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Side-by-side financial comparison of Axos Financial, Inc. (AX) and Q2 Holdings, Inc. (QTWO). Click either name above to swap in a different company.
Axos Financial, Inc. is the larger business by last-quarter revenue ($392.2M vs $216.5M, roughly 1.8× Q2 Holdings, Inc.). Axos Financial, Inc. runs the higher net margin — 31.8% vs 12.3%, a 19.5% gap on every dollar of revenue. Over the past eight quarters, Axos Financial, Inc.'s revenue compounded faster (16.1% CAGR vs 11.9%).
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.
Q2 Holdings, Inc. is a global financial technology firm that develops cloud-based digital banking platforms. It serves regional banks, credit unions, and other financial institutions, enabling them to offer secure online and mobile banking experiences to retail and business customers, with core operations based in North America.
AX vs QTWO — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $392.2M | $216.5M |
| Net Profit | $124.7M | $26.6M |
| Gross Margin | — | 59.1% |
| Operating Margin | — | 12.8% |
| Net Margin | 31.8% | 12.3% |
| Revenue YoY | — | 14.1% |
| Net Profit YoY | 18.5% | 460.5% |
| EPS (diluted) | $2.15 | $0.40 |
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 | $216.5M | ||
| Q4 25 | $385.1M | $208.2M | ||
| Q3 25 | $323.4M | $201.7M | ||
| Q2 25 | $321.4M | $195.1M | ||
| Q1 25 | $308.8M | $189.7M | ||
| Q4 24 | $307.9M | $183.0M | ||
| Q3 24 | $320.7M | $175.0M | ||
| Q2 24 | $290.9M | $172.9M |
| Q1 26 | $124.7M | $26.6M | ||
| Q4 25 | $128.4M | $20.4M | ||
| Q3 25 | $112.4M | $15.0M | ||
| Q2 25 | $110.7M | $11.8M | ||
| Q1 25 | $105.2M | $4.8M | ||
| Q4 24 | $104.7M | $164.0K | ||
| Q3 24 | $112.3M | $-11.8M | ||
| Q2 24 | $104.9M | $-13.1M |
| Q1 26 | — | 59.1% | ||
| Q4 25 | — | 55.4% | ||
| Q3 25 | — | 54.0% | ||
| Q2 25 | — | 53.6% | ||
| Q1 25 | — | 53.2% | ||
| Q4 24 | — | 52.6% | ||
| Q3 24 | — | 50.9% | ||
| Q2 24 | — | 50.2% |
| Q1 26 | — | 12.8% | ||
| Q4 25 | 45.6% | 8.1% | ||
| Q3 25 | 46.3% | 5.5% | ||
| Q2 25 | 48.5% | 5.0% | ||
| Q1 25 | 47.9% | 1.2% | ||
| Q4 24 | 48.8% | -0.9% | ||
| Q3 24 | 49.6% | -7.3% | ||
| Q2 24 | 49.6% | -7.9% |
| Q1 26 | 31.8% | 12.3% | ||
| Q4 25 | 33.3% | 9.8% | ||
| Q3 25 | 34.7% | 7.5% | ||
| Q2 25 | 34.4% | 6.0% | ||
| Q1 25 | 34.1% | 2.5% | ||
| Q4 24 | 34.0% | 0.1% | ||
| Q3 24 | 35.0% | -6.7% | ||
| Q2 24 | 36.0% | -7.6% |
| Q1 26 | $2.15 | $0.40 | ||
| Q4 25 | $2.22 | $0.32 | ||
| Q3 25 | $1.94 | $0.23 | ||
| Q2 25 | $1.89 | $0.18 | ||
| Q1 25 | $1.81 | $0.07 | ||
| Q4 24 | $1.80 | $0.01 | ||
| Q3 24 | $1.93 | $-0.20 | ||
| Q2 24 | $1.75 | $-0.22 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $342.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.1B | $611.7M |
| Total Assets | $29.2B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $342.3M | ||
| Q4 25 | $1.0B | $432.7M | ||
| Q3 25 | $2.6B | $568.7M | ||
| Q2 25 | $1.9B | $532.1M | ||
| Q1 25 | $2.0B | $486.0M | ||
| Q4 24 | $2.4B | $446.6M | ||
| Q3 24 | $2.6B | $407.9M | ||
| Q2 24 | $2.0B | $372.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $312.7M | — | ||
| Q1 25 | $377.4M | — | ||
| Q4 24 | $358.7M | — | ||
| Q3 24 | $313.5M | — | ||
| Q2 24 | $325.7M | — |
| Q1 26 | $3.1B | $611.7M | ||
| Q4 25 | $2.9B | $661.8M | ||
| Q3 25 | $2.8B | $622.9M | ||
| Q2 25 | $2.7B | $584.3M | ||
| Q1 25 | $2.6B | $545.5M | ||
| Q4 24 | $2.5B | $517.8M | ||
| Q3 24 | $2.4B | $495.1M | ||
| Q2 24 | $2.3B | $480.7M |
| Q1 26 | $29.2B | $1.2B | ||
| Q4 25 | $28.2B | $1.3B | ||
| Q3 25 | $27.4B | $1.4B | ||
| Q2 25 | $24.8B | $1.4B | ||
| Q1 25 | $24.0B | $1.3B | ||
| Q4 24 | $23.7B | $1.3B | ||
| Q3 24 | $23.6B | $1.3B | ||
| Q2 24 | $22.9B | $1.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 0.14× | — | ||
| 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 | — | $56.3M |
| Free Cash FlowOCF − Capex | — | $44.2M |
| FCF MarginFCF / Revenue | — | 20.4% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 2.11× |
| TTM Free Cash FlowTrailing 4 quarters | — | $196.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $56.3M | ||
| Q4 25 | $104.1M | $63.7M | ||
| Q3 25 | $118.4M | $45.6M | ||
| Q2 25 | $490.3M | $48.6M | ||
| Q1 25 | $73.7M | $43.5M | ||
| Q4 24 | $162.5M | $43.0M | ||
| Q3 24 | $70.8M | $43.3M | ||
| Q2 24 | $305.5M | $36.0M |
| Q1 26 | — | $44.2M | ||
| Q4 25 | $85.4M | $61.7M | ||
| Q3 25 | $109.3M | $42.9M | ||
| Q2 25 | $436.1M | $47.3M | ||
| Q1 25 | $65.1M | $42.7M | ||
| Q4 24 | $156.4M | $41.6M | ||
| Q3 24 | $53.0M | $40.9M | ||
| Q2 24 | $269.5M | $34.6M |
| Q1 26 | — | 20.4% | ||
| Q4 25 | 22.2% | 29.6% | ||
| Q3 25 | 33.8% | 21.3% | ||
| Q2 25 | 135.7% | 24.3% | ||
| Q1 25 | 21.1% | 22.5% | ||
| Q4 24 | 50.8% | 22.7% | ||
| Q3 24 | 16.5% | 23.3% | ||
| Q2 24 | 92.6% | 20.0% |
| Q1 26 | — | — | ||
| Q4 25 | 4.9% | 1.0% | ||
| Q3 25 | 2.8% | 1.3% | ||
| Q2 25 | 16.9% | 0.7% | ||
| Q1 25 | 2.8% | 0.4% | ||
| Q4 24 | 2.0% | 0.8% | ||
| Q3 24 | 5.5% | 1.4% | ||
| Q2 24 | 12.4% | 0.8% |
| Q1 26 | — | 2.11× | ||
| Q4 25 | 0.81× | 3.12× | ||
| Q3 25 | 1.05× | 3.03× | ||
| Q2 25 | 4.43× | 4.13× | ||
| Q1 25 | 0.70× | 9.16× | ||
| Q4 24 | 1.55× | 262.41× | ||
| Q3 24 | 0.63× | — | ||
| Q2 24 | 2.91× | — |
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% |
QTWO
| Subscription | $179.9M | 83% |
| Services and Other | $18.8M | 9% |
| Transactional | $17.8M | 8% |
