EZCORP Reports Second Quarter Fiscal 2026 Results

Rhea-AI Summary

EZCORP (NASDAQ: EZPW) reported record second quarter fiscal 2026 results for the period ended March 31, 2026, with net income up 93% to $49.1M, total revenues up 46% to $446.9M, PLO up 33% to $349.4M, and adjusted EBITDA up 76% to $76.9M. The company added 123 stores (including 117 acquired) and completed the SMG acquisition effective January 2, 2026.

Cash declined to $354.2M primarily due to SMG debt retirement and acquisition-related uses; the company ended the quarter with 1,506 stores across 16 countries.

AI-generated analysis. Not financial advice.

Positive

• Net income +93% to $49.1M
• Total revenues +46% to $446.9M
• Pawn loans outstanding (PLO) +33% to $349.4M
• Adjusted EBITDA +76% to $76.9M
• Expanded footprint by 123 stores, including 117 acquired

Negative

• Cash and equivalents decreased to $354.2M after acquisitions and debt retirement
• Store expenses increased 33% (13% same-store) driving cost pressure
• General and administrative expenses rose 37%, partly from SMG integration

News Market Reaction – EZPW

-1.67%

13 alerts

-1.67% News Effect

+6.7% Peak in 3 hr 14 min

-$35M Valuation Impact

$2.06B Market Cap

0.1x Rel. Volume

On the day this news was published, EZPW declined 1.67%, reflecting a mild negative market reaction. Argus tracked a peak move of +6.7% during that session. Our momentum scanner triggered 13 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $35M from the company's valuation, bringing the market cap to $2.06B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Net income: $49.1M Total revenue: $446.9M Adjusted EBITDA: $76.9M +5 more

8 metrics

Net income $49.1M Q2 FY2026, up 93% year over year

Total revenue $446.9M Q2 FY2026, up 46% year over year

Adjusted EBITDA $76.9M Q2 FY2026, up 76% year over year

Diluted EPS $0.61 Q2 FY2026, up 85% year over year

Adjusted EPS $0.58 Q2 FY2026, up 76% year over year

Pawn loans outstanding $349.4M Q2 FY2026, up 33% year over year

Cash and equivalents $354.2M Balance at Mar 31, 2026

Long-term debt $530.0M Balance at Mar 31, 2026

Market Reality Check

Price: $33.57 Vol: Volume 785,564 vs 20-day ...

normal vol

$33.57 Last Close

Volume Volume 785,564 vs 20-day average 672,192 (relative volume 1.17x). normal

Technical Price $33.44 is above 200-day MA at $21.08 and within 1% of the 52-week high $33.68.

Peers on Argus

EZPW is up 2.45% with solid volume. Peers are mixed: LX up 2.86%, WRLD up 3.72%,...

1 Up

EZPW is up 2.45% with solid volume. Peers are mixed: LX up 2.86%, WRLD up 3.72%, while ATLC, ECPG, and OPFI are down modestly. With only one peer (ECPG) in the momentum scanner and mixed peer moves, today’s strength appears more company-specific to EZPW’s record Q2 results than a broad credit-services rotation.

Common Catalyst Peer ECPG also reported earnings today, but broader peer moves are mixed, suggesting stock-specific drivers.

Historical Context

5 past events · Latest: Mar 23 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 23	Annual meeting notice	Neutral	+1.9%	Announcement of annual stockholder meeting and 2025 Form 10-K filing.
Feb 04	Earnings release	Positive	+4.5%	Strong Q1 2026 revenue, net income, EPS and adjusted EBITDA growth.
Jan 29	Earnings date set	Neutral	+1.7%	Scheduling of Q1 2026 results release and accompanying webcast details.
Jan 05	Acquisition announcement	Positive	+0.8%	Acquisition of controlling interest in Founders/SMG adding 105 pawn stores.
Dec 02	Product launch	Positive	+4.0%	Launch of Instant Quote online tool to speed electronic-item valuations.

Pattern Detected

Recent EZPW news, especially operational and earnings updates, has generally coincided with positive share reactions, including prior fiscal 2026 results and product launches.

Recent Company History

Over the last six months, EZPW has reported multiple operational milestones. Q1 fiscal 2026 results on Feb 04, 2026 showed higher net income, revenue, and adjusted EBITDA with a 4.46% price gain. The Founders/SMG acquisition on Jan 05, 2026 expanded the footprint to 1,488 stores. Earlier, the Instant Quote tool launch and meeting/earnings-date notices also saw positive albeit smaller moves. Today’s record Q2 revenue, EPS, and PLO build directly on this growth and integration narrative.

Market Pulse Summary

This announcement highlights record Q2 performance, with total revenue of $446.9M, net income of $49...

Analysis

This announcement highlights record Q2 performance, with total revenue of $446.9M, net income of $49.1M, diluted EPS of $0.61, and pawn loans outstanding of $349.4M. Growth is supported by the recent SMG acquisition and an expanded footprint of 1,506 stores. Compared with prior strong Q1 2026 results and the Founders/SMG transaction, the news extends a consistent growth trend. Investors may watch future quarters for integration progress, cash and debt levels, and continued same-store PLO growth.

Key Terms

generally accepted accounting principles, adjusted EBITDA, pawn loans outstanding, basis points, +3 more

7 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.

adjusted EBITDA financial

"Adjusted EBITDA increased 76% to $76.9 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 financial

"Pawn loans outstanding (PLO) increased 33% to $349.4 million."

The total amount of active loans a pawnbroker has made that are still unpaid, each secured by a physical item held as collateral. Investors watch this figure because it shows the lender’s current loan volume, the value tied up in collateral and potential income from repayments or forfeited items—similar to checking how many outstanding IOUs a business has and what assets back them.

basis points financial

"aged general merchandise decreased 128 basis points (bps) to 1.5% of total"

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

Form 10-Q regulatory

"Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 has been filed"

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.

Schedule 13G regulatory

"filed an amendment to its Schedule 13G reporting that, after an internal realignment"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Class A Non-Voting Common Stock financial

"shares of Class A Non-Voting Common Stock indirectly through a trust."

A Class A non-voting common stock is an ownership share that gives the holder the same economic benefits as regular common stock—such as dividends and any rise in value—but does not give the holder the right to vote on corporate decisions or board elections. For investors this matters because it affects control and influence over the company’s strategy: you can share in profits or losses like a shareholder, but you cannot help decide how the company is run, similar to renting out a property’s income without holding the deed.

AI-generated analysis. Not financial advice.

Record Operating Results; PLO and Revenue reach all-time highs

AUSTIN, Texas, May 06, 2026 (GLOBE NEWSWIRE) -- EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States, Latin America and the Caribbean, today announced results for its second quarter ended March 31, 2026.

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.

SECOND QUARTER HIGHLIGHTS

• Net income attributable to EZCORP increased 93% to $49.1 million. On an adjusted basis¹, net income attributable to EZCORP increased 84% to $46.5 million.
• Diluted earnings per share (EPS) increased 85% to $0.61. On an adjusted basis¹, diluted earnings per share increased 76% to $0.58.
• Adjusted EBITDA increased 76% to $76.9 million.
• Total revenues increased 46% to $446.9 million, while gross profit increased 46% to $260.0 million.
• Pawn loans outstanding (PLO) increased 33% to $349.4 million.
• Completed the acquisition of Founders One, LLC ("Founders") and its subsidiary, Simple Management Group, Inc. ("SMG") effective January 2, 2026.
• Grew our footprint by 123 stores, including 117 acquired stores (105 from SMG) and 6 de novo stores.
  
  

CEO COMMENTARY AND OUTLOOK

Lachie Given, Chief Executive Officer, stated, "The second quarter was another exceptional period for EZCORP, delivering record revenue, record PLO, and a 76% increase in adjusted EBITDA. This growth was driven by disciplined execution across all segments, sustained customer demand for immediate cash solutions and high-quality, affordable secondhand goods, together with favorable gold prices and the contribution from SMG.

"We expanded our footprint by 123 stores during the quarter, including the SMG and El Bufalo acquisitions completed in early January, and ended the period with 1,506 stores across 16 countries. We are focused on driving operational improvements across SMG while capitalizing on the advantages of our scaled global platform and the significant runway ahead in existing and new pawn markets. In April, we acquired 32 stores in Guatemala strengthening our market leading position there.

"Backed by a highly liquid balance sheet, we remain disciplined in capital allocation and active in pursuing attractive organic and inorganic growth opportunities. I thank our team members across every geography for their dedication to exceptional customer service. Guided by our core values of People, Pawn and Passion, we continue our focus on strengthening our core and scaling our operations, while delivering sustainable, long-term value for our shareholders."

CONSOLIDATED RESULTS

Three Months Ended March 31,	As Reported						Adjusted1
in millions, except per share amounts		2026			2025			2026			2025
Total revenues	$	446.9		$	306.3		$	434.9		$	306.3
Gross profit	$	260.0		$	178.5		$	253.4		$	178.5
Income before income taxes	$	65.5		$	34.4		$	61.8		$	34.3
Consolidated net income attributable to EZCORP	$	49.1		$	25.4		$	46.5		$	25.3
Diluted earnings per share attributable to EZCORP	$	0.61		$	0.33		$	0.58		$	0.33
EBITDA (non-GAAP measure)	$	80.8		$	43.8		$	76.9		$	43.8

• PLO increased 33% to $349.4 million (16% on a same-store² basis), primarily due to higher average loan size, continued strong pawn demand and improved operational performance.
• Total revenues increased 46% and gross profit increased 46%, reflecting improved merchandise sales, jewelry scrap sales, and pawn service charges (PSC). Excluding SMG, total revenues increased 29% and gross profit increased 31%.
• PSC increased 30% as a result of higher average PLO and additional stores.
• Merchandise sales gross margin increased to 36% from 34%, while aged general merchandise decreased 128 basis points (bps) to 1.5% of total general merchandise inventory.
• Jewelry scrap sales increased 288%, and jewelry scrap sales gross margin increased from 22% to 38% due to increase in gold price and jewelry purchases.
• Net inventory increased 33% (15% on a same-store basis) due to an increase in PLO, layaways and purchases, partially offset by an increase in inventory turnover to 2.7x, from 2.5x.
• Store expenses increased 33% (13% on a same-store basis), primarily due to labor costs, including minimum wage increases in Latin America.
• General and administrative expenses increased 37%, primarily due to labor costs (including higher incentive compensation) and expenses associated with SMG.
• Income before taxes increased to $65.5 million, up 90% from $34.4 million, and adjusted EBITDA increased 76% to $76.9 million.
• Diluted earnings per share increased 85% to $0.61. On an adjusted basis, diluted earnings per share increased 76% to $0.58.
• Cash and cash equivalents decreased to $354.2 million from $505.2 million as of March 31, 2025. The decrease was primarily driven by the retirement of SMG’s existing third-party indebtedness of $134.2 million and cash used for acquisitions.
  
  

SEGMENT RESULTS

U.S. Pawn

• PLO increased 16% to $230.5 million (13% 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 27%, driven by increased jewelry scrap sales, PSC and merchandise sales.
• PSC increased 13% as a result of higher average PLO.
• Merchandise sales increased 9% (7% on a same-store basis). Sales gross margin increased by 170 bps to 38%.
• Jewelry scrap sales increased 228%, and jewelry scrap sales gross margin increased to 41% from 22% due to increase in gold price and jewelry purchases.
• Net inventory increased 20% (16% on a same-store basis) due to increase in PLO, layaways and purchases; inventory turnover remained consistent at 2.3x. Aged general merchandise decreased by 95 bps to 2.3%, or $0.9 million of total general merchandise inventory.
• Store expenses increased 9% on a total and 6% on a same-store basis, primarily due to increased labor, in line with store activity.
• Segment contribution increased 59% to $78.1 million.
• Segment store count increased to 559 due to the acquisition of 12 stores in Texas during the quarter.
  
  

Latin America Pawn

• PLO increased 38% to $86.3 million (27% on constant currency basis). On a same-store basis, PLO increased 25% (15% increase on a constant currency basis) due to strong loan demand and improved operational performance.
• Total revenues increased 34% (19% on constant currency basis), and gross profit increased 42% (27% on a constant currency basis), primarily due to increased jewelry scrap sales, PSC and merchandise sales.
• PSC increased to $38.0 million, an increase of 34% (21% on a constant currency basis) as a result of higher average PLO.
• Merchandise sales increased 31% (17% on constant currency basis) and 21% 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 64%, and jewelry scrap sales gross margin increased to 38% from 24% due to increase in gold price.
• Net inventory increased 21% (10% on a constant currency basis) due to an increase in PLO. Inventory turnover remained consistent at 3.2x. On a same-store basis, net inventory increased by 11% (consistent on a constant currency basis). Aged general merchandise decreased below 1% of total general merchandise inventory.
• Store expenses increased 45% (29% on a constant currency basis) and increased 33% on a same-store basis (19% on a constant currency basis) due to increased labor, in line with store activity and minimum wage increases.
• Segment contribution increased 38% to $19.1 million (24% on a constant currency basis to $17.1 million).
• Segment store count increased by 4 de novo stores to 840 during the quarter.
  
  

SMG

• On January 2, 2026, EZCORP acquired a controlling 87.7% interest in Founders, which owns 85.1% of SMG. The second quarter of fiscal 2026 represents the first quarter of SMG consolidation. As SMG was not owned during the comparable prior-year period, results are presented on an absolute basis without year-over-year comparisons.
• PLO of $32.6 million and net inventory of $26.1 million, with aged general merchandise below 1% of total general merchandise inventory.
• Total revenues were $51.3 million, comprised of jewelry scrap sales of $19.1 million (with a margin of 30.6%), merchandise sales of $17.8 million (with a margin of 33.1%) and PSC of $14.4 million.
• Store expenses totaled $16.6 million.
• Segment contribution was $8.8 million.
• Segment store count increased by 2 to 107 due to the addition of de novo stores.
  
  

FORM 10-Q

EZCORP’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 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, May 7, 2026, at 8:00 am Central Time to discuss Second 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/BI28c4fe4baaf941ed813a0581b4f93ab1. 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/dbus7ezd/. 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.

Follow us on social media:

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

EZCORP Instagram Official https://www.instagram.com/ezcorp_official/

EZPAWN Instagram Official https://www.instagram.com/ezpawnofficial/

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 pandemics. 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 March 31,								Six Months Ended March 31,
(in thousands, except per share amount)			2026				2025				2026				2025
Revenues:
Merchandise sales		$	214,465			$	169,467			$	424,612			$	355,810
Jewelry scrap sales			81,240				20,938				121,149				37,670
Pawn service charges			151,128				115,871				283,045				232,923
Other revenues			48				40				94				83
Total revenues			446,881				306,316				828,900				626,486
Merchandise cost of goods sold			136,788				111,555				269,544				233,379
Jewelry scrap cost of goods sold			50,055				16,309				76,352				29,251
Gross profit			260,038				178,452				483,004				363,856
Operating expenses:
Store expenses			148,119				111,067				274,891				222,003
General and administrative			34,488				25,100				61,231				49,284
Depreciation and amortization			9,588				8,020				18,344				16,355
Loss on sale or disposal of assets and other			—				17				87				25
Total operating expenses			192,195				144,204				354,553				287,667
Operating income			67,843				34,248				128,451				76,189
Interest expense			8,354				3,281				16,520				6,428
Interest income			(2,587	)			(1,875	)			(7,401	)			(3,968	)
Equity in net income of unconsolidated affiliates			(1,166	)			(1,505	)			(2,989	)			(2,980	)
Other (income) expense			(2,244	)			(65	)			(2,336	)			913
Income before income taxes			65,486				34,412				124,657				75,796
Income tax expense			15,902				9,022				30,769				19,390
Consolidated net income			49,584				25,390				93,888				56,406
Consolidated net (income) attributable to non-controlling interest			(481	)			—				(481	)			—
Consolidated net income attributable to EZCORP		$	49,103			$	25,390			$	93,407			$	56,406
Basic earnings per share attributable to EZCORP		$	0.80			$	0.46			$	1.52			$	1.03
Diluted earnings per share attributable to EZCORP		$	0.61			$	0.33			$	1.17			$	0.74
Weighted-average basic shares outstanding			61,653				54,965				61,446				54,895
Weighted-average diluted shares outstanding			83,410				83,140				83,354				83,247

EZCORP, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(in thousands, except per share amount)		March 31, 2026				March 31, 2025				September 30, 2025
Assets:
Current assets:
Cash and cash equivalents		$	354,175			$	505,239			$	469,524
Short-term restricted cash			958				9,499				525
Pawn loans			349,368				261,830				307,496
Pawn service charges receivable, net			53,031				42,323				48,733
Inventory, net			275,963				207,783				248,457
Prepaid expenses and other current assets			58,551				40,283				51,221
Total current assets			1,092,046				1,066,957				1,125,956
Investments in unconsolidated affiliates			26,093				13,967				18,123
Other investments			6,883				51,903				51,903
Property and equipment, net			86,894				64,150				75,331
Right-of-use assets			269,742				229,878				236,462
Long-term restricted cash			14,929				—				14,664
Goodwill			473,513				305,239				324,889
Intangible assets, net			124,657				57,079				58,832
Deferred tax asset, net			13,454				25,090				29,455
Other assets, net			18,546				15,365				15,594
Total assets		$	2,126,757			$	1,829,628			$	1,951,209
Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net		$	—			$	103,325			$	—
Accounts payable, accrued expenses and other current liabilities			124,185				70,843				105,443
Customer layaway deposits			39,522				31,016				33,901
Operating lease liabilities, current			68,041				58,855				61,228
Total current liabilities			231,748				264,039				200,572
Long-term debt, net			519,001				517,188				518,076
Deferred tax liability, net			2,571				1,818				2,571
Operating lease liabilities			211,956				182,873				184,736
Other long-term liabilities			19,556				12,135				19,769
Total liabilities			984,832				978,053				925,724
Commitments and contingencies
Stockholders’ equity:
Class A Non-Voting Common Stock, par value $0.01 per share; shares authorized: 100,000,000; issued and outstanding: 58,622,115 as of March 31, 2026; 52,043,599 as of March 31, 2025; 57,921,451 as of September 30, 2025			586				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 March 31, 2026, March 31, 2025 and September 30, 2025			30				30				30
Additional paid-in capital			451,471				347,796				450,892
Retained earnings			703,687				561,211				612,687
Accumulated other comprehensive loss			(35,765	)			(57,982	)			(38,703	)
Total EZCORP equity			1,120,009				851,575				1,025,485
Non-controlling interest			21,916				—				—
Total equity			1,141,925				851,575				1,025,485
Total liabilities and equity		$	2,126,757			$	1,829,628			$	1,951,209

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

		Six Months Ended March 31,
(in thousands)			2026				2025
Operating activities:
Net income		$	93,888			$	56,406
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization			18,344				16,355
Amortization of deferred financing costs			925				725
Non-cash lease expense			33,267				28,943
Deferred income taxes			(259	)			10
Other adjustments			(897	)			(1,241	)
Provision for inventory reserve			(849	)			39
Stock compensation expense			8,534				5,001
Equity in net income from investment in unconsolidated affiliates			(2,989	)			(2,980	)
Gain from remeasurement of previously held equity interest			(1,596	)			—
Changes in operating assets and liabilities, net of business acquisitions:
Pawn service charges receivable			1,515				1,547
Inventory			(298	)			(5,390	)
Prepaid expenses, other current assets and other assets			(19,114	)			444
Accounts payable, accrued expenses and other liabilities			(47,443	)			(45,490	)
Customer layaway deposits			3,537				9,640
Income taxes			1,044				(1,081	)
Net cash provided by operating activities			87,609				62,928
Investing activities:
Loans made			(591,148	)			(484,611	)
Loans repaid			351,519				284,095
Recovery of pawn loan principal through sale of forfeited collateral			240,010				198,387
Capital expenditures			(17,910	)			(13,966	)
Acquisitions, net of cash acquired			(25,640	)			(79	)
Issuance of notes receivable			(9,000	)			—
Investment in unconsolidated affiliate			(7,231	)			(509	)
Dividends from unconsolidated affiliates			1,810				1,902
Net cash used in investing activities			(57,590	)			(14,781	)
Financing activities:
Taxes paid related to net share settlement of equity awards			(6,347	)			(3,971	)
Proceeds from issuance of debt			—				300,000
Debt issuance cost			—				(5,310	)
Payments on debt			(134,151	)			—
Purchase and retirement of treasury stock			(4,008	)			(3,997	)
Payments of finance leases			(543	)			(266	)
Net cash (used in) provided by financing activities			(145,049	)			286,456
Effect of exchange rate changes on cash and cash equivalents and restricted cash			379				328
Net (decrease) increase in cash, cash equivalents and restricted cash			(114,651	)			334,931
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		$	370,062			$	514,738

EZCORP, Inc.
OPERATING SEGMENT RESULTS
(Unaudited)

As a result of the acquisition of Founders One, LLC and its subsidiary Simple Management Group, Inc. effective January 2, 2026, the composition of our reportable segments changed beginning in the second quarter of fiscal 2026. SMG is now reported as a standalone reportable segment. Our equity interest in Cash Converters International Limited is now included within Corporate. Prior period segment information has been recast to reclassify Cash Converters equity income and interest income from notes receivable from Founders from the 'Other Investments' segment to Corporate. Because SMG was not a consolidated subsidiary in any prior period presented, no prior period SMG segment results exist.

		Three Months Ended March 31, 2026
(in thousands)		U.S. Pawn			Latin America Pawn				SMG			Total Segments				Corporate Items				Consolidated
Revenues:
Merchandise sales		$	127,884		$	68,762			$	17,819		$	214,465			$	—			$	214,465
Jewelry scrap sales			55,490			6,640				19,110			81,240				—				81,240
Pawn service charges			98,770			37,976				14,382			151,128				—				151,128
Other revenues			32			16				—			48				—				48
Total revenues			282,176			113,394				51,311			446,881				—				446,881
Merchandise cost of goods sold			79,647			45,227				11,914			136,788				—				136,788
Jewelry scrap cost of goods sold			32,658			4,137				13,260			50,055				—				50,055
Gross profit			169,871			64,030				26,137			260,038				—				260,038
Segment and corporate expenses (income):
Store expenses			88,982			42,523				16,614			148,119				—				148,119
General and administrative			—			—				—			—				34,488				34,488
Depreciation and amortization			2,809			2,733				674			6,216				3,372				9,588
Interest expense			—			—				—			—				8,354				8,354
Interest income			—			—				—			—				(2,587	)			(2,587	)
Equity in net income of unconsolidated affiliates			—			—				—			—				(1,166	)			(1,166	)
Other (income) expense			—			(343	)			38			(305	)			(1,939	)			(2,244	)
Segment contribution		$	78,080		$	19,117			$	8,811		$	106,008
Income (loss) before income taxes												$	106,008			$	(40,522	)		$	65,486

		Three Months Ended March 31, 2025
(in thousands)		U.S. Pawn			Latin America Pawn				Total Segments				Corporate Items				Consolidated
Revenues:
Merchandise sales		$	116,915		$	52,552			$	169,467			$	—			$	169,467
Jewelry scrap sales			16,898			4,040				20,938				—				20,938
Pawn service charges			87,548			28,323				115,871				—				115,871
Other revenues			24			16				40				—				40
Total revenues			221,385			84,931				306,316				—				306,316
Merchandise cost of goods sold			74,772			36,783				111,555				—				111,555
Jewelry scrap cost of goods sold			13,235			3,074				16,309				—				16,309
Gross profit			133,378			45,074				178,452				—				178,452
Segment and corporate expenses (income):
Store expenses			81,718			29,349				111,067				—				111,067
General and administrative			—			—				—				25,100				25,100
Depreciation and amortization			2,682			1,989				4,671				3,349				8,020
Loss on sale or disposal of assets and other			17			—				17				—				17
Interest expense			—			—				—				3,281				3,281
Interest income (a)			—			—				—				(1,875	)			(1,875	)
Equity in net income of unconsolidated affiliates (b)			—			—				—				(1,505	)			(1,505	)
Other (income) expense			4			(137	)			(133	)			68				(65	)
Segment contribution		$	48,957		$	13,873			$	62,830
Income (loss) before income taxes									$	62,830			$	(28,418	)		$	34,412

(a)	Interest income includes $0.6 million of interest income from notes receivable from Founders, which has been recast from the "Other Investments" segment to Corporate to conform to the current period presentation.
(b)	Equity in net income of unconsolidated affiliates includes $1.9 million of equity income from CCV, which has been recast from the "Other Investments" segment to Corporate to conform to the current period presentation.

		Six Months Ended March 31, 2026
(in thousands)		U.S. Pawn			Latin America Pawn				SMG			Total Segments				Corporate Items				Consolidated
Revenues:
Merchandise sales		$	266,926		$	139,867			$	17,819		$	424,612			$	—			$	424,612
Jewelry scrap sales			91,005			11,034				19,110			121,149				—				121,149
Pawn service charges			193,944			74,719				14,382			283,045				—				283,045
Other revenues			61			33				—			94				—				94
Total revenues			551,936			225,653				51,311			828,900				—				828,900
Merchandise cost of goods sold			165,334			92,296				11,914			269,544				—				269,544
Jewelry scrap cost of goods sold			56,022			7,070				13,260			76,352				—				76,352
Gross profit			330,580			126,287				26,137			483,004				—				483,004
Segment and corporate expenses (income):
Store expenses			176,148			82,129				16,614			274,891				—				274,891
General and administrative			—			—				—			—				61,231				61,231
Depreciation and amortization			5,532			5,268				674			11,474				6,870				18,344
Loss on sale or disposal of assets and other			87			—				—			87				—				87
Interest expense			—			—				—			—				16,520				16,520
Interest income (c)			—			—				—			—				(7,401	)			(7,401	)
Equity in net income of unconsolidated affiliates (d)			—			—				—			—				(2,989	)			(2,989	)
Other (income) expense			—			(366	)			38			(328	)			(2,008	)			(2,336	)
Segment contribution		$	148,813		$	39,256			$	8,811		$	196,880
Income (loss) before income taxes												$	196,880			$	(72,223	)		$	124,657

(c)	Interest income includes $1.0 million of interest income from notes receivable from Founders recorded in the first quarter of fiscal 2026, which has been recast from the "Other Investments" segment to Corporate to conform to the current period presentation.
(d)	Equity in net income of unconsolidated affiliates includes $1.8 million of equity income from CCV recorded in the first quarter of fiscal 2026, which has been recast from the "Other Investments" segment to Corporate to conform to the current period presentation.

		Six Months Ended March 31, 2025
(in thousands)		U.S. Pawn				Latin America Pawn				Total Segments				Corporate Items				Consolidated
Revenues:
Merchandise sales		$	245,715			$	110,095			$	355,810			$	—			$	355,810
Jewelry scrap sales			32,396				5,274				37,670				—				37,670
Pawn service charges			175,424				57,499				232,923				—				232,923
Other revenues			51				32				83				—				83
Total revenues			453,586				172,900				626,486				—				626,486
Merchandise cost of goods sold			156,328				77,051				233,379				—				233,379
Jewelry scrap cost of goods sold			25,203				4,048				29,251				—				29,251
Gross profit			272,055				91,801				363,856				—				363,856
Segment and corporate expenses (income):
Store expenses			163,199				58,804				222,003				—				222,003
General and administrative			—				—				—				49,284				49,284
Depreciation and amortization			5,399				4,035				9,434				6,921				16,355
Loss on sale or disposal of assets and other			17				8				25				—				25
Interest expense			—				—				—				6,428				6,428
Interest income (e)			—				—				—				(3,968	)			(3,968	)
Equity in net income of unconsolidated affiliates (f)			—				—				—				(2,980	)			(2,980	)
Other (income) expense			(7	)			(208	)			(215	)			1,128				913
Segment contribution		$	103,447			$	29,162			$	132,609
Income (loss) before income taxes										$	132,609			$	(56,813	)		$	75,796

(e)	Interest income includes $1.2 million of interest income from notes receivable from Founders, which has been recast from the "Other Investments" segment to Corporate to conform to the current period presentation.
(f)	Equity in net income of unconsolidated affiliates includes $3.5 million of equity income from CCV, which has been recast from the "Other Investments" segment to Corporate to conform to the current period presentation.

EZCORP, Inc.
STORE COUNT ACTIVITY
(Unaudited)

	Six Months Ended March 31, 2026
	U.S. Pawn			Latin America Pawn		SMG		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
New locations opened	—			4		2		6
Locations acquired	12			—		105		117
As of March 31, 2026	559			840		107		1,506

	Six Months Ended March 31, 2025
	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
New locations opened	—		9			9
Locations acquired	—		1			1
Locations combined or closed	—		(9	)		(9	)
As of March 31, 2025	542		742			1,284

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 six months ended March 31, 2026 and 2025 were as follows:

	March 31,				Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025		2026		2025
Mexican peso	18.0		20.4		17.6		20.4		17.9		20.3
Guatemalan quetzal	7.5		7.6		7.5		7.6		7.5		7.5
Honduran lempira	26.3		25.2		26.2		25.2		26.1		25.0
Australian dollar	1.5		1.6		1.4		1.6		1.5		1.6

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 March 31,
		2026				2025
Consolidated net income	$	49.6			$	25.4
Interest expense		8.4				3.3
Interest income		(2.6	)			(1.9	)
Income tax expense		15.9				9.0
Depreciation and amortization		9.6				8.0
EBITDA	$	80.8			$	43.8

	Total Revenues				Gross Profit				Income Before Tax				Tax Effect				Consolidated Net Income				Diluted EPS				EBITDA
2026 Q2 Reported	$	446.9			$	260.0			$	65.5			$	15.9			$	49.6			$	0.61			$	80.8
Founders fair value adjustment		—				—				(1.6	)			(0.4	)			(1.2	)			(0.01	)			(1.6	)
Corporate lease termination		—				—				(0.6	)			(0.2	)			(0.4	)			(0.01	)			(0.6	)
Non-recurring foreign tax expense		—				—				0.1				(0.1	)			0.2				—				0.1
FX impact		—				—				(0.4	)			(0.1	)			(0.3	)			—				(0.4	)
Constant Currency		(12.0	)			(6.6	)			(1.2	)			(0.3	)			(0.9	)			(0.01	)			(1.4	)
2026 Q2 Adjusted	$	434.9			$	253.4			$	61.8			$	14.8			$	47.0			$	0.58			$	76.9

	Total Revenues			Gross Profit			Income Before Tax				Tax Effect			Consolidated Net Income				Diluted EPS			EBITDA
2025 Q2 Reported	$	306.3		$	178.5		$	34.4			$	9.0		$	25.4			$	0.33		$	43.8
FX impact		—			—			(0.1	)			—			(0.1	)			—			—
2025 Q2 Adjusted	$	306.3		$	178.5		$	34.3			$	9.0		$	25.3			$	0.33		$	43.8

	Three Months Ended March 31, 2026							Six Months Ended March 31, 2026
(in millions)	U.S. Dollar Amount				Percentage Change YOY			U.S. Dollar Amount				Percentage Change YOY
Consolidated revenues	$	446.9			46	%		$	828.9			32	%
Currency exchange rate fluctuations		(12.0	)						(19.5	)
Constant currency consolidated revenues	$	434.9			42	%		$	809.4			29	%
Consolidated gross profit	$	260.0			46	%		$	483.0			33	%
Currency exchange rate fluctuations		(6.6	)						(10.7	)
Constant currency consolidated gross profit	$	253.4			42	%		$	472.3			30	%
Consolidated net inventory	$	276.0			33	%		$	276.0			33	%
Currency exchange rate fluctuations		(5.5	)						(5.5	)
Constant currency consolidated net inventory	$	270.5			30	%		$	270.5			30	%
Latin America Pawn gross profit	$	64.0			42	%		$	126.3			38	%
Currency exchange rate fluctuations		(6.6	)						(10.8	)
Constant currency Latin America Pawn gross profit	$	57.4			27	%		$	115.5			26	%
Latin America Pawn PLO	$	86.3			38	%		$	86.3			38	%
Currency exchange rate fluctuations		(7.3	)						(7.3	)
Constant currency Latin America Pawn PLO	$	79.0			27	%		$	79.0			27	%
Latin America Pawn PSC revenues	$	38.0			34	%		$	74.7			30	%
Currency exchange rate fluctuations		(3.8	)						(6.1	)
Constant currency Latin America Pawn PSC revenues	$	34.2			21	%		$	68.6			19	%
Latin America Pawn merchandise sales	$	68.8			31	%		$	139.9			27	%
Currency exchange rate fluctuations		(7.4	)						(12.3	)
Constant currency Latin America Pawn merchandise sales	$	61.4			17	%		$	127.6			16	%
Latin America Pawn segment profit before tax	$	19.1			38	%		$	39.3			35	%
Currency exchange rate fluctuations		(2.0	)						(3.2	)
Constant currency Latin America Pawn segment profit before tax	$	17.1			24	%		$	36.1			24	%

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 EZPW second quarter fiscal 2026 earnings per share and net income?

Diluted EPS was $0.61 and net income attributable to EZCORP was $49.1 million. According to the company, adjusted EPS was $0.58 and adjusted net income was $46.5 million for the quarter.

How much did EZPW revenue and adjusted EBITDA change in Q2 2026?

Total revenues rose to $446.9 million, a 46% increase; adjusted EBITDA was $76.9 million. According to the company, revenue and EBITDA growth were driven by higher merchandise and jewelry scrap sales and stronger pawn service charges.

What caused EZPW cash to decline to $354.2 million as of March 31, 2026?

Cash declined primarily due to retirement of SMG third-party debt and acquisition-related cash use. According to the company, $134.2 million of SMG debt was retired and acquisition payments contributed to the decrease.

How did EZPW’s pawn loans outstanding (PLO) perform in Q2 2026 and same-store basis?

PLO increased to $349.4 million, up 33% year-over-year and 16% on a same-store basis. According to the company, higher average loan size and strong pawn demand drove the increase.

What impact did the SMG acquisition have on EZPW’s Q2 2026 results?

SMG contributed to revenue, PLO and store count after consolidation beginning January 2, 2026. According to the company, SMG added $51.3 million of revenues, $32.6 million of PLO and 107 segment stores in the quarter.