Pathward Financial Inc
pathward.comWhat Do They Do?
Provides card and payment services, deposit accounts, and consumer lending through partners to individuals and businesses.
10-K for FY2025, filed Nov 25, 2025
How Do They Make Money?
Consumer income comes from interest on loans and fees for card, deposit and tax services; interest accrues as earned, service fees as services are performed, and refund-transfer fees after refunds are disbursed. Commercial income includes interest on loans and leases, earned as interest accrues.
10-K for FY2025, filed Nov 25, 2025Interest revenue from loans, leases, and investments is recognized on the accrual basis of accounting as the interest is earned according…View ↗
(Dollars in thousands) Consumer Commercial Corporate Services/Other Consolidated Company Fiscal Year Ended September 30, 2025 2024 2025…View ↗
Following is a discussion of key revenues within the scope of Topic 606. The Company provides services to customers that have related…View ↗
Refund Transfer Product Fees. Refund transfer fees are specific to the Partner Solutions business line and reflect product fees offered by…View ↗
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10-K for FY2025, filed Nov 25, 2025
FY2025 revenue by reportable segment ↗
$839.9M
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10-K for FY2025, filed Nov 25, 2025
$839.9M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Consumer
Recurring
10-K for FY2025, filed Nov 25, 2025 |
63%
FY2022: 48%
|
Consumer, FY2025
$527.3M Sources
|
Recurring |
|
Commercial
Recurring
10-K for FY2025, filed Nov 25, 2025 |
33%
FY2022: 43%
|
Commercial, FY2025
$276.4M Sources
|
Recurring |
|
Corporate Services/Other
Recurring
|
4.3%
FY2022: 9.6%
|
Corporate Services/Other, FY2025
$36.2M Sources
|
Recurring |
Who Are Their Customers?
Partners such as tax preparers and software providers connect individuals with payment, card and tax products; the Bank originates commercial loans and leases for businesses, including small and rural borrowers.
10-K for FY2025, filed Nov 25, 2025The Company delivers a diversified portfolio of offerings including sponsorship solutions, financial institution solutions, credit…View ↗
The Commercial segment includes the Company's Commercial Finance business line, which helps businesses access funds they need to launch…View ↗
Working capital provides ready cash for liquidity needs to new or growing companies or companies in cyclical or seasonal industries.…View ↗
The Company's Commercial Finance business line offers a variety of products through its working capital, equipment finance, and structured…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 22 cents of every revenue dollar as net income in FY2025 and turned 52 cents into free cash flow.
How Are They Changing?
10-Q for Q3 FY2026, filed Aug 6, 2026
Open tableView ↗
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Dec 30, 2025
Company replaced Crowe with KPMG as its auditor
The company also had a material weakness in controls over accounting for certain consumer lending program agreements.
Sources
8-K, filed Dec 30, 2025
The Audit Committee (the "Committee") of the Boards of Directors of Pathward Financial, Inc. (the “Company”) and Pathward Financial, N.A.…View ↗
Growing. Revenue grew 53% in 4 years, from $549.9M in FY2021 to $839.9M in FY2025, about 11% a year.
Commercial lending products
The older report lists insurance premium financing among commercial lending products; the latest lists working capital, equipment and structured finance after the sale of substantially all related assets and liabilities.
10-K for FY2022, filed Nov 22, 2022 10-K for FY2025, filed Nov 25, 2025
Consumer partner offerings
The older report calls the consumer business BaaS; the latest calls it Partner Solutions and describes financial-institution and sponsorship solutions alongside card, payment, credit and tax offerings.
10-K for FY2022, filed Nov 22, 2022 10-K for FY2025, filed Nov 25, 2025
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