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Sep 30
FirstCash Q3 2025 Earnings Report
FirstCash reported record third quarter operating results across all segments, driven by strong pawn demand and the recent U.K. acquisition, leading to increased revenue and earnings growth.
Key Takeaways
FirstCash delivered outstanding third-quarter results with record revenue and earnings, fueled by accelerating growth in U.S. and Latin American pawn segments, a significant contribution from the newly acquired H&T pawn stores in the U.K., and strong earnings growth from American First Finance due to improved margins and lower loss provisions. The company also declared a quarterly cash dividend and authorized a new $150 million share repurchase plan.
Consolidated revenue for the third quarter increased 12% over the prior-year quarter, reaching $935.579 million.
GAAP diluted EPS rose 29% to $1.86, while adjusted diluted EPS increased 35% to $2.26 compared to the prior-year quarter.
Net income for the third quarter increased 28% to $82.807 million on a GAAP basis, with adjusted net income up 34% to $100.633 million.
The acquisition of H&T, the U.K.'s largest pawnbroker with 286 locations, was successfully completed on August 14, 2025, significantly contributing to revenue and earnings.
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 and Fees on Finance Receivables Revenue
CapyFin.comWholesale Scrap Jewelry Sales Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
U.S. Pawn Revenue
CapyFin.comLatin America Pawn Revenue
CapyFin.comU.K. Pawn Revenue
CapyFin.comAmerican First Finance Revenue
CapyFin.com Forward Guidance
FirstCash anticipates a highly positive outlook for the remainder of 2025, expecting year-over-year income growth driven by continued earning asset balance growth and store additions, with pawn operations remaining the primary earnings driver.
Positive Outlook
- Pawn operations are expected to contribute over 85% of total segment pre-tax income for Q4 2025.
- U.S. Pawn expects double-digit growth in Q4 pawn fees and high single-digit retail sales growth with strong margins.
- Latin America Pawn anticipates mid to high-teen pawn fee revenue growth and double-digit retail sales comps in Q4, assuming current exchange rates.
- H&T (U.K. Pawn) earnings accretion is now expected to be $0.18 to $0.20 per share in Q4, with total Q4 revenues projected between $85 million and $90 million.
- AFF's net revenues for the full year are now expected to be flat compared to last year, an improvement from the previously forecast decline.
Challenges Ahead
- Full year 2025 origination volume for AFF is expected to be down 7% to 10% compared to 2024 due to consumer caution for larger discretionary purchases.
- Q4 net revenues for AFF are anticipated to decline by approximately 15% to 20% compared to the prior-year quarter due to declining run-off revenues from prior year LTO originations.
- Each full point change in the Mexican peso exchange rate is projected to have an annual earnings impact of approximately $0.10 per share.
- The outlook for AFF's origination volume, excluding bankruptcies, is an increase of 15% to 20%, indicating continued challenges in certain merchant verticals.
- While the report highlights strong performance, it also notes that the company intentionally lagged market increases of precious metal prices for setting lending standards, which could potentially limit some revenue growth from scrap jewelry sales.
Revenue & Expenses
Visualization of income flow from segment revenue to net income