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0001299709false00012997092026-01-292026-01-29

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):  January 29, 2026

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 January 29, 2026, Axos Financial, Inc. (the “Registrant” or the “Company”) issued a press release announcing its fiscal second quarter results of operations for the period ended December 31, 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: January 29, 2026 By: /s/ Derrick K. Walsh  
    Derrick K. Walsh
    EVP and Chief Financial Officer

EX-99.1 2 pressrelease20251231axearn.htm EX-99.1 Document

axosfina13.jpg
Axos Financial, Inc. Reports Second Quarter Fiscal Year 2026 Results
LAS VEGAS, NV – (BUSINESS WIRE) – January 29, 2026 – Axos Financial, Inc. (NYSE: AX) (“Axos” or the “Company”) today announced unaudited financial results for the second fiscal quarter ended December 31, 2025. Net income was $128.4 million and diluted earnings per share (“EPS”) was $2.22 for the quarter ended December 31, 2025. Net income for the quarter ended December 31, 2024 was $104.7 million and diluted EPS was $1.80. Adjusted earnings and adjusted earnings per diluted common share (“Adjusted EPS”), non-GAAP measures described further below, increased $24.3 million to $130.2 million and increased $0.43 to $2.25, respectively, for the quarter ended December 31, 2025, compared to $105.8 million and $1.82, respectively, for the quarter ended December 31, 2024.
Second Quarter Fiscal 2026 Financial Summary
Three Months Ended
December 31,
(Dollars in thousands, except per share data) 2025 2024 % Change
Net interest income $ 331,709  $ 280,099  18.4  %
Non-interest income $ 53,378  $ 27,799  92.0  %
Net income $ 128,397  $ 104,687  22.6  %
Adjusted earnings (Non-GAAP)1
 $ 130,167  $ 105,829  23.0  %
Diluted EPS $ 2.22  $ 1.80  23.3  %
Adjusted EPS (Non-GAAP)1
 $ 2.25  $ 1.82  23.6  %
1 See “Use of Non-GAAP Financial Measures”
“Strong net interest income growth and a solid net interest margin resulted in a 23.3% year-over-year increase in our diluted earnings per share this quarter,” stated Greg Garrabrants, President and Chief Executive Officer of Axos. “Net interest income increased 14% linked quarter due to strong organic loan growth and positive contribution from a prepayment in our FDIC-purchased loans. Net ending loan balances increased by $1.6 billion linked quarter due to robust growth across several lending businesses, including commercial real estate specialty, capital calls, single-family warehouse and equipment leasing. Excluding the impact from the FDIC-purchased loan prepayment and the Verdant on-balance sheet securitizations, net interest margin for the three months ended December 31, 2025 was roughly flat linked quarter.”
“Non-interest income was $53.4 million for the quarter ended December 31, 2025, including $18.9 million related to operating lease rental and other income from Verdant, compared to $32.3 million in the prior quarter,” said Derrick Walsh, Chief Financial Officer of Axos. “Non-interest expenses in the quarter ended December 31, 2025 included approximately $14.8 million of non-cash depreciation and amortization expenses and $11.0 million of other expenses related to Verdant. Excluding these two Verdant items, non-interest expenses were relatively flat linked quarter.”
Other Highlights
•Ending net loan balances were $24.3 billion at December 31, 2025, reflecting a net change in loans of $1.6 billion for the three months ended December 31, 2025
•Net annualized charge-offs to average loans was 4 basis points for the three months ended December 31, 2025, down from 10 basis points in the three months ended December 31, 2024
•Non-performing assets to total assets were 0.56% as of December 31, 2025, down from 0.71% as of June 30, 2025
•Net interest margin was 4.94% for the three months ended December 31, 2025 compared to 4.83% for the three months ended December 31, 2024
•Non-interest income was $53.4 million for the three months ended December 31, 2025, up 92.0% from $27.8 million for the three months ended December 31, 2024, as the acquisition of Verdant Commercial Capital, LLC (“Verdant”) contributed to the growth


•Total deposits were $23.2 billion at December 31, 2025, an increase of over $2.4 billion, or 23.1% annualized, from $20.8 billion at June 30, 2025
•Added $937.7 million of net new assets under custody during the three months ended December 31, 2025; total assets under custody and/or administration was $44.4 billion at December 31, 2025, compared to $43.0 billion at September 30, 2025
•Book value per share increased to $51.70 at December 31, 2025, up 17.0% from $44.17 at December 31, 2024
Second Quarter Fiscal 2026 Income Statement Summary
Net income was $128.4 million and diluted EPS was $2.22 for the three months ended December 31, 2025, compared to net income of $104.7 million and diluted EPS of $1.80 for the three months ended December 31, 2024. Net interest income increased $51.6 million or 18.4% for the three months ended December 31, 2025, compared to the three months ended December 31, 2024, primarily due to an increase in interest income earned on loans, partially offset by an increase in interest expense on secured financings and other borrowings.
The provision for credit losses was $25.0 million for the three months ended December 31, 2025, compared to $12.2 million for the three months ended December 31, 2024. The provision for credit losses for the three months ended December 31, 2025, was primarily driven by loan growth and the impact of macroeconomic variables used in the allowance for credit losses model.
Non-interest income increased to $53.4 million for the three months ended December 31, 2025, compared to $27.8 million for the three months ended December 31, 2024. The increase was primarily due to higher banking and service fee income mainly attributable to operating lease rental and other income from the Verdant acquisition, and higher mortgage banking and servicing rights income.
Non-interest expense, comprised of various operating expenses, increased $39.3 million to $184.6 million for the three months ended December 31, 2025 from $145.3 million for the three months ended December 31, 2024. The increase was primarily due to higher depreciation and amortization, mainly attributable to the Verdant acquisition in the prior quarter, higher general and administrative expense, and higher salaries and related costs.
Balance Sheet Summary
Axos’ total assets increased by $3.4 billion, or 13.8%, to $28.2 billion, at December 31, 2025, from $24.8 billion at June 30, 2025, primarily attributable to an increase in loans and other assets, each mainly attributable to the Verdant acquisition in the prior quarter. Total liabilities increased by $3.2 billion, or 14.3%, to $25.3 billion at December 31, 2025, from $22.1 billion at June 30, 2025, primarily attributable to higher deposit balances, as well as secured financings attributable to the Verdant acquisition in the prior quarter. Stockholders’ equity increased $249.4 million, or 9.3%, to $2.9 billion at December 31, 2025 from $2.7 billion at June 30, 2025, primarily due to net income of $240.7 million.
Conference Call
A conference call and webcast will be held on Thursday, January 29, 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 February 28, 2026 at Axos’ website and telephonically by dialing toll-free number 877-660-6853, passcode 13757841.
About Axos Financial, Inc. and Subsidiaries
Axos Financial, Inc., with approximately $28.2 billion in consolidated assets as of December 31, 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 $44.4 billion of assets under custody and/or administration as of December 31, 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 December 31, 2025
(Dollars in thousands) Banking
Business Segment		 Securities Business Segment Corporate/Eliminations Axos Consolidated
Net interest income $ 328,499  $ 8,642  $ (5,432) $ 331,709 
Provision for credit losses 25,000  —  —  25,000 
Non-interest income 32,812  30,171  (9,605) 53,378 
Non-interest expense 149,537  29,102  5,935  184,574 
Income before income taxes $ 186,774  $ 9,711  $ (20,972) $ 175,513 
For the Three Months Ended December 31, 2024
(Dollars in thousands) Banking
Business Segment		 Securities Business Segment Corporate/Eliminations Axos Consolidated
Net interest income $ 276,720  $ 7,007  $ (3,628) $ 280,099 
Provision for credit losses 12,248  —  —  12,248 
Non-interest income 2,948  29,004  (4,153) 27,799 
Non-interest expense 114,536  28,178  2,606  145,320 
Income before income taxes $ 152,884  $ 7,833  $ (10,387) $ 150,330 
For the Six Months Ended December 31, 2025
(Dollars in thousands) Banking
Business Segment		 Securities Business Segment Corporate/Eliminations Axos Consolidated
Net interest income $ 615,699  $ 16,836  $ (9,776) $ 622,759 
Provision for credit losses 42,255  —  —  42,255 
Non-interest income 45,187  59,628  (19,097) 85,718 
Non-interest expense 278,030  58,469  4,321  340,820 
Income before income taxes $ 340,601  $ 17,995  $ (33,194) $ 325,402 
For the Six Months Ended December 31, 2024
(Dollars in thousands) Banking
Business Segment		 Securities Business Segment Corporate/Eliminations Axos Consolidated
Net interest income $ 565,212  $ 14,274  $ (7,339) $ 572,147 
Provision for credit losses 26,248  —  —  26,248 
Non-interest income 11,538  58,906  (14,036) 56,408 
Non-interest expense 232,851  56,269  3,665  292,785 
Income before income taxes $ 317,651  $ 16,911  $ (25,040) $ 309,522 


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 December 31,
For the Six Months Ended December 31,
(Dollars in thousands, except per share data) 2025 2024 2025 2024
Net income $ 128,397  $ 104,687  $ 240,749  $ 217,027 
Acquisition-related costs1
 2,419  1,645  5,360  4,199 
Verdant acquisition - Provision for credit losses —  —  7,765  — 
Income tax effect (649) (503) (3,415) (1,255)
Adjusted earnings (Non-GAAP) $ 130,167  $ 105,829  $ 250,459  $ 219,971 
Average dilutive common shares outstanding 57,731,339  58,226,006  57,792,146  58,262,923 
Diluted EPS $ 2.22  $ 1.80  $ 4.17  $ 3.72 
Acquisition-related costs1
 0.04  0.03  0.09  0.07 
Verdant acquisition - Provision for credit losses —  —  0.13  — 
Income tax effect (0.01) (0.01) (0.06) (0.02)
   Adjusted EPS (Non-GAAP) $ 2.25  $ 1.82  $ 4.33  $ 3.77 
1 Acquisition-related costs includes amortization of intangible assets, and for the six months ended December 31, 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) December 31,
2025		 June 30,
2025		 December 31,
2024
Common stockholders’ equity $ 2,930,092  $ 2,680,677  $ 2,521,962 
Less: servicing rights, carried at fair value 25,431  27,218  28,045 
Less: goodwill and other intangible assets—net 196,119  134,502  137,570 
Tangible common stockholders’ equity (Non-GAAP) $ 2,708,542  $ 2,518,957  $ 2,356,347 
Common shares outstanding at end of period 56,677,323  56,483,617  57,097,632 
Book value per common share $ 51.70  47.46  $ 44.17 
Less: servicing rights, carried at fair value per common share 0.45  0.48  0.49 
Less: goodwill and other intangible assets—net per common share 3.46  2.38  2.41 
Tangible book value per common share (Non-GAAP) $ 47.79  $ 44.60  $ 41.27 



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)
December 31,
2025		 June 30,
2025		 December 31, 2024
Selected Balance Sheet Data:
Total assets $ 28,201,406 $ 24,783,078 $ 23,709,422
Loans—net of allowance for credit losses 24,272,552 21,049,610 19,486,727
Loans held for sale, carried at fair value 18,826 10,012 25,436
Allowance for credit losses 327,043 290,049 270,605
Trading securities 880 649 241
Available-for-sale securities 811,126 66,008 97,848
Securities borrowed 109,141 139,396 114,672
Customer, broker-dealer and clearing receivables 277,308 252,720 298,887
Total deposits 23,232,748 20,829,543 19,934,904
Advances from the Federal Home Loan Bank 60,000 60,000 90,000
Secured financings
 691,507 — —
Borrowings, subordinated notes and debentures 364,814 312,671 358,692
Securities loaned 128,869 139,426 135,258
Customer, broker-dealer and clearing payables 358,727 350,606 309,593
Total stockholders’ equity $ 2,930,092 $ 2,680,677 $ 2,521,962
Common shares outstanding at end of period 56,677,323 56,483,617 57,097,632
Common shares issued at end of period 71,419,706 71,101,642 70,571,332
Per Common Share Data:
Book value per common share $ 51.70 $ 47.46 $ 44.17
Tangible book value per common share (Non-GAAP)1
 $ 47.79 $ 44.60 $ 41.27
Capital Ratios:
Equity to assets at end of period 10.39  % 10.82  % 10.64  %
Axos Financial, Inc.:
Tier 1 leverage (to adjusted average assets) 9.80  % 10.73  % 10.02  %
Common equity tier 1 capital (to risk-weighted assets) 11.65  % 12.52  % 12.42  %
Tier 1 capital (to risk-weighted assets) 11.65  % 12.52  % 12.42  %
Total capital (to risk-weighted assets) 14.39  % 15.28  % 15.23  %
Axos Bank:
Tier 1 leverage (to adjusted average assets) 9.15  % 10.23  % 9.85  %
Common equity tier 1 capital (to risk-weighted assets) 11.12  % 12.42  % 12.67  %
Tier 1 capital (to risk-weighted assets) 11.12  % 12.42  % 12.67  %
Total capital (to risk-weighted assets) 12.37  % 13.70  % 13.86  %
Axos Clearing LLC:
Net capital $ 94,673  $ 86,996  $ 83,932 
Excess capital $ 88,369  $ 81,834  $ 78,282 
Net capital as a percentage of aggregate debit items 30.04  % 33.71  % 29.71  %
Net capital in excess of 5% aggregate debit items $ 78,913  $ 74,091  $ 69,805 




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
Six Months Ended
December 31, December 31,
(Dollars in thousands, except per share data) 2025 2024 2025 2024
Selected Income Statement Data:
Interest and dividend income $ 513,845 $ 456,068 $ 979,581 $ 940,330
Interest expense 182,136 175,969 356,822 368,183
Net interest income 331,709 280,099 622,759 572,147
Provision for credit losses 25,000 12,248 42,255 26,248
Net interest income, after provision for credit losses 306,709 267,851 580,504 545,899
Non-interest income 53,378 27,799 85,718 56,408
Non-interest expense 184,574 145,320 340,820 292,785
Income before income taxes 175,513 150,330 325,402 309,522
Income tax expense 47,116 45,643 84,653 92,495
Net income $ 128,397 $ 104,687 $ 240,749 $ 217,027
Weighted average number of common shares outstanding:
Basic 56,660,833 57,094,153 56,586,710 57,014,412
Diluted 57,731,339 58,226,006 57,792,146 58,262,923
Per Common Share Data:
Net income:
Basic $ 2.27 $ 1.83 $ 4.25 $ 3.81
Diluted $ 2.22 $ 1.80 $ 4.17 $ 3.72
Adjusted earnings per common share (Non-GAAP)1
 $ 2.25 $ 1.82 $ 4.33 $ 3.77
Performance Ratios and Other Data:
Growth in loans held for investment, net $ 1,637,415 $ 206,118 $ 3,222,942 $ 255,342
Loan originations for sale 61,009 66,826 108,131 136,396
Return on average assets 1.83  % 1.74  % 1.80  % 1.83  %
Return on average common stockholders’ equity 17.44  % 16.97  % 16.70  % 18.02  %
Interest rate spread2
 4.17  % 3.91  % 4.03  % 4.01  %
Net interest margin3
 4.94  % 4.83  % 4.85  % 5.00  %
Net interest margin3 – Banking Business Segment
 5.02  % 4.87  % 4.91  % 5.04  %
Efficiency ratio4
 47.93  % 47.20  % 48.11  % 46.58  %
Efficiency ratio4 – Banking Business Segment
 41.39  % 40.95  % 42.07  % 40.37  %
Asset Quality Ratios:
Net annualized charge-offs to average loans 0.04  % 0.10  % 0.07  % 0.13  %
Non-accrual loans to total loans
 0.61  % 1.26  % 0.61  % 1.26  %
Non-performing assets to total assets 0.56  % 1.06  % 0.56  % 1.06  %
Allowance for credit losses - loans to total loans held for investment 1.33  % 1.37  % 1.33  % 1.37  %
Allowance for credit losses - loans to non-accrual loans5
 215.81  % 107.58  % 215.81  % 107.58  %
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 3 decsupplement.htm EX-99.2 decsupplement
Axos Q2 Fiscal 2026 Earnings Supplement NYSE: AXJanuary 29, 2026

 
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 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)Q1 FY26Q2 FY26 $ (2)$ 3,753$ 3,751 2567881,044 (116)1,5851,469 (180)1,2091,029 1,0116,0507,061 971,2451,342 (186)2,5872,401 4683,9474,415 2411,4471,688 36471507 96069 $ 1,634$ 23,142$ 24,776 Lender Finance RE CRE Specialty Auto & Consumer

 
3 © 2025 Axos Financial, Inc. All Rights Reserved. 3 Three Months Ended December 31, 2025 ($ millions) Net Interest Income $ 24.3Interest Income - Loans and Leases (8.3)Interest Expense - External (4.8)Interest Expense - Internal (Axos Transfer Pricing)1 $ 11.2Total Net Interest Income $ (1.2)Provision for Credit Losses Non-Interest Income $ 14.1Operating Lease Income 4.8Other Income $ 18.9Total Non-Interest Income Non-interest Expense $ (14.8)Depreciation & Amortization Expense (11.0)Other Non-interest Expense $ (25.8)Total Non-interest Expense $ 3.1Pre Tax Income Income Statement Verdant Commercial Capital ("VCC") Impact Note 1: Term SOFR + 40bps applied to monthly average non-securitized loans and leases

 
4 © 2025 Axos Financial, Inc. All Rights Reserved. 4 Diversified Deposit Gathering Deposit balances as of December 31, 2025 Note 1: Excludes approximately $460 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 $11.3B Specialty Deposits $3.4B Distribution Partners $0.3B Axos Securities1 $1.1B Small Business Banking $0.8BCommercial & Treasury Management $5.2B Approximately 85% of deposits are FDIC-insured or collateralized Total Deposits: $23.2B

 
5 © 2025 Axos Financial, Inc. All Rights Reserved. 5 Change in Allowance for Credit Losses (ACL) & Unfunded Loan Commitments Reserve (UCL) ($ in millions) ACL + UCL ACL + UCL (4.8)

 
6 © 2025 Axos Financial, Inc. All Rights Reserved. 6 Credit Quality ($ millions) %Non-Accrual LoansLoans O/SDecember 31, 2025 1.17 %$ 56$ 4,795Single Family-Mortgage & Warehouse 0.2462,498Multifamily and Commercial Mortgage 0.26228,403Commercial Real Estate 0.76658,504Commercial & Industrial - Non-RE 0.523576Auto & Consumer 0.61 %$ 152$ 24,776Total %Non-Accrual LoansLoans O/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/SDecember 31, 2024 1.69 %$ 70$ 4,150Single Family-Mortgage & Warehouse 1.43493,431Multifamily and Commercial Mortgage 0.97606,215Commercial Real Estate 1.22715,810Commercial & Industrial - Non-RE 0.482420Auto & Consumer 1.26 %$ 252$ 20,026Total

 
7 © 2025 Axos Financial, Inc. All Rights Reserved. 7 December 31, 2024March 31, 2025June 30, 2025 September 30, 2025 December 31, 2025 Selected Balance Sheet Data: $ 23,709,422$ 23,981,154$ 24,783,078$ 27,431,817$ 28,201,406Total assets 19,486,72720,193,63021,049,61022,635,13724,272,552Loans—net of allowance for credit losses 25,43615,64410,01212,20218,826Loans held for sale, carried at fair value 270,605279,950290,049307,431327,043Allowance for credit losses 241346649533880Securities—trading 97,84879,95866,00857,798811,126Securities—available-for-sale 114,67291,915139,396182,518109,141Securities borrowed 298,887300,907252,720263,095277,308Customer, broker-dealer and clearing receivables 19,934,90420,136,71420,829,54322,264,75323,232,748Total deposits 60,00060,00060,00060,00060,000Advances from the FHLB ———782,423691,507Secured financings 358,692377,427312,671510,064364,814Borrowings, subordinated notes and debentures 135,258111,094139,426204,620128,869Securities loaned 309,593314,399350,606385,821358,727Customer, broker-dealer and clearing payables $ 2,521,962$ 2,603,900$ 2,680,677$ 2,793,121$ 2,930,092Total stockholders’ equity 57,097,63256,865,52456,483,61756,643,54756,677,323Common shares outstanding at end of period 70,571,33270,813,63771,101,64271,356,15271,419,706Common shares issued at end of period Per Common Share Data: $ 44.17$ 45.79$ 47.46$ 49.31$ 51.70Book value per common share $ 41.27$ 42.91$ 44.60$ 45.21$ 47.79Tangible book value per common share (Non-GAAP)1 Capital Ratios: 10.64 %10.86 %10.82 %10.18 %10.39 %Equity to assets at end of period Axos Financial, Inc.: 10.02 %10.45 %10.73 %10.26 %9.80 %Tier 1 leverage (to adjusted average assets) 12.42 %12.39 %12.52 %11.66 %11.65 %Common equity tier 1 capital (to risk-weighted assets) 12.42 %12.39 %12.52 %11.66 %11.65 %Tier 1 capital (to risk-weighted assets) 15.23 %15.21 %15.28 %15.20 %14.39 %Total capital (to risk-weighted assets) Axos Bank: 9.85 %10.14 %10.23 %9.69 %9.15 %Tier 1 leverage (to adjusted average assets) 12.67 %12.31 %12.42 %11.37 %11.12 %Common equity tier 1 capital (to risk-weighted assets) 12.67 %12.31 %12.42 %11.37 %11.12 %Tier 1 capital (to risk-weighted assets) 13.86 %13.49 %13.70 %12.62 %12.37 %Total capital (to risk-weighted assets) Axos Clearing LLC: $ 83,932$ 79,264$ 86,996$ 91,442$ 94,673Net capital $ 78,282$ 73,172$ 81,834$ 86,042$ 88,369Excess capital 29.71 %26.02 %33.71 %33.87 %30.04 %Net capital as a percentage of aggregate debit items $ 69,805$ 64,035$ 74,091$ 77,942$ 78,913Net capital in excess of 5% aggregate debit items AXOS FINANCIAL, INC. SELECTED FINANCIAL INFORMATION (Unaudited – dollars in thousands)

 
8 © 2025 Axos Financial, Inc. All Rights Reserved. 8 At or For The Three Months Ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Selected Income Statement Data: $ 456,068$ 432,722$ 442,413$ 465,736$ 513,845Interest and dividend income 175,969157,258162,252174,686182,136Interest expense 280,099275,464280,161291,050331,709Net interest income 12,24814,50014,99717,25525,000Provision for credit losses 267,851260,964265,164273,795306,709Net interest income, after provision for credit losses 27,79933,37341,28532,34053,378Non-interest income 145,320146,261150,652156,246184,574Non-interest expense 150,330148,076155,797149,889175,513Income before income taxes 45,64342,87045,12237,53747,116Income taxes $ 104,687$ 105,206$ 110,675$ 112,352$ 128,397Net income Weighted average number of common shares outstanding: 57,094,15357,029,07856,392,62056,512,58756,660,833Basic 58,226,00658,174,69657,558,28057,782,82857,731,339Diluted Per Common Share Data: Net income: $ 1.83$ 1.84$ 1.96$ 1.99$ 2.27Basic $ 1.80$ 1.81$ 1.92$ 1.94$ 2.22Diluted $ 1.82$ 1.81$ 1.94$ 2.07$ 2.25Adjusted earnings per common share (Non-GAAP)1 Performance Ratios and Other Data: $ 206,118$ 706,903$ 855,980$ 1,585,527$ 1,637,415Growth in loans held for investment, net $ 66,826$ 20,962$ 42,487$ 47,122$ 61,009Loan originations for sale 1.74 %1.77 %1.85 %1.77 %1.83 %Return on average assets 16.97 %16.44 %16.85 %15.94 %17.44 %Return on average common stockholders’ equity 3.91 %3.91 %3.97 %3.89 %4.17 %Interest rate spread2 4.83 %4.78 %4.84 %4.75 %4.94 %Net interest margin3 4.87 %4.83 %4.88 %4.80 %5.02 %Net interest margin3 – Banking Business Segment 47.20 %47.36 %46.87 %48.32 %47.93 %Efficiency ratio4 40.95 %41.53 %40.94 %42.89 %41.39 %Efficiency ratio4 – Banking Business Segment Asset Quality Ratios: 0.10 %0.09 %0.16 %0.11 %0.04 %Net annualized charge-offs to average loans 1.26 %0.89 %0.79 %0.74 %0.61 %Nonaccrual loans to total loans 1.06 %0.79 %0.71 %0.64 %0.56 %Non-performing assets to total assets 1.37 %1.37 %1.36 %1.34 %1.33 %Allowance for credit losses - loans to total loans held for investment 107.58 %151.28 %170.23 %180.41 %215.81 %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)

 
9 © 2025 Axos Financial, Inc. All Rights Reserved. 9 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025(Dollars in thousands, except per share amounts) $ 104,687$ 105,206$ 110,675$ 112,352$ 128,397Net income 1,6451,6041,6042,9412,419Acquisition-related costs1 ———7,765—Verdant acquisition - Provision for credit losses —(1,879)———Other costs2 (503)80(465)(2,681)(649)Income taxes $ 105,829$ 105,011$ 111,814$ 120,377$ 130,167Adjusted earnings (non-GAAP) 58,226,00658,174,69657,558,28057,782,82857,731,339Average dilutive common shares outstanding $ 1.80$ 1.81$ 1.92$ 1.94$ 2.22Diluted EPS 0.030.030.030.050.04Acquisition-related costs1 ———0.13—Verdant acquisition - Provision for credit losses —(0.03)———Other costs2 (0.01)—(0.01)(0.05)(0.01)Income taxes $ 1.82$ 1.81$ 1.94$ 2.07$ 2.25Adjusted 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: December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025(Dollars in thousands, except per share amounts) $ 2,521,962$ 2,603,900$ 2,680,677$ 2,793,121$ 2,930,092Common stockholders’ equity 28,04527,58527,21826,24325,431Less: servicing rights, carried at fair value 137,570135,966134,502205,747196,119Less: goodwill and intangible assets $ 2,356,347$ 2,440,349$ 2,518,957$ 2,561,131$ 2,708,542Tangible common stockholders’ equity (Non-GAAP) 57,097,63256,865,52456,483,61756,643,54756,677,323Common shares outstanding at end of period $ 44.17$ 45.79$ 47.46$ 49.31$ 51.70Book value per common share $ 0.49$ 0.49$ 0.48$ 0.46$ 0.45Less: servicing rights, carried at fair value per common share $ 2.41$ 2.39$ 2.38$ 3.63$ 3.46Less: goodwill and other intangible assets per common share $ 41.27$ 42.91$ 44.60$ 45.22$ 47.79Tangible 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

 
10 © 2025 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