Axos Financial to take $4M impairment from California tax law change; future tax rate cut 3%

Axos Financial, Inc.

California changed multi-state income apportionment for financial institutions, effective June 30, 2025.
Axos recorded a one-time non-cash DTA impairment of ~$4M, netted with other state settlements, in Q4 FY2025.
Effective tax rate for FY2026 and beyond expected to decline by ~3% compared to prior rate.
Company will report Q4 FY2025 results on July 30, 2025 after market close.

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