LendingClub (LC) Q4 2025 earnings summary

Executive summary

• Achieved one of the best years in company history, with Q4 2025 originations up 40% to $2.6B and full-year originations up 33% to nearly $10B, driven by strong investor demand and product engagement.

• Q4 2025 GAAP net income was $41.6M, with diluted EPS up 338% year-over-year to $0.35 and ROTCE at 11.9%.

• Continued product innovation, marketing expansion, and improved marketplace pricing fueled growth and profitability.

• Book value per common share increased to $13.01, and tangible book value per share rose to $12.30.

• Entered home improvement financing through technology acquisition and new partnerships.

Financial highlights

• Q4 2025 total net revenue was $266.5M, up 23% year-over-year; full-year 2025 revenue reached $998.8M, up 27%.

• Net interest income rose 14% year-over-year to $163M, and non-interest income grew 38% to $103M in Q4 2025.

• Net interest margin expanded to 6% in Q4 2025, up 56 basis points year-over-year.

• Non-interest expense was $169M in Q4 2025, up 19% year-over-year, mainly due to increased marketing spend.

• Q4 2025 net income before taxes was $50M, with full-year net income at $136M and diluted EPS of $1.16.

Outlook and guidance

• Q1 2026 loan originations expected at $2.55B–$2.65B, with diluted EPS guidance of $0.34–$0.39.

• Full-year 2026 originations projected at $11.6B–$12.6B, with EPS expected at $1.65–$1.80 and a near-term ROTCE target of 13%–15%.

• Guidance assumes a stable economic environment and Fed funds rate near 3% at year-end.

• Transitioning to fair value accounting for all loans in 2026, expected to accelerate earnings recognition.

• Investments in marketing and new business lines expected to drive growth, with expenses moderating in the second half of 2026.