Axos Financial (AX) Q4 2026 earnings summary

Executive summary

• Fiscal Q4 2026 net income was $124.9 million, up 12.9% year-over-year; adjusted net income was $146.2 million, up 30.7%, with adjusted EPS of $2.53.

• Full-year 2026 net income reached $490.4 million, up 13.3% from 2025; diluted EPS increased 14.1% to $8.48.

• Total assets reached $30.0 billion at June 30, 2026, and total deposits were $24.6 billion.

• Major acquisitions included Jenius Bank (adding $2.3 billion in deposits), Capital One IRA savings and CD portfolio, and Arc Technologies, enhancing deposit base and digital capabilities.

• Book value per share rose to $55.81; tangible book value per share increased to $50.96.

Financial highlights

• Net interest income for Q4 2026 was $317.9 million, up 13.5% year-over-year; non-interest income was $61.9 million, up 49.9% year-over-year.

• Net interest margin was 4.54% for Q4 2026, stable quarter-over-quarter.

• Non-interest expenses were $205.9 million for Q4 2026; excluding legal accrual, expenses were down $1 million linked quarter.

• Efficiency ratio for the banking segment was 43.10%; overall Q4 2026 efficiency ratio was 54.23%.

• Return on average assets for Q4 2026 was 1.69%; return on average equity was 15.69%.

Outlook and guidance

• Expecting low-to-mid-teen organic loan growth in the next year, excluding acquisitions.

• Net interest margin and deposit costs anticipated to remain stable.

• Efficiency ratio expected to be flat to improving, with continued focus on expense control and leveraging AI.

• Annual tax rate guidance is 26%-27%, excluding potential tax credit benefits.

• Continued focus on diversified deposit gathering, with 85% of deposits FDIC-insured or collateralized.