OppFi Reports Record Quarterly Revenue, Net Income, and Adjusted Net Income and Increases Full Year Guidance

Rhea-AI Summary

OppFi (NYSE: OPFI) reported record third-quarter results for the period ended September 30, 2025: total revenue $155.1M (+13.5% YoY), net income $75.9M (+136.9% YoY), and adjusted net income $40.7M (+41.4% YoY). Key metrics: total net originations $246.1M (+12.5%), ending receivables $481.0M (+16.3%), and auto-approval rate 79.1%.

Management raised full-year 2025 guidance to $590M–$605M revenue, $137M–$142M adjusted net income, and $1.54–$1.60 adjusted EPS (approx. 89M diluted shares). A conference call was scheduled for Oct 29, 2025 at 9:00 a.m. ET.

Positive

• Total revenue $155.1M (+13.5% YoY)
• Net income $75.9M (+136.9% YoY)
• Adjusted net income $40.7M (+41.4% YoY)
• Raised full-year revenue guidance to $590M–$605M
• Ending receivables $481.0M (+16.3%)

Negative

• Net charge-offs ~35% of total revenue in Q3 2025
• High annualized net charge-offs ~46% of average receivables

Insights

Equity Financial Analyst

OppFi delivered record quarterly revenue and profits and raised full-year guidance, signalling clear operational momentum.

OppFi generated record quarterly $155.1 million revenue, record quarterly net income of $75.9 million and record adjusted net income of $40.7 million. The company also raised full-year guidance to $590 million–$605 million revenue and adjusted net income to $137 million–$142 million, which directly links current operating improvements to management’s upward revisions.

Revenue growth and margin expansion appear driven by higher net originations and improved automation: total net originations rose to $246.1 million (up 12.5%) and auto-approval rates improved to 79.1%, which management cites as increasing operating efficiency. However, credit metrics remain material: net charge-offs annualized were high at 46.7% of average receivables for the quarter. These charge-offs coexist with strong yields and rising retained originations, so the business trades higher underwriting losses against higher revenue per loan. Reliance on non-GAAP measures also limits transparency for the projected full-year adjusted metrics because reconciliations were not provided.

Key dependencies include the sustainability of originations and the trajectory of charge-offs; watch quarterly net charge-offs as a % of average receivables and ending receivables trends over the next two quarters. Also monitor whether actual full-year GAAP results diverge from the raised adjusted guidance when reconciliations become available. Near-term monitoring items: quarterly net charge-off rate, adjusted net income versus prior guidance, and any disclosed reconciliation to GAAP for the raised 2025 adjusted guidance.

Net income increased 136.9% year over year to $75.9 million, a Company record for any quarter

Adjusted net income¹ increased 41.4% year over year to $40.7 million, a Company record for any quarter

Total revenue increased 13.5% year over year to $155.1 million, a Company record for any quarter

Raised full year revenue guidance to between $590 million and $605 million, adjusted net income¹ to between $137 million and $142 million, and adjusted EPS to between $1.54 and $1.60

CHICAGO, Oct. 29, 2025 /PRNewswire/ -- OppFi Inc. (NYSE: OPFI) ("OppFi" or the "Company"), a tech-enabled digital finance platform that partners with banks to offer financial products and services to everyday Americans, today reported financial results for the third quarter ended September 30, 2025.

"OppFi continued to deliver strong performance in the third quarter 2025, achieving record quarterly revenue, profit and net originations. This continued outperformance has led to raising earnings guidance for the third time this year. Auto approval rates increased to 79.1%, which has improved operating efficiency year over year. We believe we are well positioned strategically with the Model 6.1 refit, risk-based pricing and dynamic seasonal modeling to mitigate exposure during periods of economic volatility," said Todd Schwartz, CEO and Executive Chairman of OppFi.

⁽¹⁾ Non-GAAP Financial Measures: Adjusted Net Income and Adjusted EPS are financial measures that have not been prepared in accordance with GAAP. 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. A reconciliation of projected full year 2025 Adjusted Net Income and Adjusted EPS to the most directly comparable GAAP financial measures is not included in this press release because, without unreasonable efforts, the Company is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate these measures.

Financial Summary

The following tables present a summary of OppFi's results for the three and nine months ended September 30, 2025 and 2024 (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 September 30,				Change
(Unaudited)		2025		2024		%
Total revenue(1)		$             155,089		$             136,593		13.5 %
Net income		$               75,933		$               32,057		136.9 %
Net income attributable to OppFi Inc.		$               41,635		$                 4,264		876.5 %
Adjusted net income(2)		$               40,727		$               28,808		41.4 %
Basic EPS		$                   1.48		$                   0.21		602.1 %
Diluted EPS(3)		$                   0.77		$                   0.21		265.4 %
Adjusted EPS(2,3)		$                   0.46		$                   0.33		39.1 %

(1) Total revenue is calculated as the sum of interest and loan related income and other revenue.

(2) Non-GAAP Financial Measures: Adjusted Net Income and Adjusted EPS are financial measures that have not been prepared in accordance with GAAP. 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.

 

		Nine Months Ended September 30,				Change
(Unaudited)		2025		2024		%
Total revenue(1)		$             437,800		$             390,240		12.2 %
Net income		$             107,803		$               69,864		54.3 %
Net income attributable to OppFi Inc.		$                 9,483		$               12,867		(26.3) %
Adjusted net income(2)		$             113,945		$               62,370		82.7 %
Basic EPS		$                   0.36		$                   0.65		(44.2) %
Diluted EPS(3)		$                   0.36		$                   0.65		(44.2) %
Adjusted EPS(2,3)		$                   1.29		$                   0.72		78.9 %

(1) Total revenue is calculated as the sum of interest and loan related income and other revenue.

(2) Non-GAAP Financial Measures: Adjusted Net Income and Adjusted EPS are financial measures that have not been prepared in accordance with GAAP. 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 tables represent key quarterly metrics as of and for the three and nine months ended September 30, 2025 and 2024 (in thousands, except percentage metrics).

		Three Months Ended September 30,				Change
(Unaudited)		2025		2024		%
Total net originations(a)		$          246,109		$          218,801		12.5 %
Total retained net originations(a)		$          215,237		$          198,441		8.5 %
Ending receivables(b)		$          481,037		$          413,714		16.3 %
Net charge-offs as % of total revenue(c)		35.1 %		34.3 %		2.3 %
Net charge-offs as % of average receivables, annualized(c)		46.7 %		45.9 %		1.7 %
Average yield, annualized(d)		133.2 %		133.9 %		(0.6) %
Auto-approval rate(e)		79.1 %		76.8 %		3.0 %

(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.

 

		Nine Months Ended September 30,				Change
(Unaudited)		2025		2024		%
Total net originations(a)		$          669,150		$          587,846		13.8 %
Total retained net originations(a)		$          589,905		$          540,296		9.2 %
Ending receivables(b)		$          481,037		$          413,714		16.3 %
Net charge-offs as % of total revenue(c)		33.9 %		38.2 %		(11.2) %
Net charge-offs as % of average receivables, annualized(c)		45.5 %		50.3 %		(9.5) %
Average yield, annualized(d)		134.3 %		131.8 %		1.9 %
Auto-approval rate(e)		79.2 %		75.4 %		5.0 %

(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.

Full Year 2025 Guidance Update

• Raise total revenue
  • between $590 million and $605 million
• Raise adjusted net income¹
  • between $137 million to $142 million; and
• Raise adjusted earnings per share¹
  • between $1.54 and $1.60, based on approximate weighted average diluted share count of 89 million shares

(1)  Non-GAAP Financial Measures: Adjusted Net Income and Adjusted EPS are financial measures that have not been prepared in accordance with GAAP. 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. A reconciliation of projected full year 2025 Adjusted Net Income and Adjusted EPS to the most directly comparable GAAP financial measures is not included in this press release because, without unreasonable efforts, the Company is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate these measures.

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) 267-6316
• International: (203) 518-9783
• 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 5,200 reviews, positioning the Company among the top consumer-rated financial platforms online. OppFi also holds a 35% equity interest in Bitty Holdings, LLC ("Bitty"), a credit access company that provides revenue-based financing and other working capital solutions to small businesses. For additional information, please visit oppfi.com.

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," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "possible," "continue," 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 2025 guidance, the future performance of OppFi's platform and underwriting models, 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; whether OppFi will be successful in obtaining declaratory relief against the Commissioner of the Department of Financial Protection and Innovation for the State of California; whether OppFi will be subject to AB 539; whether OppFi's bank partners will continue to lend in California and whether OppFi's financing sources will continue to finance the purchase of participation rights in loans originated by OppFi's bank partners in California; OppFi's ability to scale and grow the Bitty business; the impact that events involving financial institutions or the financial services industry generally, such as actual concerns or events involving liquidity, defaults, or non-performance, may have on OppFi's business; risks related to  any material weakness in OppFi's internal controls over financial reporting; the ability of OppFi to grow and manage growth profitably and retain its key employees; risks related to new products; risks related to evaluating and potentially consummating acquisitions; concentration risk; risks related to OppFi's ability to comply with various covenants in its corporate and warehouse credit facilities; risks related to potential litigation; changes in applicable laws or regulations, including, but not limited to, impacts from the One Big Beautiful Bill Act; the possibility that OppFi may be adversely affected by other economic, business, and/or competitive factors; risks related to management transitions; and other risks and uncertainties indicated from time to time in OppFi's filings with the United States Securities and Exchange Commission, in particular, contained in the section or sections captioned "Risk Factors." OppFi cautions that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. OppFi does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

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 U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes, in order to allow for a comparison with other publicly traded companies. Adjusted EPS is defined as Adjusted Net Income as defined above, divided by weighted average diluted shares outstanding, which represents shares of both classes of common stock outstanding and includes the impact of dilutive securities, such as restricted stock units, performance stock units, and stock options. These non-GAAP financial measures have not been prepared in accordance with accounting principles generally accepted in the United States and may be different from non-GAAP financial measures used by other companies. OppFi believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP measures with comparable names should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. See "Reconciliation of Non-GAAP Financial Measures" below for reconciliations for OppFi's non-GAAP financial measures to the most directly comparable GAAP financial measures. A reconciliation of projected full year 2025 Adjusted Net Income and Adjusted EPS to the most directly comparable GAAP financial measures is not included in this press release because, without unreasonable efforts, the Company is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate these measures.

Consolidated Statements of Operations

The following tables present consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024 (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 September 30,				Change
(Unaudited)		2025		2024		$		%
Revenue:
Interest and loan related income		$          153,706		$          135,535		$        18,171		13.4 %
Other revenue		1,383		1,058		325		30.7
		155,089		136,593		18,496		13.5
Change in fair value of finance receivables		(50,532)		(45,425)		(5,107)		11.2
Provision for credit losses on finance receivables		—		(3)		3		(100.0)
Net revenue		104,557		91,165		13,392		14.7
Expenses:
Salaries and employee benefits		14,513		13,803		710		5.1
Direct marketing costs		14,514		13,570		944		7.0
Interest expense and amortized debt issuance costs		10,079		11,285		(1,206)		(10.7)
Professional fees		6,100		5,714		386		6.8
Technology costs		3,131		3,041		90		3.0
Payment processing fees		1,712		1,725		(13)		(0.8)
Depreciation and amortization		1,133		2,280		(1,147)		(50.3)
Occupancy		1,030		1,005		25		2.5
Exit costs, net		—		61		(61)		(100.0)
General, administrative and other		3,900		3,589		311		8.7
Total expenses		56,112		56,073		39		0.1
Income from operations		48,445		35,092		13,353		38.1
Other income (expense):
Change in fair value of warrant liabilities		31,688		(1,445)		33,133		2293.6
Income from equity method investment		1,365		627		738		117.7
Other income		82		80		2		2.5
Income before income taxes		81,580		34,354		47,226		137.5
Income tax expense		5,647		2,297		3,350		145.9
Net income		75,933		32,057		43,876		136.9
Less: net income attributable to noncontrolling interest		34,298		27,793		6,505		23.4
Net income attributable to OppFi Inc.		$            41,635		$              4,264		$        37,371		876.5 %
Earnings per common share attributable to OppFi Inc.:
Earnings per common share:
Basic		$                 1.48		$                 0.21
Diluted		$                 0.77		$                 0.21
Weighted average common shares outstanding:
Basic		28,163,404		20,248,004
Diluted		88,236,591		20,248,004

 

		Nine Months Ended September 30,				Change
(Unaudited)		2025		2024		$		%
Revenue:
Interest and loan related income		$          433,968		$          386,890		$        47,078		12.2 %
Other revenue		3,832		3,350		482		14.4
		437,800		390,240		47,560		12.2
Change in fair value of finance receivables		(142,187)		(149,546)		7,359		(4.9)
Provision for credit losses on finance receivables		—		(34)		34		(100.0)
Net revenue		295,613		240,660		54,953		22.8
Expenses:
Salaries and employee benefits		46,045		46,028		17		0.0
Direct marketing costs		36,692		35,890		802		2.2
Interest expense and amortized debt issuance costs		29,965		33,679		(3,714)		(11.0)
Professional fees		15,091		15,993		(902)		(5.6)
Technology costs		9,474		9,062		412		4.5
Payment processing fees		4,869		5,487		(618)		(11.3)
Depreciation and amortization		4,395		7,495		(3,100)		(41.4)
Occupancy		3,099		2,989		110		3.7
Exit costs, net		(1,449)		2,946		(4,395)		(149.2)
General, administrative and other		11,687		11,228		459		4.1
Total expenses		159,868		170,797		(10,929)		(6.4)
Income from operations		135,745		69,863		65,882		94.3
Other (expense) income:
Change in fair value of warrant liabilities		(23,223)		2,750		(25,973)		(944.5)
Income from equity method investment		3,562		627		2,935		468.1
Other income		241		239		2		0.8
Income before income taxes		116,325		73,479		42,846		58.3
Income tax expense		8,522		3,615		4,907		135.7
Net income		107,803		69,864		37,939		54.3
Less: net income attributable to noncontrolling interest		98,320		56,997		41,323		72.5
Net income attributable to OppFi Inc.		$              9,483		$            12,867		$        (3,384)		(26.3) %
Earnings per common share attributable to OppFi Inc.:
Earnings per common share:
Basic		$                 0.36		$                 0.65
Diluted		$                 0.36		$                 0.65
Weighted average common shares outstanding:
Basic		26,168,321		19,711,752
Diluted		26,168,321		20,460,396

 

Condensed Consolidated Balance Sheets

The following table presents consolidated balance sheets as of September 30, 2025 and December 31, 2024 (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)
		September 30,		December 31,		Change
		2025		2024		$		%
Assets
Cash and restricted cash		$           75,193		$           88,288		$          (13,095)		(14.8) %
Finance receivables at fair value		541,899		473,696		68,203		14.4
Equity method investment		18,888		19,194		(306)		(1.6)
Other assets		84,635		59,993		24,642		41.1
Total assets		$         720,615		$         641,171		$           79,444		12.4 %
Liabilities and stockholders' equity
Accounts payable and accrued expenses		$           33,570		$           33,290		$                 280		0.8 %
Total debt		320,844		318,758		2,086		0.7
Warrant liabilities		38,331		15,108		23,223		153.7
Other liabilities		50,616		39,802		10,814		27.2
Total liabilities		443,361		406,958		36,403		8.9
Total stockholders' equity		277,254		234,213		43,041		18.4
Total liabilities and stockholders' equity		$         720,615		$         641,171		$           79,444		12.4 %

 

Condensed Consolidated Statement of Cash Flows

The following table presents the consolidated statement of cash flows for the nine months ended September 30, 2025 and 2024 (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.

		Nine Months Ended September 30,				Change
(Unaudited)		2025		2024		$		%
Net cash provided by operating activities		$         284,481		$         229,299		$           55,182		24.1 %
Net cash used in investing activities		(218,419)		(170,607)		(47,812)		28.0
Net cash used in financing activities		(79,157)		(58,402)		(20,755)		35.5
Net (decrease) increase in cash and restricted cash		$         (13,095)		$                 290		$          (13,385)		(4615.1) %

 

Financial Capacity and Capital Resources

As of September 30, 2025, OppFi had $45.4 million in unrestricted cash, a decrease of $15.9 million from December 31, 2024. As of September 30, 2025, OppFi had an additional $204.2 million of unused debt capacity under its financing facilities for future availability, representing a 39% overall undrawn capacity, a decrease from $206.2 million as of December 31, 2024. The decrease in undrawn debt was driven primarily by an increase in the utilization of revolving lines of credit to fund receivables growth. Including total financing commitments of $525.0 million and cash and restricted cash on the balance sheet of $75.2 million, OppFi had approximately $600.2 million in funding capacity as of September 30, 2025.

Reconciliation of Non-GAAP Financial Measures

The following tables present reconciliations of non-GAAP financial measures for the three and nine months ended September 30, 2025 and 2024 (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 September 30, 2025 and 2024

		Three Months Ended September 30,				Change
(Unaudited)		2025		2024		$		%
Net income		$                75,933		$               32,057		$       43,876		136.9 %
Income tax expense		5,647		2,297		3,350		145.9
Other income		(82)		(80)		(2)		2.5
Change in fair value of warrant liabilities		(31,688)		1,445		(33,133)		(2293.6)
Other adjustments, net(a)		3,393		1,967		1,426		72.5
Adjusted EBT		53,203		37,686		15,517		41.2
Less: pro forma taxes(b)		12,476		8,878		3,598		40.5
Adjusted net income		$                40,727		$               28,808		$       11,919		41.4 %
Adjusted earnings per share		$                    0.46		$                    0.33
Weighted average diluted shares outstanding		88,236,591		86,806,628

(a) For the three months ended September 30, 2025, other adjustments, net of $3.4 million included $1.9 million in expenses related to stock compensation, $1.0 million in expenses related to corporate development, $0.4 million in expenses related to legal matters, and $0.1 million in expenses related to severance. For the three months ended September 30, 2024, other adjustments, net of $2.0 million included $1.1 million in expenses related to stock compensation, $0.9 million in expenses related to legal matters, and $0.1 million in expenses related to OppFi Card's exit activities, partially offset by a $0.2 million addback related to corporate development. The sum of the individual components of other adjustments, net may not equal the total presented due to the use of rounded numbers for disclosure purposes.

(b) Assumes a tax rate of 23.45% for the three months ended September 30, 2025 and 23.56% for the three months ended September 30, 2024, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes.

 

Comparison of the nine months ended September 30, 2025 and 2024

		Nine Months Ended September 30,				Change
(Unaudited)		2025		2024		$		%
Net income		$            107,803		$               69,864		$       37,939		54.3 %
Income tax expense		8,522		3,615		4,907		135.7
Other income		(241)		(239)		(2)		0.8
Change in fair value of warrant liabilities		23,223		(2,750)		25,973		944.5
Other adjustments, net(a)		9,544		11,103		(1,559)		(14.0)
Adjusted EBT		148,851		81,593		67,258		82.4
Less: pro forma taxes(b)		34,906		19,223		15,683		81.6
Adjusted net income		$            113,945		$               62,370		$       51,575		82.7 %
Adjusted earnings per share		$                   1.29		$                    0.72
Weighted average diluted shares outstanding		88,218,365		86,368,930

(a) For the nine months ended September 30, 2025, other adjustments, net of $9.5 million included $8.3 million in expenses related to stock compensation, $1.0 million in expenses related to corporate development, $0.9 million in expenses related to legal matters, $0.7 million in expenses related to severance, and $0.2 million in expenses related to an adjustment to the Company's outstanding lease obligations, partially offset by a $1.4 million addback related to the partial forgiveness of remaining expenses related to OppFi Card's exit activities. For the nine months ended September 30, 2024, other adjustments, net of $11.1 million included $4.2 million in expenses related to stock compensation, $2.9 million in expenses related to OppFi Card's exit activities, $2.1 million in expenses related to legal matters, $1.2 million in expenses related to severance, and $0.7 million in expenses related to corporate development. The sum of the individual components of other adjustments, net may not equal the total presented due to the use of rounded numbers for disclosure purposes.

(b) Assumes a tax rate of 23.45% for the nine months ended September 30, 2025 and 23.56% for the nine months ended September 30, 2024, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes.

 

Adjusted Earnings Per Share

Comparison of the three months ended September 30, 2025 and 2024

	Three Months Ended September 30,
(Unaudited)	2025		2024
Weighted average Class A common stock outstanding	28,163,404		20,248,004
Weighted average Class V voting stock outstanding	58,852,443		65,664,358
Dilutive impact of restricted stock units	969,852		811,941
Dilutive impact of performance stock units	31,906		73,564
Dilutive impact of stock options	218,986		8,761
Weighted average diluted shares outstanding	88,236,591		86,806,628

 

	Three Months Ended September 30,
(In thousands, except share and per share data)	2025				2024
(Unaudited)	$		Per Share		$		Per Share
Weighted average diluted shares outstanding			88,236,591				86,806,628
Net income	$          75,933		$               0.86		$          32,057		$               0.37
Income tax expense	5,647		0.06		2,297		0.03
Other income	(82)		—		(80)		—
Change in fair value of warrant liabilities	(31,688)		(0.36)		1,445		0.02
Other adjustments, net(a)	3,393		0.04		1,967		0.02
Adjusted EBT	53,203		0.60		37,686		0.43
Less: pro forma taxes(b)	12,476		0.14		8,878		0.10
Adjusted net income	$          40,727		$               0.46		$          28,808		$               0.33

(a) For the three months ended September 30, 2025, other adjustments, net of $3.4 million included $1.9 million in expenses related to stock compensation, $1.0 million in expenses related to corporate development, $0.4 million in expenses related to legal matters, and $0.1 million in expenses related to severance. For the three months ended September 30, 2024, other adjustments, net of $2.0 million included $1.1 million in expenses related to stock compensation, $0.9 million in expenses related to legal matters, and $0.1 million in expenses related to OppFi Card's exit activities, partially offset by a $0.2 million addback related to corporate development. The sum of the individual components of other adjustments, net may not equal the total presented due to the use of rounded numbers for disclosure purposes.

(b) Assumes a tax rate of 23.45% for the three months ended September 30, 2025 and 23.56% for the three months ended September 30, 2024, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes.

 

Comparison of the nine months ended September 30, 2025 and 2024

	Nine Months Ended September 30,
(Unaudited)	2025		2024
Weighted average Class A common stock outstanding	26,168,321		19,711,752
Weighted average Class V voting stock outstanding	60,590,252		65,908,534
Dilutive impact of restricted stock units	1,205,261		672,399
Dilutive impact of performance stock units	45,237		73,325
Dilutive impact of stock options	209,294		2,920
Weighted average diluted shares outstanding	88,218,365		86,368,930

 

	Nine Months Ended September 30,
(In thousands, except share and per share data)	2025				2024
(Unaudited)	$		Per Share		$		Per Share
Weighted average diluted shares outstanding			88,218,365				86,368,930
Net income	$        107,803		$               1.22		$          69,864		$               0.81
Income tax expense	8,522		0.10		3,615		0.04
Other income	(241)		—		(239)		—
Change in fair value of warrant liabilities	23,223		0.26		(2,750)		(0.03)
Other adjustments, net(a)	9,544		0.11		11,103		0.13
Adjusted EBT	148,851		1.69		81,593		0.94
Less: pro forma taxes(b)	34,906		0.40		19,223		0.22
Adjusted net income	$        113,945		$               1.29		$          62,370		$               0.72

(a) For the nine months ended September 30, 2025, other adjustments, net of $9.5 million included $8.3 million in expenses related to stock compensation, $1.0 million in expenses related to corporate development, $0.9 million in expenses related to legal matters, $0.7 million in expenses related to severance, and $0.2 million in expenses related to an adjustment to the Company's outstanding lease obligations, partially offset by a $1.4 million addback related to the partial forgiveness of remaining expenses related to OppFi Card's exit activities. For the nine months ended September 30, 2024, other adjustments, net of $11.1 million included $4.2 million in expenses related to stock compensation, $2.9 million in expenses related to OppFi Card's exit activities, $2.1 million in expenses related to legal matters, $1.2 million in expenses related to severance, and $0.7 million in expenses related to corporate development. The sum of the individual components of other adjustments, net may not equal the total presented due to the use of rounded numbers for disclosure purposes.

(b) Assumes a tax rate of 23.45% for the nine months ended September 30, 2025 and 23.56% for the nine months ended September 30, 2024, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes.

 

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SOURCE OppFi

FAQ

What were OppFi's Q3 2025 revenue and net income (OPFI)?

OppFi reported $155.1M revenue and $75.9M net income for Q3 2025.

How did OppFi revise full-year 2025 guidance (OPFI)?

OppFi raised full-year 2025 guidance to $590M–$605M revenue, $137M–$142M adjusted net income, and $1.54–$1.60 adjusted EPS.

What was OppFi's adjusted net income and growth in Q3 2025 (OPFI)?

Adjusted net income was $40.7M, a 41.4% increase year over year.

What key originations and receivables figures did OppFi report for Q3 2025 (OPFI)?

Total net originations were $246.1M (+12.5% YoY) and ending receivables were $481.0M (+16.3% YoY).

What credit-performance metrics should investors watch after OppFi's Q3 2025 results (OPFI)?

Investors should monitor net charge-offs (~35% of revenue in Q3) and annualized charge-offs (~46% of average receivables).

When did OppFi host the conference call to discuss Q3 2025 results (OPFI)?

Management hosted a conference call on Oct 29, 2025 at 9:00 a.m. ET, with a webcast available on the investor relations site.