Live Oak Bancshares, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Live Oak Bancshares, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue		1.86	7.97	9.66	10.5
Selling and marketing	4.53	6.36	6.02	5.94	3.51	5	10.5	12.6	11.1	12.2
Interest expense	14.6	25.4	54.6	87.9	93.7	64.4	117	343
Pre-tax income	17.2	98.3	46	23.5	47.4	211	210	82.8	89.2	143
Income tax	3.44	-2.25	-5.4	5.43	-12.2	43.8	34.1	8.93	11.8	37.2
Net income to minority interests	-0.01	0	0				0	0	-0.06	-0.23
Net income	13.8	100	51.4	18	59.5	167	176	73.9	77.5	106
EPS, basic	0.40	2.75	1.28	0.45	1.46	3.87	4.02	1.67	1.72	2.25
EPS, diluted	0.39	2.65	1.24	0.44	1.43	3.71	3.92	1.64	1.69	2.23
Shares, basic (weighted)	34.2	36.6	40.1	40.2	40.7	43.2	43.9	44.4	45	45.7
Shares, diluted (weighted)	35.1	37.9	41.4	41.1	41.8	45.1	44.9	45.1	45.8	46
Dividend per share	0.07	0.10	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents				221	318	204	417	583	609	865
Property, plant and equipment	64.7	179	263	279	259	240	263	258	264	240
Lease right-of-use assets				2.43	2.52	2.23	2.12	2.8	2.11	1.66
Goodwill							1.8	1.8	1.8
Intangible assets		4.31
Total assets	1,755	2,758	3,673	4,813	7,872	8,213	9,855	11,271	12,943	15,135
Short-term debt	0	0	1.44
Total liabilities	1,532	2,322	3,177	4,280	7,304	7,498	9,044	10,369	11,940	13,881
Total debt	27.8	26.6	0.02
Retained earnings	23.5	120	167	180	236	401	572	643	716	810
Other comprehensive income	-0.65	-1.03	-1.68	11.7	21.5	1.95	-92.3	-84.7	-82.3	-44.7
Shareholders' equity	223	437	494	532	568	715	811	903	999	1,250
Minority interests	0							0	4.47	4.24
Total equity	223	437	494	532	568	715	811	903	1,003	1,254
Total liabilities and equity	1,755	2,758	3,670	4,813	7,872	8,213	9,855	11,271	12,943	15,135

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	13.8	100	51.4	18	59.5	167	176	73.9	77.4	106
Depreciation and amortization	4.26	10.3	16.4	20	21.7	21.4	20.8	21.3	23.3	30.4
Deferred income tax	-4.29	12	-5.94	1.47	-17.4	24.8	27.1	-22.2	-11.4	-12.4
Cash from operations	-222	-288	6.29	-483	-261	-120	-301	185	157	158
Capital expenditures	-10.9	-124	-111	-37.2	-21	-3.08	-43.8	-46.8	-49.3	-14.8
Acquisitions	0	-7.7	0		-0.9	0	0
Purchases of investments	-37.4	-43.1	-347	-253	-396	-428	-397	-216	-270	-301
Sales and maturities of investments	1.9	19.7	56.6	36.2	198	240	161	114	151	172
Cash from investing	-320	-535	-845	-685	-2,619	-150	-1,017	-1,340	-1,699	-1,904
Debt issued	0	16.9	0.02		1,828	603	62.1	2,906	99.7	0.16
Debt repaid	-0.53	-26.3	-25.1	-1.44	-286	-1,827	-297	-2,966	-10.2	-10.6
Stock issued	0	113	0	0.51	3.07	4.16	2.12	1.17	2.31	2.98
Dividends paid	-2.74	-3.78	-4.81	-4.83	-4.91	-5.19	-5.27	-5.33	-5.41	-5.49
Cash from financing	677	880	863	1,069	2,977	155	1,531	1,321	1,569	2,002
Net change in cash	135	57.3	24	-97.9	96.9	-115	213	166	26.3	256
Free cash flow	-233	-412	-105	-520	-282	-123	-344	138	107	143
Interest paid	14.5	25.4	54.1	87.3	91.8	66.8	118	343	437	461
Income taxes paid	8.24	7.08	1.75	-12.3	11.5	19.7	24.7	5.3	38.9	26.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $33.97 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	24.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.8%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	36.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-15.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	12.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	32.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-17.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	9.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	0.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	33.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	25.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	17.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	16.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	15.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	14.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	92.3%	Total liabilities / total assets.
Tangible book value	$1.31B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	213.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	5.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.97	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share	$6.35	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.70	Cash from operations / diluted weighted shares.
Book value per share	$27.91	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$27.91	Tangible book value / shares outstanding.
Cash per share	$23.47	(Cash + short-term investments) / shares outstanding.
Payout ratio	4.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	1.9%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.57B	Share price x shares outstanding.
Enterprise value	$472.1M	Market cap + total debt - cash - short-term investments.
P/E	11.3x	Market cap / net income. Only when net income is positive.
P/B	1.20x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.20x	Market cap / tangible book value, when positive.
P/FCF	5.28x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.01x	Market cap / cash from operations, when positive.
EV/FCF	1.59x	Enterprise value / free cash flow, when both are positive.
FCF yield	18.9%	Free cash flow / market cap.
Earnings yield	8.9%	Net income / market cap (the inverse of P/E).
Dividend yield	0.4%	Dividends paid over the period / market cap.
Shareholder yield	0.4%	(Dividends paid + share buybacks) / market cap.

Was Live Oak Bancshares, Inc. profitable in fiscal 2025?

Yes. Net income was $105.9M, a net margin of -.

How much free cash flow did Live Oak Bancshares, Inc. generate in fiscal 2025?

Cash from operations of $158.2M minus capital expenditures of $14.8M left free cash flow of $143.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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