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Side-by-side financial comparison of Axos Financial, Inc. (AX) and H2O AMERICA (HTO). Click either name above to swap in a different company.
Axos Financial, Inc. is the larger business by last-quarter revenue ($392.2M vs $199.4M, roughly 2.0× H2O AMERICA). Axos Financial, Inc. runs the higher net margin — 31.8% vs 8.1%, a 23.7% gap on every dollar of revenue. Over the past eight quarters, Axos Financial, Inc.'s revenue compounded faster (16.1% CAGR vs 15.3%).
Axos Financial is an American bank holding company based in Las Vegas, Nevada and is the parent of Axos Bank, a direct bank. It also offers registered investment adviser services and an electronic trading platform.
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
AX vs HTO — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $392.2M | $199.4M |
| Net Profit | $124.7M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | — | 16.6% |
| Net Margin | 31.8% | 8.1% |
| Revenue YoY | — | 1.5% |
| Net Profit YoY | 18.5% | -29.2% |
| EPS (diluted) | $2.15 | $0.45 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $392.2M | — | ||
| Q4 25 | $385.1M | $199.4M | ||
| Q3 25 | $323.4M | $243.5M | ||
| Q2 25 | $321.4M | $197.8M | ||
| Q1 25 | $308.8M | $164.9M | ||
| Q4 24 | $307.9M | $196.5M | ||
| Q3 24 | $320.7M | $216.7M | ||
| Q2 24 | $290.9M | $173.1M |
| Q1 26 | $124.7M | — | ||
| Q4 25 | $128.4M | $16.2M | ||
| Q3 25 | $112.4M | $45.1M | ||
| Q2 25 | $110.7M | $24.7M | ||
| Q1 25 | $105.2M | $16.6M | ||
| Q4 24 | $104.7M | $22.9M | ||
| Q3 24 | $112.3M | $38.7M | ||
| Q2 24 | $104.9M | $20.7M |
| Q1 26 | — | — | ||
| Q4 25 | 45.6% | 16.6% | ||
| Q3 25 | 46.3% | 26.5% | ||
| Q2 25 | 48.5% | 22.2% | ||
| Q1 25 | 47.9% | 21.8% | ||
| Q4 24 | 48.8% | 22.2% | ||
| Q3 24 | 49.6% | 26.9% | ||
| Q2 24 | 49.6% | 23.4% |
| Q1 26 | 31.8% | — | ||
| Q4 25 | 33.3% | 8.1% | ||
| Q3 25 | 34.7% | 18.5% | ||
| Q2 25 | 34.4% | 12.5% | ||
| Q1 25 | 34.1% | 10.0% | ||
| Q4 24 | 34.0% | 11.7% | ||
| Q3 24 | 35.0% | 17.8% | ||
| Q2 24 | 36.0% | 12.0% |
| Q1 26 | $2.15 | — | ||
| Q4 25 | $2.22 | $0.45 | ||
| Q3 25 | $1.94 | $1.27 | ||
| Q2 25 | $1.89 | $0.71 | ||
| Q1 25 | $1.81 | $0.49 | ||
| Q4 24 | $1.80 | $0.70 | ||
| Q3 24 | $1.93 | $1.17 | ||
| Q2 24 | $1.75 | $0.64 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $20.7M |
| Total DebtLower is stronger | — | $1.9B |
| Stockholders' EquityBook value | $3.1B | $1.5B |
| Total Assets | $29.2B | $5.1B |
| Debt / EquityLower = less leverage | — | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $20.7M | ||
| Q3 25 | $2.6B | $11.3M | ||
| Q2 25 | $1.9B | $19.8M | ||
| Q1 25 | $2.0B | $23.7M | ||
| Q4 24 | $2.4B | $11.1M | ||
| Q3 24 | $2.6B | $4.0M | ||
| Q2 24 | $2.0B | $22.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | $312.7M | — | ||
| Q1 25 | $377.4M | — | ||
| Q4 24 | $358.7M | $1.7B | ||
| Q3 24 | $313.5M | — | ||
| Q2 24 | $325.7M | — |
| Q1 26 | $3.1B | — | ||
| Q4 25 | $2.9B | $1.5B | ||
| Q3 25 | $2.8B | $1.5B | ||
| Q2 25 | $2.7B | $1.5B | ||
| Q1 25 | $2.6B | $1.4B | ||
| Q4 24 | $2.5B | $1.4B | ||
| Q3 24 | $2.4B | $1.3B | ||
| Q2 24 | $2.3B | $1.3B |
| Q1 26 | $29.2B | — | ||
| Q4 25 | $28.2B | $5.1B | ||
| Q3 25 | $27.4B | $5.0B | ||
| Q2 25 | $24.8B | $4.8B | ||
| Q1 25 | $24.0B | $4.7B | ||
| Q4 24 | $23.7B | $4.7B | ||
| Q3 24 | $23.6B | $4.6B | ||
| Q2 24 | $22.9B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.23× | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 0.14× | 1.26× | ||
| Q3 24 | 0.13× | — | ||
| Q2 24 | 0.14× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $63.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $104.1M | $63.5M | ||
| Q3 25 | $118.4M | $77.3M | ||
| Q2 25 | $490.3M | $60.8M | ||
| Q1 25 | $73.7M | $43.2M | ||
| Q4 24 | $162.5M | $41.5M | ||
| Q3 24 | $70.8M | $53.5M | ||
| Q2 24 | $305.5M | $49.3M |
| Q1 26 | — | — | ||
| Q4 25 | $85.4M | — | ||
| Q3 25 | $109.3M | — | ||
| Q2 25 | $436.1M | — | ||
| Q1 25 | $65.1M | — | ||
| Q4 24 | $156.4M | — | ||
| Q3 24 | $53.0M | — | ||
| Q2 24 | $269.5M | — |
| Q1 26 | — | — | ||
| Q4 25 | 22.2% | — | ||
| Q3 25 | 33.8% | — | ||
| Q2 25 | 135.7% | — | ||
| Q1 25 | 21.1% | — | ||
| Q4 24 | 50.8% | — | ||
| Q3 24 | 16.5% | — | ||
| Q2 24 | 92.6% | — |
| Q1 26 | — | — | ||
| Q4 25 | 4.9% | — | ||
| Q3 25 | 2.8% | — | ||
| Q2 25 | 16.9% | — | ||
| Q1 25 | 2.8% | — | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 5.5% | — | ||
| Q2 24 | 12.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.81× | 3.92× | ||
| Q3 25 | 1.05× | 1.71× | ||
| Q2 25 | 4.43× | 2.47× | ||
| Q1 25 | 0.70× | 2.61× | ||
| Q4 24 | 1.55× | 1.81× | ||
| Q3 24 | 0.63× | 1.39× | ||
| Q2 24 | 2.91× | 2.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AX
| Net Interest Income | $306.3M | 78% |
| Noninterest Income | $86.0M | 22% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
