As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q2. Today, we are looking at thrifts & mortgage finance stocks, starting with TFS Financial (NASDAQ: TFSL).

Thrifts & Mortgage Finance institutions operate by accepting deposits and extending loans primarily for residential mortgages, earning revenue through interest rate spreads (difference between lending rates and borrowing costs) and origination fees. The industry benefits from demographic tailwinds as millennials enter prime homebuying age, technological advancements streamlining the loan approval process, and potential interest rate stabilization improving affordability. However, significant headwinds include net interest margin compression during rate volatility, increased competition from fintech disruptors offering digital-first experiences, mounting regulatory compliance costs, and potential housing market corrections that could impact loan portfolios and default rates.

The 12 thrifts & mortgage finance stocks we track reported a slower Q2. As a group, revenues missed analysts’ consensus estimates by 3.4% while next quarter’s revenue guidance was 10.1% below.

While some thrifts & mortgage finance stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 4.7% since the latest earnings results.

TFS Financial (NASDAQ: TFSL)

Tracing its roots back to 1938 during the Great Depression era when savings and loans were vital to homeownership, TFS Financial (NASDAQ: TFSL) is a savings and loan holding company that provides mortgage lending, deposit services, and other retail banking products primarily in Ohio and Florida.

TFS Financial reported revenues of $92.77 million, up 15.2% year on year. This print exceeded analysts’ expectations by 6.6%. Overall, it was an exceptional quarter for the company with a beat of analysts’ EPS estimates and a solid beat of analysts’ tangible book value per share estimates.

Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 5.7% since reporting and currently trades at $17.03.

Is now the time to buy TFS Financial? Access our full analysis of the earnings results here, it’s free.

Best Q2: Ellington Financial (NYSE: EFC)

Operating under the guidance of Ellington Management Group, a respected name in structured credit markets, Ellington Financial (NYSE: EFC) acquires and manages a diverse portfolio of mortgage-related, consumer-related, and other financial assets to generate returns for investors.

Ellington Financial reported revenues of $123.1 million, up 33.1% year on year, outperforming analysts’ expectations by 9.4%. The business had a stunning quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ net interest income estimates.

Ellington Financial achieved the biggest analyst estimate beat among its peers. The market seems content with the results as the stock is up 1.6% since reporting. It currently trades at $13.35.

Is now the time to buy Ellington Financial? Access our full analysis of the earnings results here, it’s free.

Rocket Companies (NYSE: RKT)

Born in Detroit during the 1980s and evolving into a tech-driven financial powerhouse, Rocket Companies (NYSE: RKT) is a fintech company that provides digital mortgage lending, real estate services, and personal finance solutions through its technology platform.

Rocket Companies reported revenues of $2.76 billion, up 92.9% year on year, falling short of analysts’ expectations by 2.7%. It was a disappointing quarter as it posted EPS in line with analysts’ estimates.

Interestingly, the stock is up 1.8% since the results and currently trades at $13.46.

Read our full analysis of Rocket Companies’s results here.

WaFd Bank (NASDAQ: WAFD)

Founded in 1917 and rebranded from Washington Federal in 2023, WaFd (NASDAQ: WAFD) is a bank holding company that provides lending, deposit services, and insurance through its Washington Federal Bank subsidiary across eight western states.

WaFd Bank reported revenues of $202 million, up 8.4% year on year. This result topped analysts’ expectations by 1.2%. Zooming out, it was a mixed quarter as it also recorded a narrow beat of analysts’ net interest income estimates but EPS in line with analysts’ estimates.

The stock is down 15.2% since reporting and currently trades at $33.34.

Read our full, actionable report on WaFd Bank here, it’s free.

Northwest Bancshares (NASDAQ: NWBI)

Founded in 1896 and operating across Pennsylvania, New York, Ohio, and Indiana, Northwest Bancshares (NASDAQ: NWBI) is a bank holding company that operates Northwest Bank, providing personal and business banking, investment management, and trust services.

Northwest Bancshares reported revenues of $180.8 million, up 20.2% year on year. This number surpassed analysts’ expectations by 1%. It was a satisfactory quarter as it also recorded a beat of analysts’ EPS estimates.

The stock is flat since reporting and currently trades at $15.37.

Read our full, actionable report on Northwest Bancshares here, it’s free.

Market Update

Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.

Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.

By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.

Want to invest in winners with rock-solid fundamentals? Check out our Top 6 Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.