10-Q · May 7, 2026
OppFi reported Q1 2026 results with revenue totaling $151.9 million, representing an 8.3% increase year-over-year. Net income rose significantly by 165.0% to $54.0 million, and diluted EPS improved to $0.56 from a loss…
Earnings analysis · 10-Q
OPFI earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
OppFi's Q2 revenue reached $145.17 million, up 1.9% year over year, and GAAP net income rose 36.0% to $15.6 million, but adjusted EPS of $0.33 missed consensus by 26.7% and adjusted net income declined 27.0% to $28.8…
Read full summary
OppFi's Q2 revenue reached $145.17 million, up 1.9% year over year, and GAAP net income rose 36.0% to $15.6 million, but adjusted EPS of $0.33 missed consensus by 26.7% and adjusted net income declined 27.0% to $28.8 million. The 10-Q does not provide sufficient balance-sheet, cash-flow or segment detail in the supplied extract to quantify those trends. The principal incremental risk is the pending BNCC transaction, including completion uncertainty, approximately 6.8 million shares of expected dilution and substantial bank-integration requirements.
Reported figures
- Earnings per share
- $0.33
- Gross margin
- 100.0%
What stood out
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Revenue Grew but Missed Consensus
Q2 revenue was $145.17 million, up 1.9% year over year but below the $156.62 million consensus estimate by $11.45 million, or 7.3%.
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GAAP Net Income Improved
GAAP net income increased 36.0% year over year to $15.6 million, indicating improved reported profitability despite the adjusted EPS miss.
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New Share Repurchase Program
The company authorized a $40.0 million share-repurchase program; $38.8 million remained available as of June 30, 2026, after repurchasing 140,407 shares at an average price of $8.88.
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Controls Remained Effective
Management concluded that disclosure controls and procedures were effective as of June 30, 2026, and reported no material changes to internal control over financial reporting during the quarter.
What to watch
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BNCC Transaction and Dilution Risk
The BNCC transaction remains subject to regulatory and BNCC stockholder approvals and other closing conditions, so it may not be completed on the anticipated timeline or at all. The company expects to issue approximately 6.8 million Class A shares, creating dilution for existing stockholders.
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Bank Integration Execution Risk
If the transaction closes, integration of BNC's business, technology, personnel and controls could be complex and time-consuming. The filing states BNC would be renamed OppFi Bank, N.A., and OppFi would operate as a bank holding company after closing, exposing it to operational, regulatory, credit and compliance risks that may differ from its existing business.
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Underlying Earnings Missed Estimates
Q2 adjusted EPS was $0.33 versus the $0.45 consensus estimate, a 26.7% shortfall, while revenue of $145.17 million was 7.3% below the $156.62 million estimate. The earnings release also reported adjusted net income of $28.8 million, down 27.0% year over year, indicating pressure on underlying earnings quality.
Management's outlook
The 10-Q excerpt does not provide quantitative revenue or EPS guidance. FY2026 guidance of $600 million-$625 million revenue and $1.34-$1.51 adjusted EPS was disclosed in the August 10, 2026 earnings release rather than the filing; prior-outlook information was not provided.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.