Axos Financial Inc (NYSE:AX)

Q4 2026 Axos Financial Inc Earnings Call Transcript

Jul 30, 2026 / 09:00 PM GMT

Release Date Price: $98.48 (+0.31%)

Transcript 8-K

Key Points

Positve

Axos Financial Inc (AX) delivered double-digit year-over-year growth in net interest income, non-interest income, ending loans, deposits, EPS, and book value per share.
Non-interest income surged 50% year-over-year in Q4 2026, driven by Verdant, prepayment fees, and rental income from the new headquarters.
Loan growth was robust, with $638 million net growth in the quarter and a strong pipeline of $2.4 billion, supporting low-to-mid-teens annual growth outlook.
Credit quality improved, with non-performing assets down to $159 million from $180 million in the prior quarter, and net charge-offs at just 9 basis points excluding a one-time charge.
The company successfully closed the Genius Bank deposit acquisition, adding $2.3 billion in deposits and 56,000 accounts with minimal attrition, and is actively cross-selling checking accounts.
Management expects a stable net interest margin and deposit costs, with a flat to improving efficiency ratio, indicating strong operational leverage.
Axos Financial Inc (AX) continues to generate high returns, with ROA of 1.76% and ROE of 16.32% for fiscal 2026, excluding the legal accrual.
The acquisition of ARC Technologies is expected to enhance the small business platform with AI-enabled treasury management, potentially driving future growth and cross-sell opportunities.

Negative

Non-interest expenses increased by $20 million linked-quarter, primarily due to a $21 million legal accrual in the clearing business, which negatively impacted reported earnings.
Net interest margin was roughly flat at 4.54%, and the addition of Genius Bank deposits and higher cash balances could pressure margin in the near term.
The company faces potential integration risks from multiple acquisitions (Genius, Capital One, ARC) executed in a short period, which could strain resources.
There is ongoing credit risk in the syndicated C&I cash flow loan portfolio, as evidenced by a $10 million charge-off during the quarter, and management remains cautious on this segment.
The tax rate is expected to rise to 26-27% annually, excluding discrete benefits, which could reduce future net income growth.
The Capital One deposit acquisition may lead to temporary excess liquidity, potentially diluting net interest margin until deployed into loans.
Competition in deposit gathering is increasing, with some banks becoming more aggressive, which could pressure deposit costs or require higher marketing spend.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

AX.N - Axos Financial Inc
Q4 2026 Axos Financial Inc Earnings Call
Jul 30, 2026 / 09:00PM GMT

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Presentation
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Unidentified_1 [1]
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Greetings, and welcome to the AXSOS Fourth Quarter 2026 Earnings Conference Call and Webcast. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press *0 on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to Johnny Lai.

Corporate Development and IR.

Thank you, Johnny. You may begin.

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Unidentified_2 [2]
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Thanks, Alicia.

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