FCFS

FirstCash Holdings came into this Q3 2026 print with a rich reputation for steady earnings power and a premium P/E of 19.7x. Today the stock is sliding, down about 4% in early trade, even as the quarter delivered another solid profit line with basic earnings per share of US$2.33 and net income of US$101.2m. That tension is the story. A market that had priced in strength is now testing whether this earnings run and the 9.5% trailing net margin still justify paying up for FirstCash. Love FirstCash Holdings' consistent earnings and 9.5% net margin but wary of paying a premium P/E for it? Compare that profile with companies in our list of solid balance sheet and fundamentals stocks (26 results). - Revenue (Q3 2026 vs. Q3 2025): US$1,101.2m vs. US$935.6m (higher year over year) - Net Income (Q3 2026 vs. Q3 2025): US$101.2m vs. US$82.8m (higher year over year) - Basic EPS (Q3 2026 vs. Q3 2025): US$2.33 vs. US$1.87 (higher year over year) - Trailing Net Profit Margin (TTM vs. Prior Year): 9.5% vs. 8.9% (margin improved over the last 12 months) Prefer clean charts over slogging through another wall of text and tables on FirstCash Holdings? See the full visual picture of the business, with a clear look at its valuation and how the market is pricing those earnings inside our company report for FirstCash Holdings. For anyone backing FirstCash Holdings as a resilient alternative credit and resale business, the latest figures broadly support that view. Revenue of US$1,101.2m and net income of US$101.2m both sit above last year's Q3 levels, while basic EPS moved from US$1.87 to US$2.33. A trailing net margin of 9.5%, slightly higher than the prior 8.9%, suggests the core pawn and POS financing mix is still converting activity into profit rather than just pushing volume. The story is not one way. The stock is down about 4% today and has declined over the past 7, 30 and 90 days, which indicates that expectations had run hot into this print. Even with higher revenue and earnings year over year, that price reaction hints at concern that recent strength and record commentary are now widely understood and may be more difficult to build on. For investors focused on regulatory risk or credit quality in POS financing, the softer share performance keeps those debate points alive. Are you convinced FirstCash Holdings' resilient profit engine still earns that premium P/E, or think expectations have pushed too far ahead of reality? Check the consensus price target analysis for FirstCash Holdings. FirstCash Holdings just reminded you that earnings strength and short term price moves do not always line up. The real opportunity is spotting stocks that could be undervalued before the market closes the gap. - Company 1 - 35% below our estimate - focuses on tightening plant footprints and shifting its valve portfolio toward higher margin aftermarket and nuclear power work. - Company 2 - 41% below our estimate - leans into AI data center and defense hardware demand while expanding production capacity through heavy investment and acquisitions. - Company 3 - 36% below our estimate - grows a high frequency finance super app that cross sells secured credit, payments, investing and commerce to an expanding user base. Three companies from the same screener. Open all 29 potentially undervalued companies → This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include FCFS. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

FORT WORTH, Texas, Oct. 22, 2026 (GLOBE NEWSWIRE) -- FirstCash Holdings, Inc. ("FirstCash" or the "Company") (Nasdaq: FCFS), the leading international operator of more than 3,300 retail pawn stores, today announced record revenue and earnings results for the three and nine month periods ended September 30, 2026. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.46 per share, an increase of 10% over the previous quarterly dividend, which will be paid in November 2026. In addition, during the third quarter of 2026, the Company repurchased $123 million of common stock, bringing the total year-to-date share repurchases to $250 million. Mr. Rick Wessel, chief executive officer, stated, "FirstCash delivered another outstanding quarter of operating results, with third quarter pawn revenue growth of 28%. Pawn demand remains exceptionally strong with a record $908 million in pawn receivables and all geographic segments posting double-digit increases in both same-store pawn receivables and pawn fees. Our merchandise sales channels were also robust, evidenced by continued strength in sales growth, margins and inventory turnover metrics. "We are also pleased to announce that 14 pawn stores were added during the quarter, bringing year-to-date additions to a total of 42 locations across four countries. As we enter the fourth quarter, with the added stores, strong pawn books and appropriate inventory levels, we believe we are well-positioned to close out another record year of operating results. "FirstCash has set new records for revenue and earnings in each quarter this year. For the trailing twelve months, revenues are now $4.3 billion, net income totals $406 million and adjusted EBITDA totals $835 million. The impressive earnings growth continues to drive increased operating cash flows as well, providing ample capacity for shareholder returns through stock repurchases and cash dividends. More importantly, we remain committed to expanding our industry-leading global footprint through accretive pawnshop acquisitions and new store openings in each geographic segment," concluded Mr. Wessel. This release contains adjusted financial measures, which exclude certain non-operating and/or non-cash income and expenses, that are non-GAAP financial measures. Please refer to the descriptions and reconciliations to GAAP of these and other non-GAAP financial measures at the end of this release. | Three Months Ended September 30, | As Reported (GAAP) | | Adjusted (Non-GAAP) In thousands, except per share amounts | 2026 | | 2025 | | 2026 | | 2025 Revenue | $ | 1,101,167 | | | $ | 935,579 | | | $ | 1,101,167 | | | $ | 935,579 | Net income | $ | 101,152 | | | $ | 82,807 | | | $ | 116,181 | | | $ | 100,633 | Diluted earnings per share | $ | 2.33 | | | $ | 1.86 | | | $ | 2.68 | | | $ | 2.26 | EBITDA (non-GAAP measure) | $ | 208,194 | | | $ | 172,821 | | | $ | 213,008 | | | $ | 180,554 | Weighted-average diluted shares | | 43,335 | | | | 44,472 | | | | 43,335 | | | | 44,472 | | Nine Months Ended September 30, | As Reported (GAAP) | | Adjusted (Non-GAAP) In thousands, except per share amounts | 2026 | | 2025 | | 2026 | | 2025 Revenue | $ | 3,227,506 | | | $ | 2,602,624 | | | $ | 3,227,506 | | | $ | 2,602,624 | Net income | $ | 302,321 | | | $ | 226,203 | | | $ | 345,343 | | | $ | 273,032 | Diluted earnings per share | $ | 6.89 | | | $ | 5.07 | | | $ | 7.87 | | | $ | 6.12 | EBITDA (non-GAAP measure) | $ | 613,866 | | | $ | 468,535 | | | $ | 625,070 | | | $ | 488,563 | Weighted-average diluted shares | | 43,870 | | | | 44,603 | | | | 43,870 | | | | 44,603 | | | | | | | | | | | | | | | | Consolidated Operating Highlights - Diluted earnings per share for the third quarter increased 25% over the prior-year quarter on a GAAP basis while adjusted diluted earnings per share increased 19% compared to the prior-year quarter. - Year-to-date diluted earnings per share increased 36% over the prior-year period on a GAAP basis and adjusted diluted earnings per share increased 29% compared to the prior-year period. - Net income for the third quarter totaled $101 million, a 22% increase over the prior-year quarter on a GAAP basis, while adjusted net income increased 15% compared to the prior-year quarter. - Year-to-date net income totaled $302 million, a 34% increase over the prior-year period on a GAAP basis, while adjusted net income increased 26% compared to the prior-year period. - Adjusted EBITDA (a non-GAAP measure) for the third quarter was $213 million, an 18% increase over the prior-year quarter. On a year-to-date basis, adjusted EBITDA increased 28% compared to the prior-year period. - Consolidated revenue totaled $1.1 billion for the quarter and $3.2 billion year-to-date. Total revenue for the third quarter increased 18% over the prior-year quarter and net revenue (gross profit) increased 15% compared to the prior-year quarter. Year-to-date, both revenue and net revenue increased 24% over the prior-year period. - Revenues and segment income from the Company's pawn segments both increased 28% in the third quarter over last year. Year-to-date revenues from the Company's pawn segments increased 37% while pawn segment income increased 47% over the same prior-year period. - Consolidated assets at September 30, 2026 totaled a record $5.6 billion, including record pawn receivables of $908 million. This compares to assets of $5.2 billion and pawn receivables of $788 million a year ago. - For the trailing twelve month period ended September 30, 2026, the Company reported: - Revenues of $4.3 billion - Net income of $406 million on a GAAP basis and adjusted net income of $462 million - Adjusted EBITDA of $835 million - Operating cash flows of $679 million and adjusted free cash flows (a non-GAAP measure) of $393 million Growth Platforms - During the third quarter, the Company added 14 retail pawn locations: - Four acquired stores (three in the U.S. and one in the U.K.) - Ten de novo store openings (six in Latin America, two in the U.S. and two in the U.K.) - Year-to-date, a total of 42 stores have been added through acquisitions and new store openings while over the past twelve months, 70 total stores have been added. - As of September 30, 2026, the Company had 3,352 locations, comprised of 1,215 U.S. locations, 1,839 locations in Latin America and 298 U.K. locations. - Ramsdens acquisition update: - During the third quarter of 2026, both the Ramsdens' shareholders and the U.K. financial regulator (Financial Conduct Authority) approved the previously announced acquisition. - The Company continues to target for the transaction to close by the end of 2026, pending receipt of the required anti-trust approval and satisfaction of other customary closing conditions. - Upon satisfaction of all required closing conditions, the addition of Ramsdens would add over 175 U.K. locations and increase the Company's store base to more than 3,500 locations. - The Company's real estate portfolio of owned pawn locations now totals 480 properties, of which 14 were acquired in the third quarter, bringing the number of real estate locations acquired year-to-date to 37. The Company believes these are strategic investments that protect valuable store locations and reduce future operating expenses. Most of the owned properties are in the U.S. and now represent 39% of the total U.S. store base. - American First Finance ("AFF") had approximately 17,000 active retail and e-commerce point-of-sale merchant partner locations at September 30, 2026, representing an 8% increase compared to a year ago. U.S. Pawn Segment Operating Results - Total segment revenue increased 18% in both the third quarter and year-to-date periods, reflecting especially strong same-store revenue growth coupled with contributions from late 2025 acquisitions. - Segment pre-tax operating income increased 19% compared to the prior-year quarter. The resulting segment pre-tax operating margin was 26% for the third quarter of 2026, which equaled the prior-year quarter. Year-to-date segment pre-tax operating income increased 25% compared to the prior-year period. The resulting year-to-date segment pre-tax operating margin increased to 27% compared to 25% in the comparable prior-year period. - Pawn receivables increased 14% in total at September 30, 2026 compared to last year. Same-store pawn receivables increased 12%, 25% on a two-year stacked basis and 35% on a three-year stacked basis. This represented the thirteenth consecutive quarter of double-digit same-store receivables growth. - Pawn loan fees increased 12% in the third quarter while retail merchandise sales increased 10%, both compared to the prior-year quarter. On a same-store basis, pawn fees increased 11% and retail sales increased 7%. - Retail sales margins were 42% for the third quarter of 2026 versus 43% in the third quarter of 2025. Inventories aged greater than one year at September 30, 2026 remained low at 1.6% of total inventories, which excludes aged inventories from six recently acquired stores, improving from 1.9% at September 30, 2025. Latin America Pawn Segment Operating Results Note: Certain growth rates below are calculated on a constant or local currency basis, a non-GAAP financial measure defined at the end of this release. The average U.S. dollar to Mexican peso exchange rate for the third quarter of 2026 was 17.2 pesos per U.S. dollar, a favorable change of 8% versus the comparable prior-year period, and for the nine month period ended September 30, 2026 was 17.4 pesos per U.S. dollar, a favorable change of 11% versus the prior-year period. - Total segment revenue in the third quarter of 2026 increased 35% on a U.S. dollar basis and 27% on a constant currency basis compared to the prior-year quarter. Year-to-date, segment revenue increased 39% on a U.S. dollar basis compared to the prior-year period and increased 26% on a local currency basis. - Third quarter segment pre-tax operating income increased 37% on a U.S. dollar basis compared to last year and increased 35% on a local currency basis. Year-to-date, segment pre-tax operating income increased 45% on a U.S. dollar basis compared to the prior-year period and increased 39% on a local currency basis. - Pawn receivables, both in total and on a same-store basis, as of September 30, 2026, increased 19% on a U.S. dollar basis while increasing 15% on a constant currency basis compared to the prior year. Two-year stacked same-store receivable growth increased 44% in total and 33% on a currency adjusted basis. This represents the eighth consecutive quarter of double-digit same-store receivables growth and the fifth consecutive quarter of 15% or greater same-store receivables growth. - Total and same-store pawn loan fees in the third quarter increased 24% on a U.S. dollar basis and 15% on a constant currency basis compared to the prior-year quarter. - Total and same-store retail merchandise sales in the third quarter increased 24% and 25%, respectively, on a U.S. dollar basis compared to the prior-year quarter. On a constant currency basis, both total and same-store retail merchandise sales increased 16% in the third quarter compared to the prior-year quarter. - Retail sales margins were 35% in the third quarter of 2026 versus 36% in the third quarter of 2025. Inventories aged greater than one year at September 30, 2026 remained low, improving to 1.3% compared to 1.4% at September 30, 2025. U.K. Pawn Segment Operating Results - Total revenues in the third quarter were $99 million, with strong growth over the prior-year quarter (partially pre-acquisition) in both pawn fees and merchandise sales. - Segment pre-tax operating income for the third quarter of 2026 was $29 million, resulting in a segment pre-tax operating margin of 29%. Year-to-date segment pre-tax operating income was $102 million, resulting in a segment pre-tax operating margin of 34%. - Pawn receivables at September 30, 2026 totaled $215 million, an increase of 14% on a U.S. dollar basis. On a local currency basis, total pawn receivables increased 15% and same-store pawn receivables increased 14% compared to a year ago. American First Finance (AFF) - Retail POS Payment Solutions Segment Operating Results - Third quarter segment pre-tax operating income totaled $33 million. This represented a sequential increase over the second quarter of 2026 but a decrease compared to the third quarter of 2025, due primarily to the loss of earnings from previously reported merchant partner bankruptcies. Year-to-date segment pre-tax operating income totaled $88 million. - Gross transaction volume of lease and loan originations during the third quarter decreased 15% compared to the prior-year quarter, due primarily to continued weakness in the furniture industry coupled with an increased strategic focus on merchant quality. For the year-to-date period, overall gross transaction volume decreased 9% over the prior-year period. - Net revenues in the third quarter decreased 20% compared to the prior-year quarter, while year-to-date net revenues decreased 24% compared to the prior-year period. - The third quarter combined average monthly net charge-off rate for lease and finance products was 5.6%, an improvement over 5.8% in the prior-year quarter. Cash Flow and Liquidity - Driven by contributions from each of the Company's four business segments, consolidated operating cash flows for the twelve month period ended September 30, 2026 totaled $679 million which represents an increase of 18% compared to the same prior-year period. - Adjusted free cash flows, which include net fundings/repayments of pawn loans and finance receivables, totaled $393 million for the twelve month period ended September 30, 2026, an increase of 27% compared to the same prior-year period. - The operating cash flows helped fund significant growth in earning assets, continued investments in the pawn store platform, real estate and shareholder returns over the past twelve months: - Existing-store pawn earning assets (pawn receivables and inventories) increased $235 million compared to last year. - A total of 29 pawn stores were acquired for a combined purchase price of $89 million. - 41 de novo pawn stores were opened with a combined investment of approximately $18 million in fixed assets and working capital. - Strategic real estate purchases for the underlying real estate at 47 existing pawn stores totaled $87 million, bringing the number of Company-owned properties to 480. - Shareholder returns, comprised of stock repurchases and cash dividends, totaled $349 million. - In August 2026, the Company amended the terms of its long-term, unsecured bank credit agreement to increase the size of the facility from $700 million to $1.055 billion and extend its maturity date from August 2029 to August 2031. The amendment also modified other key terms, the most significant of which allows for a net debt leverage ratio of up to 3.5 times adjusted EBITDA. The amended agreement also reduces the unused fee under the facility and provides for direct borrowings in British pounds sterling of up to a $500 million U.S. dollar equivalent. - Based on trailing twelve month actual results, the Company's net debt to adjusted EBITDA ratio was 2.7x at September 30, 2026. Including the estimated pro forma EBITDA contributions from acquisitions and other lender-permitted adjustments over the past twelve months, the ratio of net debt to adjusted EBITDA at September 30, 2026 was 2.6x, an improvement compared to the same ratio of 2.9x at September 30, 2025, following the acquisition of H&T. Shareholder Returns - The Board of Directors declared a $0.46 per share fourth quarter cash dividend, which will be paid on November 24, 2026 to stockholders of record as of November 13, 2026. This represents a 10% increase over the previous quarterly dividend. - On an annualized basis, the dividend is now $1.84 per share, representing an increase of 10% over the previous annualized dividend of $1.68 per share. Any future dividends are subject to approval by the Company's Board of Directors. - The Company repurchased 592,000 shares of common stock during the third quarter of 2026 at an average price of $208.64 per share for a total cost of $123 million. Year-to-date, the Company repurchased 1,210,000 shares of common stock at an average price of $206.66 per share for a total cost of $250 million. The Company has $50 million remaining on the share repurchase program authorized in July 2026. Future share repurchases are subject to expected liquidity, acquisition and other investment opportunities, debt covenant restrictions, market conditions and other relevant factors. - Over the past twelve months, the Company has repurchased 1,367,000 shares of common stock at an average price of $201.49 per share for a total cost of $275 million and paid out $74 million in cash dividends, representing a payout ratio of 86% of net income over the same period. - The Company generated an 18% return on equity and an 8% return on assets for the twelve months ended September 30, 2026. Using adjusted net income for the twelve months ended September 30, 2026, the adjusted return on equity was 20% while the adjusted return on assets was 9%. 2026 Outlook The Company's outlook for the remainder of 2026 continues to be highly positive with continued double-digit revenue growth and operating margin expansion expected from pawn operations in the fourth quarter. The estimates provided below do not include revenue and earnings contributions from any potential fourth quarter acquisitions. Pawn Operations: Pawn operations remain the primary earnings driver as the Company expects the combined U.S., Latin America and U.K. pawn segments to be approximately 90% of total net revenue and segment level pre-tax income for 2026. U.S. Pawn - While the Company will begin to lap several larger domestic acquisitions made in the fourth quarter of 2025, it continues to expect a low-double-digit growth rate in pawn receivables and fees in the fourth quarter and retail sales growth of approximately 8% to 10% for the quarter. Store operating expenses are projected to grow in a mid-single-digit range in the fourth quarter of 2026. Latin America Pawn - The current exchange rate for the Mexican peso is equal to the prior year rate of approximately 18.3 to 1, making fourth quarter guidance in U.S. dollars and constant currency essentially equivalent. - For the fourth quarter of 2026, assuming the current exchange rate, the Company expects low- to mid-teens growth in pawn receivables and fees, with slightly higher expected growth in retail sales. Driven by greater store counts and compensation costs, operating expenses are expected to increase 10% to 12%. U.K. Pawn - Pawn receivables and fees for the fourth quarter are expected to grow at a mid- to high-single-digit range versus the prior year, while retail sales gross profit is expected to increase in a low-double-digit range. Operating expenses are expected to increase approximately 10% driven in part by new store additions in 2026. Retail POS Payment Solutions (AFF) Operations: - Given continued softness in furniture and other discretionary, large-ticket retail sales, gross transaction volumes for lease and loan originations for the fourth quarter of 2026 are forecast to decrease in the mid-teens percentage range compared to the fourth quarter of 2025, which is consistent with the implied prior guidance. - Net revenue (after depreciation of leased merchandise and lease and loan loss provisioning) is expected to decrease 15% to 20% for the fourth quarter, reflecting reduced origination activity over the past year. Operating expenses in the fourth quarter are expected to remain at a run rate similar to the third quarter. Other Expenses and Tax Rates: - Corporate administrative expenses for the fourth quarter of 2026 are expected to remain at a run rate which is similar to the first three quarters of 2026, while interest expense for the fourth quarter of 2026 is expected to increase approximately 5% over the prior-year quarter assuming current interest rates. - The full year 2026 consolidated effective income tax rate is expected to range from 26% to 27% of income before income taxes. Additional Commentary and Analysis Mr. Wessel further commented on FirstCash's third quarter results and outlook for the remainder of 2026, "The demand for pawn lending and deep-value retailing remains strong given the continued inflationary environment. We believe our customers see tremendous value in each of our core products and services, whether through a small non-recourse loan, easily and safely selling an unneeded personal item or shopping at a value-oriented retailer that also offers an interest-free layaway program. "The strength in our pawn operations continues to be evidenced by the record third quarter and year-to-date revenue and earnings results. Third quarter pawn receivables remained at record levels in each segment, both in total and on a per-store basis, and we expect continued demand strength in the fourth quarter. Retail sales growth for the quarter was impressive as well, with consolidated double-digit same-store comps and margins at or above targeted levels. We also believe that we are well-positioned for the holiday season with a solid book of layaway deposits and appropriate levels of fresh, value-priced inventory. "We are pleased to have added 14 pawn locations this quarter and 42 stores year-to-date, demonstrating our continued focus on platform growth, and we continue to see significant additional opportunities to further grow our store base. While primarily focused on completing the Ramsdens acquisition in the U.K., there is a strong pipeline of other potential acquisition opportunities in various stages of evaluation and diligence across multiple geographic regions. "In parallel with the growth of the core pawn business, we also remain focused on execution fundamentals and operating efficiencies. Most notably this year, we completed the rollout of our FirstPawn point-of-sale and loan management system across all H&T stores and its jewelry processing center. We expect the FirstPawn system will further optimize their pawn and merchandise conversion cycles, which should improve customer service, pawn yields, inventory turns and retail margins while enabling further revenue and operating synergies. "Shareholder returns remain a priority as well and we are pleased to announce a 10% increase in the quarterly cash dividend to $0.46 per share, payable in November. Combined with $123 million of share repurchases in the third quarter and $250 million year-to-date, this further underscores our commitment to returning excess cash to shareholders while still funding organic growth, strategic acquisitions and real estate purchases. "During the third quarter, FirstCash also expanded and extended its revolving unsecured credit facility. Strong demand from both new and existing bank partners allowed us to increase total commitments from $700 million to over $1 billion, providing substantial committed capital through August 2031 to support continued growth in both our U.S. and international operations in addition to shareholder returns through dividends and buybacks. "In summary, we remain focused on disciplined execution across all three pawn geographies and selective, accretive growth driven by the strong acquisition pipeline we are seeing in all markets. We believe the combination of strong operating cash flow, a strengthened balance sheet and a favorable demand backdrop positions us well for continued revenue and earnings growth into 2027," concluded Mr. Wessel. About FirstCash FirstCash is the leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash operates more than 3,300 pawn stores in the U.S., Latin America and the U.K. Most of the stores buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash's pawn operations account for approximately 90% of net revenue, with the remainder provided by its wholly owned subsidiary, AFF, a leading provider of customer payment solutions at the point-of-sale for retailers of consumer goods and services. FirstCash is a component company in both the Standard & Poor's MidCap 400 Index® and the Russell 2000 Index®. FirstCash's common stock (ticker symbol "FCFS") is traded on the Nasdaq, the creator of the world's first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash's websites located at http://www.firstcash.com, http://www.americanfirstfinance.com and http://www.handt.co.uk. Forward-Looking Information This release contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the "Company"), including the Company's outlook for 2026 and the Company's previously announced Ramsdens acquisition. 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 "outlook," "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 release. Such factors and risks may include, without limitation, risks related to the extensive regulatory environment in which the Company operates, including uncertainty involving the present regulatory environment in the jurisdictions in which the Company operates; 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, and the ability of the Company to successfully integrate such acquisitions; risks related to the acquisition of Ramsdens, in particular, the ability to obtain the necessary anti-trust approval and to satisfy the other customary closing conditions in the expected timeframe, if at all, and the ability to achieve the anticipated benefits from the acquisition of Ramsdens on the anticipated timeline, if at all; 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, Latin America and the United Kingdom, including as a result of geopolitical conflicts, inflation, elevated interest rates, increased energy costs 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 and British pound sterling; 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; risks related to the Company's ability to prevent cyber attacks, other cybersecurity incidents, security breaches or other disruptions to its information technology systems; risks related to the Company's ability to develop, operate and adapt its information technology infrastructure suitable for the nature of its business and to successfully transition acquired businesses to its information technology platform; risks related to the Company's ability to keep pace with the adoption of generative artificial intelligence and other machine learning technologies to remain competitive; risks related to the 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; 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 I, 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 release speak only as of the date of this release, 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. FIRSTCASH HOLDINGS, INC. CONSOLIDATED STATEMENTS OF INCOME (unaudited, in thousands) | | | | Three Months Ended | | Nine Months Ended | September 30, | | September 30, | 2026 | | 2025 | | 2026 | | 2025 Revenue: | | | | | | | Retail merchandise sales | $ | 480,981 | | | $ | 410,968 | | | $ | 1,417,078 | | | $ | 1,167,149 | Pawn loan fees | | 267,290 | | | | 221,088 | | | | 792,429 | | | | 603,781 | Leased merchandise income | | 103,057 | | | | 132,540 | | | | 348,743 | | | | 429,242 | Interest and fees on retail finance products | | 73,749 | | | | 81,683 | | | | 222,046 | | | | 231,171 | Wholesale scrap jewelry sales | | 172,541 | | | | 86,710 | | | | 437,154 | | | | 168,691 | Other revenue | | 3,549 | | | | 2,590 | | | | 10,056 | | | | 2,590 | Total revenue | | 1,101,167 | | | | 935,579 | | | | 3,227,506 | | | | 2,602,624 | | | | | | | | Cost of revenue: | | | | | | | Cost of retail merchandise sold | | 294,274 | | | | 248,723 | | | | 857,942 | | | | 703,173 | Depreciation of leased merchandise | | 63,113 | | | | 76,028 | | | | 215,822 | | | | 243,119 | Provision for lease losses | | 17,021 | | | | 27,920 | | | | 71,204 | | | | 88,025 | Provision for loan losses | | 40,790 | | | | 40,347 | | | | 123,564 | | | | 118,468 | Cost of wholesale scrap jewelry sold | | 140,159 | | | | 68,220 | | | | 335,955 | | | | 138,479 | Other cost of revenue | | 267 | | | | 634 | | | | 1,425 | | | | 634 | Total cost of revenue | | 555,624 | | | | 461,872 | | | | 1,605,912 | | | | 1,291,898 | | | | | | | | Net revenue | | 545,543 | | | | 473,707 | | | | 1,621,594 | | | | 1,310,726 | | | | | | | | Expenses and other income: | | | | | | | Operating expenses | | 269,106 | | | | 236,528 | | | | 806,273 | | | | 673,607 | Administrative expenses | | 66,723 | | | | 58,845 | | | | 199,326 | | | | 166,631 | Depreciation and amortization | | 32,283 | | | | 29,034 | | | | 96,239 | | | | 80,400 | Interest expense | | 37,678 | | | | 32,216 | | | | 107,908 | | | | 86,024 | Interest income | | (434 | ) | | | (908 | ) | | | (1,078 | ) | | | (2,664 | ) (Gain) loss on foreign exchange | | (435 | ) | | | (219 | ) | | | 201 | | | | (1,504 | ) Merger and acquisition expenses | | 3,760 | | | | 9,472 | | | | 10,983 | | | | 12,711 | Other income, net | | (1,805 | ) | | | (3,740 | ) | | | (9,055 | ) | | | (9,254 | ) Total expenses and other income | | 406,876 | | | | 361,228 | | | | 1,210,797 | | | | 1,005,951 | | | | | | | | Income before income taxes | | 138,667 | | | | 112,479 | | | | 410,797 | | | | 304,775 | | | | | | | | Provision for income taxes | | 37,515 | | | | 29,672 | | | | 108,476 | | | | 78,572 | | | | | | | | Net income | $ | 101,152 | | | $ | 82,807 | | | $ | 302,321 | | | $ | 226,203 | | | | | | | | | | | | | | | | FIRSTCASH HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS (unaudited, in thousands) | | | | September 30, | | December 31, | 2026 | | 2025 | | 2025 ASSETS | | | | | Cash and cash equivalents | $ | 203,159 | | | $ | 130,240 | | | $ | 125,197 | Accounts receivable, net | | 122,476 | | | | 115,850 | | | | 115,854 | Pawn loans | | 907,670 | | | | 788,130 | | | | 831,497 | Finance receivables, net | | 124,115 | | | | 153,134 | | | | 150,274 | Inventories | | 598,551 | | | | 456,273 | | | | 487,232 | Leased merchandise, net | | 74,705 | | | | 99,725 | | | | 114,283 | Prepaid expenses and other current assets | | 36,360 | | | | 49,008 | | | | 32,131 | Total current assets | | 2,067,036 | | | | 1,792,360 | | | | 1,856,468 | | | | | | Property and equipment, net | | 883,675 | | | | 786,389 | | | | 808,050 | Operating lease right of use asset | | 366,097 | | | | 371,311 | | | | 365,621 | Goodwill | | 2,035,199 | | | | 1,970,358 | | | | 2,023,426 | Intangible assets, net | | 185,351 | | | | 246,722 | | | | 231,140 | Other assets | | 12,549 | | | | 9,775 | | | | 9,796 | Deferred tax assets, net | | 9,266 | | | | 5,401 | | | | 6,262 | Total assets | $ | 5,559,173 | | | $ | 5,182,316 | | | $ | 5,300,763 | | | | | | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | Accounts payable and accrued liabilities | $ | 222,801 | | | $ | 163,412 | | | $ | 212,615 | Customer deposits and prepayments | | 95,792 | | | | 84,520 | | | | 83,908 | Lease liability, current | | 111,201 | | | | 111,327 | | | | 111,291 | Total current liabilities | | 429,794 | | | | 359,259 | | | | 407,814 | | | | | | Revolving unsecured credit facility | | 169,000 | | | | 575,000 | | | | 559,000 | Other long-term debt | | 2,278,072 | | | | 1,638,106 | | | | 1,649,434 | Deferred tax liabilities, net | | 159,590 | | | | 155,295 | | | | 158,819 | Lease liability, non-current | | 249,386 | | | | 255,010 | | | | 248,934 | Total liabilities | | 3,285,842 | | | | 2,982,670 | | | | 3,024,001 | | | | | | Stockholders' equity: | | | | | Common stock | | 575 | | | | 575 | | | | 575 | Additional paid-in capital | | 1,766,506 | | | | 1,766,282 | | | | 1,771,379 | Retained earnings | | 1,917,822 | | | | 1,584,851 | | | | 1,670,583 | Accumulated other comprehensive loss | | (67,890 | ) | | | (76,766 | ) | | | (64,835 | ) Common stock held in treasury, at cost | | (1,343,682 | ) | | | (1,075,296 | ) | | | (1,100,940 | ) Total stockholders' equity | | 2,273,331 | | | | 2,199,646 | | | | 2,276,762 | Total liabilities and stockholders' equity | $ | 5,559,173 | | | $ | 5,182,316 | | | $ | 5,300,763 | | | | | | | | | | | | | | | | | | | | | | | FIRSTCASH HOLDINGS, INC. SEGMENT RESULTS (unaudited) The Company organizes its operations into four reportable segments as follows: - United States pawn ("U.S. pawn") - Latin America pawn ("LatAm pawn") - United Kingdom pawn ("U.K. pawn") - Retail POS payment solutions (American First Finance or "AFF") Operating expenses of the three pawn segments include salary and benefit expenses of store-level employees, occupancy costs, bank and other treasury fees, security, insurance, utilities, supplies and other costs incurred by the pawn stores. Operating expenses of the AFF segment include salary and benefit expenses of operations-focused departments, payment processing charges, data analytics and decisioning costs, information technology costs, advertising costs and other operational costs incurred by 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 related to AFF's LTO payment solution product offered in U.S. pawn stores are eliminated from consolidated totals. The Company completed the acquisition of H&T, the leading pawn operator in the United Kingdom, on August 14, 2025, the date the balance sheet and operating results of H&T, as reported in the U.K. pawn segment, were included in the Company's consolidated financial results. FIRSTCASH HOLDINGS, INC. SEGMENT RESULTS (unaudited, in thousands) | | | Three Months Ended September 30, 2026 | U.S. Pawn | | LatAm Pawn | | U.K. Pawn | | AFF | | Intersegment Eliminations | | Consolidated Revenue: | | | | | | | | | | | | | | | | Retail merchandise sales | $ | 278,937 | | | $ | 179,935 | | | $ | 22,527 | | | $ | — | | | $ | (418 | ) | | $ | 480,981 | Pawn loan fees | | 155,939 | | | | 83,103 | | | | 28,248 | | | | — | | | | — | | | | 267,290 | Leased merchandise income | | — | | | | — | | | | — | | | | 103,057 | | | | — | | | | 103,057 | Interest and fees on retail finance products | | — | | | | — | | | | — | | | | 73,749 | | | | — | | | | 73,749 | Wholesale scrap jewelry sales | | 79,827 | | | | 47,668 | | | | 45,046 | | | | — | | | | — | | | | 172,541 | Other revenue | | — | | | | — | | | | 3,549 | | | | — | | | | — | | | | 3,549 | Total revenue | | 514,703 | | | | 310,706 | | | | 99,370 | | | | 176,806 | | | | (418 | ) | | | 1,101,167 | Cost of revenue: | | | | | | | | | | | | | | | | Cost of retail merchandise sold | | 162,007 | | | | 117,341 | | | | 15,161 | | | | — | | | | (235 | ) | | | 294,274 | Depreciation of leased merchandise | | — | | | | — | | | | — | | | | 63,256 | | | | (143 | ) | | | 63,113 | Provision for lease losses | | — | | | | — | | | | — | | | | 17,015 | | | | 6 | | | | 17,021 | Provision for loan losses | | — | | | | — | | | | — | | | | 40,790 | | | | — | | | | 40,790 | Cost of wholesale scrap jewelry sold | | 67,572 | | | | 39,884 | | | | 32,703 | | | | — | | | | — | | | | 140,159 | Other cost of revenue | | — | | | | — | | | | 267 | | | | — | | | | — | | | | 267 | Total cost of revenue | | 229,579 | | | | 157,225 | | | | 48,131 | | | | 121,061 | | | | (372 | ) | | | 555,624 | Net revenue | | 285,124 | | | | 153,481 | | | | 51,239 | | | | 55,745 | | | | (46 | ) | | | 545,543 | Segment expenses: | | | | | | | | | | | | | | | | Operating expenses | | 142,399 | | | | 84,341 | | | | 20,529 | | | | 21,837 | | | | — | | | | 269,106 | Depreciation | | 9,437 | | | | 4,568 | | | | 1,510 | | | | 749 | | | | — | | | | 16,264 | Total segment expenses | | 151,836 | | | | 88,909 | | | | 22,039 | | | | 22,586 | | | | — | | | | 285,370 | Segment pre-tax operating income | $ | 133,288 | | | $ | 64,572 | | | $ | 29,200 | | | $ | 33,159 | | | $ | (46 | ) | | $ | 260,173 | | Three Months Ended September 30, 2025 | U.S. Pawn | | LatAm Pawn | | U.K. Pawn | | AFF | | Intersegment Eliminations | | Consolidated Revenue: | | | | | | | | | | | | | | | | Retail merchandise sales | $ | 252,963 | | | $ | 144,644 | | | $ | 14,066 | | | $ | — | | | $ | (705 | ) | | $ | 410,968 | Pawn loan fees | | 138,867 | | | | 67,199 | | | | 15,022 | | | | — | | | | — | | | | 221,088 | Leased merchandise income | | — | | | | — | | | | — | | | | 132,540 | | | | — | | | | 132,540 | Interest and fees on retail finance products | | — | | | | — | | | | — | | | | 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 | ) | | | 248,723 | Depreciation of leased merchandise | | — | | | | — | | | | — | | | | 76,253 | | | | (225 | ) | | | 76,028 | Provision for lease losses | | — | | | | — | | | | — | | | | 28,005 | | | | (85 | ) | | | 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 | Segment expenses: | | | | | | | | | | | | | | | | Operating expenses | | 133,024 | | | | 70,327 | | | | 10,225 | | | | 22,952 | | | | — | | | | 236,528 | Depreciation | | 8,464 | | | | 4,443 | | | | 742 | | | | 687 | | | | — | | | | 14,336 | Total segment expenses | | 141,488 | | | | 74,770 | | | | 10,967 | | | | 23,639 | | | | — | | | | 250,864 | Segment pre-tax operating income | $ | 112,018 | | | $ | 46,973 | | | $ | 17,894 | | | $ | 45,979 | | | $ | (21 | ) | | $ | 222,843 | | | | | | | | | | | | | | | | | | | | | | | | FIRSTCASH HOLDINGS, INC. SEGMENT RESULTS (unaudited, in thousands) | | | Nine Months Ended September 30, 2026 | U.S. Pawn | | LatAm Pawn | | U.K. Pawn | | AFF | | Intersegment Eliminations | | Consolidated Revenue: | | | | | | | | | | | | | | | | Retail merchandise sales | $ | 838,442 | | | $ | 514,092 | | | $ | 65,839 | | | $ | — | | | $ | (1,295 | ) | | $ | 1,417,078 | Pawn loan fees | | 463,809 | | | | 239,321 | | | | 89,299 | | | | — | | | | — | | | | 792,429 | Leased merchandise income | | — | | | | — | | | | — | | | | 348,743 | | | | — | | | | 348,743 | Interest and fees on retail finance products | | — | | | | — | | | | — | | | | 222,046 | | | | — | | | | 222,046 | Wholesale scrap jewelry sales | | 199,530 | | | | 106,454 | | | | 131,170 | | | | — | | | | — | | | | 437,154 | Other revenue | | — | | | | — | | | | 10,056 | | | | — | | | | — | | | | 10,056 | Total revenue | | 1,501,781 | | | | 859,867 | | | | 296,364 | | | | 570,789 | | | | (1,295 | ) | | | 3,227,506 | Cost of revenue: | | | | | | | | | | | | | | | | Cost of retail merchandise sold | | 477,416 | | | | 335,170 | | | | 46,047 | | | | — | | | | (691 | ) | | | 857,942 | Depreciation of leased merchandise | | — | | | | — | | | | — | | | | 216,309 | | | | (487 | ) | | | 215,822 | Provision for lease losses | | — | | | | — | | | | — | | | | 71,462 | | | | (258 | ) | | | 71,204 | Provision for loan losses | | — | | | | — | | | | — | | | | 123,564 | | | | — | | | | 123,564 | Cost of wholesale scrap jewelry sold | | 164,631 | | | | 89,691 | | | | 81,633 | | | | — | | | | — | | | | 335,955 | Other cost of revenue | | — | | | | — | | | | 1,425 | | | | — | | | | — | | | | 1,425 | Total cost of revenue | | 642,047 | | | | 424,861 | | | | 129,105 | | | | 411,335 | | | | (1,436 | ) | | | 1,605,912 | Net revenue | | 859,734 | | | | 435,006 | | | | 167,259 | | | | 159,454 | | | | 141 | | | | 1,621,594 | Segment expenses: | | | | | | | | | | | | | | | | Operating expenses | | 428,623 | | | | 247,249 | | | | 60,962 | | | | 69,439 | | | | — | | | | 806,273 | Depreciation | | 27,207 | | | | 14,155 | | | | 4,306 | | | | 2,199 | | | | — | | | | 47,867 | Total segment expenses | | 455,830 | | | | 261,404 | | | | 65,268 | | | | 71,638 | | | | — | | | | 854,140 | Segment pre-tax operating income | $ | 403,904 | | | $ | 173,602 | | | $ | 101,991 | | | $ | 87,816 | | | $ | 141 | | | $ | 767,454 | | Nine Months Ended September 30, 2025 | U.S. Pawn | | LatAm Pawn | | U.K. Pawn | | AFF | | Intersegment Eliminations | | Consolidated Revenue: | | | | | | | | | | | | | | | | Retail merchandise sales | $ | 754,106 | | | $ | 401,132 | | | $ | 14,066 | | | $ | — | | | $ | (2,155 | ) | | $ | 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 retail finance products | | — | | | | — | | | | — | | | | 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 | ) | | | 703,173 | Depreciation of leased merchandise | | — | | | | — | | | | — | | | | 243,925 | | | | (806 | ) | | | 243,119 | Provision for lease losses | | — | | | | — | | | | — | | | | 88,276 | | | | (251 | ) | | | 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 | Segment expenses: | | | | | | | | | | | | | | | | Operating expenses | | 395,790 | | | | 196,158 | | | | 10,225 | | | | 71,434 | | | | — | | | | 673,607 | Depreciation | | 24,155 | | | | 13,173 | | | | 742 | | | | 2,091 | | | | — | | | | 40,161 | Total segment expenses | | 419,945 | | | | 209,331 | | | | 10,967 | | | | 73,525 | | | | — | | | | 713,768 | Segment pre-tax operating income | $ | 323,436 | | | $ | 119,358 | | | $ | 17,894 | | | $ | 136,219 | | | $ | 51 | | | $ | 596,958 | | | | | | | | | | | | | | | | | | | | | | | | FIRSTCASH HOLDINGS, INC. SEGMENT RESULTS (unaudited) | Pawn Operating Metrics (dollars in thousands, except as otherwise noted) | | | | As of September 30, 2026 | | U.S. Pawn | | LatAm Pawn | | U.K. Pawn | | Total Pawn | Earning assets: | | | | | | | | | | | | Pawn loans | $ | 487,245 | | | $ | 205,484 | | | $ | 214,941 | | | $ | 907,670 | | Inventories | | 336,233 | | | | 155,690 | | | | 106,628 | | | | 598,551 | | | $ | 823,478 | | | $ | 361,174 | | | $ | 321,569 | | | $ | 1,506,221 | | | | | | | | | | | | | | Average outstanding pawn loan amount (in ones) | $ | 319 | | | $ | 103 | | | $ | 905 | | | $ | 241 | | | | | | | | | | | | | | Composition of pawn collateral: | | | | | | | | | | | | Jewelry | 73 | % | | 48 | % | | 99 | % | | 72 | % | General merchandise | 27 | % | | 52 | % | | 1 | % | | 28 | % | | 100 | % | | 100 | % | | 100 | % | | 100 | % | | | | | | | | | | | | | Composition of inventories: | | | | | | | | | | | | Jewelry | 63 | % | | 52 | % | | 99 | % | | 67 | % | General merchandise | 37 | % | | 48 | % | | 1 | % | | 33 | % | | 100 | % | | 100 | % | | 100 | % | | 100 | % | | | | | | | | | | | | | Percentage of inventory aged greater than one year | 2.9 | % | (1) | 1.3 | % | | 11.6 | % | | 4.0 | % | (1) | | | | | | | | | | | | Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories) | 2.8 times | | 3.9 times | | 2.0 times | | 3.0 times | (1) | Percentage of inventory aged greater than one year is 1.6% for U.S. pawn and 3.3% for total pawn excluding certain recently acquired U.S. stores which have historically carried significantly higher levels of aged jewelry inventory. | As of September 30, 2025 | U.S. Pawn | | LatAm 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 | | | | | | | FIRSTCASH HOLDINGS, INC. SEGMENT RESULTS (unaudited) Retail POS Payment Operating Metrics (dollars in thousands) | | | | | | Three Months Ended | | Nine Months Ended | September 30, | | September 30, | 2026 | | 2025 | | 2026 | | 2025 Gross transaction volume: | | | | | | | | | | | Leased merchandise | $ | 72,233 | | | $ | 104,772 | | | $ | 254,911 | | | $ | 309,594 | Finance receivables (1) | | 140,243 | | | | 144,012 | | | | 423,401 | | | | 435,217 | Total gross transaction volume | $ | 212,476 | | | $ | 248,784 | | | $ | 678,312 | | | $ | 744,811 | (1) | During the third quarter of 2025, AFF began assisting certain customers in applying for a direct-to-consumer unsecured installment loan that is underwritten and fully retained by AFF's bank partner ("OBS Loans"). OBS Loans are not reflected on the Company's balance sheet as a finance receivable. For the three and nine months ended September 30, 2026, gross transaction volume includes $22.9 million and $50.5 million, respectively, of OBS Loans originated by AFF's bank partner through the assistance of AFF. For both the three and nine months ended September 30, 2025, gross transaction volume includes $10.4 million of OBS Loans originated by AFF's bank partner through the assistance of AFF. | As of September 30, Earning assets: | 2026 | | 2025 Leased merchandise, net: | | | Leased merchandise, before allowance for lease losses | $ | 122,807 | | | $ | 164,215 | Less allowance for lease losses | | (48,046 | ) | | | (64,306 | ) Leased merchandise, net | $ | 74,761 | | | $ | 99,909 | | | | Finance receivables, net: | | | Finance receivables, before allowance for loan losses (1) | $ | 222,946 | | | $ | 268,855 | Less allowance for loan losses | | (98,831 | ) | | | (115,721 | ) Finance receivables, net | $ | 124,115 | | | $ | 153,134 | (1) | Does not include $45.5 million and $9.7 million of outstanding OBS Loans held by AFF's bank partner as of September 30, 2026 and 2025, respectively. Combined finance receivables, before allowance for loan losses, and OBS Loans totaled $268.4 million and $278.5 million as of September 30, 2026 and 2025, respectively. | Three Months Ended | | Nine Months Ended | September 30, | | September 30, | 2026 | | 2025 | | 2026 | | 2025 Leased merchandise portfolio metrics: | | | | | | | | | | | Provision rate (1) | 23.6 | % | | 26.7 | % | | 28.0 | % | | 28.5 | % Average monthly net charge-off rate (2) | 6.6 | % | | 6.7 | % | | 6.5 | % | | 6.2 | % Delinquency rate (3) | 26.5 | % | | 25.5 | % | | 26.5 | % | | 25.5 | % | | | | | | | | | | | Finance receivables portfolio metrics: | | | | | | | | | | | Provision rate (1) | 29.1 | % | | 28.0 | % | | 29.2 | % | | 27.2 | % Average monthly net charge-off rate (2) | 5.1 | % | | 5.2 | % | | 4.8 | % | | 4.8 | % Delinquency rate (3) | 22.8 | % | | 22.4 | % | | 22.8 | % | | 22.4 | % (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). | | FIRSTCASH HOLDINGS, INC. PAWN STORE LOCATIONS AND MERCHANT PARTNER LOCATIONS Pawn Operations As of September 30, 2026, the Company operated 3,352 pawn store locations composed of 1,215 stores in 29 U.S. states and the District of Columbia, 1,732 stores in 32 states in Mexico, 77 stores in Guatemala, 18 stores in El Salvador, 12 stores in Colombia and 298 stores in the U.K. The following tables detail pawn store count activity: | Three Months Ended September 30, 2026 | U.S. | | LatAm | | U.K. | | Total Total locations, beginning of period | 1,212 | | | 1,836 | | | 295 | | | 3,343 | New locations opened | 2 | | | 6 | | | 2 | | | 10 | Locations acquired | 3 | | | — | | | 1 | | | 4 | Consolidation of existing pawn locations (1) | (2 | ) | | (3 | ) | | — | | | (5 | ) Total locations, end of period | 1,215 | | | 1,839 | | | 298 | | | 3,352 | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2026 | U.S. | | LatAm | | U.K. | | Total Total locations, beginning of period | 1,207 | | | 1,837 | | | 286 | | | 3,330 | New locations opened | 3 | | | 16 | | | 11 | | | 30 | Locations acquired | 11 | | | — | | | 1 | | | 12 | Consolidation of existing pawn locations (1) | (6 | ) | | (14 | ) | | — | | | (20 | ) Total locations, end of period | 1,215 | | | 1,839 | | | 298 | | | 3,352 | (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. | Retail POS Payment Solutions As of September 30, 2026, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 17,000 active retail merchant partner locations. This compares to the active door count of approximately 15,800 locations at September 30, 2025. FIRSTCASH HOLDINGS, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (unaudited) 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, adjusted return on equity, adjusted return on assets 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 generally accepted accounting principles ("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, costs related to the consolidation of technology systems and corporate facilities and other integration costs, among others. FIRSTCASH HOLDINGS, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (unaudited) 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 tables provide 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): | | | | | | | | | | | Trailing Twelve | Three Months Ended | | Nine Months Ended | | Months Ended | September 30, | | September 30, | | September 30, | 2026 | | 2025 | | 2026 | | | 2025 | | 2026 | | 2025 | In Thousands | | In Thousands | | In Thousands | | | In Thousands | | In Thousands | | In Thousands Net income, as reported | $ | 101,152 | | | $ | 82,807 | | | $ | 302,321 | | | $ | 226,203 | | | $ | 406,493 | | | $ | 309,750 | Adjustments, net of tax: | | | | | | | | | | | | | Merger and acquisition expenses | | 2,837 | | | | 8,513 | | | | 8,254 | | | | 11,001 | | | | 9,524 | | | | 11,032 | Amortization of acquired intangible assets | | 11,423 | | | | 10,613 | | | | 34,531 | | | | 29,129 | | | | 46,457 | | | | 38,701 | CFPB litigation settlement | | — | | | | — | | | | — | | | | 9,390 | | | | — | | | | 9,390 | Other expense (income), net | | 769 | | | | (1,300 | ) | | | 237 | | | | (2,691 | ) | | | (21 | ) | | | (427 | ) Adjusted net income | $ | 116,181 | | | $ | 100,633 | | | $ | 345,343 | | | $ | 273,032 | | | $ | 462,453 | | | $ | 368,446 | | Three Months Ended | | Nine Months Ended | September 30, | | September 30, | 2026 | | 2025 | | 2026 | | 2025 | Per Share | | Per Share | | Per Share | | Per Share Diluted earnings per share, as reported | $ | 2.33 | | | $ | 1.86 | | | $ | 6.89 | | | $ | 5.07 | Adjustments, net of tax: | | | | | | | | | Merger and acquisition expenses | | 0.07 | | | | 0.19 | | | | 0.19 | | | | 0.25 | Amortization of acquired intangible assets | | 0.26 | | | | 0.24 | | | | 0.79 | | | | 0.65 | CFPB litigation settlement | | — | | | | — | | | | — | | | | 0.21 | Other expense (income), net | | 0.02 | | | | (0.03 | ) | | | — | | | | (0.06 | ) Adjusted diluted earnings per share | $ | 2.68 | | | $ | 2.26 | | | $ | 7.87 | | | $ | 6.12 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRSTCASH HOLDINGS, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (unaudited) 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, | 2026 | | 2025 | | 2026 | | 2025 | | 2026 | | 2025 Net income | $ | 101,152 | | | $ | 82,807 | | | $ | 302,321 | | | $ | 226,203 | | | $ | 406,493 | | | $ | 309,750 | Income taxes | | 37,515 | | | | 29,672 | | | | 108,476 | | | | 78,572 | | | | 147,092 | | | | 104,558 | Depreciation and amortization | | 32,283 | | | | 29,034 | | | | 96,239 | | | | 80,400 | | | | 127,645 | | | | 106,834 | Interest expense | | 37,678 | | | | 32,216 | | | | 107,908 | | | | 86,024 | | | | 143,177 | | | | 113,221 | Interest income | | (434 | ) | | | (908 | ) | | | (1,078 | ) | | | (2,664 | ) | | | (1,349 | ) | | | (3,192 | ) EBITDA | | 208,194 | | | | 172,821 | | | | 613,866 | | | | 468,535 | | | | 823,058 | | | | 631,171 | Adjustments: | | | | | | | | | | | | | | | | | Merger and acquisition expenses | | 3,760 | | | | 9,472 | | | | 10,983 | | | | 12,711 | | | | 12,641 | | | | 12,753 | CFPB litigation settlement | | — | | | | — | | | | — | | | | 11,000 | | | | — | | | | 11,000 | Other expense (income), net | | 1,054 | | | | (1,739 | ) | | | 221 | | | | (3,683 | ) | | | (803 | ) | | | (676 | ) Adjusted EBITDA | $ | 213,008 | | | $ | 180,554 | | | $ | 625,070 | | | $ | 488,563 | | | $ | 834,896 | | | $ | 654,248 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRSTCASH HOLDINGS, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (unaudited) 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, | 2026 | | 2025 | | 2026 | | 2025 | | 2026 | | 2025 Cash flow from operating activities | $ | 141,988 | | | $ | 135,803 | | | $ | 472,393 | | | $ | 379,297 | | | $ | 679,038 | | | $ | 577,446 | Cash flow from certain investing activities: | | | | | | | | | | | Pawn loans made | | (666,476 | ) | | | (523,115 | ) | | | (1,995,764 | ) | | | (1,416,821 | ) | | | (2,673,171 | ) | | | (1,851,035 | ) Pawn loans repaid | | 366,958 | | | | 269,868 | | | | 1,143,076 | | | | 800,966 | | | | 1,539,148 | | | | 1,055,542 | Recovery of pawn loan principal through sale of forfeited collateral | | 306,785 | | | | 185,106 | | | | 711,909 | | | | 517,122 | | | | 954,120 | | | | 694,484 | Investments in finance receivables | | (87,180 | ) | | | (103,343 | ) | | | (283,490 | ) | | | (338,295 | ) | | | (385,771 | ) | | | (473,397 | ) Proceeds from finance receivables | | 82,491 | | | | 84,164 | | | | 264,339 | | | | 263,139 | | | | 343,472 | | | | 345,113 | Purchases of furniture, fixtures, equipment and improvements | | (18,090 | ) | | | (11,553 | ) | | | (55,954 | ) | | | (37,419 | ) | | | (73,441 | ) | | | (49,632 | ) Free cash flow | | 126,476 | | | | 36,930 | | | | 256,509 | | | | 167,989 | | | | 383,395 | | | | 298,521 | Merger and acquisition expenses paid, net of tax benefit | | 2,837 | | | | 8,513 | | | | 8,254 | | | | 11,001 | | | | 9,524 | | | | 11,032 | Adjusted free cash flow | $ | 129,313 | | | $ | 45,443 | | | $ | 264,763 | | | $ | 178,990 | | | $ | 392,919 | | | $ | 309,553 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRSTCASH HOLDINGS, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (unaudited) Adjusted Return on Equity and Adjusted Return on Assets Management believes the presentation of adjusted return on equity and adjusted return on assets provides investors with greater transparency and provides a more complete understanding of the Company's financial performance by excluding items that management believes are non-operating in nature and not representative of the Company's core operating performance. Adjusted return on equity and adjusted return on assets for the trailing twelve months ended September 30, 2026 are calculated as follows (dollars in thousands): | Trailing Twelve | Months Ended | September 30, 2026 Adjusted net income (1) | $ | 462,453 | | | Average stockholders' equity (average of five most recent quarter-end balances) | $ | 2,273,922 | Adjusted return on equity (trailing twelve months adjusted net income divided by average equity) | 20 | % | | Average total assets (average of five most recent quarter-end balances) | $ | 5,377,829 | Adjusted return on assets (trailing twelve months adjusted net income divided by average total assets) | 9 | % (1) | See detail of adjustments to net income in the "Adjusted Net Income and Adjusted Diluted Earnings Per Share" section above. | Constant Currency Results The Company's reporting currency is the U.S. dollar, however, certain performance metrics discussed in this release 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. FIRSTCASH HOLDINGS, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (unaudited) Latin America Pawn Segment Constant Currency Results The following table presents operating results for the Latin America pawn segment using the exchange rate from the prior-year comparable periods (in thousands): | Three Months Ended September 30, 2026 | | Nine Months Ended September 30, 2026 | | | | 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 | $ | 179,935 | | | $ | (12,846 | ) | | $ | 167,089 | | | $ | 514,092 | | | $ | (53,251 | ) | | $ | 460,841 | Pawn loan fees | | 83,103 | | | | (5,953 | ) | | | 77,150 | | | | 239,321 | | | | (24,859 | ) | | | 214,462 | Wholesale scrap jewelry sales | | 47,668 | | | | — | | | | 47,668 | | | | 106,454 | | | | — | | | | 106,454 | Total revenue | | 310,706 | | | | (18,799 | ) | | | 291,907 | | | | 859,867 | | | | (78,110 | ) | | | 781,757 | | | | | | | | | | | | | | | | Cost of revenue: | | | | | | | | | | | | | | | Cost of retail merchandise sold | | 117,341 | | | | (8,346 | ) | | | 108,995 | | | | 335,170 | | | | (34,561 | ) | | | 300,609 | Cost of wholesale scrap jewelry sold | | 39,884 | | | | (2,914 | ) | | | 36,970 | | | | 89,691 | | | | (9,535 | ) | | | 80,156 | Total cost of revenue | | 157,225 | | | | (11,260 | ) | | | 145,965 | | | | 424,861 | | | | (44,096 | ) | | | 380,765 | | | | | | | | | | | | | | | | Net revenue | | 153,481 | | | | (7,539 | ) | | | 145,942 | | | | 435,006 | | | | (34,014 | ) | | | 400,992 | | | | | | | | | | | | | | | | Segment expenses: | | | | | | | | | | | | | | | Operating expenses | | 84,341 | | | | (5,893 | ) | | | 78,448 | | | | 247,249 | | | | (24,963 | ) | | | 222,286 | Depreciation | | 4,568 | | | | (315 | ) | | | 4,253 | | | | 14,155 | | | | (1,395 | ) | | | 12,760 | Total segment expenses | | 88,909 | | | | (6,208 | ) | | | 82,701 | | | | 261,404 | | | | (26,358 | ) | | | 235,046 | | | | | | | | | | | | | | | | Segment pre-tax operating income | $ | 64,572 | | | $ | (1,331 | ) | | $ | 63,241 | | | $ | 173,602 | | | $ | (7,656 | ) | | $ | 165,946 | | | | | | | | | | | | | | | | | | | | | | | | The following table presents earning assets for the Latin America pawn segment using the exchange rate from the prior-year comparable period (in thousands): | As of September 30, 2026 | | | | Currency | | Constant | U.S. | | Exchange | | Currency | Dollar | | Rate | | Basis | Basis | | Fluctuations | | (Non-GAAP) Earning assets: | | | | | | | Pawn loans | $ | 205,484 | | | $ | (5,852 | ) | | $ | 199,632 | Inventories | | 155,690 | | | | (4,433 | ) | | | 151,257 | | $ | 361,174 | | | $ | (10,285 | ) | | $ | 350,889 | | | | | | | | | | | | | | | | | | | | | | | FIRSTCASH HOLDINGS, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (unaudited) U.K. Pawn Segment Constant Currency Results The following table presents earning assets for the U.K. pawn segment using the exchange rate from the prior-year comparable period (in thousands): | As of September 30, 2026 | | | Currency | | Constant | U.S. | | Exchange | | Currency | Dollar | | Rate | | Basis | Basis | | Fluctuations | | (Non-GAAP) Earning assets: | | | | | | | | Pawn loans | $ | 214,941 | | | $ | 2,865 | | | $ | 217,806 | Inventories | | 106,628 | | | | 1,421 | | | | 108,049 | | $ | 321,569 | | | $ | 4,286 | | | $ | 325,855 | | | | | | | | | | | | Exchange Rates for the Mexican Peso, Guatemalan Quetzal, Colombian Peso and British Pound Sterling | September 30, | | Favorable / | 2026 | | 2025 | | (Unfavorable) U.S. dollar / Mexican peso exchange rate: | | | | | | | End-of-period | 17.8 | | | 18.4 | | | 3 | % Three months ended | 17.2 | | | 18.6 | | | 8 | % Nine months ended | 17.4 | | | 19.5 | | | 11 | % | | | | | | | U.S. dollar / Guatemalan quetzal exchange rate: | | | | | | | End-of-period | 7.6 | | | 7.7 | | | 1 | % Three months ended | 7.6 | | | 7.7 | | | 1 | % Nine months ended | 7.6 | | | 7.7 | | | 1 | % | | | | | | | U.S. dollar / Colombian peso exchange rate: | | | | | | | End-of-period | 3,341 | | | 3,901 | | | 14 | % Three months ended | 3,193 | | | 4,003 | | | 20 | % Nine months ended | 3,501 | | | 4,131 | | | 15 | % | | | | | | | British pound sterling / U.S. dollar exchange rate: | | | | | | | End-of-period | 1.33 | | | 1.35 | | | (1 | )% Three months ended | 1.34 | | | 1.35 | | | (1 | )% Nine months ended | 1.34 | | | 1.31 | | | 2 | % | | | | | | | | For further information, please contact: Gar Jackson Global IR Group Phone: | (817) 886-6998 Email: | [email protected] | Doug Orr, Executive Vice President and Chief Financial Officer Phone: | (817) 258-2650 Email: | [email protected] Website: | investors.firstcash.com

Pawn store operator FirstCash Holdings (NASDAQ:FCFS) will be reporting earnings this Thursday before market hours. Here's what investors should know. FirstCash beat analysts' revenue expectations last quarter, reporting revenues of $1.07 billion, up 29.4% year on year. It was a strong quarter for the company, with a beat of analysts' EPS estimates. Is FirstCash a buy or sell going into earnings? Read our full analysis here, it's free for active Edge members. This quarter, the market is expecting FirstCash's revenue to grow 14.9% year on year, improving from the 11.7% increase it recorded in the same quarter last year. Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. FirstCash has missed Wall Street's revenue estimates multiple times over the last two years. Looking at FirstCash's peers in the consumer finance segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Capital One delivered year-on-year revenue growth of 5.5%, meeting analysts' expectations, and Synchrony Financial reported flat revenue, in line with consensus estimates. Read our full analysis of Capital One's results here and Synchrony Financial's results here. In the last twelve months or so, the market has shifted its attention from one area of macro importance to the next (AI disintermediation and AI capex spending to geopolitical conflict, rates, and whether the economy is on solid footing or not). While some of the consumer finance stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 2.3% on average over the last month. FirstCash's stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $253 (compared to the current share price of $214.87). ONE MORE THING: The $21 AI Application Stock Wall Street Forgot. While Wall Street obsesses over who's building AI, one company is already using it to print money. And nobody's paying attention. AI chip stocks trade at ridiculous valuations. This company processes a trillion consumer signals monthly using AI and trades at a third of the price. The gap won't last. The institutions will figure it out. You need to see this first. Read the FREE Report Before They Notice.

FirstCash Holdings has rewarded long term shareholders with a strong run, which naturally raises a tougher question for anyone looking at it today. With the stock now reflecting years of gains, investors are asking whether the current price still lines up with the earnings that underpin the business. - Over the past 5 years the share price has returned 163.2%, so the market has already priced in a lot of optimism that now needs to be tested against profits. - FirstCash relies on a cash generative model where the quality and stability of earnings, along with how management allocates that cash, may support what investors are prepared to pay per dollar of profit. - The analysts covering FirstCash Holdings have run their own numbers. See what analysts think FirstCash Holdings's shares could be worth. The issue now is whether FirstCash Holdings' recent share price level is justified by its earnings power today and what those earnings can reasonably support. If you want to test the same earnings based valuation question you are asking of FirstCash Holdings across a wider field, run the 29 high quality undervalued stocks. The P/E ratio is a useful measure for FirstCash Holdings because earnings are a key reference point for a consumer finance business built on recurring cash flow. Right now the stock trades on a P/E of 23.9x, which is well above the Consumer Finance sector average of 8.9x and also ahead of the peer group closer to 15.4x. That indicates the market is willing to pay a much higher price for each dollar of profit than it does for many other lenders and financiers. The valuation model that blends the company's growth profile, profitability and risks points to a lower P/E as a more tailored reference level, and the current 23.9x sits above that yardstick. For anyone looking at FirstCash Holdings today, the key issue is whether the quality and predictability of its earnings stream justify paying this premium multiple, or whether similar exposure in the sector at lower P/Es appears more appealing on a pure pricing basis. Explore the numbers behind FirstCash Holdings's P/E valuation. Simply Wall St Narratives for FirstCash Holdings pick up where this valuation puzzle leaves off by spelling out the specific growth, margin and earnings paths that would need to occur for the stock to look meaningfully cheaper or more expensive than it does today. Each narrative ties its view back to a clear set of expectations for how FirstCash Holdings' growth, profitability and risk profile might evolve, which you can revisit on the Community page as fresh information comes through. A clear, number driven narrative on FirstCash Holdings' valuation gives you a reference point for what growth, margins and execution would need to look like for today's P/E to remain sensible. It also creates a simple scorecard you can revisit over time as new results test those assumptions in the real world. Share your own Narrative for FirstCash Holdings and set out the assumptions behind your valuation. Beyond the earnings multiple and business model, Simply Wall St checks have identified recent share transactions by people inside FirstCash Holdings. The details of who traded, how much, and why may be information you want to review. See the recent insider selling flagged for FirstCash Holdings. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include FCFS. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Wrapping up Q2 earnings, we look at the numbers and key takeaways for the personal loan stocks, including FirstCash (NASDAQ:FCFS) and its peers. Personal loan providers offer unsecured credit for various consumer needs. The sector benefits from digital application processes, increasing consumer comfort with online financial services, and opportunities in underserved credit segments. Headwinds include credit risk management in unsecured lending, regulatory oversight of lending practices, and intense competition affecting margins from both traditional and fintech lenders. The 8 personal loan stocks we track reported a very strong Q2. As a group, revenues beat analysts’ consensus estimates by 4.3% while next quarter’s revenue guidance was 3.6% above. Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 8.3% since the latest earnings results. Offering a financial lifeline to the unbanked and credit-constrained since 1988, FirstCash (NASDAQ:FCFS) operates pawn stores across the U.S. and Latin America while also providing retail point-of-sale payment solutions for credit-constrained consumers. FirstCash reported revenues of $1.07 billion, up 29.4% year on year. This print exceeded analysts’ expectations by 4.1%. Overall, it was a strong quarter for the company with a beat of analysts’ EPS estimates. Mr. Rick Wessel, chief executive officer, stated, “FirstCash achieved record second quarter and year-to-date results, with revenue increases of 29% for the quarter and 28% year-to-date, driving exceptional growth in net income, EBITDA and earnings per share. Pawn demand remains extremely robust, with consolidated pawn receivables up 63% in total and 22% on a same-store basis over the prior year. We are again raising consolidated full year pawn revenue guidance given our second quarter results and continuing demand for pawn products and our deep-value retail sales model. Interestingly, the stock is up 6.3% since reporting and currently trades at $221.94. We think FirstCash is a good business, but is it a buy today? Read our full report here, it’s free. Founded by PayPal co-founder Max Levchin with a mission to create honest financial products, Affirm (NASDAQ:AFRM) provides a payment network that allows consumers to make purchases and pay for them over time with transparent, flexible installment loans. Affirm reported revenues of $1.17 billion, up 33% year on year, outperforming analysts’ expectations by 5.2%. The business had a stunning quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 5.6% since reporting. It currently trades at $73.13. Is now the time to buy Affirm? Access our full analysis of the earnings results here, it’s free. Dating back to 1912 and formerly known as Springleaf, OneMain Holdings (NYSE:OMF) provides personal loans, auto financing, and credit cards to nonprime consumers who have limited access to traditional banking services. OneMain reported revenues of $1.29 billion, up 6.9% year on year, exceeding analysts’ expectations by 1.4%. It was a satisfactory quarter as it also posted a narrow beat of analysts’ net interest income estimates but a significant miss of analysts’ EBITDA estimates. Interestingly, the stock is up 1.5% since the results and currently trades at $63.20. Read our full analysis of OneMain’s results here. Founded in 2016 as an alternative to traditional credit cards for younger shoppers, Sezzle (NASDAQ:SEZL) provides a payment platform that allows consumers to split purchases into four interest-free installments over six weeks at participating retailers. Sezzle reported revenues of $149.7 million, up 51.7% year on year. This result topped analysts’ expectations by 9.8%. Overall, it was an exceptional quarter as it also recorded a solid beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates. Sezzle delivered the biggest analyst estimate beat in the group. The stock is down 31.9% since reporting and currently trades at $121.49. Read our full, actionable report on Sezzle here, it’s free. Pioneering online lending since 2004 with a massive database of over 65 terabytes of customer behavior data, Enova International (NYSE:ENVA) provides online financial services including installment loans and lines of credit to non-prime consumers and small businesses in the United States and Brazil. Enova reported revenues of $928.9 million, up 21.6% year on year. This number beat analysts’ expectations by 2.1%. It was a strong quarter as it also produced a solid beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates. The stock is down 16.7% since reporting and currently trades at $181.50. Read our full, actionable report on Enova here, it’s free. Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership. Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products. By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals. Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Growth Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

FORT WORTH, Texas, July 23, 2026 (GLOBE NEWSWIRE) -- FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading international operator of more than 3,300 retail pawn stores, today announced record revenue and earnings results for the three and six month periods ended June 30, 2026. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.42 per share, which will be paid in August 2026. In addition, the Company has completed its previous $150 million share repurchase plan and the Board of Directors authorized a new $150 million share repurchase plan. Mr. Rick Wessel, chief executive officer, stated, “FirstCash achieved record second quarter and year-to-date results, with revenue increases of 29% for the quarter and 28% year-to-date, driving exceptional growth in net income, EBITDA and earnings per share. Pawn demand remains extremely robust, with consolidated pawn receivables up 63% in total and 22% on a same-store basis over the prior year. We are again raising consolidated full year pawn revenue guidance given our second quarter results and continuing demand for pawn products and our deep-value retail sales model. “The Company expects to complete its previously announced acquisition of Ramsdens Holdings plc (“Ramsdens”) by the end of 2026, subject to the approval of Ramsdens’ shareholders, receipt of the required anti-trust and regulatory approvals and satisfaction of other closing conditions. Ramsdens is a leading operator of pawn stores in the U.K. with 174 locations that will expand FirstCash’s geographic footprint in the U.K. to more than 450 locations. We also expect to see additional 2026 store expansion opportunities across each of our major geographic markets through acquisitions and new store openings. “Additionally, during the second quarter, FirstCash successfully completed a $750 million bond offering and used the proceeds to pay down a significant portion of the revolving credit facility and to provide additional long-term funding capacity for further expansion of pawn operations and shareholder returns,” concluded Mr. Wessel. This release contains adjusted financial measures, which exclude certain non-operating and/or non-cash income and expenses, that are non-GAAP financial measures. Please refer to the descriptions and reconciliations to GAAP of these and other non-GAAP financial measures at the end of this release. Consolidated Operating Highlights Diluted earnings per share for the second quarter increased 58% over the prior-year quarter on a GAAP basis while adjusted diluted earnings per share increased 40% compared to the prior-year quarter. Year-to-date diluted earnings per share increased 42% over the prior-year period on a GAAP basis and adjusted diluted earnings per share increased 34% compared to the prior-year period. Net income for the second quarter totaled $93 million, a 56% increase over the prior-year quarter on a GAAP basis, while adjusted net income increased 38% compared to the prior-year quarter. Year-to-date net income totaled $201 million, a 40% increase over the prior-year period on a GAAP basis, while adjusted net income increased 33% compared to the prior-year period. Adjusted EBITDA for the second quarter was $201 million, a 39% increase over the prior-year quarter. On a year-to-date basis, adjusted EBITDA increased 34% compared to the prior-year period. Consolidated revenue totaled $1.1 billion for the quarter and $2.1 billion year-to-date. Both total revenue and net revenue (gross profit) for the second quarter increased 29% over the prior-year quarter. Year-to-date revenue increased 28% over the prior-year period and net revenue increased 29% compared to the prior-year period. Combined revenues from the Company’s pawn segments increased 44% in the second quarter over last year, while the combined pawn segment income increased 59% over the same period. Year-to-date revenues from the Company’s pawn segments increased 42% while pawn segment income increased 59% over the same prior-year period. Consolidated assets at June 30, 2026 totaled a record $5.5 billion, including record pawn receivables of $898 million. This compares to assets of $4.5 billion and pawn receivables of $551 million a year ago. For the trailing twelve month period ended June 30, 2026, the Company reported: Growth Platforms During the second quarter, the Company added 20 retail pawn locations, including seven acquired stores and one new location in the U.S. and six de novo stores each in Latin America and the U.K. A total of 28 stores have been added year-to-date. Over the last twelve months, the Company has added 347 locations and as of June 30, 2026, the Company had 3,343 locations, comprised of 1,212 U.S. locations, 1,836 locations in Latin America and 295 U.K. locations. Subsequent to quarter end, the Company completed a one-store acquisition in the U.K. In addition to the Ramsdens transaction, the Company has an active pipeline of acquisition opportunities which could potentially add 35 to 40 additional acquired locations across its global footprint in the second half of 2026. Ramsdens acquisition update: The Company’s real estate portfolio of owned pawn locations now totals 466 properties, of which eight were acquired in the second quarter and 45 were acquired over the past twelve months. These are highly strategic investments which protect valuable store locations and reduce future operating expenses. Most of the owned properties are in the U.S. and now represent 38% of the total U.S. store base. AFF had approximately 16,700 active retail and e-commerce point-of-sale merchant partner locations at June 30, 2026, representing a 9% increase compared to a year ago. U.S. Pawn Segment Operating Results Total segment revenue increased 22% in the second quarter and 19% year-to-date, reflecting especially strong same-store revenue growth coupled with contributions from the 2025 acquisitions. Segment pre-tax operating income increased 31% compared to the prior-year quarter. The resulting segment pre-tax operating margin increased to a record 26% for the second quarter of 2026 compared to 24% in the prior-year quarter. Year-to-date segment pre-tax operating income increased 28% compared to the prior-year period. Pawn receivables increased 20% in total at June 30, 2026 compared to last year. Same-store pawn receivables increased 19% and are up 32% on a two-year stacked basis. This represented the twelfth consecutive quarter of double-digit same-store receivables growth. Pawn loan fees increased 15% in the second quarter while retail merchandise sales increased 10%, both compared to the prior-year quarter. On a same-store basis, pawn fees increased 14% and retail sales increased 8%. Retail sales margins were 43% for the second quarter of 2026, which equaled the second quarter of 2025. Inventories aged greater than one year at June 30, 2026 remained low at 1.5% of total inventories, which excludes aged inventories from certain recently acquired stores, improving from 1.9% at June 30, 2025. Latin America Pawn Segment Operating Results Note: Certain growth rates below are calculated on a constant or local currency basis, a non-GAAP financial measure defined at the end of this release. The average U.S. dollar to Mexican peso exchange rate for the second quarter of 2026 was 17.4 dollar / peso, a favorable change of 11% versus the comparable prior-year period, and for the six month period ended June 30, 2026 was 17.5 dollar / peso, a favorable change of 13% versus the prior-year period. Total segment revenue in the second quarter of 2026 increased 42% on a U.S. dollar basis and 29% on a constant currency basis compared to the prior-year quarter. Year-to-date, segment revenue increased 41% on a U.S. dollar basis compared to the prior-year period and increased 26% on a local currency basis. Second quarter segment pre-tax operating income increased 42% on a U.S. dollar basis compared to last year and increased 36% on a local currency basis. Year-to-date, segment pre-tax operating income increased 51% on a U.S. dollar basis compared to the prior-year period and increased 42% on a local currency basis. Pawn receivables, both in total and on a same-store basis, as of June 30, 2026, increased 32% on a U.S. dollar basis while increasing 22% on a constant currency basis compared to the prior year. Two-year stacked same-store receivable growth increased 42% in total and 35% on a currency adjusted basis. Total and same-store pawn loan fees in the second quarter both increased 33% on a U.S. dollar basis and 19% on a constant currency basis compared to the prior-year quarter. Total and same-store retail merchandise sales in the second quarter increased 28% on a U.S. dollar basis compared to the prior-year quarter. On a constant currency basis, both total and same-store retail merchandise sales increased 15% in the second quarter compared to the prior-year quarter. Retail margins were 35% in the second quarter of 2026 versus 36% in the second quarter of 2025. Inventories aged greater than one year at June 30, 2026 remained extremely low, improving to 1.2% compared to 1.5% at June 30, 2025. U.K. Pawn Segment Operating Results Total revenues in the second quarter were $95 million, with strong growth over the prior-year quarter (pre-acquisition) in both pawn fees and merchandise sales. Segment pre-tax operating income for the second quarter of 2026 was $34 million, resulting in a segment pre-tax operating margin of 35%. Year-to-date segment pre-tax operating income was $73 million, resulting in a segment pre-tax operating margin of 37%. Pawn receivables at June 30, 2026 totaled $217 million, an increase of 22% on a U.S. dollar basis. On a local currency basis, both total and same-store pawn receivables increased 26% compared to a year ago (pre-acquisition). American First Finance (AFF) - Retail POS Payment Solutions Segment Operating Results Second quarter segment pre-tax operating income totaled $29 million. This represented a sequential increase over the first quarter of 2026 but an expected decrease compared to the second quarter of 2025, due primarily to loss of earnings from previously reported merchant partner bankruptcies. Year-to-date segment pre-tax operating income totaled $55 million. Gross transaction volume of lease and loan originations during the second quarter decreased 14% compared to the prior-year quarter, due primarily to continued weakness in the furniture industry coupled with an increased strategic focus on merchant quality. For the year-to-date period, overall gross transaction volume decreased 6% over the prior-year period. Net revenues in the second quarter decreased 15% compared to the prior-year quarter, representing a sequential improvement over the first quarter, while year-to-date decreased 26% compared to the prior-year period. The second quarter combined average monthly net charge-off rate for lease and finance products was 5.2%, which represented sequential improvement compared to 5.6% in the first quarter, and was consistent with the prior-year quarter. Cash Flow and Liquidity Consolidated operating cash flows for the twelve month period ended June 30, 2026 totaled $673 million, an increase of 21% compared to the same prior-year period, driven by significant contributions from each of the Company’s four business segments. Adjusted free cash flows, which includes net fundings/repayments of pawn loans and finance receivables, increased 16% to $309 million in the twelve month period ended June 30, 2026 compared to the same prior-year period. The operating cash flows helped fund significant growth in earning assets, continued investments in the pawn store platform, real estate and shareholder returns over the past twelve months: In May 2026, the Company successfully completed an offering of $750 million of 6.125% senior unsecured notes due in 2034. The Company used the proceeds to reduce the outstanding balance on the Company’s higher-rate, U.S. revolving credit facility and to repay in full and terminate other revolving credit facilities and secured term loans which were assumed as part of the H&T acquisition in 2025. Based on trailing twelve month actual results, the Company’s net debt to adjusted EBITDA ratio was 2.7x at June 30, 2026. Including the estimated pro forma EBITDA contributions from acquisitions and other lender permitted adjustments over the past twelve months, the ratio of net debt to adjusted EBITDA at June 30, 2026 was 2.6x, which is an improvement versus the same ratio nine months ago (post the acquisition of H&T) of 2.9x. Shareholder Returns The Board of Directors declared a $0.42 per share third quarter cash dividend, which will be paid on August 28, 2026 to stockholders of record as of August 14, 2026. This represents an annualized dividend of $1.68 per share. Any future dividends are subject to approval by the Company’s Board of Directors. Through the date of this release, the Company repurchased 725,000 shares of common stock in 2026 at an average price of $206.73 per share for a total cost of $150 million. This completes, in less than nine months, the $150 million stock repurchase program authorized in October 2025. On July 22, 2026, the Board of Directors approved a new share repurchase authorization of up to $150 million, effective immediately. Future share repurchases are subject to expected liquidity, acquisition and other investment opportunities, debt covenant restrictions, market conditions and other relevant factors. Over the past twelve months, the Company has repurchased 1,005,000 shares of common stock at an average price of $180.96 per share for a total cost of $182 million and paid out $74 million in cash dividends, representing a payout ratio of approximately 66% of net income over the same period. The Company generated a 17% return on equity and an 8% return on assets for the twelve months ended June 30, 2026. Using adjusted net income for the twelve months ended June 30, 2026, the adjusted return on equity was 20% while the adjusted return on assets was 9%. 2026 Outlook The outlook for the remainder of 2026 continues to be highly positive as the Company is again raising its overall expectations for year-over-year growth in consolidated pawn segment revenue. While the acquisition of Ramsdens and other prospective and in-process acquisitions are anticipated to close by the end of 2026, the estimates provided below do not include revenue and earnings contributions from such potential acquisitions. Pawn Operations: Pawn operations remain the primary earnings driver as the Company expects the combined U.S., Latin America and U.K. pawn segments to be over 90% of total net revenue and segment level pre-tax income for 2026. U.S. Pawn Pawn fees in the first half of 2026 were up 14% compared to a year ago. The Company continues to see strong results in July and expects mid-teen or better growth in pawn fees in second half and full year 2026. The Company expects retail merchandise sales to grow in a range of 10% to 15% in 2026 and will continue to target retail margins in a range of 42% to 43%. Additionally, the Company continues to anticipate increased gross profit from scrap jewelry sales. Store operating expenses are projected to grow at a mid-to-high single-digit range in 2026, primarily due to increased variable compensation expense and the significant 2025 store additions. Latin America Pawn Pawn fees in the first half of 2026 were up 21% on a constant currency basis and 37% on a U.S. dollar basis due to a 13% favorable change in the peso exchange rate compared to the same period last year. The Company expects approximately 20% growth in pawn fees on a U.S. dollar basis in the second half of 2026, assuming an exchange rate equal to the first half of 2026. The Company expects second half retail merchandise sales to grow in a mid 20% range on a U.S. dollar basis, assuming an exchange rate equal to the first half of 2026, with consistent retail margins of approximately 35%. Similar to the U.S., Latin America expects a year-over-year increase in gross profit from scrap jewelry sales. Combined with increased store counts and increased variable compensation expense, operating expenses are expected to grow at a rate in the mid-teens on a U.S. dollar basis. U.K. Pawn Based on first half of 2026 performance and increased full year revenue projections, 2026 segment income (before administrative expenses, interest expense and taxes) is now expected to be in a range of $135 million to $140 million assuming the current GBP exchange rate. Retail POS Payment Solutions (AFF) Operations: Given continued softness in furniture and other large-ticket retail sales, gross transaction volumes for lease and loan originations for 2026 are now forecast to be down approximately 10% compared to 2025. Net revenue (after depreciation of leased merchandise and lease and loan loss provisioning) is expected to decrease in a range of 20% to 25% for the full year. The decrease is primarily due to the decrease in net revenue from the American Freight and Conn’s portfolios as a result of their bankruptcies at the end of 2024 and the expected decline in 2026 originations. Other Expenses, Tax Rates and Currency: Corporate administrative expenses for the remainder of 2026 are expected to remain at a run rate which is similar to the first and second quarters of 2026, while interest expense is expected to increase for full year 2026 in a range of 15% to 20% over 2025 assuming current interest rates. The full year 2026 consolidated effective income tax rate is expected to range from 26% to 27% of net income. Each full point change in the exchange rate of the Mexican peso is projected to have an annual earnings impact of approximately $0.10 to $0.12 per share. A comparable percentage rate change in the exchange rate for the British pound sterling would have an annual earnings impact of approximately $0.07 to $0.09 per share. Additional Commentary and Analysis Mr. Wessel further commented on FirstCash’s exceptionally strong operating performance and its outlook for the remainder of 2026, “We are extremely excited to share outstanding second quarter results which clearly reflect continued consumer demand for our core pawn products and services coupled with outstanding execution on the part of our front-line associates, store operators and support teams. The record level of pawn receivables coupled with solid inventory positions at quarter end position us well for further revenue growth in the second half of the year from both pawn fees and merchandise sales. “The strength of our pawn business is notable in its consistency and breadth across each of our pawn segments, both domestically and internationally. Every market continues to see record levels of customer transaction volumes and increased transaction amounts. In addition, the discipline in our lending practices and retail strategies continue to be reflected in optimized inventory positioning with strong turns, low levels of aged inventories and industry leading retail margins. “From a store growth perspective, the second quarter saw continued global expansion in all pawn segments with the addition of 20 locations through a combination of store openings and acquisitions. We added 13 de novo locations spread across each of our pawn segments. The seven acquired U.S. locations were all in targeted and attractive U.S. growth markets including the states of Alabama, Georgia, Tennessee and Oklahoma. I am especially pleased to report that over the last twelve months, we have now added a total of almost 350 locations in four different countries. “Our experienced operations and support teams have demonstrated capabilities and the necessary resources for successfully integrating the significant volume of acquired stores. As an example, we completed, in June, the integration of the acquired H&T store platform, representing almost 300 locations, into our proprietary FirstPawn POS system which was accomplished in less than nine months and well ahead of the original schedule. We believe this POS integration and future consolidation of other back office platforms will improve customer service, facilitate product enhancements and generate additional operating synergies for H&T. “Equally as exciting is the especially large pipeline of pawn acquisitions anticipated for the second half of 2026. The opportunity to add the established Ramsdens brand represents a highly complementary strategic fit as one of the U.K.’s leading pawnbrokers. Operating with a network of 174 stores, Ramsdens will expand our geographic footprint, especially in the more northern regions of U.K., further providing additional scale, operating efficiencies and long-term growth opportunities. In addition, we have a number of other smaller acquisitions in process across multiple geographies which could add 35 to 40 additional locations between now and year end. These expected transactions continue to reinforce both the near and long-term opportunities for FirstCash’s continued growth of its store base, revenues and earnings. “Our balance sheet and cash flows remain incredibly strong, as demonstrated by the successful $750 million bond offering completed in the second quarter which allowed us to pay down a significant portion of our U.S. credit facility and to pay off all of the assumed, higher-rate H&T debt. The bond issuance provides greater financial flexibility going forward for continued acquisitions, new store growth, real estate purchases and future shareholder returns. Furthermore, we continue to maintain the leverage ratio within our normal targeted range of 2.0x to 3.0x adjusted EBITDA. “We are also pleased to report that during the second quarter, FirstCash repurchased $77 million of its common stock, bringing our year-to-date buybacks to $127 million at an average cost of $204.77. Subsequent to quarter end in early July 2026, we fully completed the $150 million share buyback authorization, and the Board of Directors has now authorized an additional $150 million for further potential share repurchases. “A final highlight of the quarter was the shareholder approval of the reincorporation of FirstCash to become a Texas-domiciled company. The conversion from a Delaware to a Texas corporation was completed on June 18 and now aligns our corporate domicile with the state where we are headquartered and have the largest number of U.S. locations and employees. “In summary, we are very excited about the ongoing strength of our business model and the potential for further long-term growth and shareholder value creation,” concluded Mr. Wessel. About FirstCash FirstCash is the leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash operates more than 3,300 pawn stores in the U.S., Latin America and the U.K. Most of the stores buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash’s pawn operations account for approximately 90% of net revenue, with the remainder provided by its wholly owned subsidiary, AFF, a leading provider of customer payment solutions at the point-of-sale for retailers of consumer goods and services. FirstCash is a component company in both the Standard & Poor’s MidCap 400 Index® and the Russell 2000 Index®. FirstCash’s common stock (ticker symbol “FCFS”) is traded on the Nasdaq, the creator of the world’s first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash’s websites located at http://www.firstcash.com, http://www.americanfirstfinance.com and http://www.handt.co.uk. Forward-Looking Information This release contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the “Company”), including the Company’s outlook for 2026 and the Company’s previously announced Ramsdens acquisition. 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 “outlook,” “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 release. Such factors and risks may include, without limitation, risks related to the extensive regulatory environment in which the Company operates, including uncertainty involving the present regulatory environment in the jurisdictions in which the Company operates; 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 related to the Ramsdens acquisition, in particular, the ability to obtain the necessary shareholder, anti-trust and regulatory approvals, and to satisfy the other closing conditions in the expected timeframe, if at all, and the ability to achieve the anticipated benefits from the acquisition of Ramsdens on the anticipated timeline, if at all; 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, Latin America and the United Kingdom, including as a result of geopolitical conflicts, inflation, elevated interest rates, increased energy costs 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 and British pound sterling; 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; risks related to the Company’s ability to prevent cyber attacks, other cybersecurity incidents, security breaches or other disruptions to its information technology systems; risks related to the Company’s ability to develop, operate and adapt its information technology infrastructure suitable for the nature of its business and to successfully transition acquired businesses to its information technology platform; 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; 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 I, 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 release speak only as of the date of this release, 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. FIRSTCASH HOLDINGS, INC.SEGMENT RESULTS(unaudited) The Company organizes its operations into four reportable segments as follows: United States pawn (“U.S. pawn”) Latin America pawn (“LatAm pawn”) United Kingdom pawn (“U.K. pawn”) Retail POS payment solutions (American First Finance or “AFF”) Operating expenses of the three pawn segments include salary and benefit expenses of store-level employees, occupancy costs, bank and other treasury fees, security, insurance, utilities, supplies and other costs incurred by the pawn stores. Operating expenses of the AFF segment include salary and benefit expenses of operations-focused departments, payment processing charges, data analytics and decisioning costs, information technology costs, advertising costs and other operational costs incurred by AFF. Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, loss (gain) 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 related to AFF’s LTO payment solution product offered in U.S. pawn stores are eliminated from consolidated totals. The Company completed the acquisition of H&T, the leading pawn operator in the United Kingdom, 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. FIRSTCASH HOLDINGS, INC.PAWN STORE LOCATIONS AND MERCHANT PARTNER LOCATIONS Pawn Operations As of June 30, 2026, the Company operated 3,343 pawn store locations composed of 1,212 stores in 29 U.S. states and the District of Columbia, 1,729 stores in 32 states in Mexico, 77 stores in Guatemala, 18 stores in El Salvador, 12 stores in Colombia and 295 stores in the U.K. The following tables detail pawn store count activity: Retail POS Payment Solutions As of June 30, 2026, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 16,700 active retail merchant partner locations. This compares to the active door count of approximately 15,300 locations at June 30, 2025. FIRSTCASH HOLDINGS, INC.RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURESTO GAAP FINANCIAL MEASURES(unaudited) 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, adjusted return on equity, adjusted return on assets 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 generally accepted accounting principles (“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, costs related to the consolidation of technology systems and corporate facilities and other integration costs, among others. FIRSTCASH HOLDINGS, INC.RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURESTO GAAP FINANCIAL MEASURES(unaudited) 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 tables provide 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): FIRSTCASH HOLDINGS, INC.RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURESTO GAAP FINANCIAL MEASURES(unaudited) 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): FIRSTCASH HOLDINGS, INC.RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURESTO GAAP FINANCIAL MEASURES(unaudited) 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): FIRSTCASH HOLDINGS, INC.RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURESTO GAAP FINANCIAL MEASURES(unaudited) Adjusted Return on Equity and Adjusted Return on Assets Management believes the presentation of adjusted return on equity and adjusted return on assets provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance by excluding items that management believes are non-operating in nature and not representative of the Company’s core operating performance. Annualized adjusted return on equity and adjusted return on assets is calculated as follows (dollars in thousands): Constant Currency Results The Company’s reporting currency is the U.S. dollar, however, certain performance metrics discussed in this release 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.

Encore Capital Group ECPG is no longer a turnaround story waiting for proof. Shares have climbed 56.2% in the past six months and 120.4% over the trailing 12-month period. The valuation question is now harder. Investors must decide whether low earnings multiples and higher profit forecasts still leave room for upside, or whether leverage and cost risks should cap the rerating. ECPG trades at 6.4X forward 12-month earnings, while its current fiscal-year price-to-earnings ratio is 6.6. That remains below 7.88X for the Zacks sub-industry, 16.29X for the Zacks Finance sector and 21.32X for the S&P 500 index.The stock is also trading at its five-year median forward multiple of 6.4X, despite a stronger operating setup than it had during weaker collection periods. Its five-year range of 4.14X to 12.84X leaves room for a higher multiple if earnings quality continues to improve. Image Source: Zacks Investment Research PRA Group, Inc. PRAA is the closest public comparison because it also acquires and collects nonperforming loan portfolios. That makes portfolio supply, funding access and recovery efficiency central issues for both companies. On the other hand, FirstCash Holdings, Inc. FCFS offers a different way to view consumer-finance exposure. Its pawn-focused model depends less on charged-off receivable purchases, making it a useful contrast to ECPG’s debt-purchasing cycle.At present, PRA Group and FirstCash Holdings are trading at a premium to ECPG. Encore’s latest quarter helped reset the earnings base. First-quarter 2026 earnings of $3.86 per share beat the Zacks Consensus Estimate by 18.4%, while revenues of $475 million rose 21% year over year.The operating support was clear. Global collections increased 19% to a record $718.4 million, and the U.S. MCM business generated record collections of $556 million, up 23% from the prior-year quarter. Encore Capital Group Inc price-consensus-eps-surprise-chart | Encore Capital Group Inc Quote Management raised its 2026 earnings outlook to $13 per share from $12, implying 19% year-over-year growth. The consensus estimate shows earnings rising from $10.91 in 2025 to $13.01 in 2026 and $13.86 in 2027. Image Source: Zacks Investment Research The $99 price target reflects 7.38X forward earnings. That is not an aggressive multiple relative to the broader market, but it does imply some rerating from the current 6.40X forward 12-month level.A modest multiple expansion could be supported if collection outperformance keeps flowing into results. Collections exceeded expectations in the first quarter, and positive changes in expected future recoveries suggest estimated remaining collection curves are beginning to move higher.As those curves adjust, management expects more of the benefit to shift from cash overperformance into portfolio revenues. Stronger reported portfolio revenue can make earnings visibility more durable. ECPG’s low multiple comes with balance-sheet risk. Borrowings totaled $4.03 billion at the end of the first quarter, and the company depends on debt funding to purchase receivable portfolios.Interest expense and other income are projected to total about $300 million in 2026. If borrowing costs remain elevated or portfolio returns normalize, the earnings benefit from higher collections could face pressure. Legal collection costs are another margin risk. Rising legal activity can support recoveries, but it can also create fixed and semi-variable cost pressure if collections growth slows.The business mix adds a limitation. The U.S. business is driving most of the momentum, while Cabot in Europe continues to face subdued lending, low delinquencies and strong competition. The bottom line is that ECPG still looks inexpensive, but not risk-free. The earnings reset, low forward multiple and $99 price target support the undervaluation argument, while leverage, legal costs and geographic concentration keep the case selective.ECPG currently sports a Zacks Rank #1 (Strong Buy), which supports the view that estimate trends remain favorable in the near term. Its Value Score of B also strengthens the bargain case for investors focused on valuation. You can see the complete list of today’s Zacks #1 Rank stocks here.The rest of the style profile is less supportive. ECPG has a VGM Score of C, Growth Score of D and Momentum Score of F. That mix suggests the stock is better viewed as a selective value opportunity backed by earnings revisions, rather than an all-clear momentum play after a major rally. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PRA Group, Inc. (PRAA) : Free Stock Analysis Report FirstCash Holdings, Inc. (FCFS) : Free Stock Analysis Report Encore Capital Group Inc (ECPG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

FORT WORTH, Texas, April 23, 2026 (GLOBE NEWSWIRE) -- FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading international operator of more than 3,300 retail pawn stores, today announced record revenue and earnings results for the three month period ended March 31, 2026. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.42 per share, which will be paid in May 2026. Mr. Rick Wessel, chief executive officer, stated, “FirstCash is pleased to report its first quarter results highlighted by record revenue, net income and earnings per share. Consolidated revenues again exceeded $1 billion for the quarter, representing an increase of 26% over the first quarter of last year. Resulting net income and adjusted EBITDA both increased 29%, while fully diluted earnings per share increased an impressive 30%. “Our tremendous first quarter results were driven by exceptionally strong performances in each of the three pawn segments. Pawn revenues in the U.S. were up 16% while Latin America was up 40% on a U.S. dollar basis and 23% in local currency. The recently acquired U.K. operations contributed meaningfully to the overall revenue and earnings results with an outstanding quarter as well. The earnings contribution margin in each pawn segment further improved, driven by pawn fee growth coupled with strong merchandise sales and margins. “Most notably, same-store pawn receivables at the end of the first quarter increased an unprecedented 19% in the U.S., 30% in Latin America and 29% in the U.K. (all on a local currency basis), representing further acceleration in pawn demand since the start of the year. These trends point to significant further revenue momentum as we begin the second quarter, and accordingly, we are raising full year 2026 revenue guidance for each of our pawn segments. “FirstCash’s store opening and acquisition activity remains strong with 340 locations added over the last twelve months, including eight pawn locations added in the first quarter. There continues to be a solid pipeline of opportunities across all markets for further expansion in 2026. “Additionally, the strong first quarter operating results generated significant operating cash flows which we utilized to further invest in the business while also reducing our leverage ratio, repurchasing stock and paying the quarterly cash dividend,” concluded Mr. Wessel. This release contains adjusted financial measures, which exclude certain non-operating and/or non-cash income and expenses, that are non-GAAP financial measures. Please refer to the descriptions and reconciliations to GAAP of these and other non-GAAP financial measures at the end of this release. Consolidated Operating Highlights Diluted earnings per share for the first quarter increased 30% on both a GAAP basis and on an adjusted basis compared to the prior-year quarter. Net income for the first quarter totaled $108 million, a 29% increase over the prior-year quarter on a GAAP basis, while adjusted net income increased 28% compared to the prior-year quarter. Adjusted EBITDA for the first quarter increased 29% to $211 million compared to the prior-year quarter. Consolidated revenue for the first quarter increased 26% over the prior-year quarter while net revenues (gross profit) increased 28% compared to the prior-year quarter. Combined revenues from the Company’s pawn segments increased 40% in the first quarter over last year, while the total pawn segment income increased 60% over the same period. Consolidated assets at March 31, 2026 totaled a record $5.4 billion, including record pawn receivables of $851 million. This compares to assets of $4.4 billion and pawn receivables of $500 million a year ago. For the trailing twelve month period ended March 31, 2026 the Company reported: Revenues of $3.9 billion Net income of $354 million on a GAAP basis and adjusted net income of $416 million Adjusted EBITDA of $746 million Operating cash flows of $613 million and adjusted free cash flows (a non-GAAP measure) of $267 million Pawn Store Locations and Merchant Partner Growth During the first quarter, the Company added eight pawn locations, including four de novo stores in Latin America, three de novo stores in the U.K. and one acquired location in the U.S. Over the last twelve months, the Company has added 340 locations, which includes 24 U.S. locations, 26 in Latin America and 290 in the U.K. At March 31, 2026, the Company had 3,334 locations, comprised of 1,207 U.S. locations, 1,838 locations in Latin America and 289 U.K. locations. The Company’s real estate portfolio of owned pawn locations now totals 458 properties, of which 15 were acquired in the first quarter and 51 were acquired over the past 12 months. AFF had approximately 16,600 active retail and e-commerce point-of-sale merchant partner locations at March 31, 2026, representing a 14% increase compared to a year ago. U.S. Pawn Segment Operating Results Total segment revenue increased 16% in the first quarter, reflecting especially strong same-store revenue growth coupled with contributions from the 2025 acquisitions. Segment pre-tax operating income increased 25% compared to the prior-year quarter. The resulting segment pre-tax operating margin increased to a record 29% for the first quarter of 2026 compared to 27% in the prior-year quarter. Pawn receivables increased 21% in total at March 31, 2026 compared to last year. Same-store pawn receivables increased 19% and are up 32% on a two-year stacked basis. This represented the eleventh consecutive quarter of double-digit same-store receivables growth. Pawn loan fees increased 14% in the first quarter while retail merchandise sales increased 13%, both compared to the prior-year quarter. On a same-store basis, pawn fees increased 13% and retail sales increased 9%. Retail sales margins improved to 44% for the first quarter of 2026 compared to 42% for the first quarter of 2025. Inventories aged greater than one year at March 31, 2026 remained low at 1.7% of total inventories and consistent with the prior year. Latin America Pawn Segment Operating Results Note: Certain growth rates below are calculated on a constant or local currency basis, a non-GAAP financial measure defined at the end of this release. The average U.S. dollar to Mexican peso exchange rate for the first quarter of 2026 was 17.6 dollar / peso, a favorable change of 14% versus the comparable prior-year period. Total segment revenue in the first quarter of 2026 increased 40% on a U.S. dollar basis and 23% on a constant currency basis compared to the prior-year quarter. First quarter segment pre-tax operating income increased 62% on a U.S. dollar basis compared to last year, totaling a record $51 million, and increased 48% on a local currency basis. The resulting segment pre-tax operating margin increased to 20% for the first quarter of 2026 compared to 17% in the prior-year quarter. Pawn receivables, both in total and on a same-store basis, as of March 31, 2026, increased 45% on a U.S. dollar basis while increasing 30% on a constant currency basis compared to the prior year. Total and same-store pawn loan fees in the first quarter increased 42% on a U.S. dollar basis while both increased 23% on a constant currency basis compared to the prior-year quarter. Total and same-store retail merchandise sales in the first quarter increased 33% on a U.S. dollar basis compared to the prior-year quarter. On a constant currency basis, both total and same-store retail merchandise sales increased 15% in the first quarter compared to the prior-year quarter. Retail margins were 35% in both the first quarter of 2026 and 2025. Inventories aged greater than one year at March 31, 2026 remained extremely low at 1.3% and down sequentially from 1.4% at the end of 2025. U.K. Pawn Segment Operating Results Total revenues in the first quarter were $102 million, with strong growth over the prior-year quarter (pre-acquisition) in both pawn fees and merchandise sales. Segment pre-tax operating income for the first quarter of 2026 was $39 million, resulting in a segment pre-tax operating margin of 39%. Pawn receivables at March 31, 2026 totaled $215 million, an increase of 29% on both a total and same-store local currency basis, compared to a year ago (pre-acquisition). American First Finance (AFF) - Retail POS Payment Solutions Segment Operating Results First quarter segment pre-tax operating income totaled $26 million. This represented an expected decrease compared to the first quarter of 2025, which included significant run-off revenues from certain merchant partner bankruptcies that occurred in late 2024. Gross transaction volume of lease and loan originations during the first quarter increased 3% compared to the prior-year quarter, which was a sequential improvement compared to the year-over-year decrease of 3% during the fourth quarter of 2025. Gross revenues for the first quarter decreased 11%, primarily due to the merchant bankruptcies in late 2024. The combined average monthly net charge-off rate for lease and finance products remained within our targeted range at 5.6% for the first quarter of 2026, relatively consistent with the 5.4% in the first quarter of 2025. Cash Flow and Liquidity Consolidated operating cash flows for the twelve month period ended March 31, 2026 totaled $613 million, an increase of 13% compared to the same prior-year period, driven by significant contributions from each of the Company’s four business segments. Adjusted free cash flows, which includes net fundings/repayments of pawn loans and finance receivables, decreased 1% to $267 million in the twelve month period ended March 31, 2026 compared to the same prior-year period. The decrease was primarily due to the extraordinarily strong growth in new pawn loans made during the quarter. The operating cash flows helped fund significant growth in earning assets, continued investments in the pawn store platform and shareholder returns over the past twelve months: A total of 309 pawn stores were acquired for a combined purchase price of $450 million. Excluding earning assets obtained through acquisitions over the past twelve months, pawn earning assets (pawn receivables and inventories) increased $277 million compared to last year. 31 de novo pawn stores were opened with a combined investment of approximately $12 million in fixed assets and working capital. Real estate purchases totaled $86 million as the Company purchased the underlying real estate at 51 of its existing pawn stores, bringing the number of Company-owned properties to 458 locations. Shareholder returns comprised of stock repurchases and cash dividends totaled $178 million. Based on trailing twelve month actual results, the Company’s net debt to adjusted EBITDA ratio was 2.9x at March 31, 2026. Including the estimated pro forma EBITDA contributions from acquisitions and other lender permitted adjustments over the past 12 months, the ratio of net debt to adjusted EBITDA at March 31, 2026 was 2.6x, which compares favorably to the same ratio six months ago (post the acquisition of H&T) of 2.9x. Shareholder Returns The Board of Directors declared a $0.42 per share second quarter cash dividend, which will be paid on May 29, 2026 to stockholders of record as of May 15, 2026. This represents an annualized dividend of $1.68 per share. Any future dividends are subject to approval by the Company’s Board of Directors. During the first quarter, the Company repurchased 261,000 shares of common stock at an average price of $191.79 per share for a total cost of $50 million under the $150 million stock repurchase program authorized in October 2025. Under its current authorization, the Company has $100 million available for future share repurchases, subject to expected liquidity, acquisition and other investment opportunities, debt covenant restrictions, market conditions and other relevant factors. Over the past twelve months, the Company has repurchased 648,000 shares of common stock at an average price of $162.60 per share for a total cost of $105 million and paid out $72 million in cash dividends, representing a payout ratio of approximately 50% of net income over the same period. The Company generated a 16% return on equity and a 7% return on assets for the twelve months ended March 31, 2026. Using adjusted net income for the twelve months ended March 31, 2026, the adjusted return on equity was 19% while the adjusted return on assets was 8%. 2026 Outlook The outlook for the remainder of 2026 continues to be highly positive. The Company is raising its expectations for year-over-year growth in pawn segment revenues, driven by the continued growth in same-store pawn receivables and better than anticipated revenue contributions from stores acquired in 2025. Pawn Operations: Pawn operations are expected to remain the primary earnings driver as the Company expects segment income from the combined U.S., Latin America and U.K. pawn segments to be almost 90% of total net revenue and segment level pre-tax income for 2026. U.S. Pawn Same-store pawn receivables, the leading indicator of future revenues, at March 31, 2026 were up 19% compared to a year ago, with April balances presently up over 20%. While the Company will lap its 2025 acquisitions of 23 stores over the course of this year, the Company now expects mid-teen revenue growth from pawn fees in 2026 compared to the previous forecast for low double-digit growth. The Company expects retail merchandise sales to grow 10% or more in 2026 and will continue to target retail margins at approximately 42%. Previous guidance was for high single digit retail sales growth. Additionally, the Company continues to anticipate improved year-over-year scrap jewelry sales and margins. Store operating expenses are projected to grow at a high single-digit range in 2026, primarily due to increased variable compensation expense and the significant 2025 store additions. Latin America Pawn Same-store pawn receivables at March 31, 2026 were up 30% on a local currency basis with continued growth in April. While the Company assumes these comps could moderate over the course of 2026, it still expects a high-teen growth rate in pawn fees (compared to the previous guidance in the mid-teens), assuming a similar exchange rate to last year. The Company is now expecting retail merchandise sales to grow at a rate in the mid-teens over 2025 with consistent retail margins at approximately 35%, and like the U.S., expects year-over-year improvement in scrap jewelry volume and margins. The previous retail sales forecast was for high-single digit growth. Combined with increased store counts and increased variable compensation expense, operating expenses are expected to increase in a range of 10% to 12% on a U.S. dollar basis. U.K. Pawn Pawn receivables at March 31, 2026 were up 29% compared to a year ago, with April balances trending similarly. Based on first quarter performance and increased full year revenue projections, 2026 segment income (before administrative expenses, interest expense and taxes) is now expected to be in a range of $125 million to $135 million assuming the current GBP exchange rate. Previous guidance was $115 million to $125 million. Retail POS Payment Solutions (AFF) Operations: Given continued softness in furniture and other large-ticket retail sales, gross transaction volumes for lease and loan originations for 2026 are currently forecast to increase in a flat to low single digit range compared to 2025. As expected, full year 2026 revenues are forecast to decrease in a mid-to-high single digit range compared to the prior year due to lower comparable leased merchandise balances at the beginning of the current year compared to last year. Resulting net revenue (after depreciation of leased merchandise and lease and loan loss provisioning) is expected to decrease in a range of 15% to 20% for the full year due primarily to reduced LTO net revenue from legacy furniture merchant partners. Other Expenses, Tax Rates and Currency: Quarterly corporate administrative expenses for the remainder of 2026 are expected to remain at a run rate similar to the first quarter of 2026. Interest expense is expected to increase for full year 2026 in a range of 10% to 15% over 2025 assuming current interest rates on the Company’s floating rate debt. The full year 2026 consolidated effective income tax rate under current tax codes in the U.S., Latin America and the U.K. is expected to range from 25.5% to 26.5% of net income. Each full point change in the exchange rate of the Mexican peso is projected to have an annual earnings impact of approximately $0.10 to $0.12 per share. A comparable percentage rate change in the exchange rate for the British pound sterling would have an annual earnings impact of approximately $0.07 to $0.09 per share. Additional Commentary and Analysis Mr. Wessel further commented on FirstCash’s first quarter results and the outlook for the remainder of 2026, “With another quarter of outstanding results, we continue to validate FirstCash’s long-term commitment to its core pawn operations and strategies for growing its global presence. We believe pawnshops are more relevant than ever given their dual role as both a customer-friendly lender and a vibrant second-hand marketplace. These trends, coupled with our focus on customer service, continue to broaden our customer base. “Our legacy U.S. business continues to perform well, driven by exceptionally strong same-store performance coupled with highly accretive contributions from recently acquired stores. Despite larger than average U.S. tax refunds, lending trends reflected lower than normal first quarter pawn loan paydowns. Retail sales were stronger than expected as well, reinforcing our relevance as a deep-value retailer which is minimally impacted by tariffs. Additionally, we attribute some of the growth to the fact that almost 80% of our U.S. store base is located in the high-growth regions of Texas, the Southeast and Mountain West, which we believe positions us well to enjoy expected long-term demographic tailwinds. “Latin America produced an even greater first quarter growth rate in pawn revenues, which we attribute to continued inflationary pressures along with the apparent impacts of reverse-migration and reduced remittance volumes from the U.S. to Latin America. Combined with the similarly strong growth of gross profits from merchandise sales and favorable currency trends, Latin America generated a 62% increase in U.S. dollar segment income. “Pawn growth metrics in the U.K. were outstanding as well, resulting in strong profitability for H&T in the first quarter that was well ahead of our original expectations. The integration of H&T is progressing well, with the migration of these stores to FirstCash’s proprietary pawn point-of-sale technology platform now underway, which we anticipate completing over the next few months. We believe the integration of the point-of-sale system and other back office platforms will improve customer service, enable product enhancements and generate additional operating synergies. “Based on the extremely strong first quarter results and accelerating pawn loan demand across all markets, we begin the second quarter with tremendous momentum. For each pawn segment, we have increased our 2026 guidance for expected pawn fees and merchandise sales. Our inventories remain well positioned to support the increased sales expectations with retail and scrap jewelry margins continuing to trend at or above our targeted ranges. “From a longer-term strategic perspective, we remain focused on identifying opportunities to expand pawn operations in the U.S., Latin America and the U.K. There is a solid pipeline of planned new store openings for 2026 coupled with further acquisition opportunities across all markets. We believe that our demonstrated ability to source, finance and close accretive acquisitions quickly, followed by rapid integration into our operating model, is a meaningful competitive advantage. “The AFF business segment continues to perform profitably as well, despite ongoing weakness in the retail furniture industry. AFF’s increasing penetration into other retail verticals is driving increased door counts and greater merchant diversification. We are encouraged by the increase in first quarter gross transaction volumes over last year. At the same time, portfolio performance metrics remain steady and within our target ranges as we continue to focus on prudent underwriting and merchant quality. “Each of our pawn segments and AFF continues to generate robust cash flows which support the strong growth in earning assets and continued investments in store expansion. Even with the significant volume of acquisitions over the past 12 months, which includes the all-cash acquisition of H&T last August, our proforma leverage ratio remains modest and has declined as expected over the past several months. “In summary, we remain focused on operational excellence and customer service, while further creating long-term shareholder value through meaningful growth and consistent shareholder returns,” concluded Mr. Wessel. About FirstCash FirstCash is the leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash operates more than 3,300 pawn stores in the U.S., Latin America and the U.K. Most of the stores buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash’s pawn operations currently account for over 90% of net revenue, with the remainder provided by its wholly owned subsidiary, AFF, a leading provider of customer payment solutions at the point-of-sale for retailers of consumer goods and services. FirstCash is a component company in both the Standard & Poor’s MidCap 400 Index® and the Russell 2000 Index®. FirstCash’s common stock (ticker symbol “FCFS”) is traded on the Nasdaq, the creator of the world’s first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash’s websites located at http://www.firstcash.com, http://www.americanfirstfinance.com and http://www.handt.co.uk. Forward-Looking Information This release contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the “Company”), including the Company’s outlook for 2026. 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 “outlook,” “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 release. Such factors and risks may include, without limitation, risks related to the extensive regulatory environment in which the Company operates, including uncertainty involving the present regulatory environment in the jurisdictions in which the Company operates; 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; 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, Latin America and the United Kingdom, including as a result of inflation, elevated interest rates, increased energy costs 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 and British pound sterling; 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; risks related to the Company’s ability to prevent cyber attacks, other cybersecurity incidents, security breaches or other disruptions to its information technology systems; risks related to the Company’s ability to develop, operate and adapt its information technology infrastructure suitable for the nature of its business and to successfully transition acquired businesses to its information technology platform; 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; 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 I, 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 release speak only as of the date of this release, 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. FIRSTCASH HOLDINGS, INC. SEGMENT RESULTS (unaudited) The Company organizes its operations into four reportable segments as follows: United States pawn (“U.S. pawn”) Latin America pawn (“LatAm pawn”) United Kingdom pawn (“U.K. pawn”) Retail POS payment solutions (American First Finance or “AFF”) Operating expenses of the three pawn segments include salary and benefit expenses of store-level employees, occupancy costs, bank and other treasury fees, security, insurance, utilities, supplies and other costs incurred by the pawn stores. Operating expenses of the AFF segment include salary and benefit expenses of operations-focused departments, payment processing charges, data analytics and decisioning costs, information technology costs, advertising costs and other operational costs incurred by AFF. Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, gain 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 related to AFF’s LTO payment solution product offered in U.S. pawn stores are eliminated from consolidated totals. The Company completed the acquisition of H&T, the leading pawn operator in the United Kingdom, 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. FIRSTCASH HOLDINGS, INC. SEGMENT RESULTS (unaudited) Pawn Operating Metrics (dollars in thousands, except as otherwise noted) FIRSTCASH HOLDINGS, INC. SEGMENT RESULTS (unaudited) Retail POS Payment Operating Metrics (dollars in thousands) (1) During the third quarter of 2025, AFF began assisting certain customers in applying for a direct-to-consumer unsecured installment loan that is underwritten and fully retained by AFF’s bank partner (“OBS Loans”). OBS Loans are not reflected on the Company’s balance sheet as a finance receivable. For the three months ended March 31, 2026, gross transaction volume includes $14.4 million of OBS Loans originated by AFF’s bank partner through the assistance of AFF. (1) Does not include $32.9 million of outstanding OBS Loans held by AFF’s bank partner as of March 31, 2026. Combined finance receivables, before allowance for loan losses, and OBS Loans totaled $276.8 million as of March 31, 2026. (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). FIRSTCASH HOLDINGS, INC. PAWN STORE LOCATIONS AND MERCHANT PARTNER LOCATIONS Pawn Operations As of March 31, 2026, the Company operated 3,334 pawn store locations composed of 1,207 stores in 29 U.S. states and the District of Columbia, 1,733 stores in 32 states in Mexico, 75 stores in Guatemala, 18 stores in El Salvador, 12 stores in Colombia and 289 stores in the U.K. The following table details pawn store count activity: (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. Retail POS Payment Solutions As of March 31, 2026, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 16,600 active retail merchant partner locations. This compares to the active door count of approximately 14,500 locations at March 31, 2025. FIRSTCASH HOLDINGS, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (unaudited) 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, adjusted return on equity, adjusted return on assets 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 generally accepted accounting principles (“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 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. FIRSTCASH HOLDINGS, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (unaudited) 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 tables provide 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): FIRSTCASH HOLDINGS, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (unaudited) 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): FIRSTCASH HOLDINGS, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (unaudited) 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): FIRSTCASH HOLDINGS, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (unaudited) Adjusted Return on Equity and Adjusted Return on Assets Management believes the presentation of adjusted return on equity and adjusted return on assets provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance by excluding items that management believes are non-operating in nature and not representative of the Company’s core operating performance. Annualized adjusted return on equity and adjusted return on assets is calculated as follows (dollars in thousands): (1) See detail of adjustments to net income in the “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section above. Constant Currency Results The Company’s reporting currency is the U.S. dollar, however, certain performance metrics discussed in this release 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. FIRSTCASH HOLDINGS, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (unaudited) Latin America Pawn Segment Constant Currency Results The following table presents operating results for the Latin America pawn segment using the exchange rate from the prior-year comparable period (in thousands): The following table presents earning assets for the Latin America pawn segment using the exchange rate from the prior-year comparable period (in thousands): Exchange Rates for the Mexican Peso, Guatemalan Quetzal, Colombian Peso and British Pound Sterling For further information, please contact: Gar Jackson Global IR Group Phone: (817) 886-6998 Email: [email protected] Doug Orr, Executive Vice President and Chief Financial Officer Phone: (817) 258-2650 Email: [email protected] Website: investors.firstcash.com