$11.84

+0.35 (+3.05%)

Weekly Expected Move ±7.0%

$10 $11 $12 $13 $13

NYSE · Financial Services · Financial - Mortgages · Tech Score Neutral · Power 48 · $33.4B mcap · 507M float · 6.50% daily turnover · Short 46% of daily vol

Credit Risk of going bust: not rated, financial company (lending is its business) Bonds: $1.28B held by 596 funds, 156 bp over Treasuries → details ▾

Not rated: lending and leverage are a financial company's business, which the model misreads.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.

Revenue Segmentation

By Product / Service

Revenue by Segment (5-Year Trend)

Income Trends

Revenue

$6.9B +27.4% ▲

5Y CAGR: -15.4%

Gross Profit

$6.3B +27.7% ▲

5Y CAGR: -16.4%

Operating Income

$600M -10.2% ▼

5Y CAGR: -42.5%

Net Income

-$68M -331.5% ▼

EPS (Diluted)

$-0.05 -123.8% ▼

EBITDA

$890M +14.0% ▲

5Y CAGR: -37.9%

Profit Margins

Year-over-Year Growth

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$13.2B	$6.0B	$4.0B	$5.4B	$6.9B
YoY Growth	-17.1%	-54.4%	-33.3%	+34.8%	+27.4%
Cost of Revenue	$492M	$320M	$360M	$469M	$580M
Gross Profit	$12.7B	$5.7B	$3.6B	$4.9B	$6.3B
Gross Margin	96.3%	94.7%	91.0%	91.3%	91.6%
R&D Expenses	$0	$0	$0	$0	$0
SG&A Expenses	$5.8B	$4.6B	$3.8B	$4.0B	$2.5B
Operating Expenses	$6.5B	$4.9B	$4.0B	$4.3B	$5.7B
Operating Income	$6.2B	$742M	-$403M	$668M	$600M
Operating Margin	46.9%	12.4%	-10.1%	12.4%	8.7%
Interest Expense	$492M	$320M	$360M	$469M	$814M
Income Before Tax	$6.2B	$742M	-$403M	$668M	-$214M
Tax Expense	$113M	$42M	-$13M	$32M	$20M
Net Income	$308M	$46M	-$16M	$29M	-$68M
Net Margin	2.3%	0.8%	-0.4%	0.5%	-1.0%
EPS (Diluted)	$2.32	$0.02	$-0.01	$0.21	$-0.05
EBITDA	$6.3B	$836M	-$293M	$781M	$890M
Shares Outstanding	1.99B	1.97B	1.98B	141M	1.32B

Line Item	FY2024 Q3	FY2024 Q4	FY2025 Q1	FY2025 Q2	FY2025 Q3	FY2025 Q4	FY2026 Q1	FY2026 Q2
Revenue	$749M	$1.8B	$1.1B	$1.5B	$1.8B	$2.5B	$2.7B	$2.6B
Cost of Revenue	$140M	$119M	$102M	$149M	$78M	$314M	$292M	$290M
Gross Profit	$608M	$1.7B	$999M	$1.3B	$1.7B	$2.2B	$2.4B	$2.4B
Gross Margin	81.2%	93.5%	90.7%	89.8%	95.6%	87.4%	89.3%	89.0%
R&D Expenses	$0	$0	$0	$0	$0	$78M	$0	$0
SG&A Expenses	$1.0B	$968M	$1.1B	$1.2B	$629M	-$400M	$880M	$859M
Operating Expenses	$1.1B	$1.0B	$1.2B	$1.3B	$1.7B	$1.7B	$1.7B	$1.7B
Operating Income	-$497M	$675M	-$223M	$24M	$44M	$504M	$749M	$655M
Operating Margin	-66.4%	36.8%	-20.3%	1.7%	2.4%	20.2%	27.4%	24.8%
Interest Expense	$140M	$119M	$102M	$149M	$228M	$335M	$349M	$374M
Income Before Tax	-$497M	$675M	-$223M	$24M	-$184M	$169M	$400M	$281M
Tax Expense	-$16M	$26M	-$11M	-$10M	-$60M	$101M	$103M	$52M
Net Income	-$22M	$34M	-$10M	-$2M	-$124M	$68M	$297M	$230M
Net Margin	-2.9%	1.8%	-0.9%	-0.1%	-6.9%	2.7%	10.8%	8.7%
EPS (Diluted)	$-0.01	$0.23	$-0.01	$-0.01	$-0.06	$0.02	$0.10	$0.08
EBITDA	-$469M	$704M	-$196M	$52M	$122M	$661M	$895M	$800M
Shares Outstanding	2.00B	146M	2.00B	171M	2.11B	2.84B	2.85B	2.84B

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