Revenue growth has faced cyclical cooling, dropping to $142.8 million in 2026Q1 while operating margins remain thin at 2.5% due to elevated credit-related expenses.
Oportun Financial Corporation (OPRT) annual income statement — 10-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 |
|---|
| Net Interest Income | 693.68M | 679.13M | 711.53M | 805.16M | 786.91M | 528.17M | 487.1M | 483.58M | 401.86M | 291.54M | 225.38M |
| NII Growth % | 13.52% | -4.55% | -11.63% | 2.32% | 48.99% | 8.43% | 0.73% | 20.34% | 37.84% | 29.35% | - |
| Net Interest Margin % | 22.17% | 20.85% | 22.05% | 23.6% | 21.78% | 17.92% | 24.25% | 21.96% | 23.1% | 23.99% | 23.52% |
| Interest Income | 898.15M | 910.64M | 949.69M | 984.57M | 876.1M | 575.8M | 545.5M | 544.1M | 448.78M | 327.94M | 254.15M |
| Interest Expense | 204.46M | 231.5M | 238.16M | 179.41M | 93M | 47.7M | 58.4M | 60.5M | 46.92M | 36.4M | 28.77M |
| Loan Loss Provision | 0 | 0 | 0 | 0 | 46K | -31K | -32K | -4.44M | 16.15M | 98.31M | 70.36M |
| Non-Interest Income | -212.12M | -273.3M | -416.33M | -524.49M | -142.4M | 2.35M | -152.07M | -41.19M | 71.7M | 33.02M | 23.37M |
| Non-Interest Income % | -44.05% | -67.34% | -141.03% | -186.87% | -22.09% | 0.44% | -45.39% | -9.31% | 15.14% | 10.17% | 9.4% |
| Total Net Revenue | 481.56M | 405.84M | 295.2M | 280.67M | 644.51M | 530.52M | 335.03M | 442.39M | 473.56M | 324.56M | 248.75M |
| Revenue Growth % | 31.44% | 37.48% | 5.18% | -56.45% | 21.49% | 58.35% | -24.27% | -6.58% | 45.91% | 30.47% | - |
| Non-Interest Expense | 441.55M | 361.76M | 410.38M | 534.32M | 715.94M | 467.69M | 393.15M | 362.42M | 287.32M | 224.17M | 162.33M |
| Efficiency Ratio | 91.69% | 89.14% | 139.02% | 190.38% | 111.08% | 88.16% | 117.35% | 81.92% | 60.67% | 69.07% | 65.26% |
| Operating Income | 40.01M | 44.08M | -115.18M | -253.65M | -75.29M | 62.79M | -58.09M | 84.43M | 170.09M | 2.07M | 16.06M |
| Operating Margin % | 8.31% | 10.86% | -39.02% | -90.38% | -11.68% | 11.84% | -17.34% | 19.09% | 35.92% | 0.64% | 6.45% |
| Operating Income Growth % | - | 138.27% | 54.59% | -236.92% | -219.9% | 208.09% | -168.81% | -50.36% | 8121.12% | -87.11% | - |
| Pretax Income | 40.01M | 44.08M | -115.18M | -253.65M | -75.29M | 62.79M | -58.09M | 84.43M | 170.09M | 2.07M | 16.06M |
| Pretax Margin % | 8.31% | 10.86% | -39.02% | -90.38% | -11.68% | 11.84% | -17.34% | 19.09% | 35.92% | 0.64% | 6.45% |
| Income Tax | 20.51M | 18.83M | -36.49M | -73.7M | 2.46M | 15.38M | -13.01M | 22.83M | 46.7M | 12.28M | -34.8M |
| Effective Tax Rate % | 51.26% | 42.72% | 31.69% | 29.06% | -3.26% | 24.49% | 22.4% | 27.04% | 27.46% | 593.28% | -216.75% |
| Net Income | 19.5M | 25.25M | -78.68M | -179.95M | -77.74M | 47.41M | -45.08M | 61.6M | 123.39M | -10.21M | 50.86M |
| Net Margin % | 4.05% | 6.22% | -26.65% | -64.12% | -12.06% | 8.94% | -13.46% | 13.92% | 26.06% | -3.14% | 20.45% |
| Net Income Growth % | 526.37% | 132.09% | 56.28% | -131.47% | -263.97% | 205.17% | -173.19% | -50.08% | 1309.03% | -120.07% | - |
| Net Income (Continuing) | 19.5M | 25.25M | -78.68M | -179.95M | -77.74M | 47.41M | -45.08M | 61.6M | 123.39M | -10.21M | 50.86M |
| EPS (Diluted) | 0.40 | 0.53 | -1.95 | -4.88 | -2.37 | 1.56 | -1.65 | 0.40 | 5.59 | -0.46 | 2.20 |
| EPS Growth % | 300.3% | 127.18% | 60.04% | -105.91% | -251.92% | 194.55% | -512.5% | -92.84% | 1315.22% | -120.91% | - |
| EPS (Basic) | - | 0.53 | -1.95 | -4.88 | -2.37 | 1.68 | -1.65 | 0.46 | 5.60 | -0.46 | 2.31 |
| Diluted Shares Outstanding | 48.95M | 47.86M | 40.36M | 36.88M | 32.83M | 30.32M | 27.33M | 10.76M | 22.06M | 22.06M | 23.11M |
Quick answers to the most common questions about buying OPRT stock.
For fiscal year 2025, Oportun Financial Corporation (OPRT) reported total revenue of $405.8M. This represents a 63.1% increase compared to $248.8M in 2016.
Oportun Financial Corporation (OPRT) is profitable, generating $25.2M in net income for the fiscal year ending 2025 with a net profit margin of 4.0%.
Oportun Financial Corporation (OPRT) reported an operating income of $44.1M, resulting in an operating profit margin of 6.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Oportun Financial Corporation (OPRT) generated $405.8M in gross profit for the year, representing a gross profit margin of 63.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High credit loss sensitivity
Metrics are mathematically derived from official filings.
Revenue Growth Faces Cyclical Headwinds
As indicated by recent quarterly financial data, OPRT's revenue peaked at $167.1 million in 2024Q4 before decelerating to $142.8 million by 2026Q1, reflecting a challenging environment for subprime credit expansion and a potential cooling in loan demand across the company's core LMI consumer demographic.
The recent contraction in top-line figures suggests that the company's pivot toward a capital-light model may be struggling to offset the loss of interest income from a shrinking balance sheet. Investors should monitor whether this deceleration is a temporary byproduct of strategic restructuring or a more permanent shift in the company's ability to capture market share in a high-rate environment.
Gross Margin Volatility Remains Elevated
According to the provided income statement data, gross margins have fluctuated significantly, ranging from a low of 52.5% in 2024Q2 to a peak of 66.4% in 2026Q1, highlighting the inherent sensitivity of the company's lending model to credit loss provisions and fluctuating funding costs.
While the recent expansion to 66.4% suggests improved pricing power or better credit performance, the historical volatility warrants caution regarding the sustainability of these margins. The reliance on fair value accounting likely contributes to these swings, making it difficult to discern underlying operational efficiency from non-cash valuation adjustments.
Operating Leverage Remains Constrained
Based on reported figures, OPRT's operating margin has struggled to maintain positive territory, bottoming out at -46.2% in 2023Q4 before recovering to a modest 2.5% in 2026Q1, which underscores the difficulty of scaling the business while managing high fixed corporate overhead and credit-related expenses.
The inability to consistently generate meaningful operating income despite high gross margins suggests that SG&A expenses remain disproportionately high relative to the company's current revenue scale. This lack of operating leverage may indicate that the company's digital-first transition has yet to yield the expected efficiencies in customer acquisition and servicing costs.
Earnings Quality Obscured by Volatility
As reported in financial statements, net income has experienced extreme variance, swinging from a $41.8 million loss in 2023Q4 to a $9.8 million profit in 2025Q1, a trend that suggests headline EPS figures may be heavily influenced by non-operating items and fair value accounting.
The sharp fluctuations in net income, coupled with the recent reduction in stock-based compensation, suggest that management is attempting to stabilize the bottom line through cost discipline. However, the reliance on fair value marks means that reported earnings may not accurately reflect the actual cash-generating capacity of the loan portfolio.
Structural Risks to Capital-Light Pivot
Data from recent filings suggests that OPRT's high debt-to-equity ratio of 7.21x, combined with a recent deceleration in revenue, creates a precarious environment where any further increase in credit losses could rapidly erode the company's limited operating profitability and liquidity position.
Short-term observers may focus on the risk that the company's transition to a capital-light model is being forced by balance sheet constraints rather than strategic choice. If third-party investor appetite for these loans wanes, the company may find itself with limited options to fund its operations without further diluting shareholders or incurring prohibitive debt costs.