While total revenue grew to $569.5 million in Q4 2026, the efficiency ratio deteriorated sharply to 55.2% from 47.4% in the prior quarter, driven by a collapse in non-interest income that highlighted earnings volatility.
Axos Financial, Inc. (AX) annual income statement — 23-year revenue, gross profit & net income history
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 |
|---|
| Net Interest Income | 1.25B | 1.13B | 961.43M | 783.12M | 607.16M | 538.74M | 477.61M | 408.61M | 368.49M | 313.23M | 261.01M | 198.94M | 137.1M | 101.63M | 79.19M | 58.51M | 50.62M | 36.36M | 18.02M | 10.85M | 9.96M | 8.97M | 6.53M | 5.09M |
| NII Growth % | 42.73% | 17.3% | 22.77% | 28.98% | 12.7% | 12.8% | 16.89% | 10.89% | 17.64% | 20.01% | 31.2% | 45.11% | 34.9% | 28.34% | 35.33% | 15.59% | 39.22% | 101.77% | 66.11% | 8.97% | 10.99% | 37.35% | 28.34% | - |
| Net Interest Margin % | 4.16% | 4.55% | 4.21% | 3.85% | 3.48% | 3.78% | 3.45% | 3.64% | 3.86% | 3.68% | 3.43% | 3.42% | 3.11% | 3.29% | 3.32% | 3.02% | 3.56% | 2.79% | 1.51% | 1.15% | 1.35% | 1.47% | 1.61% | 1.86% |
| Interest Income | 1.96B | 1.82B | 1.66B | 1.16B | 659.73M | 617.86M | 622.84M | 564.89M | 475.07M | 387.29M | 317.71M | 244.36M | 172.88M | 135.65M | 115.73M | 92.94M | 85.57M | 77.78M | 63.3M | 44.59M | 32.71M | 22.48M | 15.77M | 13.51M |
| Interest Expense | 710.04M | 687.69M | 694.18M | 374.02M | 52.57M | 79.12M | 145.23M | 156.28M | 106.58M | 74.06M | 56.7M | 45.42M | 35.78M | 34.03M | 36.55M | 34.42M | 34.95M | 41.42M | 45.28M | 33.74M | 22.76M | 13.51M | 9.24M | 8.43M |
| Loan Loss Provision | 101.11M | 55.74M | 32.5M | 24.25M | 23.75M | 23.75M | 42.2M | 27.35M | 25.8M | 11.06M | 9.7M | 11.2M | 5.35M | 7.55M | 8.06M | 5.8M | 5.78M | 4.73M | 2.23M | -25K | 60K | 370K | 255K | 285K |
| Non-Interest Income | 233.58M | 114M | 112M | 107.06M | 98.18M | 94.11M | 94.78M | 79.94M | 70.94M | 68.13M | 66.34M | 30.59M | 22.45M | 27.71M | 16.37M | 7.99M | 8.32M | -5.23M | 2.38M | 1.18M | 1.34M | 907K | 1.19M | 1.35M |
| Non-Interest Income % | 15.78% | 9.18% | 10.43% | 12.03% | 13.92% | 14.87% | 16.56% | 16.36% | 16.14% | 17.87% | 20.27% | 13.33% | 14.07% | 21.42% | 17.13% | 12.02% | 14.11% | -16.81% | 11.66% | 9.81% | 11.88% | 9.18% | 15.41% | 20.96% |
| Total Net Revenue | 1.48B | 1.24B | 1.07B | 890.18M | 705.34M | 632.85M | 572.39M | 488.54M | 439.44M | 381.36M | 327.35M | 229.53M | 159.55M | 129.34M | 95.56M | 66.51M | 58.94M | 31.13M | 20.4M | 12.03M | 11.3M | 9.88M | 7.72M | 6.44M |
| Revenue Growth % | 19.22% | 15.68% | 20.59% | 26.21% | 11.45% | 10.56% | 17.16% | 11.17% | 15.23% | 16.5% | 42.61% | 43.86% | 23.36% | 35.35% | 43.68% | 12.85% | 89.34% | 52.59% | 69.6% | 6.47% | 14.39% | 27.93% | 19.93% | - |
| Non-Interest Expense | 732.72M | 572.63M | 405.45M | 434.18M | 341.63M | 303.36M | 267.56M | 248.38M | 173.94M | 137.6M | 112.76M | 77.48M | 59.93M | 53.59M | 37.96M | 26.53M | 17.28M | 14.35M | 11.16M | 6.45M | 5.79M | 4.75M | 3.82M | 3.16M |
| Efficiency Ratio | 49.49% | 46.11% | 37.77% | 48.77% | 48.43% | 47.94% | 46.74% | 50.84% | 39.58% | 36.08% | 34.44% | 33.75% | 37.56% | 41.43% | 39.72% | 39.9% | 29.33% | 46.1% | 54.72% | 53.62% | 51.24% | 48.05% | 49.47% | 49.06% |
| Operating Income | 646.67M | 613.39M | 635.48M | 431.74M | 339.96M | 305.74M | 262.63M | 212.81M | 239.7M | 232.69M | 204.9M | 140.86M | 94.27M | 68.2M | 49.54M | 34.17M | 35.88M | 12.05M | 7.01M | 5.6M | 5.45M | 4.76M | 3.65M | 2.99M |
| Operating Margin % | 43.68% | 49.4% | 59.2% | 48.5% | 48.2% | 48.31% | 45.88% | 43.56% | 54.55% | 61.02% | 62.59% | 61.37% | 59.08% | 52.73% | 51.84% | 51.38% | 60.88% | 38.71% | 34.37% | 46.58% | 48.23% | 48.21% | 47.23% | 46.51% |
| Operating Income Growth % | - | -3.48% | 47.19% | 27% | 11.19% | 16.41% | 23.41% | -11.22% | 3.01% | 13.57% | 45.46% | 49.42% | 38.22% | 37.68% | 44.96% | -4.75% | 197.78% | 71.84% | 25.13% | 2.85% | 14.43% | 30.58% | 21.78% | - |
| Pretax Income | 646.67M | 613.39M | 635.48M | 431.74M | 339.96M | 305.74M | 262.63M | 212.81M | 239.7M | 232.69M | 204.9M | 140.86M | 94.27M | 68.2M | 49.54M | 34.17M | 35.88M | 12.05M | 7.01M | 5.6M | 5.45M | 4.76M | 3.65M | 2.99M |
| Pretax Margin % | 43.68% | 49.4% | 59.2% | 48.5% | 48.2% | 48.31% | 45.88% | 43.56% | 54.55% | 61.02% | 62.59% | 61.37% | 59.08% | 52.73% | 51.84% | 51.38% | 60.88% | 38.71% | 34.37% | 46.58% | 48.23% | 48.21% | 47.23% | 46.51% |
| Income Tax | 156.3M | 180.49M | 185.47M | 124.58M | 99.24M | 90.04M | 79.19M | 57.67M | 87.29M | 97.95M | 85.6M | 58.17M | 38.31M | 27.91M | 20.06M | 13.59M | 14.75M | 4.91M | 2.81M | 2.28M | 2.18M | 1.89M | 1.47M | 1.26M |
| Effective Tax Rate % | 24.17% | 29.42% | 29.19% | 28.85% | 29.19% | 29.45% | 30.15% | 27.1% | 36.42% | 42.1% | 41.78% | 41.3% | 40.64% | 40.92% | 40.5% | 39.78% | 41.11% | 40.72% | 40.15% | 40.76% | 40.05% | 39.74% | 40.35% | 42.22% |
| Net Income | 490.37M | 432.91M | 450.01M | 307.17M | 240.72M | 215.71M | 183.44M | 155.13M | 152.41M | 134.74M | 119.29M | 82.68M | 55.96M | 40.29M | 29.48M | 20.58M | 21.13M | 7.14M | 4.2M | 3.32M | 3.27M | 2.87M | 2.17M | 1.73M |
| Net Margin % | 33.12% | 34.86% | 41.92% | 34.51% | 34.13% | 34.08% | 32.05% | 31.75% | 34.68% | 35.33% | 36.44% | 36.02% | 35.07% | 31.15% | 30.85% | 30.94% | 35.85% | 22.95% | 20.57% | 27.59% | 28.91% | 29.05% | 28.17% | 26.88% |
| Net Income Growth % | 13.27% | -3.8% | 46.5% | 27.6% | 11.59% | 17.59% | 18.25% | 1.78% | 13.11% | 12.95% | 44.28% | 47.76% | 38.88% | 36.69% | 43.23% | -2.6% | 195.83% | 70.21% | 26.42% | 1.62% | 13.84% | 31.91% | 25.72% | - |
| Net Income (Continuing) | 490.37M | 432.91M | 450.01M | 307.17M | 240.72M | 215.71M | 183.44M | 155.13M | 152.41M | 134.74M | 119.29M | 82.68M | 55.96M | 40.29M | 29.48M | 20.58M | 21.13M | 7.14M | 4.2M | 3.32M | 3.27M | 2.87M | 2.17M | 1.73M |
| EPS (Diluted) | 8.49 | 7.43 | 7.66 | 5.07 | 3.97 | 3.56 | 2.98 | 2.49 | 2.38 | 2.07 | 1.85 | 1.34 | 0.96 | 0.72 | 0.58 | 0.47 | 0.56 | 0.19 | 0.12 | 0.09 | 0.09 | 0.10 | 0.10 | 0.09 |
| EPS Growth % | 13.54% | -3% | 51.08% | 27.71% | 11.52% | 19.46% | 19.68% | 4.62% | 14.98% | 11.89% | 38.06% | 39.58% | 33.33% | 24.14% | 23.4% | -16.07% | 194.74% | 58.33% | 33.33% | 5.88% | -15% | 2.56% | 14.71% | - |
| EPS (Basic) | - | 7.61 | 7.82 | 5.15 | 4.04 | 3.64 | 3.01 | 2.51 | 2.36 | 2.07 | 1.85 | 1.35 | 0.97 | 0.75 | 0.61 | 0.47 | 0.58 | 0.20 | 0.12 | 0.09 | 0.09 | 0.11 | 0.11 | 0.10 |
| Diluted Shares Outstanding | 57.74M | 58.24M | 58.73M | 60.57M | 60.61M | 60.52M | 61.44M | 62.38M | 64.15M | 64.94M | 64.31M | 61.36M | 57.81M | 54.61M | 48.42M | 43.43M | 37.59M | 35.51M | 33.5M | 33.41M | 34.19M | 24.64M | 20.87M | 20.54M |
Quick answers to the most common questions about buying AX stock.
For fiscal year 2025, Axos Financial, Inc. (AX) reported total revenue of $1.24B. This represents a 19191.2% increase compared to $6.4M in 2003.
Axos Financial, Inc. (AX) is profitable, generating $432.9M in net income for the fiscal year ending 2025 with a net profit margin of 34.9%.
Axos Financial, Inc. (AX) reported an operating income of $613.4M, resulting in an operating profit margin of 49.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Axos Financial, Inc. (AX) generated $1.19B in gross profit for the year, representing a gross profit margin of 95.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Fee income volatility and credit cost normalization
Metrics are mathematically derived from official filings.
NII Momentum Decelerates After Peak Growth
Net interest income growth decelerated to 13.5% year-over-year in Q4 2026, down from a peak of 38.3% in Q1 2025, suggesting the bank is normalizing after a period of rapid loan book expansion and favorable repricing.
The trajectory shows a clear slowdown from the rapid growth seen in early 2025, which appears to have been driven by the acquisition and integration of Axos Advisor Services and the initial repricing of assets. The sequential decline in NII from Q2 to Q4 of fiscal 2026, despite a stable NIM, indicates that balance sheet growth may be plateauing or that funding costs are catching up, requiring investors to focus on volume drivers rather than rate tailwinds.
NIM Stability Masks Underlying Funding Cost Pressures
Net interest margin has oscillated within a tight 1.0%-1.2% band over the past ten quarters, yet the recent dip to 1.0% in Q3 2026 alongside a spike in provision expense suggests asset yields may not be fully compensating for rising deposit costs.
The narrow NIM range is characteristic of a well-managed digital bank with a disciplined funding strategy, but the inability to expand margins meaningfully in a favorable rate environment raises questions about asset-liability management. The recent compression to 1.0% in Q3, followed by a partial recovery, warrants monitoring for a sustained trend that could signal a permanent shift in the competitive dynamics for digital deposits.
Efficiency Ratio Spikes on Non-Revenue Surge
The efficiency ratio deteriorated sharply to 55.2% in Q4 2026 from 47.4% in the prior quarter, driven by a decline in non-interest income rather than a surge in operating expenses, highlighting the volatility inherent in the Securities segment.
This spike is not indicative of operational bloat but rather the lumpy nature of fee income from the clearing and custody business, which can swing based on market activity. The core operating leverage of the bank remains strong, as evidenced by the consistent sub-50% ratio in most quarters, but investors should adjust for this segment's volatility when assessing the bank's underlying cost discipline.
Provision Volatility Signals Shifting Risk Appetite
Provision for loan losses surged to $41.0 million in Q3 2026, the highest in the dataset, before retreating to $17.9 million in Q4, a pattern that may indicate a tactical build-up of reserves in anticipation of credit quality deterioration in specific loan cohorts.
The significant quarterly volatility in provision expense, particularly the $41 million figure, suggests management is proactively reserving for potential stress in its specialty or commercial loan books rather than experiencing a broad-based credit downturn. This proactive approach under the CECL framework is prudent, but the lack of a clear downward trend implies the bank is still navigating a period of elevated credit uncertainty.
Fee Income Jumps Mask Underlying Dependency Risk
Non-interest income represented as much as 21.9% of total revenue in Q3 2026, but its erratic nature—swinging from 8.8% to 21.9% of revenue within two quarters—indicates that the Securities segment's contribution is highly transactional and not yet a stable earnings pillar.
The sharp fluctuations in fee income, with a peak of $86.0 million followed by a drop to $70.4 million, underscore the challenge of integrating clearing and custody revenue with traditional banking earnings. While this diversification is strategically sound, the current volatility means investors cannot yet rely on it as a predictable source of earnings to offset net interest income pressures.
Acquisition-Fueled Growth May Obscure Organic Slowdown
The strong year-over-year EPS growth of 12.5% in fiscal 2026 was achieved despite a recent quarterly miss versus consensus, suggesting that the reported growth may be partially driven by acquisition-related accretion rather than purely organic, sustainable momentum.
The disconnect between the robust full-year growth metrics and the Q4 EPS miss implies that the underlying organic earnings power may be weaker than headline figures suggest. Investors should dissect the contribution from the Axos Advisor Services integration and other acquisitions to gauge whether the current growth trajectory can be maintained without further M&A, especially as the efficiency ratio shows signs of stress.