Short answer
Axos Financial, Inc. (AX) filed its fiscal 2025 10-K annual report with the SEC on Aug 21, 2025. It reported revenue of $66M (+1.8% year over year) and net income of $433M.
- Top risk flagged: 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
FY2025 key financial metrics · XBRL
- Revenue
- $66M
- +1.8% YoY
- Net income
- $433M
- −3.8% YoY
- EPS (diluted)
- $7.43
- −3.0% YoY
- ROE
- 16.1%
- −3.5 pp YoY
- Operating cash flow
- $490M
- +60.5% YoY
Source: XBRL data from the Axos Financial, Inc. (AX) FY2025 10-K on SEC EDGAR. USD.
Axos Financial, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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