Operating margins improved significantly to 62.9% in 2026Q1 from 13.6% in 2025Q1, though top-line revenue remains inconsistent with a recent quarterly fluctuation between $73.3M and $95.1M.
| Metric | TTM | 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'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 331.88M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 233.96M | 242.57M | 211.52M | 173.38M | 105.17M | 147.76M | 74.96M | 44.99M | 28.43M | 19.62M | 15.73M | 13.32M | 59.92M | 36.4M | 36.63M | 25.87M | 24.19M | 37.95M | 36.88M | 33.55M | 71.14M | 79.87M | 56.14M | 60.49M | 0 | 0 | 8.71M | 11.88M |
| Gross Margin % | 70.49% | 75.29% | 66.34% | 68.58% | 79.98% | 87.81% | 80.74% | 50.67% | 57.42% | 50.42% | 50.8% | 51.08% | 46.05% | 26.66% | 27.94% | 22.24% | 21.65% | 39.42% | 41.91% | 42.58% | 80.69% | 83.31% | 80% | 100% | - | - | 100% | 100% |
| Gross Profit Growth % | - | 14.68% | 22% | 64.85% | -28.82% | 97.12% | 66.61% | 58.23% | 44.9% | 24.73% | 18.13% | -77.77% | 64.59% | -0.63% | 41.62% | 6.92% | -36.25% | 2.9% | 9.92% | -52.84% | -10.93% | 42.27% | -7.19% | - | - | -100% | -26.69% | - |
| Operating Expenses | 103.91M | 105.78M | 142.83M | 128M | 66.39M | 62.29M | 42.34M | 62.55M | 40.94M | 35.4M | 31.79M | 25.78M | 47.24M | 118.39M | 110.46M | 105.23M | 109.95M | 90.81M | 90.16M | 80.75M | 58.51M | 50.06M | 39.95M | 28.54M | -7.18M | -1.46M | 4.92M | 1.42M |
| OpEx % of Revenue | - | 32.83% | 44.8% | 50.63% | 50.49% | 37.02% | 45.61% | 70.45% | 82.68% | 90.96% | 102.65% | 98.87% | 36.31% | 86.72% | 84.24% | 90.48% | 98.37% | 94.34% | 102.47% | 102.48% | 66.36% | 52.21% | 56.92% | 47.19% | - | - | 56.44% | 11.96% |
| Selling, General & Admin | 56.88M | 0 | 99.2M | 88.06M | 27.86M | 25.32M | 9.39M | 10.23M | 39.45M | 10.29M | 31.49M | 8.37M | 45.6M | 96.49M | 17.73M | 87.52M | 84.89M | 74.21M | 69.05M | 65.66M | 52.2M | 42.47M | 26.44M | 8.41M | 7.71M | 4.73M | 4.92M | 1.42M |
| SG&A % of Revenue | - | - | 31.11% | 34.83% | 21.19% | 15.05% | 10.11% | 11.53% | 79.66% | 26.44% | 101.69% | 32.09% | 35.05% | 70.68% | 13.52% | 75.26% | 75.95% | 77.09% | 78.47% | 83.33% | 59.21% | 44.3% | 37.68% | 13.9% | - | - | 56.44% | 11.96% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 130.05M | 136.79M | 68.69M | 45.37M | 38.77M | 85.47M | 32.62M | 11.93M | -12.5M | -15.78M | -16.05M | -12.46M | 14.41M | -81.98M | 15.05M | -79.36M | -85.75M | -52.86M | -53.28M | -47.95M | 12.64M | 29.82M | 16.19M | 31.95M | 7.18M | 1.46M | 3.79M | 10.46M |
| Operating Margin % | 39.19% | 42.46% | 21.54% | 17.95% | 29.49% | 50.79% | 35.14% | 13.44% | -25.25% | -40.54% | -51.85% | -47.79% | 11.08% | -60.05% | 11.48% | -68.24% | -76.72% | -54.92% | -60.56% | -60.86% | 14.33% | 31.1% | 23.07% | 52.81% | - | - | 43.56% | 88.04% |
| Operating Income Growth % | - | 99.14% | 51.39% | 17.02% | -54.63% | 162.01% | 173.38% | 195.43% | 20.74% | 1.73% | -28.85% | -186.45% | 117.58% | -644.56% | 118.97% | 7.45% | -62.22% | 0.79% | -11.11% | -479.48% | -57.62% | 84.14% | -49.32% | 344.8% | 390.62% | -61.42% | -63.73% | - |
| EBITDA | 130.57M | 137.46M | 70.48M | 48.26M | 39.01M | 85.77M | 33.02M | 12.43M | -12.02M | -15.37M | -15.76M | -12.13M | 17.59M | -78.7M | 18.09M | -75.41M | -81.05M | -47.02M | -45.71M | -40.59M | 19.01M | 34.37M | 18.65M | 32.43M | 7.33M | 1.54M | 3.8M | 10.46M |
| EBITDA Margin % | 39.34% | 42.67% | 22.1% | 19.09% | 29.67% | 50.97% | 35.57% | 14% | -24.28% | -39.51% | -50.89% | -46.54% | 13.52% | -57.65% | 13.8% | -64.84% | -72.51% | -48.84% | -51.94% | -51.52% | 21.56% | 35.85% | 26.58% | 53.61% | - | - | 43.64% | 88.06% |
| EBITDA Growth % | 90.23% | 95.05% | 46.04% | 23.69% | -54.51% | 159.75% | 165.6% | 203.44% | 21.82% | 2.44% | -29.88% | -168.96% | 122.36% | -535.02% | 123.99% | 6.96% | -72.37% | -2.87% | -12.59% | -313.59% | -44.69% | 84.25% | -42.49% | 342.45% | 376.6% | -59.53% | -63.68% | - |
| D&A (Non-Cash Add-back) | 522K | 668K | 1.78M | 2.88M | 239K | 304K | 402K | 501K | 484K | 402K | 296K | 326K | 3.18M | 3.28M | 3.04M | 3.96M | 4.71M | 5.85M | 7.58M | 7.36M | 6.37M | 4.55M | 2.46M | 484.48K | 147.68K | 74.05K | 6.15K | 2.27K |
| EBIT | 130.05M | 136.79M | 68.69M | 45.37M | 38.77M | 85.47M | 32.62M | 64.72M | 52.82M | 52.55M | -820K | 294K | 14.41M | 16.93M | 13.93M | 5.44M | 5.36M | 6.35M | -2.18M | -2.71M | 12.64M | 29.82M | 30.23M | 33.38M | 19M | 23.83M | 3.79M | 10.46M |
| Net Interest Income | 75.94M | 104.99M | 40.3M | 26.63M | 12.29M | 58.45M | 46.92M | -20.42M | -16.07M | -11.4M | -8.44M | -6.48M | 0 | -5.86M | -4.5M | -3.42M | -4.48M | -10.35M | -7.53M | -14.8M | -10.84M | -11.15M | -10.21M | -13.88M | 0 | 0 | -7.28M | 0 |
| Interest Income | 167.72M | 161.63M | 121.42M | 94.37M | 38.62M | 78.97M | 64.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.35M | 0 | 6.18M | 4.84M | 3.83M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 91.78M | 56.64M | 81.11M | 67.74M | 26.32M | 20.52M | 17.88M | 20.42M | 16.07M | 11.4M | 8.44M | 6.48M | 0 | 5.86M | 4.5M | 3.42M | 4.48M | 10.35M | 10.89M | 14.8M | 17.02M | 16M | 14.04M | 13.88M | 0 | 0 | 7.28M | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 85.41M | 79.98M | 68.69M | 45.37M | 38.77M | 85.47M | 32.62M | 44.3M | 36.76M | 41.16M | 32.43M | 36.59M | 8.02M | 11.07M | 9.44M | 2.27M | 877K | -4M | -13.07M | -17.52M | -3.64M | 13.18M | 16.19M | 16.47M | 7.18M | 1.46M | -3M | 8.02M |
| Pretax Margin % | 25.74% | 24.82% | 21.54% | 17.95% | 29.49% | 50.79% | 35.14% | 49.89% | 74.23% | 105.76% | 104.74% | 140.36% | 6.16% | 8.11% | 7.2% | 1.95% | 0.78% | -4.16% | -14.85% | -22.23% | -4.13% | 13.74% | 23.07% | 27.23% | - | - | -34.44% | 67.52% |
| Income Tax | 20.87M | 19.46M | 17.84M | -1.96M | 6.46M | 1.33M | -999K | 3.16M | 1.08M | 2.18M | 5.13M | 857K | 4.13M | 3.92M | 3.88M | -1.1M | -418K | -2.59M | -2.05M | -6.38M | -581K | 6.55M | 6.47M | 7.09M | 2.66M | 534K | 787.24K | 0 |
| Effective Tax Rate % | 24.43% | 24.34% | 25.97% | -4.31% | 16.67% | 1.55% | -3.06% | 7.14% | 2.93% | 5.29% | 15.81% | 2.34% | 51.5% | 35.4% | 41.13% | -48.28% | -47.66% | 64.79% | 15.69% | 36.39% | 15.94% | 49.69% | 39.94% | 43.04% | 37% | 36.48% | -26.24% | 0% |
| Net Income | 64.55M | 60.51M | 50.85M | 47.33M | 32.31M | 84.14M | 33.62M | 41.13M | 35.68M | 38.98M | 27.3M | 35.74M | 3.97M | 7.53M | 5.64M | 3.33M | 1.44M | -429K | -10.46M | -11.22M | -2.12M | 7.73M | 10.62M | 9.57M | 8.17M | 930K | -3.43M | 5.43M |
| Net Margin % | 19.45% | 18.78% | 15.95% | 18.72% | 24.57% | 50% | 36.21% | 46.33% | 72.05% | 100.16% | 88.18% | 137.08% | 3.05% | 5.51% | 4.3% | 2.87% | 1.29% | -0.45% | -11.89% | -14.24% | -2.4% | 8.06% | 15.13% | 15.82% | - | - | -39.32% | 45.66% |
| Net Income Growth % | 27.64% | 18.99% | 7.45% | 46.48% | -61.6% | 150.28% | -18.27% | 15.3% | -8.46% | 42.74% | -23.59% | 799.25% | -47.21% | 33.4% | 69.21% | 131.76% | 435.43% | 95.9% | 6.74% | -429.2% | -127.44% | -27.21% | 10.93% | 17.15% | 778.31% | 127.15% | -163.13% | - |
| Net Income (Continuing) | 64.55M | 60.51M | 50.85M | 47.33M | 32.31M | 84.14M | 33.62M | 41.13M | 35.68M | 38.98M | 27.3M | 35.74M | 3.89M | 7.15M | 5.56M | 3.37M | 1.29M | -1.41M | -11.02M | -11.14M | -3.06M | 6.63M | 9.72M | 9.38M | 4.53M | 930K | -3.79M | 8.02M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 508K | 306K | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.67M | 2.06M | 1.18M | 1.31M | 1.61M | 2.31M | 4.97M | -4.6M | -5.03M | 5.72M | 8.39M | 4.77M | 5.08M | 4.52M | 5.94M |
| EPS (Diluted) | 2.07 | 2.36 | 1.96 | 1.88 | 1.34 | 3.69 | 1.59 | 2.13 | 1.91 | 2.25 | 1.88 | 3.32 | 0.37 | 0.99 | 0.77 | 0.48 | 0.20 | -0.06 | -1.46 | -1.50 | -0.30 | 1.13 | 1.75 | 1.83 | 1.68 | 0.21 | -0.89 | 1.49 |
| EPS Growth % | 24.87% | 20.41% | 4.26% | 40.3% | -63.69% | 132.08% | -25.35% | 11.52% | -15.11% | 19.68% | -43.37% | 797.3% | -62.63% | 28.57% | 60.42% | 140% | 432.23% | 95.88% | 2.67% | -400% | -126.55% | -35.43% | -4.37% | 8.93% | 700% | 123.6% | -159.73% | - |
| EPS (Basic) | - | 2.40 | 1.97 | 1.89 | 1.34 | 3.69 | 1.59 | 2.13 | 1.91 | 2.25 | 1.88 | 3.32 | 0.37 | 1.07 | 0.79 | 0.49 | 0.20 | -0.06 | -1.46 | -1.57 | -0.30 | 1.13 | 1.77 | 1.86 | 1.69 | 0.21 | -0.89 | 1.49 |
| Diluted Shares Outstanding | 31.16M | 25.65M | 25.19M | 24.35M | 24.2M | 22.8M | 21.15M | 19.33M | 18.71M | 17.33M | 14.54M | 10.77M | 10.77M | 7.58M | 7.35M | 7.21M | 7.16M | 7.13M | 7.15M | 7.16M | 6.97M | 6.86M | 6.08M | 5.24M | 4.86M | 4.38M | 3.86M | 3.65M |
| Basic Shares Outstanding | 31.16M | 25.17M | 24.95M | 25.18M | 24.2M | 22.8M | 21.15M | 19.33M | 18.71M | 17.33M | 14.54M | 10.77M | 10.77M | 7.06M | 7.1M | 7.14M | 7.13M | 7.13M | 7.15M | 7.16M | 6.97M | 6.85M | 6.01M | 5.16M | 4.84M | 4.38M | 3.86M | 3.65M |
| Dividend Payout Ratio | - | - | 0.87% | 29.89% | 199.76% | 83.36% | 126.66% | 99.11% | 90.9% | 72.35% | 99.98% | 42.29% | - | - | - | - | - | - | - | - | - | - | - | - | - | 65.33% | - | 4.52% |
SBA secondary market volatility
As reported in financial statements, NewtekOne's revenue trajectory remains inconsistent, fluctuating from a peak of $95.1M in 2025Q3 to $73.3M in 2026Q1, suggesting that the company's reliance on transactional gain-on-sale income creates significant top-line variability that complicates long-term growth forecasting for institutional investors.
The revenue profile appears heavily influenced by the timing of SBA loan sales rather than steady-state organic growth. This lumpy revenue recognition warrants caution, as it may mask underlying trends in the core business services segments that are intended to provide a more stable, recurring revenue base.
Based on NewtekOne's reported figures, the operating margin reached 62.9% in 2026Q1, a notable improvement from the 13.6% observed in 2025Q1, which suggests that the company may be successfully leveraging its integrated platform to reduce relative overhead costs as it scales its banking operations.
The significant expansion in operating margins appears to be a result of improved cost discipline following the transition to a bank holding company structure. Investors should monitor whether these margin gains are sustainable or if they are merely a temporary byproduct of reduced SG&A spending during the recent integration phase.
According to recent SEC filings, NewtekOne's net income has experienced substantial volatility, including a $5.8M negative stock-based compensation impact in 2025Q4, indicating that non-operating items and accounting adjustments continue to play a material role in the company's reported bottom-line performance across recent quarters.
The presence of significant quarterly fluctuations in net income suggests that headline EPS figures may not fully capture the underlying operational health of the firm. Analysts should adjust for these non-recurring items to better understand the core profitability of the lending and business services segments.
As indicated by the income statement data, SG&A expenses have fluctuated significantly, peaking at $30.0M in 2025Q2 before dropping to zero in 2026Q1, which suggests that the company's cost structure is currently undergoing a period of transition that warrants further investigation by market participants.
The sudden disappearance of reported SG&A in the most recent quarter is unusual and may imply a change in accounting presentation or a temporary reduction in discretionary spending. This lack of transparency in cost allocation makes it difficult to assess the long-term efficiency of the company's multi-service platform.
Quick answers to the most common questions about buying NEWTH stock.
NewtekOne, Inc. (NEWTH) is profitable, generating $60.5M in net income for the fiscal year ending 2025 with a net profit margin of 18.8%.
NewtekOne, Inc. (NEWTH) reported an operating income of $136.8M, resulting in an operating profit margin of 42.5%. This margin reflects the operational efficiency of the business before interest and taxes.
NewtekOne, Inc. (NEWTH) generated $242.6M in gross profit for the year, representing a gross profit margin of 75.3%. This demonstrates the company's core pricing power and production efficiency.