Axos Financial, Inc. (AX) FY2025 10-K Annual Report
Axos Financial, Inc. (AX) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Aug 21, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Axos Financial, Inc. FY2025 10-K Analysis
Business Overview
- • Technology-driven diversified financial services with $24.8B assets and $39.4B assets under custody/administration
- • Emphasis on digital banking platforms offering nationwide consumer and commercial deposit and loan products
- • Expanded specialty deposit verticals including fiduciary services for bankruptcy trustees and entertainment payroll software support
- • Serviced 327 financial organizations in Securities Business Segment, including clearing, margin loans, and digital advisory via Axos Invest
- • Strategic focus on scalable low-cost deposit franchise emphasizing affinity partners and software verticals over traditional branches
Management Discussion & Analysis
- • Revenue $1.128B net interest income, up 17.3% YoY from $961.4M; non-interest income $131.1M down 41.1% from $222.7M due to no FDIC gain
- • Operating margin (pre-tax margin) approx. 29.1% in FY25 ($613.4M income before taxes / $2.11B total net revenue) down from 33.2% in FY24 ($635.5M/$1.914B)
- • Best performing segment: Banking Business Segment net interest income $1.114B (up 17.2% YoY); worst: Securities Business Segment income before taxes down to $32.9M from $40.1M
- • Cash flow and capital allocation: repurchased $58.5M common stock; stockholders’ equity up 17% to $2.68B; no dividend info; asset growth with $1.8B loan growth and $1.5B deposit growth
- • Forward outlook: management cites increase in provision for credit losses ($55.7M vs $32.5M) and higher FDIC fees as emerging risks; expects tax rate reduction from new California law (~3% lower)
Risk Factors
- • Regulatory/legal risk: FDIC Loan Purchase involving $1.3B loans with $901.5M fair value, includes $70.1M allowance for credit losses and related derivatives exposure
- • Geopolitical/macroeconomic threat: Uncertain scenario weightings affected by inflation, interest rates, trade policies, and geopolitical unrest impacting $1.3B loan portfolio credit loss allowance
- • Operational/supply chain vulnerability: Acquisition of marine floor financing loans of $52M at par plus $2M in servicing rights and employees, integrating specialized assets and staff
- • Competitive/market disruption risk: Securities clearing services provided by Axos Clearing face competition in brokerage and digital advisory markets (named competitors not specified)
- • Financial/structural risk: Tangible common stockholders’ equity increased to $2.52B from $2.12B, shares outstanding declined to 56.5M from 56.9M, exposing book value per share fluctuations
Axos Financial, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$66M
▲ +1.8% YoY
Net Income
$433M
▼ -3.8% YoY
Net Margin
658.0%
▼ -3814bp YoY
ROE
16.1%
▼ -350bp YoY
Total Assets
$24.8B
▲ +8.4% YoY
EPS (Diluted)
$7.43
▼ -3.0% YoY
Operating Cash Flow
$490M
▲ +60.5% YoY
Source: XBRL data from Axos Financial, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
Get deeper insights on Axos Financial, Inc.
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.