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Axos Q2 Fiscal 2026 Earnings Supplement January 29, 2026 NYSE: AX
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2© 2025 Axos Financial, Inc. All Rights Reserved. 2 Loan Growth by Category $ Millions SF Warehouse Lending Multifamily Small Balance Commercial Jumbo Mortgage Asset-Based and Cash Flow Lending Lender Finance Non-RE Capital Call Facilities Auto Unsecured/OD Single Family Mortgage & Warehouse Multifamily & Commercial Mortgage Commercial Real Estate Commercial & Industrial Non-RE Loans Q2 FY26 Q1 FY26 Inc (Dec) $ 3,751 $ 3,753 $ (2) 1,044 788 256 1,469 1,585 (116) 1,029 1,209 (180) 7,061 6,050 1,011 1,342 1,245 97 2,401 2,587 (186) 4,415 3,947 468 1,688 1,447 241 507 471 36 69 60 9 $ 24,776 $ 23,142 $ 1,634 Lender Finance RE CRE Specialty Auto & Consumer
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3© 2025 Axos Financial, Inc. All Rights Reserved. 3 ($ millions) Three Months Ended December 31, 2025 Net Interest Income Interest Income - Loans and Leases $ 24.3 Interest Expense - External (8.3) Interest Expense - Internal (Axos Transfer Pricing)1 (4.8) Total Net Interest Income $ 11.2 Provision for Credit Losses $ (1.2) Non-Interest Income Operating Lease Income $ 14.1 Other Income 4.8 Total Non-Interest Income $ 18.9 Non-interest Expense Depreciation & Amortization Expense $ (14.8) Other Non-interest Expense (11.0) Total Non-interest Expense $ (25.8) Pre Tax Income $ 3.1 Income Statement Verdant Commercial Capital ("VCC") Impact Note 1: Term SOFR + 40bps applied to monthly average non-securitized loans and leases
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4© 2025 Axos Financial, Inc. All Rights Reserved. 4 Diversified Deposit Gathering Deposit balances as of December 31, 2025 Note 1: Excludes approximately $460 million of off-balance sheet deposits › Serves approximately 30% of U.S. Chapter 7 bankruptcy trustees in exclusive relationship › Software allows servicing of SEC receivers and non-chapter 7 cases › Full service digital banking, wealth management, and securities trading › White-label banking › Business banking with simple suite of cash management services › 1031 exchange firms › Title and escrow companies › HOA and property management › Business management and entertainment › Broker-dealer client cash › Broker-dealer reserve accounts › Full service treasury/cash management › Team enhancements and geographic expansion › Bank and securities cross-sell Fiduciary Services $1.1B Consumer Direct $11.3B Specialty Deposits $3.4B Distribution Partners $0.3B Axos Securities1 $1.1B Small Business Banking $0.8BCommercial & Treasury Management $5.2B Approximately 85% of deposits are FDIC-insured or collateralized Total Deposits: $23.2B
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5© 2025 Axos Financial, Inc. All Rights Reserved. 5 Change in Allowance for Credit Losses (ACL) & Unfunded Loan Commitments Reserve (UCL) ($ in millions) ACL + UCL ACL + UCL (4.8)
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6© 2025 Axos Financial, Inc. All Rights Reserved. 6 Credit Quality ($ millions) December 31, 2025 Loans O/S Non-Accrual Loans % Single Family-Mortgage & Warehouse $ 4,795 $ 56 1.17 % Multifamily and Commercial Mortgage 2,498 6 0.24 Commercial Real Estate 8,403 22 0.26 Commercial & Industrial - Non-RE 8,504 65 0.76 Auto & Consumer 576 3 0.52 Total $ 24,776 $ 152 0.61 % September 30, 2025 Loans O/S Non-Accrual Loans % Single Family-Mortgage & Warehouse $ 4,541 $ 68 1.50 % Multifamily and Commercial Mortgage 2,794 16 0.57 Commercial Real Estate 7,295 22 0.30 Commercial & Industrial - Non-RE 7,981 62 0.78 Auto & Consumer 531 2 0.38 Total $ 23,142 $ 170 0.74 % December 31, 2024 Loans O/S Non-Accrual Loans % Single Family-Mortgage & Warehouse $ 4,150 $ 70 1.69 % Multifamily and Commercial Mortgage 3,431 49 1.43 Commercial Real Estate 6,215 60 0.97 Commercial & Industrial - Non-RE 5,810 71 1.22 Auto & Consumer 420 2 0.48 Total $ 20,026 $ 252 1.26 %
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7© 2025 Axos Financial, Inc. All Rights Reserved. 7 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Selected Balance Sheet Data: Total assets $ 28,201,406 $ 27,431,817 $ 24,783,078 $ 23,981,154 $ 23,709,422 Loans—net of allowance for credit losses 24,272,552 22,635,137 21,049,610 20,193,630 19,486,727 Loans held for sale, carried at fair value 18,826 12,202 10,012 15,644 25,436 Allowance for credit losses 327,043 307,431 290,049 279,950 270,605 Securities—trading 880 533 649 346 241 Securities—available-for-sale 811,126 57,798 66,008 79,958 97,848 Securities borrowed 109,141 182,518 139,396 91,915 114,672 Customer, broker-dealer and clearing receivables 277,308 263,095 252,720 300,907 298,887 Total deposits 23,232,748 22,264,753 20,829,543 20,136,714 19,934,904 Advances from the FHLB 60,000 60,000 60,000 60,000 60,000 Secured financings 691,507 782,423 — — — Borrowings, subordinated notes and debentures 364,814 510,064 312,671 377,427 358,692 Securities loaned 128,869 204,620 139,426 111,094 135,258 Customer, broker-dealer and clearing payables 358,727 385,821 350,606 314,399 309,593 Total stockholders’ equity $ 2,930,092 $ 2,793,121 $ 2,680,677 $ 2,603,900 $ 2,521,962 Common shares outstanding at end of period 56,677,323 56,643,547 56,483,617 56,865,524 57,097,632 Common shares issued at end of period 71,419,706 71,356,152 71,101,642 70,813,637 70,571,332 Per Common Share Data: Book value per common share $ 51.70 $ 49.31 $ 47.46 $ 45.79 $ 44.17 Tangible book value per common share (Non-GAAP)1 $ 47.79 $ 45.21 $ 44.60 $ 42.91 $ 41.27 Capital Ratios: Equity to assets at end of period 10.39 % 10.18 % 10.82 % 10.86 % 10.64 % Axos Financial, Inc.: Tier 1 leverage (to adjusted average assets) 9.80 % 10.26 % 10.73 % 10.45 % 10.02 % Common equity tier 1 capital (to risk-weighted assets) 11.65 % 11.66 % 12.52 % 12.39 % 12.42 % Tier 1 capital (to risk-weighted assets) 11.65 % 11.66 % 12.52 % 12.39 % 12.42 % Total capital (to risk-weighted assets) 14.39 % 15.20 % 15.28 % 15.21 % 15.23 % Axos Bank: Tier 1 leverage (to adjusted average assets) 9.15 % 9.69 % 10.23 % 10.14 % 9.85 % Common equity tier 1 capital (to risk-weighted assets) 11.12 % 11.37 % 12.42 % 12.31 % 12.67 % Tier 1 capital (to risk-weighted assets) 11.12 % 11.37 % 12.42 % 12.31 % 12.67 % Total capital (to risk-weighted assets) 12.37 % 12.62 % 13.70 % 13.49 % 13.86 % Axos Clearing LLC: Net capital $ 94,673 $ 91,442 $ 86,996 $ 79,264 $ 83,932 Excess capital $ 88,369 $ 86,042 $ 81,834 $ 73,172 $ 78,282 Net capital as a percentage of aggregate debit items 30.04 % 33.87 % 33.71 % 26.02 % 29.71 % Net capital in excess of 5% aggregate debit items $ 78,913 $ 77,942 $ 74,091 $ 64,035 $ 69,805 AXOS FINANCIAL, INC. SELECTED FINANCIAL INFORMATION (Unaudited – dollars in thousands)
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8© 2025 Axos Financial, Inc. All Rights Reserved. 8 At or For The Three Months Ended December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Selected Income Statement Data: Interest and dividend income $ 513,845 $ 465,736 $ 442,413 $ 432,722 $ 456,068 Interest expense 182,136 174,686 162,252 157,258 175,969 Net interest income 331,709 291,050 280,161 275,464 280,099 Provision for credit losses 25,000 17,255 14,997 14,500 12,248 Net interest income, after provision for credit losses 306,709 273,795 265,164 260,964 267,851 Non-interest income 53,378 32,340 41,285 33,373 27,799 Non-interest expense 184,574 156,246 150,652 146,261 145,320 Income before income taxes 175,513 149,889 155,797 148,076 150,330 Income taxes 47,116 37,537 45,122 42,870 45,643 Net income $ 128,397 $ 112,352 $ 110,675 $ 105,206 $ 104,687 Weighted average number of common shares outstanding: Basic 56,660,833 56,512,587 56,392,620 57,029,078 57,094,153 Diluted 57,731,339 57,782,828 57,558,280 58,174,696 58,226,006 Per Common Share Data: Net income: Basic $ 2.27 $ 1.99 $ 1.96 $ 1.84 $ 1.83 Diluted $ 2.22 $ 1.94 $ 1.92 $ 1.81 $ 1.80 Adjusted earnings per common share (Non-GAAP)1 $ 2.25 $ 2.07 $ 1.94 $ 1.81 $ 1.82 Performance Ratios and Other Data: Growth in loans held for investment, net $ 1,637,415 $ 1,585,527 $ 855,980 $ 706,903 $ 206,118 Loan originations for sale $ 61,009 $ 47,122 $ 42,487 $ 20,962 $ 66,826 Return on average assets 1.83 % 1.77 % 1.85 % 1.77 % 1.74 % Return on average common stockholders’ equity 17.44 % 15.94 % 16.85 % 16.44 % 16.97 % Interest rate spread2 4.17 % 3.89 % 3.97 % 3.91 % 3.91 % Net interest margin3 4.94 % 4.75 % 4.84 % 4.78 % 4.83 % Net interest margin3 – Banking Business Segment 5.02 % 4.80 % 4.88 % 4.83 % 4.87 % Efficiency ratio4 47.93 % 48.32 % 46.87 % 47.36 % 47.20 % Efficiency ratio4 – Banking Business Segment 41.39 % 42.89 % 40.94 % 41.53 % 40.95 % Asset Quality Ratios: Net annualized charge-offs to average loans 0.04 % 0.11 % 0.16 % 0.09 % 0.10 % Nonaccrual loans to total loans 0.61 % 0.74 % 0.79 % 0.89 % 1.26 % Non-performing assets to total assets 0.56 % 0.64 % 0.71 % 0.79 % 1.06 % Allowance for credit losses - loans to total loans held for investment 1.33 % 1.34 % 1.36 % 1.37 % 1.37 % Allowance for credit losses - loans to non-performing loans 215.81 % 180.41 % 170.23 % 151.28 % 107.58 % 1 See “Use of Non-GAAP Financial Measures” herein. 2 Interest rate spread represents the difference between the annualized weighted average yield on interest-earning assets and the annualized weighted average rate paid on interest-bearing liabilities. 3 Net interest margin represents annualized net interest income as a percentage of average interest-earning assets. 4 Efficiency ratio represents non-interest expense as a percentage of the aggregate of net interest income and non-interest income. AXOS FINANCIAL, INC. SELECTED FINANCIAL INFORMATION (Unaudited – dollars in thousands)
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9© 2025 Axos Financial, Inc. All Rights Reserved. 9 (Dollars in thousands, except per share amounts) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Net income $ 128,397 $ 112,352 $ 110,675 $ 105,206 $ 104,687 Acquisition-related costs1 2,419 2,941 1,604 1,604 1,645 Verdant acquisition - Provision for credit losses — 7,765 — — — Other costs2 — — — (1,879) — Income taxes (649) (2,681) (465) 80 (503) Adjusted earnings (non-GAAP) $ 130,167 $ 120,377 $ 111,814 $ 105,011 $ 105,829 Average dilutive common shares outstanding 57,731,339 57,782,828 57,558,280 58,174,696 58,226,006 Diluted EPS $ 2.22 $ 1.94 $ 1.92 $ 1.81 $ 1.80 Acquisition-related costs1 0.04 0.05 0.03 0.03 0.03 Verdant acquisition - Provision for credit losses — 0.13 — — — Other costs2 — — — (0.03) — Income taxes (0.01) (0.05) (0.01) — (0.01) Adjusted EPS (Non-GAAP) $ 2.25 $ 2.07 $ 1.94 $ 1.81 $ 1.82 1 Acquisition-related costs includes amortization of intangible assets, and for the three months ended September 30, 2025, also includes $1.3 million of acquisition-related costs associated with the Verdant acquisition. 2 Other costs for the three months ended March 31, 2025, primarily reflects the payment of a legal judgment at an amount less than previously accrued. We define “tangible book value”, a non-GAAP financial measure, as book value adjusted for goodwill and other intangible assets. Tangible book value is calculated using common stockholders’ equity minus servicing rights, goodwill and other intangible assets. Tangible book value per common share, a non-GAAP financial measure, is calculated by dividing tangible book value by the common shares outstanding at the end of the period. We believe tangible book value per common share is useful in evaluating the Company’s capital strength, financial condition, and ability to manage potential losses. Below is a reconciliation of total stockholders’ equity, the nearest comparable GAAP measure, to tangible book value per common share (non-GAAP) as of the dates indicated:(Dollars in thousands, except per share amounts) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Common stockholders’ equity $ 2,930,092 $ 2,793,121 $ 2,680,677 $ 2,603,900 $ 2,521,962 Less: servicing rights, carried at fair value 25,431 26,243 27,218 27,585 28,045 Less: goodwill and intangible assets 196,119 205,747 134,502 135,966 137,570 Tangible common stockholders’ equity (Non-GAAP) $ 2,708,542 $ 2,561,131 $ 2,518,957 $ 2,440,349 $ 2,356,347 Common shares outstanding at end of period 56,677,323 56,643,547 56,483,617 56,865,524 57,097,632 Book value per common share $ 51.70 $ 49.31 $ 47.46 $ 45.79 $ 44.17 Less: servicing rights, carried at fair value per common share $ 0.45 $ 0.46 $ 0.48 $ 0.49 $ 0.49 Less: goodwill and other intangible assets per common share $ 3.46 $ 3.63 $ 2.38 $ 2.39 $ 2.41 Tangible book value per common share (Non-GAAP) $ 47.79 $ 45.22 $ 44.60 $ 42.91 $ 41.27 In addition to the results presented in accordance with GAAP, this earnings supplement includes non-GAAP financial measures such as adjusted earnings, adjusted earnings per diluted common share, and tangible book value per common share. Non-GAAP financial measures have inherent limitations, may not be comparable to similarly titled measures used by other companies and are not audited. Readers should be aware of these limitations and should be cautious as to their reliance on such measures. Although we believe the non-GAAP financial measures disclosed in this report enhance investors’ understanding of our business and performance, these non-GAAP measures should not be considered in isolation, or as a substitute for GAAP basis financial measures. We define “adjusted earnings”, a non-GAAP financial measure, as net income without the after-tax impact of non-recurring acquisition-related costs and other costs (unusual or non-recurring charges). Adjusted earnings per diluted common share (“adjusted EPS”), a non-GAAP financial measure, is calculated by dividing non-GAAP adjusted earnings by the average number of diluted common shares outstanding during the period. We believe the non-GAAP measures of adjusted earnings and adjusted EPS provide useful information about the Company’s operating performance. We believe excluding the non-recurring acquisition related costs and other costs (unusual or non-recurring) provides investors with an alternative understanding of Axos’ core business. Below is a reconciliation of net income, the nearest comparable GAAP measure, to adjusted earnings and adjusted EPS (Non-GAAP) for the periods shown: Use of Non-GAAP Financial Measures
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10© 2025 Axos Financial, Inc. All Rights Reserved. 10 Greg Garrabrants, President and CEO Derrick Walsh, EVP and CFO investors@axosfinancial.com www.axosfinancial.com Johnny Lai, SVP Corporate Development and Investor Relations Phone: 858.649.2218 Mobile: 858.245.1442 jlai@axosfinancial.com Contact Information