Earnings jump at Axos Financial (NYSE: AX) as loans and deposits grow

Rhea-AI Filing Summary

Axos Financial, Inc. reported strong growth for its fiscal third quarter ended March 31, 2026, with net income of $124.7 million and diluted EPS of $2.15, up from $105.2 million and $1.81 a year earlier. Net interest income rose to $306.3 million, an 11.2% increase, driven mainly by higher interest income on loans despite higher funding costs.

Non-interest income surged to $86.0 million from $33.4 million, helped by a one-time $22.0 million favorable legal settlement and contributions from the Verdant Commercial Capital acquisition. The provision for credit losses increased to $41.0 million, reflecting loan growth and higher specific reserves, but credit quality metrics remained solid, with non-performing assets at 0.62% of total assets.

Total assets reached $29.2 billion, loans grew to $25.0 billion, and deposits increased to $22.4 billion, up 11.2% year over year. Book value per share rose to $53.89, and tangible book value per share improved to $49.72, indicating a stronger capital base alongside continued loan and deposit growth.

Positive

• Strong earnings growth: Q3 net income rose to $124.7 million and diluted EPS to $2.15, up from $105.2 million and $1.81 a year earlier, reflecting higher net interest income and much stronger non-interest income.
• Robust non-interest income expansion: Non-interest income increased to $86.0 million from $33.4 million, aided by a $22.0 million favorable legal settlement and contributions from the Verdant Commercial Capital acquisition.
• Healthy balance sheet growth and capital: Total assets reached $29.2 billion, deposits increased to $22.4 billion, and tangible book value per share improved from $42.91 to $49.72, signaling stronger capital alongside business expansion.

Negative

• Higher credit provisioning and margin pressure: The provision for credit losses rose to $41.0 million from $14.5 million, net interest margin declined to 4.57% from 4.78%, and net annualized charge-offs increased to 0.31% from 0.09%, indicating higher credit and funding costs.

Insights

Banking sector analyst

Axos delivered strong Q3 earnings growth, powered by loan expansion and a one-time legal gain, with credit costs rising but asset quality still solid.

Axos grew net income to $124.7 million and diluted EPS to $2.15 in Q3 fiscal 2026, up about one-fifth year over year. Net interest income increased 11.2% to $306.3 million, supported by higher loan balances and a net interest margin of 4.57%. Non-interest income more than doubled to $86.0 million, helped by a $22.0 million favorable legal settlement and the Verdant acquisition.

Risk costs moved higher: the provision for credit losses nearly tripled to $41.0 million, driven by portfolio growth, specific reserves on certain loans, and model changes. Even so, asset quality remained strong, with non-performing assets at only 0.62% of total assets and an allowance for credit losses of $346.7 million, or 1.37% of loans. Net annualized charge-offs were modest at 0.31%, indicating limited realized losses.

Balance sheet growth was robust: total assets reached $29.2 billion, loans were $25.0 billion, and deposits rose to $22.4 billion, up 11.2% year over year. Capital stayed healthy, with common equity of $3.07 billion and tangible book value per share increasing to $49.72. Subsequent filings may provide more color on the anticipated Jenius Bank deposit acquisition and how it affects funding costs and future loan growth.

8-K Event Classification

3 items: 2.02, 9.01, 31.91

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Item 31.91 Item 31.91

Key Figures

Net income Q3 FY 2026: $124.7M Diluted EPS Q3 FY 2026: $2.15 Non-interest income: $86.0M +5 more

8 metrics

Net income Q3 FY 2026 $124.7M Three months ended March 31, 2026

Diluted EPS Q3 FY 2026 $2.15 Three months ended March 31, 2026

Non-interest income $86.0M Three months ended March 31, 2026 vs $33.4M in 2025

Provision for credit losses $41.0M Three months ended March 31, 2026 vs $14.5M in 2025

Total assets $29.25B Balance sheet at March 31, 2026

Total deposits $22.39B Balance sheet at March 31, 2026

Net interest margin 4.57% Three months ended March 31, 2026

Non-performing assets ratio 0.62% Non-performing assets to total assets at March 31, 2026

Key Terms

net interest margin, efficiency ratio, allowance for credit losses, tangible book value per common share, +2 more

6 terms

net interest margin financial

"Net interest margin was 4.57% for the three months ended March 31, 2026"

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.

efficiency ratio financial

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

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

allowance for credit losses financial

"Allowance for credit losses - loans to total loans held for investment | 1.37 %"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

tangible book value per common share financial

"Tangible book value per common share (Non-GAAP) | $ 49.72"

A per-share measure of the company’s tangible net asset value available to common shareholders after removing intangible items (like goodwill, brand value, and patents) and any preferred shareholder claims. Think of it as the amount each common share would get if the company sold only its physical and financial assets and settled priority claims. Investors use it as a conservative baseline to judge whether a stock is cheaply priced relative to the company’s hard-asset backing.

Tier 1 leverage financial

"Tier 1 leverage (to adjusted average assets) | 10.17 %"

Tier 1 leverage is a bank regulatory measure that compares a bank’s core capital—its highest-quality capital like common equity and retained earnings—to its total assets, showing how much of the balance sheet is funded by safe, loss-absorbing capital rather than borrowed money. Investors use it like a safety gauge—higher values mean the bank has a bigger cushion to absorb losses, lower values suggest greater risk to creditors, depositors and shareholders.

non-performing assets financial

"Non-performing assets to total assets were 0.62% as of March 31, 2026"

Loans or other credit exposures that are not producing expected income because borrowers have stopped making scheduled payments for a significant period (commonly around 90 days). Think of it like a business lending money that has gone quiet — the cash flow stops while the lender still carries the debt on its books. High levels of non-performing assets matter to investors because they reduce a lender’s earnings, tie up capital that could be used for growth, and signal higher risk of future losses.

Earnings Snapshot

Net income: $124.7M

Q3 fiscal 2026

Net income $124.7M +18.5% YoY

Diluted EPS $2.15 +18.8% YoY

Net interest income $306.3M +11.2% YoY

Non-interest income $86.0M +157.7% YoY

Provision for credit losses $41.0M +182.8% YoY

Understanding 8-K Material Events →

0001299709false00012997092026-04-302026-04-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  April 30, 2026

Axos Financial, Inc.

(Exact name of registrant as specified in its charter)

Delaware			001-37709			33-0867444
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification Number)

9205 West Russell Road, Ste 400

Las Vegas, NV 89148

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (858) 649-2218          

Securities registered pursuant to Section 12(b) of the Act:
Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common stock, $0.01 par value			AX			New York Stock Exchange

Not Applicable

(Former name or former address, if changed since last report.)

 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐                                    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐                                    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐                                    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐                                    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐                                    Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02     Results of Operations and Financial Condition

On April 30, 2026, Axos Financial, Inc. (the “Registrant” or the “Company”) issued a press release announcing its fiscal third quarter results of operations for the period ended March 31, 2026. The press release is furnished as Exhibit 99.1. The Registrant is furnishing the related quarterly earnings supplement in two different formats as Exhibits 99.2 and 99.3.

Pursuant to General Instruction B.2. of Form 8-K, the information in this Item 2.02 of Form 8-K, including Exhibit 99.1, 99.2 and 99.3 is being furnished pursuant to Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise be subject to the liabilities of that section, nor is it incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01     Financial Statements and Exhibits.

(d)    Exhibits.

Exhibit						Description
99.1						Press Release
99.2						Press Release Earnings Supplement
99.3						Press Release Earnings Supplement PDF
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Axos Financial, Inc.

Date:

April 30, 2026

By:

/s/ Derrick K. Walsh

Derrick K. Walsh

EVP and Chief Financial Officer

Axos Financial, Inc. Reports Third Quarter Fiscal Year 2026 Results

LAS VEGAS, NV – (BUSINESS WIRE) – April 30, 2026 – Axos Financial, Inc. (NYSE: AX) (“Axos” or the “Company”) today announced unaudited financial results for the third fiscal quarter ended March 31, 2026. Net income was $124.7 million and diluted earnings per share (“EPS”) was $2.15 for the quarter ended March 31, 2026. Net income for the quarter ended March 31, 2025 was $105.2 million and diluted EPS was $1.81.

Third Quarter Fiscal 2026 Financial Summary

			Three Months Ended March 31,
(Dollars in thousands, except per share data)			2026						2025						% Change
Net interest income			$	306,261					$	275,464					11.2		%
Non-interest income			$	85,988					$	33,373					157.7		%
Net income			$	124,677					$	105,206					18.5		%
Adjusted earnings (Non-GAAP)1			$	110,224					$	105,011					5.0		%
Diluted EPS			$	2.15					$	1.81					18.8		%
Adjusted EPS (Non-GAAP)1			$	1.90					$	1.81					5.0		%
1 See “Use of Non-GAAP Financial Measures”

“Strong loan growth and good expense discipline resulted in double digit year-over-year increases in net interest income and diluted EPS” stated Greg Garrabrants, President and Chief Executive Officer of Axos. “Excluding the interest income impact of the FDIC-purchased loans and two fewer days in the quarter ended March 31, 2026, net interest income increased by $5.7 million linked quarter. Non-interest expense rose modestly by 0.7% linked quarter benefiting from lower salaries and benefits expenses and operational efficiencies across the enterprise. We deliberately reduced our higher-cost savings and time deposits in anticipation of the Jenius Bank deposit acquisition closing expected in the June quarter. The acquisition allows us to optimize our funding and prepare for additional organic loan growth.”

“Our real estate loans and structured credits continue to perform well, with very low levels of non-performers and net charge-offs,” said Derrick Walsh, Chief Financial Officer of Axos. “Excluding a specific loan loss reserve in the quarter on one C&I credit, our provision for credit losses was $21.4 million, down from $25.0 million in the quarter ended December 31, 2025. 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 195.2% at March 31, 2026.”

Other Highlights

•Ending net loan balances were $25.0 billion at March 31, 2026, reflecting a net change in loans of $685.0 million for the three months ended March 31, 2026

•Non-performing assets to total assets were 0.62% as of March 31, 2026, down from 0.71% as of June 30, 2025

•Net interest margin was 4.57% for the three months ended March 31, 2026 compared to 4.78% for the three months ended March 31, 2025; excluding the FDIC-purchased loans, net interest margin was relatively flat year-over-year

•Non-interest income was $86.0 million for the three months ended March 31, 2026, up 157.7% from $33.4 million for the three months ended March 31, 2025; non-interest income for the three months ended March 31, 2026 included a one-time $22.0 million favorable legal settlement. Excluding this one-time favorable legal settlement, non-interest income was $64.0 million due to contributions from the acquisition of Verdant Commercial Capital, LLC (“Verdant”), which closed in September 2025, higher advisory fees and higher mortgage banking income

•Total deposits were $22.4 billion at March 31, 2026, an increase of $2.3 billion, or 11.2%, from $20.1 billion at March 31, 2025

•Book value per share increased to $53.89 at March 31, 2026, up 17.7% from $45.79 at March 31, 2025

Third Quarter Fiscal 2026 Income Statement Summary

Net income was $124.7 million and diluted EPS was $2.15 for the three months ended March 31, 2026, compared to net income of $105.2 million and diluted EPS of $1.81 for the three months ended March 31, 2025. Net interest income increased $30.8 million or 11.2% for the three months ended March 31, 2026, compared to the three months ended March 31, 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 an increase in interest expense on secured financings and other borrowings, as well as an increase in interest expense on advances from the Federal Home Loan Bank (“FHLB”).

The provision for credit losses was $41.0 million for the three months ended March 31, 2026, compared to $14.5 million for the three months ended March 31, 2025. The provision for credit losses for the three months ended March 31, 2026, was primarily driven by loan growth, an increase in specific reserves on individually assessed loans and changes to the quantitative inputs to the allowance for credit losses model.

Non-interest income increased to $86.0 million for the three months ended March 31, 2026, compared to $33.4 million for the three months ended March 31, 2025. The increase was primarily due to a favorable legal settlement and operating lease rental and other income from the Verdant acquisition.

Non-interest expense, comprised of various operating expenses, increased $39.7 million to $186.0 million for the three months ended March 31, 2026, from $146.3 million for the three months ended March 31, 2025. The change was primarily due to increased depreciation and amortization, mainly attributable to the Verdant acquisition, an increase in general and administrative expense, and an increase in salaries and related costs.

Balance Sheet Summary

Axos’ total assets increased by $4.5 billion, or 18.0%, to $29.2 billion, at March 31, 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 $4.1 billion, or 18.5%, to $26.2 billion at March 31, 2026, from $22.1 billion at June 30, 2025, primarily attributable to higher advances from the FHLB and higher deposit balances, as well as secured financings assumed as part of the Verdant acquisition. Stockholders’ equity increased $384.5 million, or 14.3%, to $3.1 billion at March 31, 2026 from $2.7 billion at June 30, 2025, primarily due to net income of $365.4 million.

Conference Call

A conference call and webcast will be held on Thursday, April 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 May 30, 2026 at Axos’ website and telephonically by dialing toll-free number 877-660-6853, passcode 13759673.

About Axos Financial, Inc. and Subsidiaries

Axos Financial, Inc., with approximately $29.2 billion in consolidated assets as of March 31, 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 $44.0 billion of assets under custody and/or administration as of March 31, 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 March 31, 2026
(Dollars in thousands)			Banking Business Segment						Securities Business Segment						Corporate/Eliminations						Axos Consolidated
Net interest income			$	303,445					$	7,860					$	(5,044)					$	306,261
Provision for credit losses			41,000						—						—						41,000
Non-interest income			64,090						30,529						(8,631)						85,988
Non-interest expense			152,677						29,516						3,760						185,953
Income before income taxes			$	173,858					$	8,873					$	(17,435)					$	165,296
			For the Three Months Ended March 31, 2025
(Dollars in thousands)			Banking Business Segment						Securities Business Segment						Corporate/Eliminations						Axos Consolidated
Net interest income			$	272,260					$	6,942					$	(3,738)					$	275,464
Provision for credit losses			14,500						—						—						14,500
Non-interest income			12,666						30,611						(9,904)						33,373
Non-interest expense			118,325						28,416						(480)						146,261
Income before income taxes			$	152,101					$	9,137					$	(13,162)					$	148,076
			For the Nine Months Ended March 31, 2026
(Dollars in thousands)			Banking Business Segment						Securities Business Segment						Corporate/Eliminations						Axos Consolidated
Net interest income			$	919,144					$	24,696					$	(14,820)					$	929,020
Provision for credit losses			83,255						—						—						83,255
Non-interest income			109,277						90,157						(27,728)						171,706
Non-interest expense			430,707						87,985						8,081						526,773
Income before income taxes			$	514,459					$	26,868					$	(50,629)					$	490,698
			For the Nine Months Ended March 31, 2025
(Dollars in thousands)			Banking Business Segment						Securities Business Segment						Corporate/Eliminations						Axos Consolidated
Net interest income			$	837,472					$	21,216					$	(11,077)					$	847,611
Provision for credit losses			40,748						—						—						40,748
Non-interest income			24,204						89,517						(23,940)						89,781
Non-interest expense			351,176						84,685						3,185						439,046
Income before income taxes			$	469,752					$	26,048					$	(38,202)					$	457,598

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 March 31,												For the Nine Months Ended March 31,
(Dollars in thousands, except per share data)			2026						2025						2026						2025
Net income			$	124,677					$	105,206					$	365,426					$	322,233
Favorable legal settlement1			(22,000)						—						(22,000)						—
Acquisition-related costs2			2,834						1,604						8,194						5,804
Other costs3			—						(1,879)						—						(1,879)
Verdant acquisition - Provision for credit losses			—						—						7,765						—
Income tax effect			4,713						80						1,542						(1,161)
Adjusted earnings (Non-GAAP)			$	110,224					$	105,011					$	360,927					$	324,997
Average dilutive common shares outstanding			58,073,257						58,174,696						57,774,407						58,027,880
Diluted EPS			$	2.15					$	1.81					$	6.33					$	5.55
Favorable legal settlement1			(0.38)						—						(0.38)						—
Acquisition-related costs2			0.05						0.03						0.14						0.10
Other costs3			—						(0.03)						—						(0.03)
Verdant acquisition - Provision for credit losses			—						—						0.13						—
Income tax effect			0.08						—						0.03						(0.02)
Adjusted EPS (Non-GAAP)			$	1.90					$	1.81					$	6.25					$	5.60

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

2 Acquisition-related costs includes amortization of intangible assets, and for the nine months ended March 31, 2026, also includes $1.3 million of acquisition-related costs associated with the Verdant acquisition.

3 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)			March 31, 2026						June 30, 2025						March 31, 2025
Common stockholders’ equity			$	3,065,183					$	2,680,677					$	2,603,900
Less: servicing rights, carried at fair value			26,299						27,218						27,585
Less: goodwill and other intangible assets—net			211,046						134,502						135,966
Tangible common stockholders’ equity (Non-GAAP)			$	2,827,838					$	2,518,957					$	2,440,349
Common shares outstanding at end of period			56,882,190						56,483,617						56,865,524
Book value per common share			$	53.89					$	47.46					$	45.79
Less: servicing rights, carried at fair value per common share			0.46						0.48						0.49
Less: goodwill and other intangible assets—net per common share			3.71						2.38						2.39
Tangible book value per common share (Non-GAAP)			$	49.72					$	44.60					$	42.91

Forward-Looking Safe Harbor Statement

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.

Investor Relations Contact:

Johnny Lai, CFA

SVP, Corporate Development & Investor Relations

858-649-2218

jlai@axosfinancial.com

AXOS FINANCIAL, INC.

SELECTED CONSOLIDATED FINANCIAL INFORMATION

(Unaudited – dollars in thousands)

			March 31, 2026						June 30, 2025						March 31, 2025
Selected Balance Sheet Data:
Total assets			$	29,248,986					$	24,783,078					$	23,981,154
Loans—net of allowance for credit losses			24,957,536						21,049,610						20,193,630
Loans held for sale, carried at fair value			23,964						10,012						15,644
Allowance for credit losses			346,702						290,049						279,950
Trading securities			444						649						346
Available-for-sale securities			801,439						66,008						79,958
Securities borrowed			133,015						139,396						91,915
Customer, broker-dealer and clearing receivables			333,699						252,720						300,907
Total deposits			22,388,135						20,829,543						20,136,714
Advances from the Federal Home Loan Bank			1,805,000						60,000						60,000
Secured financings			634,452						—						—
Borrowings, subordinated notes and debentures			378,065						312,671						377,427
Securities loaned			148,668						139,426						111,094
Customer, broker-dealer and clearing payables			338,592						350,606						314,399
Total stockholders’ equity			$	3,065,183					$	2,680,677					$	2,603,900
Common shares outstanding at end of period			56,882,190						56,483,617						56,865,524
Common shares issued at end of period			71,724,042						71,101,642						70,813,637
Per Common Share Data:
Book value per common share			$	53.89					$	47.46					$	45.79
Tangible book value per common share (Non-GAAP)1			$	49.71					$	44.60					$	42.91
Capital Ratios:
Equity to assets at end of period			10.48		%				10.82		%				10.86		%
Axos Financial, Inc.:
Tier 1 leverage (to adjusted average assets)			10.17		%				10.73		%				10.45		%
Common equity tier 1 capital (to risk-weighted assets)			11.65		%				12.52		%				12.39		%
Tier 1 capital (to risk-weighted assets)			11.65		%				12.52		%				12.39		%
Total capital (to risk-weighted assets)			14.32		%				15.28		%				15.21		%
Axos Bank:
Tier 1 leverage (to adjusted average assets)			9.39		%				10.23		%				10.14		%
Common equity tier 1 capital (to risk-weighted assets)			10.90		%				12.42		%				12.31		%
Tier 1 capital (to risk-weighted assets)			10.90		%				12.42		%				12.31		%
Total capital (to risk-weighted assets)			12.13		%				13.70		%				13.49		%
Axos Clearing LLC:
Net capital			$	103,752					$	86,996					$	79,264
Excess capital			$	97,249					$	81,834					$	73,172
Net capital as a percentage of aggregate debit items			31.91		%				33.71		%				26.02		%
Net capital in excess of 5% aggregate debit items			$	87,495					$	74,091					$	64,035

AXOS FINANCIAL, INC.

SELECTED CONSOLIDATED FINANCIAL INFORMATION

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

			As of or for the Three Months Ended												As of or for the Nine Months Ended
			March 31,												March 31,
(Dollars in thousands, except per share data)			2026						2025						2026						2025
Selected Income Statement Data:
Interest and dividend income			$	478,241					$	432,722					$	1,457,822					$	1,373,052
Interest expense			171,980						157,258						528,802						525,441
Net interest income			306,261						275,464						929,020						847,611
Provision for credit losses			41,000						14,500						83,255						40,748
Net interest income, after provision for credit losses			265,261						260,964						845,765						806,863
Non-interest income			85,988						33,373						171,706						89,781
Non-interest expense			185,953						146,261						526,773						439,046
Income before income taxes			165,296						148,076						490,698						457,598
Income tax expense			40,619						42,870						125,272						135,365
Net income			$	124,677					$	105,206					$	365,426					$	322,233
Weighted average number of common shares outstanding:
Basic			56,724,054						57,029,078						56,586,710						57,019,301
Diluted			58,073,257						58,174,696						57,774,407						58,027,880
Per Common Share Data:
Net income:
Basic			$	2.20					$	1.84					$	6.46					$	5.65
Diluted			$	2.15					$	1.81					$	6.33					$	5.55
Adjusted earnings per common share (Non-GAAP)1			$	1.90					$	1.81					$	6.25					$	5.60
Performance Ratios and Other Data:
Growth in loans held for investment, net			$	684,984					$	706,903					$	3,907,926					$	962,245
Loan originations for sale			$	70,080					$	20,962					$	178,211					$	157,358
Return on average assets			1.77		%				1.77		%				1.79		%				1.81		%
Return on average common stockholders’ equity			16.26		%				16.44		%				16.54		%				17.47		%
Interest rate spread2			3.88		%				3.91		%				3.99		%				3.98		%
Net interest margin3			4.57		%				4.78		%				4.76		%				4.93		%
Net interest margin3 – Banking Business Segment			4.62		%				4.83		%				4.81		%				4.97		%
Efficiency ratio4			47.41		%				47.36		%				47.86		%				46.84		%
Efficiency ratio4 – Banking Business Segment			41.54		%				41.53		%				41.88		%				40.75		%
Asset Quality Ratios:
Net annualized charge-offs to average loans			0.31		%				0.09		%				0.16		%				0.12		%
Non-accrual loans to total loans			0.71		%				0.89		%				0.71		%				0.89		%
Non-performing assets to total assets			0.62		%				0.79		%				0.62		%				0.79		%
Allowance for credit losses - loans to total loans held for investment			1.37		%				1.37		%				1.37		%				1.37		%
Allowance for credit losses - loans to non-accrual loans5			192.15		%				151.28		%				192.15		%				151.28		%

1     See “Use of Non-GAAP Financial Measures.”

2     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.

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

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

5 The increase in the Allowance for credit losses - loans to nonaccrual loans is primarily attributable to the increase in the allowance for credit losses, including the impact of the Verdant acquisition.

Axos Q3 Fiscal 2026 Earnings Supplement NYSE: AXApril 30, 2026

2 © 2026 Axos Financial, Inc. All Rights Reserved. 2 Loan Growth by Category $ Millions SF Warehouse Lending Multifamily Small Balance Commercial Jumbo Mortgage Asset-Based and Cash Flow Lending Lender Finance Non-RE Capital Call Facilities Auto Unsecured/OD Single Family Mortgage & Warehouse Multifamily & Commercial Mortgage Commercial Real Estate Commercial & Industrial Non-RE Loans Inc (Dec)Q2 FY26Q3 FY26 $ 33$ 3,751$ 3,784 (123)1,044921 (32)1,4691,437 81,0291,037 1747,0617,235 1461,3421,488 (155)2,4012,246 1032,8172,920 631,5981,661 4371,6882,125 31507538 106979 $ 695$ 24,776$ 25,471 Lender Finance RE CRE Specialty Auto & Consumer Equipment Lending and Leasing

3 © 2026 Axos Financial, Inc. All Rights Reserved. 3 Diversified Deposit Gathering Deposit balances as of March 31, 2026 Note 1: Excludes approximately $450 million of off-balance sheet deposits › Serves approximately 30% of U.S. Chapter 7 bankruptcy trustees in exclusive relationship › Software allows servicing of SEC receivers and non-chapter 7 cases › Full service digital banking, wealth management, and securities trading › White-label banking › Business banking with simple suite of cash management services › 1031 exchange firms › Title and escrow companies › HOA and property management › Business management and entertainment › Broker-dealer client cash › Broker-dealer reserve accounts › Full service treasury/cash management › Team enhancements and geographic expansion › Bank and securities cross-sell Fiduciary Services $1.1B Consumer Direct $10.8B Specialty Deposits $3.2B Distribution Partners $0.3B Axos Securities1 $1.1B Small Business Banking $0.9BCommercial & Treasury Management $5.0B Approximately 85% of deposits are FDIC-insured or collateralized Total Deposits: $22.4B

4 © 2026 Axos Financial, Inc. All Rights Reserved. 4 Change in Allowance for Credit Losses (ACL) & Unfunded Loan Commitments Reserve (UCL) ($ in millions) ACL + UCL ACL + UCL (20.9)

5 © 2026 Axos Financial, Inc. All Rights Reserved. 5 Credit Quality ($ millions) %Non-Accrual LoansLoans O/SMarch 31, 2026 1.21 %$ 57$ 4,705Single Family-Mortgage & Warehouse 0.2872,474Multifamily and Commercial Mortgage 0.17158,723Commercial Real Estate 1.09988,952Commercial & Industrial - Non-RE 0.493617Auto & Consumer 0.71 %$ 180$ 25,471Total %Non-Accrual LoansLoans O/SDecember 31, 2025 1.17 %$ 56$ 4,795Single Family-Mortgage & Warehouse 0.2462,498Multifamily and Commercial Mortgage 0.26228,403Commercial Real Estate 0.76658,504Commercial & Industrial - Non-RE 0.523576Auto & Consumer 0.61 %$ 152$ 24,776Total %Non-Accrual LoansLoans O/SMarch 31, 2025 1.05 %$ 44$ 4,195Single Family-Mortgage & Warehouse 1.02343,341Multifamily and Commercial Mortgage 0.53346,356Commercial Real Estate 1.11716,390Commercial & Industrial - Non-RE 0.452447Auto & Consumer 0.89 %$ 185$ 20,729Total

6 © 2026 Axos Financial, Inc. All Rights Reserved. 6 March 31, 2025June 30, 2025September 30, 2025 December 31, 2025 March 31, 2026 Selected Balance Sheet Data: $ 23,981,154$ 24,783,078$ 27,431,817$ 28,201,406$ 29,248,986Total assets 20,193,63021,049,61022,635,13724,272,55224,957,536Loans—net of allowance for credit losses 15,64410,01212,20218,82623,964Loans held for sale, carried at fair value 279,950290,049307,431327,043346,702Allowance for credit losses 346649533880444Securities—trading 79,95866,00857,798811,126801,439Securities—available-for-sale 91,915139,396182,518109,141133,015Securities borrowed 300,907252,720263,095277,308333,699Customer, broker-dealer and clearing receivables 20,136,71420,829,54322,264,75323,232,74822,388,135Total deposits 60,00060,00060,00060,0001,805,000Advances from the FHLB ——782,423691,507634,452Secured financings 377,427312,671510,064364,814378,065Borrowings, subordinated notes and debentures 111,094139,426204,620128,869148,668Securities loaned 314,399350,606385,821358,727338,592Customer, broker-dealer and clearing payables $ 2,603,900$ 2,680,677$ 2,793,121$ 2,930,092$ 3,065,183Total stockholders’ equity 56,865,52456,483,61756,643,54756,677,32356,882,190Common shares outstanding at end of period 70,813,63771,101,64271,356,15271,419,70671,724,042Common shares issued at end of period Per Common Share Data: $ 45.79$ 47.46$ 49.31$ 51.70$ 53.89Book value per common share $ 42.91$ 44.60$ 45.21$ 47.79$ 49.71Tangible book value per common share (Non-GAAP)1 Capital Ratios: 10.86 %10.82 %10.18 %10.39 %10.48 %Equity to assets at end of period Axos Financial, Inc.: 10.45 %10.73 %10.26 %9.80 %10.17 %Tier 1 leverage (to adjusted average assets) 12.39 %12.52 %11.66 %11.65 %11.65 %Common equity tier 1 capital (to risk-weighted assets) 12.39 %12.52 %11.66 %11.65 %11.65 %Tier 1 capital (to risk-weighted assets) 15.21 %15.28 %15.20 %14.39 %14.32 %Total capital (to risk-weighted assets) Axos Bank: 10.14 %10.23 %9.69 %9.15 %9.39 %Tier 1 leverage (to adjusted average assets) 12.31 %12.42 %11.37 %11.12 %10.90 %Common equity tier 1 capital (to risk-weighted assets) 12.31 %12.42 %11.37 %11.12 %10.90 %Tier 1 capital (to risk-weighted assets) 13.49 %13.70 %12.62 %12.37 %12.13 %Total capital (to risk-weighted assets) Axos Clearing LLC: $ 79,264$ 86,996$ 91,442$ 94,673$ 103,752Net capital $ 73,172$ 81,834$ 86,042$ 88,369$ 97,249Excess capital 26.02 %33.71 %33.87 %30.04 %31.91 %Net capital as a percentage of aggregate debit items $ 64,035$ 74,091$ 77,942$ 78,913$ 87,495Net capital in excess of 5% aggregate debit items AXOS FINANCIAL, INC. SELECTED FINANCIAL INFORMATION (Unaudited – dollars in thousands)

7 © 2026 Axos Financial, Inc. All Rights Reserved. 7 At or For The Three Months Ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Selected Income Statement Data: $ 432,722$ 442,413$ 465,736$ 513,845$ 478,241Interest and dividend income 157,258162,252174,686182,136171,980Interest expense 275,464280,161291,050331,709306,261Net interest income 14,50014,99717,25525,00041,000Provision for credit losses 260,964265,164273,795306,709265,261Net interest income, after provision for credit losses 33,37341,28532,34053,37885,988Non-interest income 146,261150,652156,246184,574185,953Non-interest expense 148,076155,797149,889175,513165,296Income before income taxes 42,87045,12237,53747,11640,619Income taxes $ 105,206$ 110,675$ 112,352$ 128,397$ 124,677Net income Weighted average number of common shares outstanding: 57,029,07856,392,62056,512,58756,660,83356,724,054Basic 58,174,69657,558,28057,782,82857,731,33958,073,257Diluted Per Common Share Data: Net income: $ 1.84$ 1.96$ 1.99$ 2.27$ 2.20Basic $ 1.81$ 1.92$ 1.94$ 2.22$ 2.15Diluted $ 1.81$ 1.94$ 2.07$ 2.25$ 1.90Adjusted earnings per common share (Non-GAAP)1 Performance Ratios and Other Data: $ 706,903$ 855,980$ 1,585,527$ 1,637,415$ 684,984Growth in loans held for investment, net $ 20,962$ 42,487$ 47,122$ 61,009$ 70,080Loan originations for sale 1.77 %1.85 %1.77 %1.83 %1.77 %Return on average assets 16.44 %16.85 %15.94 %17.44 %16.26 %Return on average common stockholders’ equity 3.91 %3.97 %3.89 %4.17 %3.88 %Interest rate spread2 4.78 %4.84 %4.75 %4.94 %4.57 %Net interest margin3 4.83 %4.88 %4.80 %5.02 %4.62 %Net interest margin3 – Banking Business Segment 47.36 %46.87 %48.32 %47.93 %47.41 %Efficiency ratio4 41.53 %40.94 %42.89 %41.39 %41.54 %Efficiency ratio4 – Banking Business Segment Asset Quality Ratios: 0.09 %0.16 %0.11 %0.04 %0.31 %Net annualized charge-offs to average loans 0.89 %0.79 %0.74 %0.61 %0.71 %Nonaccrual loans to total loans 0.79 %0.71 %0.64 %0.56 %0.62 %Non-performing assets to total assets 1.37 %1.36 %1.34 %1.33 %1.37 %Allowance for credit losses - loans to total loans held for investment 151.28 %170.23 %180.41 %215.81 %192.15 %Allowance for credit losses - loans to non-performing loans 1 See “Use of Non-GAAP Financial Measures” herein. 2 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. 3 Net interest margin represents annualized net interest income as a percentage of average interest-earning assets. 4 Efficiency ratio represents non-interest expense as a percentage of the aggregate of net interest income and non-interest income. AXOS FINANCIAL, INC. SELECTED FINANCIAL INFORMATION (Unaudited – dollars in thousands)

8 © 2026 Axos Financial, Inc. All Rights Reserved. 8 1 Favorable legal settlement reflects the recognition of a legal settlement in the Company’s favor reached in March 2026. 2 Acquisition-related costs includes amortization of intangible assets, and for the three months ended September 30, 2025, also includes $1.3 million of acquisition-related costs associated with the Verdant acquisition. 3 Other costs for the three months ended March 31, 2025, primarily reflects the payment of a legal judgment at an amount less than previously accrued. March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026(Dollars in thousands, except per share amounts) $ 105,206$ 110,675$ 112,352$ 128,397$ 124,677Net income ————(22,000)Favorable legal settlement1 1,6041,6042,9412,4192,834Acquisition-related costs2 ——7,765——Verdant acquisition - Provision for credit losses (1,879)————Other costs3 80(465)(2,681)(649)4,713Income taxes $ 105,011$ 111,814$ 120,377$ 130,167$ 110,224Adjusted earnings (non-GAAP) 58,174,69657,558,28057,782,82857,731,33958,073,257Average dilutive common shares outstanding $ 1.81$ 1.92$ 1.94$ 2.22$ 2.15Diluted EPS ————(0.38)Favorable legal settlement1 0.030.030.050.040.05Acquisition-related costs2 ——0.13——Verdant acquisition - Provision for credit losses (0.03)————Other costs3 —(0.01)(0.05)(0.01)0.08Income taxes $ 1.81$ 1.94$ 2.07$ 2.25$ 1.90Adjusted EPS (Non-GAAP) In addition to the results presented in accordance with GAAP, this earnings supplement 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 report 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 costs and other costs (unusual or non-recurring charges). Adjusted earnings per diluted common share (“adjusted EPS”), a non-GAAP financial measure, is calculated by dividing non-GAAP adjusted earnings by the average number of diluted common shares outstanding during the period. We believe the non-GAAP measures of adjusted earnings and adjusted EPS provide useful information about the Company’s operating performance. We believe excluding the non-recurring acquisition related costs and other costs (unusual or non-recurring) 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: Use of Non-GAAP Financial Measures

9 © 2026 Axos Financial, Inc. All Rights Reserved. 9 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, a non-GAAP financial measure, 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: March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026(Dollars in thousands, except per share amounts) $ 2,603,900$ 2,680,677$ 2,793,121$ 2,930,092$ 3,065,183Common stockholders’ equity 27,58527,21826,24325,43126,299Less: servicing rights, carried at fair value 135,966134,502205,747196,119211,046Less: goodwill and intangible assets $ 2,440,349$ 2,518,957$ 2,561,131$ 2,708,542$ 2,827,838Tangible common stockholders’ equity (Non-GAAP) 56,865,52456,483,61756,643,54756,677,32356,882,190Common shares outstanding at end of period $ 45.79$ 47.46$ 49.31$ 51.70$ 53.89Book value per common share 0.490.480.460.450.46Less: servicing rights, carried at fair value per common share 2.392.383.633.463.71Less: goodwill and other intangible assets per common share $ 42.91$ 44.60$ 45.22$ 47.79$ 49.72Tangible book value per common share (Non-GAAP) Use of Non-GAAP Financial Measures (cont'd)

10 © 2026 Axos Financial, Inc. All Rights Reserved. 10 Greg Garrabrants, President and CEO Derrick Walsh, EVP and CFO investors@axosfinancial.com www.axosfinancial.com Johnny Lai, SVP Corporate Development and Investor Relations Phone: 858.649.2218 Mobile: 858.245.1442 jlai@axosfinancial.com Contact Information

FAQ

How did Axos Financial (AX) perform in its Q3 fiscal 2026 results?

Axos Financial reported Q3 fiscal 2026 net income of $124.7 million and diluted EPS of $2.15, up from $105.2 million and $1.81 a year earlier. Growth was driven by higher net interest income, strong loan balances, and sharply higher non-interest income.

What drove Axos Financial’s revenue and net interest income in Q3 fiscal 2026?

Net interest income increased to $306.3 million, up 11.2% year over year, mainly from higher interest income on loans. Interest and dividend income reached $478.2 million, partially offset by higher interest expense of $172.0 million on deposits, FHLB advances, and other borrowings.

How did Axos Financial’s non-interest income change in Q3 fiscal 2026?

Non-interest income rose to $86.0 million from $33.4 million in the prior-year quarter. The increase was primarily due to a one-time $22.0 million favorable legal settlement and additional rental and fee income associated with the Verdant Commercial Capital acquisition.

What is Axos Financial’s credit quality and allowance for credit losses as of March 31, 2026?

Axos reported non-performing assets at 0.62% of total assets and non-accrual loans at 0.71% of total loans as of March 31, 2026. The allowance for credit losses on loans was $346.7 million, equal to 1.37% of total loans and 192.15% of non-accrual loans.

How have Axos Financial’s loans, deposits, and assets grown over the past year?

Ending net loan balances reached $25.0 billion, with a quarterly net increase of $685.0 million. Total deposits were $22.4 billion, up 11.2% from $20.1 billion a year earlier, and total assets increased to $29.2 billion from $23.98 billion.

What were Axos Financial’s capital and book value metrics in Q3 fiscal 2026?

Common stockholders’ equity was $3.07 billion and the equity-to-assets ratio was 10.48% at March 31, 2026. Book value per share was $53.89, while tangible book value per common share, a non-GAAP metric, increased to $49.72 from $42.91 a year earlier.

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