Velocity Financial, Inc. (VEL) Income Statement
VEL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsVEL revenue and net income
Where VEL's revenue goes
2025Each bar shows an amount and its share of revenue. VEL kept 14.7% of revenue as net income.
VEL profit margins
VEL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +48.0% | +42.2% | +33.9% | +28.9% |
| Gross profit | +223.4% | +96.3% | +62.1% | +29.0% |
| Operating income | +430.4% | +125.6% | +85.7% | +28.2% |
| Net income | +53.5% | +48.3% | +42.7% | +30.8% |
| EPS (diluted) | +43.0% | +32.5% | +26.9% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VEL quarterly EPS vs estimates
Velocity Financial beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.71).
VEL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $714.4M | $482.8M | $131.7M | $248.4M | $181.3M | $165.8M | $152.8M | $121.5M | $94.9M | $75.5M |
| Cost of revenue | $33.4M | $272.2M | $32.9M | $158.3M | $105.7M | $104.9M | $99.7M | $76.1M | $61.7M | $52.3M |
| Gross profit | $681.0M | $210.6M | $131.7M | $90.0M | $75.6M | $60.9M | $53.1M | $45.4M | $33.2M | $23.2M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $6.1M | $74.5M | $53.0M | $35.9M | $24.0M | $25.2M | $22.8M | $21.5M | $16.7M | $13.0M |
| Total operating expenses | $169.8M | $114.2M | $54.9M | $45.5M | $35.8M | $37.8M | $27.7M | $26.2M | $19.2M | $16.4M |
| Operating income | $511.3M | $96.4M | $76.8M | $44.6M | $39.8M | $23.1M | $25.4M | $19.2M | $14.0M | $6.8M |
| Interest income | $556.7M | $413.3M | $290.1M | $240.3M | $182.0M | $167.3M | $98.5M | $75.9M | $61.3M | $50.8M |
| Interest expense | $365.0M | $247.2M | $203.0M | $157.2M | $106.0M | $99.9M | $98.5M | $75.9M | $61.3M | $50.8M |
| Income before taxes | $146.2M | $96.4M | $71.1M | $44.6M | $39.8M | $23.1M | $25.4M | $19.2M | $14.0M | $6.8M |
| Income taxes | $41.3M | $27.9M | $18.8M | $12.0M | $10.6M | $5.4M | $8.1M | $11.6M | $76.3M | $59.5M |
| Net income | $105.1M | $68.4M | $52.3M | $32.2M | $29.2M | $17.8M | $17.3M | $7.6M | $14.0M | $6.8M |
| EBITDA | $511.3M | $98.4M | $279.0M | $46.7M | $42.2M | $25.6M | $27.9M | $20.7M | $15.2M | $7.3M |
| EPS (diluted) | $2.86 | $2.00 | $1.54 | $1.23 | $0.97 | $0.87 | $0.29 | $0.65 | $0.12 | — |
| Gross margin | 95.3% | 43.6% | 100.0% | 36.2% | 41.7% | 36.7% | 34.8% | 37.4% | 35.0% | 30.7% |
| Operating margin | 71.6% | 20.0% | 58.3% | 17.9% | 21.9% | 13.9% | 16.6% | 15.8% | 14.7% | 9.0% |
| Net margin | 14.7% | 14.2% | 39.7% | 13.0% | 16.1% | 10.7% | 11.3% | 6.3% | 14.7% | 9.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $178.8M | $167.9M | $182.3M | $172.3M | $166.0M | $119.3M | $124.9M | $119.3M | $114.4M | $98.6M | $103.1M | $91.3M |
| Cost of revenue | $21.0M | $14.2M | $17.2M | $95.4M | $89.6M | $81.2M | $17.7M | $69.9M | $65.6M | $8.2M | $56.4M | $51.9M |
| Gross profit | $157.7M | $153.8M | $165.1M | $76.9M | $76.4M | $38.0M | $107.2M | $49.3M | $48.9M | $90.4M | $46.8M | $39.4M |
| Sales, general & admin | $2.2M | $5.8M | $42.2M | $23.6M | $22.9M | $1.8M | $22.2M | $18.1M | $17.2M | $15.9M | $19.3M | $13.0M |
| Total operating expenses | $3.7M | $6.9M | $5.6M | $41.5M | $42.5M | $44.1M | −$52,000 | $28.1M | $29.0M | $2.6M | $24.5M | $22.2M |
| Operating income | $154.1M | $146.9M | $159.5M | $35.4M | $33.9M | −$6.0M | $107.2M | $21.2M | $19.9M | $87.7M | $22.3M | $17.2M |
| Interest income | $162.3M | $154.5M | $153.9M | $145.7M | $137.1M | $120.1M | $114.9M | $106.7M | $99.5M | $90.5M | $86.3M | $79.1M |
| Interest expense | $112.1M | $109.2M | $100.8M | $95.0M | $88.0M | $75.1M | $74.6M | $63.9M | $47.7M | $61.1M | $55.5M | $51.7M |
| Income before taxes | $35.2M | $30.9M | $50.0M | $35.4M | $33.9M | $26.9M | $32.0M | $21.2M | $19.9M | $23.2M | $22.3M | $17.2M |
| Income taxes | $9.5M | $8.6M | $15.3M | $10.0M | $7.8M | $8.2M | $11.2M | $5.6M | $5.2M | $5.9M | $5.1M | $5.1M |
| Net income | $25.2M | $22.4M | $34.8M | $25.4M | $26.0M | $18.4M | $20.6M | $15.8M | $14.8M | $17.3M | $17.4M | $12.1M |
| EBITDA | $147.7M | $140.0M | $151.6M | $35.7M | $34.3M | $102.1M | $107.2M | $21.9M | $20.4M | $87.3M | $23.1M | $17.8M |
| EPS (diluted) | $0.64 | $0.68 | $0.93 | $0.65 | $0.73 | $0.55 | $0.60 | $0.44 | $0.45 | $0.51 | $0.46 | $0.37 |
| Gross margin | 88.2% | 91.6% | 90.5% | 44.6% | 46.0% | 31.9% | 85.8% | 41.4% | 42.7% | 91.7% | 45.3% | 43.2% |
| Operating margin | 86.2% | 87.5% | 87.5% | 20.5% | 20.4% | −5.1% | 85.9% | 17.8% | 17.4% | 89.0% | 21.6% | 18.9% |
| Net margin | 14.1% | 13.3% | 19.1% | 14.7% | 15.7% | 15.4% | 16.5% | 13.2% | 12.9% | 17.5% | 16.8% | 13.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VEL's financial statements (latest annual report filed March 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VEL financial results
In fiscal year 2025 (ended December 31, 2025), Velocity Financial reported revenue of $714.4 million, up 48.0% from the year before. It had net income of $105.1 million (up 53.5%), a net profit margin of 14.7%. Diluted earnings per share came to $2.86. Over five years revenue grew at an average rate of 33.9% a year.
See the VEL stock overview for the latest quote and news, or the VEL chart for price history and technical indicators.
VEL income statement FAQ
What is Velocity Financial's annual revenue?
Velocity Financial reported total revenue of $714.4 million for fiscal year 2025, which ended on December 31, 2025. That was up 48.0% from $482.8 million the previous year.
Is Velocity Financial profitable?
Yes. Velocity Financial reported net income of $105.1 million in fiscal 2025, a net profit margin of 14.7%; its operating margin was 71.6%.
What is Velocity Financial's gross margin?
Velocity Financial's gross margin was 95.3% in fiscal 2025: for every $100 of revenue, Velocity Financial kept $95 after the direct cost of its products and services.
How fast is Velocity Financial growing?
Revenue grew 33.9% a year on average over the last five fiscal years, from $165.8 million to $714.4 million.
What are Velocity Financial's earnings per share?
Velocity Financial earned $2.86 per diluted share in fiscal 2025, compared with $2.00 a year earlier.
When will Velocity Financial report its next earnings?
Velocity Financial is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Velocity Financial's fiscal year end?
Velocity Financial's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 12, 2026.