LOB

MKT CAP:$2B

Live Oak Bancshares, Inc.

Market Cap

$2B

Financial Services·Banks - Regional·🇺🇸 United States·NYSE

Financials·Banks - Regional·🇺🇸·NYSE

Stock Price

$37.48+$2.77 (+7.98%)

Apr 23, 2026

Company Details

Live Oak Bancshares, Inc. operates as the bank holding company for Live Oak Banking Company that provides various commercial banking products and services to individuals, small businesses, and professionals in North Carolina, the United Sta...

CEO

James S. Mahan

IPO Date

Jul 23, 2015

Website

www.liveoakbank.com

Key Metrics TTM

Revenue

$733M

-17.4% YoY

Net Income

$43M

EPS (Diluted)

$0.94

Free Cash Flow

$661M

Revenue / Share

$15.84

Gross Margin

41.6%

Operating Margin

7.8%

Net Margin

5.9%

FCF Margin

90.1%

P/S

2.3x

P/E

39.6x

Earnings Reports

Q1 2026

Apr 22, 2026

NEW

$0-100.0%EPS $0.00

Q2 2025

Aug 5, 2025

$257M+11.5%EPS $0.51

Q1 2025

May 7, 2025

$236M+7.2%EPS $0.21

FY 2024

Mar 18, 2025

$929M+19.7%EPS $1.69

Q4 2024

Mar 18, 2025

$240M+21.1%EPS $0.22

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$120M	$101M	$48M
Q1 22	$124M	$108M	$43M
Q2 22	$106M	$81M	$122M
Q3 22	$133M	$87M	$44M
Q4 22	$145M	$75M	$717.0K
Q1 23	$170M	$82M	$4M
Q2 23	$192M	$94M	$19M
Q3 23	$216M	$115M	$43M
Q4 23	$198M	$92M	$17M
Q1 24	$221M	$102M	$22M
Q2 24	$231M	$112M	$36M
Q3 24	$238M	$92M	$18M
Q4 24	$240M	$91M	$13M
Q1 25	$236M	$95M	$13M
Q2 25	$257M	$119M	$31M
Q1 26	$0	$0	$0

Valuation

Quarter	P/S	P/E
Q4 21	7.5x	22.8x
Q1 22	4.4x	14.2x
Q2 22	3.5x	8.2x
Q3 22	2.9x	6.9x
Q4 22	2.7x	7.8x
Q1 23	1.9x	7.5x
Q2 23	1.8x	18.9x
Q3 23	1.7x	21.1x
Q4 23	2.4x	25.7x
Q1 24	2.2x	18.0x
Q2 24	1.8x	13.9x
Q3 24	2.4x	25.6x
Q4 24	1.9x	23.1x
Q1 25	1.3x	20.4x
Q2 25	1.4x	24.3x
Q1 26	2.0x	34.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$15M	-$16M
Q4 21	$29M	$28M
Q1 22	$156M	$136M
Q2 22	-$79M	-$87M
Q3 22	$21M	$13M
Q4 22	$26M	$18M
Q1 23	$158M	$148M
Q2 23	$136M	$130M
Q3 23	$155M	$147M
Q4 23	$170M	$149M
Q1 24	$91M	$69M
Q2 24	$84M	$67M
Q3 24	$191M	$185M
Q4 24	$171M	$167M
Q1 25	$105M	$103M
Q2 25	$208M	$207M

Capital Expenditures

Quarter	CapEx
Q3 21	$348.0K
Q4 21	$1M
Q1 22	$20M
Q2 22	$8M
Q3 22	$7M
Q4 22	$8M
Q1 23	$10M
Q2 23	$7M
Q3 23	$8M
Q4 23	$22M
Q1 24	$22M
Q2 24	$17M
Q3 24	$6M
Q4 24	$4M
Q1 25	$2M
Q2 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+20.3%	-17.8%
Q1 22	+9.2%	+15.9%
Q2 22	-32.7%	-120.6%
Q3 22	+15.2%	+22.6%
Q4 22	+21.6%	+101.5%
Q1 23	+36.5%	+103.9%
Q2 23	+82.2%	+1140.9%
Q3 23	+62.0%	+94.8%
Q4 23	+36.2%	+24.8%
Q1 24	+29.8%	+19.3%
Q2 24	+19.8%	+12.1%
Q3 24	+10.3%	+27.2%
Q4 24	+21.1%	+25.5%
Q1 25	+7.2%	+12.5%
Q2 25	+11.5%	+16.1%
Q1 26	-100.0%	-100.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$4M	3.2%
Q4 21	$4M	3.4%
Q1 22	$5M	4.0%
Q2 22	$5M	4.8%
Q3 22	$5M	3.8%
Q4 22	$5M	3.6%
Q1 23	$6M	3.6%
Q2 23	$6M	3.3%
Q3 23	$218.0K	0.1%
Q4 23	$5M	2.6%
Q1 24	$6M	2.9%
Q2 24	$7M	2.9%
Q3 24	$7M	2.8%
Q4 24	$6M	2.7%
Q1 25	$7M	2.8%
Q2 25	$7M	2.7%

OpEx Breakdown

Quarter	G&A	S&M
Q4 21	$40M	$2M
Q1 22	$47M	$2M
Q2 22	$48M	$2M
Q3 22	$46M	$3M
Q4 22	$26M	$4M
Q1 23	$48M	$4M
Q2 23	$48M	$3M
Q3 23	$47M	$3M
Q4 23	$48M	$3M
Q1 24	$50M	$4M
Q2 24	$49M	$3M
Q3 24	$46M	$2M
Q4 24	$48M	$2M
Q1 25	$52M	$4M
Q2 25	$53M	$4M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$585M	$928M	$1.5B
Q3 22	$339M	$1.0B	$1.3B
Q4 22	$284M	$1.0B	$1.3B
Q1 23	$467M	$1.1B	$1.6B
Q2 23	$812M	$1.1B	$1.9B
Q3 23	$539M	$1.1B	$1.6B
Q4 23	$583M	$1.1B	$1.7B
Q1 24	$598M	$1.1B	$1.7B
Q2 24	$616M	$1.2B	$1.8B
Q3 24	$667M	$1.2B	$1.9B
Q4 24	$609M	$25M	$634M
Q1 25	$745M	$701M	$1.4B
Q2 25	$663M	$728M	$1.4B
Q3 25	$893M	$743M	$1.6B
Q4 25	$865M	$862M	$1.7B
Q1 26	$0	$1.5B	$1.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	45M	+1.0%	+4.9%
Q1 22	45M	-0.5%	+1.2%
Q2 22	45M	-0.9%	-0.6%
Q3 22	45M	-0.0%	-0.5%
Q4 22	45M	-0.0%	-1.5%
Q1 23	45M	+0.4%	-0.6%
Q2 23	45M	-0.3%	+0.1%
Q3 23	45M	+1.0%	+1.1%
Q4 23	45M	+0.1%	+1.1%
Q1 24	46M	+0.7%	+1.5%
Q2 24	46M	-0.3%	+1.5%
Q3 24	46M	+0.9%	+1.5%
Q4 24	46M	+0.4%	+1.9%
Q1 25	46M	-0.9%	+0.2%
Q2 25	46M	+0.1%	+0.6%
Q1 26	46M	+1.1%	+0.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$151.8K	788
Q1 22	$157.9K	788
Q2 22	$134.1K	788
Q3 22	$169.2K	788
Q4 22	$152.2K	955
Q1 23	$178.0K	955
Q2 23	$201.6K	955
Q3 23	$226.2K	955
Q4 23	$210.1K	943
Q1 24	$233.9K	943
Q2 24	$244.5K	943
Q3 24	$252.7K	943
Q4 24	$238.0K	1K
Q1 25	$234.5K	1K
Q2 25	$255.0K	1K
Q1 26	$0	1K

Revenue / Employee