OppFi Reports First Quarter 2026 Results, Record Quarterly Revenue
Rhea-AI Summary
OppFi (NYSE: OPFI) reported Q1 2026 results on May 7, 2026: total revenue was $151.9 million (a company record) and net income was $54.0 million. Adjusted net income fell to $30.0 million. Ending receivables were $444.9 million. The Board approved a new $40 million share repurchase program. Management said the combined strategy with BNC and unified regulatory supervision supports long‑term scalability and product diversification.
Positive
- Net income increased by 165.0% to $54.0M
- Board approved new $40M share repurchase program
- Company reported record first-quarter revenue $151.9M
- Ending receivables totaled $444.9M
Negative
- Adjusted net income decreased 11.2% to $30.0M
- Net charge-offs rose to 42.5% of total revenue (from 34.6%)
News Market Reaction – OPFI
In the May 7 session, OPFI gained 1.44%, reflecting a mild positive market reaction. Argus tracked a peak move of +7.4% during that session. Argus tracked a trough of -11.1% from its starting point during tracking. Our momentum scanner triggered 19 alerts that day, indicating notable trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 08 | Q1 2025 earnings | Positive | +7.1% | Record Q1 2025 revenue and sharp increases in net and adjusted income. |
| May 07 | Q1 2025 guidance | Positive | +11.8% | Record quarterly revenue and raised full-year adjusted income and EPS guidance. |
| Mar 05 | Q4 2024 earnings | Positive | -6.5% | Record Q4 revenue and strong margin expansion but shares fell afterward. |
| Mar 05 | FY 2024 results | Positive | +10.8% | Full-year net income more than doubled with raised 2025 guidance ranges. |
| Nov 08 | Q3 2024 earnings | Positive | -1.8% | Q3 revenue and earnings beat estimates but stock showed a small decline. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings news has often led to positive moves, but there are instances where strong results were followed by short-term declines.
Over the past few earnings cycles, OppFi has repeatedly reported record revenue and strong profit growth. Q3 2024, Q4 2024, and Q1 2025 all highlighted record or growing revenue alongside sharp year-over-year increases in net income and adjusted EPS. Market reactions were mixed: several reports saw double‑digit percentage gains, while others saw modest declines. Today’s Q1 2026 record revenue and profit figures follow this pattern of operational strength, with investors previously responding variably to similar earnings catalysts.
Key Terms
non-gaap financial measures financial
adjusted eps financial
up-c structure financial
rule 10b5-1 trading plan regulatory
schedule 13d/a regulatory
schedule 13g regulatory
registration statement on form s-4 regulatory
proxy statement/prospectus regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Total revenue increased
Net income increased
Adjusted net income1 decreased
Board approves new
"Operationally, OppFi had a healthy start to 2026, generating record first-quarter revenue, which reflects the strength of our core operations. Strategically, we believe 2026 is a pivotal year of investment for OppFi as we evolve the business with the transformative combination of OppFi's digital-first platform and BNC's national bank charter. This initiative unlocks significant opportunities for growth and product diversification. Combining our operations under unified regulatory supervision by the OCC and Federal Reserve simplifies and strengthens our compliance and risk management, which positions us for long-term scalability and sustainable growth," said Todd Schwartz, CEO and Executive Chairman of OppFi. Our new share repurchase program reflects our continued confidence in OppFi's long-term growth prospects, our commitment to returning value to our stockholders and belief that our stock currently trades at a significant discount to its underlying value," Todd Schwartz added.
(1) Non-GAAP Financial Measures: Adjusted Net Income and Adjusted EPS are non-GAAP financial measures. See "Reconciliation of Non-GAAP Financial Measures" below for a detailed description and reconciliation of such non-GAAP financial measures to their most directly comparable GAAP financial measures. |
Financial Summary
The following table presents a summary of OppFi's results for the three months ended March 31, 2026 and 2025 (in thousands, except per share data)†. Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
Three Months Ended March 31, | Change | |||||
(Unaudited) | 2026 | 2025 | % | |||
Total revenue(1) | $ 151,881 | $ 140,268 | 8.3 % | |||
Net income | $ 54,038 | $ 20,390 | 165.0 % | |||
Net income (loss) attributable to OppFi Inc. | $ 28,401 | $ (11,372) | 349.7 % | |||
Adjusted net income(2) | $ 30,045 | $ 33,817 | (11.2) % | |||
Basic EPS | $ 1.06 | $ (0.48) | 321.0 % | |||
Diluted EPS(3) | $ 0.56 | $ (0.48) | 215.7 % | |||
Adjusted EPS(2,3) | $ 0.35 | $ 0.38 | (9.3) % | |||
† The financial results do not reflect the simplification of OppFi's corporate structure to collapse its prior Up-C structure, which occurred after the end of the quarter. | ||||||
(1) Total revenue is calculated as the sum of interest on finance receivables and other revenue. | ||||||
(2) Adjusted Net Income and Adjusted EPS are non-GAAP financial measures. See "Reconciliation of Non-GAAP Financial Measures" below for a detailed description and reconciliation of such non-GAAP financial measures to their most directly comparable GAAP financial measures. | ||||||
(3) Diluted EPS calculated on a GAAP basis excludes dilutive securities, including Class V Voting Stock, restricted stock units, performance stock units, and stock options in any periods in which their inclusion would have an antidilutive effect. |
Key Performance Metrics
The following table represents key quarterly metrics as of and for the three months ended March 31, 2026 and 2025 (in thousands, except percentage metrics).
As of and for the Three Months Ended | ||||
(Unaudited) | March 31, 2026 | March 31, 2025 | ||
Total net originations(a) | $ 175,975 | $ 189,168 | ||
Total retained net originations(a) | $ 151,449 | $ 168,963 | ||
Ending receivables(b) | $ 444,922 | $ 406,579 | ||
Net charge-offs as % of total revenue(c) | 42.5 % | 34.6 % | ||
Net charge-offs as % of average receivables, annualized(c) | 55.5 % | 47.0 % | ||
Average yield, annualized(d) | 130.7 % | 135.8 % | ||
Auto-approval rate(e) | 79 % | 79 % | ||
(a) Total net originations are defined as gross originations net of transferred balance on refinanced loans, while total retained net originations are defined as the portion of total net originations with respect to which the Company ultimately purchased a receivable from bank partners. | ||||
(b) Ending receivables are defined as the unpaid principal balances of loans at the end of the reporting period. | ||||
(c) Net charge-offs as a percentage of total revenue and net charge-offs as a percentage of average receivables represent total charge-offs from the period less recoveries as a percentage of total revenue and as a percentage of average receivables. Net charge-offs as a percentage of average receivables is presented as an annualized metric. Finance receivables are charged off at the earlier of the time when accounts reach 90 days past due on a recency basis, when OppFi receives notification of a customer bankruptcy or is otherwise deemed uncollectible. | ||||
(d) Average yield is defined as total revenue from the period as a percent of average receivables and is presented as an annualized metric. | ||||
(e) Auto-approval rate is calculated by taking the number of approved loans that are not decisioned by a loan processor or underwriter (auto-approval) divided by the total number of loans approved. |
Share Repurchase Program
During the three months ended March 31, 2026, OppFi repurchased 1,040,699 shares of Class A Common Stock, which were held as treasury stock, for an aggregate purchase price of
Repurchases under the new program may be made from time to time on the open market, through privately negotiated transactions, or via other methods, in accordance with applicable securities laws and other relevant legal requirements. The timing and amount of repurchases will depend on market conditions, share price, trading volume and other factors. The new program does not obligate the Company to repurchase any specific dollar amount or number of shares, and it may be extended, modified, suspended or discontinued at any time.
Conference Call
Management will host a conference call today at 9:00 a.m. ET to discuss OppFi's financial results and business outlook. The webcast of the conference call will be made available on the Investor Relations page of the Company's website.
The conference call can also be accessed with the following dial-in information:
- Domestic: (800) 579-2543
- International: (785) 424-1789
- Conference ID: OPPFI
An archived version of the webcast will be available on OppFi's website.
About OppFi
OppFi (NYSE: OPFI) is a tech-enabled digital finance platform that partners with banks to offer financial products and services to everyday Americans. Through this transparent and responsible platform, which emphasizes financial inclusion and exceptional customer experience, the Company assists consumers who are underserved by traditional financing options in building improved financial health. OppLoans by OppFi maintains a 4.4/5.0 star rating on Trustpilot based on over 5,500 reviews, positioning the Company among the top consumer-rated financial platforms online. OppFi also holds a
Important Additional Information will be Filed with the SEC
In connection with the proposed transaction between OppFi and BNCCORP, Inc. ("BNCC"), OppFi will file with the
Participants in a Solicitation
This communication is not a solicitation of a proxy from any security holder of BNCC or OppFi. However, OppFi, BNCC and certain of their respective directors and executive officers may be deemed to be participants in a solicitation of proxies from the stockholders of BNCC in respect of the proposed transaction. Information about OppFi's directors and executive officers is available in its Annual Report on Form 10-K for the year ended December 31, 2025 and other documents filed by OppFi with the SEC. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. Free copies of this document may be obtained as described in the preceding paragraph.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities of OppFi or a solicitation of any vote or approval with respect to the proposed transaction by OppFi or BNCC, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the
Contacts:
Investor Relations:
Mike Gallentine
Head of Investor Relations
mgallentine@oppfi.com
Media Relations:
media@oppfi.com
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. OppFi's actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "opportunity," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "possible," "continue," "positions," and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, without limitation, OppFi's expectations with respect to its full year 2026 guidance, the future performance of OppFi's platform and underwriting models, statements regarding OppFi's proposed acquisition of BNCC, including the anticipated timing, structure, benefits and strategic rationale of such transactions, OppFi's expectations with respect to the geographic expansion and product diversification that may come from the acquisition, and expectations for OppFi's growth and future financial performance. These forward-looking statements are based on OppFi's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside OppFi's control and are difficult to predict. Factors that may cause such differences include, but are not limited to, the impact of general economic conditions, including economic slowdowns, inflation, interest rate changes, recessions, the impact of tariffs, and tightening of credit markets on OppFi's business; the impact of challenging macroeconomic and marketplace conditions; the impact of stimulus or other government programs; risks related to the proposed acquisition of BNCC including the risk that the transactions may not be completed in a timely manner or at all and the risk of integration or execution challenges; whether OppFi will be successful in obtaining declaratory relief against the Commissioner of the Department of Financial Protection and Innovation for the
Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures that are unaudited and do not conform to GAAP, such as Adjusted EBT, Adjusted Net Income, and Adjusted EPS. Adjusted EBT is defined as Net Income, adjusted for (1) income tax expense; (2) change in fair value of warrant liabilities; (3) other adjustments, net; and (4) other income. Adjusted Net Income is defined as Adjusted EBT as defined above, adjusted for taxes assuming a tax rate for each period presented that reflects the
First Quarter Results of Operations
Consolidated Statements of Operations
The following table present consolidated results of operations for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
Three Months Ended March 31, | Change | |||||||
(Unaudited) | 2026 | 2025 | $ | % | ||||
Revenue: | ||||||||
Interest and loan related income | $ 150,526 | $ 139,118 | $ 11,408 | 8.2 % | ||||
Other revenue | 1,355 | 1,150 | 205 | 17.8 | ||||
151,881 | 140,268 | 11,613 | 8.3 | |||||
Change in fair value of finance receivables | (64,583) | (49,458) | (15,125) | 30.6 | ||||
Net revenue | 87,298 | 90,810 | (3,512) | (3.9) | ||||
Expenses: | ||||||||
Salaries and employee benefits | 14,254 | 13,778 | 476 | 3.5 | ||||
Direct marketing costs | 10,385 | 10,288 | 97 | 0.9 | ||||
Interest expense and amortized debt issuance costs | 8,510 | 10,247 | (1,737) | (17.0) | ||||
Professional fees | 7,264 | 4,199 | 3,065 | 73.0 | ||||
Technology costs | 3,329 | 2,961 | 368 | 12.4 | ||||
Payment processing fees | 1,658 | 1,630 | 28 | 1.7 | ||||
Occupancy | 871 | 1,039 | (168) | (16.2) | ||||
Depreciation and amortization | 591 | 1,760 | (1,169) | (66.4) | ||||
General, administrative and other | 5,074 | 2,416 | 2,658 | 110.0 | ||||
Total expenses | 51,936 | 48,318 | 3,618 | 7.5 | ||||
Income from operations | 35,362 | 42,492 | (7,130) | (16.8) | ||||
Other income (expense): | ||||||||
Change in fair value of warrant liabilities | 21,295 | (21,607) | 42,902 | 198.6 | ||||
Income from equity method investment | 1,120 | 1,076 | 44 | 4.1 | ||||
Other income | 232 | 80 | 152 | 191.1 | ||||
Income before income taxes | 58,009 | 22,041 | 35,968 | 163.2 | ||||
Income tax expense | 3,971 | 1,651 | 2,320 | 140.5 | ||||
Net income | 54,038 | 20,390 | 33,648 | 165.0 | ||||
Less: net income attributable to noncontrolling interest | 25,637 | 31,762 | (6,125) | (19.3) | ||||
Net income (loss) attributable to OppFi Inc. | $ 28,401 | $ (11,372) | $ 39,773 | 349.7 % | ||||
Earnings (loss) per common share attributable to OppFi Inc.: | ||||||||
Earnings (loss) per common share: | ||||||||
Basic | $ 1.06 | $ (0.48) | ||||||
Diluted | $ 0.56 | $ (0.48) | ||||||
Weighted average common shares outstanding: | ||||||||
Basic | 26,778,432 | 23,691,769 | ||||||
Diluted | 86,195,269 | 23,691,769 | ||||||
Condensed Consolidated Balance Sheets
The following table presents consolidated balance sheets as of March 31, 2026 and December 31, 2025 (in thousands). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
(Unaudited) | ||||||||
March 31, | December 31, | Change | ||||||
2026 | 2025 | $ | % | |||||
Assets | ||||||||
Cash and restricted cash | $ 99,920 | $ 93,263 | $ 6,657 | 7.1 % | ||||
Finance receivables at fair value | 502,558 | 546,236 | (43,678) | (8.0) | ||||
Equity method investment | 19,145 | 19,076 | 69 | 0.4 | ||||
Other assets | 98,364 | 95,515 | 2,849 | 3.0 | ||||
Total assets | $ 719,987 | $ 754,090 | $ (34,103) | (4.5) % | ||||
Liabilities and stockholders' equity | ||||||||
Accounts payable and accrued expenses | $ 41,610 | $ 46,171 | $ (4,561) | (9.9) % | ||||
Other liabilities | 45,975 | 51,235 | (5,260) | (10.3) | ||||
Total debt | 284,260 | 321,353 | (37,093) | (11.5) | ||||
Warrant liabilities | 5,160 | 26,455 | (21,295) | (80.5) | ||||
Total liabilities | 377,005 | 445,214 | (68,209) | (15.3) | ||||
Total stockholders' equity | 342,982 | 308,876 | 34,106 | 11.0 | ||||
Total liabilities and stockholders' equity | $ 719,987 | $ 754,090 | $ (34,103) | (4.5) % | ||||
Condensed Consolidated Statement of Cash Flows
The following table presents the consolidated statement of cash flows for the three months ended March 31, 2026 and 2025 (in thousands). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
Three Months Ended March 31, | Change | |||||||
(Unaudited) | 2026 | 2025 | $ | % | ||||
Net cash provided by operating activities | $ 90,779 | $ 83,740 | $ 7,039 | 8.4 % | ||||
Net cash used in investing activities | (21,436) | (34,241) | 12,805 | (37.4) | ||||
Net cash used in financing activities | (62,686) | (47,019) | (15,667) | 33.3 | ||||
Net increase in cash and restricted cash | $ 6,657 | $ 2,480 | $ 4,177 | 168.4 % | ||||
Financial Capacity and Capital Resources
As of March 31, 2026, OppFi had
Reconciliation of Non-GAAP Financial Measures
The following tables present reconciliations of non-GAAP financial measures for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
Adjusted EBT and Adjusted Net Income
Comparison of the three months ended March 31, 2026 and 2025
Three Months Ended March 31, | Change | |||||||
(Unaudited) | 2026 | 2025 | $ | % | ||||
Net income | $ 54,038 | $ 20,390 | $ 33,648 | 165.0 % | ||||
Income tax expense | 3,971 | 1,651 | 2,320 | 140.5 | ||||
Other income | (232) | (80) | (152) | 191.1 | ||||
Change in fair value of warrant liabilities | (21,295) | 21,607 | (42,902) | (198.6) | ||||
Other adjustments, net(a) | 3,035 | 609 | 2,426 | 398.4 | ||||
Adjusted EBT | 39,517 | 44,177 | (4,660) | (10.5) | ||||
Less: pro forma taxes(b) | 9,472 | 10,360 | (888) | (8.6) | ||||
Adjusted net income | $ 30,045 | $ 33,817 | $ (3,772) | (11.2) % | ||||
Adjusted earnings per share | $ 0.35 | $ 0.38 | ||||||
Weighted average diluted shares outstanding | 86,195,269 | 87,991,698 | ||||||
(a) For the three months ended March 31, 2026, other adjustments, net of | ||||||||
(b) Assumes a tax rate of |
Adjusted Earnings Per Share
Comparison of the three months ended March 31, 2026 and 2025
Three Months Ended March 31, | |||
(Unaudited) | 2026 | 2025 | |
Weighted average Class A common stock outstanding | 26,778,432 | 23,691,769 | |
Weighted average Class V voting stock outstanding | 58,694,615 | 62,698,935 | |
Dilutive impact of restricted stock units | 556,584 | 1,341,739 | |
Dilutive impact of performance stock units | 12,994 | 62,377 | |
Dilutive impact of stock options | 152,644 | 196,878 | |
Weighted average diluted shares outstanding | 86,195,269 | 87,991,698 | |
Three Months Ended March 31, | |||||||
(In thousands, except share and per share data) | 2026 | 2025 | |||||
(Unaudited) | $ | Per Share | $ | Per Share | |||
Weighted average diluted shares outstanding | 86,195,269 | 87,991,698 | |||||
Net income | $ 54,038 | $ 0.63 | $ 20,390 | $ 0.23 | |||
Income tax expense | 3,971 | 0.05 | 1,651 | 0.02 | |||
Other income | (232) | — | (80) | — | |||
Change in fair value of warrant liabilities | (21,295) | (0.25) | 21,607 | 0.25 | |||
Other adjustments, net(a) | 3,035 | 0.04 | 609 | 0.01 | |||
Adjusted EBT | 39,517 | 0.46 | 44,177 | 0.50 | |||
Less: pro forma taxes(b) | 9,472 | 0.11 | 10,360 | 0.12 | |||
Adjusted net income | $ 30,045 | $ 0.35 | $ 33,817 | $ 0.38 | |||
(a) For the three months ended March 31, 2026, other adjustments, net of | |||||||
(b) Assumes a tax rate of |
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SOURCE OppFi