EZCORP Reports First Quarter Fiscal 2026 Results

Rhea-AI Summary

EZCORP (NASDAQ: EZPW) reported strong fiscal Q1 2026 results, with net income +43% to $44.3M, total revenue +19% to $382.0M, and adjusted EBITDA +36% to $70.3M. Pawn loans outstanding rose 14% to $314.4M and diluted EPS increased 38% to $0.55.

Subsequent acquisitions added 117 stores (including a controlling interest in SMG adding 105 stores), bringing the total to 1,500 stores. Cash and equivalents increased to $465.9M.

Positive

• Net income +43% to $44.3M
• Total revenue +19% to $382.0M
• Adjusted EBITDA +36% to $70.3M
• Pawn loans outstanding +14% to $314.4M
• Store count expanded to 1,500 after acquisitions

Negative

• Store expenses increased 14% (11% same-store)
• General and administrative expenses increased 11%
• Net inventory increased 27%, lowering inventory turnover

News Market Reaction

-0.59%

5 alerts

-0.59% News Effect

+3.4% Peak in 7 min

-$8M Valuation Impact

$1.34B Market Cap

1.2x Rel. Volume

On the day this news was published, EZPW declined 0.59%, reflecting a mild negative market reaction. Argus tracked a peak move of +3.4% during that session. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $8M from the company's valuation, bringing the market cap to $1.34B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Total revenue: $382.0M Net income: $44.3M Diluted EPS: $0.55 +5 more

8 metrics

Total revenue $382.0M Q1 FY2026, up 19% from $320.2M prior year

Net income $44.3M Q1 FY2026, increased 43% year-over-year

Diluted EPS $0.55 Q1 FY2026, up 38% from $0.40

Adjusted EBITDA $70.3M Q1 FY2026, up 36% year-over-year

Pawn loans outstanding $314.4M Q1 FY2026, increased 14% (11% same-store)

Cash & equivalents $465.9M As of Dec 31, 2025 vs $174.5M Dec 31, 2024

El Bufalo acquisition $27.5M Purchase price for 12 pawn stores in Texas

SMG revenue $127M SMG revenue for nine months ended Sep 30, 2025

Market Reality Check

Price: $25.59 Vol: Volume at 910,903 vs 20-d...

normal vol

$25.59 Last Close

Volume Volume at 910,903 vs 20-day average of 752,361, showing elevated trading activity ahead of results. normal

Technical Shares at $22.09 are trading above the 200-day MA of $16.94 and are very close to the 52-week high of $22.15.

Peers on Argus

EZPW gained 2.13% while key Credit Services peers were mixed: ATLC up 0.52%, LX ...

EZPW gained 2.13% while key Credit Services peers were mixed: ATLC up 0.52%, LX down 3.57%, ECPG down 1.0%, WRLD down 1.33%, OPFI down 6.54%, indicating a stock-specific response rather than a sector-wide move.

Historical Context

5 past events · Latest: Jan 29 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 29	Earnings date notice	Neutral	+1.7%	Announcement of timing for Q1 FY26 results and conference call.
Jan 05	Acquisition expansion	Positive	+0.8%	Acquisition of controlling interest in Founders One and SMG footprint.
Dec 02	Product launch	Positive	+4.0%	Launch of Instant Quote tool for rapid online electronics estimates.
Nov 13	Earnings results	Positive	+1.9%	Record Q4 and full‑year FY25 revenue, earnings, and PLO growth.
Nov 13	Earnings date notice	Neutral	-3.3%	Scheduling announcement for Q4 and full‑year FY25 results release.

Pattern Detected

Operational and strategic news, including earnings and acquisitions, has typically seen positive price reactions, with one divergence on an earnings date announcement.

Recent Company History

Over the past several months, EZCORP has reported record fiscal 2025 results with full‑year revenue of $1,274.3M and net income of $109.6M, alongside growth in pawn loans outstanding to $307.5M. The company expanded its store base and introduced tools like the Instant Quote platform to enhance customer engagement. It also disclosed the Founders One/SMG acquisition, adding significant international scale. Today’s strong first‑quarter fiscal 2026 results extend that trajectory of revenue, earnings, and footprint growth.

Market Pulse Summary

This announcement highlights a strong start to fiscal 2026, with total revenue of $382.0M, net incom...

Analysis

This announcement highlights a strong start to fiscal 2026, with total revenue of $382.0M, net income of $44.3M, diluted EPS of $0.55, and pawn loans outstanding of $314.4M. It builds on prior record fiscal 2025 results and continued store expansion, including the SMG and Texas acquisitions. Investors may focus on sustainability of pawn demand, integration of the 100+ new stores, expense trends in both regions, and how cash and debt levels evolve against this growth strategy.

Key Terms

generally accepted accounting principles, GAAP, adjusted EBITDA, pawn loans outstanding (PLO), +4 more

8 terms

generally accepted accounting principles financial

"all amounts in this release are in conformity with U.S. generally accepted accounting principles"

Generally accepted accounting principles (GAAP) are a standardized set of rules and practices companies use to record and report their financial results, like a common recipe so dishes from different cooks can be fairly compared. Investors rely on GAAP because it makes company earnings, assets and liabilities consistent and transparent across businesses, helping them compare performance, spot risks, and make informed decisions about buying or selling stock.

GAAP financial

"in conformity with U.S. generally accepted accounting principles (“GAAP”)"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

adjusted EBITDA financial

"Adjusted EBITDA increased 36% to $70.3 million."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

pawn loans outstanding (PLO) financial

"Pawn loans outstanding (PLO) increased 14% to $314.4 million."

Pawn loans outstanding (PLO) is the total number or dollar value of active, collateralized loans a pawn lender currently has on its books—think of it as all the IOUs backed by items held in a pawn shop’s vault. For investors, PLO shows how much business is producing interest and fees, indicates cash flow and repayment risk, and acts like a snapshot of consumer demand or financial stress that can affect revenue and asset recovery.

basis points (bps) financial

"aged general merchandise increased 123 basis points (bps) to 3.3% of total"

A basis point (bps) is a unit equal to one one-hundredth of a percentage point (0.01% or 0.0001 in decimal form) used to describe small changes in interest rates, yields, fees or returns. Investors care because tiny differences expressed in bps can meaningfully change borrowing costs, investment income or fund fees—think of bps as the “pennies” on each dollar that add up when calculating profit or expense over time.

Form 10-Q regulatory

"Quarterly Report on Form 10-Q for the quarter ended December 31, 2025"

A Form 10-Q is a detailed report that publicly traded companies are required to file with regulators three times a year, providing an update on their financial health and business activities. It is important for investors because it offers timely insights into a company's performance, helping them make informed decisions about buying or selling stocks. Think of it as a regular check-up report that shows how well a company is doing.

Senior Notes financial

"issuance of the Senior Notes due 2032 in the second quarter of fiscal 2025"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

non-GAAP financial

"EBITDA (non-GAAP measure) | $71.3 | | $50.8"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

AI-generated analysis. Not financial advice.

Exceptional Operating Performance Drives Outstanding Earnings Growth

AUSTIN, Texas, Feb. 04, 2026 (GLOBE NEWSWIRE) -- EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its first quarter ended December 31, 2025.

Unless otherwise noted, all amounts in this release are in conformity with U.S. generally accepted accounting principles (“GAAP”) and comparisons shown are to the same period in the prior year.

FIRST QUARTER HIGHLIGHTS

• Net income increased 43% to $44.3 million. On an adjusted basis¹, net income increased 38% to $43.9 million.
• Diluted earnings per share (EPS) increased 38% to $0.55. On an adjusted basis¹, diluted earnings per share increased 34% to $0.55.
• Adjusted EBITDA increased 36% to $70.3 million.
• Total revenues increased 19% to $382.0 million, while gross profit increased 20% to $223.0 million.
• Pawn loans outstanding (PLO) increased 14% to $314.4 million.
• Grew our footprint by 23 stores, including 17 acquired stores, 7 de novo stores, and the consolidation of 1 store.
  
  

RECENT HIGHLIGHTS

• On January 2, 2026, we acquired an 87.7% controlling interest in Founders One, which owns 85.1% of Simple Management Group ("SMG"), adding 105 stores across 12 countries including the United States, Costa Rica and Panama.
  • Immediately accretive transaction adds one of the largest pawn platforms in North America and a proven management team.
  • SMG generated revenue of $127 million and gross profit of $66 million for the nine months ended September 30, 2025, demonstrating strong operating and financial performance.
• On January 12, 2026, we completed the previously announced acquisition of 12 pawn stores in Texas for $27.5 million, strengthening EZCORP's presence in one of its largest and most attractive U.S. markets.
• Following the closing of these acquisitions, EZCORP operates 1,500 pawn stores across 16 countries.
  
  

CEO COMMENTARY AND OUTLOOK

Lachie Given, Chief Executive Officer, stated, "We are off to an exceptional start to fiscal 2026, delivering record first quarter revenue and PLO, and outstanding organic earnings growth. Our team drove superior results, with more than 35% growth in net income and adjusted EBITDA, supported by sustained demand for immediate cash solutions and high-quality, affordable secondhand goods. These results reflect the successful execution of our strategic initiatives and the operating leverage inherent in our platform.

"Subsequent to quarter end, we closed two acquisitions that meaningfully expand our footprint. SMG solidifies a proven long term management partnership, adds immediate earnings accretion, expands our pawn offering into 11 new countries, and provides an exciting platform for future growth. Additionally, El Bufalo Pawn in Laredo was one of the largest remaining independent chains in Texas, further strengthening our position there. We are excited to integrate and scale these platforms, and will continue to pursue additional attractive organic and inorganic growth opportunities in existing and new pawn markets.

"With a highly liquid balance sheet, we are well positioned to execute on our pawnbroking growth strategy, while remaining disciplined in capital allocation. I thank our team members for their dedication to providing top-tier service to our customers. Guided by our core values of People, Pawn and Passion, we will continue to strengthen the core, scale our operations, and deliver sustainable, long-term value for our shareholders."

CONSOLIDATED RESULTS

Three Months Ended December 31,	As Reported						Adjusted1
in millions, except per share amounts	2025			2024			2025			2024
Total revenues	$	382.0		$	320.2		$	374.5		$	320.2
Gross profit	$	223.0		$	185.4		$	218.9		$	185.4
Income before tax	$	59.2		$	41.4		$	58.3		$	42.4
Net income	$	44.3		$	31.0		$	43.9		$	31.8
Diluted earnings per share	$	0.55		$	0.40		$	0.55		$	0.41
EBITDA (non-GAAP measure)	$	71.3		$	50.8		$	70.3		$	51.8

• PLO increased 14% to $314.4 million (11% on a same-store² basis) primarily due to higher average loan size, continued strong pawn demand and improved operational performance.
• Total revenues increased 19% and gross profit increased 20%, reflecting improved Merchandise sales, Jewelry scrap sales, and pawn service charges (PSC).
• PSC increased 13% as a result of higher average PLO.
• Merchandise sales gross margin increased to 37% from 35%, while aged general merchandise increased 123 basis points (bps) to 3.3% of total general merchandise inventory.
• Jewelry scrap sales increased 139%, and jewelry scrap sales gross margin increased from 23% to 34% due to increase in gold price and jewelry purchases.
• Net inventory increased 27%, as a result of an increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.5x, from 2.7x.
• Store expenses increased 14% (11% on a same-store basis), primarily due to labor costs, including minimum wage increases in Latin America.
• General and administrative expenses increased 11%, primarily due to labor costs (including higher incentive compensation) and professional fees related to acquisitions.
• Income before taxes increased to $59.2 million, up 43% from $41.4 million, and adjusted EBITDA increased 36% to $70.3 million.
• Diluted earnings per share increased 38% to $0.55. On an adjusted basis, diluted earnings per share increased 34% to $0.55.
• Cash and cash equivalents increased to $465.9 million from $174.5 million as of December 31, 2024. The increase was due primarily to $300.0 million (less issuance costs) from the issuance of the Senior Notes due 2032 in the second quarter of fiscal 2025 and cash from operating activities partially offset by increased earning assets and acquisitions.
  
  

SEGMENT RESULTS

U.S. Pawn

• PLO increased 9% to $239.9 million (8% on a same-store basis) due to an increase in average loan size, strong loan demand and improved operational performance.
• Total revenues and gross profit increased 16%, driven by increased jewelry scrap sales, merchandise sales and PSC.
• PSC increased 8% as a result of higher average PLO.
• Merchandise sales increased 8%, and 7% on a same-store basis. Sales gross margin increased by 170 bps to 38%.
• Jewelry scrap sales increased 129%, and jewelry scrap sales gross margin increased from 23% to 34% due to increase in gold price and jewelry purchases.
• Net inventory increased 29% due to increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.2x, from 2.5x. Aged general merchandise increased by 56 bps to 3.1%, or $1.7 million of total general merchandise inventory.
• Store expenses increased 7% on a total and 6% on a same-store basis primarily due to increased labor, in line with store activity.
• Segment contribution increased 30% to $70.7 million.
• Segment store count increased by 2 to 547, due to the acquisition of 3 stores and the consolidation of 1 store.
  
  

Latin America Pawn

• PLO increased 36% to $74.4 million (23% on constant currency basis). On a same-store basis, PLO increased 23% (12% increase on a constant currency basis) due to strong loan demand and improved operational performance.
• Total revenues increased 28% (19% on constant currency basis), and gross profit increased 33% (24% on a constant currency basis), primarily due to increased merchandise sales, PSC and jewelry scrap sales.
• PSC increased to $36.7 million, an increase of 26% (18% on a constant currency basis) as a result of higher average PLO and new stores.
• Merchandise sales increased 24% (15% on constant currency basis) and 16% on a same-store basis (8% increase on a constant currency basis). Merchandise sales gross margin increased to 34% from 30%.
• Jewelry scrap sales increased 256%, and jewelry scrap sales gross margin increased from 21% to 33% due to increase in gold price and focus on the jewelry category.
• Net inventory increased 23% (10% on a constant currency basis) due to an increase in PLO. Inventory turnover was up to 3.1x from 3.0x. On a same-store basis, net inventory increased by 12% (flat on a constant currency basis). Aged general merchandise increased to 3.6% or $1.2 million of total general merchandise inventory.
• Store expenses increased 34% (25% on a constant currency basis) and increased 24% on a same-store basis (16% on a constant currency basis) due to increased labor, in line with store activity and minimum wage increases.
• Segment contribution increased 32% to $20.1 million (24% on a constant currency basis to $19.0 million).
• Segment store count increased by 21 to 836, due to the acquisition of 14 stores and the addition of 7 de novo stores.

FORM 10-Q

EZCORP’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2025 has been filed with the Securities and Exchange Commission. The report is available in the Investor Relations section of the Company’s website at http://investors.ezcorp.com. EZCORP shareholders may obtain a paper copy of the report, free of charge, by sending a request to the investor relations contact below.

CONFERENCE CALL

EZCORP will host a conference call on Thursday, February 5, 2026, at 8:00 am Central Time to discuss First Quarter Fiscal 2026 results. Analysts and institutional investors may participate on the conference call by registering online at https://register-conf.media-server.com/register/BI2b7d928c457a4820b10900af6d9b6213. Once registered you will receive the dial-in details with a unique PIN to join the call. The conference call will be webcast simultaneously to the public through this link: https://edge.media-server.com/mmc/p/u7iqn9ut/. A replay of the conference call will be available online at http://investors.ezcorp.com shortly after the end of the call. 

ABOUT EZCORP

Formed in 1989, EZCORP is a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index. 

Follow us on social media:

Facebook EZPAWN Official https://www.facebook.com/EZPAWN/

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EZCORP LinkedIn https://www.linkedin.com/company/ezcorp/

FORWARD LOOKING STATEMENTS

This announcement contains certain forward-looking statements regarding the Company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the Company's strategy, initiatives and future performance, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors, current or future litigation and risks associated with the COVID-19 pandemic. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

Contact:
Email: Investor_Relations@ezcorp.com
Phone: (512) 314-2220

EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
		Three Months Ended December 31,
(in thousands, except per share amount)			2025				2024
Revenues:
Merchandise sales		$	210,147			$	186,343
Jewelry scrap sales			39,908				16,732
Pawn service charges			131,917				117,052
Other revenues			47				43
Total revenues			382,019				320,170
Merchandise cost of goods sold			132,756				121,824
Jewelry scrap cost of goods sold			26,297				12,942
Gross profit			222,966				185,404
Operating expenses:
Store expenses			126,772				110,936
General and administrative			26,743				24,184
Depreciation and amortization			8,756				8,335
Loss on sale or disposal of assets and other			87				8
Total operating expenses			162,358				143,463
Operating income			60,608				41,941
Interest expense			8,166				3,147
Interest income			(4,814	)			(2,093	)
Equity in net income of unconsolidated affiliates			(1,823	)			(1,475	)
Other (income) expense			(92	)			978
Income before income taxes			59,171				41,384
Income tax expense			14,867				10,368
Net income		$	44,304			$	31,016
Basic earnings per share		$	0.72			$	0.57
Diluted earnings per share		$	0.55			$	0.40
Weighted-average basic shares outstanding			61,243				54,827
Weighted-average diluted shares outstanding			83,282				83,347

EZCORP, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands, except per share amount)		December 31, 2025				December 31, 2024				September 30, 2025
Assets:
Current assets:
Cash and cash equivalents		$	465,911			$	174,506			$	469,524
Short-term restricted cash			5,351				9,386				525
Pawn loans			314,353				274,824				307,496
Pawn service charges receivable, net			50,108				45,198				48,733
Inventory, net			253,446				199,481				248,457
Prepaid expenses and other current assets			56,210				36,562				51,221
Total current assets			1,145,379				739,957				1,125,956
Investments in unconsolidated affiliates			25,717				13,555				18,123
Other investments			51,883				51,903				51,903
Property and equipment, net			74,871				63,231				75,331
Right-of-use assets, net			237,637				227,810				236,462
Long-term restricted cash			14,859				—				14,664
Goodwill			331,083				304,722				324,889
Intangible assets, net			59,581				57,093				58,832
Deferred tax asset, net			29,548				24,990				29,455
Other assets, net			16,922				15,872				15,594
Total assets		$	1,987,480			$	1,499,133			$	1,951,209
Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net		$	—			$	103,205			$	—
Accounts payable, accrued expenses and other current liabilities			95,526				68,682				105,443
Customer layaway deposits			33,064				24,216				33,901
Operating lease liabilities, current			61,459				57,900				61,228
Total current liabilities			190,049				254,003				200,572
Long-term debt, net			518,555				224,505				518,076
Deferred tax liability, net			2,571				2,186				2,571
Operating lease liabilities			185,507				182,228				184,736
Other long-term liabilities			20,099				12,317				19,769
Total liabilities			916,781				675,239				925,724
Commitments and contingencies (Note 10)
Stockholders’ equity:
Class A Non-Voting Common Stock, par value $0.01 per share; shares authorized: 100,000,000; issued and outstanding: 58,724,555 as of December 31, 2025; 52,050,550 as of December 31, 2024; 57,921,451 as of September 30, 2025			587				520				579
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3,000,000; issued and outstanding: 2,970,171 as of December 31, 2025, December 31, 2024 and September 30, 2025			30				30				30
Additional paid-in capital			447,935				345,783				450,892
Retained earnings			656,991				536,427				612,687
Accumulated other comprehensive loss			(34,844	)			(58,866	)			(38,703	)
Total equity			1,070,699				823,894				1,025,485
Total liabilities and equity		$	1,987,480			$	1,499,133			$	1,951,209

EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
		Three Months Ended December 31,
(in thousands)			2025				2024
Operating activities:
Net income		$	44,304			$	31,016
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization			8,756				8,335
Amortization of deferred financing costs			479				382
Non-cash lease expense			15,666				14,421
Deferred income taxes			93				478
Other adjustments			(874	)			(617	)
Provision for inventory reserve			429				59
Stock compensation expense			3,397				2,597
Equity in net income from investment in unconsolidated affiliates			(1,823	)			(1,475	)
Changes in operating assets and liabilities, net of business acquisitions:
Pawn service charges receivable			(1,020	)			(1,368	)
Inventory			(1,816	)			(2,384	)
Prepaid expenses, other current assets and other assets			(1,352	)			1,375
Accounts payable, accrued expenses and other liabilities			(39,357	)			(38,737	)
Customer layaway deposits			(1,065	)			2,909
Income taxes			13,329				9,000
Net cash provided by operating activities			39,146				25,991
Investing activities:
Loans made			(272,746	)			(247,225	)
Loans repaid			152,230				135,190
Recovery of pawn loan principal through sale of forfeited collateral			115,522				101,850
Capital expenditures, net			(7,455	)			(5,609	)
Acquisitions, net of cash acquired			(9,147	)			—
Issuance of notes receivable			(4,000	)			—
Investment in unconsolidated affiliate			(7,172	)			—
Dividends from unconsolidated affiliates			1,810				1,902
Other			—				(148	)
Net cash used in investing activities			(30,958	)			(14,040	)
Financing activities:
Taxes paid related to net share settlement of equity awards			(6,346	)			(3,971	)
Purchase and retirement of treasury stock			—				(3,000	)
Payments of finance leases			(174	)			(131	)
Net cash used in financing activities			(6,520	)			(7,102	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash			(260	)			(764	)
Net increase in cash, cash equivalents and restricted cash			1,408				4,085
Cash and cash equivalents and restricted cash at beginning of period			484,713				179,807
Cash and cash equivalents and restricted cash at end of period		$	486,121			$	183,892

EZCORP, Inc. OPERATING SEGMENT RESULTS
		Three Months Ended December 31, 2025
(in thousands)		U.S. Pawn			Latin America Pawn				Other Investments				Total Segments				Corporate Items				Consolidated
Revenues:
Merchandise sales		$	139,042		$	71,105			$	—			$	210,147			$	—			$	210,147
Jewelry scrap sales			35,514			4,394				—				39,908				—				39,908
Pawn service charges			95,174			36,743				—				131,917				—				131,917
Other revenues			30			17				—				47				—				47
Total revenues			269,760			112,259				—				382,019				—				382,019
Merchandise cost of goods sold			85,687			47,069				—				132,756				—				132,756
Jewelry scrap cost of goods sold			23,364			2,933				—				26,297				—				26,297
Gross profit			160,709			62,257				—				222,966				—				222,966
Segment and corporate expenses (income):
Store expenses			87,166			39,606				—				126,772				—				126,772
General and administrative			—			—				—				—				26,743				26,743
Depreciation and amortization			2,723			2,535				—				5,258				3,498				8,756
Loss on sale or disposal of assets and other			87			—				—				87				—				87
Interest expense			—			—				—				—				8,166				8,166
Interest income			—			—				(963	)			(963	)			(3,851	)			(4,814	)
Equity in net (income) of unconsolidated affiliates			—			—				(1,823	)			(1,823	)			—				(1,823	)
Other (income)			—			(23	)			—				(23	)			(69	)			(92	)
Segment contribution		$	70,733		$	20,139			$	2,786			$	93,658
Income (loss) before income taxes													$	93,658			$	(34,487	)		$	59,171

		Three Months Ended December 31, 2024
(in thousands)		U.S. Pawn				Latin America Pawn				Other Investments				Total Segments				Corporate Items				Consolidated
Revenues:
Merchandise sales		$	128,800			$	57,543			$	—			$	186,343			$	—			$	186,343
Jewelry scrap sales			15,498				1,234				—				16,732				—				16,732
Pawn service charges			87,876				29,176				—				117,052				—				117,052
Other revenues			27				16				—				43				—				43
Total revenues			232,201				87,969				—				320,170				—				320,170
Merchandise cost of goods sold			81,556				40,268				—				121,824				—				121,824
Jewelry scrap cost of goods sold			11,968				974				—				12,942				—				12,942
Gross profit			138,677				46,727				—				185,404				—				185,404
Segment and corporate expenses (income):
Store expenses			81,481				29,455				—				110,936				—				110,936
General and administrative			—				—				—				—				24,184				24,184
Depreciation and amortization			2,717				2,046				—				4,763				3,572				8,335
Loss on sale or disposal of assets and other			—				8				—				8				—				8
Interest expense			—				—				—				—				3,147				3,147
Interest income			—				—				(594	)			(594	)			(1,499	)			(2,093	)
Equity in net (income) loss of unconsolidated affiliates			—				—				(1,623	)			(1,623	)			148				(1,475	)
Other expense (income)			(11	)			(71	)			—				(82	)			1,060				978
Segment contribution		$	54,490			$	15,289			$	2,217			$	71,996
Income (loss) before income taxes														$	71,996			$	(30,612	)		$	41,384

EZCORP, Inc. STORE COUNT ACTIVITY (Unaudited)
	Three Months Ended December 31, 2025
	U.S. Pawn			Latin America Pawn		Consolidated
As of September 30, 2025	545			815		1,360
New locations opened	—			7		7
Locations acquired	3			14		17
Locations combined or closed	(1	)		—		(1	)
As of December 31, 2025	547			836		1,383

	Three Months Ended December 31, 2024
	U.S. Pawn		Latin America Pawn		Consolidated
As of September 30, 2024	542		737		1,279
New locations opened	—		4		4
As of December 31, 2024	542		741		1,283

Non-GAAP Financial Information (Unaudited)

In addition to the financial information prepared in conformity with accounting U.S. generally accepted accounting principles (“GAAP”), we provide certain other non-GAAP financial information on a constant currency (“constant currency”) and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflects an additional way of viewing aspects of our business that, when viewed with GAAP results, provides a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.

Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. In addition, we have an equity method investment that is denominated in Australian dollars and is translated into U.S. dollars. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three months ended December 31, 2025 and 2024 were as follows:

	December 31,				Three Months Ended December 31,
	2025		2024		2025		2024
Mexican peso	18.0		20.8		18.3		20.1
Guatemalan quetzal	7.6		7.5		7.5		7.5
Honduran lempira	26.1		25.0		26.0		24.8
Australian dollar	1.5		1.6		1.5		1.5

Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.

Miscellaneous Non-GAAP Financial Measures

		Three Months Ended December 31,
(in millions)			2025				2024
Net income		$	44.3			$	31.0
Interest expense			8.2				3.1
Interest income			(4.8	)			(2.1	)
Income tax expense			14.9				10.4
Depreciation and amortization			8.8				8.3
EBITDA		$	71.3			$	50.8

	Total Revenues				Gross Profit				Income Before Tax				Tax Effect				Net Income				Diluted EPS				EBITDA
2026 Q1 Reported	$	382.0			$	223.0			$	59.2			$	14.9			$	44.3			$	0.55			$	71.3
Non-recurring foreign tax expense		—				—				—				(0.3	)			0.3				0.01				—
Constant Currency		(7.5	)			(4.1	)			(0.9	)			(0.2	)			(0.7	)			(0.01	)			(1.0	)
2026 Q1 Adjusted	$	374.5			$	218.9			$	58.3			$	14.4			$	43.9			$	0.55			$	70.3

	Total Revenues			Gross Profit			Income Before Tax			Tax Effect			Net Income			Diluted EPS			EBITDA
2025 Q1 Reported	$	320.2		$	185.4		$	41.4		$	10.4		$	31.0		$	0.40		$	50.8
FX impact		—			—			1.0			0.2			0.8			0.01			1.0
2025 Q1 Adjusted	$	320.2		$	185.4		$	42.4		$	10.6		$	31.8		$	0.41		$	51.8

	Three Months Ended December 31, 2025
(in millions)	U.S. Dollar Amount				Percentage Change YOY
Consolidated revenues		382.0			19	%
Currency exchange rate fluctuations		(7.5	)
Constant currency consolidated revenues	$	374.5			17	%
Consolidated gross profit		223.0			20	%
Currency exchange rate fluctuations		(4.1	)
Constant currency consolidated gross profit	$	218.9			18	%
Consolidated net inventory		253.4			27	%
Currency exchange rate fluctuations		(6.4	)
Constant currency consolidated net inventory	$	247.0			24	%
Latin America Pawn gross profit		62.3			33	%
Currency exchange rate fluctuations		(4.1	)
Constant currency Latin America Pawn gross profit	$	58.2			24	%
Latin America Pawn PLO		74.4			36	%
Currency exchange rate fluctuations		(7.0	)
Constant currency Latin America Pawn PLO	$	67.4			23	%
Latin America Pawn PSC revenues		36.7			26	%
Currency exchange rate fluctuations		(2.2	)
Constant currency Latin America Pawn PSC revenues	$	34.5			18	%
Latin America Pawn merchandise sales		71.1			24	%
Currency exchange rate fluctuations		(4.9	)
Constant currency Latin America Pawn merchandise sales	$	66.2			15	%
Latin America Pawn segment profit before tax		20.1			32	%
Currency exchange rate fluctuations		(1.1	)
Constant currency Latin America Pawn segment profit before tax	$	19.0			24	%

Note: The underlying numbers are in thousands and, as a result, may not agree to the percentages calculated from numbers in millions. Numbers may not foot or cross foot due to rounding.
¹“Adjusted” basis, which is a non-GAAP measure, excludes certain items. “Constant currency” basis, which is a non-GAAP measure, excludes the impact of foreign currency exchange rate fluctuations. For additional information about these calculations, as well as a reconciliation to the most comparable GAAP financial measures, see “Non-GAAP Financial Information” at the end of this release.
²“Same Store” basis, which is a financial measure, includes stores open the entirety of the comparable periods.

This press release was published by a CLEAR® Verified individual.

FAQ

What were EZCORP (EZPW) first quarter fiscal 2026 earnings and EPS?

EZCORP reported net income of $44.3M and diluted EPS of $0.55 for Q1 fiscal 2026. According to the company, adjusted net income was $43.9M, reflecting strong operating leverage and higher pawn loans outstanding.

How much did EZCORP (EZPW) revenue and adjusted EBITDA change in Q1 2026?

Revenue rose 19% to $382.0M and adjusted EBITDA increased 36% to $70.3M in Q1. According to the company, growth was driven by merchandise sales, jewelry scrap, and higher pawn service charges.

How did pawn loans outstanding (PLO) and store footprint change for EZCORP (EZPW)?

PLO increased 14% to $314.4M, supported by higher average loan size and demand. According to the company, acquisitions and de novo openings expanded the store count to 1,500 stores across 16 countries.

What acquisitions did EZCORP (EZPW) complete after quarter end and their impact?

EZCORP acquired an 87.7% interest in Founders One adding 105 SMG stores and bought 12 Texas stores for $27.5M. According to the company, the transactions are immediately accretive and expand its North American footprint.

How did costs and inventory trends affect EZCORP (EZPW) in Q1 2026?

Store expenses rose 14% and G&A increased 11%, largely from labor and acquisition-related fees. According to the company, net inventory increased 27%, driven by higher PLO, purchases and lower turnover.

What is EZCORP's (EZPW) cash position after Q1 fiscal 2026?

Cash and cash equivalents increased to $465.9M as of December 31, 2025. According to the company, the rise reflects prior senior note proceeds and operating cash flows, partially used for acquisitions and earning assets.