Company: AX
Filing Date: 2025-07-01
Form Type: 8-K
Source: 0001299709-25-000104
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Company: Axos Financial, Inc.
Filing Date: 2025-07-01
Form: 8-K
Item: Item 8.01
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Item 8.01 Other Events

On June 30, 2025, the State of California adopted and signed into law its fiscal year 2026 budget, which, among other things, changed the way financial institutions’ multi-state income is apportioned to the State of California. The change required Axos Financial, Inc. (“ Axos” or the “ Company”) to remeasure its deferred tax assets and liabilities and resulted in a one-time non-cash impairment. This impairment, netted with other state settlements reached on outstanding tax matters during the quarter, totaled approximately $4 million which the Company expects to recognize in the fourth quarter of the fiscal year ended June 30, 2025. The Company estimates the effective tax rate for fiscal years ending June 30, 2026 and thereafter will be reduced by approximately 3% compared to the effective tax rate prior to the change in the State of California tax law.

A press release providing information regarding the expected financial impact of certain income tax items is furnished as Exhibit 99.1.

Forward-Looking Safe Harbor Statement

This report contains forward-looking statements that involve risks and uncertainties, including without limitation statements relating to Axos’ financial prospects and other projections of its performance. These forward-looking statements are made on the basis of the views and assumptions of management regarding future events and performance as of the date of this report. Actual results and the timing of events could differ materially from those expressed or implied in such forward-looking statements as a result of risks and uncertainties, including without limitation Axos’ ability to successfully integrate acquisitions and realize the anticipated benefits of the transactions, changes in the interest rate environment, monetary policy, inflation, tariffs, government regulation, general economic conditions, changes in the competitive marketplace, conditions in the real estate markets in which we operate, risks associated with credit quality, our ability to attract and retain deposits and access other sources of liquidity, and the outcome and effects of litigation and other factors beyond our control. These and other risks and uncertainties detailed in Axos’ periodic reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2024, Form 10-Q for the quarter ended March 31, 2025 and its last earnings press release, could cause actual results to differ materially from those expressed or implied in any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. Axos undert