Live Oak Bancshares, Inc. (LOB) · Oct 21, 2026 · Earnings

Live Oak earnings miss as credit costs swamp loan growth

Miss — Diluted EPS $0.52 vs. published consensus of ~$0.64

Live Oak’s earnings miss despite record loan production: revenue and deposits grew sharply, but a $54.7M provision and distillery stress cut EPS.

Live Oak is a technology-led small-business lender built around SBA and other government-backed lending, while expanding its deposit franchise and newer Live Oak Express platform. Its standing story was improving operating leverage through faster loan production, digital origination, and deposit growth.

The quarter missed on earnings even as the franchise grew. Diluted EPS was $0.52, below published expectations of roughly $0.64, while revenue of $175.6 million exceeded the roughly $167.5 million consensus reference. The result was therefore not a demand or revenue failure; it was a profitability miss caused by the cost of taking more credit risk.

Metric	3Q 2026	2Q 2026	3Q 2025	Read-through
Revenue	$175.6M	$156.1M	$142.3M	Above published ~$167.5M reference
Diluted EPS	$0.52	$0.74	$0.55	Below published ~$0.64 consensus
Provision for credit losses	$54.7M	$25.8M	$22.2M	More than doubled sequentially
Loan production	$2.13B	$1.55B	$1.65B	Record-like growth engine remains active
Deposits	$15.47B	$14.55B	$13.29B	Funding grew 6.3% sequentially
Net charge-offs / average loans	1.00%	0.80%	0.61%	Credit performance deteriorated

The operating engine is working, but credit is absorbing the upside. Net interest income increased 6.1% sequentially and 15.2% year over year. 〔0〕 Revenue rose 12.5% sequentially while noninterest expense rose only 1.4%, lifting pre-provision net revenue 25.6%. 〔1〕 That is meaningful operating leverage, but it did not flow through to common earnings because the credit provision increased $28.9 million from the prior quarter.

The important new information is the concentration of credit pressure. Management said $17.0 million of the provision was tied to a stressed distillery portfolio, with the remainder also supporting continued loan growth. The filing also shows net charge-offs rising to 1.00% of average loans from 0.80% in the second quarter and 0.61% a year earlier, while the allowance ratio fell to 1.62% from 1.65% a year earlier. That makes the earnings miss more consequential than a one-off revenue shortfall: the growth strategy is producing more assets, but the cost of underwriting and managing those assets is rising.

Balance-sheet momentum remains a genuine offset, not a clean resolution. Loan production reached $2.1 billion and deposits increased $920.6 million during the quarter. Those figures support the company’s expansion strategy and reduce the concern that weak earnings reflect a stalled franchise. But with net interest margin slipping to 3.30% from 3.33% and credit costs rising sharply, the next proof point is whether Live Oak can convert this volume into durable earnings without another major reserve build.

Bottom line: Live Oak is growing faster operationally than expected, but the quarter’s extra growth came with unexpectedly heavy credit costs. The business story advances on volume and funding, yet the earnings story takes a clear step back until credit quality stabilizes.

What to watch next

October 22 earnings call and business outlook

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Live Oak earnings miss as credit costs swamp loan growth

What to watch next

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