Live Oak Bancshares (LOB) Q1 FY2025 earnings: revenue $123 million, up 5.8% on the year
Live Oak Bancshares, Inc. (LOB) reported revenue of $123 million for Q1 FY2025, the quarter ended 31 March 2025, up 5.8% on the same quarter a year earlier. Net income was $10 million, down 64.8% on the year, and diluted earnings per share $0.21. The figures are the company's own, from the 10-Q it filed with the SEC on 7 May 2025.
Revenue$123 millionup 5.8%
Net income$10 milliondown 64.8%
Diluted EPS$0.21
QuarterQ1 FY2025ended 31 March 2025
The quarter, against the one before and a year earlier
| Line | Q1 FY2025 | Q4 FY2024 | Q1 FY2024 | Change on the year |
|---|---|---|---|---|
| Revenue | 123 | 128 | 116 | +5.8% |
| Interest expense | n/a | n/a | 102 | n/a |
| Pre-tax income | 13.1 | 13.2 | 22.1 | -40.6% |
| Income tax | 3.5 | 3.4 | -5.5 | n/a |
| Effective tax rate | 26.4% | 25.6% | -24.8% | |
| Net income | 9.7 | 9.9 | 27.6 | -64.8% |
| Net margin | 7.9% | 7.7% | 23.7% | |
| Diluted EPS | $0.21 | $0.22 | $0.60 | -65.0% |
$ million except per share.
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Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.Cash flow and capital returned
| Line | Q1 FY2025 | Q4 FY2024 | Q1 FY2024 | Change on the year |
|---|---|---|---|---|
| Operating cash flow | -29.8 | 171 | 30.2 | n/a |
| Capital expenditure | 2.3 | 4.0 | 21.7 | -89.4% |
| Free cash flow | -32.1 | 167 | 8.5 | n/a |
| Cash from investing | -465 | -586 | -218 | n/a |
| Cash from financing | 630 | 358 | 203 | +210.7% |
| Depreciation and amortisation | 7.0 | 6.7 | 5.0 | +40.0% |
| Dividends paid | 1.4 | 1.4 | 1.3 | +1.6% |
| Dividend per share | $0.03 | n/a | $0.03 | +0.0% |
| Diluted shares, weighted | 46m | 46m | 46m | +0.2% |
| Shares outstanding at period end | 46m | 46m | 45m | +1.4% |
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet at quarter end
| Line | Q1 FY2025 | Q4 FY2024 | Q1 FY2024 | Change on the year |
|---|---|---|---|---|
| Shareholders' equity | 1,027 | 999 | 928 | +10.7% |
| Non-controlling interest | 4.4 | 4.5 | n/a | n/a |
| Deposits | 12,396 | 11,760 | 10,383 | +19.4% |
| Debt | 110 | 113 | 120 | -8.3% |
| Other liabilities | 58.1 | 66.6 | 74.2 | -21.8% |
| Total liabilities and equity | 13,596 | 12,943 | 11,506 | +18.2% |
| Fixed assets | 259 | 264 | 258 | +0.4% |
| Goodwill | n/a | 1.8 | n/a | n/a |
| Securities held for sale or to maturity | 1,313 | 1,248 | 1,121 | +17.1% |
| Loans | 10,504 | 10,066 | 8,774 | +19.7% |
| Cash and equivalents | 744 | 609 | 597 | +24.6% |
| Other assets | 776 | 755 | 756 | +2.6% |
| Total assets | 13,596 | 12,943 | 11,506 | +18.2% |
Questions
What was Live Oak Bancshares' revenue in Q1 FY2025?
Live Oak Bancshares (LOB) reported revenue of $123 million for Q1 FY2025, the quarter ended 31 March 2025, up 5.8% on the same quarter a year earlier.
How much did Live Oak Bancshares earn in Q1 FY2025?
Net income for Q1 FY2025 was $10 million, down 64.8% on the year, and diluted earnings per share $0.21.
When did Live Oak Bancshares report Q1 FY2025 results?
Live Oak Bancshares filed its 10-Q for the quarter ended 31 March 2025 with the SEC on 7 May 2025.
Quarterly results, the last 20 quarters
| Q3 FY2021 | Q4 FY2021 * | Q1 FY2022 | Q2 FY2022 | Q3 FY2022 | Q4 FY2022 * | Q1 FY2023 | Q2 FY2023 | Q3 FY2023 | Q4 FY2023 * | Q1 FY2024 † | Q2 FY2024 | Q3 FY2024 | Q4 FY2024 * | Q1 FY2025 † | Q2 FY2025 † | Q3 FY2025 | Q4 FY2025 * | Q1 FY2026 | Q2 FY2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 103 | 111 | 110 | 208 | 142 | 105 | 102 | 108 | 127 | 120 | 116 | 125 | 130 | 128 | 123 | 140 | 146 | n/a | 145 | 156 |
| Interest expense | 15.1 | 14.6 | 15.0 | 19.3 | 31.9 | 50.7 | 69.4 | 85.4 | 91.2 | 97.0 | 102 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Pre-tax income | 43.2 | 47.8 | 42.9 | 122 | 44.4 | 0.7 | 3.6 | 19.0 | 42.8 | 17.5 | 22.1 | 36.1 | 17.8 | 13.2 | 13.1 | 31.2 | 36.6 | n/a | 40.1 | 45.8 |
| Tax rate | 22% | 37% | 20% | 21% | 3% | -150% | 89% | 8% | 7% | 8% | -25% | 25% | 27% | 26% | 26% | 25% | 28% | n/a | 25% | 20% |
| Net income | 33.8 | 30.1 | 34.5 | 97.0 | 42.9 | 1.8 | 0.4 | 17.5 | 39.8 | 16.2 | 27.6 | 27.0 | 13.0 | 9.9 | 9.7 | 23.4 | 26.5 | n/a | 30.0 | 36.8 |
| Net margin | 33% | 27% | 31% | 47% | 30% | 2% | 0% | 16% | 31% | 14% | 24% | 21% | 10% | 8% | 8% | 17% | 18% | n/a | 21% | 24% |
| Diluted EPS | $0.76 | $0.66 | $0.76 | $2.16 | $0.96 | $0.04 | $0.01 | $0.39 | $0.88 | $0.36 | $0.60 | $0.59 | $0.28 | $0.22 | $0.21 | $0.51 | $0.55 | n/a | $0.60 | $0.74 |
| Operating cash flow | -30.1 | 29.4 | 156 | -78.8 | 20.7 | 26.2 | 158 | 136 | 155 | 170 | 30.2 | 83.9 | 191 | 171 | -29.8 | 208 | -235 | n/a | 87.4 | 31.2 |
| Capital expenditure | 0.4 | 1.4 | 20.0 | 8.2 | 7.4 | 8.1 | 10.4 | 6.6 | 8.3 | 21.6 | 21.7 | 17.2 | 6.4 | 4.0 | 2.3 | 1.4 | 1.7 | n/a | 2.0 | 2.8 |
| Free cash flow | -30.5 | 28.0 | 136 | -87.0 | 13.3 | 18.0 | 148 | 130 | 147 | 149 | 8.5 | 66.7 | 185 | 167 | -32.1 | 207 | -236 | n/a | 85.3 | 28.4 |
| Dividends paid | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | n/a | 1.4 | 1.4 |
| Shares outstanding | n/a | 44m | 44m | 44m | 44m | 44m | 44m | 44m | 44m | 45m | 45m | 45m | 45m | 46m | 46m | 46m | 46m | 46m | 46m | 46m |
| Filing | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q |
Each quarter as filed, linked to its filing.
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* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A fourth quarter left blank is one the arithmetic cannot give yet: the annual report changed the basis of the year (a business sold or spun off, a line regrouped), so the year less the three quarters as first filed would not be a quarter of anything. It fills in once the three quarters have been refiled on the new basis. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.10-Q for the period ended 31 March 2025, filed 7 May 2025: the filing.