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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):  October 30, 2025

axosfina26.jpg

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 October 30, 2025, Axos Financial, Inc. (the “Registrant” or the “Company”) issued a press release announcing its fiscal first quarter results of operations for the period ended September 30, 2025. 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
99.2
99.3
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: October 30, 2025 By: /s/ Derrick K. Walsh  
    Derrick K. Walsh
    EVP and Chief Financial Officer

EX-99.1 7 pressrelease20250930axearn.htm EX-99.1 Document

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Axos Financial, Inc. Reports First Quarter Fiscal Year 2026 Results
Axos Achieves Net Loan Growth of $1.6 billion Fueled by Verdant Acquisition
LAS VEGAS, NV – (BUSINESS WIRE) – October 30, 2025 – Axos Financial, Inc. (NYSE: AX) (“Axos” or the “Company”) today announced unaudited financial results for the first fiscal quarter ended September 30, 2025. Net income was $112.4 million and diluted earnings per share (“EPS”) was $1.94 for the quarter ended September 30, 2025. Net income for the quarter ended September 30, 2024 was $112.3 million and diluted EPS was $1.93. Excluding the $17 million interest income benefit from the prepayment of three FDIC-purchased loans in the three months ended September 30, 2024, net interest income and diluted EPS for the three months ended September 30, 2025 increased by $16 million and $0.22 per share, respectively, compared to the three months ended September 30, 2024. Adjusted earnings and adjusted earnings per diluted common share (“Adjusted EPS”), non-GAAP measures described further below, increased $6.2 million to $120.4 million and increased $0.11 to $2.07, respectively, for the quarter ended September 30, 2025, compared to $114.1 million and $1.96, respectively, for the quarter ended September 30, 2024.
First Quarter Fiscal 2026 Financial Summary
Three Months Ended
September 30,
(Dollars in thousands, except per share data) 2025 2024 % Change
Net interest income $ 291,050  $ 292,048  (0.3) %
Non-interest income $ 32,340  $ 28,609  13.0  %
Net income $ 112,352  $ 112,340  —  %
Adjusted earnings (Non-GAAP)1
 $ 120,377  $ 114,142  5.5  %
Diluted EPS $ 1.94  $ 1.93  0.5  %
Adjusted EPS (Non-GAAP)1
 $ 2.07  $ 1.96  5.6  %
1 See “Use of Non-GAAP Financial Measures”
“Net interest income increased 15.5% linked quarter annualized due to strong organic loan growth,” stated Greg Garrabrants, President and Chief Executive Officer of Axos. “Excluding the Verdant equipment leasing acquisition, net loans increased by approximately $565 million this quarter. Our credit remains strong, with net charge-offs to average loans decreasing by five basis points linked-quarter and six basis points versus a year ago to 11 basis points in the quarter ended September 30, 2025.”
“Loan loss provision was approximately $17.3 million for the quarter ended September 30, 2025, including $7.8 million related to the Verdant acquisition, compared to $15.0 million in the prior quarter,” said Derrick Walsh, Chief Financial Officer of Axos. “Our allowance for credit losses to non-accrual loans and leases was 180.4% at September 30, 2025, up from 149.3% at September 30, 2024.”
Other Highlights
•Ending net loan balances were $22.6 billion at September 30, 2025, reflecting the addition of $1.0 billion of loans and leases from the acquisition of Verdant Commercial Capital, LLC (“Verdant”), which closed on September 30, 2025, and $565.2 million of organic net loan growth for the quarter ended September 30, 2025
•Non-performing assets to total assets were 0.64% as of September 30, 2025, down from 0.71% as of June 30, 2025
•Net interest margin was 4.75% for the quarter ended September 30, 2025 compared to 4.84% for the quarter ended June 30, 2025; excess liquidity negatively impacted net interest margin by approximately 7 basis points for the quarter ended September 30, 2025
•Non-interest income was $32.3 million for the three months ended September 30, 2025, up 13.0% from $28.6 million for the quarter ended September 30, 2024
•Total deposits were $22.3 billion at September 30, 2025, an increase of over $1.4 billion, or 27.6% annualized, from $20.8 billion at June 30, 2025


•Added $1.1 billion of net new assets under custody during the three months ended September 30, 2025; total assets under custody and/or administration was $43.0 billion at September 30, 2025, compared to $39.4 billion at June 30, 2025
•Book value per share increased to $49.31 at September 30, 2025, up 17.0% from $42.14 at September 30, 2024
First Quarter Fiscal 2026 Income Statement Summary
Net income was $112.4 million and diluted EPS was $1.94 for the three months ended September 30, 2025, compared to net income of $112.3 million and diluted EPS of $1.93 for the three months ended September 30, 2024. Net interest income decreased $1.0 million or 0.3% for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to a decrease in interest income on deposits in other financial institutions and lower interest income earned on loans, partially offset by a decrease in interest expense on interest-bearing demand and savings deposits.
The provision for credit losses was $17.3 million for the three months ended September 30, 2025, compared to $14.0 million for the three months ended September 30, 2024. The provision for credit losses for the three months ended September 30, 2025, was primarily driven by the Verdant acquisition, loan growth and the impact of macroeconomic variables used in the allowance for credit losses model.
Non-interest income increased to $32.3 million for the three months ended September 30, 2025, compared to $28.6 million for the three months ended September 30, 2024. The increase was primarily due to higher banking and service fee income and higher mortgage banking and servicing rights.
Non-interest expense, comprised of various operating expenses, increased $8.8 million to $156.2 million for the three months ended September 30, 2025 from $147.5 million for the three months ended September 30, 2024. The increase was primarily due to higher professional services, data and operational processing expense and salaries and related costs.
Balance Sheet Summary
Axos’ total assets increased by $2.6 billion, or 10.7%, to $27.4 billion, at September 30, 2025, from $24.8 billion at June 30, 2025, primarily attributable to an increase in loans, mainly attributable to the Verdant acquisition, and higher cash and cash equivalents. Total liabilities increased by $2.5 billion, or 11.5%, to $24.6 billion at September 30, 2025, 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 $112.4 million, or 4.2%, to $2.8 billion at September 30, 2025 from $2.7 billion at June 30, 2025, primarily due to net income of $112.4 million.
Conference Call
A conference call and webcast will be held on Thursday, October 30, 2025, 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 November 30, 2025, at Axos’ website and telephonically by dialing toll-free number 877-660-6853, passcode 13756177.
About Axos Financial, Inc. and Subsidiaries
Axos Financial, Inc., with approximately $27.4 billion in consolidated assets as of September 30, 2025, 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 $43.0 billion of assets under custody and/or administration as of September 30, 2025, 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 September 30, 2025
(Dollars in thousands) Banking
Business Segment		 Securities Business Segment Corporate/Eliminations Axos Consolidated
Net interest income $ 287,200  $ 8,194  $ (4,344) $ 291,050 
Provision for credit losses 17,255  —  —  17,255 
Non-interest income 12,375  29,457  (9,492) 32,340 
Non-interest expense 128,493  29,367  (1,614) 156,246 
Income before income taxes $ 153,827  $ 8,284  $ (12,222) $ 149,889 
For the Three Months Ended September 30, 2024
(Dollars in thousands) Banking
Business Segment		 Securities Business Segment Corporate/Eliminations Axos Consolidated
Net interest income $ 288,492  $ 7,267  $ (3,711) $ 292,048 
Provision for credit losses 14,000  —  —  14,000 
Non-interest income 8,590  29,902  (9,883) 28,609 
Non-interest expense 118,315  28,091  1,059  147,465 
Income before income taxes $ 164,767  $ 9,078  $ (14,653) $ 159,192 
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 September 30,
(Dollars in thousands, except per share data) 2025 2024
Net income $ 112,352  $ 112,340 
Acquisition-related costs1
 2,941  2,554 
Verdant acquisition - Provision for credit losses 7,765  — 
Income tax effect (2,681) (752)
Adjusted earnings (Non-GAAP) $ 120,377  $ 114,142 
Average dilutive common shares outstanding 57,782,828  58,168,468 
Diluted EPS $ 1.94  $ 1.93 
Acquisition-related costs1
 0.05  0.04 
Verdant acquisition - Provision for credit losses 0.13  — 
Income tax effect (0.05) (0.01)
   Adjusted EPS (Non-GAAP) $ 2.07  $ 1.96 
1 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.
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) September 30,
2025		 June 30,
2025		 September 30,
2024
Common stockholders’ equity $ 2,793,121  $ 2,680,677  $ 2,405,728 
Less: servicing rights, carried at fair value 26,243  27,218  27,335 
Less: goodwill and other intangible assets—net 205,747  134,502  139,215 
Tangible common stockholders’ equity (Non-GAAP) $ 2,561,131  $ 2,518,957  $ 2,239,178 
Common shares outstanding at end of period 56,643,547  56,483,617  57,092,216 
Book value per common share $ 49.31  47.46  $ 42.14 
Less: servicing rights, carried at fair value per common share 0.46  0.48  0.48 
Less: goodwill and other intangible assets—net per common share 3.63  2.38  2.44 
Tangible book value per common share (Non-GAAP) $ 45.22  $ 44.60  $ 39.22 



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)
September 30,
2025		 June 30,
2025		 September 30, 2024
Selected Balance Sheet Data:
Total assets $ 27,431,817 $ 24,783,078 $ 23,569,084
Loans—net of allowance for credit losses 22,635,137 21,049,610 19,280,609
Loans held for sale, carried at fair value 12,202 10,012 14,566
Allowance for credit losses 307,431 290,049 263,854
Trading securities 533 649 594
Available-for-sale securities 57,798 66,008 137,996
Securities borrowed 182,518 139,396 84,326
Customer, broker-dealer and clearing receivables 263,095 252,720 262,774
Total deposits 22,264,753 20,829,543 19,973,329
Advances from the Federal Home Loan Bank 60,000 60,000 90,000
Borrowings, subordinated notes and debentures 510,064 312,671 313,519
Securities loaned 204,620 139,426 95,883
Customer, broker-dealer and clearing payables 385,821 350,606 315,985
Total stockholders’ equity $ 2,793,121 $ 2,680,677 $ 2,405,728
Common shares outstanding at end of period 56,643,547 56,483,617 57,092,216
Common shares issued at end of period 71,356,152 71,101,642 70,562,333
Per Common Share Data:
Book value per common share $ 49.31 $ 47.46 $ 42.14
Tangible book value per common share (Non-GAAP)1
 $ 45.21 $ 44.60 $ 39.22
Capital Ratios:
Equity to assets at end of period 10.18  % 10.82  % 10.21  %
Axos Financial, Inc.:
Tier 1 leverage (to adjusted average assets) 10.26  % 10.73  % 9.78  %
Common equity tier 1 capital (to risk-weighted assets) 11.66  % 12.52  % 12.44  %
Tier 1 capital (to risk-weighted assets) 11.66  % 12.52  % 12.44  %
Total capital (to risk-weighted assets) 15.20  % 15.28  % 15.29  %
Axos Bank:
Tier 1 leverage (to adjusted average assets) 9.69  % 10.23  % 9.82  %
Common equity tier 1 capital (to risk-weighted assets) 11.37  % 12.42  % 12.87  %
Tier 1 capital (to risk-weighted assets) 11.37  % 12.42  % 12.87  %
Total capital (to risk-weighted assets) 12.62  % 13.70  % 14.06  %
Axos Clearing LLC:
Net capital $ 91,442  $ 86,996  $ 85,292 
Excess capital $ 86,042  $ 81,834  $ 80,081 
Net capital as a percentage of aggregate debit items 33.87  % 33.71  % 32.73  %
Net capital in excess of 5% aggregate debit items $ 77,942  $ 74,091  $ 72,264 




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

As of or for the
Three Months Ended
September 30,
(Dollars in thousands, except per share data) 2025 2024
Selected Income Statement Data:
Interest and dividend income $ 465,736 $ 484,262
Interest expense 174,686 192,214
Net interest income 291,050 292,048
Provision for credit losses 17,255 14,000
Net interest income, after provision for credit losses 273,795 278,048
Non-interest income 32,340 28,609
Non-interest expense 156,246 147,465
Income before income taxes 149,889 159,192
Income tax expense 37,537 46,852
Net income $ 112,352 $ 112,340
Weighted average number of common shares outstanding:
Basic 56,512,587 56,934,671
Diluted 57,782,828 58,168,468
Per Common Share Data:
Net income:
Basic $ 1.99 $ 1.97
Diluted $ 1.94 $ 1.93
Adjusted earnings per common share (Non-GAAP)1
 $ 2.07 $ 1.96
Performance Ratios and Other Data:
Growth in loans held for investment, net $ 1,585,527 $ 49,224
Loan originations for sale 47,122 69,570
Return on average assets 1.77  % 1.92  %
Return on average common stockholders’ equity 15.94  % 19.12  %
Interest rate spread2
 3.89  % 4.13  %
Net interest margin3
 4.75  % 5.17  %
Net interest margin3 – Banking Business Segment
 4.80  % 5.21  %
Efficiency ratio4
 48.32  % 45.99  %
Efficiency ratio4 – Banking Business Segment
 42.89  % 39.83  %
Asset Quality Ratios:
Net annualized charge-offs to average loans 0.11  % 0.17  %
Non-accrual loans to total loans
 0.74  % 0.89  %
Non-performing assets to total assets 0.64  % 0.75  %
Allowance for credit losses - loans to total loans held for investment 1.34  % 1.35  %
Allowance for credit losses - loans to non-accrual loans5
 180.41  % 149.32  %
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 ACL, including the impact of the Verdant acquisition.
EX-99.2 8 septsupplement.htm EX-99.2 septsupplement
Axos Q1 Fiscal 2026 Earnings Supplement NYSE: AXOctober 30, 2025

 
2 © 2025 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 Lending1 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)Q4 FY25Q1 FY26 $ (33)$ 3,786$ 3,753 179609788 (144)1,7291,585 (3)1,2121,209 3375,7136,050 211,2241,245 202,5672,587 1,3142,6333,947 (149)1,5961,447 41430471 85260 (1)1— $ 1,590$ 21,552$ 23,142 Lender Finance RE CRE Specialty Other Auto & Consumer Note 1: Asset-Based and Cash Flow Lending as of Q1 FY26 includes $1,020 million of loans and leases from the Verdant acquisition.

 
3 © 2025 Axos Financial, Inc. All Rights Reserved. 3 Three Months Ended September 30, 2025Three Months Ended June 30, 2025 Axos ReportedVCC Impact Axos excluding VCCAxos Reported($ millions) $ 291.1$ —$ 291.1$ 280.2Net interest income (17.3)(7.8)(9.5)(15.0)Provision for credit losses 32.3—32.341.3Non-interest income (156.2)(1.3)(154.9)(150.7)Non-interest expense $ 112.4$ (6.8)$ 119.2$ 110.7Net Income2 Income Statement Verdant Commercial Capital ("VCC") Acquisition Impact Note 1: Provision for credit losses reflects the "Day 1" adjustment to the allowance for credit losses following acquisition; non-interest expense reflects acquisition-related expenses incurred by Axos in connection with the acquisition. Note 2: Represents the total as included in Axos Financial, Inc.'s consolidated income statements, not the summation of components listed above

 
4 © 2025 Axos Financial, Inc. All Rights Reserved. 4 As of September 30, 2025As of June 30, 2025 Axos ReportedVCC Impact1Axos (excluding VCC)Axos Reported($ millions) $ 2,560.7$ 31.6$ 2,529.1$ 1,933.8Cash and cash equivalents 324.934.9290.0242.5Restricted cash 22,635.11,020.321,614.821,049.6 Loans—net of allowance for credit losses 205.772.8132.9134.5Goodwill and intangibles, net 1,127.7223.8903.9891.4Other assets $ 27,431.8$ 1,383.5$ 26,048.3$ 24,783.1Total assets2 $ 782.4$ 782.4$ —$ —Secured financings 431.029.3401.7410.2Accounts payable and other liabilities $ 24,638.7$ 811.7$ 23,827.0$ 22,102.4Total liabilities2 Note 1: Other assets includes $212.6 million of equipment under operating lease arrangements. Note 2: Represents the total as included in Axos Financial, Inc.'s consolidated balance sheets, not the summation of components listed above Balance Sheet Verdant Commercial Capital ("VCC") Acquisition Impact

 
5 © 2025 Axos Financial, Inc. All Rights Reserved. 5 Diversified Deposit Gathering Deposit balances as of September 30, 2025 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 $12.0B Specialty Deposits $2.6B Distribution Partners $0.3B Axos Securities1 $1.1B Small Business Banking $0.7BCommercial & Treasury Management $4.5B Diversified Deposit Gathering Business Lines Approximately 90% of deposits are FDIC-insured or collateralized

 
6 © 2025 Axos Financial, Inc. All Rights Reserved. 6 Change in Allowance for Credit Losses (ACL) & Unfunded Loan Commitments Reserve (UCL) ($ in millions) ACL + UCL ACL + UCL (6.4) 7.8 7.8

 
7 © 2025 Axos Financial, Inc. All Rights Reserved. 7 Credit Quality ($ millions) %Non-Accrual LoansLoans O/SSeptember 30, 2025 1.50 %$ 68$ 4,541Single Family-Mortgage & Warehouse 0.57162,794Multifamily and Commercial Mortgage 0.30227,295Commercial Real Estate 0.78627,981Commercial & Industrial - Non-RE 0.382531Auto & Consumer 0.74 %$ 170$ 23,142Total %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 %Non-Accrual LoansLoans O/SSeptember 30, 2024 1.42 %$ 59$ 4,152Single Family-Mortgage & Warehouse 0.85313,647Multifamily and Commercial Mortgage 0.66416,256Commercial Real Estate 0.82445,355Commercial & Industrial - Non-RE 0.482416Auto & Consumer 0.89 %$ 177$ 19,826Total

 
8 © 2025 Axos Financial, Inc. All Rights Reserved. 8 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Selected Balance Sheet Data: $ 23,569,084$ 23,709,422$ 23,981,154$ 24,783,078$ 27,431,817Total assets 19,280,60919,486,72720,193,63021,049,61022,635,137Loans—net of allowance for credit losses 14,56625,43615,64410,01212,202Loans held for sale, carried at fair value 263,854270,605279,950290,049307,431Allowance for credit losses 594241346649533Securities—trading 137,99697,84879,95866,00857,798Securities—available-for-sale 84,326114,67291,915139,396182,518Securities borrowed 262,774298,887300,907252,720263,095Customer, broker-dealer and clearing receivables 19,973,32919,934,90420,136,71420,829,54322,264,753Total deposits 90,00060,00060,00060,00060,000Advances from the FHLB ————782,423Secured financings 313,519358,692377,427312,671510,064Borrowings, subordinated notes and debentures 95,883135,258111,094139,426204,620Securities loaned 315,985309,593314,399350,606385,821Customer, broker-dealer and clearing payables $ 2,405,728$ 2,521,962$ 2,603,900$ 2,680,677$ 2,793,121Total stockholders’ equity 57,092,21657,097,63256,865,52456,483,61756,643,547Common shares outstanding at end of period 70,562,33370,571,33270,813,63771,101,64271,356,152Common shares issued at end of period Per Common Share Data: $ 42.14$ 44.17$ 45.79$ 47.46$ 49.31Book value per common share $ 39.22$ 41.27$ 42.91$ 44.60$ 45.21Tangible book value per common share (Non-GAAP)1 Capital Ratios: 10.21 %10.64 %10.86 %10.82 %10.18 %Equity to assets at end of period Axos Financial, Inc.: 9.78 %10.02 %10.45 %10.73 %10.26 %Tier 1 leverage (to adjusted average assets) 12.44 %12.42 %12.39 %12.52 %11.66 %Common equity tier 1 capital (to risk-weighted assets) 12.44 %12.42 %12.39 %12.52 %11.66 %Tier 1 capital (to risk-weighted assets) 15.29 %15.23 %15.21 %15.28 %15.20 %Total capital (to risk-weighted assets) Axos Bank: 9.82 %9.85 %10.14 %10.23 %9.69 %Tier 1 leverage (to adjusted average assets) 12.87 %12.67 %12.31 %12.42 %11.37 %Common equity tier 1 capital (to risk-weighted assets) 12.87 %12.67 %12.31 %12.42 %11.37 %Tier 1 capital (to risk-weighted assets) 14.06 %13.86 %13.49 %13.70 %12.62 %Total capital (to risk-weighted assets) Axos Clearing LLC: $ 85,292$ 83,932$ 79,264$ 86,996$ 91,442Net capital $ 80,081$ 78,282$ 73,172$ 81,834$ 86,042Excess capital 32.73 %29.71 %26.02 %33.71 %33.87 %Net capital as a percentage of aggregate debit items $ 72,264$ 69,805$ 64,035$ 74,091$ 77,942Net capital in excess of 5% aggregate debit items AXOS FINANCIAL, INC. SELECTED FINANCIAL INFORMATION (Unaudited – dollars in thousands)

 
9 © 2025 Axos Financial, Inc. All Rights Reserved. 9 At or For The Three Months Ended September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Selected Income Statement Data: $ 484,262$ 456,068$ 432,722$ 442,413$ 465,736Interest and dividend income 192,214175,969157,258162,252174,686Interest expense 292,048280,099275,464280,161291,050Net interest income 14,00012,24814,50014,99717,255Provision for credit losses 278,048267,851260,964265,164273,795Net interest income, after provision for credit losses 28,60927,79933,37341,28532,340Non-interest income 147,465145,320146,261150,652156,246Non-interest expense 159,192150,330148,076155,797149,889Income before income taxes 46,85245,64342,87045,12237,537Income taxes $ 112,340$ 104,687$ 105,206$ 110,675$ 112,352Net income Weighted average number of common shares outstanding: 56,934,67157,094,15357,029,07856,392,62056,512,587Basic 58,168,46858,226,00658,174,69657,782,82857,782,828Diluted Per Common Share Data: Net income: $ 1.97$ 1.83$ 1.84$ 1.96$ 1.99Basic $ 1.93$ 1.80$ 1.81$ 1.92$ 1.94Diluted $ 1.96$ 1.82$ 1.81$ 1.94$ 2.07Adjusted earnings per common share (Non-GAAP)1 Performance Ratios and Other Data: $ 49,224$ 206,118$ 706,903$ 855,980$ 1,585,527Growth in loans held for investment, net $ 69,570$ 66,826$ 20,962$ 42,487$ 47,122Loan originations for sale 1.92 %1.74 %1.77 %1.85 %1.77 %Return on average assets 19.12 %16.97 %16.44 %16.85 %15.94 %Return on average common stockholders’ equity 4.13 %3.91 %3.91 %3.97 %3.89 %Interest rate spread2 5.17 %4.83 %4.78 %4.84 %4.75 %Net interest margin3 5.21 %4.87 %4.83 %4.88 %4.80 %Net interest margin3 – Banking Business Segment 45.99 %47.20 %47.36 %46.87 %48.32 %Efficiency ratio4 39.83 %40.95 %41.53 %40.94 %42.89 %Efficiency ratio4 – Banking Business Segment Asset Quality Ratios: 0.17 %0.10 %0.09 %0.16 %0.11 %Net annualized charge-offs to average loans 0.89 %1.26 %0.89 %0.79 %0.74 %Nonaccrual loans to total loans 0.75 %1.06 %0.79 %0.71 %0.64 %Non-performing assets to total assets 1.35 %1.37 %1.37 %1.36 %1.34 %Allowance for credit losses - loans to total loans held for investment 149.32 %107.58 %151.28 %170.23 %180.41 %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)

 
10 © 2025 Axos Financial, Inc. All Rights Reserved. 10 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025(Dollars in thousands, except per share amounts) $ 112,340$ 104,687$ 105,206$ 110,675$ 112,352Net income 2,5541,6451,6041,6042,941Acquisition-related costs1 ————7,765Verdant acquisition - Provision for credit losses ——(1,879)——Other costs2 (752)(503)80(465)(2,681)Income taxes $ 114,142$ 105,829$ 105,011$ 111,814$ 120,377Adjusted earnings (non-GAAP) 58,168,46858,226,00658,174,69657,558,28057,782,828Average dilutive common shares outstanding $ 1.93$ 1.80$ 1.81$ 1.92$ 1.94Diluted EPS 0.040.030.030.030.05Acquisition-related costs1 ————0.13Verdant acquisition - Provision for credit losses ——(0.03)——Other costs2 (0.01)(0.01)—(0.01)(0.05)Income taxes $ 1.96$ 1.82$ 1.81$ 1.94$ 2.07Adjusted EPS (Non-GAAP) 1 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. 2 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. 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: September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025(Dollars in thousands, except per share amounts) $ 2,405,728$ 2,521,962$ 2,603,900$ 2,680,677$ 2,793,121Common stockholders’ equity 27,33528,04527,58527,21826,243Less: servicing rights, carried at fair value 139,215137,570135,966134,502205,747Less: goodwill and intangible assets $ 2,239,178$ 2,356,347$ 2,440,349$ 2,518,957$ 2,561,131Tangible common stockholders’ equity (Non-GAAP) 57,092,21657,097,63256,865,52456,483,61756,643,547Common shares outstanding at end of period $ 42.14$ 44.17$ 45.79$ 47.46$ 49.31Book value per common share $ 0.48$ 0.49$ 0.49$ 0.48$ 0.46Less: servicing rights, carried at fair value per common share $ 2.44$ 2.41$ 2.39$ 2.38$ 3.63Less: goodwill and other intangible assets per common share $ 39.22$ 41.27$ 42.91$ 44.60$ 45.22Tangible book value per common share (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

 
11 © 2025 Axos Financial, Inc. All Rights Reserved. 11 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