FINW earnings analysis
What we found in FINW's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
FinWise delivered strong Q2 revenue of $54.343 million, up 13.2% sequentially and 81.1% year over year, but diluted EPS fell to $0.15 from $0.20 in Q1 and $0.29 a year earlier. The filing does not provide current-quarter gross margin, operating margin, segment revenue or free cash flow figures in the supplied disclosure. Interest-rate sensitivity, the card-receivables transition and approximately $4.0 million of integration costs remain significant risks, while the prior approximately $217 million balance outlook has been withdrawn.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue continued to scale
- Q2 revenue was $54.343 million, up approximately 13.2% from $48 million in Q1 2026 and approximately 81.1% from $30 million in Q2 2025.
- Share repurchases initiated
- The company repurchased 29,736 shares during Q2 at an average price of $14.15 per share, leaving 655,264 shares available under the program.
- Cyber settlement insured
- The data-breach settlement fund received preliminary court approval on July 1, 2026, and the company expects the settlement, including all fees and expenses, to be covered in full by its cyber insurance policy.
- No control deficiencies reported
- Management reported effective disclosure controls under Exchange Act Rule 13a-15(e), with no changes in internal controls during the quarter ended June 30, 2026 that materially affected or were reasonably likely to materially affect those controls.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Earnings declined despite revenue growth
- Q2 diluted EPS was $0.15, down from $0.20 in Q1 2026 and $0.29 in Q2 2025, representing declines of 25.0% sequentially and 48.3% year over year despite revenue growth to $54.343 million.
- Down-rate scenarios pressure capital value
- The June 30, 2026 interest-rate sensitivity analysis showed economic value of equity declining 15.8% under a 400-basis-point rate decrease and 2.5% under a 100-basis-point decrease; static earnings-at-risk was negative 0.4% under a 400-basis-point decrease.
- Card transition adds balance-sheet exposure
- The card transaction is expected to move approximately $50 million of receivables onto the bank’s balance sheet and incur approximately $4.0 million of integration costs over the next year, increasing credit exposure and near-term execution costs.
- No material risk-factor changes disclosed
- The 10-Q states there were no material changes to the risk factors in the 2025 Form 10-K. The absence of an update does not eliminate exposure to the previously disclosed risks, including operational, credit, regulatory and data-security risks.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.15
What they said about what is next.
No numeric revenue or EPS outlook was provided in the 10-Q. The previously disclosed approximately $217 million year-end 2026 credit-enhanced-balance outlook was withdrawn following the card-receivables transaction; no replacement quantitative outlook was disclosed.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 12, 2026
- FinWise Bancorp's Q1 2026 results reflected a significant decline in revenue and earnings as net income fell to $2.7 million, or $0.20 EPS, missing consensus estimates. The company experienced a net interest income…
- 10-K · March 23, 2026
- FinWise presents a technology-focused bank model with three reportable segments (traditional banking, BaaS and treasury & administration) and a nationwide origination footprint anchored by Strategic Programs and SBA…
- 10-Q · November 12, 2024
- FinWise reported a revenue increase to $24,978,000 for Q3 2024 (total interest income $18,924,000 + non‑interest income $6,054,000), up $2,874,000 (13.0%) YoY from $22,104,000. Despite top‑line growth, operating…
- 10-Q · August 15, 2023
- FinWise reported Q2 2023 diluted EPS of $0.35 and consolidated revenue of $18,963,000 (net interest income $13,675,000 + non-interest income $5,288,000). Revenue and net income declined versus Q2 2022 (revenue…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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