Open the filing on EDGAREZCORP Reports Fourth Quarter and Full Year Fiscal 2025 Results
Record Q4 and Full Year Revenue & PLO
Strong Growth in Diluted EPS & Adjusted EBITDA
Austin, Texas (November 13, 2025) - EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its fourth quarter and full year ended September 30, 2025.
Unless otherwise noted, all amounts in this release are in conformity with U.S. generally accepted accounting principles (“GAAP”) and comparisons shown are to the same period in the prior year.
FOURTH QUARTER HIGHLIGHTS
- Net income increased 76% to $26.7 million. On an adjusted basis, net income increased 45% to $26.8 million.
- Diluted earnings per share (EPS) increased 62% to $0.34. On an adjusted basis, diluted earnings per share increased 36% to $0.34.
- Adjusted EBITDA increased 33% to $47.9 million.
- Total revenues increased 14% to $336.8 million, while gross profit increased 13% to $198.6 million.
- Pawn loans outstanding (PLO) increased 12% to $307.5 million.
- Grew our footprint by 24 stores, including 17 de novo stores, 8 acquired stores and the consolidation of 1 store.
FULL YEAR 2025 HIGHLIGHTS
- Net income was $109.6 million, an increase of $26.5 million. On an adjusted basis, net income increased 30%.
- Diluted earnings per share increased 29% to $1.42. On an adjusted basis, diluted earnings per share increased 27% to $1.43.
- Adjusted EBITDA increased by 26% to $191.2 million.
- Total revenues increased 10% to $1,274.3 million, while gross profit increased 9% to $746.1 million.
- Grew our footprint by 81 stores including 52 acquired stores, 40 de novo stores and the consolidation of 11 stores.
CEO COMMENTARY AND OUTLOOK
Lachie Given, Chief Executive Officer, stated, “Fiscal 2025 was another exceptional year for EZCORP, with record full-year revenue and all-time high PLO. This superior performance reflects resilient demand for immediate cash solutions and high-quality, cost-effective secondhand goods. We converted that demand into strong bottom-line growth, demonstrating the operating leverage of our platform at scale and the expertise of our team, with adjusted EBITDA up 26% to $191.2 million and adjusted diluted EPS up 27% to $1.43.
“Over the year, we successfully executed our growth strategy with disciplined acquisitions in the U.S. and Mexico and continued de novo expansion across Latin America. In fiscal 2025, we opened 40 de novo stores and acquired 52 locations, more than doubling the combined total of acquisitions in fiscal 2024 and fiscal 2023. We now operate 1,360 stores throughout five countries, guided by a proven operating formula that is driving record PLO and exceptional results across all geographies.
“With a flexible and liquid balance sheet, we are deploying capital purposefully, focused on high-return store growth and M&A, while remaining opportunistic with share repurchases as reflected by our newly authorized program. As we scale, we are driving strong earnings momentum in our business, and we will continue to strengthen the core, simplify and drive cost efficiency, and innovate to deliver sustainable growth and long-term value for our shareholders.”
CONSOLIDATED RESULTS
| Three Months Ended September 30 | As Reported | Adjusted |
| in millions, except per share amounts | | 2025 | | 2024 | | 2025 | | 2024 |
| Total revenues | $336.8 | | $294.6 | | $335.9 | | $294.6 | |
| Gross profit | $198.6 | | $175.4 | | $198.0 | | $175.4 | |
| Income before tax | $36.3 | | $26.3 | | $37.0 | | $26.8 | |
| Net income | $26.7 | | $15.2 | | $26.8 | | $18.5 | |
| Diluted earnings per share | $0.34 | | $0.21 | | $0.34 | | $0.25 | |
| EBITDA (non-GAAP measure) | $47.3 | | $35.5 | | $47.9 | | $36.0 | |
| Twelve Months Ended September 30 | As Reported | Adjusted |
| in millions, except per share amounts | | 2025 | | 2024 | | 2025 | | 2024 |
| Total revenues | $1,274.3 | | $1,161.6 | | $1,304.3 | | $1,161.6 | |
| Gross profit | $746.1 | | $682.3 | | $761.7 | | $682.3 | |
| Income before tax | $146.8 | | $115.6 | | $149.7 | | $115.5 | |
| Net income | $109.6 | | $83.1 | | $110.7 | | $85.3 | |
| Diluted earnings per share | $1.42 | | $1.10 | | $1.43 | | $1.13 | |
| EBITDA (non-GAAP measure) | $187.6 | | $151.7 | | $191.2 | | $151.6 | |
- PLO increased 12% to $307.5 million, up $33.4 million. On a same-store basis, PLO increased 10% due to higher average loan size, continued strong pawn demand and improved operational performance.
- Fourth quarter total revenues increased 14% and gross profit increased 13%, reflecting improved pawn service charge (PSC) revenues due to higher average PLO. Full year total revenues increased 10% and gross profit increased 9%.
- PSC increased 9% in the fourth quarter and for the full year as a result of higher average PLO.
- Fourth quarter merchandise sales gross margin remained consistent at 35%. Aged general merchandise at 2.6% of total general merchandise inventory, up 83 basis points (bps). Full year merchandise sales gross profit margin remains within our targeted range at 35%.
- Fourth quarter jewelry scrap sales increased 91%, and jewelry scrap sales gross margin increased by 1,010 bps to 29%. Full year jewelry scrap sales increased 62%, and jewelry scrap sales gross margin increased by 1,160 bps to 27% due to increase in gold price and jewelry purchases.
- Net inventory increased 29%, as a result of an increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.3x, from 2.6x for the quarter and was 2.4x compared to 2.8x for the year.
- Fourth quarter store expenses increased 8% (6% on a same-store basis), primarily due to labor costs and new stores. Full year store and same-store expenses increased 4%.
- General and administrative expenses increased 13% in the fourth quarter and 11% for the full year, primarily due to labor costs (including higher incentive compensation).
- Fourth quarter income before taxes increased to $36.3 million, up 38% from $26.3 million, and adjusted EBITDA increased 33% to $47.9 million. Full year income before taxes increased by 27% to $146.8 million from $115.6 million and adjusted EBITDA increased 26% to $191.2 million.
- Diluted earnings per share increased 62% to $0.34 for the fourth quarter. On an adjusted basis, diluted earnings per share increased 36% to $0.34. Full year diluted earnings per share increased 29% to $1.42. On an adjusted basis, diluted earnings per share for the year increased 27% to $1.43.
- Cash and cash equivalents increased to $469.5 million from $170.5 million as of September 30, 2025. The increase was due primarily to $300.0 million (less issuance costs) from the issuance of the Senior Notes due 2032 and cash from operating activities partially offset by increased earning assets and acquisitions.
SEGMENT RESULTS
U.S. Pawn
- PLO ended the year at $233.8 million, an increase of 9% on a total and same-store basis due to an increase in average loan size, strong loan demand and improved operational performance.
- Fourth quarter total revenues increased 13% and gross profit increased 11%, driven by increased PSC, merchandise sales and jewelry scrap sales. Full year total revenues increased 9% and gross profit increased 10%.
- PSC increased 7% in the fourth quarter and 9% for the full year as a result of higher average PLO.
- Fourth quarter merchandise sales increased 6%, and 5% on a same-store basis. Sales gross margin increased by 40 bps to 37%. Full year merchandise sales increased 3% and merchandise sales gross profit margin stayed steady at 37%.
- Fourth quarter jewelry scrap sales increased 96%, and jewelry scrap sales gross margin increased by 910 bps to 30%. Full year jewelry scrap sales increased 58%, and jewelry scrap sales gross margin increased by 1,120 bps to 27% due to increase in gold price and jewelry purchases.
- Net inventory increased 34% due to increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.1x, from 2.5x and was 2.2x compared to 2.6x for the full year. Aged general merchandise decreased by 36 bps to 2.2%, or $1.2 million of total general merchandise inventory.
- Fourth quarter store expenses increased 3% on a total and same-store basis. Full year store expenses increased 4% on a total and same-store basis.
- Segment contribution increased 28% to $52.5 million in the fourth quarter and increased 21% to $200.2 million for the full year.
- Segment store count increased by 3 to 545, due to the acquisition of 4 stores and the consolidation of one store during the full year.
Latin America Pawn
- PLO improved to $73.7 million, an increase of 23% (17% on constant currency basis). On a same-store basis, PLO increased 14% (9% increase on a constant currency basis) due to strong loan demand and improved operational performance.
- Fourth quarter total revenues increased 19% (17% on constant currency basis), and gross profit increased 19% (18% on a constant currency basis), primarily due to increased merchandise sales, PSC and jewelry scrap sales. Full year total revenues were up 11% (20% on a constant currency basis), while gross profit increased by 8% (17% on a constant currency basis).
- PSC increased in the fourth quarter to $33.8 million, an increase of 16% (15% on a constant currency basis) as a result of higher average PLO. For the full year PSC increased 8% (16% on a constant currency basis).
- Fourth quarter merchandise sales increased 17% (16% on constant currency basis) and 11% on a same-store basis (10% increase on a constant currency basis). Merchandise sales gross margin stayed steady at 32%. For the full year, merchandise sales increased 10% (20% on a constant currency basis) and merchandise gross margin decreased 170 bps to 31%.
- Fourth quarter jewelry scrap sales increased 69%, and jewelry scrap sales gross margin increased by 1,590 bps to 27%. Full year jewelry scrap sales increased 96%, and jewelry scrap sales gross margin increased by 1,500 bps to 26% due to increase in gold price, jewelry purchases and the focus on the jewelry category.
- Net inventory increased 18% (12% on a constant currency basis) due to an increase in PLO. Inventory turnover was up to 2.9x from 2.8x. On a same-store basis, net inventory increased by 10% (4% on a constant currency basis). Full year inventory turnover was 3.0x, down from 3.3x. Aged general merchandise increased to 3.1% from 0.7% of total general merchandise inventory.
- Fourth quarter store expenses increased 20% (19% on a constant currency basis) and increased 13% on a same-store basis (11% increase on a constant currency basis) due to increased labor, in line with store activity and minimum wage increases. Full year store expenses increased 5% (14% on a constant currency basis) and 3% (12% on a constant currency basis) on a same-store basis.
- Fourth quarter segment contribution increased 17% to $12.0 million (18% on a constant currency basis to $12.1 million). Full year segment contribution was up 20% to $46.6 million (28% on a constant currency basis).
- Segment store count increased by 78 to 815, due to the addition of 40 de novo stores, the acquisition of 48 stores and the consolidation of 10 stores during the full year.
FORM 10-K
EZCORP’s Quarterly Report on Form 10-K for the year ended September 30, 2025 has been filed with the Securities and Exchange Commission. The report is available in the Investor Relations section of the Company’s website at http://investors.ezcorp.com. EZCORP shareholders may obtain a paper copy of the report, free of charge, by sending a request to the investor relations contact below.
CONFERENCE CALL
EZCORP will host a conference call on Friday, November 14, 2025, at 8:00 am Central Time to discuss Fourth Quarter Fiscal 2025 results. Analysts and institutional investors may participate on the conference call by registering online at https://register-conf.media-server.com/register/BIb58af00cd0fa430788f04db0073e8400. Once registered you will receive the dial-in details with a unique PIN to join the call. The conference call will be webcast simultaneously to the public through this link: https://edge.media-server.com/mmc/p/hqptihjy. A replay of the conference call will be available online at http://investors.ezcorp.com shortly after the end of the call.
ABOUT EZCORP
Formed in 1989, EZCORP is a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index.
Follow us on social media:
Facebook EZPAWN Official https://www.facebook.com/EZPAWN/
EZCORP Instagram Official https://www.instagram.com/ezcorp_official/
EZPAWN Instagram Official https://www.instagram.com/ezpawnofficial/
EZCORP LinkedIn https://www.linkedin.com/company/ezcorp/
FORWARD LOOKING STATEMENTS
Forward-looking statements notice
This announcement contains certain forward-looking statements regarding the Company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the Company's strategy, initiatives and future performance, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors, current or future litigation and risks associated with the COVID-19 pandemic. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
Note: The underlying numbers are in thousands and, as a result, may not agree to the percentages calculated from numbers in millions and tables may not foot. “Adjusted” basis, which is a non-GAAP measure, excludes certain items. “Constant currency” basis, which is a non-GAAP measure, excludes the impact of foreign currency exchange rate fluctuations. For additional information about these calculations, as well as a reconciliation to the most comparable GAAP financial measures, see “Non-GAAP Financial Information” at the end of this release.
“Same Store” basis, which is a financial measure, includes stores open the entirety of the comparable periods.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months EndedSeptember 30, | Twelve Months EndedSeptember 30, |
|---|
| (in thousands, except per share amounts) | | 2025 | | 2024 | | 2025 | | 2024 |
| Revenues: | | | | |
| Merchandise sales | $176,565 | | $161,506 | | $700,999 | | $663,736 | |
| Jewelry scrap sales | 34,244 | | 17,891 | | 98,884 | | 61,082 | |
| Pawn service charges | 125,966 | | 115,103 | | 474,228 | | 436,545 | |
| Other revenues | 38 | | 51 | | 169 | | 239 | |
| Total revenues | 336,813 | | 294,551 | | 1,274,280 | | 1,161,602 | |
| Merchandise cost of goods sold | 114,072 | | 104,723 | | 455,677 | | 427,403 | |
| Jewelry scrap cost of goods sold | 24,171 | | 14,447 | | 72,538 | | 51,926 | |
| Gross profit | 198,570 | | 175,381 | | 746,065 | | 682,273 | |
| Operating expenses: | | | | |
| Store expenses | 129,007 | | 119,583 | | 481,108 | | 461,055 | |
| General and administrative | 23,411 | | 20,688 | | 83,500 | | 75,557 | |
| Impairment of other assets | 877 | | 843 | | 877 | | 843 | |
| Depreciation and amortization | 8,180 | | 8,127 | | 32,538 | | 33,069 | |
| Loss (gain) on sale or disposal of assets and other | 110 | | 133 | | 135 | | (16) | |
| Other operating income | - | | - | | (1,262) | | (765) | |
| Total operating expenses | 161,585 | | 149,374 | | 596,896 | | 569,743 | |
| Operating income | 36,985 | | 26,007 | | 149,169 | | 112,530 | |
| Interest expense | 8,143 | | 3,204 | | 23,029 | | 13,585 | |
| Interest income | (5,313) | | (2,123) | | (14,721) | | (10,575) | |
| Equity in net (income) loss of unconsolidated affiliates | (1,970) | | (576) | | (6,150) | | (4,711) | |
| Other (income) expense | (139) | | (750) | | 238 | | (1,377) | |
| Income before income taxes | 36,264 | | 26,252 | | 146,773 | | 115,608 | |
| Income tax expense | 9,560 | | 11,056 | | 37,160 | | 32,513 | |
| Net income | $26,704 | | $15,196 | | $109,613 | | $83,095 | |
| Basic earnings per share | $0.44 | | $0.28 | | $1.91 | | $1.51 | |
| Diluted earnings per share | $0.34 | | $0.21 | | $1.42 | | $1.10 | |
| Weighted-average basic shares outstanding | 60,901 | | 54,677 | | 57,466 | | 54,935 | |
| Weighted-average diluted shares outstanding | 83,218 | | 83,552 | | 83,383 | | 84,448 | |
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| (in thousands, except share and per share amounts) | September 30, 2025 | September 30, 2024 |
| Assets: | | |
| Current assets: | | |
| Cash and cash equivalents | $469,524 | $170,513 |
| Short-term restricted cash | 525 | 9,294 |
| Pawn loans | 307,496 | 274,084 |
| Pawn service charges receivable, net | 48,733 | 44,013 |
| Inventory, net | 248,457 | 191,923 |
| Prepaid expenses and other current assets | 51,221 | 39,171 |
| Total current assets | 1,125,956 | 728,998 |
| Investments in unconsolidated affiliates | 18,123 | 13,329 |
| Other investments | 51,903 | 51,900 |
| Property and equipment, net | 75,331 | 65,973 |
| Right-of-use assets, net | 236,462 | 226,602 |
| Long-term restricted cash | 14,664 | - |
| Goodwill | 324,889 | 306,478 |
| Intangible assets, net | 58,832 | 58,451 |
| Deferred tax asset, net | 29,455 | 25,362 |
| Other assets, net | 15,594 | 16,144 |
| Total assets | $1,951,209 | $1,493,237 |
| Liabilities and equity: | | |
| Current liabilities: | | |
| Current maturities of long-term debt, net | $ - | $103,072 |
| Accounts payable, accrued expenses and other current liabilities | 105,443 | 85,737 |
| Customer layaway deposits | 33,901 | 21,570 |
| Operating lease liabilities, current | 61,228 | 58,998 |
| Total current liabilities | 200,572 | 269,377 |
| Long-term debt, net | 518,076 | 224,256 |
| Deferred tax liability, net | 2,571 | 2,080 |
| Operating lease liabilities | 184,736 | 180,616 |
| Other long-term liabilities | 19,769 | 12,337 |
| Total liabilities | 925,724 | 688,666 |
| Commitments and contingencies (Note 12) | | |
| Stockholders’ equity: | | |
| Class A Non-Voting Common Stock, par value $0.01 per share; shares authorized: 100 million; 57,921,451 issued and outstanding as of September 30, 2025; and issued and outstanding of 51,582,698 as of September 30, 2024 | 579 | 516 |
| Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171 as of September 30, 2025 and 2024 | 30 | 30 |
| Additional paid-in capital | 450,892 | 348,366 |
| Retained earnings | 612,687 | 507,206 |
| Accumulated other comprehensive loss | (38,703) | (51,547) |
| Total equity | 1,025,485 | 804,571 |
| Total liabilities and equity | $1,951,209 | $1,493,237 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| Twelve Months EndedSeptember 30, |
|---|
| (in thousands) | | 2025 | | 2024 |
| Operating activities: | | |
| Net income | $109,613 | | $83,095 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | |
| Depreciation and amortization | 32,538 | | 33,069 | |
| Amortization of debt discount and deferred financing costs | 1,726 | | 1,605 | |
| Non-cash lease expense | 59,265 | | 58,393 | |
| Deferred income taxes | (3,084) | | 1,354 | |
| Impairment of other assets | 877 | | 843 | |
| Other adjustments | (1,942) | | 789 | |
| Provision for inventory reserve | 858 | | 73 | |
| Stock compensation expense | 12,465 | | 10,406 | |
| Equity in net (income) loss from investment in unconsolidated affiliates | (6,150) | | (4,711) | |
| Changes in operating assets and liabilities, net of business acquisitions: | | |
| Service charges and fees receivable | (3,833) | | (5,217) | |
| Inventory | (18,179) | | (8,488) | |
| Prepaid expenses, other current assets and other assets | (5,719) | | (8,638) | |
| Accounts payable, accrued expenses and other liabilities | (41,420) | | (57,158) | |
| Customer layaway deposits | 11,712 | | 2,950 | |
| Income taxes | 258 | | 5,235 | |
| Net cash provided by operating activities | 148,985 | | 113,600 | |
| Investing activities: | | |
| Loans made | (1,006,505) | | (937,014) | |
| Loans repaid | 557,761 | | 522,497 | |
| Recovery of pawn loan principal through sale of forfeited collateral | 393,203 | | 363,396 | |
| Capital expenditures, net | (38,561) | | (35,764) | |
| Acquisitions, net of cash acquired | (20,693) | | (12,113) | |
| (Issuance of) proceeds from note receivable | (5,895) | | 421 | |
| Investment in unconsolidated affiliate | (786) | | (1,131) | |
| Investment in other investments | - | | (15,680) | |
| Dividends from unconsolidated affiliates | 3,614 | | 3,535 | |
| Net cash used in investing activities | (117,862) | | (111,853) | |
| Financing activities: | | |
| Taxes paid related to net share settlement of equity awards | (3,972) | | (3,294) | |
| Proceeds from borrowings | 300,000 | | - | |
| Debt issuance cost | (7,593) | | - | |
| Payments on debt | (6,410) | | (34,389) | |
| Purchase and retirement of treasury stock | (6,999) | | (12,008) | |
| Payments of finance leases | (606) | | (492) | |
| Net cash (used in) provided by financing activities | 274,420 | | (50,183) | |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | (637) | | (725) | |
| Net (decrease) increase in cash and cash equivalents and restricted cash | 304,906 | | (49,161) | |
| Cash and cash equivalents and restricted cash at beginning of period | 179,807 | | 228,968 | |
| Cash and cash equivalents and restricted cash at end of period | $484,713 | | $179,807 | |
OPERATING SEGMENT RESULTS
| Three Months Ended September 30, 2025(Unaudited) |
|---|
| (in thousands) | U.S. Pawn | Latin America Pawn | Other Investments | Total Segments | Corporate Items | Consolidated |
| Revenues: | | | | | | |
| Merchandise sales | $117,288 | $59,277 | $ - | $176,565 | $ - | $176,565 |
| Jewelry scrap sales | 29,512 | 4,732 | - | 34,244 | - | 34,244 |
| Pawn service charges | 92,125 | 33,841 | - | 125,966 | - | 125,966 |
| Other revenues | 21 | 17 | - | 38 | - | 38 |
| Total revenues | 238,946 | 97,867 | - | 336,813 | - | 336,813 |
| Merchandise cost of goods sold | 73,694 | 40,377 | - | 114,071 | - | 114,071 |
| Jewelry scrap cost of goods sold | 20,729 | 3,442 | - | 24,171 | - | 24,171 |
| Gross profit | 144,523 | 54,048 | - | 198,571 | - | 198,571 |
| Segment and corporate expenses (income): | | | | | | |
| Store expenses | 88,979 | 40,028 | - | 129,007 | - | 129,007 |
| General and administrative | - | - | - | - | 23,411 | 23,411 |
| Impairment of other assets | 263 | - | - | 263 | 614 | 877 |
| Depreciation and amortization | 2,701 | 2,421 | - | 5,122 | 3,059 | 8,181 |
| Loss on sale or disposal of assets and other | 66 | 44 | - | 110 | - | 110 |
| Other operating income | - | - | - | - | - | - |
| Interest expense | - | - | - | - | 8,143 | 8,143 |
| Interest income | - | (356) | (843) | (1,199) | (4,114) | (5,313) |
| Equity in net (income) loss of unconsolidated affiliates | - | - | (2,038) | (2,038) | 68 | (1,970) |
| Other expense (income) | 7 | (110) | - | (103) | (36) | (139) |
| Segment contribution | $52,507 | $12,021 | $2,881 | $67,409 | | |
| Income (loss) before income taxes | | | | $67,409 | $(31,145) | $36,264 |
| Three Months Ended September 30, 2024(Unaudited) |
|---|
| (in thousands) | U.S. Pawn | Latin America Pawn | Other Investments | Total Segments | Corporate Items | Consolidated |
| Revenues: | | | | | | |
| Merchandise sales | $111,040 | $50,466 | $ - | $161,506 | $ - | $161,506 |
| Jewelry scrap sales | 15,086 | 2,805 | - | 17,891 | - | 17,891 |
| Pawn service charges | 85,863 | 29,240 | - | 115,103 | - | 115,103 |
| Other revenues | 32 | 19 | - | 51 | - | 51 |
| Total revenues | 212,021 | 82,530 | - | 294,551 | - | 294,551 |
| Merchandise cost of goods sold | 70,158 | 34,565 | - | 104,723 | - | 104,723 |
| Jewelry scrap cost of goods sold | 11,961 | 2,486 | - | 14,447 | - | 14,447 |
| Gross profit | 129,902 | 45,479 | - | 175,381 | - | 175,381 |
| Segment and corporate expenses (income): | | | | | | |
| Store expenses | 86,280 | 33,303 | - | 119,583 | - | 119,583 |
| General and administrative | - | - | - | - | 20,688 | 20,688 |
| Impairment of goodwill, intangible and other assets | - | - | - | - | 843 | 843 |
| Depreciation and amortization | 2,599 | 2,044 | - | 4,643 | 3,484 | 8,127 |
| (Gain) loss on sale or disposal of assets and other | 9 | 100 | - | 109 | 24 | 133 |
| Interest expense | - | - | - | - | 3,204 | 3,204 |
| Interest income | - | (214) | (611) | (825) | (1,298) | (2,123) |
| Equity in net (income) loss of unconsolidated affiliates | - | - | (715) | (715) | 139 | (576) |
| Other (income) expense | 7 | 13 | (27) | (7) | (743) | (750) |
| Segment contribution | $41,007 | $10,233 | $1,353 | $52,593 | | |
| Income (loss) before income taxes | | | | $52,593 | $(26,341) | $26,252 |
| Twelve Months Ended September 30, 2025(Unaudited) |
|---|
| (in thousands) | U.S. Pawn | Latin America Pawn | Other Investments | Total Segments | Corporate Items | Consolidated |
| Revenues: | | | | | | |
| Merchandise sales | $475,252 | $225,747 | $ - | $700,999 | $ - | $700,999 |
| Jewelry scrap sales | 85,658 | 13,226 | - | 98,884 | - | 98,884 |
| Pawn service charges | 351,479 | 122,749 | - | 474,228 | - | 474,228 |
| Other revenues | 103 | 66 | - | 169 | - | 169 |
| Total revenues | 912,492 | 361,788 | - | 1,274,280 | - | 1,274,280 |
| Merchandise cost of goods sold | 299,107 | 156,570 | - | 455,677 | - | 455,677 |
| Jewelry scrap cost of goods sold | 62,746 | 9,792 | - | 72,538 | - | 72,538 |
| Gross profit | 550,639 | 195,426 | - | 746,065 | - | 746,065 |
| Segment and corporate expenses (income): | | | | | | |
| Store expenses | 339,378 | 141,730 | - | 481,108 | - | 481,108 |
| General and administrative | - | - | - | - | 83,500 | 83,500 |
| Impairment of other assets | 263 | - | - | 263 | 614 | 877 |
| Depreciation and amortization | 10,750 | 8,612 | - | 19,362 | 13,176 | 32,538 |
| Loss (gain) on sale or disposal of assets and other | 83 | 52 | - | 135 | - | 135 |
| Other operating income | - | - | - | - | (1,262) | (1,262) |
| Interest expense | - | - | - | - | 23,029 | 23,029 |
| Interest income | - | (1,251) | (2,646) | (3,897) | (10,824) | (14,721) |
| Equity in net (income) loss of unconsolidated affiliates | - | - | (6,936) | (6,936) | 786 | (6,150) |
| Other income | - | (330) | - | (330) | 568 | 238 |
| Segment contribution | $200,165 | $46,613 | $9,582 | $256,360 | | |
| Income (loss) before income taxes | | | | $256,360 | $(109,587) | $146,773 |
| Twelve Months Ended September 30, 2024(Unaudited) |
|---|
| (in thousands) | U.S. Pawn | Latin America Pawn | Other Investments | Total Segments | Corporate Items | Consolidated |
| Revenues: | | | | | | |
| Merchandise sales | $459,251 | $204,485 | $ - | $663,736 | $ - | $663,736 |
| Jewelry scrap sales | 54,344 | 6,738 | - | 61,082 | - | 61,082 |
| Pawn service charges | 322,362 | 114,183 | - | 436,545 | - | 436,545 |
| Other revenues | 126 | 78 | 35 | 239 | - | 239 |
| Total revenues | 836,083 | 325,484 | 35 | 1,161,602 | - | 1,161,602 |
| Merchandise cost of goods sold | 288,894 | 138,509 | - | 427,403 | - | 427,403 |
| Jewelry scrap cost of goods sold | 45,926 | 6,000 | - | 51,926 | - | 51,926 |
| Gross profit | 501,263 | 180,975 | 35 | 682,273 | - | 682,273 |
| Segment and corporate expenses (income): | | | | | | |
| Store expenses | 325,816 | 135,239 | - | 461,055 | - | 461,055 |
| General and administrative | - | - | - | - | 75,557 | 75,557 |
| Impairment of goodwill, intangible and other assets | - | - | - | - | 843 | 843 |
| Depreciation and amortization | 10,147 | 8,865 | - | 19,012 | 14,057 | 33,069 |
| (Gain) loss on sale or disposal of assets and other | 3 | (140) | - | (137) | 121 | (16) |
| Other operating income | - | - | - | - | (765) | (765) |
| Interest expense | - | - | - | - | 13,585 | 13,585 |
| Interest income | - | (1,612) | (2,422) | (4,034) | (6,541) | (10,575) |
| Equity in net (income) loss of unconsolidated affiliates | - | - | (4,993) | (4,993) | 282 | (4,711) |
| Other (income) expense | 7 | (218) | - | (211) | (1,166) | (1,377) |
| Segment contribution | $165,290 | $38,841 | $7,450 | $211,581 | | |
| Income (loss) before income taxes | | | | $211,581 | $(95,973) | $115,608 |
STORE COUNT ACTIVITY
(Unaudited)
| Three Months Ended September 30, 2025 |
|---|
| U.S. Pawn | Latin America Pawn | Consolidated |
|---|
| As of June 30, 2025 | 545 | 791 | 1,336 |
| New locations opened | - | 17 | 17 |
| Locations acquired | 1 | 7 | 8 |
| Locations combined or closed | (1) | - | (1) |
| As of September 30, 2025 | 545 | 815 | 1,360 |
| Three Months Ended September 30, 2024 |
|---|
| U.S. Pawn | Latin America Pawn | Consolidated |
|---|
| As of June 30, 2024 | 541 | 717 | 1,258 |
| New locations opened | - | 20 | 20 |
| Locations acquired | 1 | - | 1 |
| As of September 30, 2024 | 542 | 737 | 1,279 |
| Twelve Months Ended September 30, 2025 | |
|---|
| U.S. Pawn | Latin America Pawn | Consolidated |
|---|
| As of September 30, 2024 | 542 | 737 | 1,279 |
| New locations opened | - | 40 | 40 |
| Locations acquired | 4 | 48 | 52 |
| Locations combined or closed | (1) | (10) | (11) |
| As of September 30, 2025 | 545 | 815 | 1,360 |
| Twelve Months Ended September 30, 2024 |
|---|
| U.S. Pawn | Latin America Pawn | Consolidated |
|---|
| As of September 30, 2023 | 529 | 702 | 1,231 |
| New locations opened | 1 | 40 | 41 |
| Locations acquired | 13 | - | 13 |
| Locations combined or closed | (1) | (5) | (6) |
| As of September 30, 2024 | 542 | 737 | 1,279 |
Non-GAAP Financial Information (Unaudited)
In addition to the financial information prepared in conformity with accounting U.S. generally accepted accounting principles (“GAAP”), we provide certain other non-GAAP financial information on a constant currency (“constant currency”) and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflects an additional way of viewing aspects of our business that, when viewed with GAAP results, provides a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.
Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.
Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. In addition, we have an equity method investment that is denominated in Australian dollars and is translated into U.S. dollars. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three and twelve months ended September 30, 2025 and 2024 were as follows:
| September 30, | Three Months EndedSeptember 30, | Twelve Months EndedSeptember 30, |
|---|
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|---|
| Mexican peso | 18.3 | | 19.7 | | 18.6 | | 18.9 | | 19.7 | | 17.7 | |
| Guatemalan quetzal | 7.5 | | 7.6 | | 7.6 | | 7.6 | | 7.6 | | 7.6 | |
| Honduran lempira | 25.9 | | 24.6 | | 25.9 | | 24.4 | | 25.4 | | 24.4 | |
| Australian dollar | 1.5 | | 1.4 | | 1.5 | | 1.5 | | 1.6 | | 1.5 | |
Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.
Miscellaneous Non-GAAP Financial Measures
| Three Months EndedSeptember 30, | Twelve Months Ended September 30, |
|---|
| (in millions) | | 2025 | | 2024 | | 2025 | | 2024 |
| Net income | $26.7 | | $15.2 | | $109.6 | | $83.1 | |
| Interest expense | 8.1 | | 3.2 | | 23.0 | | 13.6 | |
| Interest income | (5.3) | | (2.1) | | (14.7) | | (10.6) | |
| Income tax expense | 9.6 | | 11.1 | | 37.2 | | 32.5 | |
| Depreciation and amortization | 8.2 | | 8.1 | | 32.5 | | 33.1 | |
| EBITDA | $47.3 | | $35.5 | | $187.6 | | $151.7 | |
| Total Revenues | Gross Profit | Income Before Tax | Tax Effect | Net Income | Diluted EPS | EBITDA |
|---|
| 2025 Q4 Reported | $336.8 | $198.6 | $36.3 | $9.6 | $26.7 | $0.34 | $47.3 |
| Corporate office impairment | - | - | 0.6 | 0.2 | 0.4 | 0.01 | 0.6 |
| FX impact | - | - | 0.1 | - | 0.1 | - | 0.1 |
| Non-recurring foreign tax expense | - | - | - | 1.0 | (1.0) | (0.01) | - |
| Tax discrete adjustments | - | - | - | (0.6) | 0.6 | - | - |
| Constant Currency | (0.9) | (0.6) | - | - | - | - | (0.1) |
| 2025 Q4 Adjusted | $335.9 | $198.0 | $37.0 | $10.2 | $26.8 | $0.34 | $47.9 |
| Total Revenues | Gross Profit | Income Before Tax | Tax Effect | Net Income | Diluted EPS | EBITDA |
|---|
| 2025 Full Year reported | $1,274.3 | $746.1 | $146.8 | $37.2 | $109.6 | $1.42 | $187.6 |
| Corporate lease termination | - | - | (1.3) | (0.3) | (1.0) | (0.01) | (1.3) |
| Corporate office impairment | - | - | 0.6 | 0.2 | 0.4 | - | 0.6 |
| Non-recurring foreign tax expense | - | - | - | 0.5 | (0.5) | (0.01) | - |
| Tax discrete adjustments | - | - | - | 0.7 | (0.7) | (0.01) | - |
| FX impact | - | - | 0.9 | 0.2 | 0.7 | 0.01 | 0.9 |
| Constant Currency and other impact | 30.0 | 15.6 | 2.7 | 0.5 | 2.2 | 0.03 | 3.4 |
| 2025 Full Year Adjusted | $1,304.3 | $761.7 | $149.7 | $39.0 | $110.7 | $1.43 | $191.2 |
| Total Revenues | Gross Profit | Income Before Tax | Tax Effect | Net Income | Diluted EPS | EBITDA |
|---|
| 2024 Q4 Reported | $294.6 | $175.4 | $26.3 | $11.1 | $15.2 | $0.21 | $35.5 |
| CCV adjustment | - | - | 1.0 | 0.3 | 0.7 | 0.01 | 1.0 |
| Non-recurring foreign tax expense | - | - | - | (1.7) | 1.7 | 0.02 | - |
| Tax discrete adjustments | - | - | - | (1.3) | 1.3 | 0.02 | - |
| FX impact | - | - | (0.5) | (0.1) | (0.4) | (0.01) | (0.5) |
| 2024 Q4 Adjusted | $294.6 | $175.4 | $26.8 | $8.3 | $18.5 | $0.25 | $36.0 |
| Total Revenues | Gross Profit | Income Before Tax | Tax Effect | Net Income | Diluted EPS | EBITDA |
|---|
| 2024 Full Year reported | $1,161.6 | $682.3 | $115.6 | $32.5 | $83.1 | $1.10 | $151.7 |
| CCV adjustment | - | - | 1.0 | 0.3 | 0.7 | 0.01 | 1.0 |
| Corporate lease termination | - | - | (0.8) | (0.2) | (0.6) | (0.01) | (0.8) |
| Non-recurring foreign tax expense | - | - | - | (1.7) | 1.7 | 0.02 | - |
| Tax discrete adjustments | - | - | - | (0.6) | 0.6 | 0.01 | - |
| FX impact | - | - | (0.3) | (0.1) | (0.2) | - | (0.3) |
| 2024 Full Year Adjusted | $1,161.6 | $682.3 | $115.5 | $30.2 | $85.3 | $1.13 | $151.6 |
| Three Months Ended September 30, 2025 | Twelve Months EndedSeptember 30, 2025 |
|---|
| (in millions) | U.S. Dollar Amount | Percentage Change YOY | U.S. Dollar Amount | Percentage Change YOY |
| Consolidated revenues | $336.8 | 14% | $1,274.3 | 10% |
| Currency exchange rate fluctuations | (0.9) | | 30.0 | |
| Constant currency consolidated revenues | $335.9 | 14% | $1,304.3 | 12% |
| Consolidated gross profit | $198.6 | 13% | $746.1 | 9% |
| Currency exchange rate fluctuations | (0.6) | | 15.6 | |
| Constant currency consolidated gross profit | $198.0 | 13% | $761.7 | 12% |
| Consolidated net inventory | $248.5 | 29% | $248.5 | 29% |
| Currency exchange rate fluctuations | (3.3) | | (3.3) | |
| Constant currency consolidated net inventory | $245.2 | 28% | $245.2 | 28% |
| Latin America Pawn gross profit | $54.0 | 19% | $195.4 | 8% |
| Currency exchange rate fluctuations | (0.5) | | 15.6 | |
| Constant currency Latin America Pawn gross profit | $53.5 | 18% | $211.0 | 17% |
| Latin America Pawn PLO | $73.7 | 23% | $73.7 | 23% |
| Currency exchange rate fluctuations | (3.6) | | (3.6) | |
| Constant currency Latin America Pawn PLO | $70.1 | 17% | $70.1 | 17% |
| Latin America Pawn PSC revenues | $33.8 | 16% | $122.7 | 8% |
| Currency exchange rate fluctuations | (0.3) | | 9.3 | |
| Constant currency Latin America Pawn PSC revenues | $33.5 | 15% | $132.0 | 16% |
| Latin America Pawn merchandise sales | $59.3 | 17% | $225.7 | 10% |
| Currency exchange rate fluctuations | (0.6) | | 19.7 | |
| Constant currency Latin America Pawn merchandise sales | $58.7 | 16% | $245.4 | 20% |
| Latin America Pawn segment profit before tax | $12.0 | 17% | $46.6 | 20% |
| Currency exchange rate fluctuations | 0.1 | | 3.2 | |
| Constant currency Latin America Pawn segment profit before tax | $12.1 | 18% | $49.8 | 28% |
Contacts
Email: Investor_Relations@ezcorp.com
Phone: (512) 314-2220