LendingClub Reports Fourth Quarter and Full Year 2025 Results

Rhea-AI Summary

LendingClub (NYSE: LC) reported strong fourth-quarter and full-year 2025 results, with $41.6M GAAP net income and $0.35 diluted EPS in Q4 and full-year $135.7M net income and $1.16 diluted EPS. Q4 originations rose 40% to $2.6B and total net revenue grew 23% to $266.5M.

Balance sheet strength included $11.6B total assets, $9.8B deposits (88% FDIC-insured), $4.0B liquidity, CET1 of 17.4%, and execution of $11.9M of a $100M repurchase program. First-quarter 2026 and full-year 2026 guidance includes originations of $2.55–2.65B Q1 and annual EPS of $1.65–1.80.

Positive

• Originations +40% Q4 to $2.6B
• Total net revenue +23% Q4 to $266.5M
• Diluted EPS +338% Q4 to $0.35
• Pre-provision net revenue +31% Q4 to $97.2M
• Strong capital ratios: CET1 17.4% and Tier 1 leverage 12.0%
• 2026 guidance implies full-year EPS $1.65–1.80 (above 2025 $1.16)

Negative

• Non-interest expense increased ~18% Q4 to $169.3M versus $142.9M prior year
• Only $11.9M executed of the $100M repurchase program to date

Market Reaction

-8.94% $17.82 3.0x vol

15m delay 9 alerts

-8.94% Since News

-11.3% Trough in 6 min

$17.82 Last Price

$16.42 $20.76 Day Range

-$222M Valuation Impact

$2.26B Market Cap

3.0x Rel. Volume

Following this news, LC has declined 8.94%, reflecting a notable negative market reaction. Argus tracked a trough of -11.3% from its starting point during tracking. Our momentum scanner has triggered 9 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $17.82. This price movement has removed approximately $222M from the company's valuation. Trading volume is very high at 3.0x the average, suggesting heavy selling pressure.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

Q4 2025 net income: $41.6M Q4 2025 diluted EPS: $0.35 Q4 2025 originations: $2.6B +5 more

8 metrics

Q4 2025 net income $41.6M More than quadrupled vs prior-year quarter

Q4 2025 diluted EPS $0.35 +338% vs prior-year quarter

Q4 2025 originations $2.6B Up 40% year-over-year

Q4 2025 total net revenue $266.5M Up 23% vs $217.2M prior year

Net interest margin 5.98% Expanded from 5.42% in prior year

Provision for credit losses $47.2M Down from $63.2M in prior-year quarter

Full-year 2025 net income $135.7M Up from $51.3M in 2024

Full-year 2025 diluted EPS $1.16 Up from $0.45 in 2024

Market Reality Check

Price: $19.57 Vol: Volume 1,986,916 vs 20-da...

normal vol

$19.57 Last Close

Volume Volume 1,986,916 vs 20-day average 1,681,080, indicating elevated trading ahead of results. normal

Technical Shares at $20.81 are trading above the 200-day MA of $15.13, reflecting a pre-news uptrend.

Peers on Argus

LC traded down 2.35% while key regional banking peers were mostly positive, with...

LC traded down 2.35% while key regional banking peers were mostly positive, with names like OFG and CASH up modestly. This points to a stock-specific reaction to LC’s earnings rather than a broad sector move.

Previous Earnings Reports

5 past events · Latest: Oct 22 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Oct 22	Quarterly earnings	Positive	-1.2%	Record Q3 2025 pre-tax income with strong originations and revenue growth.
Jul 29	Quarterly earnings	Positive	+21.2%	Q2 2025 showed strong originations, revenue growth, and a major funding extension.
Apr 29	Quarterly earnings	Positive	-11.3%	Q1 2025 delivered solid growth and over $100B in lifetime originations.
Jan 28	Annual earnings	Positive	-14.3%	Q4 and full-year 2024 showed higher originations, revenue, and deposit growth.
Oct 23	Quarterly earnings	Positive	+10.9%	Q3 2024 featured asset growth, higher revenue, and improving charge-offs.

Pattern Detected

Earnings releases have generally been positive fundamentally but produced mixed stock reactions: some strong rallies, some sharp selloffs, with an average absolute move of 11.78% and more divergences than alignments.

Recent Company History

Over the past five earnings cycles, LendingClub has consistently reported growth in originations, revenue, and profitability, supported by strong capital ratios and expanding partnerships. Despite this, share price reactions have been volatile: Q2 2025 and Q3 2024 produced double-digit gains, while Q1 2025 and Q4 2024 saw notable declines. The current Q4 2025 and full-year 2025 report continues the pattern of robust growth in originations, net income, and EPS, fitting into a multi-quarter trajectory of improving returns and credit performance.

Historical Comparison

earnings

+11.8 %

Average Historical Move

Historical Analysis

In the last five earnings reports, LC’s average move was 11.78%, with a mix of strong rallies and sharp pullbacks, underscoring that earnings have been key volatility drivers.

Typical Pattern

Earnings since late 2024 show a steady progression: rising loan originations, expanding net revenue, improving credit metrics, and strengthening capital ratios, culminating in materially higher net income and EPS through 2025.

Market Pulse Summary

The stock is down -8.9% following this news. A negative reaction despite strong headline metrics wou...

Analysis

The stock is down -8.9% following this news. A negative reaction despite strong headline metrics would fit the company’s history of volatile earnings days, where fundamentally positive results sometimes coincided with price declines. Q4 2025 delivered higher originations, revenue, and EPS, along with improved credit costs and solid capital ratios, but prior events show that expectations and positioning often dominated near-term trading. Investors would have monitored guidance, credit quality, and macro conditions as possible drivers of renewed downside pressure.

Key Terms

gaap, roe, rotce, net interest margin, +4 more

8 terms

gaap financial

"Delivered $41.6 million GAAP Net Income, 11.3% ROE and 11.9% ROTCE"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

roe financial

"Delivered $41.6 million GAAP Net Income, 11.3% ROE and 11.9% ROTCE"

Return on equity (ROE) measures how much profit a company generates from the money shareholders have invested, like checking how effectively a chef turns ingredients into meals. Investors use it to compare how well companies turn investor funds into earnings—higher ROE usually means management is using capital more efficiently, while a low ROE can signal weaker profitability or poor use of equity.

rotce financial

"Delivered $41.6 million GAAP Net Income, 11.3% ROE and 11.9% ROTCE"

Return on Tangible Common Equity (ROTCE) measures how much profit a company generates for common shareholders using the company’s tangible equity — the book value of shareholders’ equity after subtracting intangible assets (like goodwill) and preferred stock. For investors it shows the efficiency of a company’s core, visible capital in producing earnings; like comparing how much profit a shop makes relative to the actual cash-and-inventory value a small owner has invested, it helps assess true underlying profitability and capital returns.

net interest margin financial

"Net interest margin expanded to 5.98%, compared to 5.42% in the prior year"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

fdic-insured regulatory

"88% of total deposits are FDIC-insured."

"FDIC-insured" means that a bank or savings institution is protected by the Federal Deposit Insurance Corporation, which guarantees that depositors will get back their money up to a certain limit if the bank fails. This insurance provides peace of mind, similar to a safety net, ensuring that your savings are protected even if the bank encounters financial trouble. It helps build trust and confidence for people saving or investing their money in banks.

tier 1 leverage ratio financial

"Strong capital position with a consolidated Tier 1 leverage ratio of 12.0%"

Tier 1 leverage ratio measures a bank’s core capital — the money that can absorb losses — as a share of its total assets, showing how much of its balance sheet is funded by real loss-absorbing capital rather than borrowed money. Investors use it like a safety gauge: a higher ratio means a bigger cushion against shocks and lower risk of insolvency, similar to how a thicker spare tire reduces the chance of being stranded.

cet1 capital ratio financial

"and a CET1 capital ratio of 17.4%."

The CET1 capital ratio measures a bank’s core equity (common shares and retained earnings) as a share of its assets after those assets are adjusted for how risky they are. It shows how big a financial cushion the bank has to absorb losses without needing outside help, so investors use it like a fuel gauge: higher ratios mean more protection against bad loans or market shocks and lower chances of forced capital raises or regulatory action.

pre-provision net revenue financial

"Pre-Provision Net Revenue (PPNR) increased 31% to $97.2 million"

Pre-provision net revenue is a bank’s income from core operations — interest earned minus interest paid plus fees and other operating income, after operating costs — measured before setting aside funds for potential loan losses. Investors use it to gauge how well a bank’s everyday business generates money independent of one-time loss reserves, like judging a store’s sales and operating profit before accounting for an expected number of returned items.

AI-generated analysis. Not financial advice.

 Delivered $41.6 million GAAP Net Income, 11.3% ROE and 11.9% ROTCE in fourth quarter
Increased Originations +40%, Revenue +23%, and Diluted EPS +338% in fourth quarter compared to prior year
For the full year 2025: Grew Originations +33%, Revenue +27%, and Diluted EPS +158% compared to prior year

SAN FRANCISCO, Jan. 28, 2026 /PRNewswire/ -- LendingClub Corporation (NYSE: LC) today announced financial results for the fourth quarter and full year ended December 31, 2025.

"We closed out a fantastic year with another strong quarter, delivering 40% originations growth and ROTCE approaching 12%," said Scott Sanborn, LendingClub CEO. "On a full-year basis, we grew originations 33% and more than doubled EPS. We're entering 2026 from a position of strength, with product innovations and marketing investments taking hold while credit continues to outperform. Our entry into home improvement financing is creating new opportunities and we also expect to leverage ongoing operating discipline and AI efficiencies to further strengthen the earnings power of the company."

Fourth Quarter 2025 Results

Highlights:

• Achieved $2.6 billion in origination volume, up 40% compared to the prior year, driven by the successful execution of product and marketing initiatives.
• More than quadrupled Diluted EPS to $0.35 compared to the prior year.
• Continued to deliver credit outperformance vs. competitor set, with over 40% better performance.
• Executed $11.9 million of the $100 million Stock Repurchase and Acquisition Program.
• Announced entry into home improvement financing through foundational tech and talent acquisition and a distribution partnership.
• Showcased distinct competitive advantages and near-term and medium-term growth strategy at Investor Day.

Balance Sheet:

• Total assets of $11.6 billion, up 9% year-over-year, supported primarily by growth in loans on the balance sheet.
• Deposits of $9.8 billion, up 8% year-over-year, driven by growth in consumer accounts.
  • 88% of total deposits are FDIC-insured.
• Robust available liquidity of $4.0 billion.
• Strong capital position with a consolidated Tier 1 leverage ratio of 12.0% and a CET1 capital ratio of 17.4%.

Financial Performance:

• Loan originations grew 40% to $2.6 billion, compared to $1.8 billion in the prior year.
• Total net revenue increased 23% to $266.5 million, compared to $217.2 million in the prior year, driven by higher marketplace sales and loan sale pricing, strong credit performance, and higher net interest margin on a larger balance sheet.
  • Net interest margin expanded to 5.98%, compared to 5.42% in the prior year, driven by improved deposit funding costs. 
• Provision for credit losses of $47.2 million, compared to $63.2 million in the prior year, driven by strong credit performance and fewer loans held-for-investment at amortized cost in the period.
• Net charge-offs in the held-for-investment at amortized cost loan portfolio improved to $40.1 million, compared to $46.0 million in the prior year, driven by strong credit performance as well as portfolio composition and maturity.
• Net income and Diluted EPS more than quadrupled to $41.6 million and $0.35, respectively, compared to  $9.7 million and $0.08 in the prior year, respectively.
• Return on Equity (ROE) of 11.3% with a Return on Tangible Common Equity (ROTCE) of 11.9%.
• Pre-Provision Net Revenue (PPNR) increased 31% to $97.2 million, compared to $74.3 million in the prior year.

 

	Three Months Ended						Year Ended
($ in millions, except per share amounts)	December 31, 2025		September 30, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Total net revenue	$             266.5		$             266.2		$             217.2		$           998.8		$           787.0
Non-interest expense	169.3		162.7		142.9		630.6		543.7
Pre-provision net revenue (1)	97.2		103.5		74.3		368.3		243.3
Provision for credit losses	47.2		46.3		63.2		191.3		178.3
Income before income tax      expense	50.0		57.2		11.1		176.9		65.1
Income tax expense	(8.5)		(13.0)		(1.4)		(41.3)		(13.7)
Net income	$              41.6		$              44.3		$                9.7		$           135.7		$             51.3
Diluted EPS	$              0.35		$              0.37		$              0.08		$             1.16		$             0.45

(1)   See page 3 of this release for additional information on our use of non-GAAP financial measures.

For a calculation of Pre-Provision Net Revenue, Tangible Book Value Per Common Share, and Return on Tangible Common Equity, refer to the "Reconciliation of GAAP to Non-GAAP Financial Measures" tables at the end of this release.

Financial Outlook

	First Quarter 2026
Loan originations	$2.55B to $2.65B
Diluted EPS	$0.34 to $0.39
	Full Year 2026
Loan originations	$11.6B to $12.6B
Diluted EPS	$1.65 to $1.80

About LendingClub

LendingClub is reimagining what a bank can be by building our business around a simple belief: when our members win, we win. Leveraging innovative technology and engaging mobile-first experiences, our integrated suite of financial products helps people keep more of what they earn and earn more on what they save. Our 5+ million members love us for providing quick and easy access to affordable credit and rewarding their smart financial choices, like making on-time payments, saving regularly, and taking control of debt.

Getting credit right is a key driver of our success. Our advanced underwriting models are informed by over 150 billion cells of proprietary data, derived from tens of millions of repayment events across economic cycles. Our leading credit expertise combined with our resilient bank foundation, capital-light loan marketplace, decades of lending experience, and talented team have enabled us to deliver lasting value to members, loan investors, and stockholders alike. And we're just getting started.

LendingClub Corporation (NYSE: LC) is the parent company and operator of LendingClub Bank, National Association, Member FDIC. For more information about LendingClub, visit https://www.lendingclub.com.

Conference Call and Webcast Information

The LendingClub fourth quarter 2025 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Wednesday, January 28, 2026. A live webcast of the call will be available at http://ir.lendingclub.com under the Filings & Financials menu in Quarterly Results. To listen to the call, register using this link: https://events.q4inc.com/attendee/908793751 ten minutes prior to 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time). An audio archive of the call will be available at http://ir.lendingclub.com. LendingClub has used, and intends to use, its investor relations website, X (formerly Twitter) handles (@LendingClub and @LendingClubIR) and Facebook page (https://www.facebook.com/LendingClubTeam) as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD.

Question Submissions

Prior to quarterly earnings, investors have the ability to submit and upvote questions for LendingClub's management team to consider. To participate, visit the link provided in each quarter's earnings date announcement.

Contacts
For Investors:
IR@lendingclub.com

Media Contact:
Press@lendingclub.com

Non-GAAP Financial Measures

To supplement our financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: Pre-Provision Net Revenue (PPNR), Tangible Book Value (TBV) Per Common Share, and Return on Tangible Common Equity (ROTCE). Our non-GAAP financial measures do have limitations as analytical tools and you should not consider them in isolation or as a substitute for an analysis of our results under GAAP.

We believe these non-GAAP financial measures provide management and investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies.

We believe PPNR is an important measure because it reflects the underlying financial performance of our business operations. PPNR is a non-GAAP financial measure calculated by subtracting the provision for credit losses and income tax benefit/expense from net income.

We believe TBV Per Common Share is an important measure used to evaluate the company's use of equity. TBV Per Common Share is a non-GAAP financial measure representing tangible common equity for the period (common equity reduced by goodwill and customer relationship intangible assets), divided by the ending number of common shares issued and outstanding.

We believe ROTCE is an important measure because it reflects the company's ability to generate income from its core assets. ROTCE is a non-GAAP financial measure calculated by dividing annualized net income by the average tangible common equity for the applicable period.

For a reconciliation of such measures to the nearest GAAP measures, please refer to the tables on pages 14 and 15 of this release.

Safe Harbor Statement

Some of the statements above, including statements regarding our entry into home improvement financing and anticipated future performance and financial results, are "forward-looking statements." The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "outlook," "plan," "predict," "project," "should," "will," "would" and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: our loan performance, our ability to continue to attract and retain new and existing borrowers and marketplace investors (including retaining long-term investors through the duration of their expected partnership and achieving the anticipated level of purchases); competition; overall economic conditions; our ability to integrate acquired technology; the interest rate and/or regulatory environment; default rates and those factors set forth in the section titled "Risk Factors" in our most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, as well as in our subsequent filings with the Securities and Exchange Commission. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

 

LENDINGCLUB CORPORATION OPERATING HIGHLIGHTS (In thousands, except percentages or as noted) (Unaudited)
	As of and for the three months ended										% Change
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		Q/Q		Y/Y
Operating Highlights:
Non-interest income	$      103,444		$      107,792		$      94,186		$      67,754		$        74,817		(4) %		38 %
Net interest income	163,027		158,439		154,249		149,957		142,384		3 %		14 %
Total net revenue	266,471		266,231		248,435		217,711		217,201		— %		23 %
Non-interest expense	169,284		162,713		154,718		143,867		142,855		4 %		19 %
Pre-provision net revenue(1)	97,187		103,518		93,717		73,844		74,346		(6) %		31 %
Provision for credit losses	47,158		46,280		39,733		58,149		63,238		2 %		(25) %
Income before income tax expense	50,029		57,238		53,984		15,695		11,108		(13) %		350 %
Income tax expense	(8,475)		(12,964)		(15,806)		(4,024)		(1,388)		(35) %		511 %
Net income	$        41,554		$        44,274		$      38,178		$      11,671		$          9,720		(6) %		328 %
Basic EPS	$            0.36		$            0.39		$          0.33		$          0.10		$            0.09		(8) %		300 %
Diluted EPS	$            0.35		$            0.37		$          0.33		$          0.10		$            0.08		(5) %		338 %
LendingClub Corporation Performance Metrics:
Net interest margin	5.98 %		6.18 %		6.14 %		5.97 %		5.42 %
Efficiency ratio(2)	63.5 %		61.1 %		62.3 %		66.1 %		65.8 %
Return on average equity (ROE)(3)	11.3 %		12.4 %		11.1 %		3.5 %		2.9 %
Return on tangible common equity      (ROTCE)(1)(4)	11.9 %		13.2 %		11.8 %		3.7 %		3.1 %
Return on average total assets (ROA)(5)	1.5 %		1.7 %		1.5 %		0.4 %		0.4 %
Marketing expense as a % of loan      originations	1.77 %		1.55 %		1.40 %		1.47 %		1.27 %
LendingClub Corporation Capital Metrics:
Common equity Tier 1 capital ratio	17.4 %		18.0 %		17.5 %		17.8 %		17.3 %
Tier 1 leverage ratio	12.0 %		12.3 %		12.2 %		11.7 %		11.0 %
Book value per common share	$          13.01		$          12.68		$        12.25		$        11.95		$          11.83		3 %		10 %
Tangible book value per common      share(1)	$          12.30		$          11.95		$        11.53		$        11.22		$          11.09		3 %		11 %
Loan Originations (in millions)(6):
Total loan originations	$          2,587		$          2,622		$        2,391		$        1,989		$          1,846		(1) %		40 %
Marketplace loans	$          2,090		$          2,027		$        1,702		$        1,314		$          1,241		3 %		68 %
Loan originations held for investment	$             497		$             594		$           689		$           675		$             605		(16) %		(18) %
Loan originations held for investment      as a % of total loan originations	19 %		23 %		29 %		34 %		33 %
Servicing Portfolio AUM (in millions)(7):
Total servicing portfolio	$         13,423		$         12,986		$       12,524		$       12,241		$         12,371		3 %		9 %
Loans serviced for others	$           7,601		$           7,612		$         7,185		$         7,130		$           7,207		— %		5 %

(1)     Represents a non-GAAP financial measure. See "Reconciliation of GAAP to Non-GAAP Financial Measures."

(2)     Calculated as the ratio of non-interest expense to total net revenue.

(3)     Calculated as annualized net income divided by average equity for the period presented.

(4)     Calculated as annualized net income divided by average tangible common equity for the period presented.

(5)     Calculated as annualized net income divided by average total assets for the period presented.

(6)     Includes unsecured personal loans and auto loans only.

(7)     Loans serviced on our platform, which includes unsecured personal loans and auto loans serviced for others and retained by the Company.

 

LENDINGCLUB CORPORATION OPERATING HIGHLIGHTS (Continued) (In thousands, except percentages or as noted) (Unaudited)
	As of the three months ended										% Change
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		Q/Q		Y/Y
Balance Sheet Data:
Securities available for sale	$      3,706,709		$       3,742,304		$  3,527,142		$  3,426,571		$      3,452,648		(1) %		7 %
Loans held for sale at fair value	$      1,762,396		$       1,213,140		$  1,008,168		$     703,378		$         636,352		45 %		177 %
Loans and leases held for investment at      amortized cost	$      4,272,812		$       4,363,415		$  4,386,321		$  4,215,449		$      4,125,818		(2) %		4 %
Gross allowance for loan and lease losses (1)	$       (312,667)		$        (308,218)		$   (293,707)		$   (288,308)		$       (285,686)		1 %		9 %
Recovery asset value (2)	$           36,924		$            40,444		$       40,718		$       44,115		$           48,952		(9) %		(25) %
Allowance for loan and lease losses	$       (275,743)		$        (267,774)		$   (252,989)		$   (244,193)		$       (236,734)		3 %		16 %
Loans and leases held for investment at      amortized cost, net	$      3,997,069		$       4,095,641		$  4,133,332		$  3,971,256		$      3,889,084		(2) %		3 %
Loans held for investment at fair value	$         473,314		$          477,784		$     631,736		$     818,882		$      1,027,798		(1) %		(54) %
Total loans and leases held for investment	$      4,470,383		$       4,573,425		$  4,765,068		$  4,790,138		$      4,916,882		(2) %		(9) %
Whole loans held on balance sheet (3)	$      6,232,779		$       5,786,565		$  5,773,236		$  5,493,516		$      5,553,234		8 %		12 %
Total assets	$    11,567,816		$     11,072,515		$ 10,775,333		$ 10,483,096		$    10,630,509		4 %		9 %
Total deposits	$      9,833,870		$       9,388,233		$  9,136,124		$  8,905,902		$      9,068,237		5 %		8 %
Total liabilities	$    10,067,388		$       9,610,302		$  9,369,298		$  9,118,579		$      9,288,778		5 %		8 %
Total equity	$      1,500,428		$       1,462,213		$  1,406,035		$  1,364,517		$      1,341,731		3 %		12 %

(1)     Represents the allowance for future estimated net charge-offs on existing portfolio balances.

(2)     Represents the negative allowance for expected recoveries of amounts previously charged-off.

(3)     Includes loans held for sale at fair value, loans and leases held for investment at amortized cost, net of allowance for loan and lease losses, and loans held for investment at fair value.

 

The asset quality metrics presented in the following table are for loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:
	As of and for the three months ended
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Asset Quality Metrics (1):
Allowance for loan and lease losses to total loans      and leases held for investment at amortized cost	6.5 %		6.1 %		5.8 %		5.8 %		5.7 %
Allowance for loan and lease losses to commercial      loans and leases held for investment at amortized      cost	2.5 %		2.3 %		2.3 %		2.7 %		3.9 %
Allowance for loan and lease losses to consumer      loans and leases held for investment at amortized      cost	7.2 %		6.8 %		6.4 %		6.3 %		6.1 %
Gross allowance for loan and lease losses to      consumer loans and leases held for investment at      amortized cost	8.2 %		7.9 %		7.5 %		7.5 %		7.5 %
Net charge-offs	$          40,074		$          31,122		$          31,800		$          48,923		$          45,977
Net charge-off ratio (2)	3.7 %		2.9 %		3.0 %		4.8 %		4.5 %

(1)     Calculated as ALLL or gross ALLL, where applicable, to the corresponding portfolio segment balance of loans and leases held for investment at amortized cost.

(2)     Net charge-off ratio is calculated as annualized net charge-offs divided by average outstanding loans and leases held for investment during the period.

 

LENDINGCLUB CORPORATION LOANS AND LEASES HELD FOR INVESTMENT (In thousands) (Unaudited)
The following table presents loans and leases held for investment at amortized cost and loans held for investment at fair value:
	December 31, 2025		December 31, 2024
Unsecured personal	$       3,191,430		$       3,106,472
Residential mortgages	151,073		172,711
Secured consumer	261,045		230,232
Total consumer loans held for investment	3,603,548		3,509,415
Equipment finance (1)	39,757		64,232
Commercial real estate (2)	472,489		373,785
Commercial and industrial	157,018		178,386
Total commercial loans and leases held for investment	669,264		616,403
Total loans and leases held for investment at amortized cost	4,272,812		4,125,818
Allowance for loan and lease losses	(275,743)		(236,734)
Loans and leases held for investment at amortized cost, net	$       3,997,069		$       3,889,084
Loans held for investment at fair value	473,314		1,027,798
Total loans and leases held for investment	$       4,470,383		$       4,916,882

(1)   Comprised of sales-type leases for equipment.

(2)   Includes $286.8 million and $160.1 million in loans originated through the Small Business Association (SBA) as of December 31, 2025 and December 31, 2024, respectively.

 

LENDINGCLUB CORPORATION ALLOWANCE FOR LOAN AND LEASE LOSSES (In thousands) (Unaudited)
The following table presents the components of the allowance for loan and lease losses on loans and leases held for investment at amortized cost:
	December 31, 2025		December 31, 2024
Gross allowance for loan and lease losses (1)	$                 312,667		$                 285,686
Recovery asset value (2)	(36,924)		(48,952)
Allowance for loan and lease losses	$                 275,743		$                 236,734

(1)    Represents the allowance for future estimated net charge-offs on existing portfolio balances.

(2)    Represents the negative allowance for expected recoveries of amounts previously charged-off.

 

The following tables present the allowance for loan and lease losses on loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:
	Three Months Ended
	December 31, 2025						September 30, 2025
	Consumer		Commercial		Total		Consumer		Commercial		Total
Allowance for loan and lease      losses, beginning of period	$    252,557		$        15,217		$ 267,774		$    237,433		$        15,556		$ 252,989
Credit loss expense (benefit)      for loans and leases held for      investment	46,560		1,483		48,043		46,390		(483)		45,907
Charge-offs	(54,556)		(2)		(54,558)		(47,886)		—		(47,886)
Recoveries	14,250		234		14,484		16,620		144		16,764
Allowance for loan and lease      losses, end of period	$    258,811		$        16,932		$ 275,743		$    252,557		$        15,217		$ 267,774

 

	Three Months Ended
	December 31, 2024
	Consumer		Commercial		Total
Allowance for loan and lease losses, beginning of period	$    200,899		$        19,665		$ 220,564
Credit loss expense for loans and leases held for investment	56,322		5,825		62,147
Charge-offs	(64,167)		(1,887)		(66,054)
Recoveries	19,544		533		20,077
Allowance for loan and lease losses, end of period	$    212,598		$        24,136		$ 236,734

 

LENDINGCLUB CORPORATION PAST DUE LOANS AND LEASES HELD FOR INVESTMENT (In thousands) (Unaudited)
The following tables present past due loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:
December 31, 2025	30-59 Days		60-89 Days		90 or More Days		Total		Guaranteed Amount (1)
Unsecured personal	$      22,491		$      18,550		$      17,936		$             58,977		$                     —
Residential mortgages	—		888		86		974		—
Secured consumer	3,006		596		395		3,997		—
Total consumer loans held for investment	$      25,497		$      20,034		$      18,417		$             63,948		$                     —
Equipment finance	$            696		$              —		$         3,088		$               3,784		$                     —
Commercial real estate	—		—		11,182		11,182		8,231
Commercial and industrial	1,540		1,878		20,074		23,492		14,930
Total commercial loans and leases held for      investment	$         2,236		$         1,878		$      34,344		$             38,458		$             23,161
Total loans and leases held for investment at      amortized cost	$      27,733		$      21,912		$      52,761		$           102,406		$             23,161

 

December 31, 2024	30-59 Days		60-89 Days		90 or More Days		Total		Guaranteed Amount (1)
Unsecured personal	$      23,530		$      19,293		$      21,387		$             64,210		$                     —
Residential mortgages	151		88		—		239		—
Secured consumer	2,342		600		337		3,279		—
Total consumer loans held for investment	$      26,023		$      19,981		$      21,724		$             67,728		$                     —
Equipment finance	$              67		$              —		$         4,551		$               4,618		$                     —
Commercial real estate	8,320		483		9,731		18,534		8,456
Commercial and industrial	6,257		1,182		15,971		23,410		18,512
Total commercial loans and leases held for      investment	$      14,644		$         1,665		$      30,253		$             46,562		$             26,968
Total loans and leases held for investment at      amortized cost	$      40,667		$      21,646		$      51,977		$           114,290		$             26,968

(1)      Represents loan balances guaranteed by the SBA.

 

LENDINGCLUB CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except share and per share data) (Unaudited)
	Three Months Ended						Change (%)
	December 31, 2025		September 30, 2025		December 31, 2024		Q4 2025 vs Q3 2025		Q4 2025 vs Q4 2024
Non-interest income:
Origination fees	$        109,562		$         105,731		$          64,745		4 %		69 %
Servicing fees	12,845		17,000		17,391		(24) %		(26) %
Gain on sales of loans	15,546		17,799		15,007		(13) %		4 %
Net fair value adjustments	(39,451)		(38,375)		(24,980)		(3) %		(58) %
Marketplace revenue	98,502		102,155		72,163		(4) %		36 %
Other non-interest income	4,942		5,637		2,654		(12) %		86 %
Total non-interest income	103,444		107,792		74,817		(4) %		38 %
Total interest income	250,586		241,801		240,596		4 %		4 %
Total interest expense	87,559		83,362		98,212		5 %		(11) %
Net interest income	163,027		158,439		142,384		3 %		14 %
Total net revenue	266,471		266,231		217,201		— %		23 %
Provision for credit losses	47,158		46,280		63,238		2 %		(25) %
Non-interest expense:
Compensation and benefits	60,638		60,830		58,656		— %		3 %
Marketing	45,680		40,712		23,415		12 %		95 %
Equipment and software	14,410		13,465		13,361		7 %		8 %
Depreciation and amortization	16,641		16,879		19,748		(1) %		(16) %
Professional services	11,353		10,922		9,136		4 %		24 %
Occupancy	5,457		5,245		3,991		4 %		37 %
Other non-interest expense	15,105		14,660		14,548		3 %		4 %
Total non-interest expense	169,284		162,713		142,855		4 %		19 %
Income before income tax expense	50,029		57,238		11,108		(13) %		350 %
Income tax expense	(8,475)		(12,964)		(1,388)		(35) %		511 %
Net income	$          41,554		$           44,274		$           9,720		(6) %		328 %
Net income per share:
Basic EPS	$             0.36		$              0.39		$             0.09		(8) %		300 %
Diluted EPS	$             0.35		$              0.37		$             0.08		(5) %		338 %
Weighted-average common shares – Basic	115,334,621		114,961,676		112,788,050		— %		2 %
Weighted-average common shares – Diluted	118,855,315		118,188,124		116,400,285		1 %		2 %

 

LENDINGCLUB CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Continued) (In thousands, except share and per share data) (Unaudited)
	Year Ended December 31,
	2025		2024		Change (%)
Non-interest income:
Origination fees	$       372,815		$       283,420		32 %
Servicing fees	58,988		64,933		(9) %
Gain on sales of loans	59,087		49,097		20 %
Net fair value adjustments	(134,946)		(154,659)		13 %
Marketplace revenue	355,944		242,791		47 %
Other non-interest income	17,232		10,179		69 %
Total non-interest income	373,176		252,970		48 %
Total interest income	961,543		907,958		6 %
Total interest expense	335,871		373,917		(10) %
Net interest income	625,672		534,041		17 %
Total net revenue	998,848		787,011		27 %
Provision for credit losses	191,320		178,267		7 %
Non-interest expense:
Compensation and benefits	241,846		232,158		4 %
Marketing	149,211		100,402		49 %
Equipment and software	57,014		51,194		11 %
Depreciation and amortization	62,889		58,834		7 %
Professional services	42,339		32,045		32 %
Occupancy	19,834		15,798		26 %
Other non-interest expense	57,449		53,247		8 %
Total non-interest expense	630,582		543,678		16 %
Income before income tax expense	176,946		65,066		172 %
Income tax expense	(41,269)		(13,736)		200 %
Net income	$       135,677		$         51,330		164 %
Net income per share:
Basic EPS	$            1.18		$            0.46		157 %
Diluted EPS	$            1.16		$            0.45		158 %
Weighted-average common shares – Basic	114,605,220		111,731,523		3 %
Weighted-average common shares – Diluted	117,233,815		113,122,859		4 %

 

LENDINGCLUB CORPORATION NET INTEREST INCOME (In thousands, except percentages or as noted) (Unaudited)
	Consolidated LendingClub Corporation (1)
	Three Months Ended December 31, 2025						Three Months Ended September 30, 2025						Three Months Ended December 31, 2024
	Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate
Interest-earning assets (2)
Cash, cash equivalents,      restricted cash and other	$     905,427		$    8,824		3.90 %		$    603,777		$    6,390		4.23 %		$ 1,193,570		$  14,194		4.76 %
Securities available for sale      at fair value	3,695,980		55,948		6.06 %		3,564,732		56,253		6.31 %		3,390,315		57,259		6.76 %
Loans held for sale at fair      value	1,530,624		51,006		13.33 %		1,198,581		37,628		12.56 %		673,279		20,696		12.30 %
Loans and leases held for      investment:
Unsecured personal      loans	3,252,204		106,716		13.13 %		3,268,142		110,151		13.48 %		3,080,934		104,011		13.50 %
Commercial and other      consumer loans	1,060,201		15,800		5.96 %		1,069,629		16,060		6.01 %		1,023,041		14,203		5.55 %
Loans and leases held for      investment at amortized      cost	4,312,405		122,516		11.36 %		4,337,771		126,211		11.64 %		4,103,975		118,214		11.52 %
Loans held for investment      at fair value	455,168		12,292		10.80 %		552,848		15,319		11.08 %		1,153,204		30,233		10.49 %
Total loans and leases held      for investment	4,767,573		134,808		11.31 %		4,890,619		141,530		11.58 %		5,257,179		148,447		11.29 %
Total interest-earning      assets	10,899,604		250,586		9.20 %		10,257,709		241,801		9.43 %		10,514,343		240,596		9.15 %
Cash and due from banks      and restricted cash	32,308						29,655						51,555
Allowance for loan and      lease losses	(275,187)						(260,744)						(227,673)
Other non-interest earning      assets	644,221						638,821						597,609
Total assets	$  11,300,946						$  10,665,441						$  10,935,834
Interest-bearing liabilities
Interest-bearing deposits:
Savings and money market accounts	6,478,888		60,960		3.73 %		6,442,649		61,782		3.80 %		5,719,248		61,545		4.28 %
Certificates of deposit	2,400,374		25,377		4.19 %		1,851,320		19,990		4.28 %		2,638,470		32,288		4.87 %
Checking accounts	396,430		1,221		1.22 %		406,494		1,449		1.41 %		662,510		4,367		2.62 %
Interest-bearing deposits	9,275,692		87,558		3.75 %		8,700,463		83,221		3.79 %		9,020,228		98,200		4.33 %
Other interest-bearing      liabilities	109		1		4.28 %		12,174		141		4.61 %		615		12		7.20 %
Total interest-bearing      liabilities	9,275,801		87,559		3.75 %		8,712,637		83,362		3.80 %		9,020,843		98,212		4.33 %
Noninterest-bearing      deposits	311,147						291,231						328,022
Other liabilities	240,642						237,035						251,239
Total liabilities	$  9,827,590						$ 9,240,903						$ 9,600,104
Total equity	$  1,473,356						$ 1,424,538						$ 1,335,730
Total liabilities and equity	$  11,300,946						$  10,665,441						$  10,935,834
Interest rate spread					5.45 %						5.63 %						4.82 %
Net interest income and      net interest margin			$  163,027		5.98 %				$ 158,439		6.18 %				$ 142,384		5.42 %

(1)     Consolidated presentation reflects intercompany eliminations.

(2)     Nonaccrual loans and any related income are included in their respective loan categories.

 

LENDINGCLUB CORPORATION CONSOLIDATED BALANCE SHEETS (In Thousands, Except Share and Per Share Amounts) (Unaudited)
	December 31, 2025		December 31, 2024
Assets
Cash and due from banks	$            11,749		$         15,524
Interest-bearing deposits in banks	905,905		938,534
Total cash and cash equivalents	917,654		954,058
Restricted cash	12,783		23,338
Securities available for sale at fair value ($3,733,780 and $3,492,264 at amortized      cost, respectively)	3,706,709		3,452,648
Loans held for sale at fair value	1,762,396		636,352
Loans and leases held for investment	4,272,812		4,125,818
Allowance for loan and lease losses	(275,743)		(236,734)
Loans and leases held for investment, net	3,997,069		3,889,084
Loans held for investment at fair value	473,314		1,027,798
Property, equipment and software, net	254,088		167,532
Goodwill	75,717		75,717
Other assets	368,086		403,982
Total assets	$      11,567,816		$   10,630,509
Liabilities and Equity
Deposits:
Interest-bearing	$        9,459,483		$     8,676,119
Noninterest-bearing	374,387		392,118
Total deposits	9,833,870		9,068,237
Other liabilities	233,518		220,541
Total liabilities	10,067,388		9,288,778
Equity
Common stock, $0.01 par value; 180,000,000 shares authorized; 115,368,987 and      113,383,917 shares issued and outstanding, respectively	1,154		1,134
Additional paid-in capital	1,719,233		1,702,316
Accumulated deficit	(201,799)		(337,476)
Accumulated other comprehensive loss	(18,160)		(24,243)
Total equity	1,500,428		1,341,731
Total liabilities and equity	$      11,567,816		$   10,630,509

 

 

LENDINGCLUB CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In thousands, except share and per share data) (Unaudited)
Pre-Provision Net Revenue
	For the three months ended
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
GAAP Net income	$               41,554		$               44,274		$               38,178		$               11,671		$                 9,720
Less: Provision for credit losses	(47,158)		(46,280)		(39,733)		(58,149)		(63,238)
Less: Income tax expense	(8,475)		(12,964)		(15,806)		(4,024)		(1,388)
Pre-provision net revenue	$               97,187		$             103,518		$               93,717		$               73,844		$               74,346

 

	For the three months ended
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Non-interest income	$             103,444		$             107,792		$               94,186		$               67,754		$               74,817
Net interest income	163,027		158,439		154,249		149,957		142,384
Total net revenue	266,471		266,231		248,435		217,711		217,201
Non-interest expense	(169,284)		(162,713)		(154,718)		(143,867)		(142,855)
Pre-provision net revenue	97,187		103,518		93,717		73,844		74,346
Provision for credit losses	(47,158)		(46,280)		(39,733)		(58,149)		(63,238)
Income before income tax expense	50,029		57,238		53,984		15,695		11,108
Income tax expense	(8,475)		(12,964)		(15,806)		(4,024)		(1,388)
GAAP Net income	$               41,554		$               44,274		$               38,178		$               11,671		$                 9,720

 

Tangible Book Value Per Common Share
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
GAAP common equity	$          1,500,428		$          1,462,213		$          1,406,035		$          1,364,517		$          1,341,731
Less: Goodwill	(75,717)		(75,717)		(75,717)		(75,717)		(75,717)
Less: Customer relationship intangible      assets	(5,685)		(8,206)		(7,068)		(7,778)		(8,586)
Tangible common equity	$          1,419,026		$          1,378,290		$          1,323,250		$          1,281,022		$          1,257,428
Book value per common share
GAAP common equity	$          1,500,428		$          1,462,213		$          1,406,035		$          1,364,517		$          1,341,731
Common shares issued and outstanding	115,368,987		115,301,440		114,740,147		114,199,832		113,383,917
Book value per common share	$                 13.01		$                 12.68		$                 12.25		$                 11.95		$                 11.83
Tangible book value per common share
Tangible common equity	$          1,419,026		$          1,378,290		$          1,323,250		$          1,281,022		$          1,257,428
Common shares issued and outstanding	115,368,987		115,301,440		114,740,147		114,199,832		113,383,917
Tangible book value per common share	$                 12.30		$                 11.95		$                 11.53		$                 11.22		$                 11.09

 

LENDINGCLUB CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Continued) (In thousands, except ratios) (Unaudited)
Return On Tangible Common Equity
	For the three months ended
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Average GAAP common equity	$      1,473,356		$      1,424,538		$      1,381,199		$      1,349,473		$      1,335,730
Less: Average goodwill	(75,717)		(75,717)		(75,717)		(75,717)		(75,717)
Less: Average customer relationship      intangible assets	(6,031)		(6,722)		(7,423)		(8,182)		(9,013)
Average tangible common equity	$      1,391,608		$      1,342,099		$      1,298,059		$      1,265,574		$      1,251,000
Return on average equity
Annualized GAAP net income	$         166,216		$         177,096		$         152,712		$           46,684		$           38,880
Average GAAP common equity	$      1,473,356		$      1,424,538		$      1,381,199		$      1,349,473		$      1,335,730
Return on average equity	11.3 %		12.4 %		11.1 %		3.5 %		2.9 %
Return on tangible common equity
Annualized GAAP net income	$         166,216		$         177,096		$         152,712		$           46,684		$           38,880
Average tangible common equity	$      1,391,608		$      1,342,099		$      1,298,059		$      1,265,574		$      1,251,000
Return on tangible common equity	11.9 %		13.2 %		11.8 %		3.7 %		3.1 %

 

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SOURCE LendingClub Corporation

FAQ

What were LendingClub (LC) Q4 2025 results for net income and EPS?

LendingClub reported $41.6M net income and $0.35 diluted EPS in Q4 2025. According to the company, this reflected higher originations, stronger credit performance, and expanded net interest margin versus prior year.

How much did LendingClub (LC) originations grow in Q4 2025 and why?

Originations increased 40% to $2.6B in Q4 2025. According to the company, growth was driven by product and marketing initiatives plus stronger marketplace sales and loan pricing.

What guidance did LendingClub (LC) provide for full-year 2026 EPS and originations?

LendingClub guided full-year 2026 diluted EPS of $1.65 to $1.80 and originations of $11.6B to $12.6B. According to the company, this reflects anticipated revenue growth and operating leverage from AI and product investments.

How did LendingClub (LC) perform on credit metrics in Q4 2025?

Credit results improved with provision and net charge-offs lower year-over-year in Q4 2025. According to the company, provision for credit losses was $47.2M and net charge-offs were $40.1M, reflecting stronger credit performance.

What is the status of LendingClub's (LC) $100M stock repurchase program as of Jan 28, 2026?

LendingClub executed $11.9M of the $100M repurchase and acquisition program to date. According to the company, the program remains available for future repurchases as market conditions permit.

What balance sheet and liquidity metrics did LendingClub (LC) report for year-end 2025?

LendingClub reported $11.6B total assets, $9.8B deposits, and $4.0B available liquidity at year-end 2025. According to the company, 88% of deposits are FDIC-insured and capital ratios remain robust.