusted earnings, adjusted earnings per diluted 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. Although we believe the non-GAAP financial measures disclosed in this release enhance investors’ understanding of our business and performance, 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 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 Axos’ operating performance. We believe excluding the non-recurring acquisition-related costs and other costs provides investors with an alternative understanding of Axos’ core business.

Below is a reconciliation of net income, the nearest comparable GAAP measure, to adjusted earnings and adjusted EPS (Non-GAAP) for the periods shown:

	For the Three Months Ended June 30,				For the Year Ended June 30,
(Dollars in thousands, except per share data)		2026		2025		2026		2025
Net income	$124,946		$110,675		$490,372		$432,908
Favorable legal settlement	-		-		(22,000)		-
FINRA arbitration matter	21,000		-		21,000		-
Acquisition-related costs	5,495		1,604		13,689		7,408
Other costs	-		-		-		(1,878)
Verdant acquisition - Provision for credit losses	-		-		7,765		-
Income tax effect	(5,271)		(465)		(4,944)		(1,627)
Adjusted earnings (Non-GAAP)	$146,170		$111,814		$505,882		$436,811
Average dilutive common shares outstanding	57,737,351		57,558,280		57,837,761		58,241,421
Diluted EPS	$2.16		$1.92		$8.48		$7.43
Favorable legal settlement	-		-		(0.38)		-
FINRA arbitration matter	0.36		-		0.36		-
Acquisition-related costs	0.10		0.03		0.24		0.13
Other costs	-		-		-		(0.03)
Verdant acquisition - Provision for credit losses	-		-		0.13		-
Income tax effect	(0.09)		(0.01)		(0.09)		(0.03)
Adjusted EPS (Non-GAAP)	$2.53		$1.94		$8.74		$7.50

Favorable legal settlement reflects the recognition of a legal settlement in the Company’s favor reached in March 2026.

Acquisition-related costs includes amortization of intangible assets, and for the year ended June 30, 2026, also includes $1.3 million of acquisition-related costs associated with the Verdant acquisition.

Other costs 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 per common share (non-GAAP) as of the dates indicated:

(Dollars in thousands, except per share amounts)	June 30, 2026	June 30, 2025	June 30, 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 other 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

Forward-Looking Safe Harbor Statement

Forward-looking statements notice

This press release contains forward-looking statements that involve risks and uncertainties, including without limitation statements relating to Axos’ financial prospects and other projections of its performance and asset quality, Axos’ deposit balances and capital ratios, Axos’ ability to continue to grow profitably and increase its business, Axos’ ability to continue to diversify its lending and deposit franchises, the anticipated timing and financial performance of other offerings, initiatives, and acquisitions, expectations of the environment in which Axos operates and projections of future performance. These forward-looking statements are made on the basis of the views and assumptions of management regarding future events and performance as of the date of this press release. Actual results and the timing of events could differ materially from those expressed or implied in such forward-looking statements as a result of risks and uncertainties, including without limitation Axos’ ability to successfully integrate acquisitions and realize the anticipated benefits of the transactions, changes in the interest rate environment, monetary policy, inflation, tariffs, government regulation, general economic conditions, changes in the competitive marketplace, conditions in the real estate markets in which we operate, risks associated with credit quality, our ability to attract and retain deposits and access other sources of liquidity, and the outcome and effects of litigation and other factors beyond our control. These and other risks and uncertainties detailed in Axos’ periodic reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2025, could cause actual results to differ materially from those expressed or implied in any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Axos undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All written and oral forward-looking statements made in connection with this press release, which are attributable to us or persons acting on Axos’ behalf are expressly qualified in their entirety by the foregoing information.

SELECTED CONSOLIDATED FINANCIAL INFORMATION

(Unaudited - dollars in thousands)

	June 30, 2026		June 30, 2025		June 30, 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
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
Per Common Share Data:
Book value per common share		$55.81		$47.46		$40.26
Tangible book value per common share (Non-GAAP)		$50.96		$44.60		$37.26
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%		13.70%		13.81%
Axos Clearing LLC:
Net capital	$96,923		$86,996		$101,462
Excess capital	$89,854		$81,834		$96,654
Net capital as a percentage of aggregate debit items	27.42%		33.71%		42.21%
Net capital in excess of 5% aggregate debit items	$79,250		$74,091		$89,442

AXOS FINANCIAL, INC.

SELECTED CONSOLIDATED FINANCIAL INFORMATION

(Unaudited - dollars in thousands, except per share data)

	As of or for theThree Months Ended				As of or for the Year Ended
	June 30,				June 30,
(Dollars in thousands, except per share data)		2026		2025		2026		2025
Selected Income Statement Data:
Interest and dividend income		$499,130		$442,413		$1,956,952		$1,815,465
Interest expense		181,240		162,252		710,042		687,693
Net interest income		317,890		280,161		1,246,910		1,127,772
Provision for credit losses		17,850		14,997		101,105		55,745
Net interest income, after provision for credit losses		300,040		265,164		1,145,805		1,072,027
Non-interest income		61,877		41,285		233,583		131,066
Non-interest expense		205,945		150,652		732,718		589,698
Income before income taxes		155,972		155,797		646,670		613,395
Income tax expense		31,026		45,122		156,298		180,487
Net income		$124,946		$110,675		$490,372		$432,908
Weighted average number of common shares outstanding:
Basic		56,729,416		56,392,620		56,656,722		56,862,630
Diluted		57,737,351		57,558,280		57,837,761		58,241,421
Per Common Share Data:
Net income:
Basic		$2.20		$1.96		$8.66		$7.61
Diluted		$2.16		$1.92		$8.48		$7.43
Adjusted earnings per common share (Non-GAAP)		$2.53		$1.94		$8.74		$7.50
Performance Ratios and Other Data:
Growth in loans held for investment, net		$637,867		$855,980		$4,545,793		$1,818,225
Loan originations for sale		$62,144		$42,487		$240,355		$199,845
Return on average assets	1.69%		1.85%		1.76%		1.82%
Return on average common stockholders’ equity	15.69%		16.85%		16.32%		17.30%
Interest rate spread	3.81%		3.97%		3.93%		3.97%
Net interest margin	4.54%		4.84%		4.70%		4.90%
Net interest margin - Banking Business Segment	4.56%		4.88%		4.74%		4.95%
Efficiency ratio	54.23%		46.87%		49.49%		46.84%
Efficiency ratio - Banking Business Segment	43.10%		40.94%		42.19%		40.80%
Asset Quality Ratios:
Net annualized charge-offs to average loans	0.25%		0.16%		0.18%		0.13%
Non-accrual loans to total loans	0.60%		0.79%		0.60%		0.79%
Non-performing assets to total assets	0.53%		0.71%		0.53%		0.71%
Allowance for credit losses - loans to total loans held for investment	1.34%		1.36%		1.34%		1.36%
Allowance for credit losses - loans to non-accrual loans	221.07%		170.23%		221.07%		170.23%

See “Use of Non-GAAP Financial Measures.”

Interest rate spread represents the difference between the annualized weighted average yield on interest-earning assets and the annualized weighted average rate paid on interest-bearing liabilities.

Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.

Efficiency ratio represents non-interest expense as a percentage of the aggregate of net interest income and non-interest income.

Contacts
Johnny Lai, CFA
SVP, Corporate Development & Investor Relations
858-649-2218 jlai@axosfinancial.com
AXOS FINANCIAL, INC.