FCFS Q3: Revenue climbs to $935.6M as U.K. H&T acquisition closes

Rhea-AI Filing Summary

FirstCash Holdings (FCFS) reported Q3 2025 results and closed the H&T acquisition. Total revenue rose to $935.6 million from $837.3 million a year ago, and diluted EPS increased to $1.86 from $1.44. Net income was $82.8 million versus $64.8 million. Growth was driven by higher pawn loan fees ($221.1 million) and retail sales ($411.0 million), partially offset by lower lease-to-own revenue at AFF ($132.5 million vs. $188.6 million).

The company completed the purchase of U.K. pawn operator H&T on August 14 for £289.1 million (about $392.4 million), adding 286 U.K. stores. Assets increased to $5.18 billion, inventories to $456.3 million, and pawn loans to $788.1 million. To support the deal, borrowings under the unsecured revolver rose to $575.0 million; total long‑term debt reached $2.21 billion. The credit facility covenants were amended in May in anticipation of the acquisition.

Operating cash flow was $379.3 million for the nine months, while investing used $662.4 million largely for acquisitions. The company settled a CFPB matter, paying a $4.0 million fine and estimating up to $7.0 million in consumer redress. As of October 29, 2025, shares outstanding were 44,134,150.

Insights

Equity analyst — specialty finance

Solid topline and EPS growth with leverage up post H&T.

FirstCash posted Q3 revenue of $935.6M and diluted EPS of $1.86, reflecting stronger pawn demand: pawn loan fees rose to $221.1M and retail merchandise sales to $411.0M. AFF revenue contracted to $132.5M, tempering mix.

Closing the H&T deal ($392.4M) expands into the U.K. with 286 stores and lifted consolidated assets and goodwill. Debt increased: unsecured revolver borrowings reached $575.0M, and total long‑term debt was $2.21B. Covenants were amended to accommodate higher leverage.

Nine‑month operating cash flow was $379.3M, offset by investing outflows of $662.4M mainly for acquisitions. A CFPB settlement included a $4.0M fine and up to $7.0M in redress. Actual impact will depend on U.K. integration and AFF trends.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to ___________

Commission file number 001-10960

FIRSTCASH HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware

87-3920732

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1600 West 7th Street, Fort Worth, Texas 76102

(Address of principal executive offices) (Zip code)

(817) 335-1100

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $.01 per share			FCFS			The Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒ Yes   ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    ☒ Yes   ☐ No

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act of 1934.

☒			Large accelerated filer			☐			Accelerated filer
☐			Non-accelerated filer			☐			Smaller reporting company
						☐			Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Exchange Act of 1934. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).     ☐ Yes  ☒ No

As of October 29, 2025, there were 44,134,150 shares of common stock outstanding.

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FIRSTCASH HOLDINGS, INC.

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2025

INDEX

PART I.			FINANCIAL INFORMATION
Item 1.			Financial Statements (Unaudited)			1
			Consolidated Balance Sheets			1
			Consolidated Statements of Income			2
			Consolidated Statements of Comprehensive Income			3
			Consolidated Statements of Changes in Stockholders’ Equity			4
			Consolidated Statements of Cash Flows			6
			Notes to Consolidated Financial Statements			7
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			24
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			48
Item 4.			Controls and Procedures			48
PART II.			OTHER INFORMATION
Item 1.			Legal Proceedings			49
Item 1A.			Risk Factors			49
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			49
Item 3.			Defaults Upon Senior Securities			49
Item 4.			Mine Safety Disclosures			49
Item 5.			Other Information			50
Item 6.			Exhibits			51
SIGNATURES						52

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CAUTIONARY STATEMENT REGARDING RISKS AND UNCERTAINTIES THAT MAY AFFECT FUTURE RESULTS

Forward-Looking Information

This quarterly report contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the “Company”). Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this quarterly report. Such factors and risks may include, without limitation, risks related to the extensive regulatory environment in which the Company operates, including uncertainty involving the current regulatory environment under the current presidential administration; risks associated with the legal and regulatory proceedings that the Company is a party to or may become a party to in the future; risks related to the Company’s acquisitions, including the failure of the Company’s acquisitions to deliver the estimated value and benefits expected by the Company and the ability of the Company to continue to identify and consummate acquisitions on favorable terms, if at all; risks that the Company may not realize the anticipated benefits of the H&T Group plc (“H&T”) acquisition and risks related to operating in a new jurisdiction; potential changes in consumer behavior and shopping patterns which could impact demand for the Company’s pawn loan, retail, lease-to-own (“LTO”) and retail finance products; labor shortages and increased labor costs; a deterioration in the economic conditions in the United States and Latin America, including as a result of inflation, elevated interest rates and trade policy, which potentially could have an impact on discretionary consumer spending and demand for the Company’s products; currency fluctuations, primarily involving the Mexican peso; competition the Company faces from other retailers and providers of retail payment solutions; the ability of the Company to successfully execute on its business strategies; contraction in sales activity or store closures at merchant partners of the Company’s retail point-of-sale (“POS”) payment solutions business; the ability of the Company’s retail POS payment solutions business to continue to grow its base of merchant partners, including those outside of the furniture vertical; and other risks discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this quarterly report speak only as of the date of this quarterly report, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

FIRSTCASH HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
						September 30,												December 31,
						2025						2024						2024
ASSETS
Cash and cash equivalents						$	130,240					$	106,320					$	175,095
Accounts receivable, net						115,850						74,378						73,325
Pawn loans						788,130						517,877						517,867
Finance receivables, net						153,134						123,751						147,501
Inventories						456,273						334,394						334,580
Leased merchandise, net						99,725						137,769						128,437
Prepaid expenses and other current assets						49,008						34,861						26,943
Total current assets						1,792,360						1,329,350						1,403,748
Property and equipment, net						786,389						689,075						717,916
Operating lease right of use asset						371,311						329,228						324,646
Goodwill						1,970,358						1,788,795						1,787,172
Intangible assets, net						246,722						241,389						228,858
Other assets						9,775						10,339						9,934
Deferred tax assets, net						5,401						4,671						4,712
Total assets						$	5,182,316					$	4,392,847					$	4,476,986
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities						$	163,412					$	133,792					$	171,540
Customer deposits and prepayments						84,520						78,083						72,703
Lease liability, current						111,327						96,598						95,161
Total current liabilities						359,259						308,473						339,404
Revolving unsecured credit facility						575,000						200,000						198,000
Other long-term debt						1,638,106						1,530,604						1,531,346
Deferred tax liabilities, net						155,295						127,425						128,574
Lease liability, non-current						255,010						227,151						225,498
Total liabilities						2,982,670						2,393,653						2,422,822
Stockholders’ equity:
Common stock						575						575						575
Additional paid-in capital						1,766,282						1,764,351						1,767,569
Retained earnings						1,584,851						1,344,542						1,411,083
Accumulated other comprehensive loss						(76,766)						(114,807)						(129,596)
Common stock held in treasury, at cost						(1,075,296)						(995,467)						(995,467)
Total stockholders’ equity						2,199,646						1,999,194						2,054,164
Total liabilities and stockholders’ equity						$	5,182,316					$	4,392,847					$	4,476,986
The accompanying notes are an integral part of these consolidated financial statements.

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FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands, except per share amounts)
			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2025						2024						2025						2024
Revenue:
Retail merchandise sales			$	410,968					$	363,141					$	1,167,149					$	1,093,425
Pawn loan fees			221,088						186,561						603,781						547,142
Leased merchandise income			132,540						188,560						429,242						588,801
Interest and fees on finance receivables			81,683						61,198						231,171						175,384
Wholesale scrap jewelry sales			86,710						37,861						168,691						99,951
Other revenue			2,590						—						2,590						—
Total revenue			935,579						837,321						2,602,624						2,504,703
Cost of revenue:
Cost of retail merchandise sold			248,723						218,178						703,173						659,854
Depreciation of leased merchandise			76,028						104,928						243,119						335,369
Provision for lease losses			27,920						39,171						88,025						129,834
Provision for loan losses			40,347						40,557						118,468						102,091
Cost of wholesale scrap jewelry sold			68,220						29,880						138,479						81,711
Other cost of revenue			634						—						634						—
Total cost of revenue			461,872						432,714						1,291,898						1,308,859
Net revenue			473,707						404,607						1,310,726						1,195,844
Expenses and other income:
Operating expenses			236,528						224,926						673,607						674,431
Administrative expenses			58,845						42,237						166,631						132,857
Depreciation and amortization			29,034						25,933						80,400						78,507
Interest expense			32,216						27,424						86,024						78,029
Interest income			(908)						(403)						(2,664)						(1,407)
(Gain) loss on foreign exchange			(219)						882						(1,504)						2,133
Merger and acquisition expenses			9,472						225						12,711						2,186
Other income, net			(3,740)						(1,797)						(9,254)						(4,135)
Total expenses and other income			361,228						319,427						1,005,951						962,601
Income before income taxes			112,479						85,180						304,775						233,243
Provision for income taxes			29,672						20,353						78,572						57,975
Net income			$	82,807					$	64,827					$	226,203					$	175,268
Earnings per share:
Basic			$	1.87					$	1.45					$	5.09					$	3.89
Diluted			$	1.86					$	1.44					$	5.07					$	3.88
The accompanying notes are an integral part of these consolidated financial statements.

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FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in thousands)
			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2025						2024						2025						2024
Net income			$	82,807					$	64,827					$	226,203					$	175,268
Other comprehensive income (loss):
Currency translation adjustment			19,501						(30,441)						52,830						(71,770)
Comprehensive income			$	102,308					$	34,386					$	279,033					$	103,498
The accompanying notes are an integral part of these consolidated financial statements.

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FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(unaudited, in thousands, except per share amounts)
Nine Months Ended September 30, 2025
									Common Stock												Additional Paid-In Capital						Retained Earnings						Accum- ulated Other Compre- hensive Loss						Common Stock Held in Treasury												Total Stock- holders’ Equity
															Shares						Amount																								Shares						Amount
As of 12/31/2024															57,547						$	575					$	1,767,569					$	1,411,083					$	(129,596)					12,795						$	(995,467)					$	2,054,164
Shares issued under share-based compensation plan, net of 52 shares net-settled															—						—						(16,440)						—						—						(137)						10,676						(5,764)
Share-based compensation expense															—						—						4,462						—						—						—						—						4,462
Net income															—						—						—						83,591						—						—						—						83,591
Cash dividends ($0.38 per share)															—						—						—						(16,944)						—						—						—						(16,944)
Currency translation adjustment															—						—						—						—						(944)						—						—						(944)
Purchases of treasury stock, including excise tax															—						—						—						—						—						525						(60,205)						(60,205)
As of 3/31/2025															57,547						$	575					$	1,755,591					$	1,477,730					$	(130,540)					13,183						$	(1,044,996)					$	2,058,360
Share-based compensation expense															—						—						4,588						—						—						—						—						4,588
Net income															—						—						—						59,805						—						—						—						59,805
Cash dividends ($0.38 per share)															—						—						—						(16,858)						—						—						—						(16,858)
Currency translation adjustment															—						—						—						—						34,273						—						—						34,273
As of 6/30/2025															57,547						$	575					$	1,760,179					$	1,520,677					$	(96,267)					13,183						$	(1,044,996)					$	2,140,168
Share-based compensation expense															—						—						6,103						—						—						—						—						6,103
Net income															—						—						—						82,807						—						—						—						82,807
Cash dividends ($0.42 per share)															—						—						—						(18,633)						—						—						—						(18,633)
Currency translation adjustment															—						—						—						—						19,501						—						—						19,501
Purchases of treasury stock, including excise tax															—						—						—						—						—						230						(30,300)						(30,300)
As of 9/30/2025															57,547						$	575					$	1,766,282					$	1,584,851					$	(76,766)					13,413						$	(1,075,296)					$	2,199,646
The accompanying notes are an integral part of these consolidated financial statements.

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FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
CONTINUED
(unaudited, in thousands, except per share amounts)
Nine Months Ended September 30, 2024
									Common Stock												Additional Paid-In Capital						Retained Earnings						Accum- ulated Other Compre- hensive Loss						Common Stock Held in Treasury												Total Stock- holders’ Equity
															Shares						Amount																								Shares						Amount
As of 12/31/2023															57,322						$	573					$	1,741,046					$	1,218,029					$	(43,037)					12,214						$	(920,193)					$	1,996,418
Shares issued under share-based compensation plan, net of 59 shares net-settled															—						—						(17,583)						—						—						(140)						10,576						(7,007)
Share-based compensation expense															—						—						4,101						—						—						—						—						4,101
Net income															—						—						—						61,368						—						—						—						61,368
Cash dividends ($0.35 per share)															—						—						—						(15,833)						—						—						—						(15,833)
Currency translation adjustment															—						—						—						—						6,335						—						—						6,335
As of 3/31/2024															57,322						$	573					$	1,727,564					$	1,263,564					$	(36,702)					12,074						$	(909,617)					$	2,045,382
Shares issued upon acquisition of pawn stores															225						2						29,320						—						—						—						—						29,322
Share-based compensation expense															—						—						4,102						—						—						—						—						4,102
Net income															—						—						—						49,073						—						—						—						49,073
Cash dividends ($0.35 per share)															—						—						—						(15,916)						—						—						—						(15,916)
Currency translation adjustment															—						—						—						—						(47,664)						—						—						(47,664)
Purchases of treasury stock, including excise tax															—						—						—						—						—						721						(85,850)						(85,850)
As of 6/30/2024															57,547						$	575					$	1,760,986					$	1,296,721					$	(84,366)					12,795						$	(995,467)					$	1,978,449
Share-based compensation expense															—						—						3,365						—						—						—						—						3,365
Net income															—						—						—						64,827						—						—						—						64,827
Cash dividends ($0.38 per share)															—						—						—						(17,006)						—						—						—						(17,006)
Currency translation adjustment															—						—						—						—						(30,441)						—						—						(30,441)
As of 9/30/2024															57,547						$	575					$	1,764,351					$	1,344,542					$	(114,807)					12,795						$	(995,467)					$	1,999,194
The accompanying notes are an integral part of these consolidated financial statements.

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FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
						Nine Months Ended
						September 30,
						2025						2024
Cash flow from operating activities:
Net income						$	226,203					$	175,268
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation of leased merchandise						243,119						335,369
Provision for lease losses						88,025						129,834
Provision for loan losses						118,468						102,091
Share-based compensation expense						15,153						11,568
Depreciation and amortization expense						80,400						78,507
Amortization of debt issuance costs						2,974						2,707
Net amortization of premiums, discounts and unearned origination fees on finance receivables						(48,945)						(25,755)
Impairments and dispositions of certain other assets						—						1,415
Deferred income taxes, net						16,709						(8,337)
Changes in operating assets and liabilities, net of business combinations:
Accounts receivable, net						(6,762)						(4,244)
Inventories purchased directly from customers, wholesalers or manufacturers						(13,367)						(9,219)
Leased merchandise						(302,432)						(431,783)
Prepaid expenses and other assets						(12,253)						420
Accounts payable, accrued liabilities and other liabilities						(27,086)						(17,513)
Income taxes						(909)						1,481
Net cash flow provided by operating activities						379,297						341,809
Cash flow from investing activities:
Pawn loans, net (1)						(98,733)						(69,723)
Investments in finance receivables						(338,295)						(290,715)
Proceeds from finance receivables						263,139						204,529
Purchases of furniture, fixtures, equipment and improvements						(37,419)						(56,032)
Purchases of store real property						(44,231)						(54,304)
Acquisitions of pawn stores, net of cash acquired						(406,874)						(69,238)
Net cash flow used in investing activities						(662,413)						(335,483)
Cash flow from financing activities:
Borrowings from credit facilities						689,372						389,000
Repayments of credit facilities						(315,070)						(757,000)
Issuance of senior unsecured notes						—						500,000
Debt issuance costs paid						—						(10,425)
Purchases of treasury stock						(90,459)						(85,000)
Payment of withholding taxes on net share settlements of restricted stock unit awards						(5,764)						(7,007)
Dividends paid						(52,435)						(48,755)
Net cash flow provided by (used in) financing activities						225,644						(19,187)
Effect of exchange rates on cash						12,617						(7,837)
Change in cash and cash equivalents						(44,855)						(20,698)
Cash and cash equivalents at beginning of the period						175,095						127,018
Cash and cash equivalents at end of the period						$	130,240					$	106,320

(1)Includes the funding of new pawn loans net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral.

The accompanying notes are an integral part of these consolidated financial statements.    

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FIRSTCASH HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1 - General

Basis of Presentation

The accompanying consolidated balance sheet as of December 31, 2024, which is derived from audited consolidated financial statements, and the unaudited consolidated financial statements, including the notes thereto, includes the accounts of FirstCash Holdings, Inc. and its wholly-owned subsidiaries (together, the “Company”). The Company regularly makes acquisitions, and the results of operations for the acquisitions have been consolidated since the acquisition dates. All significant intercompany accounts and transactions have been eliminated.

These unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. These interim period financial statements should be read in conjunction with the Company’s audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 3, 2025. The consolidated financial statements as of September 30, 2025 and 2024, and for the three month and nine month periods ended September 30, 2025 and 2024, are unaudited, but in management’s opinion include all adjustments (consisting of only normal recurring adjustments) considered necessary to present fairly the financial position, results of operations and cash flow for such interim periods. Operating results for the periods ended September 30, 2025 are not necessarily indicative of the results that may be expected for the full year.

The Company completed the acquisition of H&T, the leading pawn operator in the United Kingdom with 286 store locations, on August 14, 2025, the date which the balance sheet and operating results of H&T were included in the Company’s consolidated financial results (the “H&T Acquisition”). For further detail, see Note 3.

The Company has pawn operations in Mexico, Guatemala, Colombia and the U.K., where the functional currency is the Mexican peso, Guatemalan quetzal, Colombian peso and the British pound sterling, respectively. Accordingly, the assets and liabilities of these subsidiaries are translated into U.S. dollars at the exchange rate in effect at each balance sheet date, and the resulting adjustments are accumulated in other comprehensive income (loss) as a separate component of stockholders’ equity. Revenues and expenses are translated at the average exchange rates occurring during the respective period. The Company also has pawn operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

Use of Estimates

The preparation of interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and related revenue and expenses, and the disclosure of gain and loss contingencies at the date of the financial statements. Such estimates and assumptions are subject to a number of risks and uncertainties, which may cause actual results to differ materially from the Company’s estimates.

Reclassification

For purposes of comparability, certain prior period amounts in the consolidated statements of income have been reclassified in order to conform to the current period presentation.

The 2024 net presentation of finance receivables within cash flows from investing activities in the consolidated statements of cash flows has been revised to reflect a gross presentation of investments in finance receivables and proceeds from finance receivables for all periods presented. This reclassification of prior period amounts did not result in changes to previously reported net cash flow used in investing activities.

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Recent Accounting Pronouncements

In December 2023, the FASB issued ASU No 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 expands disclosures in the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2023-09 should be applied prospectively; however, retrospective application is permitted. The Company does not expect ASU 2023-09 to have a material effect on the Company’s current financial position, results of operations or financial statement disclosures.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires additional disclosure of specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. In January 2025, the FASB issued ASU 2025-01, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date” (“ASU 2025-01”), which clarifies the effective date of ASU 2024-03. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 may be applied either prospectively or retrospectively for all prior periods presented. The Company is currently evaluating the impact of adopting this guidance on the Company's current financial position, results of operations or financial statement disclosures.

Note 2 - Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2025						2024						2025						2024
Numerator:
Net income			$	82,807					$	64,827					$	226,203					$	175,268
Denominator:
Weighted-average common shares for calculating basic earnings per share			44,211						44,752						44,406						45,039
Effect of dilutive securities:
Restricted stock unit awards			261						218						197						175
Weighted-average common shares for calculating diluted earnings per share			44,472						44,970						44,603						45,214
Earnings per share:
Basic			$	1.87					$	1.45					$	5.09					$	3.89
Diluted			$	1.86					$	1.44					$	5.07					$	3.88

Note 3 - Acquisitions

Consistent with the Company’s strategy to continue its expansion of pawn stores in strategic markets, during the nine months ended September 30, 2025, the Company completed acquisitions as described below:

H&T Acquisition

On August 14, 2025, the Company completed the acquisition of H&T, the leading pawn operator in the United Kingdom with 286 store locations. Under the terms of the H&T Acquisition, H&T shareholders received 650 pence per share in cash. The total equity value for the H&T Acquisition, including cash consideration for the shares, was £289.1 million ($392.4 million USD using the August 13, 2025 closing GBP/USD exchange rate of 1.36).

The purchase price of the H&T Acquisition was allocated to assets acquired and liabilities assumed based upon the estimated fair values at the date of acquisition. The excess purchase price over the estimated fair value of the net assets acquired has been recorded as goodwill. The goodwill arising from this acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company and the pawn stores acquired.

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The estimated fair value of the assets acquired and liabilities assumed are preliminary, as the Company is gathering information to finalize the valuation of these assets and liabilities. The preliminary allocation of the purchase price for the H&T Acquisition is as follows (in thousands):

Cash and cash equivalents			$	21,920
Pawn loans			182,654
Accounts receivable			34,129
Inventories			71,616
Prepaid expenses and other current assets			4,652
Property and equipment			20,838
Operating lease right of use asset			27,269
Goodwill (1)			140,176
Intangible assets (2)			56,459
Current liabilities			(21,497)
Customer deposits and prepayments			(646)
Lease liability, current			(8,393)
Other long-term debt			(108,033)
Deferred tax liabilities			(9,882)
Lease liability, non-current			(18,876)
Purchase price			$	392,386

(1)Substantially all of the goodwill is expected to be non-deductible for U.K. income tax purposes. This goodwill has been assigned to the U.K. pawn reporting unit.

(2)Intangible assets acquired and the respective useful lives assigned consist of the following (in thousands, except useful life):

			Amount						Useful Life (in years)
Trade name			$	22,122					Indefinite
Developed technology			18,051						Two
Customer relationships			16,286						Five
			$	56,459

The customer relationships are being amortized using an accelerated amortization method that reflects the future cash flows expected from the returning pawn customers of H&T. The developed technology is being amortized over a straight-line basis over the anticipated useful life of the developed technology. As the trade name has an indefinite life, it is not amortized.

U.S. Pawn Acquisitions

During the nine months ended September 30, 2025, the Company acquired six pawn stores in the U.S. in four separate transactions. The aggregate purchase price for these acquisitions totaled $35.1 million, net of cash acquired and subject to future post-closing adjustments. The aggregate purchase price was composed of $34.1 million in cash paid during the nine months ended September 30, 2025 and remaining short-term amounts payable to certain of the sellers of $1.0 million. During the nine months ended September 30, 2025, the Company also paid $2.3 million of purchase price amounts payable related to prior-year pawn acquisitions.

The purchase price of each of the 2025 acquisitions was allocated to assets acquired and liabilities assumed based upon the estimated fair values at the date of acquisition. The excess purchase price over the estimated fair value of the net assets acquired has been recorded as goodwill. The goodwill arising from these acquisitions consists largely of the synergies and economies of scale expected from combining the operations of the Company and the pawn stores acquired.

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The estimated fair value of the assets acquired and liabilities assumed are preliminary, as the Company is gathering information to finalize the valuation of these assets and liabilities. The preliminary allocation of the aggregate purchase prices of the acquired U.S. stores during the nine months ended September 30, 2025 is as follows (in thousands):

Pawn loans			$	668
Accounts receivable			66
Inventories			3,673
Property and equipment			60
Operating lease right of use asset			472
Goodwill (1)			30,829
Intangible assets			30
Current liabilities			(253)
Lease liability			(472)
Aggregate purchase price			$	35,073

(1)Substantially all of the goodwill is expected to be deductible for U.S. income tax purposes. This goodwill has been assigned to the U.S. pawn reporting unit.

Combined.Pawn Acquisitions

The results of operations for the H&T Acquisition and the acquired U.S. stores have been consolidated since the respective acquisition dates. During 2025, revenue from the combined acquisitions was $60.7 million and the loss from the combined acquisitions since the acquisition dates (including $11.0 million of transaction and integration costs, net of tax) was $1.9 million. Pro forma information has not been presented as (1) disclosure is impracticable due to the lack of availability of historical H&T financial statements that comply with GAAP and (2) the acquired U.S. stores are not material individually or in the aggregate to the Company’s consolidated financial statements.

Note 4 - Operating Leases

Lessor

For information about the Company’s revenue-generating activities as a lessor, refer to the “Leased merchandise and revenue recognition” section of Note 2 to the consolidated financial statements included in the Company’s 2024 Annual Report on Form 10-K. All of the Company’s lease agreements are considered operating leases.

Lessee

The Company leases the majority of its pawnshop locations and certain administrative offices under operating leases and determines if an arrangement is or contains a lease at inception. Many leases include both lease and non-lease components for which the Company accounts separately. Lease components include rent, taxes and insurance costs while non-lease components include common area or other maintenance costs. Operating leases are included in operating lease right of use assets, lease liability, current and lease liability, non-current in the consolidated balance sheets. The Company does not have any finance leases.

Leased facilities are generally leased for a term of three to five years with one or more options to renew for an additional three to five years, typically at the Company’s sole discretion. In addition, the majority of these leases can be terminated early upon an adverse change in law which negatively affects the store’s profitability. The Company regularly evaluates renewal and termination options to determine if the Company is reasonably certain to exercise the option, and excludes these options from the lease term included in the recognition of the operating lease right of use asset and lease liability until such certainty exists. The weighted-average remaining lease term for operating leases was 4.2 years as of both September 30, 2025 and 2024.

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The operating lease right of use asset and lease liability is recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company’s leases do not provide an implicit rate, and therefore, it uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. The Company utilizes a portfolio approach for determining the incremental borrowing rate to apply to groups of leases with similar characteristics. The weighted-average discount rate used to measure the lease liability as of September 30, 2025 and 2024 was 8.5% and 8.4%, respectively.

The Company has certain operating leases in Mexico which are denominated in U.S. dollars. The liability related to these leases is considered a monetary liability and requires remeasurement each reporting period into the functional currency (Mexican pesos) using reporting date exchange rates. The remeasurement results in the recognition of foreign currency exchange gains or losses each reporting period, which can produce a certain level of earnings volatility. The Company recognized a foreign currency gain of $0.6 million and a loss of $1.4 million during the three months ended September 30, 2025 and 2024, respectively, related to the remeasurement of these U.S. dollar-denominated operating leases, which is included in (gain) loss on foreign exchange in the accompanying consolidated statements of income. During the nine months ended September 30, 2025 and 2024, the Company recognized a foreign currency gain of $2.1 million and a loss of $3.0 million, respectively, related to these U.S. dollar denominated leases.

Lease expense is recognized on a straight-line basis over the lease term, with variable lease expense recognized in the period such payments are incurred. The following table details the components of lease expense included in operating expenses in the consolidated statements of income during the three and nine months ended September 30, 2025 and 2024 (in thousands):

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2025						2024						2025						2024
Operating lease expense			$	38,208					$	36,288					$	109,425					$	110,760
Variable lease expense (1)			5,066						4,917						14,783						14,945
Total operating lease expense			$	43,274					$	41,205					$	124,208					$	125,705

(1)Variable lease costs consist primarily of taxes, insurance and common area or other maintenance costs paid based on actual costs incurred by the lessor and can therefore vary over the lease term.

The following table details the maturity of lease liabilities for all operating leases as of September 30, 2025 (in thousands):

Three months ending December 31, 2025			$	35,572
2026			128,573
2027			98,473
2028			73,408
2029			46,270
Thereafter			45,844
Total			$	428,140
Less amount of lease payments representing interest			(61,803)
Total present value of lease payments			$	366,337

The following table details supplemental cash flow information related to operating leases for the nine months ended September 30, 2025 and 2024 (in thousands):

			Nine Months Ended
			September 30,
			2025						2024
Cash paid for amounts included in the measurement of operating lease liabilities			$	99,350					$	99,910
Leased assets obtained in exchange for new operating lease liabilities			$	85,718					$	104,584

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Note 5 - Fair Value of Financial Instruments

The fair value of financial instruments is determined by reference to various market data and other valuation techniques, as appropriate. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The three fair value levels are (from highest to lowest):

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

Recurring Fair Value Measurements

The Company did not have any financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2025, September 30, 2024 and December 31, 2024.

Fair Value Measurements on a Non-Recurring Basis

The Company measures non-financial assets and liabilities, such as property and equipment and intangible assets, at fair value on a non-recurring basis, or when events or circumstances indicate that the carrying amount of the assets may be impaired. There were no such events or conditions identified during the nine months ended September 30, 2025.

Financial Assets and Liabilities Not Measured at Fair Value, But for Which Fair Value is Disclosed

The Company’s financial assets and liabilities as of September 30, 2025, September 30, 2024 and December 31, 2024 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands):

						Carrying Value						Estimated Fair Value
						September 30,						September 30,						Fair Value Measurements Using
						2025						2025						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	130,240					$	130,240					$	130,240					$	—					$	—
Accounts receivable, net						115,850						115,850						—						—						115,850
Pawn loans						788,130						788,130						—						—						788,130
Finance receivables, net (1)						153,134						293,086						—						—						293,086
						$	1,187,354					$	1,327,306					$	130,240					$	—					$	1,197,066
Financial liabilities:
Revolving unsecured credit facility						$	575,000					$	575,000					$	—					$	575,000					$	—
Other long-term debt (outstanding principal)						1,654,465						1,662,465						—						1,662,465						—
						$	2,229,465					$	2,237,465					$	—					$	2,237,465					$	—

(1)Finance receivables, gross as of September 30, 2025 was $298.1 million. See Note 6.

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						Carrying Value						Estimated Fair Value
						September 30,						September 30,						Fair Value Measurements Using
						2024						2024						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	106,320					$	106,320					$	106,320					$	—					$	—
Accounts receivable, net						74,378						74,378						—						—						74,378
Pawn loans						517,877						517,877						—						—						517,877
Finance receivables, net (1)						123,751						264,517						—						—						264,517
						$	822,326					$	963,092					$	106,320					$	—					$	856,772
Financial liabilities:
Revolving unsecured credit facility						$	200,000					$	200,000					$	—					$	200,000					$	—
Other long-term debt (outstanding principal)						1,550,000						1,534,000						—						1,534,000						—
						$	1,750,000					$	1,734,000					$	—					$	1,734,000					$	—

(1)Finance receivables, gross as of September 30, 2024 was $259.5 million. See Note 6.

						Carrying Value						Estimated Fair Value
						December 31,						December 31,						Fair Value Measurements Using
						2024						2024						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	175,095					$	175,095					$	175,095					$	—					$	—
Accounts receivable, net						73,325						73,325						—						—						73,325
Pawn loans						517,867						517,867						—						—						517,867
Finance receivables, net (1)						147,501						296,526						—						—						296,526
						$	913,788					$	1,062,813					$	175,095					$	—					$	887,718
Financial liabilities:
Revolving unsecured credit facility						$	198,000					$	198,000					$	—					$	198,000					$	—
Other long-term debt (outstanding principal)						1,550,000						1,503,000						—						1,503,000						—
						$	1,748,000					$	1,701,000					$	—					$	1,701,000					$	—

(1)Finance receivables, gross as of December 31, 2024 were $294.2 million. See Note 6.

As cash and cash equivalents have maturities of less than three months, the carrying value of cash and cash equivalents approximates fair value. Due to their short-term maturities, the carrying value of pawn loans and accounts receivable, net approximate fair value.

Finance receivables are measured at amortized cost, net of an allowance for loan losses on the consolidated balance sheets. In estimating fair value for finance receivables, the Company utilized a discounted cash flow methodology. The Company used various unobservable inputs reflecting its own assumptions, such as contractual future principal and interest cash flows, future charge-off rates and discount rates (which consider current interest rates and are adjusted for credit risk, among other factors).

The carrying value of the revolving unsecured credit facility approximates fair value as of September 30, 2025, September 30, 2024 and December 31, 2024. The fair value of the revolving unsecured credit facility is estimated based on market values for debt issuances with similar characteristics or rates currently available for debt with similar terms. In addition, the revolving unsecured credit facility has a variable interest rate based on the prevailing secured overnight financing rate (“SOFR”) and reprices with any changes in SOFR.

The other long-term debt consists primarily of fixed rate secured term loans and senior unsecured notes. The fair value of the secured term loans is estimated based on market values for debt issuances with similar characteristics or rates currently available for debt with similar terms. The fair value of the senior unsecured notes is estimated based on quoted prices in markets that are not active. The remainder of the other long-term debt consists of two variable interest rate credit facilities, the carrying value of which approximates fair value as of September 30, 2025, September 30, 2024 and December 31, 2024.

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Note 6 - Finance Receivables, Net

Finance receivables, net, which include retail installment sales agreements and bank-originated loans, consist of the following (in thousands):

			As of September 30,												As of December 31,
			2025						2024						2024
Finance receivables, gross			$	298,081					$	259,485					$	294,166
Merchant partner discounts and premiums, net			(24,195)						(20,227)						(22,833)
Unearned origination fees			(5,031)						(6,310)						(6,827)
Finance receivables, amortized cost			268,855						232,948						264,506
Less allowance for loan losses			(115,721)						(109,197)						(117,005)
Finance receivables, net			$	153,134					$	123,751					$	147,501

The following table details the changes in the allowance for loan losses (in thousands):

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2025						2024						2025						2024
Balance at beginning of period			$	122,874					$	99,961					$	117,005					$	96,454
Provision for loan losses (1)			35,557						40,557						113,678						102,091
Charge-offs			(45,705)						(32,969)						(124,202)						(95,061)
Recoveries			2,995						1,648						9,240						5,713
Balance at end of period			$	115,721					$	109,197					$	115,721					$	109,197

(1)The provision for loan losses presented on the consolidated statement of income for both the three and nine months ended September 30, 2025 includes an additional $4.8 million of provision expense related to an off-balance sheet bank-originated finance product the Company’s retail POS payment solutions business (American First Finance or “AFF”) bank partner began offering during the third quarter of 2025 in which AFF is responsible for reimbursing the bank partner for certain charge-offs, which the Company is required to recognize a liability for at inception.

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The following is an assessment of the credit quality indicators of the amortized cost of finance receivables as of September 30, 2025 and 2024, by origination year (in thousands):

			Origination Year
			2025						2024						2023						Total
As of September 30, 2025
Delinquency:
1 to 30 days past due			$	22,166					$	6,252					$	152					$	28,570
31 to 60 days past due			13,912						4,243						135						18,290
61 to 89 days past due (1)			10,338						3,972						127						14,437
Total past due finance receivables			46,416						14,467						414						61,297
Current finance receivables			163,697						43,056						805						207,558
Finance receivables, amortized cost			$	210,113					$	57,523					$	1,219					$	268,855
			Origination Year
			2024						2023						2022						Total
As of September 30, 2024
Delinquency:
1 to 30 days past due			$	16,957					$	4,739					$	173					$	21,869
31 to 60 days past due			9,835						3,471						131						13,437
61 to 89 days past due (1)			7,060						3,162						155						10,377
Total past due finance receivables			33,852						11,372						459						45,683
Current finance receivables			152,138						34,253						874						187,265
Finance receivables, amortized cost			$	185,990					$	45,625					$	1,333					$	232,948

(1)The Company charges off finance receivables when a receivable is 90 days or more contractually past due.

The following table details the gross charge-offs of finance receivables for the nine months ended September 30, 2025 and 2024, by origination year (in thousands):

			Origination Year
			2025						2024						2023						2022						Total
Finance receivables gross charge-offs:
Gross charge-offs during the nine months ended September 30, 2025			$	37,469					$	80,525					$	6,208					$	—					$	124,202
Gross charge-offs during the nine months ended September 30, 2024			—						25,359						63,525						6,177						95,061

Note 7 - Leased Merchandise, Net

Leased merchandise, net consists of the following (in thousands):

			As of September 30,												As of December 31,
			2025						2024						2024
Leased merchandise			$	242,961					$	348,675					$	319,444
Processing fees			(2,040)						(3,809)						(2,960)
Merchant partner (discounts) and premiums, net			302						1,034						493
Accumulated depreciation			(77,457)						(114,762)						(108,283)
Leased merchandise, before allowance for lease losses			163,766						231,138						208,694
Less allowance for lease losses			(64,041)						(93,369)						(80,257)
Leased merchandise, net			$	99,725					$	137,769					$	128,437

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The following table details the changes in the allowance for lease losses (in thousands):

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2025						2024						2025						2024
Balance at beginning of period			$	69,667					$	102,778					$	80,257					$	95,127
Provision for lease losses			27,920						39,171						88,025						129,834
Charge-offs			(35,189)						(50,228)						(110,196)						(136,907)
Recoveries			1,643						1,648						5,955						5,315
Balance at end of period			$	64,041					$	93,369					$	64,041					$	93,369

Note 8 - Long-Term Debt

The following table details the Company’s long-term debt at the respective principal amounts, net of unamortized debt issuance costs on the senior unsecured notes (in thousands):

			As of September 30,												As of December 31,
			2025						2024						2024
Revolving credit facilities:
Revolving unsecured credit facility, maturing 2029 (1)			$	575,000					$	200,000					$	198,000
Revolving secured credit facility, maturing 2027 (2)			43,886						—						—
Revolving unsecured uncommitted credit facility, maturing 2027 (1)			—						—						—
Total revolving credit facilities			618,886						200,000						198,000
Secured term loans:
Secured term loan, maturing 2027 (2)			26,924						—						—
Secured term loan, maturing 2029 (2)			13,462						—						—
Secured term loan, maturing 2031 (2)			20,193						—						—
Total secured term loans			60,579						—						—
Senior unsecured notes:
4.625% senior unsecured notes due 2028 (3)			496,419						495,304						495,577
5.625% senior unsecured notes due 2030 (4)			544,905						543,879						544,130
6.875% senior unsecured notes due 2032 (5)			492,317						491,421						491,639
Total senior unsecured notes			1,533,641						1,530,604						1,531,346
Total long-term debt			$	2,213,106					$	1,730,604					$	1,729,346

(1)Debt issuance costs related to the Company’s revolving unsecured credit facilities are included in other assets in the accompanying consolidated balance sheets.

(2)Assumed on August 14, 2025 in connection with the H&T Acquisition.

(3)As of September 30, 2025, September 30, 2024 and December 31, 2024, deferred debt issuance costs of $3.6 million, $4.7 million and $4.4 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2028 in the accompanying consolidated balance sheets.

(4)As of September 30, 2025, September 30, 2024 and December 31, 2024, deferred debt issuance costs of $5.1 million, $6.1 million and $5.9 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2030 in the accompanying consolidated balance sheets.

(5)As of September 30, 2025, September 30, 2024 and December 31, 2024, deferred debt issuance costs of $7.7 million, $8.6 million and $8.4 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2032 in the accompanying consolidated balance sheets.

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Revolving Unsecured Credit Facility

As of September 30, 2025, the Company maintained an unsecured line of credit with a group of U.S.-based commercial lenders (the “Credit Facility”) in the amount of $700.0 million. The Credit Facility matures on August 8, 2029.

On May 13, 2025, the Credit Facility was amended (the “2025 Amendment”) in order to modify certain financial covenants in anticipation of the H&T Acquisition, which was subsequently completed on August 14, 2025. Under the 2025 Amendment, the non-loan party investment basket was increased from 20% of consolidated net worth to 25% of consolidated net worth and the permitted consolidated leverage ratio was increased to 3.75 times adjusted EBITDA through December 31, 2025 and then it decreases to 3.50 times adjusted EBITDA through December 31, 2026. The consolidated leverage ratio will revert to 3.25 times adjusted EBITDA effective January 1, 2027. The 2025 Amendment also includes additional limits to certain restricted payments when the consolidated leverage ratio is equal to or greater than 3.0 times adjusted EBITDA, which are more fully described in the 2025 Amendment. The 2025 Amendment became effective on August 14, 2025 upon the consummation of the H&T Acquisition.

As of September 30, 2025, the Company had $575.0 million in outstanding borrowings and $2.7 million in outstanding letters of credit under the Credit Facility, leaving $122.3 million available for future borrowings, subject to certain financial covenants. The Credit Facility bears interest at the Company’s option of either (1) the prevailing SOFR (with interest periods of 1, 3 or 6 months at the Company’s option) plus a fixed spread of 2.5% or (2) the prevailing prime or base rate plus a fixed spread of 1.5%. The agreement has a SOFR floor of 0%. Additionally, the Company is required to pay an annual commitment fee of 0.325% on the average daily unused portion of the Credit Facility commitment. The weighted-average interest rate on amounts outstanding under the Credit Facility at September 30, 2025 was 6.72% based on 1-month SOFR. Under the terms of the Credit Facility, the Company is required to maintain certain financial ratios and comply with certain financial covenants. The Credit Facility also contains customary restrictions on the Company’s ability to incur additional debt, grant liens, make investments, consummate acquisitions and similar negative covenants with customary carve-outs and baskets. The Company was in compliance with the covenants of the Credit Facility as of September 30, 2025. During the nine months ended September 30, 2025, the Company received net proceeds of $377.0 million from borrowings pursuant to the Credit Facility.

Revolving Secured Credit Facility

In connection with the H&T Acquisition, the Company assumed a secured line of credit with a bank in the U.K. in an amount of £45.0 million maturing on December 22, 2027 (the “U.K. Credit Facility”). The U.K. Credit Facility bears interest at the prevailing Sterling Overnight Index Average (“SONIA”) (with interest periods of 1, 3 or 6 months at H&T’s option) plus a spread of between 2.4% and 3.3% depending on certain ratios. The U.K. Credit Facility is secured by all of the assets of H&T. The weighted-average interest rate on amounts outstanding under the U.K. Credit Facility at September 30, 2025 was 6.37% based on 1-month SONIA. Under the terms of the U.K. Credit Facility, H&T is required to maintain certain financial ratios and comply with certain financial covenants. H&T was in compliance with the covenants of the U.K. Credit Facility as of September 30, 2025. As of September 30, 2025, H&T had $43.9 million (£32.6 million) outstanding under the U.K. Credit Facility and $16.7 million (£12.4 million) available for future borrowings, subject to certain financial covenants.

Revolving Unsecured Uncommitted Credit Facility

As of September 30, 2025, the Company’s primary subsidiary in Mexico, First Cash S.A. de C.V., maintained an unsecured and uncommitted line of credit guaranteed by FirstCash, Inc. with a bank in Mexico (the “Mexico Credit Facility”) in the amount of $600.0 million Mexican pesos. The Mexico Credit Facility bears interest at the Mexican Central Bank’s interbank equilibrium rate plus a fixed spread of 2.25% and matures on August 24, 2027. Under the terms of the Mexico Credit Facility, the Company is required to maintain certain financial ratios and comply with certain financial covenants. The Company was in compliance with the covenants of the Mexico Credit Facility as of September 30, 2025. As of September 30, 2025, the Company had no amount outstanding under the Mexico Credit Facility and $32.6 million ($600.0 million pesos) available for future borrowings.

Secured Term Loans

In connection with the H&T Acquisition, the Company assumed three secured term loans with multiple lending institutions in the U.K. in an aggregate amount of £45.0 million maturing between December 22, 2027 and February 21, 2031 (the “U.K. Term Loans”). The U.K. Term Loans bear interest at the Bank of England base rate plus a fixed spread of 4.00%, a fixed rate of 8.37% or a fixed rate of 8.43%. The U.K. Term Loans are secured by all of the assets of H&T. Under the terms of the U.K. Term Loans, H&T is required to maintain certain financial ratios and comply with certain financial covenants. H&T was in compliance with the covenants of the U.K. Term Loans as of September 30, 2025.

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Senior Unsecured Notes Due 2028

On August 26, 2020, the Company issued $500.0 million of 4.625% senior unsecured notes due on September 1, 2028 (the “2028 Notes”), all of which are currently outstanding. Interest on the 2028 Notes is payable semi-annually in arrears on March 1 and September 1. The 2028 Notes are fully and unconditionally guaranteed on a senior unsecured basis jointly and severally by all of the Company's existing and future domestic subsidiaries that guarantee its Credit Facility. The 2028 Notes will permit the Company to make restricted payments, such as purchasing shares of its stock and paying cash dividends, in an unlimited amount if, after giving pro forma effect to the incurrence of any indebtedness to make such payment, the Company's consolidated total debt ratio is less than 2.75 to 1. The consolidated total debt ratio is defined generally in the indenture governing the 2028 Notes as the ratio of (1) the total consolidated debt of the Company minus cash and cash equivalents of the Company to (2) the Company’s consolidated trailing twelve months EBITDA, as adjusted to exclude certain non-recurring expenses and giving pro forma effect to operations acquired during the measurement period. As of September 30, 2025, the Company’s consolidated total debt ratio was 2.9 to 1. While the 2028 Notes generally limit the Company’s ability to make restricted payments if the consolidated total debt ratio is greater than 2.75 to 1, restricted payments are allowable within certain permitted baskets, which currently provide the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 2.75 to 1.

Senior Unsecured Notes Due 2030

On December 13, 2021, the Company issued $550.0 million of 5.625% senior unsecured notes due on January 1, 2030 (the “2030 Notes”), all of which are currently outstanding. Interest on the 2030 Notes is payable semi-annually in arrears on January 1 and July 1. The 2030 Notes are fully and unconditionally guaranteed on a senior unsecured basis jointly and severally by all of the Company's existing and future domestic subsidiaries that guarantee its Credit Facility. The 2030 Notes will permit the Company to make restricted payments, such as purchasing shares of its stock and paying cash dividends, in an unlimited amount if, after giving pro forma effect to the incurrence of any indebtedness to make such payment, the Company's consolidated total debt ratio is less than 3.0 to 1. The consolidated total debt ratio is defined generally in the indenture governing the 2030 Notes as the ratio of (1) the total consolidated debt of the Company minus cash and cash equivalents of the Company to (2) the Company’s consolidated trailing twelve months EBITDA, as adjusted to exclude certain non-recurring expenses and giving pro forma effect to operations acquired during the measurement period. As of September 30, 2025, the Company’s consolidated total debt ratio was 2.9 to 1. While the 2030 Notes generally limit the Company’s ability to make restricted payments if the consolidated total debt ratio is greater than 3.0 to 1, restricted payments are allowable within certain permitted baskets, which currently provides the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 3.0 to 1.

Senior Unsecured Notes Due 2032

On February 21, 2024, the Company issued $500.0 million of 6.875% senior unsecured notes due on March 1, 2032 (the “2032 Notes”), all of which are currently outstanding. Interest on the 2032 Notes is payable semi-annually in arrears on March 1 and September 1. The 2032 Notes are fully and unconditionally guaranteed on a senior unsecured basis jointly and severally by all of the Company's existing and future domestic subsidiaries that guarantee its Credit Facility. The 2032 Notes will permit the Company to make restricted payments, such as purchasing shares of its stock and paying cash dividends, in an unlimited amount if, after giving pro forma effect to the incurrence of any indebtedness to make such payment, the Company's consolidated total debt ratio is less than 3.0 to 1. The consolidated total debt ratio is defined generally in the indenture governing the 2032 Notes as the ratio of (1) the total consolidated debt of the Company minus cash and cash equivalents of the Company to (2) the Company’s consolidated trailing twelve months EBITDA, as adjusted to exclude certain non-recurring expenses and giving pro forma effect to operations acquired during the measurement period. As of September 30, 2025, the Company’s consolidated total debt ratio was 2.9 to 1. While the 2032 Notes generally limit the Company’s ability to make restricted payments if the consolidated total debt ratio is greater than 3.0 to 1, restricted payments are allowable within certain permitted baskets, which currently provides the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 3.0 to 1.

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Note 9 - Commitments and Contingencies

Litigation

The Company, in the ordinary course of business, is a party to various legal and regulatory proceedings and other general claims. Although no assurances can be given, in management’s opinion, such outstanding proceedings are not expected to have a material adverse effect on the Company’s financial position, results of operations, or cash flows.

The Company believes it has meritorious defenses to all of the claims and intends to vigorously defend itself against such claims. However, legal and regulatory proceedings involve an inherent level of uncertainty and no assurances can be given regarding the ultimate outcome of any such matters or whether an adverse outcome would not have a material adverse impact on the Company’s financial position, results of operations, or cash flows. Other than as described below, the Company is unable to determine whether a future loss will be incurred for any of its material outstanding legal and regulatory proceedings or to estimate a range of loss with respect to such proceeding, if any, and accordingly, no material amounts have been accrued in the Company’s financial statements for legal and regulatory proceedings.

On November 12, 2021, the Consumer Financial Protection Bureau (“CFPB”) initiated a civil action in the United States District Court for the Northern District of Texas (the “District Court”) against FirstCash, Inc. and Cash America West, Inc., and later amended the complaint to include numerous Company subsidiaries as defendants. The CFPB’s lawsuit alleged violations of the Military Lending Act in connection with pawn transactions. The CFPB sought an injunction, redress for affected borrowers and a civil monetary penalty. On July 11, 2025, with the District Court’s approval and without admitting or denying the allegations, the Company and the CFPB agreed to settle and resolve all matters in dispute. As part of the settlement, the Company has agreed to offer a new pawn lending product for covered members of the U.S. military and their covered dependents. Additionally, the Company will pay consumer redress in fees or principal returned to affected customers, which is estimated by the Company to be no more than $7.0 million. The Company paid a $4.0 million fine to the CFPB victims' relief fund during the three months ended September 30, 2025.

Gold Forward Sales Contracts

As of September 30, 2025, the Company had contractual commitments to deliver a total of 69,750 gold ounces between October 2025 and September 2027 at a weighted-average price of $3,071 per ounce. The ounces required to be delivered over this time period are less than the historical volume of scrap gold normally produced, and the Company expects to have the required gold ounces to meet the commitments as they come due.

Note 10 - Segment Information

The Company organizes its operations into four reportable segments as follows:

•U.S. pawn

•Latin America pawn

•U.K. pawn

•Retail POS payment solutions (American First Finance or “AFF”)

Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, (gain) loss on foreign exchange, merger and acquisition expenses, and other income, net, are presented on a consolidated basis and are not allocated between the segments. Intersegment transactions relate to AFF’s LTO payment solution product offered in U.S. pawn stores, which are eliminated from consolidated totals.

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The following tables present reportable segment information for the three and nine month periods ended September 30, 2025 and 2024 as well as certain segment assets (in thousands):

			Three Months Ended September 30, 2025
			U.S. Pawn						Latin America Pawn						U.K. Pawn						Retail POS Payment Solutions						Corporate/ Intersegment Eliminations						Consolidated
Revenue:
Retail merchandise sales			$	252,963					$	144,644					$	14,066					$	—					$	(705)		(1)			$	410,968
Pawn loan fees			138,867						67,199						15,022						—						—						221,088
Leased merchandise income			—						—						—						132,540						—						132,540
Interest and fees on finance receivables			—						—						—						81,683						—						81,683
Wholesale scrap jewelry sales			45,607						17,831						23,272						—						—						86,710
Other revenue			—						—						2,590						—						—						2,590
Total revenue			437,437						229,674						54,950						214,223						(705)						935,579
Cost of revenue:
Cost of retail merchandise sold			145,411						92,931						10,755						—						(374)			(1)			248,723
Depreciation of leased merchandise			—						—						—						76,253						(225)			(1)			76,028
Provision for lease losses			—						—						—						28,005						(85)			(1)			27,920
Provision for loan losses			—						—						—						40,347						—						40,347
Cost of wholesale scrap jewelry sold			38,520						15,000						14,700						—						—						68,220
Other cost of revenue			—						—						634						—						—						634
Total cost of revenue			183,931						107,931						26,089						144,605						(684)						461,872
Net revenue			253,506						121,743						28,861						69,618						(21)						473,707
Expenses and other income:
Operating expenses			133,024						70,327						10,225						22,952						—						236,528
Administrative expenses			—						—						—						—						58,845						58,845
Depreciation and amortization			8,464						4,443						742						687						14,698						29,034
Interest expense			—						—						—						—						32,216						32,216
Interest income			—						—						—						—						(908)						(908)
Gain on foreign exchange			—						—						—						—						(219)						(219)
Merger and acquisition expenses			—						—						—						—						9,472						9,472
Other income, net			—						—						—						—						(3,740)						(3,740)
Total expenses and other income			141,488						74,770						10,967						23,639						110,364						361,228
Income (loss) before income taxes			$	112,018					$	46,973					$	17,894					$	45,979					$	(110,385)					$	112,479

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

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			Nine Months Ended September 30, 2025
			U.S. Pawn						Latin America Pawn						U.K. Pawn						Retail POS Payment Solutions						Corporate/ Intersegment Eliminations						Consolidated
Revenue:
Retail merchandise sales			$	754,106					$	401,132					$	14,066					$	—					$	(2,155)		(1)			$	1,167,149
Pawn loan fees			407,763						180,996						15,022						—						—						603,781
Leased merchandise income			—						—						—						429,242						—						429,242
Interest and fees on finance receivables			—						—						—						231,171						—						231,171
Wholesale scrap jewelry sales			107,839						37,580						23,272						—						—						168,691
Other revenue			—						—						2,590						—						—						2,590
Total revenue			1,269,708						619,708						54,950						660,413						(2,155)						2,602,624
Cost of revenue:
Cost of retail merchandise sold			434,318						259,249						10,755						—						(1,149)			(1)			703,173
Depreciation of leased merchandise			—						—						—						243,925						(806)			(1)			243,119
Provision for lease losses			—						—						—						88,276						(251)			(1)			88,025
Provision for loan losses			—						—						—						118,468						—						118,468
Cost of wholesale scrap jewelry sold			92,009						31,770						14,700						—						—						138,479
Other cost of revenue			—						—						634						—						—						634
Total cost of revenue			526,327						291,019						26,089						450,669						(2,206)						1,291,898
Net revenue			743,381						328,689						28,861						209,744						51						1,310,726
Expenses and other income:
Operating expenses			395,790						196,158						10,225						71,434						—						673,607
Administrative expenses			—						—						—						—						166,631						166,631
Depreciation and amortization			24,155						13,173						742						2,091						40,239						80,400
Interest expense			—						—						—						—						86,024						86,024
Interest income			—						—						—						—						(2,664)						(2,664)
Gain on foreign exchange			—						—						—						—						(1,504)						(1,504)
Merger and acquisition expenses			—						—						—						—						12,711						12,711
Other income, net			—						—						—						—						(9,254)						(9,254)
Total expenses and other income			419,945						209,331						10,967						73,525						292,183						1,005,951
Income (loss) before income taxes			$	323,436					$	119,358					$	17,894					$	136,219					$	(292,132)					$	304,775

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

			As of September 30, 2025
			U.S. Pawn						Latin America Pawn						U.K. Pawn						Retail POS Payment Solutions						Corporate/ Intersegment Eliminations						Consolidated
Pawn loans			$	426,288					$	173,203					$	188,639					$	—					$	—					$	788,130
Finance receivables, net			—						—						—						153,134						—						153,134
Inventories			266,452						124,081						65,740						—						—						456,273
Leased merchandise, net			—						—						—						99,909						(184)			(1)			99,725
Goodwill			1,156,052						189,061						139,040						486,205						—						1,970,358
Total assets			2,800,729						780,099						546,739						887,899						166,850						5,182,316

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

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			Three Months Ended September 30, 2024
			U.S. Pawn						Latin America Pawn						U.K. Pawn						Retail POS Payment Solutions						Corporate/ Intersegment Eliminations						Consolidated
Revenue:
Retail merchandise sales			$	235,037					$	129,081					$	—					$	—					$	(977)		(1)			$	363,141
Pawn loan fees			128,393						58,168						—						—						—						186,561
Leased merchandise income			—						—						—						188,560						—						188,560
Interest and fees on finance receivables			—						—						—						61,198						—						61,198
Wholesale scrap jewelry sales			26,685						11,176						—						—						—						37,861
Total revenue			390,115						198,425						—						249,758						(977)						837,321
Cost of revenue:
Cost of retail merchandise sold			134,966						83,729						—						—						(517)			(1)			218,178
Depreciation of leased merchandise			—						—						—						105,308						(380)			(1)			104,928
Provision for lease losses			—						—						—						39,268						(97)			(1)			39,171
Provision for loan losses			—						—						—						40,557						—						40,557
Cost of wholesale scrap jewelry sold			21,393						8,487						—						—						—						29,880
Total cost of revenue			156,359						92,216						—						185,133						(994)						432,714
Net revenue			233,756						106,209						—						64,625						17						404,607
Expenses and other income:
Operating expenses			128,104						63,062						—						33,760						—						224,926
Administrative expenses			—						—						—						—						42,237						42,237
Depreciation and amortization			7,365						4,676						—						679						13,213						25,933
Interest expense			—						—						—						—						27,424						27,424
Interest income			—						—						—						—						(403)						(403)
Loss on foreign exchange			—						—						—						—						882						882
Merger and acquisition expenses			—						—						—						—						225						225
Other income, net			—						—						—						—						(1,797)						(1,797)
Total expenses and other income			135,469						67,738						—						34,439						81,781						319,427
Income (loss) before income taxes			$	98,287					$	38,471					$	—					$	30,186					$	(81,764)					$	85,180

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

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			Nine Months Ended September 30, 2024
			U.S. Pawn						Latin America Pawn						U.K. Pawn						Retail POS Payment Solutions						Corporate/ Intersegment Eliminations						Consolidated
Revenue:
Retail merchandise sales			$	702,120					$	394,375					$	—					$	—					$	(3,070)		(1)			$	1,093,425
Pawn loan fees			371,699						175,443						—						—						—						547,142
Leased merchandise income			—						—						—						588,801						—						588,801
Interest and fees on finance receivables			—						—						—						175,384						—						175,384
Wholesale scrap jewelry sales			70,722						29,229						—						—						—						99,951
Total revenue			1,144,541						599,047						—						764,185						(3,070)						2,504,703
Cost of revenue:
Cost of retail merchandise sold			407,329						254,188						—						—						(1,663)			(1)			659,854
Depreciation of leased merchandise			—						—						—						336,649						(1,280)			(1)			335,369
Provision for lease losses			—						—						—						130,272						(438)			(1)			129,834
Provision for loan losses			—						—						—						102,091						—						102,091
Cost of wholesale scrap jewelry sold			57,928						23,783						—						—						—						81,711
Total cost of revenue			465,257						277,971						—						569,012						(3,381)						1,308,859
Net revenue			679,284						321,076						—						195,173						311						1,195,844
Expenses and other income:
Operating expenses			372,191						198,389						—						103,851						—						674,431
Administrative expenses			—						—						—						—						132,857						132,857
Depreciation and amortization			21,609						15,199						—						2,078						39,621						78,507
Interest expense			—						—						—						—						78,029						78,029
Interest income			—						—						—						—						(1,407)						(1,407)
Loss on foreign exchange			—						—						—						—						2,133						2,133
Merger and acquisition expenses			—						—						—						—						2,186						2,186
Other income, net			—						—						—						—						(4,135)						(4,135)
Total expenses and other income			393,800						213,588						—						105,929						249,284						962,601
Income (loss) before income taxes			$	285,484					$	107,488					$	—					$	89,244					$	(248,973)					$	233,243

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

			As of September 30, 2024
			U.S. Pawn						Latin America Pawn						U.K. Pawn						Retail POS Payment Solutions						Corporate/ Intersegment Eliminations						Consolidated
Pawn loans			$	380,962					$	136,915					$	—					$	—					$	—					$	517,877
Finance receivables, net			—						—						—						123,751						—						123,751
Inventories			238,668						95,726						—						—						—						334,394
Leased merchandise, net			—						—						—						137,973						(204)			(1)			137,769
Goodwill			1,125,226						177,364						—						486,205						—						1,788,795
Total assets			2,633,854						668,185						—						955,071						135,737						4,392,847

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of financial condition, results of operations, liquidity and capital resources of FirstCash Holdings, Inc. and its wholly-owned subsidiaries (together, the “Company”) should be read in conjunction with the Company’s consolidated financial statements and accompanying notes included under Part I, Item 1 of this quarterly report on Form 10-Q, as well as with the audited consolidated financial statements and accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

GENERAL

The Company’s primary line of business is the operation of retail pawn stores, also known as “pawnshops,” which focus on serving cash- and credit-constrained consumers. The Company is the leading operator of pawn stores in the U.S., Latin America and the U.K. Pawn stores help customers meet small short-term cash needs by providing non-recourse pawn loans and buying merchandise directly from customers. Personal property, such as jewelry, electronics, tools, appliances, sporting goods and musical instruments, is pledged and held as collateral for the pawn loans over the term of the loan. Pawn stores also generate retail sales primarily from the merchandise acquired through collateral forfeitures and over-the-counter purchases from customers.

The Company completed the acquisition of H&T, the leading pawn operator in the United Kingdom with 286 store locations, on August 14, 2025, the date which the balance sheet and operating results of H&T were included in the Company’s consolidated financial results. For further detail, see Note 3 of Notes to Consolidated Financial Statements.

The Company is also a leading provider of customer payment solutions at the point-of-sale for retailers of consumer goods and services. The Company’s retail POS payment solutions business line consists solely of the operations of AFF, which focuses on LTO products and facilitating other retail financing payment options across a large network of traditional and e-commerce merchant partners in the U.S. AFF’s retail partners provide consumer goods and services to their customers and use AFF’s LTO and retail finance solutions to facilitate payments on such transactions.

The Company’s two business lines are organized into four reportable segments. The U.S. pawn segment consists of pawn operations in the U.S., the Latin America pawn segment consists of pawn operations in Mexico, Guatemala, El Salvador and Colombia and the U.K. pawn segment consists of pawn operations in the U.K. The retail POS payment solutions segment consists of the operations of AFF in the U.S.

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OPERATIONS AND LOCATIONS

Pawn Operations

As of September 30, 2025, the Company operated 3,311 pawn store locations composed of 1,193 stores in 29 U.S. states and the District of Columbia, 1,729 stores in 32 states in Mexico, 73 stores in Guatemala, 18 stores in El Salvador, 12 stores in Colombia and 286 stores in the U.K.

The following tables detail pawn store count activity for the three and nine months ended September 30, 2025:

			Three Months Ended September 30, 2025
			U.S.						Latin America						U.K.						Total
Total locations, beginning of period			1,194						1,833						—						3,027
New locations opened			—						2						1						3
Locations acquired			2						—						286						288
Consolidation of existing pawn locations (1)			(3)						(3)						(1)						(7)
Total locations, end of period			1,193						1,832						286						3,311
			Nine Months Ended September 30, 2025
			U.S.						Latin America						U.K.						Total
Total locations, beginning of period			1,200						1,826						—						3,026
New locations opened			2						21						1						24
Locations acquired			6						—						286						292
Consolidation of existing pawn locations (1)			(15)						(15)						(1)						(31)
Total locations, end of period			1,193						1,832						286						3,311

(1)Store consolidations, which include certain acquired locations that have been combined with overlapping stores, represent closings for which the Company expects to maintain a significant portion of the customer base in the consolidated location.

POS Payment Solutions

As of September 30, 2025, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 15,800 active retail merchant partner locations located in all 50 U.S. states and the District of Columbia. This compares to the active door count of approximately 13,500 locations at September 30, 2024.

CRITICAL ACCOUNTING ESTIMATES

The financial statements have been prepared in accordance with GAAP. The significant accounting policies and estimates that the Company believes are the most critical to aid in fully understanding and evaluating its reported financial results have been reported in the Company’s 2024 Annual Report on Form 10-K. There have been no changes to the Company’s significant accounting policies for the nine months ended September 30, 2025.

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RESULTS OF OPERATIONS (unaudited)

Operating Results for the Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024

The following tables present segment information for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 (in thousands). Operating expenses include salary and benefit expenses of pawn store-level employees and certain of AFF’s operations-focused departments, occupancy costs, bank and other payment processing charges, data analytics and decisioning costs, information technology costs, advertising costs, security, insurance, utilities, supplies, other costs incurred by the pawn stores and other operational costs incurred by AFF. Administrative expenses and amortization expense of acquired intangible assets are not included in the segment pre-tax operating income.

			Three Months Ended September 30, 2025
			U.S. Pawn						Latin America Pawn						U.K. Pawn						Retail POS Payment Solutions						Corporate/Intersegment Eliminations						Consolidated
Revenue:
Retail merchandise sales			$	252,963					$	144,644					$	14,066					$	—					$	(705)		(1)			$	410,968
Pawn loan fees			138,867						67,199						15,022						—						—						221,088
Leased merchandise income			—						—						—						132,540						—						132,540
Interest and fees on finance receivables			—						—						—						81,683						—						81,683
Wholesale scrap jewelry sales			45,607						17,831						23,272						—						—						86,710
Other revenue			—						—						2,590						—						—						2,590
Total revenue			437,437						229,674						54,950						214,223						(705)						935,579
Cost of revenue:
Cost of retail merchandise sold			145,411						92,931						10,755						—						(374)			(1)			248,723
Depreciation of leased merchandise			—						—						—						76,253						(225)			(1)			76,028
Provision for lease losses			—						—						—						28,005						(85)			(1)			27,920
Provision for loan losses			—						—						—						40,347						—						40,347
Cost of wholesale scrap jewelry sold			38,520						15,000						14,700						—						—						68,220
Other cost of revenue			—						—						634						—						—						634
Total cost of revenue			183,931						107,931						26,089						144,605						(684)						461,872
Net revenue			253,506						121,743						28,861						69,618						(21)						473,707
Expenses and other income:
Operating expenses			133,024						70,327						10,225						22,952						—						236,528
Administrative expenses			—						—						—						—						58,845						58,845
Depreciation and amortization			8,464						4,443						742						687						14,698						29,034
Interest expense			—						—						—						—						32,216						32,216
Interest income			—						—						—						—						(908)						(908)
Gain on foreign exchange			—						—						—						—						(219)						(219)
Merger and acquisition expenses			—						—						—						—						9,472						9,472
Other income, net			—						—						—						—						(3,740)						(3,740)
Total expenses and other income			141,488						74,770						10,967						23,639						110,364						361,228
Income (loss) before income taxes			$	112,018					$	46,973					$	17,894					$	45,979					$	(110,385)					$	112,479

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

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			Three Months Ended September 30, 2024
			U.S. Pawn						Latin America Pawn						U.K. Pawn						Retail POS Payment Solutions						Corporate/Intersegment Eliminations						Consolidated
Revenue:
Retail merchandise sales			$	235,037					$	129,081					$	—					$	—					$	(977)		(1)			$	363,141
Pawn loan fees			128,393						58,168						—						—						—						186,561
Leased merchandise income			—						—						—						188,560						—						188,560
Interest and fees on finance receivables			—						—						—						61,198						—						61,198
Wholesale scrap jewelry sales			26,685						11,176						—						—						—						37,861
Total revenue			390,115						198,425						—						249,758						(977)						837,321
Cost of revenue:
Cost of retail merchandise sold			134,966						83,729						—						—						(517)			(1)			218,178
Depreciation of leased merchandise			—						—						—						105,308						(380)			(1)			104,928
Provision for lease losses			—						—						—						39,268						(97)			(1)			39,171
Provision for loan losses			—						—						—						40,557						—						40,557
Cost of wholesale scrap jewelry sold			21,393						8,487						—						—						—						29,880
Total cost of revenue			156,359						92,216						—						185,133						(994)						432,714
Net revenue			233,756						106,209						—						64,625						17						404,607
Expenses and other income:
Operating expenses			128,104						63,062						—						33,760						—						224,926
Administrative expenses			—						—						—						—						42,237						42,237
Depreciation and amortization			7,365						4,676						—						679						13,213						25,933
Interest expense			—						—						—						—						27,424						27,424
Interest income			—						—						—						—						(403)						(403)
Loss on foreign exchange			—						—						—						—						882						882
Merger and acquisition expenses			—						—						—						—						225						225
Other income, net			—						—						—						—						(1,797)						(1,797)
Total expenses and other income			135,469						67,738						—						34,439						81,781						319,427
Income (loss) before income taxes			$	98,287					$	38,471					$	—					$	30,186					$	(81,764)					$	85,180

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

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The following tables detail earning assets, which consist of pawn loans and inventories as well as other earning asset metrics of the Company’s pawn segments, as of September 30, 2025 compared to September 30, 2024 (dollars in thousands, except as otherwise noted):

			As of September 30, 2025
			U.S. Pawn									Latin America Pawn									U.K. Pawn									Total Pawn
Earning assets:
Pawn loans			$			426,288						$			173,203						$			188,639						$			788,130
Inventories						266,452									124,081									65,740									456,273
			$			692,740						$			297,284						$			254,379						$			1,244,403
Average outstanding pawn loan amount (in ones)			$			290						$			100						$			768						$			229
Composition of pawn collateral:
Jewelry			72					%				42					%				98					%				72					%
General merchandise			28					%				58					%				2					%				28					%
			100					%				100					%				100					%				100					%
Composition of inventories:
Jewelry			59					%				40					%				99					%				60					%
General merchandise			41					%				60					%				1					%				40					%
			100					%				100					%				100					%				100					%
Percentage of inventory aged greater than one year			1.9					%				1.4					%				7.9					%				2.6					%
Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)			2.8 times									3.9 times									2.6 times									3.1 times
Store count						1,193									1,832									286									3,311
Weighted-average store count for the three months ended September 30						1,193									1,832									191									3,216
Weighted-average store count for the nine months ended September 30						1,196									1,829									64									3,089

			As of September 30, 2024
			U.S. Pawn									Latin America Pawn									U.K. Pawn									Total Pawn
Earning assets:
Pawn loans			$			380,962						$			136,915						$			—						$			517,877
Inventories						238,668									95,726									—									334,394
			$			619,630						$			232,641						$			—						$			852,271
Average outstanding pawn loan amount (in ones)			$			264						$			85						$			—						$			170
Composition of pawn collateral:
Jewelry			70					%				38					%				—					%				62					%
General merchandise			30					%				62					%				—					%				38					%
			100					%				100					%				—					%				100					%
Composition of inventories:
Jewelry			57					%				30					%				—					%				49					%
General merchandise			43					%				70					%				—					%				51					%
			100					%				100					%				—					%				100					%
Percentage of inventory aged greater than one year			1.5					%				1.2					%				—					%				1.5					%
Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)			2.8 times									4.2 times									—									3.2 times
Store count						1,201									1,824									—									3,025
Weighted-average store count for the three months ended September 30						1,201									1,823									—									3,024
Weighted-average store count for the nine months ended September 30						1,194									1,820									—									3,014

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The following table details retail POS payment solutions gross transaction volumes originated during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 (in thousands):

			Three Months Ended
			September 30,
			2025						2024
Leased merchandise			$	104,772					$	143,146
Finance receivables			144,012						142,910
Total gross transaction volume			$	248,784					$	286,056

The following table details retail POS payment solutions earning assets as of September 30, 2025 as compared to September 30, 2024 (in thousands):

			As of September 30,
			2025						2024
Leased merchandise, net:
Leased merchandise, before allowance for lease losses			$	164,215					$	231,796
Less allowance for lease losses			(64,306)						(93,823)
Leased merchandise, net (1)			$	99,909					$	137,973
Finance receivables, net:
Finance receivables, before allowance for loan losses			$	268,855					$	232,948
Less allowance for loan losses			(115,721)						(109,197)
Finance receivables, net			$	153,134					$	123,751

(1)Includes $0.2 million of intersegment transactions as of both September 30, 2025 and 2024 related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores that are eliminated upon consolidation.

The following table details retail POS payment solutions changes in the allowance for lease and loan losses and other portfolio metrics for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024:

			Three Months Ended
			September 30,
						2025									2024
Leased merchandise portfolio metrics:
Provision rate (1)			26.7					%				27.4					%
Average monthly net charge-off rate (2)			6.7					%				6.8					%
Delinquency rate (3)			25.5					%				23.6					%
Finance receivables portfolio metrics:
Provision rate (1)			28.0					%				28.4					%
Average monthly net charge-off rate (2)			5.2					%				4.8					%
Delinquency rate (3)			22.4					%				19.4					%

(1)Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.

(2)Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.

(3)Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).

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U.S. Pawn Segment

Retail Merchandise Sales Operations

U.S. retail merchandise sales increased 8% to $253.0 million during the third quarter of 2025 compared to $235.0 million for the third quarter of 2024. Same-store retail sales increased 7% in the third quarter of 2025 compared to the third quarter of 2024. The increase in total and same-store retail sales was primarily due to continued strong demand for value priced merchandise and increased inventory levels during the third quarter of 2025 compared to the third quarter of 2024. The gross profit margin on retail merchandise sales in the U.S. was 43% during both the third quarter of 2025 and 2024.

U.S. inventories increased 12% to $266.5 million at September 30, 2025 compared to $238.7 million at September 30, 2024. The increase was primarily due to increases in pawn loan receivable balances creating more forfeited inventory. Inventories aged greater than one year in the U.S. were 1.9% at September 30, 2025 compared to 1.5% at September 30, 2024.

Pawn Lending Operations

U.S. pawn loan receivables as of September 30, 2025 increased 12% in total and 13% on a same-store basis compared to September 30, 2024. The Company believes the increase in same-store pawn receivables was primarily due to continued strong customer demand from a combination of more customer transactions and larger loan amounts requested by the Company’s customers.

U.S. pawn loan fees increased 8% to $138.9 million during the third quarter of 2025 compared to $128.4 million for the third quarter of 2024. Same-store pawn loan fees increased 9% in the third quarter of 2025 compared to the third quarter of 2024. The increase in total and same-store pawn loan fees was due to the higher pawn loan balances.

Segment Expenses

U.S. operating expenses increased 4% to $133.0 million during the third quarter of 2025 compared to $128.1 million during the third quarter of 2024 while same-store operating expenses also increased 4% compared with the prior-year period. The increase in operating expenses was primarily due to increased labor and variable compensation expenses.

Segment Pre-Tax Operating Income

The U.S. segment pre-tax operating income for the third quarter of 2025 was $112.0 million, which generated a pre-tax segment operating margin of 26% compared to $98.3 million and 25% in the prior year, respectively. The increase in the segment pre-tax operating income and margin reflected increased net revenue, partially offset by an increase in segment expenses.

Latin America Pawn Segment

Latin America segment pre-tax operating income for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 benefited from a 2% favorable change in the average value of the Mexican peso compared to the U.S. dollar. The translated value of Latin American earning assets as of September 30, 2025 compared to September 30, 2024 also benefited from a 6% favorable change in the end-of-period Mexican peso compared to the U.S. dollar. Constant currency results are non-GAAP financial measures, which exclude the effects of foreign currency translation and are calculated by translating current-year results at prior-year average exchange rates. See the “Constant Currency Results” section in “Non-GAAP Financial Information” below for additional discussion of constant currency operating results.

Retail Merchandise Sales Operations

Latin America retail merchandise sales increased 12% (10% on a constant currency basis) to $144.6 million during the third quarter of 2025 compared to $129.1 million for the third quarter of 2024. Same-store retail sales increased 11% (10% on a constant currency basis) during the third quarter of 2025 compared to the third quarter of 2024. The increase in constant currency total and same-store retail sales was primarily due to strong demand for value priced merchandise and increased inventory levels during the third quarter of 2025 compared to the third quarter of 2024. The gross profit margin on retail merchandise sales was 36% during the third quarter of 2025 compared to 35% during the third quarter of 2024.

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Latin America inventories increased 30% (22% on a constant currency basis) to $124.1 million at September 30, 2025 compared to $95.7 million at September 30, 2024. The increase in constant currency inventories was primarily due to increases in pawn loan receivable balances over the past several quarters creating more forfeited inventory and a slightly increased mix of higher value jewelry inventory. Inventories aged greater than one year in Latin America were 1.4% at September 30, 2025 compared to 1.2% at September 30, 2024.

Pawn Lending Operations

Latin America pawn loan receivables increased 27% (19% on a constant currency basis) as of September 30, 2025 compared to September 30, 2024. On a same-store basis, pawn loan receivables increased 25% (18% on a constant currency basis) as of September 30, 2025 compared to September 30, 2024. The increase in constant currency total and same-store pawn receivables is primarily due to increasing demand for pawn loans and larger loan sizes, driven in part by higher gold prices and a slightly increased mix of higher value jewelry loans.

Latin America pawn loan fees increased 16% (14% on a constant currency basis), totaling $67.2 million during the third quarter of 2025 compared to $58.2 million for the third quarter of 2024. Same-store pawn fees increased 15% (13% on a constant currency basis) in the third quarter of 2025 compared to the third quarter of 2024. The constant currency increase in total and same-store pawn loan fees was primarily due to increased constant currency pawn receivables.

Segment Expenses

Operating expenses increased 12% (10% on a constant currency basis) to $70.3 million during the third quarter of 2025 compared to $63.1 million during the third quarter of 2024. Same-store operating expenses also increased 12% (10% on a constant currency basis) compared to the prior-year period. The constant currency increase in total and same-store operating expenses was primarily driven by general inflationary impacts and continued increases in the federally mandated minimum wage.

Segment Pre-Tax Operating Income

The segment pre-tax operating income for the third quarter of 2025 was $47.0 million, which generated a pre-tax segment operating margin of 20% compared to $38.5 million and 19% in the prior year, respectively. The increase in the segment pre-tax operating income and margin reflected increased net revenue, partially offset by an increase in segment expenses.

U.K. Pawn Segment

The segment contribution reflects the results of operations of H&T for the period August 14, 2025 to September 30, 2025 as a result of the completion of the H&T Acquisition on August 14, 2025. See Note 3 of Notes to Consolidated Financial Statements for additional information about the H&T Acquisition.

The U.K. pawn segment contributed $55.0 million in revenue and $17.9 million in pre-tax segment operating income for the third quarter of 2025. The resulting pre-tax segment operating margin was 33%.

Retail POS Payment Solutions Segment

LTO Operations

Leased merchandise, before allowance for lease losses, decreased 29% to $164.2 million as of September 30, 2025 compared to $231.8 million as of September 30, 2024. The decrease was primarily due to reduced originations resulting from the bankruptcy filings in late 2024 for two of AFF’s larger retail furniture merchant partners, American Freight (“A-Freight”) and Conn’s Home Plus (“Conn’s”).

The allowance for lease losses decreased 31% to $64.3 million as of September 30, 2025 compared to $93.8 million as of September 30, 2024, which was primarily due to the decrease in leased merchandise. As a percentage of lease merchandise, the allowance was 39% at September 30, 2025 and 40% at September 30, 2024.

Leased merchandise income decreased 30% to $132.5 million during the third quarter of 2025 compared to $188.6 million during the third quarter of 2024, which was primarily due to lower average leased merchandise balances outstanding during the third quarter of 2025 compared to the third quarter of 2024.

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Depreciation of leased merchandise decreased 28% to $76.3 million during the third quarter of 2025 compared to $105.3 million during the third quarter of 2024, primarily due to the decrease in leased merchandise balances outstanding. As a percentage of leased merchandise income, depreciation of leased merchandise increased slightly to 58% during the third quarter of 2025 from 56% during the third quarter of 2024.

Provision for lease losses decreased 29% to $28.0 million during the third quarter of 2025 compared to $39.3 million during the third quarter of 2024, which was primarily due to the 27% decrease in gross transaction volumes. As a percentage of gross transaction volume, the provision for lease losses was 27% during both the third quarter of 2025 and 2024.

Retail Finance Operations

Finance receivables, before allowance for loan losses, increased 15% as of September 30, 2025 compared to September 30, 2024. The increase was primarily due to increased gross transaction volumes in certain non-furniture industry verticals over the past twelve months.

The allowance for loan losses increased 6% to $115.7 million as of September 30, 2025 compared to $109.2 million as of September 30, 2024, which was primarily due to the increase in finance receivables, partially offset by lower loan loss provisioning rates used during the third quarter of 2025 compared to the third quarter of 2024. As a percentage of finance receivables, the allowance was 43% at September 30, 2025 compared to 47% at September 30, 2024.

Interest and fees on finance receivables increased 33% to $81.7 million during the third quarter of 2025 compared to $61.2 million during the third quarter of 2024. The increase was primarily due to higher average finance receivable balances outstanding during the third quarter of 2025 compared to the third quarter of 2024, partially offset by a slight decline in portfolio yield primarily as a result of AFF expanding its offerings and merchant relationships in certain services sector verticals over the past twelve months, some of which are provided at lower interest rates.

Provision for loan losses decreased 1% to $40.3 million during the third quarter of 2025 compared to $40.6 million during the third quarter of 2024, which was relatively consistent with the slight increase in gross transaction volume. As a percentage of gross transaction volume, the provision for loan losses was 28% during both the third quarter of 2025 and 2024.

Segment Expenses

Operating expenses decreased 32% to $23.0 million during the third quarter of 2025 compared to $33.8 million during the third quarter of 2024. The decrease was primarily due to the elimination of certain expenses associated with supporting the A-Freight and Conn’s relationships along with continued realization of operating synergies, primarily in technology and development infrastructure, coupled with other cost reduction initiatives. As a percentage of segment revenues, operating expenses decreased to 11% during the third quarter of 2025 compared to 14% during the third quarter of 2024.

Segment Pre-Tax Operating Income

The retail POS payment solutions segment pre-tax operating income for the third quarter of 2025 was $46.0 million compared to $30.2 million in the third quarter of 2024. The increase was primarily the result of the increase in segment net revenue and a decrease in operating expenses.

Corporate Expenses and Taxes

Administrative expenses increased 39% to $58.8 million during the third quarter of 2025 compared to $42.2 million in the third quarter of 2024, primarily due to the addition of administrative expenses of H&T, increased variable compensation, general inflationary impacts and a 2% change in the average value of the Mexican peso resulting in higher U.S. dollar translated administrative expenses in Latin America. As a percentage of revenue, administrative expenses were 6% in the third quarter of 2025 compared to 5% during the third quarter of 2024.

Depreciation and amortization increased 11% to $14.7 million during the third quarter of 2025 compared to $13.2 million in the third quarter of 2024, primarily due to the addition of depreciation and amortization expenses of H&T during the third quarter of 2025.

Interest expense increased 17% to $32.2 million during the third quarter of 2025 compared to $27.4 million in the third quarter of 2024, primarily due to higher average total long-term debt balances outstanding. See Note 8 of Notes to Consolidated Financial Statements and “Liquidity and Capital Resources.”

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Merger and acquisition expenses were $9.5 million during the third quarter of 2025 compared to $0.2 million in the third quarter of 2024. The increase was due primarily to expenses associated with the H&T Acquisition.

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Operating Results for the Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024

The following tables present segment information for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 (in thousands). Operating expenses include salary and benefit expenses of pawn store-level employees and certain of AFF’s operations-focused departments, occupancy costs, bank and other payment processing charges, data analytics and decisioning costs, information technology costs, advertising costs, security, insurance, utilities, supplies, other costs incurred by the pawn stores and other operational costs incurred by AFF. Administrative expenses and amortization expense of acquired intangible assets are not included in the segment pre-tax operating income.

			Nine Months Ended September 30, 2025
			U.S. Pawn						Latin America Pawn						U.K. Pawn						Retail POS Payment Solutions						Corporate/Intersegment Eliminations						Consolidated
Revenue:
Retail merchandise sales			$	754,106					$	401,132					$	14,066					$	—					$	(2,155)		(1)			$	1,167,149
Pawn loan fees			407,763						180,996						15,022						—						—						603,781
Leased merchandise income			—						—						—						429,242						—						429,242
Interest and fees on finance receivables			—						—						—						231,171						—						231,171
Wholesale scrap jewelry sales			107,839						37,580						23,272						—						—						168,691
Other revenue			—						—						2,590						—						—						2,590
Total revenue			1,269,708						619,708						54,950						660,413						(2,155)						2,602,624
Cost of revenue:
Cost of retail merchandise sold			434,318						259,249						10,755						—						(1,149)			(1)			703,173
Depreciation of leased merchandise			—						—						—						243,925						(806)			(1)			243,119
Provision for lease losses			—						—						—						88,276						(251)			(1)			88,025
Provision for loan losses			—						—						—						118,468						—						118,468
Cost of wholesale scrap jewelry sold			92,009						31,770						14,700						—						—						138,479
Other cost of revenue			—						—						634						—						—						634
Total cost of revenue			526,327						291,019						26,089						450,669						(2,206)						1,291,898
Net revenue			743,381						328,689						28,861						209,744						51						1,310,726
Expenses and other income:
Operating expenses			395,790						196,158						10,225						71,434						—						673,607
Administrative expenses			—						—						—						—						166,631						166,631
Depreciation and amortization			24,155						13,173						742						2,091						40,239						80,400
Interest expense			—						—						—						—						86,024						86,024
Interest income			—						—						—						—						(2,664)						(2,664)
Gain on foreign exchange			—						—						—						—						(1,504)						(1,504)
Merger and acquisition expenses			—						—						—						—						12,711						12,711
Other income, net			—						—						—						—						(9,254)						(9,254)
Total expenses and other income			419,945						209,331						10,967						73,525						292,183						1,005,951
Income (loss) before income taxes			$	323,436					$	119,358					$	17,894					$	136,219					$	(292,132)					$	304,775

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

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			Nine Months Ended September 30, 2024
			U.S. Pawn						Latin America Pawn						U.K. Pawn						Retail POS Payment Solutions						Corporate/Intersegment Eliminations						Consolidated
Revenue:
Retail merchandise sales			$	702,120					$	394,375					$	—					$	—					$	(3,070)		(1)			$	1,093,425
Pawn loan fees			371,699						175,443						—						—						—						547,142
Leased merchandise income			—						—						—						588,801						—						588,801
Interest and fees on finance receivables			—						—						—						175,384						—						175,384
Wholesale scrap jewelry sales			70,722						29,229						—						—						—						99,951
Total revenue			1,144,541						599,047						—						764,185						(3,070)						2,504,703
Cost of revenue:
Cost of retail merchandise sold			407,329						254,188						—						—						(1,663)			(1)			659,854
Depreciation of leased merchandise			—						—						—						336,649						(1,280)			(1)			335,369
Provision for lease losses			—						—						—						130,272						(438)			(1)			129,834
Provision for loan losses			—						—						—						102,091						—						102,091
Cost of wholesale scrap jewelry sold			57,928						23,783						—						—						—						81,711
Total cost of revenue			465,257						277,971						—						569,012						(3,381)						1,308,859
Net revenue			679,284						321,076						—						195,173						311						1,195,844
Expenses and other income:
Operating expenses			372,191						198,389						—						103,851						—						674,431
Administrative expenses			—						—						—						—						132,857						132,857
Depreciation and amortization			21,609						15,199						—						2,078						39,621						78,507
Interest expense			—						—						—						—						78,029						78,029
Interest income			—						—						—						—						(1,407)						(1,407)
Loss on foreign exchange			—						—						—						—						2,133						2,133
Merger and acquisition expenses			—						—						—						—						2,186						2,186
Other income, net			—						—						—						—						(4,135)						(4,135)
Total expenses and other income			393,800						213,588						—						105,929						249,284						962,601
Income (loss) before income taxes			$	285,484					$	107,488					$	—					$	89,244					$	(248,973)					$	233,243

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

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The following table details retail POS payment solutions gross transaction volumes originated during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 (dollars in thousands):

			Nine Months Ended
			September 30,
			2025						2024
Leased merchandise			$	309,594					$	444,045
Finance receivables			435,217						350,332
Total gross transaction volume			$	744,811					$	794,377

The following table details retail POS payment solutions changes in the allowance for lease and loan losses and other portfolio metrics for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024:

			Nine Months Ended
			September 30,
						2025									2024
Leased merchandise portfolio metrics:
Provision rate (1)			28.5					%				29.3					%
Average monthly net charge-off rate (2)			6.2					%				5.9					%
Delinquency rate (3)			25.5					%				23.6					%
Finance receivables portfolio metrics:
Provision rate (1)			27.2					%				29.1					%
Average monthly net charge-off rate (2)			4.8					%				4.5					%
Delinquency rate (3)			22.4					%				19.4					%

(1)Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.

(2)Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.

(3)Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).

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U.S. Pawn Segment

Retail Merchandise Sales Operations

U.S. retail merchandise sales increased 7% to $754.1 million during the nine months ended September 30, 2025 compared to $702.1 million for the nine months ended September 30, 2024. Same-store retail sales increased 6% during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase in total and same-store retail sales was primarily due to continued strong demand for value priced merchandise and increased inventory levels during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The gross profit margin on retail merchandise sales in the U.S. was 42% during both the nine months ended September 30, 2025 and 2024.

Pawn Lending Operations

U.S. pawn loan fees increased 10% to $407.8 million during the nine months ended September 30, 2025 compared to $371.7 million for the nine months ended September 30, 2024. Same-store pawn loan fees increased 9% during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase in total and same-store pawn loan fees was primarily due to the higher pawn loan balances.

Segment Expenses

U.S. operating expenses increased 6% to $395.8 million during the nine months ended September 30, 2025 compared to $372.2 million during the nine months ended September 30, 2024 while same-store operating expenses increased 5% compared with the prior-year period. The increase in operating expenses was primarily due to increased labor and variable compensation expenses.

Segment Pre-Tax Operating Income

The U.S. segment pre-tax operating income for the nine months ended September 30, 2025 was $323.4 million, which generated a pre-tax segment operating margin of 25% compared to $285.5 million and 25% in the prior year, respectively. The increase in the segment pre-tax operating income reflected increased net revenue, partially offset by an increase in segment expenses.

Latin America Pawn Segment

Latin America segment pre-tax operating income for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was impacted by a 10% unfavorable change in the average value of the Mexican peso compared to the U.S. dollar. See the “Constant Currency Results” section in “Non-GAAP Financial Information” below for additional discussion of constant currency operating results.

Retail Merchandise Sales Operations

Latin America retail merchandise sales increased 2% (12% on a constant currency basis) to $401.1 million during the nine months ended September 30, 2025 compared to $394.4 million for the nine months ended September 30, 2024. Same-store retail sales increased 1% (11% on a constant currency basis) during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase in constant currency total and same-store retail sales was primarily due to strong demand for value priced merchandise and increased inventory levels during the nine months ended September 30, 2025 compared to nine months ended September 30, 2024. The gross profit margin on retail merchandise sales was 35% during the nine months ended September 30, 2025 and 36% during the nine months ended September 30, 2024.

Pawn Lending Operations

Latin America pawn loan fees increased 3% (13% on a constant currency basis) totaling $181.0 million during the nine months ended September 30, 2025 compared to $175.4 million for the nine months ended September 30, 2024. Same-store pawn fees increased 2% (12% on a constant currency basis) during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The constant currency increase in total and same-store pawn loan fees was primarily due to increased constant currency pawn receivables.

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Segment Expenses

Operating expenses decreased 1% (8% increase on a constant currency basis) to $196.2 million during the nine months ended September 30, 2025 compared to $198.4 million during the nine months ended September 30, 2024. Same-store operating expenses also decreased 1% (8% increase on a constant currency basis) compared to the prior-year period. The constant currency increase in total and same-store operating expenses was primarily driven by general inflationary impacts and continued increases in the federally mandated minimum wage.

Segment Pre-Tax Operating Income

The segment pre-tax operating income for the nine months ended September 30, 2025 was $119.4 million, which generated a pre-tax segment operating margin of 19% compared to $107.5 million and 18% in the prior year, respectively. The increase in the segment pre-tax operating income and margin reflected the increase in net revenue and a decrease in operating expenses.

U.K. Pawn Segment

The segment contribution reflects the results of operations of H&T for the period August 14, 2025 to September 30, 2025 as a result of the completion of the H&T Acquisition on August 14, 2025. See Note 3 of Notes to Consolidated Financial Statements for additional information about the H&T Acquisition.

The U.K. pawn segment contributed $55.0 million in revenue and $17.9 million in pre-tax segment operating income for the nine months ended September 30, 2025. The resulting pre-tax segment operating margin was 33%.

Retail POS Payment Solutions Segment

LTO Operations

Leased merchandise income decreased 27% to $429.2 million during the nine months ended September 30, 2025 compared to $588.8 million for the nine months ended September 30, 2024, which was primarily due to lower average leased merchandise balances outstanding during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

Depreciation of leased merchandise decreased 28% to $243.9 million during the nine months ended September 30, 2025 compared to $336.6 million during the nine months ended September 30, 2024, primarily due to the decrease in leased merchandise balances outstanding. As a percentage of leased merchandise income, depreciation of leased merchandise was 57% during both the nine months ended September 30, 2025 and 2024.

Provision for lease losses decreased 32% to $88.3 million during the nine months ended September 30, 2025 compared to $130.3 million for the nine months ended September 30, 2024, which was primarily due to the 30% decrease in gross transaction volumes. As a percentage of gross transaction volume, the provision for lease losses was 29% during both the nine months ended September 30, 2025 and 2024.

Retail Finance Operations

Interest and fees on finance receivables increased 32% to $231.2 million during the nine months ended September 30, 2025 compared to $175.4 million for the nine months ended September 30, 2024. The increase was primarily due to higher average finance receivable balances outstanding during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, partially offset by a slight decline in portfolio yield primarily as a result of AFF expanding its offerings and merchant relationships in certain services sector verticals over the past twelve months, some of which are provided at lower interest rates.

Provision for loan losses increased 16% to $118.5 million during the nine months ended September 30, 2025 compared to $102.1 million for the nine months ended September 30, 2024, which was primarily due to the 24% increase in gross transaction volume, partially offset by a decrease in the net provisioning rates used during the nine months ended September 30, 2025 based on lower than expected charge-off rates on older vintages. As a percentage of gross transaction volume, the provision for loan losses decreased to 27% during the nine months ended September 30, 2025 compared to 29% during the nine months ended September 30, 2024.

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Segment Expenses

Operating expenses decreased 31% to $71.4 million during the nine months ended September 30, 2025 compared to $103.9 million during the nine months ended September 30, 2024. The decrease was primarily due to the elimination of certain expenses associated with supporting the A-Freight and Conn’s relationships along with continued realization of operating synergies, primarily in technology and software development infrastructure, coupled with other cost reduction initiatives. As a percentage of segment revenues, operating expenses decreased to 11% during the nine months ended September 30, 2025 from 14% during the nine months ended September 30, 2024.

Segment Pre-Tax Operating Income

The retail POS payment solutions segment pre-tax operating income for the nine months ended September 30, 2025 was $136.2 million compared to $89.2 million in the nine months ended September 30, 2024. The increase was primarily the result of the increase in segment net revenue and a decrease in operating expenses.

Corporate Expenses and Taxes

Administrative expenses increased 25% to $166.6 million during the nine months ended September 30, 2025 compared to $132.9 million during the nine months ended September 30, 2024, primarily due to the $11.0 million CFPB litigation settlement accrued for in the second quarter of 2025, the incremental administrative expenses of H&T since the acquisition date, increased variable compensation expense and general inflationary impacts, partially offset by a 10% change in the average value of the Mexican peso resulting in lower U.S. dollar translated administrative expenses in Latin America. As a percentage of revenue, administrative expenses were 6% during the nine months ended September 30, 2025 compared to 5% during the nine months ended September 30, 2024.

Depreciation and amortization increased 2% to $40.2 million during the nine months ended September 30, 2025 compared to $39.6 million in the nine months ended September 30, 2024, primarily due to the addition of depreciation and amortization expenses of H&T during the nine months ended September 30, 2025.

Interest expense increased 10% to $86.0 million during the nine months ended September 30, 2025 compared to $78.0 million for the nine months ended September 30, 2024, primarily due to higher average total long-term debt balances outstanding. See Note 8 of Notes to Consolidated Financial Statements and “Liquidity and Capital Resources.”

Merger and acquisition expenses were $12.7 million during the nine months ended September 30, 2025 compared to $2.2 million in the nine months ended September 30, 2024. The increase was due primarily to expenses associated with the H&T Acquisition.

LIQUIDITY AND CAPITAL RESOURCES

Material Capital Requirements

The Company’s primary capital requirements include the:

•Expansion of pawn operations through growth of pawn receivables and inventories in existing stores, new store openings, strategic acquisitions of pawn stores and purchases of underlying real estate at new and existing locations;

•Expansion of retail POS payment solutions operations through growth of the business generated from new and existing merchant partners; and

•Return of capital to shareholders through dividends and stock repurchases.

Other material capital requirements include operating expenses (see Note 4 of Notes to Consolidated Financial Statements regarding operating lease commitments), maintenance capital expenditures related to its facilities, technology platforms, general corporate operating activities, income tax payments and debt service, among others. The Company believes that net cash provided by operating activities and available and unused funds under its revolving unsecured and secured credit facilities will be adequate to meet its liquidity and capital needs for these items over the next 12 months and also in the longer-term beyond the next 12 months.

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Expand Pawn Operations

The Company intends to continue expansion of its pawn operations through growth of pawn receivables and inventories in existing stores along with new store openings and acquisitions.

On August 14, 2025, the Company completed its previously announced acquisition of H&T, the leading pawn operator in the United Kingdom with 286 store locations. Under the terms of the H&T Acquisition, H&T shareholders received 650 pence per share in cash. The total equity value for the H&T Acquisition, including cash consideration for the shares, was £289.1 million ($392.4 million USD using the August 13, 2025 closing GBP/USD exchange rate of 1.36). H&T had outstanding indebtedness of £79.6 million as of August 14, 2025 ($108.0 million USD using the August 13, 2025 closing GBP/USD exchange rate of 1.36), which the Company assumed upon closing. The Company also incurred, and expects to incur additional costs, expenses and fees for professional services, financing and other transaction and integration costs in connection with the H&T Acquisition. The substantial majority of these costs will be non-recurring expenses relating to the H&T Acquisition. The Company financed the H&T Acquisition and other costs with available funds under the Credit Facility.

During the nine months ended September 30, 2025, the Company also acquired six pawn stores in the U.S. for a cumulative purchase price of $35.1 million, net of cash acquired and subject to future post-closing adjustments. The Company evaluates potential acquisitions based upon growth potential, purchase price, available liquidity, strategic fit and quality of management personnel, among other factors. During the nine months ended September 30, 2025, the Company also opened 21 new stores in Latin America and two new stores in the U.S.

The Company currently has no other contractual commitments for materially significant future acquisitions, business combinations or capital commitments. For the full year of 2025, the Company expects to continue adding store locations through new store openings and acquisitions. Future store openings and acquisitions are subject to the Company’s ability to identify acquisition opportunities and new location sites in markets with attractive demographics and favorable regulatory environments.

Although viewed by management as a discretionary expenditure not required to operate its pawn stores, the Company may continue to strategically purchase real estate from its landlords at existing stores or in conjunction with pawn store acquisitions as opportunities arise at reasonable valuations. The Company purchased the real estate at 33 store locations, primarily from landlords at existing stores, for a cumulative purchase price of $44.2 million during the nine months ended September 30, 2025.

Expand Retail POS Payment Solutions Operations

AFF expects to expand its business primarily by promoting and expanding relationships with both new and existing customers and retail merchant partners. In addition, AFF has made, and intends to continue to make, investments in its customer and merchant support operations and facilities, its technology platforms and its proprietary decisioning platforms and processes. In addition to utilizing cash flows generated from its own operations to fund expected 2025 growth, AFF has access to the additional sources of liquidity described below if needed to fund further expansion activities.

Return of Capital to Shareholders

In October 2025, the Company’s Board of Directors declared a $0.42 per share fourth quarter cash dividend on common shares outstanding, or an aggregate of $18.5 million based on the September 30, 2025 share count, to be paid on November 26, 2025 to stockholders of record as of November 14, 2025. While the Company currently expects to continue the payment of quarterly cash dividends, the amount, declaration and payment of cash dividends in the future (quarterly or otherwise) will be made by the Board of Directors, from time to time, subject to the Company’s financial condition, results of operations, business requirements, compliance with legal requirements, debt covenant restrictions and other relevant factors.

During the nine months ended September 30, 2025, the Company repurchased a total of 755,000 shares of common stock at an aggregate cost of $89.6 million and an average cost per share of $118.62. During the nine months ended September 30, 2024, the Company repurchased 721,000 shares of common stock at an aggregate cost of $85.0 million and an average cost per share of $117.90. The aggregate cost and average cost per share do not include the effect of the 1% excise tax on certain share repurchases enacted under the Inflation Reduction Act of 2022. The Company incurred $0.9 million of excise taxes during both the nine months ended September 30, 2025 and 2024, respectively.

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In October 2025, the Board of Directors approved a new share repurchase authorization of up to $150.0 million of common shares. Additionally, the Company has $25.4 million available under the $200 million share repurchase program authorized in July 2023, bringing the total current amount available for share repurchases to $175.4 million. The Company intends to continue repurchases under its active share repurchase program, including through open market transactions under trading plans in accordance with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), subject to a variety of factors, including, but not limited to, the level of cash balances, liquidity needs, credit availability, debt covenant restrictions, general business and economic conditions, regulatory requirements, the market price of the Company’s stock, the Company’s dividend policy and the availability of acquisitions or other alternative investment opportunities.

Sources of Liquidity

The Company regularly evaluates opportunities to optimize its capital structure, including through consideration of the issuance of debt or equity, to refinance existing debt and to enter into interest rate hedge transactions, such as interest rate swap agreements. As of September 30, 2025, the Company’s primary sources of liquidity were $130.2 million in cash and cash equivalents, $155.0 million of available and unused funds under the Company’s revolving unsecured credit facilities and $16.7 million of available and unused funds under the Company’s revolving secured credit facility, subject to certain financial covenants (see Note 8 of Notes to Consolidated Financial Statements). The Company had working capital of $1,433.1 million as of September 30, 2025.

The Company’s cash and cash equivalents as of September 30, 2025 included $44.2 million held by its foreign subsidiaries. These cash balances, which are primarily held in Mexican pesos and British pound sterling, are associated with foreign earnings the Company has asserted are indefinitely reinvested and which the Company plans to use to support its continued growth plans outside the U.S. through funding of capital expenditures, acquisitions, operating expenses or other similar cash needs of the Company’s foreign operations.

The Company’s liquidity is affected by a number of factors, including changes in general customer traffic and demand, pawn loan balances, loan-to-value ratios, collection of pawn fees, merchandise sales, inventory levels, LTO merchandise, finance receivable balances, collection of lease and finance receivable payments, seasonality, operating expenses, administrative expenses, expenses related to merger and acquisition activities, litigation-related expenses, tax rates, gold prices, foreign currency exchange rates and the pace of new pawn store expansion and acquisitions. Additionally, a prolonged reduction in earnings and EBITDA could limit the Company’s future ability to fully borrow on its credit facilities under current leverage covenants. Regulatory developments affecting the Company’s operations may also impact profitability and liquidity. See “Governmental Regulation.”

If needed, the Company could seek to raise additional funds from a variety of sources, including, but not limited to, the sale of assets, reductions in operating expenses, capital expenditures and dividends, the forbearance or deferral of operating expenses, the issuance of debt or equity securities, utilizing other structured financing arrangements, the leveraging of currently unencumbered real estate owned by the Company and/or changes to its management of current assets. The characteristics of the Company’s current assets, specifically the ability to rapidly liquidate gold jewelry inventory, which accounts for 60% of total inventory, give the Company flexibility to quickly increase cash flow if necessary.

Cash Flows and Liquidity Metrics

The following tables set forth certain historical information with respect to the Company’s sources and uses of cash and other key indicators of liquidity (dollars in thousands):

						Nine Months Ended September 30,
						2025						2024
Cash flow provided by operating activities						$	379,297					$	341,809
Cash flow used in investing activities						$	(662,413)					$	(335,483)
Cash flow provided by (used in) financing activities						$	225,644					$	(19,187)

						As of September 30,
						2025						2024
Working capital						$	1,433,101					$	1,020,877
Current ratio			5.0:1						4.3:1

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Cash Flow Provided by Operating Activities

Net cash provided by operating activities increased $37.5 million, or 11%, from $341.8 million for the nine months ended September 30, 2024 to $379.3 million for the nine months ended September 30, 2025 due to net changes in certain non-cash adjustments to reconcile net income to operating cash flow and net changes in other operating assets and liabilities (as detailed in the consolidated statements of cash flows) and an increase in net income of $50.9 million.

Cash Flow Used in Investing Activities

Net cash used in investing activities increased $326.9 million, or 97%, from $335.5 million for the nine months ended September 30, 2024 to $662.4 million for the nine months ended September 30, 2025. Cash flows from investing activities are utilized primarily to fund pawn store acquisitions, purchase furniture, fixtures, equipment and improvements, which includes capital expenditures for improvements to existing stores and for new pawn store openings and other corporate assets, and discretionary purchases of store real property. In addition, cash flows related to the funding of new pawn loans, net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral and changes in net finance receivables, are included in investing activities. The Company paid $37.4 million for furniture, fixtures, equipment and improvements and $44.2 million for discretionary pawn store real property purchases during the nine months ended September 30, 2025 compared to $56.0 million and $54.3 million in the prior-year period, respectively. The Company paid $406.9 million in cash related to pawn store acquisitions during the nine months ended September 30, 2025 compared to $69.2 million during the nine months ended September 30, 2024. The Company funded a net increase in pawn loans of $98.7 million during the nine months ended September 30, 2025 and $69.7 million during the nine months ended September 30, 2024. The Company funded a net increase in finance receivables of $75.2 million during the nine months ended September 30, 2025 and $86.2 million during the nine months ended September 30, 2024.

Cash Flow Provided by Financing Activities

Net cash used in financing activities decreased $244.8 million, or 1,276%, from cash used in financing activities of $19.2 million for the nine months ended September 30, 2024 to cash provided by financing activities of $225.6 million for the nine months ended September 30, 2025. Net borrowings on credit facilities were $374.3 million during the nine months ended September 30, 2025 compared to net payments of $368.0 million during the nine months ended September 30, 2024. During the nine months ended September 30, 2024, the Company received $500.0 million in proceeds from the private offering of senior unsecured notes which was used to repay a portion of the outstanding balance on the Credit Facility, after payment of fees and expenses related to the offering. The Company paid debt issuance costs of $10.4 million during the nine months ended September 30, 2024. The Company funded $90.5 million of share repurchases during the nine months ended September 30, 2025 compared to $85.0 million during the nine months ended September 30, 2024. The Company paid dividends of $52.4 million during the nine months ended September 30, 2025 compared to $48.8 million during the nine months ended September 30, 2024. In addition, the Company paid withholding taxes of $5.8 million on net share settlements of restricted stock awards during the nine months ended September 30, 2025 compared to $7.0 million during the nine months ended September 30, 2024.

GOVERNMENTAL REGULATION   

The Company’s pawn and retail POS payment solutions businesses are subject to significant regulation in all of the jurisdictions in which it operates. Existing regulations and regulatory developments are further and more completely described under “Governmental Regulation” in Part I, Item 1 of the Company’s 2024 Annual Report on Form 10-K filed with the SEC on February 3, 2025 and in subsequent documents filed with the SEC. There have been no changes to the significant regulation that the Company’s businesses are subject to that the Company believes would have a material impact on its businesses or results of operation from those described in the Annual Report on Form 10-K for the year ended December 31, 2024.

Actions of the current administration could result in changes in federal policy with significant impacts on the legal and regulatory framework affecting the industries in which the related consumers are involved. These changes, including restructuring and widespread personnel changes at the applicable regulatory agencies, may alter the nature and scope of oversight affecting such industries. The nature, timing and economic and political effects of potential changes affecting such industries generally remains uncertain and it is possible that such uncertainty may adversely affect the Company.

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In addition, the United States, China, Canada, Mexico, European Union and other countries have imposed, or threatened to impose, new or enhanced tariffs, quotas, trade barriers and other restrictions on imports into their respective territories. Numerous trade restrictions are currently in effect and such restrictions, coupled with the risk of retaliatory steps taken in response to such restrictions, could potentially serve to depress economic activity generally in the United States, adversely affecting consumers and contributing to general market volatility.

NON-GAAP FINANCIAL INFORMATION

The Company uses certain financial calculations such as adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, free cash flow, adjusted free cash flow and constant currency results as factors in the measurement and evaluation of the Company’s operating performance and period-over-period growth. The Company derives these financial calculations on the basis of methodologies other than GAAP, primarily by excluding from a comparable GAAP measure certain items the Company does not consider to be representative of its actual operating performance. These financial calculations are “non-GAAP financial measures” as defined under the SEC rules. The Company uses these non-GAAP financial measures in operating its business because management believes they are less susceptible to variances in actual operating performance that can result from the excluded items, other infrequent charges and currency fluctuations. The Company presents these financial measures to investors because management believes they are useful to investors in evaluating the primary factors that drive the Company’s core operating performance and provide greater transparency into the Company’s results of operations. However, items that are excluded and other adjustments and assumptions that are made in calculating these non-GAAP financial measures are significant components in understanding and assessing the Company’s financial performance. These non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, the Company’s GAAP financial measures. Further, because these non-GAAP financial measures are not determined in accordance with GAAP and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly-titled measures of other companies.

The Company has adjusted the applicable financial calculations to exclude merger and acquisition expenses, amortization of acquired intangible assets, the CFPB litigation settlement and certain other income and expenses. The Company does not consider these items to be related to the organic operations of the Company’s businesses or its continuing operations and are generally not relevant to assessing or estimating the long-term performance of the Company. In addition, excluding these items allows for more accurate comparisons of the financial results to prior periods. Merger and acquisition expenses include incremental costs directly associated with merger and acquisition activities, including professional fees, legal expenses, severance, retention and other employee-related costs, contract breakage costs and costs related to the consolidation of technology systems and corporate facilities, among others.

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Adjusted Net Income and Adjusted Diluted Earnings Per Share

Management believes the presentation of adjusted net income and adjusted diluted earnings per share provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance and prospects for the future by excluding items that management believes are non-operating in nature and are not representative of the Company’s core operating performance. In addition, management believes the adjustments shown below are useful to investors in order to allow them to compare the Company’s financial results for the current periods presented with the prior periods presented.

The following table provides a reconciliation between net income and diluted earnings per share calculated in accordance with GAAP to adjusted net income and adjusted diluted earnings per share, which are shown net of tax (in thousands, except per share amounts):

			Three Months Ended September 30,																								Nine Months Ended September 30,
			2025						2024						2025						2024						2025						2024						2025						2024
			In Thousands						In Thousands						Per Share						Per Share						In Thousands						In Thousands						Per Share						Per Share
Net income and diluted earnings per share, as reported			$	82,807					$	64,827					$	1.86					$	1.44					$	226,203					$	175,268					$	5.07					$	3.88
Adjustments, net of tax:
Merger and acquisition expenses			8,513						171						0.19						0.01						11,001						1,675						0.25						0.04
Amortization of acquired intangible assets			10,613						9,572						0.24						0.21						29,129						28,717						0.65						0.63
CFPB litigation settlement			—						—						—						—						9,390						—						0.21						—
Other (income) expenses, net			(1,300)						609						(0.03)						0.01						(2,691)						1,606						(0.06)						0.03
Adjusted net income and diluted earnings per share			$	100,633					$	75,179					$	2.26					$	1.67					$	273,032					$	207,266					$	6.12					$	4.58

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Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA

The Company defines EBITDA as net income before income taxes, depreciation and amortization, interest expense and interest income and adjusted EBITDA as EBITDA adjusted for certain items, as listed below, that management considers to be non-operating in nature and not representative of its actual operating performance. The Company believes EBITDA and adjusted EBITDA are commonly used by investors to assess a company’s financial performance, and adjusted EBITDA is used as a starting point in the calculation of the consolidated total debt ratio as defined in the Company’s senior unsecured notes. The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA (in thousands):

																																										Trailing Twelve
						Three Months Ended																		Nine Months Ended																		Months Ended
						September 30,																		September 30,																		September 30,
						2025									2024									2025									2024									2025									2024
Net income						$			82,807						$			64,827						$			226,203						$			175,268						$			309,750						$			244,857
Income taxes									29,672									20,353									78,572									57,975									104,558									79,874
Depreciation and amortization (1)									29,034									25,933									80,400									78,507									106,834									106,142
Interest expense									32,216									27,424									86,024									78,029									113,221									104,615
Interest income									(908)									(403)									(2,664)									(1,407)									(3,192)									(1,623)
EBITDA									172,821									138,134									468,535									388,372									631,171									533,865
Adjustments:
Merger and acquisition expenses									9,472									225									12,711									2,186									12,753									6,438
Purchase accounting and other adjustments (2)									—									—									—									—									—									13,968
CFPB litigation settlement									—									—									11,000									—									11,000									—
Other (income) expenses, net									(1,739)									919									(3,683)									2,194									(676)									185
Adjusted EBITDA						$			180,554						$			139,278						$			488,563						$			392,752						$			654,248						$			554,456

(1)Includes $13.8 million, $37.9 million and $50.3 million of amortization expense related to identifiable intangible assets for the three months, nine months and trailing twelve months ended September 30, 2025, respectively. Includes $12.4 million, $37.3 million and $51.2 million of amortization expense related to identifiable intangible assets for the three months, nine months and trailing twelve months ended September 30, 2024, respectively.

(2)For the twelve months ended September 30, 2024, amount represents other non-recurring costs included in administrative expenses related to a discontinued finance product.

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Free Cash Flow and Adjusted Free Cash Flow

For purposes of its internal liquidity assessments, the Company considers free cash flow and adjusted free cash flow. The Company defines free cash flow as cash flow from operating activities less purchases of furniture, fixtures, equipment and improvements and net fundings/repayments of pawn loan and finance receivables, which are considered to be operating in nature by the Company but are included in cash flow from investing activities. Adjusted free cash flow is defined as free cash flow adjusted for merger and acquisition expenses paid that management considers to be non-operating in nature.

Free cash flow and adjusted free cash flow are commonly used by investors as additional measures of cash generated by business operations that may be used to repay scheduled debt maturities and debt service or, following payment of such debt obligations and other non-discretionary items, that may be available to invest in future growth through new business development activities or acquisitions, repurchase stock, pay cash dividends or repay debt obligations prior to their maturities. These metrics can also be used to evaluate the Company’s ability to generate cash flow from business operations and the impact that this cash flow has on the Company’s liquidity. However, free cash flow and adjusted free cash flow have limitations as analytical tools and should not be considered in isolation or as a substitute for cash flow from operating activities or other income statement data prepared in accordance with GAAP. The following table reconciles cash flow from operating activities to free cash flow and adjusted free cash flow (in thousands):

																														Trailing Twelve
						Three Months Ended												Nine Months Ended												Months Ended
						September 30,												September 30,												September 30,
						2025						2024						2025						2024						2025						2024
Cash flow from operating activities						$	135,803					$	113,090					$	379,297					$	341,809					$	577,446					$	440,914
Cash flow from certain investing activities:
Pawn loans, net (1)						(68,141)						(48,836)						(98,733)						(69,723)						(101,009)						(45,275)
Investments in finance receivables						(103,343)						(119,579)						(338,295)						(290,715)						(473,397)						(378,404)
Proceeds from finance receivables						84,164						70,956						263,139						204,529						345,113						264,770
Purchases of furniture, fixtures, equipment and improvements						(11,553)						(13,368)						(37,419)						(56,032)						(49,632)						(69,457)
Free cash flow						36,930						2,263						167,989						129,868						298,521						212,548
Merger and acquisition expenses paid, net of tax benefit						8,513						171						11,001						1,675						11,032						4,946
Adjusted free cash flow						$	45,443					$	2,434					$	178,990					$	131,543					$	309,553					$	217,494

(1)Includes the funding of new loans net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral.

Constant Currency Results

The Company’s reporting currency is the U.S. dollar, however, certain performance metrics discussed in this report are presented on a “constant currency” basis, which is considered a non-GAAP financial measure. The Company’s management uses constant currency results to evaluate operating results of business operations in Latin America and the U.K., which are transacted in local currencies in Mexico, Guatemala, Colombia and the U.K. The Company also has operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

The Company believes constant currency results provide valuable supplemental information regarding the underlying performance of its business operations in Latin America and the U.K., consistent with how the Company’s management evaluates such performance and operating results. Constant currency results reported herein are calculated by translating certain balance sheet and income statement items denominated in local currencies using the exchange rate from the prior-year comparable period, as opposed to the current comparable period, in order to exclude the effects of foreign currency rate fluctuations for purposes of evaluating period-over-period comparisons. 

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The following table presents segment information for the Latin America pawn segment for the three and nine month periods ended September 30, 2025 using the exchange rate from the prior-year comparable periods (in thousands):

			Three Months Ended September 30, 2025																		Nine Months Ended September 30, 2025
									Currency						Constant												Currency						Constant
			U.S.						Exchange						Currency						U.S.						Exchange						Currency
			Dollar						Rate						Basis						Dollar						Rate						Basis
			Basis						Fluctuations						(Non-GAAP)						Basis						Fluctuations						(Non-GAAP)
Revenue:
Retail merchandise sales			$	144,644					$	(2,064)					$	142,580					$	401,132					$	38,665					$	439,797
Pawn loan fees			67,199						(957)						66,242						180,996						17,489						198,485
Wholesale scrap jewelry sales			17,831						—						17,831						37,580						—						37,580
Total revenue			229,674						(3,021)						226,653						619,708						56,154						675,862
Cost of revenue:
Cost of retail merchandise sold			92,931						(1,324)						91,607						259,249						24,819						284,068
Cost of wholesale scrap jewelry sold			15,000						(213)						14,787						31,770						3,127						34,897
Total cost of revenue			107,931						(1,537)						106,394						291,019						27,946						318,965
Net revenue			121,743						(1,484)						120,259						328,689						28,208						356,897
Segment expenses:
Operating expenses			70,327						(978)						69,349						196,158						18,334						214,492
Depreciation and amortization			4,443						(61)						4,382						13,173						1,190						14,363
Total segment expenses			74,770						(1,039)						73,731						209,331						19,524						228,855
Segment pre-tax operating income			$	46,973					$	(445)					$	46,528					$	119,358					$	8,684					$	128,042

The following table presents earning assets for the Latin America pawn segment as of September 30, 2025 using the exchange rate from the prior-year comparable period (in thousands):

			As of September 30, 2025
									Currency						Constant Currency
									Exchange Rate						Basis
			U.S. Dollar Basis						Fluctuations						(Non-GAAP)
Earning assets:
Pawn loans			$	173,203					$	(10,442)					$	162,761
Inventories			124,081						(7,512)						116,569
			$	297,284					$	(17,954)					$	279,330

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The following table provides exchange rates for the Mexican peso, Guatemalan quetzal, Colombian peso and British pound sterling for the current and prior-year periods:  

			September 30,												Favorable /
			2025						2024						(Unfavorable)
U.S. dollar / Mexican peso exchange rate:
End-of-period			18.4						19.6									6		%
Three months ended			18.6						18.9									2		%
Nine months ended			19.5						17.7									(10)		%
U.S. dollar / Guatemalan quetzal exchange rate:
End-of-period			7.7						7.7									—		%
Three months ended			7.7						7.7									—		%
Nine months ended			7.7						7.8									1		%
U.S. dollar / Colombian peso exchange rate:
End-of-period			3,901						4,164									6		%
Three months ended			4,003						4,095									2		%
Nine months ended			4,131						3,979									(4)		%
British pound sterling / U.S. dollar exchange rate:
End-of-period			1.35						1.34									1		%
Three months ended			1.35						1.30									4		%
Nine months ended			1.31						1.28									2		%

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risks relating to the Company’s operations result primarily from changes in interest rates, gold prices and foreign currency exchange rates and are described in detail in the Company’s 2024 Annual Report on Form 10-K. The impact of current-year fluctuations in foreign currency exchange rates, in particular, are further discussed in Part I, Item 2 herein. The Company does not engage in speculative or leveraged transactions, nor does it hold or issue financial instruments for trading purposes. There have been no material changes to the Company’s exposure to market risks since December 31, 2024.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Company’s management, under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). In designing and evaluating the disclosure controls and procedures, the Company’s management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objective.

Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2025, the Company’s disclosure controls and procedures were designed at a reasonable assurance level and were effective.

Changes in Internal Control Over Financial Reporting

Except for the H&T Acquisition, there have been no changes in the Company’s internal control over financial reporting during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. The Company is currently in the process of integrating H&T into its assessment of its internal control over financial reporting. H&T’s total assets and revenue represent approximately 11% and 2%, respectively, of the related consolidated financial statement amounts as of and for the three months ended September 30, 2025. Management expects to exclude H&T from its assessment of internal control over financial reporting as of December 31, 2025 because the integration of H&T’s internal control over financial reporting is not expected to be complete by December 31, 2025.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See Note 9 - Commitments and Contingencies of Notes to Consolidated Financial Statements contained in Part I, Item 1 of this report which is incorporated to this Part II, Item 1 by reference.

ITEM 1A. RISK FACTORS

Important risk factors that could materially affect the Company’s business, financial condition or results of operations in future periods are described in Part I, Item 1A, “Risk Factors” of the Company’s 2024 Annual Report on Form 10-K. These factors are supplemented by those discussed under “Management’s Discussion And Analysis Of Financial Condition And Results Of Operations” and “Governmental Regulation” in Part I, Item 2 of this quarterly report and in “Governmental Regulation” in Part I, Item 1 of the Company’s 2024 Annual Report on Form 10-K. There have been no material changes in the Company’s risk factors from those in Part I, Item 1A, “Risk Factors” of the Company’s 2024 Annual Report on Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

The following table provides information about purchases made by the Company of shares of its common stock during the three months ended September 30, 2025 (dollars in thousands, except per share amounts):

						Total Number Of Shares Purchased						Average Price Paid Per Share (1)						Total Number Of Shares Purchased As Part Of Publicly Announced Plans												Approximate Dollar Value Of Shares That May Yet Be Purchased Under The Plans (1) (2)
July 1 through July 31, 2025						175,812						$	129.77					175,812												$	32,576
August 1 through August 31, 2025						54,604						131.58						54,604												25,391
September 1 through September 30, 2025						—						—						—												25,391
Total						230,416						130.20						230,416

(1)The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. During the three months ended September 30, 2025, the Company reflected the applicable excise tax in treasury stock as part of the cost basis of the stock repurchased and recorded a corresponding liability for the excise taxes payable in accrued expenses and other liabilities on the consolidated balance sheet. All dollar amounts presented exclude such excise taxes.

(2)In July 2023, the Company’s Board of Directors authorized a common stock repurchase program for up to $200.0 million of the Company’s outstanding common stock, of which $25.4 million is currently remaining. In October 2025, the Company’s Board of Directors authorized an additional common stock repurchase program for up to $150.0 million of the Company’s outstanding common stock, of which the entire $150.0 million is currently remaining.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

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ITEM 5. OTHER INFORMATION

Rule 10b5-1 Trading Plans and Other Non-Rule 10b5-1 Trading Plans

None of the Company’s directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, as such terms are defined under Item 408(a) of Regulation S-K, during the three months ended September 30, 2025, except as follows:

On August 8, 2025, T. Brent Stuart, Chief Operating Officer, adopted a written plan for the sale of up to 35,348 shares of the Company’s common stock that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plan will expire on December 31, 2026 or on any earlier date on which all of the shares have been sold.

On August 20, 2025, Randel G. Owen, Director, adopted a written plan for the sale of up to 1,500 shares of the Company’s common stock that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plan will expire on November 19, 2026, or on any earlier date on which all of the shares have been sold.

On September 11, 2025, Howard F. Hambleton, AFF President, adopted a written plan for the sale of up to 15,000 shares of the Company’s common stock that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plan will expire on November 30, 2026, or on any earlier date on which all of the shares have been sold.

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ITEM 6. EXHIBITS

Incorporated by Reference

Exhibit No.

Exhibit Description

Form

File No.

Exhibit

Filing Date

Filed Herewith

3.1

Amended and Restated Certificate of Incorporation of FirstCash Holdings, Inc., dated December 16, 2021

8-K12B

001-10960

3.1

12/16/2021

3.2

Amended and Restated Bylaws of FirstCash Holdings, Inc., dated December 16, 2021

8-K12B

001-10960

3.2

12/16/2021

31.1

Certification Pursuant to Exchange Act Section 13(a)-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act, provided by Rick L. Wessel, Chief Executive Officer

X

31.2

Certification Pursuant to Exchange Act Section 13(a)-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act, provided by R. Douglas Orr, Chief Financial Officer

X

32.1

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, provided by Rick L. Wessel, Chief Executive Officer

X

32.2

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, provided by R. Douglas Orr, Chief Financial Officer

X

101.INS

Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

X

101.SCH

Inline XBRL Taxonomy Extension Schema Document

X

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

X

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

X

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

X

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

X

104

Cover Page Interactive Data File (embedded within the Inline XBRL document contained in Exhibit 101)

X

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: November 3, 2025			FIRSTCASH HOLDINGS, INC.
			(Registrant)
			/s/ RICK L. WESSEL
			Rick L. Wessel
			Chief Executive Officer
			(On behalf of the Registrant)
			/s/ R. DOUGLAS ORR
			R. Douglas Orr
			Executive Vice President and Chief Financial Officer
			(As Principal Financial Officer and Principal Accounting Officer)

52

FAQ

How did FCFS perform in Q3 2025?

Revenue was $935.6 million vs. $837.3 million last year; diluted EPS was $1.86 vs. $1.44; net income was $82.8 million vs. $64.8 million.

What is the status and size of the H&T acquisition by FCFS?

Closed on August 14, 2025 for £289.1 million (~$392.4 million), adding 286 U.K. stores.

How did segment drivers shift for FCFS in Q3 2025?

Pawn loan fees rose to $221.1M and retail sales to $411.0M, while AFF leased merchandise income decreased to $132.5M.

What changed in FCFS’s balance sheet and debt?

Assets reached $5.18B; long‑term debt was $2.21B. Unsecured revolver borrowings increased to $575.0M.

What were FCFS’s cash flows for the nine months ended Sept. 30, 2025?

Operating cash flow was $379.3M; investing used $662.4M (acquisitions); financing provided $225.6M.

Did FCFS disclose any legal settlements?

Yes. A CFPB matter was settled with a $4.0M fine and estimated consumer redress of up to $7.0M.

How many FCFS shares were outstanding recently?

There were 44,134,150 shares outstanding as of October 29, 2025.