The bank experienced a total collapse in net interest income to $0 in 2026Q3, representing a 100% decline from the prior year and a reversal of previous growth.
| 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 | 902.92M | 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 % | -74.19% | 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 % | 3.09% | 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 | 442.41M | 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 | 691.05M | 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 | 284.35M | 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 | 37M | 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 % | 7.72% | 5.91% | 6.34% | 8.47% | 12.95% | 13.22% | 13.21% | 12.4% | 12.99% | 14.96% | 17.27% | 11.13% | 11.5% | 16.96% | 12.39% | 7.92% | 8.86% | -7.21% | 3.62% | 2.58% | 3.94% | 3.88% | 7.02% | 9.08% |
| Total Revenue | 479.42M | 1.93B | 1.77B | 1.26B | 757.91M | 711.97M | 717.62M | 644.82M | 546.01M | 455.42M | 384.05M | 274.95M | 195.33M | 163.36M | 132.1M | 100.93M | 93.89M | 72.55M | 65.68M | 45.77M | 34.05M | 23.39M | 16.96M | 14.86M |
| Revenue Growth % | -314.51% | 9.16% | 39.82% | 66.8% | 6.45% | -0.79% | 11.29% | 18.1% | 19.89% | 18.58% | 39.68% | 40.76% | 19.57% | 23.66% | 30.89% | 7.5% | 29.42% | 10.45% | 43.51% | 34.39% | 45.61% | 37.88% | 14.12% | - |
| Non-Interest Expense | 703.17M | 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 | 146.67% | 29.68% | 22.94% | 34.34% | 45.08% | 42.61% | 37.28% | 38.52% | 31.86% | 30.22% | 29.36% | 28.18% | 30.68% | 32.8% | 28.73% | 26.29% | 18.41% | 19.78% | 16.99% | 14.09% | 17% | 20.29% | 22.52% | 21.25% |
| Operating Income | 155.8M | 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 % | 32.5% | 31.79% | 35.95% | 34.15% | 44.85% | 42.94% | 36.6% | 33% | 43.9% | 51.09% | 53.35% | 51.23% | 48.26% | 41.75% | 37.5% | 33.86% | 38.21% | 16.61% | 10.67% | 12.24% | 16% | 20.36% | 21.5% | 20.14% |
| 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 | 646.5M | 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 % | 134.85% | 31.79% | 35.95% | 34.15% | 44.85% | 42.94% | 36.6% | 33% | 43.9% | 51.09% | 53.35% | 51.23% | 48.26% | 41.75% | 37.5% | 33.86% | 38.21% | 16.61% | 10.67% | 12.24% | 16% | 20.36% | 21.5% | 20.14% |
| Income Tax | 170.39M | 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 % | 26.36% | 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 | 476.1M | 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 % | 99.31% | 22.44% | 25.46% | 24.3% | 31.76% | 30.3% | 25.56% | 24.06% | 27.91% | 29.59% | 31.06% | 30.07% | 28.65% | 24.66% | 22.31% | 20.39% | 22.5% | 9.84% | 6.39% | 7.25% | 9.59% | 12.27% | 12.82% | 11.64% |
| Net Income Growth % | 11.47% | -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) | 351.42M | 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) | 8.24 | 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 % | -55.18% | -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 | 57.77M | 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 |
Asset Quality and Provisioning
As reported in the 2026Q3 financial statements, Axos experienced a total collapse in net interest income to zero, representing a 100% decline from the prior year and signaling a severe disruption in the bank's core interest-earning capacity compared to the steady growth observed in previous quarters.
The sudden evaporation of net interest income suggests a profound shift in the bank's funding or asset recognition dynamics that warrants immediate investor scrutiny. This trajectory indicates that the previous reliance on interest-bearing assets has been compromised, potentially due to extreme liquidity management or accounting adjustments.
Based on the provided quarterly data, the efficiency ratio has shown significant instability, culminating in a complete lack of reported operational metrics in 2026Q3 after maintaining a disciplined range between 28% and 32% throughout the 2025 fiscal year and early 2026.
The historical ability of Axos to maintain an efficiency ratio near 30% was a cornerstone of its digital-native value proposition. The recent inability to sustain these metrics suggests that the bank's operating leverage may be under significant pressure, potentially due to rising overhead or a breakdown in the scalability of its digital platform.
According to recent regulatory filings, the provision for loan losses surged to $227.1 million in 2026Q3, a dramatic increase from the $25 million recorded in the prior quarter, which suggests a rapid deterioration in the perceived quality of the underlying loan portfolio.
This sharp escalation in provision expense implies that management is anticipating significant credit losses, likely within the commercial or multifamily real estate segments. Investors should monitor whether this provisioning is a proactive measure against a specific asset class or a reactive response to actualizing non-performing loans.
Financial statements for 2026Q3 reveal a negative $77.2 million in non-interest income and a net loss per share of $2.79, marking a stark reversal from the consistent profitability and positive earnings per share reported by the company throughout the preceding eight quarters.
The transition from consistent profitability to a net loss suggests that the bank's earnings model is currently facing severe headwinds that extend beyond simple interest rate sensitivity. The negative non-interest income figure warrants further investigation into potential asset write-downs or losses within the securities and clearing business segments.
Quick answers to the most common questions about buying AX stock.
Axos Financial, Inc. (AX) is profitable, generating $432.9M in net income for the fiscal year ending 2025 with a net profit margin of 22.4%.
Axos Financial, Inc. (AX) reported an operating income of $613.4M, resulting in an operating profit margin of 31.8%. 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 61.5%. This demonstrates the company's core pricing power and production efficiency.