Axos Financial, Inc.AX
Axos Financial, Inc. Segments Disclosure
SEGMENT REPORTING
The operating segments reported below are the segments of the Company for which separate financial information is available and for which segment results are evaluated regularly by the Chief Executive Officer, who is the CODM, in deciding how to allocate resources and in assessing performance. The operating segments and segment results of the Company are determined based upon the management reporting system, which assigns balance sheet and income statement items to each of the business segments and by which segment results are evaluated by the CODM in deciding how to allocate resources and in assessing performance.
The Company evaluates performance and allocates resources based on pre-tax profit or loss from operations in conjunction with its corporate strategy. Salaries and related costs represent the significant segment expense that is regularly provided to the CODM.
The Company operates through two operating segments: Banking Business Segment and Securities Business Segment. Inter-segment transactions are eliminated in consolidation and primarily include non-interest income earned by the Securities Business Segment and non-interest expense incurred by the Banking Business Segment for cash sorting fees related to deposits sourced from Securities Business Segment customers, as well as interest expense paid by the Banking Business Segment to each of the wholly-owned subsidiaries of the Company and to the Company itself for their operating cash held on deposit with the Banking Business Segment.
Banking Business Segment. The Banking Business Segment includes a broad range of banking services including online banking, concierge banking, and mortgage, vehicle and unsecured lending through online, low-cost distribution channels to serve the needs of consumers and small businesses nationally, and includes both loans held for investment and held for sale as well as originated and purchased loans. In addition, the Banking Business Segment focuses on providing deposit products nationwide to industry verticals (e.g., Title and Escrow), treasury management products to a variety of businesses, and commercial & industrial and commercial real estate lending to clients. The Banking Business Segment includes a bankruptcy trustee and fiduciary service that provides specialized software and consulting services to Chapter 7 bankruptcy and non-
Chapter 7 trustees and fiduciaries. In addition, the assets and activities related to three lending-related entities and certain other lending activities are included in the Banking Business Segment.
Securities Business Segment. The Securities Business Segment includes the clearing broker-dealer, registered investment advisor custody business, and introducing broker-dealer lines of businesses. These lines of business offer products independently to their own customers as well as to Banking Business Segment clients.
In order to reconcile the two segments to the consolidated totals, the Company includes parent-only activities and intercompany eliminations. Certain revenues, expenses, assets, and liabilities are presented in “Corporate/Eliminations” in the tables below as they do not exceed the thresholds established for reportable segments under U.S. GAAP. The following tables present the operating results, goodwill, and assets of the segments:
For the Fiscal Year Ended June 30, 2025 | |||||||||||||||||||||||
| (Dollars in thousands) | Banking Business Segment | Securities Business Segment | Corporate/Eliminations | Axos Consolidated | |||||||||||||||||||
| Net interest income | $ | 1,114,173 | $ | 28,431 | $ | (14,832) | $ | 1,127,772 | |||||||||||||||
| Provision for credit losses | 55,745 | — | — | 55,745 | |||||||||||||||||||
| Non-interest income | 46,430 | 119,138 | (34,502) | 131,066 | |||||||||||||||||||
| Salaries and related costs | 207,911 | 59,439 | 30,605 | 297,955 | |||||||||||||||||||
Other segment items1 | 265,634 | 55,188 | (29,079) | 291,743 | |||||||||||||||||||
| Total non-interest expense | 473,545 | 114,627 | 1,526 | 589,698 | |||||||||||||||||||
| Income before taxes | $ | 631,313 | $ | 32,942 | $ | (50,860) | $ | 613,395 | |||||||||||||||
For the Fiscal Year Ended June 30, 2024 | |||||||||||||||||||||||
| (Dollars in thousands) | Banking Business Segment | Securities Business Segment | Corporate/Eliminations | Axos Consolidated | |||||||||||||||||||
| Net interest income | $ | 950,832 | $ | 26,207 | $ | (15,610) | $ | 961,429 | |||||||||||||||
| Provision for credit losses | 32,500 | — | — | 32,500 | |||||||||||||||||||
| Non-interest income | 139,071 | 129,020 | (45,431) | 222,660 | |||||||||||||||||||
| Salaries and related costs | 177,065 | 55,954 | 17,854 | 250,873 | |||||||||||||||||||
Other segment items1 | 241,630 | 59,137 | (35,532) | 265,235 | |||||||||||||||||||
| Total non-interest expense | 418,695 | 115,091 | (17,678) | 516,108 | |||||||||||||||||||
| Income before taxes | $ | 638,708 | $ | 40,136 | $ | (43,363) | $ | 635,481 | |||||||||||||||
| For the Fiscal Year Ended June 30, 2023 | |||||||||||||||||||||||
| (Dollars in thousands) | Banking Business Segment | Securities Business Segment | Corporate/Eliminations | Axos Consolidated | |||||||||||||||||||
| Net interest income | $ | 776,294 | $ | 21,042 | $ | (14,215) | $ | 783,121 | |||||||||||||||
| Provision for credit losses | 24,250 | — | — | 24,250 | |||||||||||||||||||
| Non-interest income | 42,260 | 141,107 | (62,879) | 120,488 | |||||||||||||||||||
| Salaries and related costs | 144,864 | 47,566 | 11,841 | 204,271 | |||||||||||||||||||
Other segment items1 | 246,547 | 55,006 | (58,209) | 243,344 | |||||||||||||||||||
| Total non-interest expense | 391,411 | 102,572 | (46,368) | 447,615 | |||||||||||||||||||
| Income before taxes | $ | 402,893 | $ | 59,577 | $ | (30,726) | $ | 431,744 | |||||||||||||||
1 Other segment items includes the non-interest expenses other than salaries and related costs as presented in the Consolidated Statements of Income. | |||||||||||||||||||||||
As of June 30, 2025 | |||||||||||||||||||||||
| (Dollars in thousands) | Banking Business Segment | Securities Business Segment | Corporate/Eliminations | Axos Consolidated | |||||||||||||||||||
| Goodwill | $ | 35,721 | $ | 59,953 | $ | 1,999 | $ | 97,673 | |||||||||||||||
| Total Assets | $ | 23,988,748 | $ | 751,820 | $ | 42,510 | $ | 24,783,078 | |||||||||||||||
As of June 30, 2024 | |||||||||||||||||||||||
| (Dollars in thousands) | Banking Business Segment | Securities Business Segment | Corporate/Eliminations | Axos Consolidated | |||||||||||||||||||
| Goodwill | $ | 35,721 | $ | 59,953 | $ | 1,999 | $ | 97,673 | |||||||||||||||
| Total Assets | $ | 22,165,627 | $ | 649,254 | $ | 40,453 | $ | 22,855,334 | |||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Aug 21, 2025 | Showing above |
| 2024 | Aug 22, 2024 | |
| 2023 | Aug 29, 2023 | |
| 2022 | Sep 8, 2022 | |
| 2021 | Aug 26, 2021 | |
| 2020 | Aug 26, 2020 | |
| 2019 | Aug 28, 2019 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.