EZCORP Reports Fourth Quarter and Full Year Fiscal 2025 Results

Rhea-AI Summary

EZCORP (NASDAQ: EZPW) reported record fourth-quarter and full-year fiscal 2025 results for the year ended September 30, 2025. Q4 total revenue rose 14% to $336.8M and net income increased 76% to $26.7M (diluted EPS $0.34). Full-year revenue rose 10% to $1,274.3M and net income was $109.6M (diluted EPS $1.42). Pawn loans outstanding (PLO) grew 12% to $307.5M. Adjusted EBITDA was $47.9M in Q4 and $191.2M for the year. Cash and cash equivalents increased to $469.5M following issuance of Senior Notes due 2032 and operating cash generation. The company added 81 stores in FY2025 and now operates 1,360 locations across five countries.

Positive

• Q4 total revenue +14% to $336.8M
• Full-year revenue +10% to $1,274.3M
• Adjusted EBITDA +26% to $191.2M for FY2025
• Pawn loans outstanding +12% to $307.5M
• Cash and cash equivalents increased to $469.5M

Negative

• Net inventory increased 29% and inventory turnover fell to 2.3x
• Fourth-quarter store expenses +8% (6% same-store)
• General and administrative expenses +13% in Q4
• Aged general merchandise rose to 2.6% of inventory (up 83 bps)

Insights

Equity Analyst

Strong fiscal 2025 with record revenue, expanding PLO and margin-led earnings growth; balance sheet bolstered by note proceeds.

EZCORP delivered record full-year revenue of $1,274.3 million and fourth quarter revenue of $336.8 million, with PLO up 12% to $307.5 million driving higher pawn service charge income and gross profit. Diluted EPS rose to $1.42 for the year and $0.34 for the quarter, while adjusted EBITDA grew to $191.2 million for the year, showing operating leverage as volumes and margins improved.

Key dependencies and risks include inventory turnover declines (quarterly turnover down to 2.3x), rising store and G&A labor costs, and higher aged merchandise in some segments; these factors could pressure future margins if not managed. The cash position improved to $469.5 million, largely from Senior Notes proceeds, which supports continued M&A, de novo growth and a new share repurchase program.

Watch near-term execution on store-level productivity and inventory management, margin stability in merchandise and jewelry categories, and integration of acquired locations across the next 12 months; the company will discuss details on the conference call on November 14, 2025.

Record Q4 and Full Year Revenue & PLO
Strong Growth in Diluted EPS & Adjusted EBITDA

AUSTIN, Texas, Nov. 13, 2025 (GLOBE NEWSWIRE) -- EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its fourth quarter and full year ended September 30, 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.

FOURTH QUARTER HIGHLIGHTS

• Net income increased 76% to $26.7 million. On an adjusted basis¹, net income increased 45% to $26.8 million.
• Diluted earnings per share (EPS) increased 62% to $0.34. On an adjusted basis¹, diluted earnings per share increased 36% to $0.34.
• Adjusted EBITDA increased 33% to $47.9 million.
• Total revenues increased 14% to $336.8 million, while gross profit increased 13% to $198.6 million.
• Pawn loans outstanding (PLO) increased 12% to $307.5 million.
• Grew our footprint by 24 stores, including 17 de novo stores, 8 acquired stores and the consolidation of 1 store.

FULL YEAR 2025 HIGHLIGHTS

• Net income was $109.6 million, an increase of $26.5 million. On an adjusted basis¹, net income increased 30%.
• Diluted earnings per share increased 29% to $1.42. On an adjusted basis¹, diluted earnings per share increased 27% to $1.43.
• Adjusted EBITDA increased by 26% to $191.2 million.
• Total revenues increased 10% to $1,274.3 million, while gross profit increased 9% to $746.1 million.
• Grew our footprint by 81 stores including 52 acquired stores, 40 de novo stores and the consolidation of 11 stores.
  
  

CEO COMMENTARY AND OUTLOOK

Lachie Given, Chief Executive Officer, stated, “Fiscal 2025 was another exceptional year for EZCORP, with record full-year revenue and all-time high PLO. This superior performance reflects resilient demand for immediate cash solutions and high-quality, cost-effective secondhand goods. We converted that demand into strong bottom-line growth, demonstrating the operating leverage of our platform at scale and the expertise of our team, with adjusted EBITDA up 26% to $191.2 million and adjusted diluted EPS up 27% to $1.43.

“Over the year, we successfully executed our growth strategy with disciplined acquisitions in the U.S. and Mexico and continued de novo expansion across Latin America. In fiscal 2025, we opened 40 de novo stores and acquired 52 locations, more than doubling the combined total of acquisitions in fiscal 2024 and fiscal 2023. We now operate 1,360 stores throughout five countries, guided by a proven operating formula that is driving record PLO and exceptional results across all geographies.

“With a flexible and liquid balance sheet, we are deploying capital purposefully, focused on high-return store growth and M&A, while remaining opportunistic with share repurchases as reflected by our newly authorized program. As we scale, we are driving strong earnings momentum in our business, and we will continue to strengthen the core, simplify and drive cost efficiency, and innovate to deliver sustainable growth and long-term value for our shareholders.”

CONSOLIDATED RESULTS

Three Months Ended September 30	As Reported						Adjusted1
in millions, except per share amounts		2025			2024			2025			2024
Total revenues	$	336.8		$	294.6		$	335.9		$	294.6
Gross profit	$	198.6		$	175.4		$	198.0		$	175.4
Income before tax	$	36.3		$	26.3		$	37.0		$	26.8
Net income	$	26.7		$	15.2		$	26.8		$	18.5
Diluted earnings per share	$	0.34		$	0.21		$	0.34		$	0.25
EBITDA (non-GAAP measure)	$	47.3		$	35.5		$	47.9		$	36.0

Twelve Months Ended September 30	As Reported						Adjusted1
in millions, except per share amounts		2025			2024			2025			2024
Total revenues	$	1,274.3		$	1,161.6		$	1,304.3		$	1,161.6
Gross profit	$	746.1		$	682.3		$	761.7		$	682.3
Income before tax	$	146.8		$	115.6		$	149.7		$	115.5
Net income	$	109.6		$	83.1		$	110.7		$	85.3
Diluted earnings per share	$	1.42		$	1.10		$	1.43		$	1.13
EBITDA (non-GAAP measure)	$	187.6		$	151.7		$	191.2		$	151.6

• PLO increased 12% to $307.5 million, up $33.4 million. On a same-store² basis, PLO increased 10% due to higher average loan size, continued strong pawn demand and improved operational performance.
• Fourth quarter total revenues increased 14% and gross profit increased 13%, reflecting improved pawn service charge (PSC) revenues due to higher average PLO. Full year total revenues increased 10% and gross profit increased 9%.
• PSC increased 9% in the fourth quarter and for the full year as a result of higher average PLO.
• Fourth quarter merchandise sales gross margin remained consistent at 35%. Aged general merchandise at 2.6% of total general merchandise inventory, up 83 basis points (bps). Full year merchandise sales gross profit margin remains within our targeted range at 35%.
• Fourth quarter jewelry scrap sales increased 91%, and jewelry scrap sales gross margin increased by 1,010 bps to 29%. Full year jewelry scrap sales increased 62%, and jewelry scrap sales gross margin increased by 1,160 bps to 27% due to increase in gold price and jewelry purchases.
• Net inventory increased 29%, as a result of an increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.3x, from 2.6x for the quarter and was 2.4x compared to 2.8x for the year.
• Fourth quarter store expenses increased 8% (6% on a same-store basis), primarily due to labor costs and new stores. Full year store and same-store expenses increased 4%.
• General and administrative expenses increased 13% in the fourth quarter and 11% for the full year, primarily due to labor costs (including higher incentive compensation).
• Fourth quarter income before taxes increased to $36.3 million, up 38% from $26.3 million, and adjusted EBITDA increased 33% to $47.9 million. Full year income before taxes increased by 27% to $146.8 million from $115.6 million and adjusted EBITDA increased 26% to $191.2 million.
• Diluted earnings per share increased 62% to $0.34 for the fourth quarter. On an adjusted basis, diluted earnings per share increased 36% to $0.34. Full year diluted earnings per share increased 29% to $1.42. On an adjusted basis, diluted earnings per share for the year increased 27% to $1.43.
• Cash and cash equivalents increased to $469.5 million from $170.5 million as of September 30, 2025. The increase was due primarily to $300.0 million (less issuance costs) from the issuance of the Senior Notes due 2032 and cash from operating activities partially offset by increased earning assets and acquisitions.
  
  

SEGMENT RESULTS

U.S. Pawn

• PLO ended the year at $233.8 million, an increase of 9% on a total and same-store basis due to an increase in average loan size, strong loan demand and improved operational performance.
• Fourth quarter total revenues increased 13% and gross profit increased 11%, driven by increased PSC, merchandise sales and jewelry scrap sales. Full year total revenues increased 9% and gross profit increased 10%.
• PSC increased 7% in the fourth quarter and 9% for the full year as a result of higher average PLO.
• Fourth quarter merchandise sales increased 6%, and 5% on a same-store basis. Sales gross margin increased by 40 bps to 37%. Full year merchandise sales increased 3% and merchandise sales gross profit margin stayed steady at 37%.
• Fourth quarter jewelry scrap sales increased 96%, and jewelry scrap sales gross margin increased by 910 bps to 30%. Full year jewelry scrap sales increased 58%, and jewelry scrap sales gross margin increased by 1,120 bps to 27% due to increase in gold price and jewelry purchases.
• Net inventory increased 34% due to increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.1x, from 2.5x and was 2.2x compared to 2.6x for the full year. Aged general merchandise decreased by 36 bps to 2.2%, or $1.2 million of total general merchandise inventory.
• Fourth quarter store expenses increased 3% on a total and same-store basis. Full year store expenses increased 4% on a total and same-store basis.
• Segment contribution increased 28% to $52.5 million in the fourth quarter and increased 21% to $200.2 million for the full year.
• Segment store count increased by 3 to 545, due to the acquisition of 4 stores and the consolidation of one store during the full year.
  
  

Latin America Pawn

• PLO improved to $73.7 million, an increase of 23% (17% on constant currency basis). On a same-store basis, PLO increased 14% (9% increase on a constant currency basis) due to strong loan demand and improved operational performance.
• Fourth quarter total revenues increased 19% (17% on constant currency basis), and gross profit increased 19% (18% on a constant currency basis), primarily due to increased merchandise sales, PSC and jewelry scrap sales. Full year total revenues were up 11% (20% on a constant currency basis), while gross profit increased by 8% (17% on a constant currency basis).
• PSC increased in the fourth quarter to $33.8 million, an increase of 16% (15% on a constant currency basis) as a result of higher average PLO. For the full year PSC increased 8% (16% on a constant currency basis).
• Fourth quarter merchandise sales increased 17% (16% on constant currency basis) and 11% on a same-store basis (10% increase on a constant currency basis). Merchandise sales gross margin stayed steady at 32%. For the full year, merchandise sales increased 10% (20% on a constant currency basis) and merchandise gross margin decreased 170 bps to 31%.
• Fourth quarter jewelry scrap sales increased 69%, and jewelry scrap sales gross margin increased by 1,590 bps to 27%. Full year jewelry scrap sales increased 96%, and jewelry scrap sales gross margin increased by 1,500 bps to 26% due to increase in gold price, jewelry purchases and the focus on the jewelry category.
• Net inventory increased 18% (12% on a constant currency basis) due to an increase in PLO. Inventory turnover was up to 2.9x from 2.8x. On a same-store basis, net inventory increased by 10% (4% on a constant currency basis). Full year inventory turnover was 3.0x, down from 3.3x. Aged general merchandise increased to 3.1% from 0.7% of total general merchandise inventory.
• Fourth quarter store expenses increased 20% (19% on a constant currency basis) and increased 13% on a same-store basis (11% increase on a constant currency basis) due to increased labor, in line with store activity and minimum wage increases. Full year store expenses increased 5% (14% on a constant currency basis) and 3% (12% on a constant currency basis) on a same-store basis.
• Fourth quarter segment contribution increased 17% to $12.0 million (18% on a constant currency basis to $12.1 million). Full year segment contribution was up 20% to $46.6 million (28% on a constant currency basis).
• Segment store count increased by 78 to 815, due to the addition of 40 de novo stores, the acquisition of 48 stores and the consolidation of 10 stores during the full year.
  

FORM 10-K

EZCORP’s Quarterly Report on Form 10-K for the year ended September 30, 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 Friday, November 14, 2025, at 8:00 am Central Time to discuss Fourth Quarter Fiscal 2025 results. Analysts and institutional investors may participate on the conference call by registering online at https://register-conf.media-server.com/register/BIb58af00cd0fa430788f04db0073e8400. 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/hqptihjy. 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. 

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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 September 30,								Twelve Months Ended September 30,
(in thousands, except per share amounts)		2025				2024				2025				2024
Revenues:
Merchandise sales	$	176,565			$	161,506			$	700,999			$	663,736
Jewelry scrap sales		34,244				17,891				98,884				61,082
Pawn service charges		125,966				115,103				474,228				436,545
Other revenues		38				51				169				239
Total revenues		336,813				294,551				1,274,280				1,161,602
Merchandise cost of goods sold		114,072				104,723				455,677				427,403
Jewelry scrap cost of goods sold		24,171				14,447				72,538				51,926
Gross profit		198,570				175,381				746,065				682,273
Operating expenses:
Store expenses		129,007				119,583				481,108				461,055
General and administrative		23,411				20,688				83,500				75,557
Impairment of other assets		877				843				877				843
Depreciation and amortization		8,180				8,127				32,538				33,069
Loss (gain) on sale or disposal of assets and other		110				133				135				(16	)
Other operating income		—				—				(1,262	)			(765	)
Total operating expenses		161,585				149,374				596,896				569,743
Operating income		36,985				26,007				149,169				112,530
Interest expense		8,143				3,204				23,029				13,585
Interest income		(5,313	)			(2,123	)			(14,721	)			(10,575	)
Equity in net (income) loss of unconsolidated affiliates		(1,970	)			(576	)			(6,150	)			(4,711	)
Other (income) expense		(139	)			(750	)			238				(1,377	)
Income before income taxes		36,264				26,252				146,773				115,608
Income tax expense		9,560				11,056				37,160				32,513
Net income	$	26,704			$	15,196			$	109,613			$	83,095
Basic earnings per share	$	0.44			$	0.28			$	1.91			$	1.51
Diluted earnings per share	$	0.34			$	0.21			$	1.42			$	1.10
Weighted-average basic shares outstanding		60,901				54,677				57,466				54,935
Weighted-average diluted shares outstanding		83,218				83,552				83,383				84,448

EZCORP, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(in thousands, except share and per share amounts)	September 30, 2025				September 30, 2024
Assets:
Current assets:
Cash and cash equivalents	$	469,524			$	170,513
Short-term restricted cash		525				9,294
Pawn loans		307,496				274,084
Pawn service charges receivable, net		48,733				44,013
Inventory, net		248,457				191,923
Prepaid expenses and other current assets		51,221				39,171
Total current assets		1,125,956				728,998
Investments in unconsolidated affiliates		18,123				13,329
Other investments		51,903				51,900
Property and equipment, net		75,331				65,973
Right-of-use assets, net		236,462				226,602
Long-term restricted cash		14,664				—
Goodwill		324,889				306,478
Intangible assets, net		58,832				58,451
Deferred tax asset, net		29,455				25,362
Other assets, net		15,594				16,144
Total assets	$	1,951,209			$	1,493,237
Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net	$	—			$	103,072
Accounts payable, accrued expenses and other current liabilities		105,443				85,737
Customer layaway deposits		33,901				21,570
Operating lease liabilities, current		61,228				58,998
Total current liabilities		200,572				269,377
Long-term debt, net		518,076				224,256
Deferred tax liability, net		2,571				2,080
Operating lease liabilities		184,736				180,616
Other long-term liabilities		19,769				12,337
Total liabilities		925,724				688,666
Commitments and contingencies (Note 12)
Stockholders’ equity:
Class A Non-Voting Common Stock, par value $0.01 per share; shares authorized: 100 million; 57,921,451 issued and outstanding as of September 30, 2025; and issued and outstanding of 51,582,698 as of September 30, 2024		579				516
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171 as of September 30, 2025 and 2024		30				30
Additional paid-in capital		450,892				348,366
Retained earnings		612,687				507,206
Accumulated other comprehensive loss		(38,703	)			(51,547	)
Total equity		1,025,485				804,571
Total liabilities and equity	$	1,951,209			$	1,493,237

EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	Twelve Months Ended September 30,
(in thousands)		2025				2024
Operating activities:
Net income	$	109,613			$	83,095
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		32,538				33,069
Amortization of debt discount and deferred financing costs		1,726				1,605
Non-cash lease expense		59,265				58,393
Deferred income taxes		(3,084	)			1,354
Impairment of other assets		877				843
Other adjustments		(1,942	)			789
Provision for inventory reserve		858				73
Stock compensation expense		12,465				10,406
Equity in net (income) loss from investment in unconsolidated affiliates		(6,150	)			(4,711	)
Changes in operating assets and liabilities, net of business acquisitions:
Service charges and fees receivable		(3,833	)			(5,217	)
Inventory		(18,179	)			(8,488	)
Prepaid expenses, other current assets and other assets		(5,719	)			(8,638	)
Accounts payable, accrued expenses and other liabilities		(41,420	)			(57,158	)
Customer layaway deposits		11,712				2,950
Income taxes		258				5,235
Net cash provided by operating activities		148,985				113,600
Investing activities:
Loans made		(1,006,505	)			(937,014	)
Loans repaid		557,761				522,497
Recovery of pawn loan principal through sale of forfeited collateral		393,203				363,396
Capital expenditures, net		(38,561	)			(35,764	)
Acquisitions, net of cash acquired		(20,693	)			(12,113	)
(Issuance of) proceeds from note receivable		(5,895	)			421
Investment in unconsolidated affiliate		(786	)			(1,131	)
Investment in other investments		—				(15,680	)
Dividends from unconsolidated affiliates		3,614				3,535
Net cash used in investing activities		(117,862	)			(111,853	)
Financing activities:
Taxes paid related to net share settlement of equity awards		(3,972	)			(3,294	)
Proceeds from borrowings		300,000				—
Debt issuance cost		(7,593	)			—
Payments on debt		(6,410	)			(34,389	)
Purchase and retirement of treasury stock		(6,999	)			(12,008	)
Payments of finance leases		(606	)			(492	)
Net cash (used in) provided by financing activities		274,420				(50,183	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash		(637	)			(725	)
Net (decrease) increase in cash and cash equivalents and restricted cash		304,906				(49,161	)
Cash and cash equivalents and restricted cash at beginning of period		179,807				228,968
Cash and cash equivalents and restricted cash at end of period	$	484,713			$	179,807

                 

EZCORP, Inc.
OPERATING SEGMENT RESULTS

	Three Months Ended September 30, 2025 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn				Other Investments				Total Segments				Corporate Items				Consolidated
Revenues:
Merchandise sales	$	117,288		$	59,277			$	—			$	176,565			$	—			$	176,565
Jewelry scrap sales		29,512			4,732				—				34,244				—				34,244
Pawn service charges		92,125			33,841				—				125,966				—				125,966
Other revenues		21			17				—				38				—				38
Total revenues		238,946			97,867				—				336,813				—				336,813
Merchandise cost of goods sold		73,694			40,377				—				114,071				—				114,071
Jewelry scrap cost of goods sold		20,729			3,442				—				24,171				—				24,171
Gross profit		144,523			54,048				—				198,571				—				198,571
Segment and corporate expenses (income):
Store expenses		88,979			40,028				—				129,007				—				129,007
General and administrative		—			—				—				—				23,411				23,411
Impairment of other assets		263			—				—				263				614				877
Depreciation and amortization		2,701			2,421				—				5,122				3,059				8,181
Loss on sale or disposal of assets and other		66			44				—				110				—				110
Other operating income		—			—				—				—				—				—
Interest expense		—			—				—				—				8,143				8,143
Interest income		—			(356	)			(843	)			(1,199	)			(4,114	)			(5,313	)
Equity in net (income) loss of unconsolidated affiliates		—			—				(2,038	)			(2,038	)			68				(1,970	)
Other expense (income)		7			(110	)			—				(103	)			(36	)			(139	)
Segment contribution	$	52,507		$	12,021			$	2,881			$	67,409
Income (loss) before income taxes												$	67,409			$	(31,145	)		$	36,264

	Three Months Ended September 30, 2024 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn				Other Investments				Total Segments				Corporate Items				Consolidated
Revenues:
Merchandise sales	$	111,040		$	50,466			$	—			$	161,506			$	—			$	161,506
Jewelry scrap sales		15,086			2,805				—				17,891				—				17,891
Pawn service charges		85,863			29,240				—				115,103				—				115,103
Other revenues		32			19				—				51				—				51
Total revenues		212,021			82,530				—				294,551				—				294,551
Merchandise cost of goods sold		70,158			34,565				—				104,723				—				104,723
Jewelry scrap cost of goods sold		11,961			2,486				—				14,447				—				14,447
Gross profit		129,902			45,479				—				175,381				—				175,381
Segment and corporate expenses (income):
Store expenses		86,280			33,303				—				119,583				—				119,583
General and administrative		—			—				—				—				20,688				20,688
Impairment of goodwill, intangible and other assets		—			—				—				—				843				843
Depreciation and amortization		2,599			2,044				—				4,643				3,484				8,127
(Gain) loss on sale or disposal of assets and other		9			100				—				109				24				133
Interest expense		—			—				—				—				3,204				3,204
Interest income		—			(214	)			(611	)			(825	)			(1,298	)			(2,123	)
Equity in net (income) loss of unconsolidated affiliates		—			—				(715	)			(715	)			139				(576	)
Other (income) expense		7			13				(27	)			(7	)			(743	)			(750	)
Segment contribution	$	41,007		$	10,233			$	1,353			$	52,593
Income (loss) before income taxes												$	52,593			$	(26,341	)		$	26,252

	Twelve Months Ended September 30, 2025 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn				Other Investments				Total Segments				Corporate Items				Consolidated
Revenues:
Merchandise sales	$	475,252		$	225,747			$	—			$	700,999			$	—			$	700,999
Jewelry scrap sales		85,658			13,226				—				98,884				—				98,884
Pawn service charges		351,479			122,749				—				474,228				—				474,228
Other revenues		103			66				—				169				—				169
Total revenues		912,492			361,788				—				1,274,280				—				1,274,280
Merchandise cost of goods sold		299,107			156,570				—				455,677				—				455,677
Jewelry scrap cost of goods sold		62,746			9,792				—				72,538				—				72,538
Gross profit		550,639			195,426				—				746,065				—				746,065
Segment and corporate expenses (income):
Store expenses		339,378			141,730				—				481,108				—				481,108
General and administrative		—			—				—				—				83,500				83,500
Impairment of other assets		263			—				—				263				614				877
Depreciation and amortization		10,750			8,612				—				19,362				13,176				32,538
Loss (gain) on sale or disposal of assets and other		83			52				—				135				—				135
Other operating income		—			—				—				—				(1,262	)			(1,262	)
Interest expense		—			—				—				—				23,029				23,029
Interest income		—			(1,251	)			(2,646	)			(3,897	)			(10,824	)			(14,721	)
Equity in net (income) loss of unconsolidated affiliates		—			—				(6,936	)			(6,936	)			786				(6,150	)
Other income		—			(330	)			—				(330	)			568				238
Segment contribution	$	200,165		$	46,613			$	9,582			$	256,360
Income (loss) before income taxes												$	256,360			$	(109,587	)		$	146,773

	Twelve Months Ended September 30, 2024 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn				Other Investments				Total Segments				Corporate Items				Consolidated
Revenues:
Merchandise sales	$	459,251		$	204,485			$	—			$	663,736			$	—			$	663,736
Jewelry scrap sales		54,344			6,738				—				61,082				—				61,082
Pawn service charges		322,362			114,183				—				436,545				—				436,545
Other revenues		126			78				35				239				—				239
Total revenues		836,083			325,484				35				1,161,602				—				1,161,602
Merchandise cost of goods sold		288,894			138,509				—				427,403				—				427,403
Jewelry scrap cost of goods sold		45,926			6,000				—				51,926				—				51,926
Gross profit		501,263			180,975				35				682,273				—				682,273
Segment and corporate expenses (income):
Store expenses		325,816			135,239				—				461,055				—				461,055
General and administrative		—			—				—				—				75,557				75,557
Impairment of goodwill, intangible and other assets		—			—				—				—				843				843
Depreciation and amortization		10,147			8,865				—				19,012				14,057				33,069
(Gain) loss on sale or disposal of assets and other		3			(140	)			—				(137	)			121				(16	)
Other operating income		—			—				—				—				(765	)			(765	)
Interest expense		—			—				—				—				13,585				13,585
Interest income		—			(1,612	)			(2,422	)			(4,034	)			(6,541	)			(10,575	)
Equity in net (income) loss of unconsolidated affiliates		—			—				(4,993	)			(4,993	)			282				(4,711	)
Other (income) expense		7			(218	)			—				(211	)			(1,166	)			(1,377	)
Segment contribution	$	165,290		$	38,841			$	7,450			$	211,581
Income (loss) before income taxes												$	211,581			$	(95,973	)		$	115,608

EZCORP, Inc.
STORE COUNT ACTIVITY
(Unaudited)

	Three Months Ended September 30, 2025
	U.S. Pawn			Latin America Pawn		Consolidated
As of June 30, 2025	545			791		1,336
New locations opened	—			17		17
Locations acquired	1			7		8
Locations combined or closed	(1	)		—		(1	)
As of September 30, 2025	545			815		1,360

	Three Months Ended September 30, 2024
	U.S. Pawn		Latin America Pawn		Consolidated
As of June 30, 2024	541		717		1,258
New locations opened	—		20		20
Locations acquired	1		—		1
As of September 30, 2024	542		737		1,279

	Twelve Months Ended September 30, 2025
	U.S. Pawn			Latin America Pawn			Consolidated
As of September 30, 2024	542			737			1,279
New locations opened	—			40			40
Locations acquired	4			48			52
Locations combined or closed	(1	)		(10	)		(11	)
As of September 30, 2025	545			815			1,360

	Twelve Months Ended September 30, 2024
	U.S. Pawn			Latin America Pawn			Consolidated
As of September 30, 2023	529			702			1,231
New locations opened	1			40			41
Locations acquired	13			—			13
Locations combined or closed	(1	)		(5	)		(6	)
As of September 30, 2024	542			737			1,279

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 and twelve months ended September 30, 2025 and 2024 were as follows:

		September 30,				Three Months Ended September 30,				Twelve Months Ended September 30,
		2025		2024		2025		2024		2025		2024
Mexican peso		18.3		19.7		18.6		18.9		19.7		17.7
Guatemalan quetzal		7.5		7.6		7.6		7.6		7.6		7.6
Honduran lempira		25.9		24.6		25.9		24.4		25.4		24.4
Australian dollar		1.5		1.4		1.5		1.5		1.6		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 September 30,								Twelve Months Ended September 30,
(in millions)		2025				2024				2025				2024
Net income	$	26.7			$	15.2			$	109.6			$	83.1
Interest expense		8.1				3.2				23.0				13.6
Interest income		(5.3	)			(2.1	)			(14.7	)			(10.6	)
Income tax expense		9.6				11.1				37.2				32.5
Depreciation and amortization		8.2				8.1				32.5				33.1
EBITDA	$	47.3			$	35.5			$	187.6			$	151.7

	Total Revenues				Gross Profit				Income Before Tax			Tax Effect				Net Income				Diluted EPS				EBITDA
2025 Q4 Reported	$	336.8			$	198.6			$	36.3		$	9.6			$	26.7			$	0.34			$	47.3
Corporate office impairment		—				—				0.6			0.2				0.4				0.01				0.6
FX impact		—				—				0.1			—				0.1				—				0.1
Non-recurring foreign tax expense		—				—				—			1.0				(1.0	)			(0.01	)			—
Tax discrete adjustments		—				—				—			(0.6	)			0.6				—				—
Constant Currency		(0.9	)			(0.6	)			—			—				—				—				(0.1	)
2025 Q4 Adjusted	$	335.9			$	198.0			$	37.0		$	10.2			$	26.8			$	0.34			$	47.9

	Total Revenues			Gross Profit			Income Before Tax				Tax Effect				Net Income				Diluted EPS				EBITDA
2025 Full Year reported	$	1,274.3		$	746.1		$	146.8			$	37.2			$	109.6			$	1.42			$	187.6
Corporate lease termination		—			—			(1.3	)			(0.3	)			(1.0	)			(0.01	)			(1.3	)
Corporate office impairment		—			—			0.6				0.2				0.4				—				0.6
Non-recurring foreign tax expense		—			—			—				0.5				(0.5	)			(0.01	)			—
Tax discrete adjustments		—			—			—				0.7				(0.7	)			(0.01	)			—
FX impact		—			—			0.9				0.2				0.7				0.01				0.9
Constant Currency and other impact		30.0			15.6			2.7				0.5				2.2				0.03				3.4
2025 Full Year Adjusted	$	1,304.3		$	761.7		$	149.7			$	39.0			$	110.7			$	1.43			$	191.2

	Total Revenues			Gross Profit			Income Before Tax				Tax Effect				Net Income				Diluted EPS				EBITDA
2024 Q4 Reported	$	294.6		$	175.4		$	26.3			$	11.1			$	15.2			$	0.21			$	35.5
CCV adjustment		—			—			1.0				0.3				0.7				0.01				1.0
Non-recurring foreign tax expense		—			—			—				(1.7	)			1.7				0.02				—
Tax discrete adjustments		—			—			—				(1.3	)			1.3				0.02				—
FX impact		—			—			(0.5	)			(0.1	)			(0.4	)			(0.01	)			(0.5	)
2024 Q4 Adjusted	$	294.6		$	175.4		$	26.8			$	8.3			$	18.5			$	0.25			$	36.0

	Total Revenues			Gross Profit			Income Before Tax				Tax Effect				Net Income				Diluted EPS				EBITDA
2024 Full Year reported	$	1,161.6		$	682.3		$	115.6			$	32.5			$	83.1			$	1.10			$	151.7
CCV adjustment		—			—			1.0				0.3				0.7				0.01				1.0
Corporate lease termination		—			—			(0.8	)			(0.2	)			(0.6	)			(0.01	)			(0.8	)
Non-recurring foreign tax expense		—			—			—				(1.7	)			1.7				0.02				—
Tax discrete adjustments		—			—			—				(0.6	)			0.6				0.01				—
FX impact		—			—			(0.3	)			(0.1	)			(0.2	)			—				(0.3	)
2024 Full Year Adjusted	$	1,161.6		$	682.3		$	115.5			$	30.2			$	85.3			$	1.13			$	151.6

	Three Months Ended September 30, 2025							Twelve Months Ended September 30, 2025
(in millions)	U.S. Dollar Amount				Percentage Change YOY			U.S. Dollar Amount				Percentage Change YOY
Consolidated revenues	$	336.8			14	%		$	1,274.3			10	%
Currency exchange rate fluctuations		(0.9	)						30.0
Constant currency consolidated revenues	$	335.9			14	%		$	1,304.3			12	%
Consolidated gross profit	$	198.6			13	%		$	746.1			9	%
Currency exchange rate fluctuations		(0.6	)						15.6
Constant currency consolidated gross profit	$	198.0			13	%		$	761.7			12	%
Consolidated net inventory	$	248.5			29	%		$	248.5			29	%
Currency exchange rate fluctuations		(3.3	)						(3.3	)
Constant currency consolidated net inventory	$	245.2			28	%		$	245.2			28	%
Latin America Pawn gross profit	$	54.0			19	%		$	195.4			8	%
Currency exchange rate fluctuations		(0.5	)						15.6
Constant currency Latin America Pawn gross profit	$	53.5			18	%		$	211.0			17	%
Latin America Pawn PLO	$	73.7			23	%		$	73.7			23	%
Currency exchange rate fluctuations		(3.6	)						(3.6	)
Constant currency Latin America Pawn PLO	$	70.1			17	%		$	70.1			17	%
Latin America Pawn PSC revenues	$	33.8			16	%		$	122.7			8	%
Currency exchange rate fluctuations		(0.3	)						9.3
Constant currency Latin America Pawn PSC revenues	$	33.5			15	%		$	132.0			16	%
Latin America Pawn merchandise sales	$	59.3			17	%		$	225.7			10	%
Currency exchange rate fluctuations		(0.6	)						19.7
Constant currency Latin America Pawn merchandise sales	$	58.7			16	%		$	245.4			20	%
Latin America Pawn segment profit before tax	$	12.0			17	%		$	46.6			20	%
Currency exchange rate fluctuations		0.1							3.2
Constant currency Latin America Pawn segment profit before tax	$	12.1			18	%		$	49.8			28	%

Note: The underlying numbers are in thousands and, as a result, may not agree to the percentages calculated from numbers in millions and tables may not foot.
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.

FAQ

What were EZCORP (EZPW) fourth-quarter total revenues and net income on Nov 13, 2025?

Q4 total revenues were $336.8M and net income was $26.7M (diluted EPS $0.34).

How did EZCORP (EZPW) perform for full-year fiscal 2025 in revenue and EPS?

FY2025 total revenue was $1,274.3M and diluted EPS was $1.42.

What was the change in pawn loans outstanding (PLO) for EZCORP (EZPW) in FY2025?

PLO increased 12% to $307.5M as of September 30, 2025.

How much did EZCORP (EZPW) increase adjusted EBITDA in fiscal 2025?

Adjusted EBITDA rose 26% to $191.2M for the year ended September 30, 2025.

What changes in inventory and margins should EZCORP (EZPW) investors note for Q4 2025?

Net inventory rose 29%, inventory turnover fell to 2.3x, and aged merchandise increased to 2.6% of inventory.

Did EZCORP (EZPW) change its store footprint during fiscal 2025 and by how many stores?

Yes; the company added 81 stores in FY2025 (52 acquired, 40 de novo, 11 consolidations) and now operates 1,360 stores.