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Mar 31
FirstCash Q1 2025 Earnings Report
FirstCash reported record Q1 2025 results driven by strong performance in its pawn operations across the U.S. and Latin America.
Key Takeaways
FirstCash delivered solid Q1 results, led by continued growth in pawn receivables and retail sales. U.S. and Latin American pawn businesses saw robust same-store metrics, while strong cash flow supported store expansion and share repurchases.
EPS rose to $1.87, with adjusted EPS at $2.07.
Net income increased to $83.6 million.
Strong cash flow funded 12 new pawn stores and $60M in share repurchases.
Same-store pawn receivables grew 13% in the U.S. and 14% in Latin America (local currency).
FirstCash
FirstCash
FirstCash Revenue by Segment
FirstCash Revenue by Geographic Location
Revenue by Segment
Retail Merchandise Sales Revenue
CapyFin.comPawn Loan Fees Revenue
CapyFin.comLeased Merchandise Income Revenue
CapyFin.comInterest & Fees on Finance Receivables Revenue
CapyFin.comWholesale Scrap Jewelry Sales Revenue
CapyFin.comRevenue by Geographic Location
U.S. Pawn Revenue
CapyFin.comLatin America Pawn Revenue
CapyFin.com Forward Guidance
FirstCash expects continued strong demand for pawn loans, growth in pawn store count, and resilience in retail sales, but headwinds from currency fluctuations and AFF revenue challenges may weigh on results.
Positive Outlook
- Continued growth in U.S. same-store pawn receivables expected.
- Retail margins projected to remain stable at 41–42%.
- AFF origination volumes expected to grow 20–25% excluding 2024 bankrupt accounts.
- Adjusted earnings outlook for AFF raised due to cost efficiency.
- Store expansion plans remain robust with new openings expected throughout 2025.
Challenges Ahead
- Mexican peso weakness may reduce reported Latin America earnings in USD.
- AFF net revenue projected to decline 8–12% YoY in 2025.
- AFF Q2 net revenue expected to drop 14–16% YoY.
- Expected increases in loss provisioning for AFF segment later in the year.
- Retail sales in Latin America projected to be flat or down slightly in USD.