10-K · March 12, 2026
Velocity Financial grew originations and its in‑place portfolio in 2025 (6,636 loans originated totaling $2.7 billion versus 4,532 loans/$1.8 billion in 2024) and generated $210.4 million of portfolio-related net…
Earnings analysis · 10-Q
VEL earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Velocity Financial, Inc. reported a strong first-quarter performance for 2026, with revenue of $86.9 million and earnings per share (EPS) of $0.68, exceeding consensus estimates significantly. The company's growth was…
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Velocity Financial, Inc. reported a strong first-quarter performance for 2026, with revenue of $86.9 million and earnings per share (EPS) of $0.68, exceeding consensus estimates significantly. The company's growth was driven by a robust expansion in its loan portfolio and improved interest income, while managing operating expenses efficiently against macroeconomic challenges.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.68
What stood out
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Revenue Surpassed Expectations
Actual revenue of $86.9M exceeded estimates by 61.4%, up from $119M in the prior quarter.
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EPS Beat Consensus
Diluted EPS reached $0.68, exceeding the consensus estimate of $0.64.
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Growth in Loan Portfolio
The loan portfolio grew to $6.8 billion from $6.5 billion in the previous quarter.
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Improved Net Interest Margin
Net interest margin increased to 3.56%, up from 3.35% in Q1 2025.
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Strong Operating Cash Flow
Operating cash flow of $12.1M reflects a significant increase from $3.5M in Q1 2025.
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Decrease in Provision for Credit Losses
Provision fell to $1.7M compared to $1.9M in the same quarter last year.
What to watch
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Increased Nonperforming Loans
Nonperforming loans rose to $692.1M, representing 10.1% of the portfolio, up from 8.5%.
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Higher Operating Expenses
Total operating expenses increased to $54.4M, up from $42.2M in Q1 2025.
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Tax Expense Increased
Income tax expense grew to $8.6M from $8.2M year-over-year.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · May 1, 2025
Q1 2025 results show organic growth in interest income and loan balances, supporting a year-over-year rise in net income and EPS despite higher operating expenses and elevated non-cash fair value volatility. Interest…
10-K · March 12, 2025
Velocity Financial describes a scale-focused strategy of originating, securitizing and managing investor real estate loans (primarily 1-4 unit residential rentals) using a broad mortgage broker network and proprietary…
10-Q · November 8, 2024
Velocity Financial reported a stronger quarter with net interest income of $35,056,000 and total other operating income of $20,732,000 (combined operating income ~$55,788,000) for the three months ended September 30,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.