Core profitability remains constrained as the net interest margin compressed to 1.3% in 2026Q1, while an efficiency ratio fluctuating between 70% and 95% continues to suppress operating leverage.
| 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 |
|---|
| Net Interest Income | 1.71M | 350.59M | 350.46M | 368.08M | 400.49M | 369.13M | 284.73M | 255.9M | 227.05M | 155.68M | 112.36M | 90.65M | 80.46M | 38.68M | 23.24M |
| NII Growth % | -395.2% | 0.04% | -4.79% | -8.09% | 8.5% | 29.64% | 11.26% | 12.71% | 45.84% | 38.56% | 23.95% | 12.67% | 108% | 66.47% | - |
| Net Interest Margin % | 0.02% | 5.49% | 5.89% | 6.88% | 7.51% | 6.2% | 4.8% | 5.06% | 4.98% | 4.45% | 4.25% | 5.36% | 5.56% | 3% | 7.71% |
| Interest Income | 485K | 430.47M | 422.51M | 422.42M | 419.24M | 387.56M | 322.12M | 311.15M | 262.98M | 177.22M | 124.49M | 98.76M | 87.23M | 42.63M | 26.95M |
| Interest Expense | -1.23M | 79.88M | 72.06M | 54.34M | 18.75M | 18.43M | 37.39M | 55.25M | 35.93M | 21.54M | 12.13M | 8.11M | 6.77M | 3.95M | 3.71M |
| Loan Loss Provision | 59.98M | 2.87M | 18.47M | 11.46M | 6.56M | -8.89M | 38.33M | 7.94M | 16.17M | 11.63M | 6.69M | 4.53M | 5.86M | 3.41M | 1.74M |
| Non-Interest Income | 500.29M | 85.61M | 65.11M | 49.43M | 83.71M | 54.45M | 50.63M | 31.57M | 21.9M | 19.8M | 20.96M | 18.18M | 12.15M | 4M | 2.66M |
| Non-Interest Income % | 99.9% | 16.59% | 13.35% | 10.48% | 16.64% | 12.32% | 13.58% | 9.21% | 7.69% | 10.05% | 14.41% | 15.55% | 12.22% | 8.58% | 8.99% |
| Total Revenue | 500.77M | 516.08M | 487.63M | 471.85M | 502.94M | 442M | 372.74M | 342.72M | 284.88M | 197.02M | 145.45M | 116.94M | 99.38M | 46.63M | 29.61M |
| Revenue Growth % | 9.19% | 5.83% | 3.34% | -6.18% | 13.79% | 18.58% | 8.76% | 20.31% | 44.59% | 35.46% | 24.38% | 17.67% | 113.12% | 57.46% | - |
| Non-Interest Expense | 398.9M | 400.06M | 376.63M | 353.23M | 340.63M | 287.51M | 212.32M | 204.08M | 166.28M | 102.75M | 93.11M | 66.75M | 56.58M | 23.71M | 18.48M |
| Efficiency Ratio | 79.66% | 77.52% | 77.24% | 74.86% | 67.73% | 65.05% | 56.96% | 59.55% | 58.37% | 52.15% | 64.02% | 57.08% | 56.94% | 50.85% | 62.4% |
| Operating Income | 43.11M | 32.99M | 20.47M | 52.81M | 137M | 144.95M | 84.71M | 75.45M | 66.5M | 61.1M | 33.51M | 37.55M | 30.17M | 15.56M | 5.68M |
| Operating Margin % | 8.61% | 6.39% | 4.2% | 11.19% | 27.24% | 32.8% | 22.73% | 22.01% | 23.34% | 31.01% | 23.04% | 32.11% | 30.36% | 33.37% | 19.18% |
| Operating Income Growth % | - | 61.18% | -61.25% | -61.45% | -5.48% | 71.12% | 12.28% | 13.45% | 8.84% | 82.33% | -10.77% | 24.49% | 93.88% | 173.94% | - |
| Pretax Income | 41.07M | 32.99M | 20.47M | 52.81M | 137M | 144.95M | 84.71M | 75.45M | 66.5M | 61.1M | 33.51M | 37.55M | 30.17M | 15.56M | 5.68M |
| Pretax Margin % | 8.2% | 6.39% | 4.2% | 11.19% | 27.24% | 32.8% | 22.73% | 22.01% | 23.34% | 31.01% | 23.04% | 32.11% | 30.36% | 33.37% | 19.18% |
| Income Tax | 9.37M | 7.63M | 4.38M | 11.73M | 34.69M | 31.98M | 20.69M | 16.9M | 14.79M | 24.88M | 12.81M | 8.42M | 10.38M | 2.13M | -5.39M |
| Effective Tax Rate % | 22.82% | 23.13% | 21.39% | 22.22% | 25.32% | 22.06% | 24.42% | 22.4% | 22.24% | 40.72% | 38.23% | 22.42% | 34.4% | 13.71% | -94.96% |
| Net Income | 31.7M | 25.36M | 16.09M | 41.08M | 102.31M | 112.97M | 64.02M | 58.54M | 51.71M | 36.22M | 20.7M | 29.13M | 17.73M | 12.56M | 10.08M |
| Net Margin % | 6.33% | 4.91% | 3.3% | 8.71% | 20.34% | 25.56% | 17.18% | 17.08% | 18.15% | 18.38% | 14.23% | 24.91% | 17.84% | 26.94% | 34.04% |
| Net Income Growth % | 165.27% | 57.61% | -60.83% | -59.85% | -9.44% | 76.46% | 9.36% | 13.22% | 42.76% | 74.98% | -28.95% | 64.32% | 41.15% | 24.59% | - |
| Net Income (Continuing) | 31.7M | 25.36M | 16.09M | 41.08M | 102.31M | 112.97M | 64.02M | 58.54M | 51.71M | 36.22M | 20.7M | 29.13M | 19.79M | 13.43M | 11.07M |
| EPS (Diluted) | 1.32 | 0.93 | 0.54 | 1.61 | 3.96 | 4.35 | 2.53 | 2.25 | 2.03 | 1.81 | 1.10 | 1.56 | 1.52 | 0.71 | 1.51 |
| EPS Growth % | 220.81% | 72.22% | -66.46% | -59.34% | -8.97% | 71.94% | 12.44% | 10.84% | 12.15% | 64.55% | -29.49% | 2.63% | 114.08% | -52.98% | - |
| EPS (Basic) | - | 0.94 | 0.55 | 1.63 | 4.06 | 4.44 | 2.56 | 2.26 | 2.06 | 1.85 | 1.11 | 1.58 | 1.55 | 0.71 | 1.51 |
| Diluted Shares Outstanding | 24.04M | 23.85M | 23.78M | 23.21M | 25.02M | 25.25M | 24.62M | 26.06M | 25.48M | 20M | 18.05M | 18.02M | 11.67M | 16.59M | 6.68M |
Freight market cyclicality
As reported in recent financial statements, Triumph Financial's net interest income has remained largely range-bound between $84 million and $92 million over the last ten quarters, suggesting that the firm's core lending business is struggling to generate meaningful growth amidst a challenging freight environment.
The lack of expansion in net interest income implies that the bank's factoring portfolio is not currently benefiting from significant volume growth or yield expansion. Investors should monitor whether this stagnation reflects a deliberate pivot toward fee-based payment services or a genuine inability to scale the lending book in the current interest rate cycle.
Based on the provided quarterly data, the net interest margin has compressed from 1.7% in 2023Q4 to 1.3% in 2026Q1, indicating that funding costs and competitive pressures are increasingly eroding the profitability of the company's interest-earning assets.
This downward trend in NIM suggests that the bank is facing difficulty in passing through higher funding costs to its factoring clients. The narrowing spread warrants further investigation into whether the bank is sacrificing margin to maintain market share within the highly competitive logistics financing space.
According to the company's income statement data, the efficiency ratio has consistently hovered between 70% and 95%, which appears significantly higher than traditional regional banking peers and suggests that heavy technology investment is currently suppressing the firm's operating leverage.
The elevated efficiency ratio implies that the cost of maintaining the TriumphPay platform is substantial relative to the revenue it generates. It remains unclear if this high cost base will eventually yield operating leverage or if the firm will remain permanently burdened by the dual requirements of a bank charter and a fintech stack.
As indicated by the quarterly filings, the provision for credit losses has fluctuated significantly, including a notable $78.1 million charge in 2025Q4, which suggests that the bank is actively managing credit quality in response to the ongoing freight recession.
The volatility in provision expense may indicate that the underlying credit quality of the factoring portfolio is sensitive to the financial health of small-carrier borrowers. Analysts should monitor these swings as they directly impact the bottom-line earnings and may signal underlying stress in the transportation sector.
Quick answers to the most common questions about buying TFIN stock.
Triumph Financial, Inc. (TFIN) is profitable, generating $25.4M in net income for the fiscal year ending 2025 with a net profit margin of 4.9%.
Triumph Financial, Inc. (TFIN) reported an operating income of $33.0M, resulting in an operating profit margin of 6.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Triumph Financial, Inc. (TFIN) generated $433.1M in gross profit for the year, representing a gross profit margin of 83.9%. This demonstrates the company's core pricing power and production efficiency.