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Velocity Financial (VEL) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Velocity Financial (VEL) Q3 2026 earnings results →
Q3 2026 Revenue up 19% year over year to $103M · 26¢ of every $1 of revenue kept as net profit · operating margin 37.3%
Velocity Financial made $103M in Q3 2026 (+19% Y/Y): Net interest income $53.5M, Noninterest income $49.2M. Operating margin 37.3%, net earnings $26.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $102.7M in Q3 2026, up 19% year over year and up 7% from the previous quarter. Net interest income was the largest line at 52% of revenue. Noninterest income added $12.1M year over year (up 33%), 73% of the total change.
Operating profit was $38.3M, a 37.3% margin (down 3.8 points year over year). Of the extra revenue versus a year earlier, 18% reached operating profit, below the 41% margin then. Total costs grew 27% against revenue growth of 19%. The fastest-growing cost line was Credit loss provision (+39%). Net earnings were $26.4M, up 4% year over year. The effective tax rate was 28.9%.
Operating cash flow was −$12.2M. Non-cash charges added back $142K of depreciation and amortization and $2.7M of share-based compensation. Working capital and other items used $42.3M. Capital expenditures of $60K exceeded it, leaving free cash flow of −$12.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $103M | +19% | 37.3% | $26.4M | −$12.2M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Velocity Financial
Based in Westlake Village, California, Velocity is a vertically integrated real estate finance company that primarily originates and manages business purpose loans secured by 1-4 unit residential rental and small commercial properties. Velocity originates loans nationwide across an extensive network of independent mortgage brokers built and refined over 22 years.
In its own words, from its 8-K, filed Aug 5, 2026.
Velocity Financial against its Finance Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +19% against the peers' median +18%. Operating margin: 37.3% against the peers' median 15.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| VEL Velocity Financial | Q3 2026 | $103M | +19% | 37.3% |
| AXP American Express | Q3 2026 | $20.1B | +9% | 22.6% |
| BTGO Bitgo Holdings | Q2 FY27 | $4.3B | +80% | -0.4% |
| General Motors Financial Company | Q3 2026 | $4.3B | -0.6% | 15.3% |
| SOFI SoFi Technologies | Q3 2026 | $1.4B | +44% | 22.9% |
| COIN Coinbase Global | Q3 2026 | $1.2B | -35% | 5.1% |
| CRCL Circle Internet Group | Q3 2026 | $865M | +17% | 24.1% |
| CHYM Chime Financial | Q3 2026 | $718M | +32% | 4.8% |
| GDOT Green DOT | Q2 2026 | $596M | +18% | -0.1% |
Source: Velocity Financial 10-Q on SEC EDGAR · CIK 1692376 · Finance Services
Guidance and outlook
13F: who owns VEL and who is buying
More on VEL
History
Every quarter: Q3 2026 results