EZCORP Reports Third Quarter Fiscal 2025 Results Continued Top-line Momentum Drives Exceptional Earnings Growth

Rhea-AI Summary

EZCORP (NASDAQ: EZPW) reported strong Q3 fiscal 2025 results, with significant growth across key metrics. The company's net income surged 48% to $26.5 million, while diluted EPS rose 36% to $0.34. Total revenues increased 11% to $311.0 million, with gross profit up 10% to $183.6 million.

The pawn services provider expanded its footprint by 52 new stores, including 40 acquired in Mexico. Pawn loans outstanding (PLO) grew 11% to $291.6 million, with same-store PLO up 9%. The company maintains a strong liquidity position of $472 million, enabling continued growth through organic expansion and strategic acquisitions.

Performance was strong across both U.S. and Latin America segments, with U.S. segment contribution increasing 32% to $47.6 million and Latin America contribution rising 20% to $12.4 million (30% on constant currency basis).

Positive

• Net income increased significantly by 48% to $26.5 million
• Total revenues grew 11% to $311.0 million with gross profit up 10%
• Strong expansion with 52 new stores added, including 40 acquired in Mexico
• Robust liquidity position of $472.1 million, up from $170.5 million
• U.S. segment contribution increased 32% to $47.6 million
• Pawn loans outstanding (PLO) grew 11% to $291.6 million
• Aged general merchandise improved to 2.3%, down 83 basis points

Negative

• Net inventory increased 31% with decreased inventory turnover from 2.7x to 2.4x
• Latin America merchandise sales gross margin decreased to 31% from 32%
• General and administrative expenses increased 9% primarily due to labor costs
• Latin America aged general merchandise increased to 2.2% from 0.9%

Insights

Financial Analyst

EZCORP's Q3 shows strong growth with 48% higher net income, 11% PLO growth, and strategic expansion driving exceptional profitability.

EZCORP delivered an exceptionally strong third quarter with substantial growth across all key financial metrics. The company's $291.6 million in pawn loans outstanding represents an 11% year-over-year increase, driving $311 million in total revenue (up 11%) and $183.6 million in gross profit (up 10%).

What's particularly impressive is EZCORP's ability to translate this top-line growth into even stronger bottom-line results. Net income surged 48% to $26.5 million, while adjusted EBITDA grew 42% to $45.2 million. Diluted EPS increased 36% to $0.34, demonstrating excellent operating leverage in the business model.

The company has achieved these results through a combination of organic growth and strategic expansion. Same-store pawn loans outstanding increased 9%, showing strong underlying demand for EZCORP's services. Meanwhile, the company grew its footprint by 52 stores, including 40 acquired locations in Mexico, expanding its scale and geographic reach.

Both operating segments showed strength. The U.S. Pawn segment delivered an impressive 32% increase in contribution to $47.6 million, driven by disciplined expense management and improved operational performance. Latin America segment contribution increased 20% (or 30% on a constant currency basis), reflecting both organic growth and contributions from newly acquired stores.

The company's balance sheet remains exceptionally strong with $472.1 million in cash and cash equivalents, up significantly from $170.5 million at the end of fiscal 2024. This robust liquidity position, bolstered by the issuance of Senior Notes due 2032, provides substantial firepower for continued expansion through both organic growth and acquisitions.

The consistent improvement in key operational metrics, including 9% same-store PLO growth and maintained merchandise sales margins at 36%, demonstrates EZCORP's ability to execute effectively in its core business while simultaneously pursuing growth opportunities.

AUSTIN, Texas, July 30, 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 third quarter ended June 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.

THIRD QUARTER HIGHLIGHTS

• Pawn loans outstanding (PLO) increased 11% to $291.6 million.
• Net income increased 48% to $26.5 million. On an adjusted basis¹, net income increased 46% to $25.2 million.
• Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
• Adjusted EBITDA increased 42% to $45.2 million.
• Total revenues increased 11% to $311.0 million, while gross profit increased 10% to $183.6 million.
• Grew our footprint by 52 stores, including 40 stores acquired in Mexico on June 17, 2025.

CEO COMMENTARY AND OUTLOOK

Lachie Given, Chief Executive Officer, stated, “This quarter showcased continued strong momentum in our business, disciplined execution from our team, and the scalability of our platform. We delivered record Q3 revenue and achieved all-time high PLO as demand remains strong for immediate cash solutions and secondhand goods. When combined with meaningful efficiency gains throughout the organization, we turned top-line momentum into exceptional earnings growth, as reflected by a 42% increase in adjusted EBITDA and 36% growth in diluted EPS.

“During the quarter, we grew our footprint by 52 stores, including 49 in LatAm and 3 in the US, 1 of which is a luxury store in Miami Beach. We continue to focus on strategic expansion to scale our business, as well as exceptional operating performance across geographies. In the U.S., disciplined expense management and store level execution drove a 32% increase in segment contribution. In Latin America, we delivered over 30% growth in contribution on a constant currency basis, resulting from both organic growth and a partial quarter benefit from acquired stores.

“Our recently strengthened balance sheet with $472 million in liquidity enables us to fund accelerated growth, organically and through strategic acquisitions. Our pipeline of M&A prospects is compelling, and we are ideally positioned to capitalize on attractive scale opportunities. Looking ahead, we remain highly focused on disciplined capital allocation, operational excellence, and delivering long-term value for our shareholders.”

CONSOLIDATED RESULTS

Three Months Ended June 30	As Reported						Adjusted1
in millions, except per share amounts		2025			2024			2025			2024
Total revenues	$	311.0		$	281.4		$	319.9		$	281.4
Gross profit	$	183.6		$	166.7		$	188.4		$	166.7
Income before tax	$	34.7		$	23.0		$	34.0		$	22.9
Net income	$	26.5		$	18.0		$	25.2		$	17.2
Diluted earnings per share	$	0.34		$	0.25		$	0.33		$	0.24
EBITDA (non-GAAP measure)	$	45.7		$	31.8		$	45.2		$	31.7

• PLO increased 11% to $291.6 million, up $29.9 million. On a same-store² basis, PLO increased 9% due to increase in average loan size, continued strong pawn demand and improved operational performance.
• Total revenues increased 11% and gross profit increased 10%, reflecting improved pawn service charge (PSC) revenues due to higher average PLO.
• PSC increased 7% as a result of higher average PLO.
• Merchandise sales gross margin remained consistent at 36%. Aged general merchandise improved to 2.3% of total general merchandise inventory, down 83 basis points.
• Net inventory increased 31%, as a result of an increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.4x, from 2.7x.
• Store expenses increased 2% and 1% on a same-store basis.
• General and administrative expenses increased 9% primarily due to labor, with approximately 50% due to long term incentive compensation.
• Income before taxes was $34.7 million, up 51% from $23.0 million, and adjusted EBITDA increased 42% to $45.2 million.
• Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
• Cash and cash equivalents at the end of the quarter was $472.1 million, up from $170.5 million as of September 30, 2024. The increase was due primarily to $300.0 million (less issuance costs) from the issuance of the Senior Notes due 2032 offset by an increase in earning assets.

SEGMENT RESULTS

U.S. Pawn

• PLO ended the quarter at $221.1 million, an increase of 11% on a total and same-store basis due to increase in average loan size, strong loan demand and improved operational performance.
• Total revenues increased 11% and gross profit increased 12%, driven by increased PSC, merchandise sales and scrap sales.
• PSC increased 8% as a result of higher average PLO, partially offset by lower PLO yield.
• Merchandise sales increased 4%, on a total and same-store basis, and sales gross margin increased by 80 bps to 38.5%. Aged general merchandise decreased by 260 basis points to 2.5%, or $1.2 million of total general merchandise inventory. Excluding our Max Pawn luxury stores, aged general merchandise was 1.8%.
• Net inventory increased 36% due to increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.1x, from 2.6x.
• Store expenses increased 3% on a total and same-store basis.

• Segment contribution increased 32% to $47.6 million.
• Segment store count increased by 3 to 545, due to acquisitions, including 1 luxury store in Miami Beach.

Latin America Pawn

• PLO improved to $70.6 million, an increase of 13% (16% on constant currency basis). On a same-store basis, PLO increased 2% (4% increase on a constant currency basis). The difference is driven primarily by our recent acquisition.
• Total revenues increased 11% (21% on constant currency basis), and gross profit increased 6% (16% on a constant currency basis), primarily due to increased merchandise sales and pawn service charges.
• PSC increased to $31.4 million, an increase of 3% (13% on a constant currency basis) as a result of higher average PLO.
• Merchandise sales increased 12% (23% on constant currency basis) and increased 8% on a same-store basis (19% increase on a constant currency basis). Merchandise sales gross margin decreased to 31% from 32%. Aged general merchandise increased to 2.2% from 0.9% of total general merchandise inventory.
• Net inventory increased 18% (21% on a constant currency basis) due to an increase in PLO and decrease in inventory turnover to 3.0x, from 3.1x. On a same-store basis, net inventory increased by 10% (13% on a constant currency basis). The difference is driven primarily by our recent acquisition.
• Store expenses increased 1% (12% increase on a constant currency basis) and decreased 3% on a same-store basis (7% increase on a constant currency basis). The constant currency increase was due primarily to increased labor, in line with store activity and minimum wage increases.
• Segment contribution increased 20% to $12.4 million (30% on a constant currency basis to $13.5 million).
• Segment store count increased by 49 to 791, primarily due to the acquisition of 40 stores, the addition of 10 de novo stores and the consolidation of 1 store.

FORM 10-Q

EZCORP’s Quarterly Report on Form 10-Q for the quarter ended June 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 Thursday, July 31, 2025, at 8:00 am Central Time to discuss Third 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/BI4f3cd4b3bf1d44a198c59f67b0acdc6f. 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 has grown into 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 June 30,								Nine Months Ended June 30,
(in thousands, except per share amounts)		2025				2024				2025				2024
Revenues:
Merchandise sales	$	168,624			$	158,140			$	524,434			$	502,230
Jewelry scrapping sales		26,970				15,395				64,640				43,191
Pawn service charges		115,339				107,830				348,262				321,442
Other revenues		48				56				131				188
Total revenues		310,981				281,421				937,467				867,051
Merchandise cost of goods sold		108,226				101,211				341,605				322,680
Jewelry scrapping cost of goods sold		19,116				13,483				48,367				37,479
Gross profit		183,639				166,727				547,495				506,892
Operating expenses:
Store expenses		119,123				116,335				352,101				341,472
General and administrative		21,780				20,060				60,089				54,869
Depreciation and amortization		8,003				8,158				24,358				24,942
Loss (gain) on sale or disposal of assets and other		—				20				25				(149	)
Other operating income		(1,262	)			—				(1,262	)			(765	)
Total operating expenses		147,644				144,573				435,311				420,369
Operating income		35,995				22,154				112,184				86,523
Interest expense		8,458				3,539				14,886				10,381
Interest income		(5,440	)			(2,931	)			(9,408	)			(8,452	)
Equity in net income of unconsolidated affiliates		(1,200	)			(1,263	)			(4,180	)			(4,135	)
Other (income) expense		(536	)			(191	)			377				(627	)
Income before income taxes		34,713				23,000				110,509				89,356
Income tax expense		8,210				5,050				27,600				21,457
Net income	$	26,503			$	17,950			$	82,909			$	67,899
Basic earnings per share	$	0.45			$	0.33			$	1.47			$	1.23
Diluted earnings per share	$	0.34			$	0.25			$	1.08			$	0.89
Weighted-average basic shares outstanding		59,134				54,898				56,308				55,022
Weighted-average diluted shares outstanding		82,918				83,008				83,144				84,309

EZCORP, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands, except share and per share amounts)	June 30, 2025				June 30, 2024				September 30, 2024
Assets:
Current assets:
Cash and cash equivalents	$	472,088			$	218,038			$	170,513
Short-term restricted cash		9,609				9,204				9,294
Pawn loans		291,634				261,720				274,084
Pawn service charges receivable, net		45,410				40,638				44,013
Inventory, net		225,489				171,937				191,923
Prepaid expenses and other current assets		43,417				40,391				39,171
Total current assets		1,087,647				741,928				728,998
Investments in unconsolidated affiliates		13,753				12,297				13,329
Other investments		51,903				51,220				51,900
Property and equipment, net		67,439				59,926				65,973
Right-of-use assets, net		236,064				235,030				226,602
Long-term restricted cash		5,380				—				—
Goodwill		321,907				308,847				306,478
Intangible assets, net		57,960				60,164				58,451
Deferred tax asset, net		25,841				25,245				25,362
Other assets, net		15,174				15,506				16,144
Total assets	$	1,883,068			$	1,510,163			$	1,493,237
Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net	$	—			$	137,326			$	103,072
Accounts payable, accrued expenses and other current liabilities		78,756				69,742				85,737
Customer layaway deposits		33,336				20,067				21,570
Operating lease liabilities, current		60,183				58,905				58,998
Total current liabilities		172,275				286,040				269,377
Long-term debt, net		517,601				223,998				224,256
Deferred tax liability, net		2,017				416				2,080
Operating lease liabilities		184,295				188,996				180,616
Other long-term liabilities		16,822				9,258				12,337
Total liabilities		893,010				708,708				688,666
Commitments and contingencies
Stockholders’ equity:
Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 57,992,965 as of June 30, 2025; 51,771,917 as of June 30, 2024; and 51,582,698 as of September 30, 2024		580				518				516
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171		30				30				30
Additional paid-in capital		448,073				347,082				348,366
Retained earnings		586,549				493,830				507,206
Accumulated other comprehensive loss		(45,174	)			(40,005	)			(51,547	)
Total equity		990,058				801,455				804,571
Total liabilities and equity	$	1,883,068			$	1,510,163			$	1,493,237

EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
	Nine Months Ended June 30,
(in thousands)		2025				2024
Operating activities:
Net income	$	82,909			$	67,899
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		24,358				24,942
Amortization of deferred financing costs		1,238				1,212
Non-cash lease expense		43,889				43,999
Deferred income taxes		(542	)			438
Other adjustments		(1,877	)			69
Provision for inventory reserve		39				589
Stock compensation expense		9,213				7,945
Equity in net income from investment in unconsolidated affiliates		(4,180	)			(4,135	)
Changes in operating assets and liabilities, net of business acquisitions:
Pawn service charges receivable		(364	)			(1,593	)
Inventory		(9,205	)			(2,775	)
Prepaid expenses, other current assets and other assets		(74	)			(3,625	)
Accounts payable, accrued expenses and other liabilities		(58,023	)			(65,396	)
Customer layaway deposits		11,276				1,055
Income taxes		(927	)			(360	)
Net cash provided by operating activities		97,730				70,264
Investing activities:
Loans made		(738,670	)			(683,121	)
Loans repaid		417,734				391,297
Recovery of pawn loan principal through sale of forfeited collateral		291,903				272,781
Capital expenditures, net		(23,051	)			(16,870	)
Acquisitions, net of cash acquired		(17,093	)			(11,963	)
Proceeds from note receivable		241				1,100
Investment in unconsolidated affiliate		(718	)			(993	)
Investment in other investments		—				(15,000	)
Dividends from unconsolidated affiliates		3,614				3,535
Net cash used in investing activities		(66,040	)			(59,234	)
Financing activities:
Taxes paid related to net share settlement of equity awards		(3,971	)			(3,253	)
Proceeds from borrowings		300,000				—
Debt issuance cost		(7,563	)			—
Payments on assumed debt		(6,410	)			—
Purchase and retirement of treasury stock		(6,000	)			(9,009	)
Payments of finance leases		(450	)			(386	)
Net cash provided by (used in) financing activities		275,606				(12,648	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash		(26	)			(108	)
Net increase in cash, cash equivalents and restricted cash		307,270				(1,726	)
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	$	487,077			$	227,242

                                                                                                                                        

EZCORP, Inc. OPERATING SEGMENT RESULTS
	Three Months Ended June 30, 2025 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn				Other Investments				Total Segments				Corporate Items				Consolidated
Revenues:
Merchandise sales	$	112,249		$	56,375			$	—			$	168,624			$	—			$	168,624
Jewelry scrapping sales		23,750			3,220				—				26,970				—				26,970
Pawn service charges		83,930			31,409				—				115,339				—				115,339
Other revenues		31			17				—				48				—				48
Total revenues		219,960			91,021				—				310,981				—				310,981
Merchandise cost of goods sold		69,084			39,142				—				108,226				—				108,226
Jewelry scrapping cost of goods sold		16,814			2,302				—				19,116				—				19,116
Gross profit		134,062			49,577				—				183,639				—				183,639
Segment and corporate expenses (income):
Store expenses		83,778			35,345				—				119,123				—				119,123
General and administrative		—			—				—				—				21,780				21,780
Depreciation and amortization		2,651			2,156				—				4,807				3,196				8,003
Other operating income		—			—				—				—				(1,262	)			(1,262	)
Interest expense		—			71				—				71				8,387				8,458
Interest income		—			(427	)			(604	)			(1,031	)			(4,409	)			(5,440	)
Equity in net (income) loss of unconsolidated affiliates		—			—				(1,409	)			(1,409	)			209				(1,200	)
Other expense (income)		—			(12	)			—				(12	)			(524	)			(536	)
Segment contribution	$	47,633		$	12,444			$	2,013			$	62,090
Income (loss) before income taxes												$	62,090			$	(27,377	)		$	34,713

        

	Three Months Ended June 30, 2024 (Unaudited)
(in thousands)	U.S. Pawn				Latin America Pawn				Other Investments				Total Segments				Corporate Items				Consolidated
Revenues:
Merchandise sales	$	107,849			$	50,291			$	—			$	158,140			$	—			$	158,140
Jewelry scrapping sales		13,757				1,638				—		��		15,395				—				15,395
Pawn service charges		77,416				30,414				—				107,830				—				107,830
Other revenues		28				28				—				56				—				56
Total revenues		199,050				82,371				—				281,421				—				281,421
Merchandise cost of goods sold		67,229				33,982				—				101,211				—				101,211
Jewelry scrapping cost of goods sold		11,887				1,596				—				13,483				—				13,483
Gross profit		119,934				46,793				—				166,727				—				166,727
Segment and corporate expenses (income):
Store expenses		81,441				34,894				—				116,335				—				116,335
General and administrative		—				—				—				—				20,060				20,060
Depreciation and amortization		2,408				2,090				—				4,498				3,660				8,158
(Gain) loss on sale or disposal of assets and other		(2	)			22				—				20				—				20
Interest expense		—				—				—				—				3,539				3,539
Interest income		—				(370	)			(605	)			(975	)			(1,956	)			(2,931	)
Equity in net (income) loss of unconsolidated affiliates		—				—				(1,406	)			(1,406	)			143				(1,263	)
Other (income) expense		—				(184	)			12				(172	)			(19	)			(191	)
Segment contribution	$	36,087			$	10,341			$	1,999			$	48,427
Income (loss) before income taxes													$	48,427			$	(25,427	)		$	23,000

	Nine Months Ended June 30, 2025 (Unaudited)
(in thousands)	U.S. Pawn				Latin America Pawn				Other Investments				Total Segments				Corporate Items				Consolidated
Revenues:
Merchandise sales	$	357,964			$	166,470			$	—			$	524,434			$	—			$	524,434
Jewelry scrapping sales		56,146				8,494				—				64,640				—				64,640
Pawn service charges		259,354				88,908				—				348,262				—				348,262
Other revenues		82				49				—				131				—				131
Total revenues		673,546				263,921				—				937,467				—				937,467
Merchandise cost of goods sold		225,412				116,193				—				341,605				—				341,605
Jewelry scrapping cost of goods sold		42,017				6,350				—				48,367				—				48,367
Gross profit		406,117				141,378				—				547,495				—				547,495
Segment and corporate expenses (income):
Store expenses		250,399				101,702				—				352,101				—				352,101
General and administrative		—				—				—				—				60,089				60,089
Depreciation and amortization		8,050				6,191				—				14,241				10,117				24,358
Loss on sale or disposal of assets and other		17				8				—				25				—				25
Other operating income		—				—				—				—				(1,262	)			(1,262	)
Interest expense		—				71				—				71				14,815				14,886
Interest income		—				(966	)			(1,803	)			(2,769	)			(6,639	)			(9,408	)
Equity in net (income) loss of unconsolidated affiliates		—				—				(4,898	)			(4,898	)			718				(4,180	)
Other expense (income)		(7	)			(220	)			—				(227	)			604				377
Segment contribution		147,658				34,592			$	6,701			$	188,951
Income (loss) before income taxes													$	188,951			$	(78,442	)		$	110,509

	Nine Months Ended June 30, 2024 (Unaudited)
(in thousands)	U.S. Pawn				Latin America Pawn				Other Investments				Total Segments				Corporate Items				Consolidated
Revenues:
Merchandise sales	$	348,211			$	154,019			$	—			$	502,230			$	—			$	502,230
Jewelry scrapping sales		39,258				3,933				—				43,191				—				43,191
Pawn service charges		236,499				84,943				—				321,442				—				321,442
Other revenues		94				59				35				188				—				188
Total revenues		624,062				242,954				35				867,051				—				867,051
Merchandise cost of goods sold		218,736				103,944				—				322,680				—				322,680
Jewelry scrapping cost of goods sold		33,965				3,514				—				37,479				—				37,479
Gross profit		371,361				135,496				35				506,892				—				506,892
Segment and corporate expenses (income):
Store expenses		239,536				101,936				—				341,472				—				341,472
General and administrative		—				—				—				—				54,869				54,869
Depreciation and amortization		7,548				6,821				—				14,369				10,573				24,942
(Gain) loss on sale or disposal of assets and other		(6	)			(240	)			—				(246	)			97				(149	)
Other operating income		—				—				—				—				(765	)			(765	)
Interest expense		—				—				—				—				10,381				10,381
Interest income		—				(1,398	)			(1,811	)			(3,209	)			(5,243	)			(8,452	)
Equity in net (income) loss of unconsolidated affiliates		—				—				(4,278	)			(4,278	)			143				(4,135	)
Other (income) expense		—				(231	)			27				(204	)			(423	)			(627	)
Segment contribution	$	124,283			$	28,608			$	6,097			$	158,988
Income (loss) before income taxes													$	158,988			$	(69,632	)		$	89,356

EZCORP, Inc. STORE COUNT ACTIVITY (Unaudited)
	Three Months Ended June 30, 2025
	U.S. Pawn		Latin America Pawn			Consolidated
As of March 31, 2025	542		742			1,284
New locations opened	—		10			10
Locations acquired	3		40			43
Locations combined or closed	—		(1	)		(1	)
As of June 30, 2025	545		791			1,336

	Three Months Ended June 30, 2024
	U.S. Pawn		Latin America Pawn		Consolidated
As of March 31, 2024	535		711		1,246
New locations opened	1		6		7
Locations acquired	5		—		5
As of June 30, 2024	541		717		1,258

	Nine Months Ended June 30, 2025
	U.S. Pawn		Latin America Pawn			Consolidated
As of September 30, 2024	542		737			1,279
New locations opened	—		23			23
Locations acquired	3		41			44
Locations combined or closed	—		(10	)		(10	)
As of June 30, 2025	545		791			1,336

	Nine Months Ended June 30, 2024
	U.S. Pawn			Latin America Pawn			Consolidated
As of September 30, 2023	529			702			1,231
New locations opened	1			20			21
Locations acquired	12			—			12
Locations combined or closed	(1	)		(5	)		(6	)
As of June 30, 2024	541			717			1,258

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 nine months ended June 30, 2025 and 2024 were as follows:

		June 30,				Three Months Ended June 30,				Nine Months Ended June 30,
		2025		2024		2025		2024		2025		2024
Mexican peso		18.8		18.3		19.5		17.2		20.0		17.3
Guatemalan quetzal		7.6		7.6		7.6		7.6		7.6		7.6
Honduran lempira		25.8		24.3		25.7		24.3		25.2		24.3
Australian dollar		1.5		1.5		1.6		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 June 30,
(in millions)		2025				2024
Net income	$	26.5			$	18.0
Interest expense		8.5				3.5
Interest income		(5.4	)			(2.9	)
Income tax expense		8.2				5.0
Depreciation and amortization		8.0				8.2
EBITDA	$	45.7			$	31.8

        

	Total Revenues			Gross Profit			Income Before Tax				Tax Effect				Net Income				Diluted EPS				EBITDA
2025 Q3 Reported	$	311.0		$	183.6		$	34.7			$	8.2			$	26.5			$	0.34			$	45.7
Corporate lease termination		—			—			(1.3	)			(0.3	)			(1.0	)			(0.01	)			(1.3	)
FX impact		—			—			(0.2	)			—				(0.2	)			—				(0.2	)
Non-recurring foreign tax expense		—			—			—				0.8				(0.8	)			(0.01	)			—
Constant Currency		8.9			4.8			0.8				0.1				0.7				0.01				1.0
2025 Q3 Adjusted	$	319.9		$	188.4		$	34.0			$	8.8			$	25.2			$	0.33			$	45.2

	Total Revenues			Gross Profit			Income Before Tax				Tax Effect			Net Income				Diluted EPS				EBITDA
2024 Q3 Reported	$	281.4		$	166.7		$	23.0			$	5.0		$	18.0			$	0.25			$	31.8
Non-recurring foreign tax expense		—			—			—				0.7			(0.7	)			(0.01	)			—
FX impact		—			—			(0.1	)			—			(0.1	)			—				(0.1	)
2024 Q3 Adjusted	$	281.4		$	166.7		$	22.9			$	5.7		$	17.2			$	0.24			$	31.7

	Three Months Ended June 30, 2025						Nine Months Ended June 30, 2025
(in millions)	U.S. Dollar Amount			Percentage Change YOY			U.S. Dollar Amount			Percentage Change YOY
Consolidated revenues	$	311.0		11	%		$	937.5		8	%
Currency exchange rate fluctuations		8.9						30.9
Constant currency consolidated revenues	$	319.9		14	%		$	968.4		12	%
Consolidated gross profit	$	183.6		10	%		$	547.5		8	%
Currency exchange rate fluctuations		4.8						16.1
Constant currency consolidated gross profit	$	188.4		13	%		$	563.6		11	%
Consolidated net inventory	$	225.5		31	%		$	225.5		31	%
Currency exchange rate fluctuations		1.3						1.3
Constant currency consolidated net inventory	$	226.8		32	%		$	226.8		32	%
Latin America Pawn gross profit	$	49.6		6	%		$	141.4		4	%
Currency exchange rate fluctuations		4.8						16.1
Constant currency Latin America Pawn gross profit	$	54.4		16	%		$	157.5		16	%
Latin America Pawn PLO	$	70.6		13	%		$	70.6		13	%
Currency exchange rate fluctuations		1.5						1.5
Constant currency Latin America Pawn PLO	$	72.1		16	%		$	72.1		16	%
Latin America Pawn PSC revenues	$	31.4		3	%		$	88.9		5	%
Currency exchange rate fluctuations		2.9						9.6
Constant currency Latin America Pawn PSC revenues	$	34.3		13	%		$	98.5		16	%
Latin America Pawn merchandise sales	$	56.4		12	%		$	166.5		8	%
Currency exchange rate fluctuations		5.7						20.2
Constant currency Latin America Pawn merchandise sales	$	62.1		23	%		$	186.7		21	%
Latin America Pawn segment profit before tax	$	12.4		20	%		$	34.6		21	%
Currency exchange rate fluctuations		1.1						3.0
Constant currency Latin America Pawn segment profit before tax	$	13.5		30	%		$	37.6		32	%

FAQ

What were EZCORP's (EZPW) key financial results for Q3 2025?

EZCORP reported net income of $26.5 million (up 48%), total revenues of $311.0 million (up 11%), and diluted EPS of $0.34 (up 36%). Adjusted EBITDA increased 42% to $45.2 million.

How many new stores did EZCORP add in Q3 2025?

EZCORP added 52 new stores, including 40 stores acquired in Mexico, 49 total in Latin America, and 3 in the US (including a luxury store in Miami Beach).

What is EZCORP's current liquidity position as of Q3 2025?

EZCORP reported cash and cash equivalents of $472.1 million, up from $170.5 million in September 2024, primarily due to $300.0 million from Senior Notes issuance.

How did EZCORP's U.S. Pawn segment perform in Q3 2025?

The U.S. Pawn segment showed strong performance with PLO up 11%, segment contribution increasing 32% to $47.6 million, and merchandise sales gross margin improving to 38.5%.

What was EZCORP's pawn loans outstanding (PLO) growth in Q3 2025?

EZCORP's PLO increased 11% to $291.6 million, with same-store PLO growing 9% due to increased average loan size and strong pawn demand.