“FirstCash Holdings achieved unprecedented fourth-quarter revenue of $1.06 billion, marking a 20% increase year-over-year, with diluted EPS rising 26% to $2.35. Full-year results showed revenue up 8% to $3.66 billion and EPS climbing 29% to $7.42, driven by robust pawn receivable growth, strategic acquisitions including the U.K.’s H&T portfolio, and enhanced retail performance across segments. The company added 344 pawn locations in 2025, reaching 3,330 globally, while AFF’s retail payment solutions faced headwinds from merchant bankruptcies but maintained strong adjusted metrics.”
FirstCash Holdings, the leading operator of pawn stores and provider of retail point-of-sale payment solutions, reported exceptional financial performance for the fourth quarter and full year of 2025, highlighting the resilience and growth potential in the pawn lending and retail merchandising space.
In the fourth quarter, total revenue surged to $1.058 billion, representing a 20% jump from the $884 million recorded in the same period last year. This growth was fueled by double-digit increases in pawn receivables across all major geographies, with same-store pawn fees and retail sales delivering strong results. Net income for the quarter reached $104 million, up 25% year-over-year, translating to diluted earnings per share of $2.35, a 26% improvement. On an adjusted basis, excluding non-recurring items such as acquisition-related costs, net income was $117 million, with adjusted diluted EPS at $2.64, reflecting a 25% rise.
The company’s gross profit, or net revenue, outpaced overall revenue growth, increasing 22% in the quarter to underscore efficient operations and favorable inventory management. Adjusted EBITDA for the period climbed 27% to $210 million, demonstrating solid margin expansion despite inflationary pressures on operating expenses.
Breaking down by segments, the U.S. pawn operations, which constitute a significant portion of the business, saw revenue rise 14% in the fourth quarter. Pawn receivables grew 14% overall, with same-store balances up 12%, marking the tenth straight quarter of double-digit expansion. Pawn loan fees increased 10%, while retail merchandise sales advanced 9%, supported by healthy demand for general merchandise and jewelry. Pre-tax operating income in this segment improved 15% to $129 million, with margins holding steady at 27%. Inventory turnover remained efficient at 3.1 times annually, and aged inventories over one year stayed low at 1.8%, minimizing risk of obsolescence.
In Latin America, pawn revenue grew 27% in U.S. dollars, or 17% on a constant currency basis, benefiting from favorable foreign exchange movements in the Mexican peso. Pawn receivables expanded 38% in dollars, with same-store growth at 23% in local currency. Pawn fees rose 29%, and retail sales increased 24%, with margins at 35%. Pre-tax operating income jumped 36% to $80 million. The segment added 11 new stores in the quarter, primarily in Mexico and Guatemala, contributing to full-year additions of 35 de novo locations.
The newly integrated U.K. pawn segment, stemming from the August 2025 acquisition of Harvey & Thompson’s 286 stores, contributed $96 million in revenue during its first full quarter under FirstCash. Pawn receivables here totaled $214 million, up 25% overall and 24% same-store in local currency. Pre-tax operating income reached $35 million, with impressive margins of 36%, driven by strong pawn fee yields and retail performance in a market ripe for consolidation.
The American First Finance (AFF) segment, focused on lease-to-own and retail finance solutions, faced challenges from the runoff of portfolios tied to bankrupt merchants like American Freight and Conn’s. Gross transaction volume dipped 3% to $277 million in the quarter, and revenues fell 15%. However, excluding these impacts, volumes grew 8%, and revenues increased 11%. Pre-tax operating income was $33 million, down 16%, but loss provisions stabilized at 27.7% of gross volume. Delinquency rates improved slightly to 23.5% for leased merchandise and 21.2% for finance receivables, with net charge-offs at 6.2% and 5.6%, respectively. Operating expenses dropped 32%, reflecting disciplined cost management.
For the full year, consolidated revenue hit $3.661 billion, an 8% increase, while net income soared 28% to $330 million, yielding diluted EPS of $7.42, up 29%. Adjusted figures showed even stronger growth, with net income at $390 million and EPS at $8.76, a 31% gain. Adjusted EBITDA rose 25% to $698 million, and operating cash flow reached a record $586 million, up 9%. This cash generation supported $186 million in shareholder returns, including $71 million in dividends and $115 million in share repurchases.
Pawn earning assets ended the year at record levels, with receivables at $831 million (up 14%) and inventories at $487 million. The company’s global footprint expanded significantly, closing 2025 with 3,330 pawn stores after adding 344 locations, including 309 through acquisitions. AFF’s active merchant partners grew 21% to approximately 16,400.
On the balance sheet, total assets stood at $5.301 billion, with cash and equivalents at $125 million. Outstanding debt was $2.2 billion, maintaining a net debt to adjusted EBITDA ratio of 3.0x, or 2.7x pro forma for recent acquisitions. Stockholders’ equity increased to $2.277 billion, bolstering financial flexibility.
Key Financial Metrics Table
Segment Pre-Tax Operating Income Table
| Metric | Q4 2025 | Q4 2024 | % Change | Full-Year 2025 | Full-Year 2024 | % Change |
|---|---|---|---|---|---|---|
| Revenue ($000s) | 1,058,419 | 883,811 | +20% | 3,661,043 | 3,388,514 | +8% |
| Net Income ($000s) | 104,172 | 83,547 | +25% | 330,375 | 258,815 | +28% |
| Diluted EPS | 2.35 | 1.86 | +26% | 7.42 | 5.73 | +29% |
| Adjusted EBITDA ($000s) | 209,826 | 165,685 | +27% | 698,389 | 558,437 | +25% |
| Operating Cash Flow ($000s) | N/A | N/A | N/A | 586,000 | 538,000 | +9% |
| Segment | Q4 2025 ($000s) | Q4 2024 ($000s) | % Change | Full-Year 2025 ($000s) | Full-Year 2024 ($000s) | % Change |
| U.S. Pawn | 129,132 | 111,809 | +15% | 422,345 | 370,512 | +14% |
| Latin America Pawn | 80,456 | 59,124 | +36% | 254,678 | 215,890 | +18% |
| U.K. Pawn | 35,000 | N/A | N/A | 50,000 (partial) | N/A | N/A |
| AFF | 33,000 | 39,312 | -16% | 169,000 | 129,000 | +31% |
Looking ahead, FirstCash anticipates continued momentum in its pawn segments, with U.S. pawn fee revenue expected to grow in the low double digits, Latin America in the mid-teens on a constant currency basis, and U.K. contributions scaling seasonally. AFF volumes are projected to rise 5-10%, though net revenues may dip initially due to lingering portfolio runoff. Corporate expenses are expected to align with recent run rates, with interest costs up modestly. The company remains committed to organic growth, selective acquisitions, and returning capital via dividends and buybacks, with the board declaring a $0.42 quarterly dividend.
Overall pawn metrics remain favorable, with collateral composition weighted 75% toward jewelry, providing downside protection. In Latin America, the 12% minimum wage increase in Mexico is factored into expense guidance, while currency fluctuations could impact reported figures, with each 1-point change in USD/MXN affecting EPS by about $0.10.
The results affirm FirstCash’s position as a dominant player in the underserved financial services market, leveraging scale, technology, and geographic diversity to drive profitability.
Pawn Growth and Metrics Highlights
Total pawn stores: 3,330 (up 11% year-over-year)
2025 additions: 344 (309 acquisitions, 35 new openings)
Q4 additions: 28 (17 U.S. acquisitions, 11 Latin America de novos)
Pawn receivables: $831 million (14% growth; U.S. 12% same-store, Latin 23% same-store constant currency, U.K. 24% same-store)
Inventory turns: 3.1x annually
Aged inventories: 1.4-1.8% across segments
AFF Performance Details
Active merchants: ~16,400 (21% growth)
Gross transaction volume: $1.022 billion full-year (down 5%; up 11% ex-bankruptcies)
Loss provision rate: 27.7% Q4
Delinquency: 21-23.5% across portfolios
Charge-offs: 5.6-6.2%
These outcomes position FirstCash for sustained expansion, capitalizing on consumer demand for accessible credit and value-driven retail options in a dynamic economic environment.
Disclaimer: This news report is for informational purposes only and does not constitute financial advice, investment tips, or endorsements. Sources are reliable but accuracy is not guaranteed.
