Operating income reached $46.1M in 2026Q1, though gross margins remain sensitive to interest rate environments, fluctuating from 56.4% in 2025Q1 to 81.9% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 331.88M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 233.96M | 242.57M | 211.52M | 173.38M | 105.17M | 147.76M | 74.96M | 44.99M | 28.43M | 19.62M | 15.73M | 13.32M | 59.92M | 36.4M | 36.63M | 25.87M | 24.19M | 37.95M | 36.88M | 33.55M | 71.14M | 79.87M | 56.14M | 60.49M | 0 | 0 | 8.71M | 11.88M |
| Gross Margin % | 70.49% | 75.29% | 66.34% | 68.58% | 79.98% | 87.81% | 80.74% | 50.67% | 57.42% | 50.42% | 50.8% | 51.08% | 46.05% | 26.66% | 27.94% | 22.24% | 21.65% | 39.42% | 41.91% | 42.58% | 80.69% | 83.31% | 80% | 100% | - | - | 100% | 100% |
| Gross Profit Growth % | - | 14.68% | 22% | 64.85% | -28.82% | 97.12% | 66.61% | 58.23% | 44.9% | 24.73% | 18.13% | -77.77% | 64.59% | -0.63% | 41.62% | 6.92% | -36.25% | 2.9% | 9.92% | -52.84% | -10.93% | 42.27% | -7.19% | - | - | -100% | -26.69% | - |
| Operating Expenses | 103.91M | 105.78M | 142.83M | 128M | 66.39M | 62.29M | 42.34M | 62.55M | 40.94M | 35.4M | 31.79M | 25.78M | 47.24M | 118.39M | 110.46M | 105.23M | 109.95M | 90.81M | 90.16M | 80.75M | 58.51M | 50.06M | 39.95M | 28.54M | -7.18M | -1.46M | 4.92M | 1.42M |
| OpEx % of Revenue | - | 32.83% | 44.8% | 50.63% | 50.49% | 37.02% | 45.61% | 70.45% | 82.68% | 90.96% | 102.65% | 98.87% | 36.31% | 86.72% | 84.24% | 90.48% | 98.37% | 94.34% | 102.47% | 102.48% | 66.36% | 52.21% | 56.92% | 47.19% | - | - | 56.44% | 11.96% |
| Selling, General & Admin | 56.88M | 0 | 99.2M | 88.06M | 27.86M | 25.32M | 9.39M | 10.23M | 39.45M | 10.29M | 31.49M | 8.37M | 45.6M | 96.49M | 17.73M | 87.52M | 84.89M | 74.21M | 69.05M | 65.66M | 52.2M | 42.47M | 26.44M | 8.41M | 7.71M | 4.73M | 4.92M | 1.42M |
| SG&A % of Revenue | - | - | 31.11% | 34.83% | 21.19% | 15.05% | 10.11% | 11.53% | 79.66% | 26.44% | 101.69% | 32.09% | 35.05% | 70.68% | 13.52% | 75.26% | 75.95% | 77.09% | 78.47% | 83.33% | 59.21% | 44.3% | 37.68% | 13.9% | - | - | 56.44% | 11.96% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 130.05M | 136.79M | 68.69M | 45.37M | 38.77M | 85.47M | 32.62M | 11.93M | -12.5M | -15.78M | -16.05M | -12.46M | 14.41M | -81.98M | 15.05M | -79.36M | -85.75M | -52.86M | -53.28M | -47.95M | 12.64M | 29.82M | 16.19M | 31.95M | 7.18M | 1.46M | 3.79M | 10.46M |
| Operating Margin % | 39.19% | 42.46% | 21.54% | 17.95% | 29.49% | 50.79% | 35.14% | 13.44% | -25.25% | -40.54% | -51.85% | -47.79% | 11.08% | -60.05% | 11.48% | -68.24% | -76.72% | -54.92% | -60.56% | -60.86% | 14.33% | 31.1% | 23.07% | 52.81% | - | - | 43.56% | 88.04% |
| Operating Income Growth % | - | 99.14% | 51.39% | 17.02% | -54.63% | 162.01% | 173.38% | 195.43% | 20.74% | 1.73% | -28.85% | -186.45% | 117.58% | -644.56% | 118.97% | 7.45% | -62.22% | 0.79% | -11.11% | -479.48% | -57.62% | 84.14% | -49.32% | 344.8% | 390.62% | -61.42% | -63.73% | - |
| EBITDA | 130.61M | 137.46M | 70.48M | 48.26M | 39.01M | 85.77M | 33.02M | 12.43M | -12.02M | -15.37M | -15.76M | -12.13M | 17.59M | -78.7M | 18.09M | -75.41M | -81.05M | -47.02M | -45.71M | -40.59M | 19.01M | 34.37M | 18.65M | 32.43M | 7.33M | 1.54M | 3.8M | 10.46M |
| EBITDA Margin % | 39.35% | 42.67% | 22.1% | 19.09% | 29.67% | 50.97% | 35.57% | 14% | -24.28% | -39.51% | -50.89% | -46.54% | 13.52% | -57.65% | 13.8% | -64.84% | -72.51% | -48.84% | -51.94% | -51.52% | 21.56% | 35.85% | 26.58% | 53.61% | - | - | 43.64% | 88.06% |
| EBITDA Growth % | 90.28% | 95.05% | 46.04% | 23.69% | -54.51% | 159.75% | 165.6% | 203.44% | 21.82% | 2.44% | -29.88% | -168.96% | 122.36% | -535.02% | 123.99% | 6.96% | -72.37% | -2.87% | -12.59% | -313.59% | -44.69% | 84.25% | -42.49% | 342.45% | 376.6% | -59.53% | -63.68% | - |
| D&A (Non-Cash Add-back) | 558K | 668K | 1.78M | 2.88M | 239K | 304K | 402K | 501K | 484K | 402K | 296K | 326K | 3.18M | 3.28M | 3.04M | 3.96M | 4.71M | 5.85M | 7.58M | 7.36M | 6.37M | 4.55M | 2.46M | 484.48K | 147.68K | 74.05K | 6.15K | 2.27K |
| EBIT | 130.05M | 136.79M | 68.69M | 45.37M | 38.77M | 85.47M | 32.62M | 64.72M | 52.82M | 52.55M | -820K | 294K | 14.41M | 16.93M | 13.93M | 5.44M | 5.36M | 6.35M | -2.18M | -2.71M | 12.64M | 29.82M | 30.23M | 33.38M | 19M | 23.83M | 3.79M | 10.46M |
| Net Interest Income | 75.94M | 104.99M | 40.3M | 26.63M | 12.29M | 58.45M | 46.92M | -20.42M | -16.07M | -11.4M | -8.44M | -6.48M | 0 | -5.86M | -4.5M | -3.42M | -4.48M | -10.35M | -7.53M | -14.8M | -10.84M | -11.15M | -10.21M | -13.88M | 0 | 0 | -7.28M | 0 |
| Interest Income | 167.72M | 161.63M | 121.42M | 94.37M | 38.62M | 78.97M | 64.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.35M | 0 | 6.18M | 4.84M | 3.83M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 91.78M | 56.64M | 81.11M | 67.74M | 26.32M | 20.52M | 17.88M | 20.42M | 16.07M | 11.4M | 8.44M | 6.48M | 0 | 5.86M | 4.5M | 3.42M | 4.48M | 10.35M | 10.89M | 14.8M | 17.02M | 16M | 14.04M | 13.88M | 0 | 0 | 7.28M | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 85.41M | 79.98M | 68.69M | 45.37M | 38.77M | 85.47M | 32.62M | 44.3M | 36.76M | 41.16M | 32.43M | 36.59M | 8.02M | 11.07M | 9.44M | 2.27M | 877K | -4M | -13.07M | -17.52M | -3.64M | 13.18M | 16.19M | 16.47M | 7.18M | 1.46M | -3M | 8.02M |
| Pretax Margin % | 25.74% | 24.82% | 21.54% | 17.95% | 29.49% | 50.79% | 35.14% | 49.89% | 74.23% | 105.76% | 104.74% | 140.36% | 6.16% | 8.11% | 7.2% | 1.95% | 0.78% | -4.16% | -14.85% | -22.23% | -4.13% | 13.74% | 23.07% | 27.23% | - | - | -34.44% | 67.52% |
| Income Tax | 20.87M | 19.46M | 17.84M | -1.96M | 6.46M | 1.33M | -999K | 3.16M | 1.08M | 2.18M | 5.13M | 857K | 4.13M | 3.92M | 3.88M | -1.1M | -418K | -2.59M | -2.05M | -6.38M | -581K | 6.55M | 6.47M | 7.09M | 2.66M | 534K | 787.24K | 0 |
| Effective Tax Rate % | 24.43% | 24.34% | 25.97% | -4.31% | 16.67% | 1.55% | -3.06% | 7.14% | 2.93% | 5.29% | 15.81% | 2.34% | 51.5% | 35.4% | 41.13% | -48.28% | -47.66% | 64.79% | 15.69% | 36.39% | 15.94% | 49.69% | 39.94% | 43.04% | 37% | 36.48% | -26.24% | 0% |
| Net Income | 64.55M | 60.51M | 50.85M | 47.33M | 32.31M | 84.14M | 33.62M | 41.13M | 35.68M | 38.98M | 27.3M | 35.74M | 3.97M | 7.53M | 5.64M | 3.33M | 1.44M | -429K | -10.46M | -11.22M | -2.12M | 7.73M | 10.62M | 9.57M | 8.17M | 930K | -3.43M | 5.43M |
| Net Margin % | 19.45% | 18.78% | 15.95% | 18.72% | 24.57% | 50% | 36.21% | 46.33% | 72.05% | 100.16% | 88.18% | 137.08% | 3.05% | 5.51% | 4.3% | 2.87% | 1.29% | -0.45% | -11.89% | -14.24% | -2.4% | 8.06% | 15.13% | 15.82% | - | - | -39.32% | 45.66% |
| Net Income Growth % | 27.64% | 18.99% | 7.45% | 46.48% | -61.6% | 150.28% | -18.27% | 15.3% | -8.46% | 42.74% | -23.59% | 799.25% | -47.21% | 33.4% | 69.21% | 131.76% | 435.43% | 95.9% | 6.74% | -429.2% | -127.44% | -27.21% | 10.93% | 17.15% | 778.31% | 127.15% | -163.13% | - |
| Net Income (Continuing) | 64.55M | 60.51M | 50.85M | 47.33M | 32.31M | 84.14M | 33.62M | 41.13M | 35.68M | 38.98M | 27.3M | 35.74M | 3.89M | 7.15M | 5.56M | 3.37M | 1.29M | -1.41M | -11.02M | -11.14M | -3.06M | 6.63M | 9.72M | 9.38M | 4.53M | 930K | -3.79M | 8.02M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 508K | 306K | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.67M | 2.06M | 1.18M | 1.31M | 1.61M | 2.31M | 4.97M | -4.6M | -5.03M | 5.72M | 8.39M | 4.77M | 5.08M | 4.52M | 5.94M |
| EPS (Diluted) | 2.07 | 2.36 | 1.96 | 1.88 | 1.34 | 3.69 | 1.59 | 2.13 | 1.91 | 2.25 | 1.88 | 3.32 | 0.37 | 0.99 | 0.77 | 0.48 | 0.20 | -0.06 | -1.46 | -1.50 | -0.30 | 1.13 | 1.75 | 1.83 | 1.68 | 0.21 | -0.89 | 1.49 |
| EPS Growth % | 24.87% | 20.41% | 4.26% | 40.3% | -63.69% | 132.08% | -25.35% | 11.52% | -15.11% | 19.68% | -43.37% | 797.3% | -62.63% | 28.57% | 60.42% | 140% | 432.23% | 95.88% | 2.67% | -400% | -126.55% | -35.43% | -4.37% | 8.93% | 700% | 123.6% | -159.73% | - |
| EPS (Basic) | - | 2.40 | 1.97 | 1.89 | 1.34 | 3.69 | 1.59 | 2.13 | 1.91 | 2.25 | 1.88 | 3.32 | 0.37 | 1.07 | 0.79 | 0.49 | 0.20 | -0.06 | -1.46 | -1.57 | -0.30 | 1.13 | 1.77 | 1.86 | 1.69 | 0.21 | -0.89 | 1.49 |
| Diluted Shares Outstanding | 31.16M | 25.65M | 25.19M | 24.35M | 24.2M | 22.8M | 21.15M | 19.33M | 18.71M | 17.33M | 14.54M | 10.77M | 10.77M | 7.58M | 7.35M | 7.21M | 7.16M | 7.13M | 7.15M | 7.16M | 6.97M | 6.86M | 6.08M | 5.24M | 4.86M | 4.38M | 3.86M | 3.65M |
| Basic Shares Outstanding | 31.16M | 25.17M | 24.95M | 25.18M | 24.2M | 22.8M | 21.15M | 19.33M | 18.71M | 17.33M | 14.54M | 10.77M | 10.77M | 7.06M | 7.1M | 7.14M | 7.13M | 7.13M | 7.15M | 7.16M | 6.97M | 6.85M | 6.01M | 5.16M | 4.84M | 4.38M | 3.86M | 3.65M |
| Dividend Payout Ratio | - | 46.34% | 0.87% | 29.89% | 199.76% | 83.36% | 126.66% | 99.11% | 90.9% | 72.35% | 99.98% | 42.29% | - | - | - | - | - | - | - | - | - | - | - | - | - | 65.33% | - | 4.52% |
SBA secondary market volatility
As reported in recent financial statements, NewtekOne's gross margin fluctuated significantly from 56.4% in 2025Q1 to 81.9% in 2026Q1, reflecting the inherent sensitivity of gain-on-sale premiums to interest rate environments and the company's ongoing transition toward a deposit-funded banking model rather than a pure-play specialty finance structure.
The wide variance in gross margins suggests that the company's profitability is heavily tethered to secondary market conditions for SBA loans. Investors should monitor whether the recent expansion in margins is sustainable or merely a temporary byproduct of favorable loan sale timing.
Based on the provided quarterly data, NewtekOne demonstrated improved operating leverage in 2026Q1, where operating income reached $46.1M on $73.3M of revenue, suggesting that the company is successfully managing its overhead costs relative to the revenue generated by its diversified SMB-focused service ecosystem.
The reduction of SG&A to zero in the most recent quarter warrants further investigation, as it may indicate a shift in accounting presentation or a significant streamlining of corporate expenses. This trend implies that the company is attempting to maximize bottom-line conversion as it matures into a bank holding company.
According to the income statement data, NewtekOne's net income has experienced notable volatility, including a $5.8M negative stock-based compensation impact in 2025Q4, which complicates the assessment of core operational profitability and highlights the lumpy nature of non-operating items within the company's current financial reporting framework.
The presence of significant quarterly swings in net income suggests that headline EPS may not fully capture the underlying cash-generating capacity of the business. Analysts should focus on core earnings to strip out the noise created by fair value adjustments and non-recurring compensation charges.
While management emphasizes the synergy of its cross-selling ecosystem, the historical data shows inconsistent revenue growth and margin compression, suggesting that the conglomerate structure may introduce operational friction that offsets the theoretical benefits of integrating payments, insurance, and lending services under a single banking entity.
The market's potential skepticism toward NewtekOne's complex business model appears grounded in the difficulty of forecasting earnings across disparate segments. Investors should remain cautious regarding whether the company can maintain its competitive moat if regulatory costs continue to rise alongside the transition to a bank holding company.
Quick answers to the most common questions about buying NEWT stock.
NewtekOne, Inc. (NEWT) is profitable, generating $60.5M in net income for the fiscal year ending 2025 with a net profit margin of 18.8%.
NewtekOne, Inc. (NEWT) reported an operating income of $136.8M, resulting in an operating profit margin of 42.5%. This margin reflects the operational efficiency of the business before interest and taxes.
NewtekOne, Inc. (NEWT) generated $242.6M in gross profit for the year, representing a gross profit margin of 75.3%. This demonstrates the company's core pricing power and production efficiency.