Revenue scaling and operational efficiency have driven gross margins from 50.3% in 2023Q3 to 75.3% by 2025Q4, reflecting improved profitability per loan transaction.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'11 |
|---|
| Sales/Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 863.75M | 608.74M | 621.05M | 919.89M | 679.83M | 301.47M | 731.9M | 595.44M | 487.65M | 426.05M | 368.61M | 173.8M | 80.02M | 10.7M |
| Gross Margin % | 64.71% | 52.44% | 54.7% | 72.45% | 75.65% | 66.23% | 74.74% | 60.69% | 46.04% | 38.23% | 40.14% | 32.77% | 29.92% | 25.04% |
| Gross Profit Growth % | 41.89% | -1.98% | -32.49% | 35.31% | 125.5% | -58.81% | 22.92% | 22.1% | 14.46% | 15.58% | 112.08% | 117.19% | 648.03% | - |
| Operating Expenses | 530.06M | 543.68M | 566.44M | 766.85M | 661.39M | 489.09M | 762.79M | 723.55M | 641.06M | 576.25M | 370.77M | 205.31M | 72.72M | 22.64M |
| OpEx % of Revenue | 39.71% | 46.83% | 49.89% | 60.39% | 73.6% | 107.44% | 77.9% | 73.75% | 60.53% | 51.71% | 40.37% | 38.71% | 27.19% | 52.99% |
| Selling, General & Admin | 391.06M | 332.56M | 355.79M | 537.14M | 444.53M | 304.04M | 568.97M | 497.16M | 421.55M | 423.84M | 293.71M | 166.79M | 57.19M | 22.64M |
| SG&A % of Revenue | 29.3% | 28.65% | 31.34% | 42.3% | 49.47% | 66.79% | 58.1% | 50.68% | 39.8% | 38.03% | 31.98% | 31.44% | 21.38% | 52.99% |
| Research & Development | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 333.69M | 65.07M | 54.62M | 153.04M | 18.44M | -187.62M | -30.89M | -128.11M | -153.41M | -150.2M | -2.16M | -31.5M | 7.31M | -11.94M |
| Operating Margin % | 25% | 5.6% | 4.81% | 12.05% | 2.05% | -41.21% | -3.15% | -13.06% | -14.49% | -13.48% | -0.24% | -5.94% | 2.73% | -27.95% |
| Operating Income Growth % | 412.85% | 19.13% | -64.31% | 729.74% | 109.83% | -507.35% | 75.89% | 16.49% | -2.14% | -6847.13% | 93.14% | -531.09% | 161.19% | - |
| EBITDA | 397.39M | 118.37M | 101.81M | 196.87M | 62.73M | -133.59M | 31.26M | -73.35M | -107.2M | -120.31M | 19.42M | -21.25M | 8.97M | -11.79M |
| EBITDA Margin % | 29.77% | 10.2% | 8.97% | 15.5% | 6.98% | -29.35% | 3.19% | -7.48% | -10.12% | -10.8% | 2.11% | -4.01% | 3.35% | -27.6% |
| EBITDA Growth % | 235.73% | 16.26% | -48.28% | 213.84% | 146.96% | -527.34% | 142.62% | 31.58% | 10.9% | -719.67% | 191.39% | -336.83% | 176.06% | - |
| D&A (Non-Cash Add-back) | 63.7M | 53.3M | 47.2M | 43.83M | 44.28M | 54.03M | 62.15M | 54.76M | 46.21M | 29.88M | 21.58M | 10.26M | 1.66M | 150K |
| EBIT | 306.21M | 65.07M | 54.62M | 153.04M | 18.44M | -187.62M | -30.89M | -128.11M | -153.41M | -150.2M | -2.16M | -31.5M | 7.31M | -11.94M |
| Net Interest Income | 625.67M | 534.04M | 561.84M | 474.82M | 212.83M | 59.33M | 98.04M | 101.86M | 39.84M | 8.29M | 3.23M | -2.16M | 60K | -32.4M |
| Interest Income | 961.54M | 907.96M | 832.63M | 557.34M | 292.83M | 209.69M | 345.35M | 487.46M | 611.26M | 696.66M | 552.97M | 354.45M | 187.51M | 0 |
| Interest Expense | 335.87M | 373.92M | 270.79M | 82.52M | 80M | 150.37M | 247.3M | 385.61M | 571.42M | 688.37M | 549.74M | 356.62M | 187.45M | 32.03M |
| Other Income/Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 176.95M | 65.07M | 54.62M | 153.04M | 18.44M | -187.62M | -30.89M | -128.11M | -153.41M | -150.2M | -2.16M | -31.5M | 7.31M | -11.94M |
| Pretax Margin % | 13.26% | 5.6% | 4.81% | 12.05% | 2.05% | -41.21% | -3.15% | -13.06% | -14.49% | -13.48% | -0.24% | -5.94% | 2.73% | -27.95% |
| Income Tax | 41.27M | 13.74M | 15.68M | -136.65M | -136K | -79K | -201K | 43K | 632K | -4.23M | 2.83M | 1.39M | 0 | 0 |
| Effective Tax Rate % | 23.32% | 21.11% | 28.71% | -89.29% | -0.74% | 0.04% | 0.65% | -0.03% | -0.41% | 2.81% | -131.04% | -4.41% | 0% | 0% |
| Net Income | 135.68M | 51.33M | 38.94M | 289.69M | 18.58M | -187.54M | -30.75M | -128.31M | -153.84M | -145.97M | -5M | -32.89M | 7.31M | -11.94M |
| Net Margin % | 10.17% | 4.42% | 3.43% | 22.81% | 2.07% | -41.2% | -3.14% | -13.08% | -14.53% | -13.1% | -0.54% | -6.2% | 2.73% | -27.95% |
| Net Income Growth % | 164.32% | 31.82% | -86.56% | 1459.12% | 109.91% | -509.98% | 76.04% | 16.59% | -5.39% | -2822.3% | 84.81% | -550.11% | 161.19% | - |
| Net Income (Continuing) | 135.68M | 51.33M | 38.94M | 289.69M | 18.58M | -187.54M | -30.69M | -128.15M | -154.04M | -145.97M | -5M | -32.89M | 7.31M | -11.94M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.78M | 5.26M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.15 | 0.45 | 0.36 | 2.79 | 0.18 | -2.07 | -0.35 | -1.52 | -1.88 | -1.88 | -0.07 | -2.18 | 0.02 | -1.03 |
| EPS Growth % | 155.56% | 25% | -87.1% | 1450% | 108.7% | -491.43% | 76.97% | 19.15% | 0% | -2722.82% | 96.95% | -13312.12% | 101.6% | - |
| EPS (Basic) | 1.18 | 0.46 | 0.36 | 2.80 | 0.19 | -2.07 | -0.35 | -1.52 | -1.88 | -1.88 | -0.07 | -2.18 | 0.02 | -1.03 |
| Diluted Shares Outstanding | 118.86M | 113.12M | 108.47M | 104M | 102.15M | 90.44M | 87.28M | 84.58M | 81.8M | 77.55M | 74.97M | 15.11M | 11.59M | 11.59M |
| Basic Shares Outstanding | 115.33M | 111.73M | 108.47M | 103.55M | 98.14M | 90.44M | 87.28M | 84.58M | 81.8M | 77.55M | 74.97M | 15.11M | 11.59M | 11.59M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Credit loss provisioning volatility
As indicated by recent quarterly filings, LendingClub has demonstrated a clear upward revenue trajectory, climbing from $271.3 million in 2023Q3 to $354.0 million by 2025Q4, suggesting that the company's hybrid marketplace and banking model is successfully capturing increased demand within the prime consumer credit segment.
The consistent quarter-over-quarter revenue expansion appears to be driven by a successful scaling of the structured certificates program, which allows for higher origination volume without excessive balance sheet strain. Investors should monitor whether this growth remains durable if macroeconomic conditions force a tightening of credit standards, which could dampen origination velocity.
Based on reported financial statements, LendingClub's gross margin has significantly improved, reaching 75.3% in 2025Q4 compared to 50.3% in 2023Q3, which suggests that the company is successfully optimizing its cost-to-originate and leveraging its proprietary data platform to enhance the profitability of each loan transaction.
This expansion in gross margin indicates that the company is gaining better control over its variable acquisition costs and platform-related expenses. The trend warrants further investigation to determine if this is a sustainable structural shift or if it reflects a temporary favorable mix of higher-yielding loan products.
According to the provided income statement data, operating income has scaled from $8.3 million in 2023Q3 to $97.2 million in 2025Q4, demonstrating that the company is effectively managing its fixed overhead relative to the rapid growth in its top-line marketplace and interest-based revenue streams.
The ability to grow operating income at a faster rate than SG&A expenses suggests that the company is achieving meaningful economies of scale within its banking infrastructure. This operating leverage appears to be a critical component of the company's path toward more consistent and robust net profitability.
As reported in recent filings, net income has shown significant volatility, rising to $41.6 million in 2025Q4, a trend that appears heavily influenced by the non-cash timing differences inherent in CECL accounting for expected credit losses on the company's retained loan portfolio.
The fluctuations in net income suggest that investors should focus on pre-provision net revenue to better understand the underlying earnings power of the business. The consistent level of stock-based compensation, averaging roughly $9 million per quarter, remains a factor that warrants monitoring for its dilutive impact on long-term shareholder value.
While recent performance appears strong, a critical analysis of the financials suggests that the company remains vulnerable to rising deposit betas and potential credit cycle downturns, which could rapidly compress the net interest margins that currently support the company's overall profitability profile.
Short-term margin gains may be challenged if the competitive environment for deposits intensifies, forcing the company to pay higher rates to maintain its funding base. Furthermore, any unexpected spike in net charge-offs would necessitate higher provisioning, which could quickly erode the current positive momentum in net income.
Quick answers to the most common questions about buying LC stock.
LendingClub Corporation (LC) is profitable, generating $135.7M in net income for the fiscal year ending 2025 with a net profit margin of 10.2%.
LendingClub Corporation (LC) reported an operating income of $333.7M, resulting in an operating profit margin of 25.0%. This margin reflects the operational efficiency of the business before interest and taxes.
LendingClub Corporation (LC) generated $863.8M in gross profit for the year, representing a gross profit margin of 64.7%. This demonstrates the company's core pricing power and production efficiency.