Axos Financial

AX · NYSE · Financials · Financials, fiscal 2017 to 2026

AX · Last close · November 6, 2026

$92.67

Axos Financial's revenue rose 17.6% to $1.5 billion in fiscal 2026. Net income was $490 million, up 13.3%. Its return on equity was 16.8%, down from 17.4% a year earlier. Its efficiency ratio was 49.5%, up from 46.8% a year earlier. It paid out $22 million in dividends and buybacks. The diluted share count fell 0.4%.

AXOS FINANCIAL, INC. Latest fiscal year ended June 30, 2026 10-K filed August 20, 2026 · 0001299709-26-000060 Updated November 3, 2026

Revenue

$1.5B

17.6%

Net income

$490M

13.3%

Return on equity

16.8%

0.7 pts

Return on tangible equity

17.9%

0.5 pts

Efficiency ratio

49.5%

2.6 pts

Market cap

$5.3B

Nov 6 close

P/E

10.6x

On $8.77 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Axos Financial does

Axos Financial is a bank holding company that describes itself as a technology-driven financial services company, with about $30.0 billion in assets. Its bank takes deposits and makes loans to customers across the country through online and mobile banking, with no need for a branch visit. Deposits include checking, savings and time accounts.

It runs two segments. The Banking segment makes single family and multifamily mortgages, commercial real estate loans, loans to businesses such as lender finance and asset-based loans, equipment loans and leases, and auto and other consumer loans. It earns interest on these, plus fees from loans it originates for sale, operating lease income and deposit account fees.

The Securities segment serves independent investment advisors and brokerage firms with custody, clearing, stock lending and margin lending through Axos Clearing and Axos Advisor Services. It also offers self-directed trading and digital investment management to individuals through Axos Invest. The company says it had about $47.8 billion of assets under custody or administration at Axos Clearing.

Its biggest risks, as it describes them

Changes in interest rates that could hurt its earnings.
Loan losses if the economy weakens, especially in its large real estate and multifamily loan portfolios.
Falling real estate values, particularly in California and New York.
Strict bank and securities regulation, and the cost of failing to comply.
An allowance for credit losses that may prove too small to cover actual loan losses.

From Axos Financial's annual report on Form 10-K, filed August 20, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both. Revenue is net of interest expense.

Revenue (left axis)Net income (right axis)

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

From fiscal 2017 to 2026, earnings per share grew 16.8% a year and net income 15.4% a year, as buybacks cut the share count by 11%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Balance sheet

Loans and deposits

US$ billions, at each fiscal year end

Loans, netDeposits

Total assets and shareholders' equity

US$ billions, at each fiscal year end. Assets on the left axis, equity on the right.

Total assets (left axis)Equity (right axis)

Five years at a glance

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Loans, net	14,091	16,457	19,231	21,050	25,595
Deposits	13,946	17,123	19,359	20,830	24,565
Loans to deposits	101.0%	96.1%	99.3%	101.1%	104.2%
Provision for credit losses	18	25	32	56	101
Provision to average loans	—	0.2%	0.2%	0.3%	0.4%
Total assets	17,401	20,348	22,855	24,783	29,962
Shareholders' equity	1,643	1,917	2,291	2,681	3,166

US$ millions unless stated, at each fiscal year end.

Cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Axos Financial's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them. Every projected figure is yours: it is not a forecast of ours.

Open Axos Financial's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Axos Financial shares on the open market, and 9 insiders sold $7.2 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 5, 2026	Roque A SantiDirector	Sold	500	$105.30	$52,650	Form 4
Jun 8, 2026	Thomas M ConstantineEVP, Chief Credit Officer	Sold	1,994	$88.55	$176,569	Form 4
May 19, 2026	Michael James WatsonEVP, Head of Axos Securities	Sold	1,653	$83.77	$138,472	Form 4
May 8, 2026	Roque A SantiDirector	Sold	500	$87.77	$43,885	Form 4
Feb 17, 2026	Mosich NickDirector	Sold	1,275	$98.00	$124,950	Form 4
Feb 11, 2026	Mosich NickDirector	Sold	1,000	$97.00	$97,000	Form 4
Feb 6, 2026	James John CourtDirector	Sold	11,163	$101.01	$1.1 million	Form 4
Feb 6, 2026	Derrick WalshEVP, Chief Financial Officer	Sold	4,846	$101.21	$490,464	Form 4
Feb 6, 2026	Thomas M ConstantineEVP, Chief Credit Officer	Sold	3,260	$100.00	$326,000	Form 4
Feb 4, 2026	Gregory GarrabrantsPresident and CEO, Director	Sold	43,294	$99.10	$4.3 million	Form 4
Dec 8, 2025	Tamara N BohligDirector	Sold	2,145	$86.23	$184,963	Form 4
Dec 5, 2025	Edward James RatinoffDirector	Sold	2,145	$84.59	$181,446	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put Axos Financial side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
Axos Financial	FY26	17.6%	33.1%	16.8%	17.9%	49.5%
Associated Bank	FY25	43.3%	31.9%	9.9%	12.7%	57.5%	Compare
Hancock Whitney	FY25	4.8%	32.1%	11.3%	14.3%	56.2%	Compare
Atlantic Union Bankshares	FY25	68.1%	19.9%	6.7%	10.9%	65.2%	Compare
Fulton Financial	FY25	6.2%	29.8%	11.7%	14.9%	60.3%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	381	439	491	581	644	720	904	1,184	1,259	1,480
Revenue growth	16.5%	15.2%	11.8%	18.2%	10.9%	11.9%	25.4%	31.0%	6.3%	17.6%
Net interest income	313	368	409	478	539	607	783	961	1,128	1,247
Noninterest income	68	71	83	103	105	113	120	223	131	234
Noninterest expense	138	174	251	276	314	357	448	516	590	733
Provision for credit losses	—	—	27	42	24	18	25	32	56	101
Net income	135	152	155	183	216	241	307	450	433	490
Diluted EPS (US$)	2.10	2.37	2.48	2.98	3.56	3.97	5.07	7.66	7.43	8.48
Diluted shares (millions)	64	63	62	61	59	60	60	58	57	57
Payouts
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	35	56	39	17	0	49	96	58	22
Balance sheet at fiscal year end
Loans, net	7,374	8,432	9,382	10,631	—	14,091	16,457	19,231	21,050	25,595
Deposits	6,900	7,985	8,983	11,337	10,816	13,946	17,123	19,359	20,830	24,565
Total assets	8,502	9,540	11,220	13,852	14,266	17,401	20,348	22,855	24,783	29,962
Shareholders' equity	834	960	1,073	1,231	1,401	1,643	1,917	2,291	2,681	3,166
Ratios
Return on equity	17.8%	17.0%	15.3%	15.9%	16.4%	15.8%	17.3%	21.4%	17.4%	16.8%
Return on tangible common equity	17.8%	17.3%	16.1%	17.4%	18.0%	17.4%	18.9%	23.0%	18.4%	17.9%
Return on assets	1.7%	1.7%	1.5%	1.5%	1.5%	1.5%	1.6%	2.1%	1.8%	1.8%
Efficiency ratio	36.1%	39.6%	51.1%	47.5%	48.8%	49.5%	49.5%	43.6%	46.8%	49.5%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Axos Financial's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Axos Financial.