Revenue grew 9.1% YoY in 2026Q2 to $1.6B, but the efficiency ratio spiked to 47.8% from 39.8% in 2026Q1, and EPS fell 29% below consensus to $1.32, indicating margin pressure and credit costs.
OneMain Holdings, Inc. (OMF) annual income statement — 17-year revenue, gross profit & net income history
| 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 |
|---|
| Net Interest Income | 4.37B | 4.18B | 3.81B | 3.54B | 3.54B | 3.43B | 3.34B | 3.16B | 2.78B | 2.38B | 2.25B | 1.22B | 1.24B | 1.23B | 639.61M | 586.46M | 742M | 1.03B |
| NII Growth % | 36.04% | 9.85% | 7.42% | 0.06% | 3.38% | 2.57% | 5.83% | 13.44% | 16.93% | 5.59% | 85.51% | -1.94% | 0.41% | 92.93% | 9.06% | -20.96% | -27.87% | - |
| Net Interest Margin % | 15.93% | 15.27% | 14.7% | 14.59% | 15.72% | 15.52% | 14.87% | 13.84% | 13.85% | 12.25% | 12.44% | 5.73% | 11.2% | 8.01% | 4.36% | 3.78% | 4.34% | 4.74% |
| Interest Income | 5.66B | 5.46B | 4.99B | 4.56B | 4.43B | 4.36B | 4.37B | 4.13B | 3.66B | 3.2B | 3.11B | 1.93B | 1.97B | 2.15B | 1.71B | 1.87B | 1.86B | 2.19B |
| Interest Expense | 1.29B | 1.27B | 1.19B | 1.02B | 892M | 937M | 1.03B | 970M | 875M | 816M | 856M | 715M | 734M | 920M | 1.08B | 1.28B | 1.11B | 1.16B |
| Loan Loss Provision | 1.04B | 2B | 2.04B | 1.72B | 1.4B | 593M | 1.32B | 1.13B | 1.05B | 955M | 932M | 716M | 423M | 527M | 341.58M | 329.68M | 481.88M | 1.27B |
| Non-Interest Income | 758M | 787M | 729M | 735M | 656M | 609M | 565M | 555M | 583M | 589M | 619M | 263M | 853M | 189M | 162.32M | 157.85M | 137.7M | 35.03M |
| Non-Interest Income % | 14.78% | 15.84% | 16.07% | 17.17% | 15.62% | 15.09% | 14.46% | 14.95% | 17.32% | 19.84% | 21.55% | 17.79% | 40.77% | 13.28% | 20.24% | 21.21% | 15.65% | 3.29% |
| Total Net Revenue | 5.13B | 4.97B | 4.54B | 4.28B | 4.2B | 4.04B | 3.91B | 3.71B | 3.37B | 2.97B | 2.87B | 1.48B | 2.09B | 1.42B | 801.93M | 744.3M | 879.7M | 1.06B |
| Revenue Growth % | 7.73% | 9.54% | 6% | 1.93% | 4.04% | 3.33% | 5.23% | 10.28% | 13.37% | 3.34% | 94.38% | -29.35% | 47.01% | 77.45% | 7.74% | -15.39% | -17.3% | - |
| Non-Interest Expense | 2.43B | 1.97B | 1.83B | 1.72B | 1.64B | 1.7B | 1.61B | 1.49B | 1.69B | 1.58B | 1.58B | 988M | 808M | 818M | 765.72M | 774.77M | 43.2M | 807.48M |
| Efficiency Ratio | 47.36% | 39.68% | 40.34% | 40.16% | 39.1% | 42.17% | 41.22% | 40.01% | 50.33% | 53.32% | 55.17% | 66.85% | 38.62% | 57.48% | 95.48% | 104.09% | 4.91% | 75.91% |
| Operating Income | 1.66B | 1B | 667M | 840M | 1.16B | 1.74B | 977M | 1.1B | 624M | 431M | 356M | -226M | 861M | 78M | -305.37M | -360.14M | 354.62M | -1.01B |
| Operating Margin % | 32.3% | 20.14% | 14.7% | 19.63% | 27.51% | 43.14% | 25.01% | 29.58% | 18.54% | 14.52% | 12.39% | -15.29% | 41.16% | 5.48% | -38.08% | -48.39% | 40.31% | -95.41% |
| Operating Income Growth % | - | 50.08% | -20.6% | -27.27% | -33.66% | 78.2% | -11.02% | 75.96% | 44.78% | 21.07% | 257.52% | -126.25% | 1003.85% | 125.54% | 15.21% | -201.56% | 134.94% | - |
| Pretax Income | 1B | 1B | 667M | 840M | 1.16B | 1.74B | 977M | 1.1B | 624M | 431M | 356M | -226M | 861M | 78M | -305.37M | -360.14M | 354.62M | -1.01B |
| Pretax Margin % | 19.58% | 20.14% | 14.7% | 19.63% | 27.51% | 43.14% | 25.01% | 29.58% | 18.54% | 14.52% | 12.39% | -15.29% | 41.16% | 5.48% | -38.08% | -48.39% | 40.31% | -95.41% |
| Income Tax | 223M | 218M | 158M | 199M | 283M | 427M | 247M | 243M | 177M | 248M | 113M | -133M | 272M | -16M | -87.67M | -118.41M | -285.13M | -482.61M |
| Effective Tax Rate % | 22.21% | 21.78% | 23.69% | 23.69% | 24.5% | 24.53% | 25.28% | 22.13% | 28.37% | 57.54% | 31.74% | 58.85% | 31.59% | -20.51% | 28.71% | 32.88% | -80.4% | 47.55% |
| Net Income | 781M | 783M | 509M | 641M | 872M | 1.31B | 730M | 855M | 447M | 183M | 215M | -220M | 463M | -19M | -217.7M | -241.73M | 639.75M | -532.28M |
| Net Margin % | 15.23% | 15.75% | 11.22% | 14.98% | 20.77% | 32.56% | 18.69% | 23.03% | 13.28% | 6.16% | 7.48% | -14.88% | 22.13% | -1.34% | -27.15% | -32.48% | 72.72% | -50.04% |
| Net Income Growth % | 17.8% | 53.83% | -20.59% | -26.49% | -33.64% | 80% | -14.62% | 91.28% | 144.26% | -14.88% | 197.73% | -147.52% | 2536.84% | 91.27% | 9.94% | -137.79% | 220.19% | - |
| Net Income (Continuing) | 781M | 783M | 509M | 641M | 872M | 1.31B | 730M | 855M | 447M | 183M | 243M | -93M | 589M | 94M | -217.7M | -241.73M | 639.75M | -532.28M |
| EPS (Diluted) | 6.74 | 6.56 | 4.24 | 5.31 | 7.01 | 9.88 | 5.41 | 6.27 | 3.29 | 1.35 | 1.59 | -1.72 | 4.38 | -0.19 | -1.95 | -2.17 | 5.73 | -4.77 |
| EPS Growth % | 19.68% | 54.72% | -20.15% | -24.25% | -29.05% | 82.62% | -13.72% | 90.58% | 143.7% | -15.09% | 192.44% | -139.27% | 2405.26% | 90.26% | 10.14% | -137.87% | 220.13% | - |
| EPS (Basic) | - | 6.59 | 4.25 | 5.35 | 7.02 | 9.91 | 5.42 | 6.28 | 3.29 | 1.35 | 1.60 | -1.72 | 4.40 | -0.18 | -1.95 | -2.17 | 5.73 | -4.77 |
| Diluted Shares Outstanding | 115.8M | 119.3M | 120.1M | 120.63M | 124.42M | 133.05M | 134.92M | 136.33M | 136.03M | 135.68M | 135.14M | 127.91M | 115.27M | 102.92M | 111.63M | 111.63M | 111.63M | 111.63M |
Quick answers to the most common questions about buying OMF stock.
For fiscal year 2025, OneMain Holdings, Inc. (OMF) reported total revenue of $4.97B. This represents a 367.2% increase compared to $1.06B in 2009.
OneMain Holdings, Inc. (OMF) is profitable, generating $783.0M in net income for the fiscal year ending 2025 with a net profit margin of 12.5%.
OneMain Holdings, Inc. (OMF) reported an operating income of $1.00B, resulting in an operating profit margin of 16.0%. This margin reflects the operational efficiency of the business before interest and taxes.
OneMain Holdings, Inc. (OMF) generated $2.97B in gross profit for the year, representing a gross profit margin of 47.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Credit deterioration and leverage
Metrics are mathematically derived from official filings.
Steady NII Growth Amidst Rate Pressures
Net interest income grew 9.2% YoY in 2026Q2, reaching $1.1B, as loan portfolio expansion offset stable net interest margin of 4.1%, according to company filings.
The consistent NII growth, from $896M in 2024Q1 to $1.1B in 2026Q2, suggests that volume growth is the primary driver, with NIM remaining range-bound between 3.7% and 4.1%. This indicates that the company is successfully growing its loan book, but the flat NIM implies that asset yields are not expanding, possibly due to competitive pressures or a shift in product mix. Investors should monitor whether NII growth can be sustained if credit costs rise, as the current trajectory appears reliant on continued portfolio expansion.
NIM Stability Masks Underlying Pressure
Net interest margin held at 4.0-4.1% in recent quarters, but the efficiency ratio spiked to 47.8% in 2026Q2 from 39.8% in 2026Q1, as per financial statements.
The stable NIM suggests that the company is effectively managing its funding costs, but the sharp increase in the efficiency ratio indicates that operating expenses are growing faster than revenue. This could be due to investments in the new credit card business or higher collection costs. The elevated efficiency ratio in 2026Q2, if sustained, would compress pre-provision net revenue, making the company more vulnerable to credit losses. Peer comparison shows OMF's efficiency ratio is higher than SLM's 31.9% operating margin, but lower than WRLD's, indicating a mid-tier cost structure.
Provision Volatility Signals Credit Normalization
Provision for credit losses swung from a $543M charge in 2025Q4 to a $1M benefit in 2026Q2, reflecting volatile credit conditions, as reported in quarterly results.
The dramatic fluctuation in provision expense, from $543M in 2025Q4 to near zero in 2026Q2, suggests that the company is experiencing significant volatility in its expected credit losses. The low provision in 2026Q2 may indicate an improvement in credit quality or a release of reserves, but it could also be a one-time event. Given the recent EPS miss, investors should scrutinize whether the low provision is sustainable or if it masks underlying deterioration. The elevated provisions in 2025Q3 and Q4 (over $488M) suggest that credit costs are normalizing to pre-pandemic levels, which could pressure future earnings.
Fee Income Mix Declines Slightly
Non-interest income as a percentage of total revenue fell to 11.3% in 2026Q2 from 13.4% in 2024Q1, based on company data, indicating a shift toward interest income.
The gradual decline in fee income contribution, from 13.4% to 11.3%, suggests that the company is becoming more reliant on net interest income, which is subject to credit risk. While fee income from insurance and membership products remains a stable source, its relative decline may reduce the overall earnings quality, as fees are less volatile than interest income. This trend could be a result of the expansion into credit cards, which generate more interest income than fees. Investors should monitor whether the fee income growth can keep pace with loan growth.
2026Q2 Earnings Miss Marks Turning Point
EPS fell 29% below consensus in 2026Q2 to $1.32, despite revenue growth of 9.1% YoY, as per earnings release, signaling potential credit deterioration.
The significant EPS miss in 2026Q2, despite robust revenue growth, indicates that the earnings shortfall is driven by higher expenses or credit costs, not top-line weakness. The efficiency ratio spike to 47.8% and the near-zero provision suggest that operating costs are the primary culprit, possibly due to investments in the credit card business or elevated collection expenses. This quarter may represent an inflection point where the company's growth strategy begins to weigh on profitability. Investors should watch if the efficiency ratio remains elevated and whether credit costs rise in subsequent quarters.
Earnings Quality Questioned by Provision Swing
The $1M provision benefit in 2026Q2, versus $543M charge in 2025Q4, raises concerns about earnings quality, as per financial statements, warranting scrutiny.
The dramatic swing in provision expense, from a large charge to a benefit, suggests that the company may be managing earnings through reserve adjustments. While CECL accounting can cause such volatility, the magnitude of the swing is unusual and may indicate that the low provision is not sustainable. If credit quality is actually deteriorating, as suggested by the EPS miss, the company may need to build reserves in future quarters, which would negatively impact earnings. Investors should analyze the delinquency trends and net charge-offs to assess the adequacy of the allowance for credit losses.