OppFi Reports Third Quarter 2026 Results

Q: What were OppFi's third-quarter 2026 earnings results?

OppFi reported $149.230 million in revenue, $34.479 million in net income and $0.40 in diluted earnings per share. Revenue declined 3.8% and net income declined 54.6% year over year. Adjusted net income, a non-GAAP measure, fell 22.5% to $31.559 million.

Q: What is OppFi's full-year 2026 guidance?

OppFi expects $600 million–$610 million in revenue, $115 million–$120 million in adjusted net income and $1.34–$1.40 in adjusted earnings per share. The adjusted earnings measures are non-GAAP, and the per-share outlook uses approximately 86 million weighted average diluted shares.

Q: Why does OppFi not reconcile its 2026 adjusted earnings guidance to GAAP?

OppFi cannot predict with reasonable certainty the amount or timing of non-GAAP adjustments without unreasonable efforts. It therefore does not provide a reconciliation of projected full-year adjusted net income and adjusted earnings per share to their most directly comparable GAAP measures.

Annualized net charge-offs reached 52.6% of average receivables, compared with 46.7% a year earlier.

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Rhea-AI Summary

OppFi (OPFI) reported third-quarter 2026 revenue of $149.230 million, down year over year as earnings and loan originations also declined. Net income fell 54.6% to $34.479 million, and diluted earnings per share fell to $0.40 from $0.77. Adjusted net income, a non-GAAP measure, declined 22.5% to $31.559 million.

Net originations declined 6.8% to $229.348 million. Annualized net charge-offs, loans written off less recoveries, rose to 52.6% of average receivables from 46.7%. OppFi launched a line of credit product and repurchased $6.7 million of common stock during the quarter. Nine-month revenue rose 1.9% to $446.281 million, while net income declined 3.4%.

OppFi expects full-year revenue of $600 million–$610 million, adjusted net income of $115 million–$120 million and adjusted earnings per share of $1.34–$1.40, based on approximately 86 million weighted average diluted shares.

15 points · 0 major

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0 major · 25 points

Hollow bars mark forward-looking points. How the balance works

Positive

Moderate pointNine-month revenue rose 1.9% to $446.281 million year over year.
Moderate pointNine-month net income attributable to OppFi rose 719.6% to $77.722 million year over year.
Moderate pointNine-month diluted EPS rose 214.0% to $1.14; basic EPS rose 257.3% to $1.29.
Moderate pointShare repurchases totaled $17.9 million over nine months at an average $8.91 per Class A share. 3.9% of market cap
Moderate point. Forward-looking: it has not happened yet and may not happen.OppFi expects full-year 2026 revenue of $600 million–$610 million.

10 minor points

Minor point. Forward-looking: it has not happened yet and may not happen.OppFi expects full-year 2026 adjusted net income of $115 million–$120 million, a non-GAAP measure.
Minor point. Forward-looking: it has not happened yet and may not happen.OppFi expects 2026 adjusted EPS of $1.34–$1.40, based on approximately 86 million weighted average diluted shares.
Minor pointThird-quarter automatic loan approvals reached 80.1% versus 79.1%; nine-month approvals reached 80.2% versus 79.2%.
Minor pointOther revenue increased 14.1% to $1.578 million in the quarter and 14.2% to $4.377 million over nine months.
Minor pointDirect marketing costs fell 10.1% to $13.044 million quarterly and 5.1% to $34.832 million over nine months.
Minor pointEmployee costs fell 12.4% to $12.718 million quarterly and 6.0% to $43.266 million over nine months.
Minor pointInterest and amortized debt issuance costs fell 14.1% to $8.659 million quarterly and 15.6% to $25.294 million over nine months.
Minor pointOccupancy costs fell 4.4% to $985,000 quarterly and 8.3% to $2.843 million over nine months.
Minor pointThird-quarter payment processing fees fell 2.2% to $1.675 million year over year.
Minor pointNine-month depreciation and amortization fell 8.0% to $4.045 million year over year.

Negative

Moderate pointThird-quarter revenue fell 3.8% to $149.230 million year over year.
Moderate pointThird-quarter net income fell 54.6% to $34.479 million; nine-month net income fell 3.4% to $104.129 million.
Moderate pointThird-quarter diluted EPS fell 47.6% to $0.40; basic EPS fell 72.6% to $0.41.
Moderate pointAdjusted net income fell 22.5% to $31.559 million quarterly and 20.7% to $90.363 million over nine months.
Moderate pointNet originations fell 6.8% to $229.348 million quarterly and 7.7% to $617.360 million over nine months.
Moderate pointEnding loan principal balances fell 4.7% to $458.631 million from September 30, 2025.
Moderate pointQuarterly net charge-offs reached 52.6% of average receivables, annualized, versus 46.7% a year earlier.
Moderate pointAnnualized average yield fell to 131.4% quarterly from 133.2%, and to 130.8% over nine months from 134.3%.
Moderate pointReceivable fair-value reductions widened 11.8% to $56.476 million quarterly and 26.6% to $180.058 million over nine months.
Moderate pointNet revenue fell 11.3% to $92.754 million quarterly and 9.9% to $266.223 million over nine months.
Moderate pointThird-quarter operating income fell 23.5% to $37.044 million year over year.

14 minor points

Minor pointThird-quarter net income attributable to OppFi fell 17.2% to $34.479 million year over year.
Minor pointAdjusted EPS fell 20.1% to $0.37 quarterly and 18.6% to $1.05 over nine months.
Minor pointRetained net originations fell 11.4% to $190.671 million quarterly and 12.0% to $518.881 million over nine months.
Minor pointNine-month net charge-offs reached 53.2% of average receivables, annualized, versus 45.5% a year earlier.
Minor pointNet charge-offs reached 40.1% of quarterly revenue versus 35.1%; nine-month ratios were 40.7% versus 33.9%.
Minor pointInterest revenue fell 3.9% to $147.652 million quarterly, although nine-month interest revenue rose 1.8% to $441.904 million.
Minor pointProfessional fees rose 23.6% to $7.538 million quarterly and 88.3% to $28.415 million over nine months.
Minor pointTechnology costs rose 25.6% to $3.934 million quarterly and 13.9% to $10.788 million over nine months.
Minor pointGeneral, administrative and other costs rose 33.6% to $5.212 million quarterly and 46.6% to $15.012 million over nine months.
Minor pointThird-quarter depreciation and amortization rose 71.7% to $1.945 million year over year.
Minor pointNine-month payment processing fees rose 2.0% to $4.967 million year over year.
Minor pointThird-quarter warrant fair-value income fell 91.0% to $2.842 million year over year.
Minor pointThird-quarter equity-method investment income fell 43.3% to $774,000 year over year.
Minor pointThird-quarter income tax expense rose 11.0% to $6.267 million year over year.

News Explained

Through September 30, 2026, OppFi repurchased $17.9 million of Class A common stock, including $6.7 million in the third quarter, establishing a nine-month buyback total beyond the quarter figure.

Key Figures

Total revenue: $149,230 thousand Net income: $34,479 thousand Diluted EPS: $0.40 +5 more

Total revenue: $149,230 thousand; Q3 2026; down 3.8% year over year
Net income: $34,479 thousand; Q3 2026; down 54.6% year over year
Diluted EPS: $0.40; Q3 2026; compared with $0.77 in Q3 2025
Net charge-offs as % of average receivables: 52.6%; Q3 2026; annualized, compared with 46.7% in Q3 2025
Share repurchases: $17.9 million; Nine months ended September 30, 2026; average purchase price of $8.91 per share
FY2026 total revenue guidance: $600 million–$610 million; Full-year 2026 guidance
FY2026 adjusted net income guidance: $115 million–$120 million; Full-year 2026 guidance; non-GAAP measure
FY2026 adjusted EPS guidance: $1.34–$1.40; Full-year 2026 guidance; non-GAAP measure

Previous Earnings Reports

1 past event · Latest: Aug 10

Same Type 1 event

Aug 10
Q2 earnings report

24h Move

-24.9%

Q2 guidance set FY2026 revenue at $600–$625 million; Q3 refined the outlook.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

net charge-offs, finance receivables, non-GAAP financial measures, restricted stock units

4 terms

net charge-offs financial

"Net charge-offs as % of total revenue"

Net charge-offs are the amount of loans or credit a lender removes from its books as uncollectible after subtracting any money later recovered from previously written-off accounts. Think of it like a store writing off unpaid tabs but getting back a few dollars later — the net figure shows the real loss. Investors watch this to judge a lender’s loan quality, future profits and how much capital may be needed to cover bad debts.

finance receivables financial

"Interest on finance receivables and other revenue"

Finance receivables are amounts a company expects to collect from customers or borrowers after providing goods, services, leases, or loans on credit—essentially the IOUs recorded on its balance sheet. They matter to investors because they represent future cash inflows but carry the risk of nonpayment; rising receivables can signal growing sales or cash strain, and changes in their quality affect a company’s liquidity, profit forecasts, and overall financial health.

non-GAAP financial measures financial

"Adjusted Net Income and Adjusted EPS are non-GAAP financial measures."

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

restricted stock units financial

"including Class V Voting Stock, restricted stock units, performance stock units"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

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10/28/2026 - 05:45 AM EDT

Launched new Line of Credit product, representing a significant milestone in the expansion of OppFi's product suite

Continued execution of product and pricing initiatives designed to expand addressable market opportunities and enhance customer choice

Repurchased $6.7 million of common stock during the third quarter under the share repurchase program

CHICAGO, Oct. 28, 2026 /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, 2026.

"The strategic transformation of OppFi continued to gain momentum during the third quarter as we delivered strong execution across a number of priorities that we believe will drive our next phase of growth," said Todd Schwartz, CEO and Executive Chairman. "From launching our line of credit product and advancing the migration to our LOLA platform, to progressing key product innovation initiatives, we are building a more diversified, technology-enabled financial platform designed to better serve customers across their financial journeys. We believe these initiatives will broaden our capabilities, strengthen our long-term earnings power, and position OppFi to create substantial long-term value."

Financial Summary

The following tables present a summary of OppFi's results for the three and nine months ended September 30, 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 September 30,		Change
(Unaudited)	2026	2025	%
Total revenue⁽¹⁾	$ 149,230	$ 155,089	(3.8) %
Net income	$ 34,479	$ 75,933	(54.6) %
Net income attributable to OppFi Inc.	$ 34,479	$ 41,635	(17.2) %
Adjusted net income⁽²⁾	$ 31,559	$ 40,727	(22.5) %
Basic EPS	$ 0.41	$ 1.48	(72.6) %
Diluted EPS⁽³⁾	$ 0.40	$ 0.77	(47.6) %
Adjusted EPS^(2,3)	$ 0.37	$ 0.46	(20.1) %

⁽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.

	Nine Months Ended September 30,		Change
(Unaudited)	2026	2025	%
Total revenue⁽¹⁾	$ 446,281	$ 437,800	1.9 %
Net income	$ 104,129	$ 107,803	(3.4) %
Net income attributable to OppFi Inc.	$ 77,722	$ 9,483	719.6 %
Adjusted net income⁽²⁾	$ 90,363	$ 113,945	(20.7) %
Basic EPS	$ 1.29	$ 0.36	257.3 %
Diluted EPS⁽³⁾	$ 1.14	$ 0.36	214.0 %
Adjusted EPS^(2,3)	$ 1.05	$ 1.29	(18.6) %

⁽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 tables represent key quarterly metrics as of and for the three and nine months ended September 30, 2026 and 2025 (in thousands, except percentage metrics).

	Three Months Ended September 30,		Change
(Unaudited)	2026	2025	%
Total net originations^(a)	$ 229,348	$ 246,109	(6.8) %
Total retained net originations^(a)	$ 190,671	$ 215,237	(11.4) %
Ending receivables^(b)	$ 458,631	$ 481,037	(4.7) %
Net charge-offs as % of total revenue^(c)	40.1 %	35.1 %	14.2 %
Net charge-offs as % of average receivables, annualized^(c)	52.6 %	46.7 %	12.7 %
Average yield, annualized^(d)	131.4 %	133.2 %	(1.3) %
Auto-approval rate^(e)	80.1 %	79.1 %	1.2 %

^(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)	2026	2025	%
Total net originations^(a)	$ 617,360	$ 669,150	(7.7) %
Total retained net originations^(a)	$ 518,881	$ 589,905	(12.0) %
Ending receivables^(b)	$ 458,631	$ 481,037	(4.7) %
Net charge-offs as % of total revenue^(c)	40.7 %	33.9 %	20.0 %
Net charge-offs as % of average receivables, annualized^(c)	53.2 %	45.5 %	16.9 %
Average yield, annualized^(d)	130.8 %	134.3 %	(2.6) %
Auto-approval rate^(e)	80.2 %	79.2 %	1.3 %

^(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 nine months ended September 30, 2026, OppFi repurchased $17.9 million of its Class A common stock at an average purchase price of $8.91 per share.

Full Year 2026 Guidance Update

OppFi is refining its full year 2026 guidance as follows:

Total revenue between $600 million and $610 million;
Adjusted net income¹between $115 million and $120 million; and

Adjusted EPS¹between $1.34 and $1.40, based on an approximate weighted average diluted share count of 86 million shares

⁽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. A reconciliation of projected full year 2026 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 8:30 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: (833) 354-6854
International: (785) 838-9343
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 5,800 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.

Important Additional Information and Where to Find It

In connection with the proposed transaction between OppFi and BNCCORP, Inc. ("BNCC"), OppFi has filed with the U.S. Securities and Exchange Commission (the "SEC") a registration statement on Form S-4 (File No. 333-297733) (the "registration statement"), which includes a proxy statement of BNCC and a prospectus of OppFi (the "proxy statement/prospectus"), and OppFi may file with the SEC other relevant documents regarding the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS CAREFULLY AND IN THEIR ENTIRETY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BY OPPFI, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT OPPFI, BNCC, BNC NATIONAL BANK AND THE PROPOSED TRANSACTION. A definitive copy of the proxy statement/prospectus has been mailed to stockholders of BNCC. Investors and security holders will be able to obtain the registration statement and the proxy statement/prospectus, as well as other filings containing information about OppFi, free of charge from OppFi or from the SEC's website. The documents filed by OppFi with the SEC may be obtained free of charge at OppFi's website, at https://investors.oppfi.com/financials/sec-filings/default.aspx, or by requesting them by mail at 130 E. Randolph Street, Suite 3400, Chicago, IL 60601 or by email at corporate.secretary@oppfi.com.

Contacts:

Investor Relations:
investors@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, the anticipated performance of its recently launched line of credit product, the expected benefits of its ongoing migration to the LOLA platform, statements regarding OppFi's proposed acquisition of BNCC, including the anticipated timing, structure, benefits and strategic rationale of the transaction, 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, the failure to satisfy closing conditions or obtain required regulatory approvals, the impact of the transaction on OppFi's governance structure, integration or execution challenges, and adverse reactions from customers or stockholders; 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; the implementation and migration of technology platforms; 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; 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 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.

Consolidated Statements of Operations

The following tables present consolidated statements of operations for the three and nine months ended September 30, 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 September 30,		Change
(Unaudited)	2026	2025	$	%
Revenue:
Interest on finance receivables	$ 147,652	$ 153,706	$ (6,054)	(3.9) %
Other revenue	1,578	1,383	195	14.1
	149,230	155,089	(5,859)	(3.8)
Change in fair value of finance receivables	(56,476)	(50,532)	(5,944)	11.8
Net revenue	92,754	104,557	(11,803)	(11.3)
Expenses:
Direct marketing costs	13,044	14,514	(1,470)	(10.1)
Salaries and employee benefits	12,718	14,513	(1,795)	(12.4)
Interest expense and amortized debt issuance costs	8,659	10,079	(1,420)	(14.1)
Professional fees	7,538	6,100	1,438	23.6
Technology costs	3,934	3,131	803	25.6
Depreciation and amortization	1,945	1,133	812	71.7
Payment processing fees	1,675	1,712	(37)	(2.2)
Occupancy	985	1,030	(45)	(4.4)
General, administrative and other	5,212	3,900	1,312	33.6
Total expenses	55,710	56,112	(402)	(0.7)
Income from operations	37,044	48,445	(11,401)	(23.5)
Other income:
Change in fair value of warrant liabilities	2,842	31,688	(28,846)	(91.0)
Income from equity method investment	774	1,365	(591)	(43.3)
Other income	86	82	4	4.9
Income before income taxes	40,746	81,580	(40,834)	(50.1)
Income tax expense	6,267	5,647	620	11.0
Net income	34,479	75,933	(41,454)	(54.6)
Less: net income attributable to noncontrolling interest	—	34,298	(34,298)	(100.0)
Net income attributable to OppFi Inc.	$ 34,479	$ 41,635	$ (7,156)	(17.2) %

Earnings per common share attributable to OppFi Inc.:
Earnings per common share:
Basic	$ 0.41	$ 1.48
Diluted	$ 0.40	$ 0.77
Weighted average common shares outstanding:
Basic	85,066,885	28,163,404
Diluted	85,571,877	88,236,591

	Nine Months Ended September 30,		Change
(Unaudited)	2026	2025	$	%
Revenue:
Interest on finance receivables	$ 441,904	$ 433,968	$ 7,936	1.8 %
Other revenue	4,377	3,832	545	14.2
	446,281	437,800	8,481	1.9
Change in fair value of finance receivables	(180,058)	(142,187)	(37,871)	26.6
Net revenue	266,223	295,613	(29,390)	(9.9)
Expenses:
Salaries and employee benefits	43,266	46,045	(2,779)	(6.0)
Direct marketing costs	34,832	36,692	(1,860)	(5.1)
Professional fees	28,415	15,091	13,324	88.3
Interest expense and amortized debt issuance costs	25,294	29,965	(4,671)	(15.6)
Technology costs	10,788	9,474	1,314	13.9
Payment processing fees	4,967	4,869	98	2.0
Depreciation and amortization	4,045	4,395	(350)	(8.0)
Occupancy	2,843	3,099	(256)	(8.3)
General, administrative and other	15,012	10,238	4,774	46.6
Total expenses	169,462	159,868	9,594	6.0
Income from operations	96,761	135,745	(38,984)	(28.7)
Other income (expense):
Change in fair value of warrant liabilities	24,338	(23,223)	47,561	204.8
Income from equity method investment	2,707	3,562	(855)	(24.0)
Other income	405	241	164	68.1
Income before income taxes	124,211	116,325	7,886	6.8
Income tax expense	20,082	8,522	11,560	135.7
Net income	104,129	107,803	(3,674)	(3.4)
Less: net income attributable to noncontrolling interest	26,407	98,320	(71,913)	(73.1)
Net income attributable to OppFi Inc.	$ 77,722	$ 9,483	$ 68,239	719.6 %

Earnings per common share attributable to OppFi Inc.:
Earnings per common share:
Basic	$ 1.29	$ 0.36
Diluted	$ 1.14	$ 0.36
Weighted average common shares outstanding:
Basic	60,027,387	26,168,321
Diluted	85,933,941	26,168,321

Condensed Consolidated Balance Sheets

The following table presents consolidated balance sheets as of September 30, 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)
	September 30,	December 31,	Change
	2026	2025	$	%
Assets
Cash and restricted cash	$ 140,673	$ 93,263	$ 47,410	50.8 %
Finance receivables at fair value	518,884	546,236	(27,352)	(5.0)
Equity method investment	20,348	19,076	1,272	6.7
Other assets	162,495	95,515	66,980	70.1
Total assets	$ 842,400	$ 754,090	$ 88,310	11.7 %
Liabilities and stockholders' equity
Accounts payable and accrued expenses	$ 37,406	$ 46,171	$ (8,765)	(19.0) %
Total debt	349,639	321,353	28,286	8.8
Warrant liabilities	2,117	26,455	(24,338)	(92.0)
Other liabilities	9,915	51,235	(41,320)	(80.6)
Total liabilities	399,077	445,214	(46,137)	(10.4)
Total stockholders' equity	443,323	308,876	134,447	43.5
Total liabilities and stockholders' equity	$ 842,400	$ 754,090	$ 88,310	11.7 %

Condensed Consolidated Statement of Cash Flows

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

	Nine Months Ended September 30,		Change
(Unaudited)	2026	2025	$	%
Net cash provided by operating activities	$ 268,129	$ 284,481	$ (16,352)	(5.7) %
Net cash used in investing activities	(160,606)	(218,419)	57,813	(26.5)
Net cash used in financing activities	(60,113)	(79,157)	19,044	(24.1)
Net increase (decrease) in cash and restricted cash	$ 47,410	$ (13,095)	$ 60,505	462.0 %

Financial Capacity and Capital Resources

As of September 30, 2026, OppFi had $102.7 million in unrestricted cash, an increase of $53.2 million from December 31, 2025. As of September 30, 2026, OppFi had an additional $198.5 million of unused debt capacity under its financing facilities for future availability, representing a 36% overall undrawn capacity, a decrease from $203.6 million as of December 31, 2025. The decrease in undrawn debt was driven primarily by the termination of the Gray Rock SPV LLC revolving line of credit. Including total financing commitments of $550.0 million and cash and restricted cash on the balance sheet of $140.7 million, OppFi had approximately $690.7 million in funding capacity as of September 30, 2026.

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, 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 September 30, 2026 and 2025

	Three Months Ended September 30,		Change
(Unaudited)	2026	2025	$	%
Net income	$ 34,479	$ 75,933	$ (41,454)	(54.6) %
Income tax expense	6,267	5,647	620	11.0
Other income	(86)	(82)	(4)	4.9
Change in fair value of warrant liabilities	(2,842)	(31,688)	28,846	(91.0)
Other adjustments, net^(a)	3,691	3,393	298	8.8
Adjusted EBT	41,509	53,203	(11,694)	(22.0)
Less: pro forma taxes^(b)	9,950	12,476	(2,526)	(20.2)
Adjusted net income	$ 31,559	$ 40,727	$ (9,168)	(22.5) %

Adjusted earnings per share	$ 0.37	$ 0.46
Weighted average diluted shares outstanding	85,571,877	88,236,591

^(a)For the three months ended September 30, 2026, other adjustments, net of $3.7 million included $1.8 million in expenses related to the proposed acquisition of BNCC (the "Transaction"), $1.6 million in expenses related to stock compensation, and $0.3 million in expenses related to severance. 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. 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 23.97% for the three months ended September 30, 2026 and 23.45% for the three months ended September 30, 2025, 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, 2026 and 2025

	Nine Months Ended September 30,		Change
(Unaudited)	2026	2025	$	%
Net income	$ 104,129	$ 107,803	$ (3,674)	(3.4) %
Income tax expense	20,082	8,522	11,560	135.7
Other income	(405)	(241)	(164)	68.1
Change in fair value of warrant liabilities	(24,338)	23,223	(47,561)	(204.8)
Other adjustments, net^(a)	19,385	9,544	9,841	103.1
Adjusted EBT	118,853	148,851	(29,998)	(20.2)
Less: pro forma taxes^(b)	28,490	34,906	(6,416)	(18.4)
Adjusted net income	$ 90,363	$ 113,945	$ (23,582)	(20.7) %

Adjusted earnings per share	$ 1.05	$ 1.29
Weighted average diluted shares outstanding	85,933,941	88,218,365

^(a)For the nine months ended September 30, 2026, other adjustments, net of $19.4 million included $10.6 million in expenses related to the Transaction and the series of transactions which resulted in OppFi becoming the sole owner of OppFi-LLC and the termination of the Tax Receivable Agreement (the "Corporate Simplification"), $6.4 million in expenses related to stock compensation, $1.9 million in expenses related to severance, and $0.5 million in expenses related to legal matters. 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. 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 23.97% for the nine months ended September 30, 2026 and 23.45% for the nine months ended September 30, 2025, 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, 2026 and 2025

	Three Months Ended September 30,
(Unaudited)	2026	2025
Weighted average Class A common stock outstanding	85,066,885	28,163,404
Weighted average Class V voting stock outstanding	—	58,852,443
Dilutive impact of restricted stock units	361,279	969,852
Dilutive impact of performance stock units	—	31,906
Dilutive impact of stock options	143,713	218,986
Weighted average diluted shares outstanding	85,571,877	88,236,591

	Three Months Ended September 30,
(In thousands, except share and per share data)	2026		2025
(Unaudited)	$	Per Share	$	Per Share
Weighted average diluted shares outstanding		85,571,877		88,236,591
Net income	$ 34,479	$ 0.40	$ 75,933	$ 0.86
Income tax expense	6,267	0.07	5,647	0.06
Other income	(86)	—	(82)	—
Change in fair value of warrant liabilities	(2,842)	(0.03)	(31,688)	(0.36)
Other adjustments, net^(a)	3,691	0.04	3,393	0.04
Adjusted EBT	41,509	0.49	53,203	0.60
Less: pro forma taxes^(b)	9,950	0.12	12,476	0.14
Adjusted net income	$ 31,559	$ 0.37	$ 40,727	$ 0.46

^(a)For the three months ended September 30, 2026, other adjustments, net of $3.7 million included $1.8 million in expenses related to the Transaction, $1.6 million in expenses related to stock compensation, and $0.3 million in expenses related to severance. 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. 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 23.97% for the three months ended September 30, 2026 and 23.45% for the three months ended September 30, 2025, 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, 2026 and 2025

	Nine Months Ended September 30,
(Unaudited)	2026	2025
Weighted average Class A common stock outstanding	60,027,387	26,168,321
Weighted average Class V voting stock outstanding	25,275,155	60,590,252
Dilutive impact of restricted stock units	477,232	1,205,261
Dilutive impact of performance stock units	5,421	45,237
Dilutive impact of stock options	148,746	209,294
Weighted average diluted shares outstanding	85,933,941	88,218,365

	Nine Months Ended September 30,
(In thousands, except share and per share data)	2026		2025
(Unaudited)	$	Per Share	$	Per Share
Weighted average diluted shares outstanding		85,933,941		88,218,365
Net income	$ 104,129	$ 1.21	$ 107,803	$ 1.22
Income tax expense	20,082	0.23	8,522	0.10
Other income	(405)	—	(241)	—
Change in fair value of warrant liabilities	(24,338)	(0.28)	23,223	0.26
Other adjustments, net^(a)	19,385	0.23	9,544	0.11
Adjusted EBT	118,853	1.38	148,851	1.69
Less: pro forma taxes^(b)	28,490	0.33	34,906	0.40
Adjusted net income	$ 90,363	$ 1.05	$ 113,945	$ 1.29

^(a)For the nine months ended September 30, 2026, other adjustments, net of $19.4 million included $10.6 million in expenses related to the Transaction and the Corporate Simplification, $6.4 million in expenses related to stock compensation, $1.9 million in expenses related to severance, and $0.5 million in expenses related to legal matters. 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. 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 23.97% for the nine months ended September 30, 2026 and 23.45% for the nine months ended September 30, 2025, 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were OppFi's third-quarter 2026 earnings results?

OppFi reported $149.230 million in revenue, $34.479 million in net income and $0.40 in diluted earnings per share. Revenue declined 3.8% and net income declined 54.6% year over year. Adjusted net income, a non-GAAP measure, fell 22.5% to $31.559 million.

What is OppFi's full-year 2026 guidance?

OppFi expects $600 million–$610 million in revenue, $115 million–$120 million in adjusted net income and $1.34–$1.40 in adjusted earnings per share. The adjusted earnings measures are non-GAAP, and the per-share outlook uses approximately 86 million weighted average diluted shares.

Why does OppFi not reconcile its 2026 adjusted earnings guidance to GAAP?

OppFi cannot predict with reasonable certainty the amount or timing of non-GAAP adjustments without unreasonable efforts. It therefore does not provide a reconciliation of projected full-year adjusted net income and adjusted earnings per share to their most directly comparable GAAP measures.

OppFi Reports Third Quarter 2026 Results