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Axos Financial, Inc. — Presentation / slide deck (8-K exhibit)
Axos Financial, Inc. (AX) · 11 slides · Filed Oct 30, 2025
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All AX deck slides
Slide 1 — Axos Q1 Fiscal 2026
Axos Q1 Fiscal 2026 Earnings Supplement NYSE: AX October 30, 2025
Slide 2 — Loan Growth by Category
2 © 2025 Axos Financial, Inc. All Rights Reserved. 2 Loan Growth by Category $ Millions SF Warehouse Lending Multifamily Small Balance Commercial Jumbo Mortgage Asset-Based and Cash Flow Lending1 Lender Finance Non-RE Capital Call Facilities Auto Unsecured/OD Single Family Mortgage & Warehouse Multifamily & Commercial Mortgage Commercial Real Estate Commercial & Industrial Non-RE Loans Inc (Dec) Q4 FY25 Q1 FY26 $ (33) $ 3,786 $ 3,753 179 609 788 (144) 1,729 1,585 (3) 1,212 1,209 337 5,713 6,050 21 1,224 1,245 20 2,567 2,587 1,314 2,633 3,947 (149) 1,596 1,447 41 430 471 8 52 60 (1) 1 — $ 1,590 $ 21,552 $ 23,142 Lender Finance RE CRE Specialty Other Auto & Consumer Note 1: Asset-Based and Cash Flow Lending as of Q1 FY26 includes $1,020 million of loans and leases from the Verdant acquisition.
Slide 3 — Verdant Commercial Capital ("VCC") Acquisition Impact
3 © 2025 Axos Financial, Inc. All Rights Reserved. 3 Three Months Ended September 30, 2025 Three Months Ended June 30, 2025 Axos Reported VCC Impact Axos excluding VCC Axos Reported ($ millions) $ 291.1 $ — $ 291.1 $ 280.2 Net interest income (17.3) (7.8) (9.5) (15.0) Provision for credit losses 32.3 — 32.3 41.3 Non-interest income (156.2) (1.3) (154.9) (150.7) Non-interest expense $ 112.4 $ (6.8) $ 119.2 $ 110.7 Net Income2 Income Statement Verdant Commercial Capital ("VCC") Acquisition Impact Note 1: Provision for credit losses reflects the "Day 1" adjustment to the allowance for credit losses following acquisition; non-interest expense reflects acquisition-related expenses incurred by Axos in connection with the acquisition. Note 2: Represents the total as included in Axos Financial, Inc.'s consolidated income statements, not the summation of components listed above
Slide 4 — Verdant Commercial Capital ("VCC") Acquisition Impact
4 © 2025 Axos Financial, Inc. All Rights Reserved. 4 As of September 30, 2025 As of June 30, 2025 Axos Reported VCC Impact1 Axos (excluding VCC) Axos Reported ($ millions) $ 2,560.7 $ 31.6 $ 2,529.1 $ 1,933.8 Cash and cash equivalents 324.9 34.9 290.0 242.5 Restricted cash 22,635.1 1,020.3 21,614.8 21,049.6 Loans—net of allowance for credit losses 205.7 72.8 132.9 134.5 Goodwill and intangibles, net 1,127.7 223.8 903.9 891.4 Other assets $ 27,431.8 $ 1,383.5 $ 26,048.3 $ 24,783.1 Total assets2 $ 782.4 $ 782.4 $ — $ — Secured financings 431.0 29.3 401.7 410.2 Accounts payable and other liabilities $ 24,638.7 $ 811.7 $ 23,827.0 $ 22,102.4 Total liabilities2 Note 1: Other assets includes $212.6 million of equipment under operating lease arrangements. Note 2: Represents the total as included in Axos Financial, Inc.'s consolidated balance sheets, not the summation of components listed above Balance Sheet Verdant Commercial Capital ("VCC") Acquisition Impact
Slide 5 — Diversified Deposit Gathering
5 © 2025 Axos Financial, Inc. All Rights Reserved. 5 Diversified Deposit Gathering Deposit balances as of September 30, 2025 Note 1: Excludes approximately $450 million of off-balance sheet deposits › Serves approximately 30% of U.S. Chapter 7 bankruptcy trustees in exclusive relationship › Software allows servicing of SEC receivers and non-chapter 7 cases › Full service digital banking, wealth management, and securities trading › White-label banking › Business banking with simple suite of cash management services › 1031 exchange firms › Title and escrow companies › HOA and property management › Business management and entertainment › Broker-dealer client cash › Broker-dealer reserve accounts › Full service treasury/cash management › Team enhancements and geographic expansion › Bank and securities cross-sell Fiduciary Services $1.1B Consumer Direct $12.0B Specialty Deposits $2.6B Distribution Partners $0.3B Axos Securities1 $1.1B Small Business Banking $0.7B Commercial & Treasury Management $4.5B Diversified Deposit Gathering Business Lines Approximately 90% of deposits are FDIC-insured or collateralized
Slide 6 — Change in Allowance for Credit Losses (ACL) & Unfunded
6 © 2025 Axos Financial, Inc. All Rights Reserved. 6 Change in Allowance for Credit Losses (ACL) & Unfunded Loan Commitments Reserve (UCL) ($ in millions) ACL + UCL ACL + UCL (6.4) 7.8 7.8
Slide 7 — Credit Quality ($ millions)
7 © 2025 Axos Financial, Inc. All Rights Reserved. 7 Credit Quality ($ millions) % Non-Accrual Loans Loans O/S September 30, 2025 1.50 % $ 68 $ 4,541 Single Family-Mortgage & Warehouse 0.57 16 2,794 Multifamily and Commercial Mortgage 0.30 22 7,295 Commercial Real Estate 0.78 62 7,981 Commercial & Industrial - Non-RE 0.38 2 531 Auto & Consumer 0.74 % $ 170 $ 23,142 Total % Non-Accrual Loans Loans O/S June 30, 2025 1.00 % $ 44 $ 4,395 Single Family-Mortgage & Warehouse 1.12 33 2,941 Multifamily and Commercial Mortgage 0.42 29 6,937 Commercial Real Estate 0.91 62 6,796 Commercial & Industrial - Non-RE 0.41 2 483 Auto & Consumer 0.79 % $ 170 $ 21,552 Total % Non-Accrual Loans Loans O/S September 30, 2024 1.42 % $ 59 $ 4,152 Single Family-Mortgage & Warehouse 0.85 31 3,647 Multifamily and Commercial Mortgage 0.66 41 6,256 Commercial Real Estate 0.82 44 5,355 Commercial & Industrial - Non-RE 0.48 2 416 Auto & Consumer 0.89 % $ 177 $ 19,826 Total
Slide 8 — AXOS FINANCIAL, INC.
8 © 2025 Axos Financial, Inc. All Rights Reserved. 8 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Selected Balance Sheet Data: $ 23,569,084 $ 23,709,422 $ 23,981,154 $ 24,783,078 $ 27,431,817 Total assets 19,280,609 19,486,727 20,193,630 21,049,610 22,635,137 Loans—net of allowance for credit losses 14,566 25,436 15,644 10,012 12,202 Loans held for sale, carried at fair value 263,854 270,605 279,950 290,049 307,431 Allowance for credit losses 594 241 346 649 533 Securities—trading 137,996 97,848 79,958 66,008 57,798 Securities—available-for-sale 84,326 114,672 91,915 139,396 182,518 Securities borrowed 262,774 298,887 300,907 252,720 263,095 Customer, broker-dealer and clearing receivables 19,973,329 19,934,904 20,136,714 20,829,543 22,264,753 Total deposits 90,000 60,000 60,000 60,000 60,000 Advances from the FHLB — — — — 782,423 Secured financings 313,519 358,692 377,427 312,671 510,064 Borrowings, subordinated notes and debentures 95,883 135,258 111,094 139,426 204,620 Securities loaned 315,985 309,593 314,399 350,606 385,821 Customer, broker-dealer and clearing payables $ 2,405,728 $ 2,521,962 $ 2,603,900 $ 2,680,677 $ 2,793,121 Total stockholders’ equity 57,092,216 57,097,632 56,865,524 56,483,617 56,643,547 Common shares outstanding at end of period 70,562,333 70,571,332 70,813,637 71,101,642 71,356,152 Common shares issued at end of period Per Common Share Data: $ 42.14 $ 44.17 $ 45.79 $ 47.46 $ 49.31 Book value per common share $ 39.22 $ 41.27 $ 42.91 $ 44.60 $ 45.21 Tangible book value per common share (Non-GAAP)1 Capital Ratios: 10.21 % 10.64 % 10.86 % 10.82 % 10.18 % Equity to assets at end of period Axos Financial, Inc.: 9.78 % 10.02 % 10.45 % 10.73 % 10.26 % Tier 1 leverage (to adjusted average assets) 12.44 % 12.42 % 12.39 % 12.52 % 11.66 % Common equity tier 1 capital (to risk-weighted assets) 12.44 % 12.42 % 12.39 % 12.52 % 11.66 % Tier 1 capital (to risk-weighted assets) 15.29 % 15.23 % 15.21 % 15.28 % 15.20 % Total capital (to risk-weighted assets) Axos Bank: 9.82 % 9.85 % 10.14 % 10.23 % 9.69 % Tier 1 leverage (to adjusted average assets) 12.87 % 12.67 % 12.31 % 12.42 % 11.37 % Common equity tier 1 capital (to risk-weighted assets) 12.87 % 12.67 % 12.31 % 12.42 % 11.37 % Tier 1 capital (to risk-weighted assets) 14.06 % 13.86 % 13.49 % 13.70 % 12.62 % Total capital (to risk-weighted assets) Axos Clearing LLC: $ 85,292 $ 83,932 $ 79,264 $ 86,996 $ 91,442 Net capital $ 80,081 $ 78,282 $ 73,172 $ 81,834 $ 86,042 Excess capital 32.73 % 29.71 % 26.02 % 33.71 % 33.87 % Net capital as a percentage of aggregate debit items $ 72,264 $ 69,805 $ 64,035 $ 74,091 $ 77,942 Net capital in excess of 5% aggregate debit items AXOS FINANCIAL, INC. SELECTED FINANCIAL INFORMATION (Unaudited – dollars in thousands)
Slide 9 — AXOS FINANCIAL, INC.
9 © 2025 Axos Financial, Inc. All Rights Reserved. 9 At or For The Three Months Ended September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Selected Income Statement Data: $ 484,262 $ 456,068 $ 432,722 $ 442,413 $ 465,736 Interest and dividend income 192,214 175,969 157,258 162,252 174,686 Interest expense 292,048 280,099 275,464 280,161 291,050 Net interest income 14,000 12,248 14,500 14,997 17,255 Provision for credit losses 278,048 267,851 260,964 265,164 273,795 Net interest income, after provision for credit losses 28,609 27,799 33,373 41,285 32,340 Non-interest income 147,465 145,320 146,261 150,652 156,246 Non-interest expense 159,192 150,330 148,076 155,797 149,889 Income before income taxes 46,852 45,643 42,870 45,122 37,537 Income taxes $ 112,340 $ 104,687 $ 105,206 $ 110,675 $ 112,352 Net income Weighted average number of common shares outstanding: 56,934,671 57,094,153 57,029,078 56,392,620 56,512,587 Basic 58,168,468 58,226,006 58,174,696 57,782,828 57,782,828 Diluted Per Common Share Data: Net income: $ 1.97 $ 1.83 $ 1.84 $ 1.96 $ 1.99 Basic $ 1.93 $ 1.80 $ 1.81 $ 1.92 $ 1.94 Diluted $ 1.96 $ 1.82 $ 1.81 $ 1.94 $ 2.07 Adjusted earnings per common share (Non-GAAP)1 Performance Ratios and Other Data: $ 49,224 $ 206,118 $ 706,903 $ 855,980 $ 1,585,527 Growth in loans held for investment, net $ 69,570 $ 66,826 $ 20,962 $ 42,487 $ 47,122 Loan originations for sale 1.92 % 1.74 % 1.77 % 1.85 % 1.77 % Return on average assets 19.12 % 16.97 % 16.44 % 16.85 % 15.94 % Return on average common stockholders’ equity 4.13 % 3.91 % 3.91 % 3.97 % 3.89 % Interest rate spread2 5.17 % 4.83 % 4.78 % 4.84 % 4.75 % Net interest margin3 5.21 % 4.87 % 4.83 % 4.88 % 4.80 % Net interest margin3 – Banking Business Segment 45.99 % 47.20 % 47.36 % 46.87 % 48.32 % Efficiency ratio4 39.83 % 40.95 % 41.53 % 40.94 % 42.89 % Efficiency ratio4 – Banking Business Segment Asset Quality Ratios: 0.17 % 0.10 % 0.09 % 0.16 % 0.11 % Net annualized charge-offs to average loans 0.89 % 1.26 % 0.89 % 0.79 % 0.74 % Nonaccrual loans to total loans 0.75 % 1.06 % 0.79 % 0.71 % 0.64 % Non-performing assets to total assets 1.35 % 1.37 % 1.37 % 1.36 % 1.34 % Allowance for credit losses - loans to total loans held for investment 149.32 % 107.58 % 151.28 % 170.23 % 180.41 % Allowance for credit losses - loans to non-performing loans 1 See “Use of Non-GAAP Financial Measures” herein. 2 Interest rate spread represents the difference between the annualized weighted average yield on interest-earning assets and the annualized weighted average rate paid on interest-bearing liabilities. 3 Net interest margin represents annualized net interest income as a percentage of average interest-earning assets. 4 Efficiency ratio represents non-interest expense as a percentage of the aggregate of net interest income and non-interest income. AXOS FINANCIAL, INC. SELECTED FINANCIAL INFORMATION (Unaudited – dollars in thousands)
Slide 10 — Use of Non-GAAP Financial Measures
10 © 2025 Axos Financial, Inc. All Rights Reserved. 10 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 (Dollars in thousands, except per share amounts) $ 112,340 $ 104,687 $ 105,206 $ 110,675 $ 112,352 Net income 2,554 1,645 1,604 1,604 2,941 Acquisition-related costs1 — — — — 7,765 Verdant acquisition - Provision for credit losses — — (1,879) — — Other costs2 (752) (503) 80 (465) (2,681) Income taxes $ 114,142 $ 105,829 $ 105,011 $ 111,814 $ 120,377 Adjusted earnings (non-GAAP) 58,168,468 58,226,006 58,174,696 57,558,280 57,782,828 Average dilutive common shares outstanding $ 1.93 $ 1.80 $ 1.81 $ 1.92 $ 1.94 Diluted EPS 0.04 0.03 0.03 0.03 0.05 Acquisition-related costs1 — — — — 0.13 Verdant acquisition - Provision for credit losses — — (0.03) — — Other costs2 (0.01) (0.01) — (0.01) (0.05) Income taxes $ 1.96 $ 1.82 $ 1.81 $ 1.94 $ 2.07 Adjusted EPS (Non-GAAP) 1 Acquisition-related costs includes amortization of intangible assets, and for the three months ended September 30, 2025, also includes $1.3 million of acquisition-related costs associated with the Verdant acquisition. 2 Other costs for the three months ended March 31, 2025, primarily reflects the payment of a legal judgment at an amount less than previously accrued. We define “tangible book value”, a non-GAAP financial measure, as book value adjusted for goodwill and other intangible assets. Tangible book value is calculated using common stockholders’ equity minus servicing rights, goodwill and other intangible assets. Tangible book value per common share, a non-GAAP financial measure, is calculated by dividing tangible book value by the common shares outstanding at the end of the period. We believe tangible book value per common share is useful in evaluating the Company’s capital strength, financial condition, and ability to manage potential losses. Below is a reconciliation of total stockholders’ equity, the nearest comparable GAAP measure, to tangible book value per common share (non-GAAP) as of the dates indicated: September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 (Dollars in thousands, except per share amounts) $ 2,405,728 $ 2,521,962 $ 2,603,900 $ 2,680,677 $ 2,793,121 Common stockholders’ equity 27,335 28,045 27,585 27,218 26,243 Less: servicing rights, carried at fair value 139,215 137,570 135,966 134,502 205,747 Less: goodwill and intangible assets $ 2,239,178 $ 2,356,347 $ 2,440,349 $ 2,518,957 $ 2,561,131 Tangible common stockholders’ equity (Non-GAAP) 57,092,216 57,097,632 56,865,524 56,483,617 56,643,547 Common shares outstanding at end of period $ 42.14 $ 44.17 $ 45.79 $ 47.46 $ 49.31 Book value per common share $ 0.48 $ 0.49 $ 0.49 $ 0.48 $ 0.46 Less: servicing rights, carried at fair value per common share $ 2.44 $ 2.41 $ 2.39 $ 2.38 $ 3.63 Less: goodwill and other intangible assets per common share $ 39.22 $ 41.27 $ 42.91 $ 44.60 $ 45.22 Tangible book value per common share (Non-GAAP) In addition to the results presented in accordance with GAAP, this earnings supplement includes non-GAAP financial measures such as adjusted earnings, adjusted earnings per diluted common share, and tangible book value per common share. Non-GAAP financial measures have inherent limitations, may not be comparable to similarly titled measures used by other companies and are not audited. Readers should be aware of these limitations and should be cautious as to their reliance on such measures. Although we believe the non-GAAP financial measures disclosed in this report enhance investors’ understanding of our business and performance, these non-GAAP measures should not be considered in isolation, or as a substitute for GAAP basis financial measures. We define “adjusted earnings”, a non-GAAP financial measure, as net income without the after-tax impact of non-recurring acquisition-related costs and other costs (unusual or non-recurring charges). Adjusted earnings per diluted common share (“adjusted EPS”), a non-GAAP financial measure, is calculated by dividing non-GAAP adjusted earnings by the average number of diluted common shares outstanding during the period. We believe the non-GAAP measures of adjusted earnings and adjusted EPS provide useful information about the Company’s operating performance. We believe excluding the non-recurring acquisition related costs and other costs (unusual or non-recurring) provides investors with an alternative understanding of Axos’ core business. Below is a reconciliation of net income, the nearest comparable GAAP measure, to adjusted earnings and adjusted EPS (Non-GAAP) for the periods shown: Use of Non-GAAP Financial Measures
Slide 11 — Contact Information
11 © 2025 Axos Financial, Inc. All Rights Reserved. 11 Greg Garrabrants, President and CEO Derrick Walsh, EVP and CFO [email protected] www.axosfinancial.com Johnny Lai, SVP Corporate Development and Investor Relations Phone: 858.649.2218 Mobile: 858.245.1442 [email protected] Contact Information