Revenue performance remains in a transitional phase with operating margins exhibiting high volatility, swinging from 13.6% in 2025Q1 to 62.9% in 2026Q1.
| 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 appears to be in a transitional phase, with recent quarterly figures showing modest fluctuations; specifically, the company recorded $73.3M in revenue for 2026Q1, reflecting the ongoing shift from investment-focused income to a more diversified interest and fee-based model.
The revenue profile suggests a pivot toward recurring business services, which may provide more stability than traditional BDC-style investment income. Investors should monitor whether the integration of the banking subsidiary can successfully offset the inherent volatility of SBA loan origination volumes.
Based on reported figures, the company maintains a gross margin of 75.29%, which appears to be heavily influenced by gain-on-sale accounting practices for SBA loans, though quarterly volatility in operating margins, ranging from 13.6% to 62.9%, suggests significant sensitivity to operational scaling and regulatory compliance costs.
The high gross margin is a function of the business model rather than traditional retail pricing power, warranting caution regarding the sustainability of these levels. The wide variance in operating margins implies that the company has yet to achieve a steady-state efficiency level following its conversion to a financial holding company.
According to recent SEC filings, NewtekOne's operating leverage remains inconsistent, as evidenced by the fluctuation in operating income relative to gross profit, which suggests that the company is still absorbing the fixed costs associated with its new regulatory and technological infrastructure as a bank holding company.
The lack of a clear, linear relationship between gross profit growth and operating income suggests that management is currently prioritizing infrastructure investment over immediate margin expansion. This warrants further investigation into whether the current SG&A structure will eventually provide the intended scalability or if it represents a permanent increase in the cost base.
As indicated by the income statement data, the company's reliance on gain-on-sale revenue creates a potential vulnerability to secondary market premium compression, a risk that short-sellers may focus on given the 18.78% net margin's sensitivity to interest rate environments and SBA loan demand.
The transition to a bank holding company introduces new regulatory burdens and capital requirements that could constrain the company's historical flexibility in capital allocation. Investors should monitor whether the shift toward deposit-based funding can effectively mitigate the risks posed by potential downturns in the small business lending sector.
Quick answers to the most common questions about buying NEWTI stock.
NewtekOne, Inc. 8.00% Fixed Rate Senior Notes due 2028 (NEWTI) is profitable, generating $60.5M in net income for the fiscal year ending 2025 with a net profit margin of 18.8%.
NewtekOne, Inc. 8.00% Fixed Rate Senior Notes due 2028 (NEWTI) 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. 8.00% Fixed Rate Senior Notes due 2028 (NEWTI) 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.