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Axos Financial (NYSE: AX) lifts FY 2026 profit to $490.4M

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Axos Financial reported higher earnings for the quarter and year ended June 30, 2026. Net income for the fourth quarter was $124.9 million and diluted EPS was $2.16, compared with $110.7 million and $1.92 a year earlier. Adjusted earnings rose to $146.2 million and adjusted EPS to $2.53. For fiscal 2026, net income was $490.4 million and diluted EPS was $8.48, up from $432.9 million and $7.43 in fiscal 2025, while adjusted EPS increased to $8.74.

Net interest income for the quarter grew 13.5% to $317.9 million and non-interest income increased 49.9% to $61.9 million, offset by a $55.3 million rise in non-interest expense that included a $21.0 million FINRA arbitration accrual and higher depreciation, amortization and salaries. Total assets reached $30.0 billion at June 30, 2026, with net loans of $25.6 billion and deposits of $24.6 billion, reflecting a deposit acquisition of approximately $2.3 billion. Non-performing assets were 0.53% of total assets, down from 0.71% a year earlier, and the allowance for credit losses covered 221% of non-accrual loans. Book value per share increased 17.6% to $55.81, tangible book value per share was $50.96, and the company repurchased $22.0 million of common stock during the quarter.

Positive

  • FY 2026 net income reached $490.4 million and diluted EPS $8.48, up from $432.9 million and $7.43 in FY 2025, with adjusted EPS increasing to $8.74.
  • Total assets were $30.0 billion and deposits $24.6 billion at June 30, 2026, up 20.9% and 17.9% year over year, supported by loan growth and a roughly $2.3 billion deposit acquisition.
  • Asset quality indicators improved, with non-performing assets to total assets declining to 0.53% from 0.71% and the allowance for credit losses covering 221.07% of non-accrual loans.
  • Book value per share rose to $55.81 and tangible book value per share to $50.96, up from $47.46 and $44.60 a year earlier, while stockholders’ equity increased to $3.17 billion.

Negative

  • Non-interest expense increased to $205.9 million in Q4 2026 from $150.7 million a year earlier, driven by a $21.0 million FINRA arbitration accrual, higher depreciation and amortization, and increased salaries, raising the quarterly efficiency ratio to 54.23%.
  • Net interest margin compressed, declining to 4.54% in Q4 2026 from 4.84% in Q4 2025, and to 4.70% for fiscal 2026 from 4.90% in fiscal 2025, even as net interest income grew.
  • Credit costs rose meaningfully, with provision for credit losses for fiscal 2026 at $101.1 million versus $55.7 million in fiscal 2025 and net annualized charge-offs to average loans at 0.25% in Q4 2026 versus 0.16% a year earlier, despite a previously reserved $10.0 million C&I charge-off.

Filing Explained

Arc Technologies acquisition completed July 20; earnings materials were furnished rather than filed, and 15.2 million shares were held as treasury stock.

Form 8-K is used for specified material events; here, Axos reports fiscal fourth-quarter results and says its Arc Technologies acquisition closed on July 20, 2026, placing that transaction in a completed state.

The company furnished the earnings release, schedules, and supplement under Item 2.02, and stated that those materials are not deemed filed under Section 18 or incorporated by reference.

At June 30, 2026, Axos reported 71,939,630 common shares issued and 56,734,049 outstanding, with 15,205,581 shares recorded as treasury stock. This separates the issued share count from the shares currently outstanding in the reported capital structure.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Item 27.42 Item 27.42
Q4 2026 Net Income $124.9 million Three months ended June 30, 2026 versus $110.7 million in Q4 2025
Q4 2026 Diluted EPS $2.16 Three months ended June 30, 2026; up from $1.92 a year earlier
FY 2026 Net Income $490.4 million Year ended June 30, 2026 versus $432.9 million in fiscal 2025
Total Assets $29.96 billion As of June 30, 2026; increased 20.9% from $24.78 billion a year earlier
Total Deposits $24.57 billion As of June 30, 2026; up 17.9% from $20.83 billion at June 30, 2025
Non-performing Assets Ratio 0.53% Non-performing assets to total assets at June 30, 2026, down from 0.71%
Allowance to Non-accrual Loans 221.07% Allowance for credit losses on loans to non-accrual loans at June 30, 2026
Book Value per Share $55.81 As of June 30, 2026; up from $47.46 at June 30, 2025
net interest margin financial
"Net interest margin 3 | 4.54 % | | 4.84 % | | 4.70 % | | 4.90 %"
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 4 | 54.23 % | | 46.87 % | | 49.49 % | | 46.84 %"
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 | 1.34 %"
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) | $ | 50.96"
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.
non-performing assets financial
"Non-performing assets to total assets were 0.53% as of June 30, 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.
Q4 2026 net income $124.9 million up from $110.7 million in the quarter ended June 30, 2025
Q4 2026 diluted EPS $2.16 up from $1.92, a 12.5% increase year over year
FY 2026 net income $490.4 million up from $432.9 million for the year ended June 30, 2025
FY 2026 diluted EPS $8.48 up $1.05, or 14.1%, from $7.43 in fiscal 2025
Total assets at June 30, 2026 $30.0 billion up 20.9% from $24.8 billion at June 30, 2025

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FAQ

What were Axos Financial's (AX) earnings for the fourth quarter of fiscal 2026?
Axos reported Q4 2026 net income of $124.9 million and diluted EPS of $2.16, compared with $110.7 million and $1.92 in Q4 2025. Adjusted earnings were $146.2 million and adjusted EPS was $2.53, up from $111.8 million and $1.94.

How did Axos Financial (AX) perform for the full fiscal year 2026?
For fiscal 2026, Axos generated net income of $490.4 million and diluted EPS of $8.48, up from $432.9 million and $7.43 in 2025. Adjusted earnings were $505.9 million and adjusted EPS was $8.74, both higher than the prior year.

How did Axos Financial's (AX) loans and deposits change by June 30, 2026?
At June 30, 2026, Axos had net loans of $25.6 billion and total deposits of $24.6 billion. Deposits rose by $3.7 billion, or 17.9%, from $20.8 billion a year earlier, including approximately $2.3 billion of deposits from the Jenius Bank acquisition.

What is the asset quality and credit loss coverage at Axos Financial (AX)?
Non-performing assets were 0.53% of total assets at June 30, 2026, down from 0.71% a year earlier. The allowance for credit losses on loans was 1.34% of total loans, covering 221.07% of non-accrual loans, and net annualized charge-offs were 0.25% in Q4 2026.

What capital and book value metrics did Axos Financial (AX) report?
Common stockholders’ equity was $3.17 billion at June 30, 2026. Book value per share was $55.81, up from $47.46, and tangible book value per share was $50.96. The common equity tier 1 capital ratio for Axos Financial was 11.76%.

What notable acquisitions affected Axos Financial (AX) in 2026?
Axos closed the Jenius Bank acquisition in May 2026, adding approximately $2.3 billion of deposits, and on July 20, 2026 completed the acquisition of Arc Technologies, Inc., a cash management platform for small businesses. Results also reflect impacts from the Verdant Commercial Capital acquisition.
0001299709false00012997092026-07-302026-07-30

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):  July 30, 2026

axosfina26.jpg

Axos Financial, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-3770933-0867444
(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 classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.01 par valueAXNew 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 July 30, 2026, Axos Financial, Inc. (the “Registrant” or the “Company”) issued a press release announcing its fiscal fourth quarter results of operations for the period ended June 30, 2026. The press release, related financial schedules and earnings supplement presentation are furnished as Exhibits 99.1 through 99.4. The Registrant is furnishing the related quarterly earnings supplement in two different formats as Exhibits 99.3 and 99.4.

Pursuant to General Instruction B.2. of Form 8-K, the information in this Item 2.02 of Form 8-K, including Exhibits 99.1, 99.2, 99.3 and 99.4 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 8.01     Other Events.
The Company hereby incorporates into this Item 8.01 of Form 8-K the information included in its press release dated July 30, 2026, attached hereto as Exhibit 99.1, except for the officer quotations under the sub-heading “Fourth Quarter Fiscal 2026 Financial Summary,” and the information included under the sub-heading “Conference Call,” each in its entirety.

Item 9.01     Financial Statements and Exhibits.

(d)    Exhibits.
ExhibitDescription
99.1
Press Release
99.2
Financial Schedules
99.3
Press Release Earnings Supplement
99.4
Press Release Earnings Supplement PDF
104Cover 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: July 30, 2026By:/s/ Derrick K. Walsh 
  Derrick K. Walsh
  EVP and Chief Financial Officer


axosfina13a.jpg
Axos Financial, Inc. Reports Fiscal Year 2026 Results
LAS VEGAS, NV – (BUSINESS WIRE) – July 30, 2026 – Axos Financial, Inc. (NYSE: AX) (“Axos” or the “Company”) today announced unaudited financial results for the fourth fiscal quarter ended June 30, 2026. Net income was $124.9 million and diluted earnings per share (“EPS”) was $2.16 for the quarter ended June 30, 2026. Net income for the quarter ended June 30, 2025 was $110.7 million and diluted EPS was $1.92. Adjusted earnings and adjusted earnings per diluted common share (“Adjusted EPS”), non-GAAP measures described further below, increased $34.4 million to $146.2 million and increased $0.59 to $2.53, respectively, for the quarter ended June 30, 2026, compared to $111.8 million and $1.94, respectively, for the quarter ended June 30, 2025.
Fourth Quarter Fiscal 2026 Financial Summary
Three Months Ended
June 30,
(Dollars in thousands, except per share data)20262025% Change
Net interest income$317,890 $280,161 13.5 %
Non-interest income$61,877 $41,285 49.9 %
Net income$124,946 $110,675 12.9 %
Adjusted earnings (Non-GAAP)1
$146,170 $111,814 30.7 %
Diluted EPS$2.16 $1.92 12.5 %
Adjusted EPS (Non-GAAP)1
$2.53 $1.94 30.4 %
1 See “Use of Non-GAAP Financial Measures”
For the year ended June 30, 2026 net income was $490.4 million, an increase of $57.5 million from net income of $432.9 million for the year ended June 30, 2025. Diluted EPS was $8.48 for the year ended June 30, 2026, an increase of $1.05, or 14.1%, as compared to diluted EPS of $7.43 for the year ended June 30, 2025. For the year ended June 30, 2026 adjusted earnings (a non-GAAP financial measure) increased $69.1 million, and Adjusted EPS (a non-GAAP financial measure) increased $1.24.
“We ended our fiscal 2026 with solid results. Double digit year-over-year increases in net interest income and non-interest income resulted in a 12.5% and 17.6% increase in our diluted earnings per share and book value per share, respectively” stated Greg Garrabrants, President and Chief Executive Officer of Axos. “Our net interest margin remains best-in-class, fueled by solid loan growth across consumer and commercial lending categories. We closed the Jenius Bank acquisition in May, adding approximately $2.3 billion of deposits.”

“We continue to manage our non-interest expenses while investing in our businesses, technologies and people,” said Derrick Walsh, Chief Financial Officer of Axos. “Excluding a $21.0 million accrual related to a legal matter in Axos Clearing, our non-interest expenses for the three months ended June 30, 2026 were down by approximately $1.0 million compared to the prior quarter. We remain well reserved relative to our low level of credit losses, as reflected in our allowance for credit losses to total non-accrual loans of 221% at June 30, 2026. Excluding a $10.0 million net charge-off of a C&I cash flow loan we previously reserved for, our annualized net charge-offs to average loans would have been 0.09%, improved from the year ago quarter.”
Other Highlights
•Ending net loan balances were $25.6 billion at June 30, 2026, reflecting a net change in loans of $637.9 million for the three months ended June 30, 2026
•Non-performing assets to total assets were 0.53% as of June 30, 2026, down from 0.71% as of June 30, 2025
•Non-interest income was $61.9 million for the three months ended June 30, 2026, up 49.9% from $41.3 million for the three months ended June 30, 2025
•Total deposits were $24.6 billion at June 30, 2026, an increase of $3.7 billion, or 17.9%, from $20.8 billion at June 30, 2025, including a deposit acquisition of approximately $2.3 billion, which closed in the three months ended June 30, 2026


•Assets under custody and/or administration at Axos Clearing LLC increased to $47.8 billion at June 30, 2026, compared to $39.4 billion at June 30, 2025
•The Company repurchased $22.0 million of Axos common stock during the three months ended June 30, 2026, at an average price of $87.95 per share
•Book value per share increased to $55.81 at June 30, 2026, up 17.6% from $47.46 at June 30, 2025
•On July 20, 2026, we closed the previously announced acquisition of Arc Technologies, Inc., a cash management platform for small businesses
Fourth Quarter Fiscal 2026 Income Statement Summary
Net income was $124.9 million and diluted EPS was $2.16 for the three months ended June 30, 2026, compared to net income of $110.7 million and diluted EPS of $1.92 for the three months ended June 30, 2025. Net interest income increased $37.7 million, or 13.5%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to an increase in interest income earned on loans, partially offset by a decrease on interest income on deposits in other financial institutions and increases in interest expense on advances from the Federal Home Loan Bank and on secured financings.
The provision for credit losses was $17.9 million for the three months ended June 30, 2026, compared to $15.0 million for the three months ended June 30, 2025. The provision for credit losses for the three months ended June 30, 2026, was primarily driven by loan growth and an increase in specific reserves on individually assessed loans, partially offset by an improved macroeconomic outlook reflected in the forecast scenarios used in the allowance for credit losses model.
Non-interest income increased to $61.9 million for the three months ended June 30, 2026, compared to $41.3 million for the three months ended June 30, 2025. The increase was primarily due to operating lease rental and other income from the acquisition of Verdant Commercial Capital, LLC (“Verdant”) and higher prepayment penalty income, partially offset by the absence of a $12.0 million gain recognized on a loan sale in the prior year quarter.
Non-interest expense, comprised of various operating expenses, increased $55.3 million to $205.9 million for the three months ended June 30, 2026, from $150.7 million for the three months ended June 30, 2025. The increase was primarily due to a $21.0 million accrual related to a FINRA arbitration matter in the three months ended June 30, 2026, increased depreciation and amortization expense, mainly attributable to the Verdant and deposit acquisitions, and an increase in salaries and related costs.
Balance Sheet Summary
Axos’ total assets increased by $5.2 billion, or 20.9%, to $30.0 billion, at June 30, 2026, from $24.8 billion at June 30, 2025, primarily attributable to an increase in loans and securities available-for-sale, partially offset by lower cash and cash equivalents. Total liabilities increased by $4.7 billion, or 21.2%, to $26.8 billion at June 30, 2026, from $22.1 billion at June 30, 2025, primarily attributable to higher deposit balances, as well as secured financings assumed as part of the Verdant acquisition. Stockholders’ equity increased $485.7 million, or 18.1%, to $3.2 billion at June 30, 2026, from $2.7 billion at June 30, 2025, primarily due to net income of $490.4 million.
Conference Call
A conference call and webcast will be held on Thursday, July 30, 2026, at 5:00 PM Eastern / 2:00 PM Pacific. Analysts and investors may dial in and participate in the question/answer session. To access the call, please dial: 877-407-8293. The conference call will be webcast live, and both the webcast and the earnings supplement may be accessed at Axos’ website, investors.axosfinancial.com. For those unable to listen to the live broadcast, a replay will be available until August 30, 2026 at Axos’ website and telephonically by dialing toll-free number 877-660-6853, passcode 13761332.
About Axos Financial, Inc. and Subsidiaries
Axos Financial, Inc., with approximately $30.0 billion in consolidated assets as of June 30, 2026, is the holding company for Axos Bank, Axos Clearing LLC and Axos Invest, Inc. Axos Bank provides consumer and business banking products nationwide through its low-cost distribution channels and affinity partners. Axos Clearing LLC (including its business division Axos Advisor Services), with approximately $47.8 billion of assets under custody and/or administration as of June 30, 2026, and Axos Invest, Inc., provide comprehensive securities clearing services to introducing broker-dealers and registered investment advisor correspondents, and digital investment advisory services to retail investors, respectively. Axos Financial, Inc.’s common stock is listed on the NYSE under the symbol “AX” and is a component of the Russell 2000® Index and the S&P SmallCap 600® Index, among other indices. For more information on Axos Financial, Inc., please visit http://investors.axosfinancial.com.


Segment Reporting
The Company operates through two segments: the Banking Business Segment and the Securities Business Segment. In order to reconcile the two segments to the consolidated totals, the Company includes corporate activities and intercompany eliminations. Inter-segment transactions are eliminated in consolidation and primarily include non-interest income earned by the Securities Business Segment and non-interest expense incurred by the Banking Business Segment for cash sorting fees related to deposits sourced from Securities Business Segment customers.
The following tables present the operating results of the segments:
For the Three Months Ended June 30, 2026
(Dollars in thousands)Banking
Business Segment		Securities Business SegmentCorporate/EliminationsAxos Consolidated
Net interest income$311,974 $10,980 $(5,064)$317,890 
Provision for credit losses17,850 — — 17,850 
Non-interest income40,688 30,659 (9,470)61,877 
Non-interest expense151,994 53,120 831 205,945 
Income before income taxes$182,818 $(11,481)$(15,365)$155,972 
For the Three Months Ended June 30, 2025
(Dollars in thousands)Banking
Business Segment		Securities Business SegmentCorporate/EliminationsAxos Consolidated
Net interest income$276,701 $7,215 $(3,755)$280,161 
Provision for credit losses14,997 — — 14,997 
Non-interest income22,226 29,621 (10,562)41,285 
Non-interest expense122,369 29,942 (1,659)150,652 
Income before income taxes$161,561 $6,894 $(12,658)$155,797 
For the Year Ended June 30, 2026
(Dollars in thousands)Banking
Business Segment		Securities Business SegmentCorporate/EliminationsAxos Consolidated
Net interest income$1,231,118 $35,675 $(19,883)$1,246,910 
Provision for credit losses101,105 — — 101,105 
Non-interest income149,965 120,816 (37,198)233,583 
Non-interest expense582,702 141,104 8,912 732,718 
Income before income taxes$697,276 $15,387 $(65,993)$646,670 
For the Year Ended June 30, 2025
(Dollars in thousands)Banking
Business Segment		Securities Business SegmentCorporate/EliminationsAxos Consolidated
Net interest income$1,114,173 $28,431 $(14,832)$1,127,772 
Provision for credit losses55,745 — — 55,745 
Non-interest income46,430 119,138 (34,502)131,066 
Non-interest expense473,545 114,627 1,526 589,698 
Income before income taxes$631,313 $32,942 $(50,860)$613,395 


Use of Non-GAAP Financial Measures
In addition to the results presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), this release includes non-GAAP financial measures such as adjusted earnings, adjusted earnings per diluted common share, and tangible book value per common share. Non-GAAP financial measures have inherent limitations, may not be comparable to similarly titled measures used by other companies and are not audited. Readers should be aware of these limitations and should be cautious as to their reliance on such measures. Although we believe the non-GAAP financial measures disclosed in this release enhance investors’ understanding of our business and performance, these non-GAAP measures should not be considered in isolation, or as a substitute for GAAP basis financial measures.
We define “adjusted earnings”, a non-GAAP financial measure, as net income without the after-tax impact of non-recurring acquisition-related items (including amortization of intangible assets related to acquisitions) and other costs (unusual or non-recurring charges). Adjusted EPS, a non-GAAP financial measure, is calculated by dividing non-GAAP adjusted earnings by the average number of diluted common shares outstanding during the period. We believe the non-GAAP measures of adjusted earnings and adjusted EPS provide useful information about Axos’ operating performance. We believe excluding the non-recurring acquisition-related costs and other costs provides investors with an alternative understanding of Axos’ core business.
Below is a reconciliation of net income, the nearest comparable GAAP measure, to adjusted earnings and adjusted EPS (Non-GAAP) for the periods shown:
For the Three Months Ended June 30,
For the Year Ended June 30,
(Dollars in thousands, except per share data)2026202520262025
Net income$124,946 $110,675 $490,372 $432,908 
Favorable legal settlement1
— — (22,000)— 
FINRA arbitration matter21,000 — 21,000 — 
Acquisition-related costs2
5,495 1,604 13,689 7,408 
Other costs3
— — — (1,878)
Verdant acquisition - Provision for credit losses— — 7,765 — 
Income tax effect(5,271)(465)(4,944)(1,627)
Adjusted earnings (Non-GAAP)$146,170 $111,814 $505,882 $436,811 
Average dilutive common shares outstanding57,737,351 57,558,280 57,837,761 58,241,421 
Diluted EPS$2.16 $1.92 $8.48 $7.43 
Favorable legal settlement1
— — (0.38)— 
FINRA arbitration matter0.36 — 0.36 — 
Acquisition-related costs2
0.10 0.03 0.24 0.13 
Other costs3
— — — (0.03)
Verdant acquisition - Provision for credit losses— — 0.13 — 
Income tax effect(0.09)(0.01)(0.09)(0.03)
Adjusted EPS (Non-GAAP)$2.53 $1.94 $8.74 $7.50 
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 year ended June 30, 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)June 30,
2026		June 30,
2025		June 30,
2024
Common stockholders’ equity$3,166,418 $2,680,677 $2,290,596 
Less: servicing rights, carried at fair value25,653 27,218 28,924 
Less: goodwill and other intangible assets—net249,317 134,502 141,769 
Tangible book value (Non-GAAP)$2,891,448 $2,518,957 $2,119,903 
Common shares outstanding at end of period56,734,049 56,483,617 56,894,565 
Book value per common share$55.81 $47.46 $40.26 
Less: servicing rights, carried at fair value per common share0.45 0.48 0.51 
Less: goodwill and other intangible assets—net per common share4.40 2.38 2.49 
Tangible book value per common share (Non-GAAP)$50.96 $44.60 $37.26 
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)
June 30,
2026		June 30,
2025		June 30,
2024
Selected Balance Sheet Data:
Total assets$29,961,869$24,783,078$22,855,334
Loans—net of allowance for credit losses25,595,40321,049,61019,231,385
Allowance for credit losses347,375290,049260,542
Available-for-sale securities803,66766,008141,611
Securities borrowed163,462139,39667,212
Customer, broker-dealer and clearing receivables347,944252,720240,028
Total deposits24,565,39220,829,54319,359,217
Advances from the Federal Home Loan Bank154,00060,00090,000
Secured financings
576,680——
Borrowings, subordinated notes and debentures342,915312,671325,679
Securities loaned194,729139,42674,177
Customer, broker-dealer and clearing payables365,792350,606301,127
Total stockholders’ equity$3,166,418$2,680,677$2,290,596
Common shares outstanding at end of period56,734,04956,483,61756,894,565
Common shares issued at end of period71,939,63071,101,64270,221,632
Per Common Share Data:
Book value per common share$55.81$47.46$40.26
Tangible book value per common share (Non-GAAP)1
$50.96$44.60$37.26
Capital Ratios:
Equity to assets at end of period10.57 %10.82 %10.02 %
Axos Financial, Inc.:
Tier 1 leverage (to adjusted average assets)9.94 %10.73 %9.43 %
Common equity tier 1 capital (to risk-weighted assets)11.76 %12.52 %12.01 %
Tier 1 capital (to risk-weighted assets)11.76 %12.52 %12.01 %
Total capital (to risk-weighted assets)14.39 %15.28 %14.84 %
Axos Bank:
Tier 1 leverage (to adjusted average assets)9.24 %10.23 %9.74 %
Common equity tier 1 capital (to risk-weighted assets)10.93 %12.42 %12.74 %
Tier 1 capital (to risk-weighted assets)10.93 %12.42 %12.74 %
Total capital (to risk-weighted assets)12.10 %13.70 %13.81 %
Axos Clearing LLC:
Net capital$96,923 $86,996 $101,462 
Excess capital$89,854 $81,834 $96,654 
Net capital as a percentage of aggregate debit items27.42 %33.71 %42.21 %
Net capital in excess of 5% aggregate debit items$79,250 $74,091 $89,442 




AXOS FINANCIAL, INC.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Unaudited – dollars in thousands, except per share data)

As of or for the
Three Months Ended
As of or for the
Year Ended
June 30, June 30,
(Dollars in thousands, except per share data)2026202520262025
Selected Income Statement Data:
Interest and dividend income$499,130$442,413$1,956,952$1,815,465
Interest expense181,240162,252710,042687,693
Net interest income317,890280,1611,246,9101,127,772
Provision for credit losses17,85014,997101,10555,745
Net interest income, after provision for credit losses300,040265,1641,145,8051,072,027
Non-interest income61,87741,285233,583131,066
Non-interest expense205,945150,652732,718589,698
Income before income taxes155,972155,797646,670613,395
Income tax expense31,02645,122156,298180,487
Net income$124,946$110,675$490,372$432,908
Weighted average number of common shares outstanding:
Basic56,729,41656,392,62056,656,72256,862,630
Diluted57,737,35157,558,28057,837,76158,241,421
Per Common Share Data:
Net income:
Basic$2.20$1.96$8.66$7.61
Diluted$2.16$1.92$8.48$7.43
Adjusted earnings per common share (Non-GAAP)1
$2.53$1.94$8.74$7.50
Performance Ratios and Other Data:
Growth in loans held for investment, net$637,867$855,980$4,545,793$1,818,225
Loan originations for sale$62,144$42,487$240,355$199,845
Return on average assets1.69 %1.85 %1.76 %1.82 %
Return on average common stockholders’ equity15.69 %16.85 %16.32 %17.30 %
Interest rate spread2
3.81 %3.97 %3.93 %3.97 %
Net interest margin3
4.54 %4.84 %4.70 %4.90 %
Net interest margin3 – Banking Business Segment
4.56 %4.88 %4.74 %4.95 %
Efficiency ratio4
54.23 %46.87 %49.49 %46.84 %
Efficiency ratio4 – Banking Business Segment
43.10 %40.94 %42.19 %40.80 %
Asset Quality Ratios:
Net annualized charge-offs to average loans0.25 %0.16 %0.18 %0.13 %
Non-accrual loans to total loans
0.60 %0.79 %0.60 %0.79 %
Non-performing assets to total assets0.53 %0.71 %0.53 %0.71 %
Allowance for credit losses - loans to total loans held for investment1.34 %1.36 %1.34 %1.36 %
Allowance for credit losses - loans to non-accrual loans221.07 %170.23 %221.07 %170.23 %
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.


AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
At June 30,
(Dollars in thousands, except par value)20262025
ASSETS
Cash and cash equivalents$1,108,633 $1,933,845 
Restricted cash199,169 242,509 
Total cash, cash equivalents and restricted cash1,307,802 2,176,354 
Trading securities661 649 
Available-for-sale securities803,667 66,008 
Stock of regulatory agencies36,166 35,163 
Loans held for sale, carried at fair value14,937 10,012 
Loans held for sale, lower of cost or fair value5,129 — 
Loans—net of allowance for credit losses of $347,375 as of June 30, 2026 and $290,049 as of June 30, 2025
25,595,403 21,049,610 
Servicing rights, carried at fair value 25,653 27,218 
Securities borrowed163,462 139,396 
Customer, broker-dealer and clearing receivables347,944 252,720 
Goodwill and other intangible assets—net249,317 134,502 
Other assets1,411,728 891,446 
TOTAL ASSETS$29,961,869 $24,783,078 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Non-interest bearing$3,828,800 $3,040,696 
Interest bearing20,736,592 17,788,847 
Total deposits24,565,392 20,829,543 
Advances from the Federal Home Loan Bank154,000 60,000 
Secured financings576,680 — 
Borrowings, subordinated notes and debentures342,915 312,671 
Securities loaned194,729 139,426 
Customer, broker-dealer and clearing payables365,792 350,606 
Accounts payable and other liabilities595,943 410,155 
Total liabilities26,795,451 22,102,401 
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock—$0.01 par value; 150,000,000 shares authorized, 71,939,630 shares issued and 56,734,049 shares outstanding as of June 30, 2026; 71,101,642 shares issued and 56,483,617 shares outstanding as of June 30, 2025
719 711 
Additional paid-in capital592,916 548,895 
Accumulated other comprehensive income (loss)—net of income tax3,914 348 
Retained earnings3,108,897 2,618,525 
Treasury stock, at cost; 15,205,581 shares as of June 30, 2026 and 14,618,025 shares as of June 30, 2025
(540,028)(487,802)
Total stockholders’ equity3,166,418 2,680,677 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$29,961,869 $24,783,078 


AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) 
Three Months Ended
June 30,
(Dollars in thousands, except earnings per common share)20262025
INTEREST AND DIVIDEND INCOME:
Loans, including fees$470,407 $410,910 
Securities borrowed and customer receivables10,183 6,699 
Investments and other
18,540 24,804 
Total interest and dividend income499,130 442,413 
INTEREST EXPENSE:
Deposits157,937 156,931 
Advances from the Federal Home Loan Bank10,194 310 
Securities loaned218 477 
Other borrowings12,891 4,534 
Total interest expense181,240 162,252 
Net interest income317,890 280,161 
Provision for credit losses17,850 14,997 
Net interest income, after provision for credit losses300,040 265,164 
NON-INTEREST INCOME:
Broker-dealer fee income11,330 11,013 
Advisory fee income9,220 7,747 
Banking and service fees36,757 9,515 
Mortgage banking and servicing rights income
365 12,855 
Prepayment penalty fee income4,205 155 
Total non-interest income61,877 41,285 
NON-INTEREST EXPENSE:
Salaries and related costs82,666 74,888 
Data and operational processing
24,891 20,358 
Depreciation and amortization26,810 7,691 
Advertising and promotional11,067 11,025 
Professional services9,322 10,362 
Occupancy and equipment6,812 4,536 
FDIC and regulatory fees7,001 6,990 
Broker-dealer clearing charges4,718 4,282 
General and administrative expense32,658 10,520 
Total non-interest expense205,945 150,652 
INCOME BEFORE INCOME TAXES155,972 155,797 
INCOME TAXES31,026 45,122 
NET INCOME$124,946 $110,675 
Basic earnings per common share$2.20 $1.96 
Diluted earnings per common share$2.16 $1.92 


AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) 
Year Ended June 30,
(Dollars in thousands, except earnings per common share)202620252024
INTEREST AND DIVIDEND INCOME:
Loans, including fees$1,831,455 $1,654,784 $1,499,572 
Securities borrowed and customer receivables31,933 25,492 22,407 
Investments and other93,564 135,189 133,628 
Total interest and dividend income1,956,952 1,815,465 1,655,607 
INTEREST EXPENSE:
Deposits646,365 667,753 670,570 
Advances from the Federal Home Loan Bank17,586 1,652 3,087 
Securities loaned974 1,830 2,214 
Other borrowings45,117 16,458 18,307 
Total interest expense710,042 687,693 694,178 
Net interest income1,246,910 1,127,772 961,429 
Provision for credit losses101,105 55,745 32,500 
Net interest income, after provision for credit losses1,145,805 1,072,027 928,929 
NON-INTEREST INCOME:
Broker-dealer fee income45,273 45,233 48,136 
Advisory fee income35,978 31,794 31,335 
Banking and service fees139,825 38,195 35,723 
Mortgage banking and servicing rights income6,108 13,007 10,000 
Prepayment penalty fee income6,399 2,837 5,069 
Gain on acquisition— — 92,397 
Total non-interest income233,583 131,066 222,660 
NON-INTEREST EXPENSE:
Salaries and related costs323,046 297,955 250,873 
Data and operational processing91,885 80,433 69,370 
Depreciation and amortization80,623 29,019 27,086 
Advertising and promotional49,134 47,760 42,797 
Professional services42,806 37,572 36,532 
Occupancy and equipment22,391 17,705 16,704 
FDIC and regulatory fees27,693 27,558 20,546 
Broker-dealer clearing charges17,729 17,065 18,260 
General and administrative expense77,411 34,631 33,940 
Total non-interest expense732,718 589,698 516,108 
INCOME BEFORE INCOME TAXES646,670 613,395 635,481 
INCOME TAXES156,298 180,487 185,473 
NET INCOME$490,372 $432,908 $450,008 
Basic earnings per common share$8.66 $7.61 $7.82 
Diluted earnings per common share$8.48 $7.43 $7.66 


LOANS & ALLOWANCE FOR CREDIT LOSSES
The following table sets forth the composition of the loan portfolio:
(Dollars in thousands)June 30, 2026June 30, 2025
Single Family - Mortgage & Warehouse$4,581,772 $4,395,278 
Multifamily and Commercial Mortgage2,484,290 2,940,739 
Commercial Real Estate8,867,851 6,937,187 
Commercial & Industrial - Non-RE9,495,647 6,795,497 
Auto & Consumer666,477 482,996 
Total gross loans26,096,037 21,551,697 
Allowance for credit losses - loans(347,375)(290,049)
Unaccreted premiums (discounts) and loan fees(153,259)(212,038)
Total net loans$25,595,403 $21,049,610 



AVAILABLE-FOR-SALE SECURITIES
The amortized cost and fair value of available-for-sale securities were:
June 30, 2026
(Dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
United States Treasury securities$732,118 $304 $— $732,422 
Mortgage-backed securities (MBS):
Agency1
$68,344 $215 $(1,587)$66,972 
Non-agency2
3,330 974 (31)4,273 
Total mortgage-backed securities71,674 1,189 (1,618)71,245 
Total available-for-sale securities
$803,792 $1,493 $(1,618)$803,667 
June 30, 2025
(Dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Mortgage-backed securities (MBS):
Agency1
$48,229 $327 $(1,799)$46,757 
Non-agency2
14,395 1,232 (58)15,569 
Total mortgage-backed securities62,624 1,559 (1,857)62,326 
Municipal3,682 — — 3,682 
Total available-for-sale securities
$66,306 $1,559 $(1,857)$66,008 
1 Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac.
2 Private sponsors of securities collateralized primarily by first-lien mortgage loans on commercial properties or by pools of 1-4 family residential first mortgages. Primarily super senior securities secured by prime, Alt-A or pay-option ARM mortgages.


DEPOSITS
The following table sets forth the composition of the deposit portfolio:
(Dollars in thousands)June 30, 2026June 30, 2025
Non-interest bearing$3,828,800 $3,040,696 
Interest-bearing demand and savings20,202,452 16,660,290 
Time deposits534,140 1,128,557 
Total interest bearing20,736,592 17,788,847 
Total deposits1
$24,565,392 $20,829,543 
1 The total interest-bearing includes brokered deposits of $953.7 million and $1,801.1 million as of June 30, 2026 and June 30, 2025, respectively, which include brokered time deposits of $149.9 million and $700.0 million as of June 30, 2026 and June 30, 2025, respectively.
The number of deposit accounts at the end of each of the last three fiscal years is set forth below:
At June 30,
20262025
Non-interest bearing57,925 50,967 
Interest-bearing checking and savings accounts639,543 546,678 
Time deposits2,102 2,956 
Total number of deposit accounts699,570 600,601 


AVERAGE BALANCES, NET INTEREST INCOME, YIELDS EARNED AND RATES PAID
Average Balances, Net Interest Income, Yields Earned and Rates Paid
The following table presents information regarding (i) average balances; (ii) the total amount of interest income from interest-earning assets and the weighted average yields on such assets; (iii) the total amount of interest expense on interest-bearing liabilities and the weighted average rates paid on such liabilities; (iv) net interest income; (v) interest rate spread; and (vi) net interest margin:
For the Three Months Ended,
June 30, 2026June 30, 2025
(Dollars in thousands)
Average
Balance1
Interest
Income/
Expense
Average Yields
Earned/Rates
Paid2
Average
Balance1
Interest
Income/
Expense
Average Yields
Earned/Rates
Paid2
Assets:
Loans3, 4
$25,535,601 $470,407 7.37 %$20,539,298 $410,910 8.00 %
Non-purchased loans
24,943,763 451,156 7.23 %19,560,321 374,450 7.66 %
Purchased loans5
591,838 19,251 13.01 %978,977 36,460 14.90 %
Interest-earning deposits in other financial institutions1,117,742 9,342 3.34 %2,149,658 23,652 4.40 %
Mortgage-backed and other securities4
806,470 8,135 4.03 %76,214 642 3.37 %
Securities borrowed and margin lending6
492,596 10,183 8.27 %344,061 6,699 7.79 %
Stock of the regulatory agencies46,501 1,063 9.14 %29,599 510 6.89 %
Total interest-earning assets27,998,910 499,130 7.13 %23,138,830 442,413 7.65 %
Non-interest-earning assets1,566,243 813,673 
Total assets$29,565,153 $23,952,503 
Liabilities and Stockholders’ Equity:
Interest-bearing demand and savings$18,972,408 $151,833 3.20 %$16,284,806 $148,589 3.65 %
Time deposits610,773 6,104 4.00 %845,052 8,342 3.95 %
Securities loaned203,242 218 0.43 %108,963 477 1.75 %
Advances from the FHLB1,057,452 10,194 3.86 %60,001 310 2.07 %
Secured financings614,702 7,234 4.71 %
Borrowings, subordinated notes and debentures365,732 5,657 6.19 %355,690 4,534 5.10 %
Total interest-bearing liabilities21,824,309 181,240 3.32 %17,654,512 162,252 3.68 %
Non-interest-bearing demand deposits3,639,612 2,960,476 
Other non-interest-bearing liabilities916,533 710,207 
Stockholders’ equity3,184,699 2,627,308 
Total liabilities and stockholders’ equity$29,565,153 $23,952,503 
Net interest income$317,890 $280,161 
Interest rate spread7
3.81 %3.97 %
Net interest margin8
4.54 %4.84 %
1Average balances are obtained from daily data.
2Annualized.
3Loans include loans held for sale, loan premiums and unearned fees.
4Interest income includes reductions for amortization of loan and available-for-sale securities premiums and earnings from accretion of discounts and loan fees.
5Purchased loans include loans, loan discounts and unearned fees related to the FDIC Loan Purchase.
6Margin lending is the significant component of the asset titled customer, broker-dealer and clearing receivables on the unaudited Condensed Consolidated Balance Sheets.
7Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate paid on interest-bearing liabilities.
8Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.



AVERAGE BALANCES, NET INTEREST INCOME, YIELDS EARNED AND RATES PAID
The following table presents information regarding (i) average balances; (ii) the total amount of interest income from interest-earning assets and the weighted-average yields on such assets; (iii) the total amount of interest expense on interest- bearing liabilities and the weighted-average rates paid on such liabilities; (iv) net interest income; (v) interest rate spread; and (vi) net interest margin:
For the Fiscal Years Ended June 30,
202620252024
(Dollars in thousands)
Average
Balance1
Interest
Income /
Expense		Average
Yields
Earned /
Rates  Paid
Average
Balance1
Interest
Income /
Expense		Average
Yields
Earned /
Rates  Paid		Average
Balance1		Interest
Income /
Expense		Average
Yields
Earned /
Rates  Paid
Assets:
Loans2,3
$23,781,799 $1,831,455 7.70 %$19,853,221 $1,654,784 8.34 %$18,010,709 $1,499,572 8.33 %
Non-purchased loans23,069,131 1,716,105 7.44 %18,880,093 1,494,140 7.91 %17,458,451 1,405,202 8.05 %
Purchased loans4
712,668 115,350 16.19 %973,128 160,644 16.51 %552,258 94,370 17.09 %
Interest-earning deposits in other financial institutions1,779,674 69,021 3.88 %2,665,865 128,073 4.80 %2,242,226 120,861 5.39 %
Mortgage-backed and other securities521,479 21,446 4.11 %109,405 5,181 4.74 %218,565 11,234 5.14 %
Securities borrowed and margin lending4
435,559 31,933 7.33 %344,055 25,492 7.41 %329,154 22,407 6.81 %
Stock of the regulatory agencies35,272 3,097 8.78 %26,930 1,935 7.19 %17,250 1,533 8.89 %
Total interest-earning assets26,553,783 $1,956,952 7.37 %22,999,476 $1,815,465 7.89 %20,817,904 1,655,607 7.95 %
Non-interest-earning assets1,262,124 775,958 811,032 
Total assets$27,815,907 $23,775,434 $21,628,936 
Liabilities and Stockholders’ Equity:
Interest-bearing demand and savings$18,252,569 $609,800 3.34 %$16,181,014 $632,919 3.91 %$14,352,569 $626,678 4.37 %
Time deposits908,013 36,565 4.03 %859,400 34,834 4.05 %1,062,644 43,892 4.13 %
Securities loaned163,966 974 0.59 %113,330 1,830 1.61 %153,552 2,214 1.44 %
Advances from the FHLB455,746 17,586 3.86 %74,385 1,652 2.22 %107,454 3,087 2.87 %
Secured financings508,663 23,108 4.54 %— — — %— — — %
Borrowings, subordinated notes and debentures369,148 22,009 5.96 %332,665 16,458 4.95 %358,452 18,307 5.11 %
Total interest-bearing liabilities20,658,105 $710,042 3.44 %17,560,794 $687,693 3.92 %16,034,671 694,178 4.33 %
Non-interest-bearing demand deposits3,360,937 2,968,839 2,769,272 
Other non-interest-bearing liabilities792,945 743,920 745,472 
Stockholders’ equity3,003,920 2,501,881 2,079,521 
Total liabilities and stockholders’ equity$27,815,907 $23,775,434  $21,628,936 
Net interest income$1,246,910 $1,127,772 $961,429 
Interest rate spread6
3.93 %3.97 %3.62 %
Net interest margin7
  4.70 %  4.90 %4.62 %
1.Average balances are obtained from daily data.
2.Loans include loans held for sale, loan premiums and unearned fees.
3.Interest income includes reductions for amortization of loan and available-for-sale securities premiums and earnings from accretion of discounts and loan fees.
4.Purchased loans include loans, loan discounts and unearned fees related to the FDIC Loan Purchase.
5.Margin lending is the significant component of the asset titled customer, broker-dealer and clearing receivables on the audited consolidated balance sheets.
6.Interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average rate paid on interest-bearing liabilities.
7.Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.


SEGMENT SELECTED FINANCIAL INFORMATION
Banking Business Segment
Fiscal Year Ended
June 30, 2026
June 30, 2025
Efficiency ratio42.19 %40.80 %
Return on average assets1.90 %2.02 %
Interest rate spread4.00 %4.03 %
Net interest margin4.74 %4.95 %

Securities Business Segment
June 30,
(Dollars in thousands)20262025
FDIC insured program balances at banks$1,673,368 $1,444,830 
Margin balances$312,623 $229,387 
Cash reserves for the benefit of customers$101,024 $146,835 
Securities lending:
Interest-earning assets – stock borrowed$163,462 $139,396 
Interest-bearing liabilities – stock loaned$194,729 $139,426 



Axos Q4 Fiscal 2026 Earnings Supplement NYSE: AXJuly 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)Q3 FY26Q4 FY26 $ 5$ 3,784$ 3,789 (128)921793 171,4371,454 (7)1,0371,030 367,2357,271 1091,4881,597 (261)2,2461,985 912,9203,011 891,6611,750 6252,1252,750 40538578 97988 $ 625$ 25,471$ 26,096 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 June 30, 2026 Note 1: Excludes approximately $475 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 $12.6B Specialty Deposits $3.3B Distribution Partners $0.3B Axos Securities1 $1.2B Small Business Banking $1.1BCommercial & Treasury Management $5.0B Approximately 85% of deposits are FDIC-insured or collateralized Total Deposits: $24.6B

 

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 (17.1) 0.2

 

5 © 2026 Axos Financial, Inc. All Rights Reserved. 5 Credit Quality ($ millions) %Non-Accrual LoansLoans O/SJune 30, 2026 1.29 %$ 59$ 4,582Single Family-Mortgage & Warehouse 0.2052,484Multifamily and Commercial Mortgage 0.17158,868Commercial Real Estate 0.81779,496Commercial & Industrial - Non-RE 0.151666Auto & Consumer 0.60 %$ 157$ 26,096Total %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/SJune 30, 2025 1.00 %$ 44$ 4,395Single Family-Mortgage & Warehouse 1.12332,941Multifamily and Commercial Mortgage 0.42296,937Commercial Real Estate 0.91626,796Commercial & Industrial - Non-RE 0.412483Auto & Consumer 0.79 %$ 170$ 21,552Total

 

6 © 2026 Axos Financial, Inc. All Rights Reserved. 6 June 30, 2025September 30, 2025 December 31, 2025March 31, 2026June 30, 2026 Selected Balance Sheet Data: $ 24,783,078$ 27,431,817$ 28,201,406$ 29,248,986$ 29,961,869Total assets 21,049,61022,635,13724,272,55224,957,53625,595,403Loans—net of allowance for credit losses 290,049307,431327,043346,702347,375Allowance for credit losses 66,00857,798811,126801,439803,667Securities—available-for-sale 139,396182,518109,141133,015163,462Securities borrowed 252,720263,095277,308333,699347,944Customer, broker-dealer and clearing receivables 20,829,54322,264,75323,232,74822,388,13524,565,392Total deposits 60,00060,00060,0001,805,000154,000Advances from the FHLB ——691,507634,452576,680Secured financings 312,671510,064364,814378,065342,915Borrowings, subordinated notes and debentures 139,426204,620128,869148,668194,729Securities loaned 350,606385,821358,727338,592365,792Customer, broker-dealer and clearing payables $ 2,680,677$ 2,793,121$ 2,930,092$ 3,065,183$ 3,166,418Total stockholders’ equity 56,483,61756,643,54756,677,32356,882,19056,734,049Common shares outstanding at end of period 71,101,64271,356,51071,420,06471,724,04271,939,630Common shares issued at end of period Per Common Share Data: $ 47.46$ 49.31$ 51.70$ 53.89$ 55.81Book value per common share $ 44.60$ 45.21$ 47.79$ 49.71$ 50.96Tangible book value per common share (Non-GAAP)1 Capital Ratios: 10.82 %10.18 %10.39 %10.48 %10.57 %Equity to assets at end of period Axos Financial, Inc.: 10.73 %10.26 %9.80 %10.17 %9.94 %Tier 1 leverage (to adjusted average assets) 12.52 %11.66 %11.65 %11.65 %11.76 %Common equity tier 1 capital (to risk-weighted assets) 12.52 %11.66 %11.65 %11.65 %11.76 %Tier 1 capital (to risk-weighted assets) 15.28 %15.20 %14.39 %14.32 %14.39 %Total capital (to risk-weighted assets) Axos Bank: 10.23 %9.69 %9.15 %9.39 %9.24 %Tier 1 leverage (to adjusted average assets) 12.42 %11.37 %11.12 %10.90 %10.93 %Common equity tier 1 capital (to risk-weighted assets) 12.42 %11.37 %11.12 %10.90 %10.93 %Tier 1 capital (to risk-weighted assets) 13.70 %12.62 %12.37 %12.13 %12.10 %Total capital (to risk-weighted assets) Axos Clearing LLC: $ 86,996$ 91,442$ 94,673$ 103,752$ 96,923Net capital $ 81,834$ 86,042$ 88,369$ 97,249$ 89,854Excess capital 33.71 %33.87 %30.04 %31.91 %27.42 %Net capital as a percentage of aggregate debit items $ 74,091$ 77,942$ 78,913$ 87,495$ 79,250Net 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 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Selected Income Statement Data: $ 442,413$ 465,736$ 513,845$ 478,241$ 499,130Interest and dividend income 162,252174,686182,136171,980181,240Interest expense 280,161291,050331,709306,261317,890Net interest income 14,99717,25525,00041,00017,850Provision for credit losses 265,164273,795306,709265,261300,040Net interest income, after provision for credit losses 41,28532,34053,37885,98861,877Non-interest income 150,652156,246184,574185,953205,945Non-interest expense 155,797149,889175,513165,296155,972Income before income taxes 45,12237,53747,11640,61931,026Income taxes $ 110,675$ 112,352$ 128,397$ 124,677$ 124,946Net income Weighted average number of common shares outstanding: 56,392,62056,512,58756,660,83356,724,05456,729,416Basic 57,558,28057,782,82857,731,33958,073,25757,737,351Diluted Per Common Share Data: Net income: $ 1.96$ 1.99$ 2.27$ 2.20$ 2.20Basic $ 1.92$ 1.94$ 2.22$ 2.15$ 2.16Diluted $ 1.94$ 2.07$ 2.25$ 1.90$ 2.53Adjusted earnings per common share (Non-GAAP)1 Performance Ratios and Other Data: $ 855,980$ 1,585,527$ 1,637,415$ 684,984$ 637,867Growth in loans held for investment, net $ 42,487$ 47,122$ 61,009$ 70,080$ 62,144Loan originations for sale 1.85 %1.77 %1.83 %1.77 %1.69 %Return on average assets 16.85 %15.94 %17.44 %16.26 %15.69 %Return on average common stockholders’ equity 3.97 %3.89 %4.17 %3.88 %3.81 %Interest rate spread2 4.84 %4.75 %4.94 %4.57 %4.54 %Net interest margin3 4.88 %4.80 %5.02 %4.62 %4.56 %Net interest margin3 – Banking Business Segment 46.87 %48.32 %47.93 %47.41 %54.23 %Efficiency ratio4 40.94 %42.89 %41.39 %41.54 %43.10 %Efficiency ratio4 – Banking Business Segment Asset Quality Ratios: 0.16 %0.11 %0.04 %0.31 %0.25 %Net annualized charge-offs to average loans 0.79 %0.74 %0.61 %0.71 %0.60 %Nonaccrual loans to total loans 0.71 %0.64 %0.56 %0.62 %0.53 %Non-performing assets to total assets 1.36 %1.34 %1.33 %1.37 %1.34 %Allowance for credit losses - loans to total loans held for investment 170.23 %180.41 %215.81 %192.15 %221.07 %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. June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026(Dollars in thousands, except per share amounts) $ 110,675$ 112,352$ 128,397$ 124,677$ 124,946Net income ———(22,000)—Favorable legal settlement1 ————21,000FINRA arbitration matter 1,6042,9412,4192,8345,495Acquisition-related costs2 —7,765———Verdant acquisition - Provision for credit losses (465)(2,681)(649)4,713(5,271)Income taxes $ 111,814$ 120,377$ 130,167$ 110,224$ 146,170Adjusted earnings (non-GAAP) 57,558,28057,782,82857,731,33958,073,25757,737,351Average dilutive common shares outstanding $ 1.92$ 1.94$ 2.22$ 2.15$ 2.16Diluted EPS ———(0.38)—Favorable legal settlement1 ————0.36FINRA arbitration matter 0.030.050.040.050.10Acquisition-related costs2 —0.13———Verdant acquisition - Provision for credit losses (0.01)(0.05)(0.01)0.08(0.09)Income taxes $ 1.94$ 2.07$ 2.25$ 1.90$ 2.53Adjusted 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: June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026(Dollars in thousands, except per share amounts) $ 2,680,677$ 2,793,121$ 2,930,092$ 3,065,183$ 3,166,418Common stockholders’ equity 27,21826,24325,43126,29925,653Less: servicing rights, carried at fair value 134,502205,747196,119211,046249,317Less: goodwill and intangible assets $ 2,518,957$ 2,561,131$ 2,708,542$ 2,827,838$ 2,891,448Tangible common stockholders’ equity (Non-GAAP) 56,483,61756,643,54756,677,32356,882,19056,734,049Common shares outstanding at end of period $ 47.46$ 49.31$ 51.70$ 53.89$ 55.81Book value per common share 0.480.460.450.460.45Less: servicing rights, carried at fair value per common share 2.383.633.463.714.40Less: goodwill and other intangible assets per common share $ 44.60$ 45.22$ 47.79$ 49.72$ 50.96Tangible 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

 

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