Axos Financial, Inc. (AX): Results of Operations and Financial Condition
Axos Financial, Inc. (AX) filed an SEC Form 8-K — Results of Operations and Financial Condition. Axos Financial, Inc. Reports Fiscal Year 2026 Results LAS VEGAS, NV – (BUSINESS WIRE) – July 30, 2026 – Axos Financial, Inc. (NYSE: AX) (“Axos” or the “Company”) today announced unaudited financial results for the fourth fiscal quarter ended June 30, 2026. Net income was $124.9 m
How this was made
The 30-second read
Why it matters
Traders can use the reported net interest income, provision for credit losses, and balance-sheet funding mix (deposits and borrowings) to reassess earnings power and credit-risk assumptions for AX.
Market read
This is a primary-source earnings-style update with concrete quarterly and balance-sheet numbers, useful for valuation and risk modeling.
What to watch
The excerpt shows large loan growth and changes in available-for-sale securities, but without credit-quality metrics (delinquencies, NPLs) or management commentary, the market may discount the signal quality.
Axos Financial reported net income of $ 490,372 (Dollars in thousands) and diluted earnings per common share of $ 8.48 for the year ended June 30, 2026; fourth-quarter net income was $ 124,946 (Dollars in thousands) and diluted earnings per common share was $ 2.16.
Fiscal 2026 net income, net interest income, total non-interest income, deposits, loans and total assets were higher than the comparative fiscal 2025 figures printed in the filing. The fourth quarter also showed higher net income and diluted EPS than the prior-year quarter. Attention points are the higher provision for credit losses, substantially higher non-interest expense, and lower fourth-quarter net interest margin.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| FY2026 total interest and dividend incomeGAAP | $ 1,956,952 (Dollars in thousands) | – | – |
| FY2026 interest expenseGAAP | $ 710,042 (Dollars in thousands) | – | – |
| FY2026 net interest incomeGAAP | $ 1,246,910 (Dollars in thousands) | – | – |
| FY2026 provision for credit lossesGAAP | $ 101,105 (Dollars in thousands) | – | – |
| FY2026 net interest income, after provision for credit lossesGAAP | $ 1,145,805 (Dollars in thousands) | – | – |
| FY2026 total non-interest incomeGAAP | $ 233,583 (Dollars in thousands) | – | – |
| FY2026 broker-dealer fee incomeGAAP | $ 45,273 (Dollars in thousands) | – | – |
| FY2026 advisory fee incomeGAAP | $ 35,978 (Dollars in thousands) | – | – |
| FY2026 banking and service feesGAAP | $ 139,825 (Dollars in thousands) | – | – |
| FY2026 mortgage banking and servicing rights incomeGAAP | $ 6,108 (Dollars in thousands) | – | – |
| FY2026 prepayment penalty fee incomeGAAP | $ 6,399 (Dollars in thousands) | – | – |
| FY2026 total non-interest expenseGAAP | $ 732,718 (Dollars in thousands) | – | – |
| FY2026 salaries and related costsGAAP | $ 323,046 (Dollars in thousands) | – | – |
| FY2026 data and operational processingGAAP | $ 91,885 (Dollars in thousands) | – | – |
| FY2026 depreciation and amortizationGAAP | $ 80,623 (Dollars in thousands) | – | – |
| FY2026 advertising and promotionalGAAP | $ 49,134 (Dollars in thousands) | – | – |
| FY2026 professional servicesGAAP | $ 42,806 (Dollars in thousands) | – | – |
| FY2026 occupancy and equipmentGAAP | $ 22,391 (Dollars in thousands) | – | – |
| FY2026 FDIC and regulatory feesGAAP | $ 27,693 (Dollars in thousands) | – | – |
| FY2026 broker-dealer clearing chargesGAAP | $ 17,729 (Dollars in thousands) | – | – |
| FY2026 general and administrative expenseGAAP | $ 77,411 (Dollars in thousands) | – | – |
| FY2026 income before income taxesGAAP | $ 646,670 (Dollars in thousands) | – | – |
| FY2026 income taxesGAAP | $ 156,298 (Dollars in thousands) | – | – |
| FY2026 net incomeGAAP | $ 490,372 (Dollars in thousands) | – | – |
| FY2026 basic earnings per common shareGAAP | $ 8.66 | – | – |
| FY2026 diluted earnings per common shareGAAP | $ 8.48 | – | – |
| Three months ended June 30, 2026 net interest incomeGAAP | $ 317,890 (Dollars in thousands) | – | – |
| Three months ended June 30, 2026 provision for credit lossesGAAP | $ 17,850 (Dollars in thousands) | – | – |
| Three months ended June 30, 2026 total non-interest incomeGAAP | $ 61,877 (Dollars in thousands) | – | – |
| Three months ended June 30, 2026 total non-interest expenseGAAP | $ 205,945 (Dollars in thousands) | – | – |
| Three months ended June 30, 2026 net incomeGAAP | $ 124,946 (Dollars in thousands) | – | – |
| Three months ended June 30, 2026 basic earnings per common shareGAAP | $ 2.20 | – | – |
| Three months ended June 30, 2026 diluted earnings per common shareGAAP | $ 2.16 | – | – |
| Three months ended June 30, 2026 net interest marginGAAP | 4.54 % | – | – |
| Three months ended June 30, 2026 interest rate spreadGAAP | 3.81 % | – | – |
What drove it
- Loans, including fees, generated $ 1,831,455 (Dollars in thousands) of fiscal 2026 interest and dividend income, versus $ 1,654,784 (Dollars in thousands) in fiscal 2025.
- Banking and service fees were $ 139,825 (Dollars in thousands) in fiscal 2026, versus $ 38,195 (Dollars in thousands) in fiscal 2025.
- Total gross loans were $ 26,096,037 (Dollars in thousands) at June 30, 2026, versus $ 21,551,697 (Dollars in thousands) at June 30, 2025.
- Commercial Real Estate loans were $ 8,867,851 (Dollars in thousands) and Commercial & Industrial - Non-RE loans were $ 9,495,647 (Dollars in thousands) at June 30, 2026.
- Available-for-sale securities had fair value of $ 803,667 (Dollars in thousands) at June 30, 2026, versus $ 66,008 (Dollars in thousands) at June 30, 2025.
Concerns
- The fiscal 2026 provision for credit losses was $ 101,105 (Dollars in thousands), versus $ 55,745 (Dollars in thousands) in fiscal 2025.
- The allowance for credit losses - loans was $ (347,375) (Dollars in thousands) at June 30, 2026, versus $ (290,049) (Dollars in thousands) at June 30, 2025.
- Fourth-quarter net interest margin was 4.54 %, versus 4.84 % for the three months ended June 30, 2025.
- Fiscal 2026 total non-interest expense was $ 732,718 (Dollars in thousands), versus $ 589,698 (Dollars in thousands) in fiscal 2025.
- Cash and cash equivalents were $ 1,108,633 (Dollars in thousands) at June 30, 2026, versus $ 1,933,845 (Dollars in thousands) at June 30, 2025.
What to watch
- Net interest margin and interest rate spread, reported at 4.54 % and 3.81 %, respectively, for the three months ended June 30, 2026.
- Provision for credit losses and the allowance for credit losses - loans.
- The composition of loan growth, including Commercial Real Estate and Commercial & Industrial - Non-RE loans.
- Deposit funding, including non-interest bearing deposits, brokered deposits, FHLB advances and secured financings.
- The pace of non-interest expense, including depreciation and amortization and general and administrative expense.
Balance sheet and cash flow
- Cash and cash equivalents at June 30, 2026: $ 1,108,633 (Dollars in thousands); June 30, 2025: $ 1,933,845 (Dollars in thousands).
- Total cash, cash equivalents and restricted cash at June 30, 2026: $ 1,307,802 (Dollars in thousands); June 30, 2025: $ 2,176,354 (Dollars in thousands).
- Total assets at June 30, 2026: $ 29,961,869 (Dollars in thousands); June 30, 2025: $ 24,783,078 (Dollars in thousands).
- Loans, net of allowance for credit losses, at June 30, 2026: $ 25,595,403 (Dollars in thousands); June 30, 2025: $ 21,049,610 (Dollars in thousands).
- Total deposits at June 30, 2026: $ 24,565,392 (Dollars in thousands); June 30, 2025: $ 20,829,543 (Dollars in thousands).
- Non-interest bearing deposits at June 30, 2026: $ 3,828,800 (Dollars in thousands); June 30, 2025: $ 3,040,696 (Dollars in thousands).
- Interest bearing deposits at June 30, 2026: $ 20,736,592 (Dollars in thousands); June 30, 2025: $ 17,788,847 (Dollars in thousands).
- Advances from the Federal Home Loan Bank at June 30, 2026: $ 154,000 (Dollars in thousands); June 30, 2025: $ 60,000 (Dollars in thousands).
- Secured financings at June 30, 2026: $ 576,680 (Dollars in thousands); June 30, 2025: —.
- Borrowings, subordinated notes and debentures at June 30, 2026: $ 342,915 (Dollars in thousands); June 30, 2025: $ 312,671 (Dollars in thousands).
- Total liabilities at June 30, 2026: $ 26,795,451 (Dollars in thousands); June 30, 2025: $ 22,102,401 (Dollars in thousands).
- Total stockholders’ equity at June 30, 2026: $ 3,166,418 (Dollars in thousands); June 30, 2025: $ 2,680,677 (Dollars in thousands).
- Treasury stock, at cost, at June 30, 2026: $ (540,028) (Dollars in thousands); June 30, 2025: $ (487,802) (Dollars in thousands).
Analysis
Axos Financial's fiscal 2026 results show higher earnings and core banking income than the prior fiscal year. Net income was $ 490,372 (Dollars in thousands), compared with $ 432,908 (Dollars in thousands), while diluted earnings per common share were $ 8.48, compared with $ 7.43. In the fourth quarter, net income was $ 124,946 (Dollars in thousands), compared with $ 110,675 (Dollars in thousands), and diluted EPS was $ 2.16, compared with $ 1.92.
Net interest income was $ 1,246,910 (Dollars in thousands) for fiscal 2026, compared with $ 1,127,772 (Dollars in thousands) in fiscal 2025. Loans, including fees, produced $ 1,831,455 (Dollars in thousands) of interest and dividend income, while total gross loans reached $ 26,096,037 (Dollars in thousands) at June 30, 2026. Deposits were $ 24,565,392 (Dollars in thousands), including $ 3,828,800 (Dollars in thousands) of non-interest bearing deposits.
Non-interest income was materially higher at $ 233,583 (Dollars in thousands), versus $ 131,066 (Dollars in thousands). Banking and service fees were $ 139,825 (Dollars in thousands), versus $ 38,195 (Dollars in thousands), whereas mortgage banking and servicing rights income was $ 6,108 (Dollars in thousands), versus $ 13,007 (Dollars in thousands). Expense growth was also significant: total non-interest expense was $ 732,718 (Dollars in thousands), with depreciation and amortization of $ 80,623 (Dollars in thousands) and general and administrative expense of $ 77,411 (Dollars in thousands).
Credit costs rose, with provision for credit losses of $ 101,105 (Dollars in thousands), versus $ 55,745 (Dollars in thousands), and an allowance for credit losses - loans of $ (347,375) (Dollars in thousands) at year end. Fourth-quarter net interest margin was 4.54 %, below 4.84 % in the prior-year quarter, despite fourth-quarter net interest income of $ 317,890 (Dollars in thousands) versus $ 280,161 (Dollars in thousands). Funding also included $ 154,000 (Dollars in thousands) of FHLB advances and $ 576,680 (Dollars in thousands) of secured financings at June 30, 2026.
The balance sheet expanded, with total assets of $ 29,961,869 (Dollars in thousands) and stockholders’ equity of $ 3,166,418 (Dollars in thousands). Available-for-sale securities had fair value of $ 803,667 (Dollars in thousands), compared with $ 66,008 (Dollars in thousands) a year earlier. The filing does not provide forward guidance, dividend or repurchase activity, or operating and free cash flow, so there is no reported outlook against which to assess the fiscal 2026 outcome.
Not in the filing
stated, not guessed- Forward guidance
- Previous-period outlook and comparison with prior guidance
- Non-GAAP metrics and reconciliations
- Total revenue, as no revenue line item was reported
- Gross profit and gross margin
- Operating income and operating margin
- Operating cash flow
- Free cash flow
- Dividend activity
- Share repurchase activity
- Quarterly prior-quarter comparisons
- Executive commentary and named executive quotes
- Detailed quarterly segment reporting
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The article is an SEC Form 8-K (Item 2.02) containing Axos Financial’s condensed consolidated financial statements and balance sheet as of June 30, 2026, plus income statement results for the quarter ended June 30, 2026.
Ticker impact
Axos Financial files an 8-K with Item 2.02 results, including Q2 2026 net income of $124.9M and net interest income of $317.9M.
Moderate positive bias if investors view the credit-loss provision and net interest income as stabilizing or improving versus the prior year quarter.
The text includes current-quarter income statement figures (net income, net interest income, provision for credit losses) and updated balance-sheet line items (loans, deposits, AFS securities), but it does not include explicit guidance or management commentary beyond the financial statements.
Market effects
Banking sector read-through via credit-loss provisioning, deposit funding mix, and net interest income trends.
No explicit regional or macro linkage stated in the filing excerpt.
Limited, as the disclosure is company-specific financial reporting without cross-border catalysts.
Counterpoint
Higher non-interest expense and sizable provision for credit losses could offset the net interest income strength, limiting upside from the headline net income figure.
Key entities
- companyAxos Financial, Inc.
US-listed bank filing an 8-K with Q2 2026 results of operations and financial condition.
- regulatory_filingSEC Form 8-K
Regulatory disclosure containing the company’s financial statements and related press release exhibit.
