Pathward Financial, Inc. (CASH): Business Model Canvas [Dec-2025 Updated]

You're trying to get a clear, analyst-level view of how Pathward Financial, Inc. actually makes money powering the modern financial ecosystem, and honestly, it's more complex than just traditional banking. I've mapped out their nine-block model, showing how they blend sponsor banking for FinTechs with solid commercial lending, which resulted in $4.7 billion in gross loans and leases as of September 30, 2025, supported by a $5.9 billion deposit base. We'll look at how their $511,794 thousand in Net Interest Income combines with fee income from partners like Stripe, all while managing the inherent compliance costs of this high-growth, high-touch strategy. See the full breakdown below to understand the engine driving their financial inclusion mission.

Pathward Financial, Inc. (CASH) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that power Pathward Financial, Inc.'s partner-centric engine. These aren't just vendor agreements; they are deep integrations that drive Pathward's mission of financial access.

The Partner Solutions division relies heavily on these strategic alliances to scale its offerings, especially in consumer finance and payments sponsorship. For instance, the relationship with Oportun Financial Corporation is a long-term commitment, recently extended through 2029. This deal keeps Pathward originating unsecured and secured personal loans for underserved populations, building on a relationship that started in 2020. To give you a sense of Oportun's scale, since inception, they've provided over $20.3 billion in credit and saved members more than $2.4 billion in interest and fees.

The digital lending expansion continues with the November 2025 partnership with Upstart to offer AI-powered personal loans. Pathward joins over 100 financial institutions on Upstart's platform, leveraging their AI models to approve more borrowers at potentially lower rates. This move aligns with Pathward's overall strategy, which saw the company report a fourth-quarter 2025 Earnings Per Share (EPS) of $1.69, beating expectations by 22.46%.

The seasonal tax refund products remain a key component of the Partner Solutions business, even with portfolio fluctuations. For the nine months ended June 30, 2025, total tax services product revenue hit $95.2 million, marking a 16% increase compared to the same period the prior year. It's worth noting that the allowance for credit losses related to these tax services saw a sequential decrease of $3.3 million between March 31, 2025, and June 30, 2025.

Pathward Financial, N.A. provides the underlying banking infrastructure for many of these FinTechs, which is a core part of its value proposition. This includes offering issuing, merchant acquiring, and digital payments sponsorship services. The bank's overall scale is reflected in its total gross loans and leases reaching $4.74 billion as of June 30, 2025. Furthermore, the bank's commercial finance segment, which includes equipment finance, earned it a spot on the 2025 Monitor 100 list, recognizing its 2024 portfolio activity and volume.

Here's a quick look at the partners with specific data points we have:

The bank's infrastructure supports a broad range of partners needing core banking capabilities. The focus on horizontal integration, highlighted by the new Chief Growth Officer role, is designed to better enable multi-threaded solutions for these partners.

The need for issuing and acquiring bank sponsorship is met by Pathward's national bank charter and compliance expertise. This infrastructure is what allows FinTechs to scale responsibly. For example, the bank's overall consumer finance portfolio saw a sequential decrease in total gross loans and leases, partially offset by growth elsewhere.

The key value drivers from these partnerships can be summarized like this:

• Oportun: Access to the underserved market via an agreement running through 2029.
• Upstart: Integration with an AI lending marketplace for personal loans.
• Tax Services: Generated $95.2 million in revenue for the nine months ending June 30, 2025.
• Sponsorship: Providing the regulated platform for payment innovators to offer issuing and acquiring services.

Finance: draft 13-week cash view by Friday.

Pathward Financial, Inc. (CASH) - Canvas Business Model: Key Activities

You're looking at the core engine of Pathward Financial, Inc. as of late 2025. These are the essential things the company must do well to make its model work, grounded in the numbers from the fiscal year that just closed on September 30, 2025.

Sponsor banking and digital payments platform management

This activity centers on supporting fintech partners through its Banking-as-a-Service (BaaS) platform, which includes issuing, merchant acquiring, and digital payments sponsorship. A key metric here is the fee income generated from custodial deposits held at partner banks. For the fiscal 2025 third quarter, servicing fee income on custodial deposits totaled $7.9 million. This contrasts with $8.6 million for the same period in fiscal 2024. The platform also involves managing significant off-balance sheet activity; off-balance sheet custodial deposits stood at $840 million as of December 31, 2024. Furthermore, the tax services component, part of the Partner Solutions division, saw its total tax services product income, net of losses and direct product expenses, increase to $59.8 million for the first nine months of fiscal 2025, up from $47.1 million the prior year period.

• Tax season started with 12% more enrolled tax offices than the prior year (as of Q1 FY2025).
• Total tax services product income, net of losses and direct product expenses, was $59.8 million for the first nine months of FY2025.

Commercial finance and equipment lending origination

Pathward Financial, Inc. actively originates loans and leases through its Commercial Finance division, which includes working capital, equipment finance, and structured finance. The total gross loans and leases portfolio stood at $4.66 billion at September 30, 2025. The origination activity for renewable energy leases was significant in the fourth quarter of fiscal 2025, totaling $82.1 million, which resulted in $15.8 million in total net investment tax credits for that quarter alone. For the full fiscal year ended September 30, 2025, the company originated $95.5 million in renewable energy leases.

The composition of the loan book is dynamic, reflecting origination and sales activity. Here's a look at the loan and investment portfolio balances near the end of the fiscal year:

Maintaining robust regulatory and compliance infrastructure

Given its national bank charter and BaaS focus, maintaining compliance is a non-negotiable activity. This is reflected in operating expenses and specific risk oversight roles. For the fiscal 2025 fourth quarter, noninterest expense increased 9% year-over-year to $144.8 million, with increases attributable to legal and consulting expense. The company appointed Greg Cooper to lead the Business Risk Group, which focuses on providing risk and compliance expertise to partners. The company faced a regulatory deadline, as its Q1 2025 Form 10-Q filing was delayed, with a final submission deadline set for November 11, 2025.

• Noninterest expense for Q4 FY2025 was $144.8 million.
• The company's effective tax rate for Q4 FY2025 was 19.2%.

Balance sheet optimization and capital redeployment

This involves actively managing assets and liabilities to improve profitability, as evidenced by the Net Interest Margin (NIM) performance. The NIM increased to 7.46% for the fourth quarter of fiscal 2025, up 14 basis points from 7.32% in the same period last year, driven by an improved earning asset mix. A major part of this optimization in the prior year included the sale of the insurance premium finance business for a purchase price of $603.3 million plus a $31.2 million premium in Q1 FY2025. The company also sold $160.6 million of debt securities available for sale during that same quarter. The overall cost of funds for all deposits and borrowings averaged 0.20% in Q3 FY2025, down from 0.35% the prior year quarter.

The full fiscal year 2025 results show the outcome of these activities:

Executing horizontal integration across business lines

Pathward Financial, Inc. is focused on integrating its offerings to better serve partners, which was formalized with a new operating model announced in May 2025. This model aims to streamline business development across the Commercial Finance, Credit Solutions, and Partner Solutions divisions. A concrete example of this integration is the partnership with Upstart to offer AI-powered personal loans, which brings consumer credit solutions into the existing partner ecosystem. The company's market capitalization was reported at $1.66 billion following the Q4 2025 announcement, with total revenue for the trailing twelve months at $780.12 million.

• Christopher Soupal was appointed Chief Growth Officer to lead revenue initiatives across Commercial Finance, Credit Solutions, and Partner Solutions.
• The company reported total revenue of $186.7 million for the fourth quarter of fiscal 2025.

Finance: draft 13-week cash view by Friday.

Pathward Financial, Inc. (CASH) - Canvas Business Model: Key Resources

You're looking at the core assets Pathward Financial, Inc. (CASH) relies on to execute its business strategy, especially as it pivots toward deeper fintech integration. These aren't just line items; they are the engines of their Banking as a Service and Commercial Finance operations.

The balance sheet strength provides the foundation. As of September 30, 2025, Pathward Financial, Inc. reported $4.66 billion in total gross loans and leases. This portfolio is heavily weighted toward commercial finance, which comprised 84% of the total at that date, amounting to $3.92 billion. This concentration in commercial lending, including term lending and warehouse finance, shows where the primary asset deployment is focused.

Funding this asset base is the deposit franchise. While the outline suggests a target, the latest reported end-of-period figure for on-balance sheet deposits was $6.01 billion at June 30, 2025. This deposit base, which excludes off-balance sheet custodial deposits, is critical for funding operations without relying solely on wholesale markets. For context, the average balance of total deposits for the three months ended June 30, 2025, was $6.07 billion.

The intangible assets here are just as vital, especially in a regulated space. Pathward Financial, Inc. possesses decades of regulatory acumen and compliance expertise, underpinned by its national bank charter regulated by the Office of the Comptroller of the Currency (OCC). This deep knowledge allows them to guide fintech partners through complex requirements, which is a significant barrier to entry for competitors.

The operational backbone is the scalable technology infrastructure for embedded finance. This infrastructure supports their Partner Solutions business line, enabling services like issuing, merchant acquiring, and digital payments sponsorship. This technology stack is what allows Pathward Financial, Inc. to integrate its banking services directly into partner platforms.

Finally, the human capital structure is being intentionally sharpened for growth. Pathward Financial, Inc. recently formalized key leadership positions in December 2025 to drive strategy execution. These dedicated roles include:

• Chief Growth Officer: Christopher Soupal, responsible for business development and revenue generation.
• Chief Customer Officer: Will Sowell, leading customer success initiatives.

Here's a quick look at the asset composition as of the latest reported quarter end:

The firm's ability to maintain this asset quality while navigating regulatory scrutiny is a core resource. Honestly, the recent executive appointments signal a clear intent to operationalize growth and customer retention in the near term. Finance: draft 13-week cash view by Friday.

Pathward Financial, Inc. (CASH) - Canvas Business Model: Value Propositions

You're looking at the core value Pathward Financial, Inc. (CASH) delivers to its ecosystem. It's not just about banking; it's about enabling others to deliver finance in a compliant and scalable way. Honestly, their value proposition is built around being the trusted, experienced backbone for innovators in the financial space.

Compliance-focused path to market for FinTech partners

Pathward Financial, Inc. offers an innovative, compliance-focused, and flexible partnership model. They provide a compliance and risk platform that is leverageable and business-oriented, helping partners navigate complex regulatory frameworks safely and sustainably. This expertise is recognized; Pathward was named "Best BaaS Solution Provider" in the 2025 FinTech Breakthrough Awards program. Their compliance programs are designed to keep them compliant with all federal programs and sanctions, adhering to Federal Financial Institutions Examination Council (FFIEC) and Office of the Comptroller of the Currency (OCC) guidance. They bring decades of experience to the table, which is critical for partners looking to bring programs to market and grow over time.

• Offers ongoing Network-compliant program oversight and reporting automation.
• Provides a mature risk and compliance infrastructure promoting program sustainability.
• Focuses on operational excellence that streamlines banking processes.

Access to credit for underserved consumers via partners

Pathward Financial, Inc. is driven by the purpose to increase financial availability, choice, and opportunity, particularly for those underserved. A staggering 36 million North American consumers, or 12% of the population, are underbanked, often lacking essential credit tools. To address this, Pathward helps facilitate the transition to credit for this group. For instance, their consumer finance portfolio allowance for credit losses (ACL) decreased by $6.1 million for the quarter ended June 30, 2025. Furthermore, for the 2025 tax season through March 31, 2025, Pathward originated $1.66 billion in refund advance loans.

Here's a quick look at the scale of related activities in their tax services portfolio, which often serves consumers needing immediate access to funds:

If onboarding takes 14+ days, churn risk rises, so speed in delivering these credit-adjacent products matters a lot.

Flexible working capital and equipment finance for businesses

The Commercial Finance business line provides flexible finance options, including working capital, equipment finance, and structured finance solutions for a broad range of industries. Pathward has maintained its position in this sector, ranking among the top equipment finance companies for the 13th consecutive year as of July 24, 2025. Q1 FY25 originations showed strength in both equipment finance and working capital. Total gross loans and leases across the company stood at $4.46 billion at March 31, 2025.

Configurable suite of issuing, acquiring, and digital payments

Pathward delivers a configurable suite of services that empowers payment innovators. This includes issuing, merchant acquiring, and digital payments sponsorship, alongside solutions for financial institutions. They offer BIN Sponsorship for Full Service Acquiring Processors, providing essential guidance to navigate complex network and regulatory landscapes. Pathward's Partner Solutions portfolio is diversified, covering these core payment capabilities.

• Offers prepaid and debit issuing solutions.
• Provides multi-threaded Merchant Settlement Disbursement solutions.
• Maintains strong relationships with nationwide processors, debit networks, and ATM manufacturers.

Powering financial inclusion is their core purpose

Pathward Financial, Inc. (Nasdaq: CASH) explicitly states it is driven by its purpose to power financial inclusion for all. This purpose translates into tangible financial performance. For the three months ended June 30, 2025, Pathward Financial, Inc. reported net income of $42.1 million. The Q1 FY 2025 return on average assets (ROAA) reached 1.69%. The company's overall strategy focuses on enabling partners to thrive, which in turn supports their mission to increase financial availability.

Finance: draft 13-week cash view by Friday.

Pathward Financial, Inc. (CASH) - Canvas Business Model: Customer Relationships

Pathward Financial, Inc. structures its customer relationships around dedicated support and deep integration with its partners across its Partner Solutions and Commercial Finance business lines.

High-touch, dedicated partner development and success teams

The commitment to partner success is formalized through dedicated leadership roles established in the late 2025 operating model evolution. Will Sowell leads Customer Success for Commercial Finance, Credit Solutions, and Partner Solutions, focusing on helping partners achieve their desired outcomes and gain maximum value from the Pathward platform throughout the partner lifecycle. Christopher Soupal, as Chief Growth Officer, leads Business Development and new Revenue initiatives across these same divisions, creating a horizontal revenue capability to better enable multi-threaded solutions sought by partners.

• Chief Customer Officer oversees Customer Success across 3 strategic divisions.
• Divisional President of Partner Solutions, Will Sowell, noted the company's deep commitment to partnership and co-creation.

Co-creation model with FinTechs for customized solutions

Pathward Financial, Inc. emphasizes co-creation, leveraging over 20 years of experience in sponsor banking to develop optimal products for partners. This approach was recognized when Pathward Financial, Inc. was named "Best Banking as a Service Solution Provider" in the 9th annual FinTech Breakthrough Awards program in 2025. The company was also a finalist for the FinTech Partner Award at the 2025 US FinTech Awards. Specific collaborations include the November 2025 partnership with Upstart to offer AI-powered personal loans, and the extension of the partnership with Oportun through 2029, which enables Pathward Financial, Inc. to continue originating loans for underserved populations.

Customer-centric operating model for a seamless experience

The restructured operating model, announced in late 2025, directly aims to create a more seamless experience for business partners. This evolution is designed to align better with fintech partners and position Pathward Financial, Inc. for sustained success. The company's focus remains on being the trusted platform that enables partners to thrive.

Tailored risk and compliance support for partners

Risk and compliance expertise is integrated directly into the partner engagement structure. Greg Cooper leads the Business Risk Group, which is specifically focused on providing tailored risk and compliance expertise to support partners. This is crucial for partners bringing programs to market safely and sustainably, utilizing Pathward Financial, Inc.'s compliance and risk platform.

Direct sales and relationship management for commercial clients

The Commercial Finance division serves businesses directly, with its loan portfolio showing significant growth. Commercial finance loans totaled $3.92 billion at September 30, 2025, representing a 19% increase from September 30, 2024. Efficiency in serving these clients has improved markedly; origination dollars per FTE rose 200%, and average days to fund in commercial finance declined by 36% for the fiscal year ended September 30, 2025. Noninterest income, which includes service fees from partner solutions, grew 10% for the full fiscal year 2025.

Here's a quick look at the scale of the business lines supporting these customer relationships as of the end of fiscal year 2025 (September 30, 2025):

Pathward Financial, Inc. (CASH) - Canvas Business Model: Channels

You're looking at how Pathward Financial, Inc. gets its products and services to market, which is heavily weighted toward business-to-business (B2B) and technology-enabled distribution as of late 2025. The channels are diverse, spanning direct commercial efforts to deep integration with fintechs and tax preparers.

Partner Solutions business line (B2B2C model)

The Partner Solutions division is central to Pathward Financial, Inc.'s strategy, operating on a B2B2C (business-to-business-to-consumer) model. This channel involves extending Pathward's capabilities to other companies that then serve the end customer. You saw evidence of this commitment when the company extended two contracts with large, existing partners in Partner Solutions during the first quarter of fiscal 2025. The Chief Growth Officer is now specifically tasked with leading business development and new revenue across the Partner Solutions division, showing its strategic importance alongside Commercial Finance and Credit Solutions. This structure aims to create a more seamless experience for partners seeking multi-threaded solutions. Honestly, this is where a lot of the fee-based revenue growth is expected to come from.

Commercial Finance direct sales and origination channels

For the Commercial Finance segment, direct sales and origination efforts drive the portfolio. At the close of the 2025 fiscal year, on September 30, 2025, Pathward Financial, Inc.'s commercial finance loans stood at $3.92 billion. That portfolio grew by 19% year-over-year from September 30, 2024. Overall, total gross loans and leases for Pathward Financial, Inc. reached $4.66 billion as of September 30, 2025. The Commercial Finance portfolio represented 84% of that total loan and lease portfolio at that date.

Digital platforms and APIs for embedded finance solutions

Pathward Financial, Inc. is clearly investing in technology to embed its services. The focus here is on using digital infrastructure, like Application Programming Interfaces (APIs), to integrate banking services directly into partners' platforms. While specific API revenue figures aren't broken out, the partnership with Upstart, announced in November 2025, is a prime example of this channel strategy in action. This collaboration allows Pathward to offer personal loans through Upstart's AI lending marketplace, which connects millions of consumers to more than 100 banks and credit unions leveraging Upstart's technology. Ongoing investments in digital banking platforms are positioning the company to capture growing transaction and fee-based revenue.

Indirect consumer reach through partner networks (e.g., Upstart marketplace)

The indirect consumer reach is significantly amplified through fintech partnerships like the one with Upstart. This channel bypasses traditional branch networks entirely, relying on the partner's customer acquisition engine. The Upstart partnership specifically aims to broaden credit access for individuals who might not qualify through traditional underwriting. This is a key component of Pathward Financial, Inc.'s purpose to power financial inclusion by leveraging industry leaders and their technology to reach a wider borrower base.

Seasonal tax preparation software providers and retailers

The seasonal tax business relies heavily on a network of software providers and the thousands of independent tax professionals who use them. Pathward Financial, Inc. supports this channel through its tax brands, EPS Financial and Refund Advantage, providing services like tax refund payment processing and taxpayer advance loans. For the 2025 tax season, Pathward started with 12% more enrolled tax offices compared to the previous year. This channel is financially significant; for the nine months ended June 30, 2025, total tax services product revenue hit $95.2 million, marking a 16% increase year-over-year. Furthermore, for the 2025 tax season through March 31, 2025, Pathward originated $1.66 billion in refund advance loans. The total tax services product income, net of losses and direct product expenses, increased 29% to $47.6 million when comparing the first six months of fiscal 2025 to the same period in the prior fiscal year.

Here's a quick look at some of the key channel-related financial metrics as of late 2025:

The company supports thousands of independent tax professionals through its software partnerships. Also, the Upstart partnership connects Pathward to a network that includes more than 100 financial institutions leveraging the AI platform.

If onboarding for a new fintech partner takes longer than expected, say 14+ days, churn risk rises, especially when you consider the competitive landscape for embedded finance solutions.

Finance: draft 13-week cash view by Friday.

Pathward Financial, Inc. (CASH) - Canvas Business Model: Customer Segments

You're looking at how Pathward Financial, Inc. structures its client base, which is really the engine driving its different business lines. Honestly, it's a mix of institutional partners and direct-facing services, all built around their banking charter.

The Commercial Finance segment serves small and mid-sized businesses directly, while the Partner Solutions segment is where the FinTechs and financial institutions come in as clients needing sponsorship or issuing services. The consumer-facing side is largely embedded within the Partner Solutions and the distinct Seasonal Tax Services offering.

Here's a look at the scale of these segments based on the latest available fiscal year 2025 numbers through September 30, 2025.

The focus on FinTechs and payment innovators falls under Partner Solutions, which also supports financial institutions needing sponsorship services. While direct revenue attribution for Partner Solutions isn't broken out separately here, the overall business strategy emphasizes supporting these partners to scale.

For the Seasonal Tax Services, you can see the scale of the operation:

• Tax Services Product Revenue for the first nine months of fiscal 2025 grew by 16% year-over-year.
• The net income from these services, after accounting for losses and direct expenses, increased by 27% for the same nine-month period.
• Net charge-offs for the seasonal tax services portfolio in the fourth quarter of fiscal 2025 were $29.7 million.

The Consumer Finance aspect, which often overlaps with prepaid solutions for underserved consumers, saw its loan portfolio decrease sequentially from June 30, 2025 ($4.74 billion total loans) to September 30, 2025 ($4.66 billion total loans), partially due to a consumer finance portfolio portion being moved to held for sale. Still, the refund advance loan origination volume of $1.66 billion during the 2025 tax season shows the significant reach into that consumer base.

The Commercial Finance segment is clearly the largest part of the lending book. Look at the loan balances:

• Commercial Finance loans were 80% of the total loan and lease portfolio at $3.82 billion as of June 30, 2025.
• By the end of the fiscal year, September 30, 2025, this segment grew to comprise 84% of the total portfolio, reaching $3.92 billion in loans and leases.

The allowance for credit losses (ACL) related to the seasonal tax services portfolio saw a significant reduction of $30.4 million between June 30, 2025, and September 30, 2025, suggesting improved risk outlook or portfolio runoff post-season. That's a defintely positive sign for that specific customer group's risk profile heading into the next cycle.

Finance: draft the Q1 FY26 cash flow projection incorporating expected seasonal tax service revenue patterns by next Wednesday.

Pathward Financial, Inc. (CASH) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Pathward Financial, Inc.'s operations as of late 2025. Honestly, for a company with a significant platform and regulatory footprint, the cost structure is a mix of traditional banking costs and expenses tied to their fintech enablement model.

The cost of funding its balance sheet is a major factor. For the third quarter of fiscal 2025, the cost of funds for all deposits and borrowings averaged just 0.08%. That's incredibly low, and the overall cost of deposits was even lower at 0.02% for that same quarter. However, the absolute Interest expense on deposits and borrowings figure isn't explicitly broken out in the same way as Net Interest Income, which was $122.3 million in Q3 2025. Still, you know that interest paid out is the direct counterpart to the interest earned, so it's a massive, fluctuating number.

Talent is clearly a significant investment. For the three months ended June 30, 2025 (Q3 2025), Compensation and benefits totaled $48,558 thousand. Looking at the year-to-date figure for the first nine months of fiscal 2025, this expense reached $149,755 thousand. Pathward Financial, Inc. emphasizes its deep bench, and these numbers reflect the cost of that talent.

Credit risk management requires setting aside capital for potential losses. Pathward Financial, Inc. recognized a provision for credit losses of $9.3 million for the quarter ended June 30, 2025. This was down from $11.9 million in the comparable period of the prior fiscal year.

The technology backbone is definitely a big one, as you suspected. While a specific line item for 'Technology and platform maintenance costs' isn't always isolated in the top-level summaries, it is baked into the overall Noninterest Expense, which hit $139.3 million in Q3 2025, an 11% increase year-over-year from $125.5 million in Q3 2024. Furthermore, the company has specific, variable technology-related costs tied to its partners. For instance, contractual, rate-related processing expenses associated with deposits were $25.1 million for Q3 2025.

Finally, the ongoing accounting adjustments are hitting the bottom line through specific, non-recurring costs. During the fourth quarter of fiscal 2025, legal and consulting expenses were elevated by approximately $2 million due to restatement-related expenses. This is a clear example of a near-term, elevated cost structure component stemming from historical financial reporting remediation.

Here's a quick look at some of the key expense components we can quantify for recent periods:

The overall Noninterest Expense for Q3 2025 was $139.3 million. This total includes the talent costs, the technology platform's operational spend, and other overhead. You can see the major buckets that make up that total:

• Compensation and benefits: $48.558 million for the quarter.
• Contractual, rate-related processing expenses: $25.1 million for the quarter.
• Legal and consulting expense: Elevated by about $2 million in Q4 2025 due to the restatement.
• Other components include: Operating lease equipment depreciation expense, occupancy and equipment expense, and other expense.

Pathward Financial, Inc. (CASH) - Canvas Business Model: Revenue Streams

You're looking at the core ways Pathward Financial, Inc. (CASH) brings in money, which is heavily weighted toward traditional banking income supplemented by specialized financial technology partnerships. Honestly, the structure shows a dual focus: earning on the balance sheet and generating fees from its platform services.

The two largest components for the full fiscal year 2025 are clearly defined by the required annual figures, which you should treat as the official benchmark for that period.

The tax services segment, which Pathward Financial, Inc. heavily promotes during tax season, is a significant driver of fee income. For the first nine months of fiscal year 2025, which captures the bulk of that seasonal business, the total tax services product revenue hit $95.2 million. This was driven by increases in tax product fee income and refund advance fee income.

When you look at the quarterly performance, secondary market revenue, which is the gain or loss from selling loans and leases, shows variability but has an expected baseline. For instance, in the third quarter of fiscal 2025, secondary market revenue jumped to $7.1 million, but management expects future periods to revert to a more typical run-rate of $5 million to $7 million per quarter.

Pathward Financial, Inc. also generates revenue through its role as a banking partner, which falls under the Noninterest Income bucket but is worth detailing separately because it speaks directly to the platform business model. This includes fees derived from:

• Fees from issuing activities.
• Fees from merchant acquiring sponsorship.
• Fees from digital payments sponsorship.
• Fees from financial institution solutions.

To give you a sense of the quarterly scale for Noninterest Income, the fourth quarter of fiscal 2025 saw Noninterest Income reach $58.8 million, up 13% compared to the same period last year. The third quarter of fiscal 2025 was even higher at $73.4 million.

Here's a quick look at how some of those fee-based components contributed in recent quarters:

The overall revenue picture for the full fiscal year ending September 30, 2025, was reported at $780.12 million, reflecting a 5.66% growth rate. The sum of the required NII and Noninterest Income is $840,000 thousand, or $840 million, which is close to the reported total revenue figure, suggesting these two items are the primary revenue drivers.

Finance: draft 13-week cash view by Friday.