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On July 23, 2026, FirstCash Holdings Inc (FCFS) shares fell 5.4% to $197.41. This decline comes amidst a challenging price performance, with the stock experienc

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.

 Three Months Ended June 30, As Reported (GAAP) Adjusted (Non-GAAP)In thousands, except per share amounts 2026  2025  2026  2025Revenue$             1,074,688  $                830,622 $             1,074,688  $                830,622Net income$                  93,467  $                  59,805 $                110,114   $                  79,620Diluted earnings per share$                      2.12  $                      1.34 $                      2.50  $                      1.79EBITDA (non-GAAP measure)$                194,727  $                132,753 $                201,431  $                145,129Weighted-average diluted shares                     44,036                       44,552                      44,036                       44,552  Six Months Ended June 30, As Reported (GAAP) Adjusted (Non-GAAP)In thousands, except per share amounts 2026  2025  2026  2025Revenue$             2,126,339  $             1,667,045 $             2,126,339  $             1,667,045Net income$                201,169  $                143,396 $                229,162  $                172,399Diluted earnings per share$                      4.56  $                      3.21 $                      5.19  $                      3.86EBITDA (non-GAAP measure)$                405,672  $                295,714 $                412,062  $                308,009Weighted-average diluted shares                     44,142                       44,670                      44,142                       44,670
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:
Revenues of $4.1 billionNet income of $388 million on a GAAP basis and adjusted net income of $447 millionAdjusted EBITDA of $802 millionOperating cash flows of $673 million and adjusted free cash flows (a non-GAAP measure) of $309 million 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: On July 16, 2026, the Company agreed to revised offer terms with Ramsdens’ board of directors, increasing the cash price to be received by Ramsdens’ shareholders from 600 pence to 675 pence for each Ramsdens share held plus a permitted dividend of 9 pence per share due to be paid on October 9, 2026. The revised total equity value for the Ramsdens acquisition is approximately £232 million ($308 million USD using GBP/USD exchange rate as of the close of business on June 30, 2026), representing an aggregate increase of approximately £25 million ($34 million USD).Pending approvals by Ramsdens’ shareholders, receipt of the required anti-trust and regulatory approvals and satisfaction of other closing conditions, the Company still expects the transaction to close by the end of 2026.Upon closing, the addition of Ramsdens would add 174 U.K. locations and increase the Company’s store base to be in excess of 3,500 locations. 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: A total of 313 pawn stores were acquired for a combined purchase price of $453 million. Excluding earning assets obtained through acquisitions over the past twelve months, pawn earning assets (pawn receivables and inventories) increased $282 million compared to last year.34 de novo pawn stores were opened with a combined investment of approximately $15 million in fixed assets and working capital.Strategic real estate purchases totaled $74 million as the Company purchased the underlying real estate at 45 of its existing pawn stores, bringing the number of Company-owned properties to 466 locations or 38% of its U.S. store base.Shareholder returns comprised of stock repurchases and cash dividends totaled $256 million. 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.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands)     Three Months Ended Six Months Ended June 30, June 30,  2026   2025   2026   2025 Revenue:       Retail merchandise sales$           471,263   $           385,125  $           936,097   $           756,181 Pawn loan fees              258,441                 190,822                525,139                 382,693 Leased merchandise income              115,499                 139,784                245,686                 296,702 Interest and fees on retail finance products                73,962                   76,075                148,297                 149,488 Wholesale scrap jewelry sales              152,132                   38,816                264,613                   81,981 Other revenue                  3,391                          —                    6,507                          — Total revenue           1,074,688                 830,622             2,126,339              1,667,045         Cost of revenue:       Cost of retail merchandise sold              285,619                 230,326                563,668                 454,450 Depreciation of leased merchandise                71,650                   78,272                152,709                 167,091 Provision for lease losses                24,439                   32,543                  54,183                   60,105 Provision for loan losses                39,930                   41,761                  82,774                   78,121 Cost of wholesale scrap jewelry sold              119,069                   34,904                195,796                   70,259 Other cost of revenue                     312                          —                    1,158                          — Total cost of revenue              541,019                 417,806             1,050,288                 830,026         Net revenue              533,669                 412,816             1,076,051                 837,019         Expenses and other income:       Operating expenses              267,738                 222,493                537,167                 437,079 Administrative expenses                66,825                   59,263                132,603                 107,786 Depreciation and amortization                32,440                   25,864                  63,956                   51,366 Interest expense                35,702                   26,337                  70,230                   53,808 Interest income                   (417)                    (527)                    (644)                 (1,756)Loss (gain) on foreign exchange                  1,738                   (1,271)                      636                   (1,285)Merger and acquisition expenses                  6,358                     2,777                    7,223                     3,239 Other income, net                (3,717)                 (3,199)                 (7,250)                 (5,514)Total expenses and other income              406,667                 331,737                803,921                 644,723         Income before income taxes              127,002                   81,079                272,130                 192,296         Provision for income taxes                33,535                   21,274                  70,961                   48,900         Net income$             93,467   $             59,805  $           201,169   $           143,396  FIRSTCASH HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)     June 30, December 31,  2026   2025   2025 ASSETS     Cash and cash equivalents$           172,298   $           101,467  $           125,197 Accounts receivable, net              120,884                   76,062                115,854 Pawn loans              897,555                 550,718                831,497 Finance receivables, net              131,002                 154,518                150,274 Inventories              570,493                 355,733                487,232 Leased merchandise, net                84,569                 100,689                114,283 Prepaid expenses and other current assets                41,911                   35,667                  32,131 Total current assets           2,018,712              1,374,854             1,856,468       Property and equipment, net              855,034                 750,862                808,050 Operating lease right of use asset              363,132                 342,859                365,621 Goodwill           2,030,563              1,826,184             2,023,426 Intangible assets, net              200,247                 204,643                231,140 Other assets                  9,639                     9,805                    9,796 Deferred tax assets, net                  8,246                     5,042                    6,262 Total assets$        5,485,573   $        4,514,249  $        5,300,763       LIABILITIES AND STOCKHOLDERS’ EQUITY     Accounts payable and accrued liabilities$           208,170   $           145,035  $           212,615 Customer deposits and prepayments                93,437                   80,848                  83,908 Lease liability, current              111,512                  100,845                111,291 Total current liabilities              413,119                 326,728                407,814       Revolving unsecured credit facility                69,000                 152,000                559,000 Other long-term debt           2,277,039              1,532,865             1,649,434 Deferred tax liabilities, net              159,158                 125,290                158,819 Lease liability, non-current              245,465                 237,198                248,934 Total liabilities           3,163,781              2,374,081             3,024,001       Stockholders’ equity:     Common stock                     575                        575                       575 Additional paid-in capital           1,761,131              1,760,179             1,771,379 Retained earnings           1,834,886              1,520,677             1,670,583 Accumulated other comprehensive loss              (55,746)               (96,267)               (64,835)Common stock held in treasury, at cost         (1,219,054)          (1,044,996)          (1,100,940)Total stockholders’ equity           2,321,792              2,140,168             2,276,762 Total liabilities and stockholders’ equity$        5,485,573   $        4,514,249  $        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, 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.
SEGMENT RESULTS
(unaudited, in thousands)
   Three Months Ended June 30, 2026 U.S.
Pawn LatAm
Pawn U.K.
Pawn AFF Intersegment
Eliminations ConsolidatedRevenue:           Retail merchandise sales$      275,676 $      174,316 $        21,467 $               — $           (196) $      471,263Pawn loan fees         150,062            79,572            28,807                   —                   —           258,441Leased merchandise income                  —                   —                   —          115,499                   —           115,499Interest and fees on retail finance products                  —                   —                   —            73,962                   —             73,962Wholesale scrap jewelry sales           72,334            38,154            41,644                   —                   —           152,132Other revenue                  —                   —              3,391                   —                   —               3,391Total revenue         498,072          292,042            95,309          189,461               (196)       1,074,688Cost of revenue:           Cost of retail merchandise sold         156,453          113,763            15,507                   —               (104)          285,619Depreciation of leased merchandise                  —                   —                   —            71,701                 (51)            71,650Provision for lease losses                  —                   —                   —            24,516                 (77)            24,439Provision for loan losses                  —                   —                   —            39,930                   —             39,930Cost of wholesale scrap jewelry sold           60,962            32,947            25,160                   —                   —           119,069Other cost of revenue                  —                   —                 312                   —                   —                  312Total cost of revenue         217,415          146,710            40,979          136,147               (232)          541,019Net revenue         280,657          145,332            54,330            53,314                   36           533,669Segment expenses:           Operating expenses         142,367            82,181            19,344            23,846                   —           267,738Depreciation             9,074              5,002              1,349                 730                   —             16,155Total segment expenses         151,441            87,183            20,693            24,576                   —           283,893Segment pre-tax operating income$      129,216 $        58,149 $        33,637 $        28,738 $               36  $      249,776  Three Months Ended June 30, 2025 U.S.
Pawn LatAm
Pawn U.K.
Pawn AFF Intersegment
Eliminations ConsolidatedRevenue:           Retail merchandise sales$      249,918 $      135,956 $               — $               — $           (749) $      385,125Pawn loan fees         130,948            59,874                   —                   —                   —           190,822Leased merchandise income                  —                   —                   —          139,784                   —           139,784Interest and fees on retail finance products                  —                   —                   —            76,075                   —             76,075Wholesale scrap jewelry sales           28,740            10,076                   —                   —                   —             38,816Total revenue         409,606          205,906                   —          215,859               (749)          830,622Cost of revenue:           Cost of retail merchandise sold         143,149            87,579                   —                   —               (402)          230,326Depreciation of leased merchandise                  —                   —                   —            78,529               (257)            78,272Provision for lease losses                  —                   —                   —            32,667               (124)            32,543Provision for loan losses                  —                   —                   —            41,761                   —             41,761Cost of wholesale scrap jewelry sold           26,265              8,639                   —                   —                   —             34,904Total cost of revenue         169,414            96,218                   —          152,957               (783)          417,806Net revenue         240,192          109,688                   —            62,902                   34           412,816Segment expenses:           Operating expenses         133,815            64,414                   —            24,264                   —           222,493Depreciation             8,091              4,294                   —                 699                   —             13,084Total segment expenses         141,906            68,708                   —            24,963                   —           235,577Segment pre-tax operating income$        98,286 $        40,980 $               — $        37,939 $               34  $      177,239 FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS
(unaudited, in thousands)
   Six Months Ended June 30, 2026 U.S.
Pawn LatAm
Pawn U.K.
Pawn AFF Intersegment
Eliminations ConsolidatedRevenue:           Retail merchandise sales$      559,505 $      334,157 $        43,312 $               — $           (877) $      936,097Pawn loan fees         307,870          156,218            61,051                   —                   —           525,139Leased merchandise income                  —                   —                   —          245,686                   —           245,686Interest and fees on retail finance products                  —                   —                   —          148,297                   —           148,297Wholesale scrap jewelry sales         119,703            58,786            86,124                   —                   —           264,613Other revenue                  —                   —              6,507                   —                   —               6,507Total revenue         987,078          549,161          196,994          393,983               (877)       2,126,339Cost of revenue:           Cost of retail merchandise sold         315,409          217,829            30,886                   —               (456)          563,668Depreciation of leased merchandise                  —                   —                   —          153,053               (344)          152,709Provision for lease losses                  —                   —                   —            54,447               (264)            54,183Provision for loan losses                  —                   —                   —            82,774                   —             82,774Cost of wholesale scrap jewelry sold           97,059            49,807            48,930                   —                   —           195,796Other cost of revenue                  —                   —              1,158                   —                   —               1,158Total cost of revenue         412,468          267,636            80,974          290,274            (1,064)       1,050,288Net revenue         574,610          281,525          116,020          103,709                 187        1,076,051Segment expenses:           Operating expenses         286,224          162,908            40,433            47,602                   —           537,167Depreciation           17,770              9,587              2,796              1,450                   —             31,603Total segment expenses         303,994          172,495            43,229            49,052                   —           568,770Segment pre-tax operating income$      270,616 $      109,030 $        72,791 $        54,657 $             187  $      507,281  Six Months Ended June 30, 2025 U.S.
Pawn LatAm
Pawn U.K.
Pawn AFF Intersegment
Eliminations ConsolidatedRevenue:           Retail merchandise sales$      501,143 $      256,488 $               — $               — $        (1,450) $      756,181Pawn loan fees         268,896          113,797                   —                   —                   —           382,693Leased merchandise income                  —                   —                   —          296,702                   —           296,702Interest and fees on retail finance products                  —                   —                   —          149,488                   —           149,488Wholesale scrap jewelry sales           62,232            19,749                   —                   —                   —             81,981Total revenue         832,271          390,034                   —          446,190            (1,450)       1,667,045Cost of revenue:           Cost of retail merchandise sold         288,907          166,318                   —                   —               (775)          454,450Depreciation of leased merchandise                  —                   —                   —          167,672               (581)          167,091Provision for lease losses                  —                   —                   —            60,271               (166)            60,105Provision for loan losses                  —                   —                   —            78,121                   —             78,121Cost of wholesale scrap jewelry sold           53,489            16,770                   —                   —                   —             70,259Total cost of revenue         342,396          183,088                   —          306,064            (1,522)          830,026Net revenue         489,875          206,946                   —          140,126                   72           837,019Segment expenses:           Operating expenses         262,766          125,831                   —            48,482                   —           437,079Depreciation           15,691              8,730                   —              1,404                   —             25,825Total segment expenses         278,457          134,561                   —            49,886                   —           462,904Segment pre-tax operating income$      211,418 $        72,385 $               — $        90,240 $               72  $      374,115 FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS
(unaudited)
 Pawn Operating Metrics
(dollars in thousands, except as otherwise noted)
   As of June 30, 2026 U.S.
Pawn LatAm
Pawn U.K.
Pawn Total
PawnEarning assets:           Pawn loans$      481,850  $      198,347  $      217,358  $      897,555 Inventories       324,120         161,013           85,360         570,493  $      805,970  $      359,360  $      302,718  $   1,468,048             Average outstanding pawn loan amount (in ones)$             322  $             104  $             877  $             245             Composition of pawn collateral:           Jewelry74% 51% 99% 75%General merchandise26% 49% 1% 25% 100% 100% 100% 100%            Composition of inventories:           Jewelry65% 54% 98% 66%General merchandise35% 46% 2% 34% 100% 100% 100% 100%            Percentage of inventory aged greater than one year1.5% 1.2% 13.7% 3.3%            Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)2.8 times 3.8 times 2.2 times 3.0 times  As of June 30, 2025 U.S.
Pawn LatAm
Pawn U.K.
Pawn Total
PawnEarning assets:           Pawn loans$      400,143  $      150,575  $               —  $      550,718 Inventories       252,885         102,848                  —         355,733  $      653,028  $      253,423  $               —  $      906,451             Average outstanding pawn loan amount (in ones)$             286  $               96  $               —  $             185             Composition of pawn collateral:           Jewelry72 %  43 %  —% 64 % General merchandise28 %  57 %  —% 36 %  100 %  100 %  —% 100 %             Composition of inventories:           Jewelry61 %  41 %  —% 55 % General merchandise39 %  59 %  —% 45 %  100 %  100 %  —% 100 %             Percentage of inventory aged greater than one year1.9 %  1.5 %  —% 1.8 %             Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)2.8 times 4.1 times —  3.1 times FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS
(unaudited) Retail POS Payment Operating Metrics
(dollars in thousands)  Three Months Ended Six Months Ended June 30, June 30,  2026  2025  2026  2025Gross transaction volume:       Leased merchandise$             85,977  $           110,516 $           182,679  $           204,822Finance receivables (1)              137,680                149,943               283,157                291,205Total gross transaction volume$           223,657  $           260,459 $           465,836  $           496,027 (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 six months ended June 30, 2026, gross transaction volume includes $13.2 million and $27.7 million, respectively, of OBS Loans originated by AFF’s bank partner through the assistance of AFF.  As of June 30,Earning assets: 2026   2025 Leased merchandise, net:   Leased merchandise, before allowance for lease losses$           141,691   $           170,824 Less allowance for lease losses              (57,112)               (69,972)Leased merchandise, net$             84,579   $           100,852     Finance receivables, net:   Finance receivables, before allowance for loan losses (1)$           236,008   $           277,392 Less allowance for loan losses            (105,006)             (122,874)Finance receivables, net$           131,002   $           154,518  (1)Does not include $35.2 million of outstanding OBS Loans held by AFF’s bank partner as of June 30, 2026. Combined finance receivables, before allowance for loan losses, and OBS Loans totaled $271.2 million as of June 30, 2026.  Three Months Ended Six Months Ended June 30, June 30, 2026  2025  2026  2025 Leased merchandise portfolio metrics:           Provision rate (1) 28.5  % 29.6 %  29.8  % 29.4 %Average monthly net charge-off rate (2) 6.4  % 6.2 %  6.5  % 6.2 %Delinquency rate (3) 25.6  % 23.2 %  25.6  % 23.2 %            Finance receivables portfolio metrics:           Provision rate (1) 29.0  % 27.9 %  29.2  % 26.8 %Average monthly net charge-off rate (2) 4.4  % 4.6 %  4.7  % 4.4 %Delinquency rate (3) 22.3  % 20.6 %  22.3  % 20.6 % (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 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:

 Three Months Ended June 30, 2026 U.S. LatAm U.K. TotalTotal locations, beginning of period                      1,207                        1,838                           289                       3,334 New locations opened                             1                               6                               6                            13 Locations acquired                             7                             —                             —                              7 Consolidation of existing pawn locations (1)                           (3)                            (8)                            —                          (11)Total locations, end of period                      1,212                        1,836                           295                       3,343                  Six Months Ended June 30, 2026 U.S. LatAm U.K. TotalTotal locations, beginning of period                      1,207                        1,837                           286                       3,330 New locations opened                             1                             10                               9                            20 Locations acquired                             8                             —                             —                              8 Consolidation of existing pawn locations (1)                           (4)                          (11)                            —                          (15)Total locations, end of period                      1,212                        1,836                           295                       3,343  (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 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 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 Six Months EndedMonths Ended June 30, June 30,June 30,  2026  2025   2026 2025 2026   2025 In Thousands In Thousands In Thousands In Thousands In Thousands In ThousandsNet income, as reported$         93,467  $         59,805  $       201,169   $       143,396  $       388,148   $       291,770Adjustments, net of tax:           Merger and acquisition expenses              4,771                2,134                5,417                 2,488              15,200                 2,690Amortization of acquired intangible assets            11,554                9,258              23,108               18,516              45,647               37,660CFPB litigation settlement                   —                9,390                     —                 9,390                     —                 9,390Other expense (income), net                 322                 (967)                (532)             (1,391)             (2,090)               1,482Adjusted net income$       110,114   $         79,620  $       229,162   $       172,399  $       446,905   $       342,992  Three Months Ended Six Months Ended June 30, June 30,  2026  2025   2026   2025  Per Share Per Share Per Share Per ShareDiluted earnings per share, as reported$             2.12  $             1.34  $             4.56   $             3.21 Adjustments, net of tax:       Merger and acquisition expenses                0.11                  0.05                  0.12                   0.06 Amortization of acquired intangible assets                0.26                  0.21                  0.52                   0.41 CFPB litigation settlement                   —                  0.21                     —                   0.21 Other expense (income), net                0.01                (0.02)               (0.01)               (0.03)Adjusted diluted earnings per share$             2.50  $             1.79  $             5.19   $             3.86  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 Six Months Ended Months Ended June 30, June 30, June 30, 2026  2025  2026  2025  2026  2025 Net income$      93,467   $      59,805  $    201,169   $    143,396  $    388,148   $    291,770 Income taxes       33,535          21,274         70,961          48,900       139,249          95,239 Depreciation and amortization       32,440          25,864         63,956          51,366       124,396        103,733 Interest expense       35,702          26,337         70,230          53,808       137,715        108,429 Interest income          (417)           (527)           (644)        (1,756)        (1,823)        (2,687)EBITDA     194,727        132,753       405,672        295,714       787,685        596,484 Adjustments:                 Merger and acquisition expenses         6,358            2,777           7,223            3,239         18,353            3,506 CFPB litigation settlement              —          11,000                —          11,000                —          11,000 Other expense (income), net            346          (1,401)           (833)        (1,944)        (3,596)          1,982 Adjusted EBITDA$    201,431   $    145,129  $    412,062   $    308,009  $    802,442   $    612,972  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 Six Months Ended Months Ended June 30, June 30, June 30,  2026   2025   2026   2025   2026   2025 Cash flow from operating activities$       176,777   $       116,854  $       330,405   $       243,494  $       672,853   $       554,733 Cash flow from certain investing activities:           Pawn loans made        (667,577)         (471,331)      (1,329,288)         (893,706)      (2,529,810)      (1,770,554)Pawn loans repaid          372,464             257,218            776,118             531,098         1,442,058          1,026,859 Recovery of pawn loan principal through sale of forfeited collateral          193,646             164,081            405,124             332,016            832,441             661,991 Investments in finance receivables          (93,742)         (122,639)         (196,310)         (237,132)         (399,754)         (554,419)Proceeds from finance receivables            94,206               87,228            181,848             181,155            342,965             396,691 Purchases of furniture, fixtures, equipment and improvements          (17,748)           (12,952)           (37,864)           (25,866)           (66,904)           (51,447)Free cash flow            58,026               18,459            130,033             131,059            293,849             263,854 Merger and acquisition expenses paid, net of tax benefit              4,771                 2,134                5,417                 2,488              15,200                 2,690 Adjusted free cash flow$         62,797   $         20,593  $       135,450   $       133,547  $       309,049   $       266,544  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):

 Trailing Twelve Months Ended June 30, 2026Adjusted net income (1)$                    446,905    Average stockholders’ equity (average of five most recent quarter-end balances)$                 2,247,290 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)$                 5,168,845 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 ResultsThe 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 June 30, 2026 Six Months Ended June 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$       174,316 $       (18,115) $         156,201 $       334,157 $       (39,642) $         294,515Pawn loan fees            79,572             (8,291)               71,281           156,218           (18,579)             137,639Wholesale scrap jewelry sales            38,154                    —                38,154             58,786                    —                58,786Total revenue          292,042           (26,406)             265,636           549,161           (58,221)             490,940            Cost of revenue:           Cost of retail merchandise sold          113,763           (11,771)             101,992           217,829           (25,722)             192,107Cost of wholesale scrap jewelry sold            32,947             (3,515)               29,432             49,807             (6,058)               43,749Total cost of revenue          146,710           (15,286)             131,424           267,636           (31,780)             235,856            Net revenue          145,332           (11,120)             134,212           281,525           (26,441)             255,084            Segment expenses:           Operating expenses            82,181             (8,312)               73,869           162,908           (18,814)             144,094Depreciation              5,002                (495)                 4,507               9,587             (1,079)                 8,508Total segment expenses            87,183             (8,807)               78,376           172,495           (19,893)             152,602            Segment pre-tax operating income$         58,149 $         (2,313) $           55,836 $       109,030 $         (6,548) $         102,482 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 June 30, 2026   Currency Constant U.S. Exchange Currency Dollar Rate Basis Basis Fluctuations (Non-GAAP)Earning assets:     Pawn loans$       198,347 $       (14,261) $         184,086Inventories          161,013           (11,601)             149,412 $       359,360 $       (25,862) $         333,498 Exchange Rates for the Mexican Peso, Guatemalan Quetzal, Colombian Peso and British Pound Sterling     June 30, Favorable / 2026 2025 (Unfavorable)U.S. dollar / Mexican peso exchange rate:       End-of-period17.5 18.9  7%
 Three months ended17.4 19.5  11%
 Six months ended17.5 20.0  13%
         U.S. dollar / Guatemalan quetzal exchange rate:       End-of-period7.6 7.7  1%
 Three months ended7.6 7.7  1%
 Six months ended7.6 7.7  1%
         U.S. dollar / Colombian peso exchange rate:       End-of-period3,444 4,070  15%
 Three months ended3,611 4,199  14%
 Six months ended3,655 4,195  13%
         British pound sterling  / U.S. dollar exchange rate:       End-of-period1.33 1.37  (3)% Three months ended1.34 1.34  —%
 Six months ended1.35 1.30  4%
  For further information, please contact:
Gar Jackson Global IR Group Phone:(817) 886-6998Email:[email protected]  Doug Orr, Executive Vice President and Chief Financial OfficerPhone:(817) 258-2650Email:[email protected]:
investors.firstcash.com

Ramsdens Holdings PLC (AIM:RFX) shares jumped 13.6% to 670p after an improved takeover offer was secured after shareholder feedback prompted US pawnbroking group FirstCash to raise its recommended bid.

FirstCash increased the cash consideration to 675p a share from 600p. Including dividends of up to 9p a share that shareholders will receive or be compensated for, the total value of the offer rises to as much as 684p a share.

The revised proposal values the pawnbroker, jewellery retailer and foreign exchange business at up to £232 million on a fully diluted basis.

The new cash offer represents a 49% premium to Ramsdens' closing share price on 22 June, before the original bid was announced, and a 37% premium to the company's record closing price before the start of the offer period.

The companies said they had engaged with Ramsdens shareholders following the original recommended offer announced last month and had agreed the higher price in response.

FirstCash also declared the revised proposal to be its final offer under Takeover Panel rules, meaning it cannot increase the bid unless a competing bidder emerges or the Panel grants permission in exceptional circumstances.

The takeover remains structured as a scheme of arrangement and continues to have the unanimous backing of the Ramsdens board.

Expands presence in the U.K. market through the addition of 174 pawn locations with strong brand;
Further enhances FirstCash’s global leadership positioning and long-term growth platform;
Expected to be accretive to EBITDA and EPS
_________________________________________________________

FORTH WORTH, Texas, June 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 that it has reached agreement on the terms of a recommended cash acquisition of Ramsdens Holdings plc (“Ramsdens”), a leading operator of pawn stores in the United Kingdom. Under the terms of the agreement, FirstCash (through its wholly-owned U.K. subsidiary, Chess Bidco Limited) will pay cash consideration of 600 pence for each share of Ramsdens stock. In addition, Ramsdens shareholders will receive an interim cash dividend of up to 9 pence for each Ramsdens share to be paid on October 9, 2026. The total equity value, including cash consideration for the shares and the interim cash dividend, is approximately £206 million or $273 million USD based on the exchange rate as of the close of business on June 22, 2026.

The acquisition of Ramsdens, which operates 174 pawn locations across England, Scotland and Wales, expands FirstCash’s geographic footprint in the U.K. and provides enhanced scale, operating efficiencies and long-term growth opportunities in the market. This combination further builds FirstCash as the largest publicly traded pawn platform in the United States, Latin America and the United Kingdom and is expected to drive further long-term revenue and earnings growth.

Mr. Rick Wessel, Chief Executive Officer and Vice-Chairman of the Board of FirstCash, commented, “We are excited to add Ramsdens as part of the global FirstCash family. Ramsdens is a well-respected operator with a proven track record of operating successfully in the U.K. pawn market. This transaction will not only provide immediate revenue and earnings accretion to FirstCash upon closing, but also enhances our long-term growth profile through continued expansion of its industry-leading brands and platform. FirstCash looks forward to working together with the Ramsdens team to drive further long-term value for all of our customers, employees and shareholders.”

Mr. Peter Keynon, Chief Executive Officer of Ramsdens, commented, “I am exceptionally proud of Ramsdens’ transformational growth since our IPO in 2017. FirstCash is an internationally established sector leader, and I share their confidence and conviction in the outlook for Ramsdens, which is underpinned by our diversified model and established reputation for consistently doing the right thing for our customers and our fantastic people.”

Compelling Strategic and Financial Benefits

Strengthens FirstCash’s position as a leading pawnbroking operator in the U.K.: Ramsdens represents a highly complementary strategic fit alongside FirstCash’s existing U.K. operations following the acquisition of H&T, creating a scaled U.K. platform with a combined network of almost 470 stores with limited location overlap between the existing footprints of H&T and Ramsdens.Unlocks Further Growth and Revenue Synergies for Ramsdens: The Ramsdens platform is expected to benefit from the additional growth capital provided by FirstCash which should support increased pawn lending activities and resulting revenue growth in the existing Ramsdens stores while providing further opportunities for additional geographic expansion in the U.K.Enhances Scale and Operating Leverage: The addition of the 174 Ramsdens stores increases FirstCash’s scale, operational footprint and ability to leverage efficiencies in the U.K. and across its global platform. Upon closing, FirstCash expects to have over 3,500 pawn locations worldwide.Financially Compelling: The transaction is expected to drive further revenue growth and be accretive to both EBITDA and EPS, strengthening FirstCash’s financial profile and long-term shareholder value. Ramsdens Financial Highlights

Trailing Twelve Months Ended March 31, 2026 (USD) (1)

•Revenue$ 200 million•Net income$ 26 million•Adjusted EBITDA(2)$ 40 million     (1)Amounts presented on an IFRS basis in USD using a GBP/USD average exchange rate over the period of 1.34.  (2)Calculated as reported EBITDA less expenses related to depreciation of the right-of-use assets and interest on lease liabilities, which are treated as “rent expenses" for compatibility to FirstCash’s reported Adjusted EBITDA.      Transaction Timeline and Additional Details
The acquisition has been unanimously approved by the Boards of Directors of both FirstCash and Ramsdens. The transaction is subject to approval by Ramsdens’ shareholders and customary regulatory approvals in the United Kingdom. The transaction is expected to close by the end of 2026, subject to receipt of these approvals and the satisfaction of other customary closing conditions.

Advisors
Jefferies LLC is serving as exclusive financial advisor to FirstCash. Gowling WLG (UK) LLP and Alston & Bird LLP are serving as legal counsel to FirstCash.

Cavendish is serving as exclusive financial advisor to Ramsdens. Addleshaw Goddard LLP is serving as legal advisor to Ramsdens.

Further Information; No Offer or Solicitation
This release is for information purposes and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the all-cash offer by Chess Bidco Limited (“Bidco”), an indirect wholly-owned subsidiary of FirstCash Holdings, Inc. (the “Company”), for the entire issued and to be issued share capital of Ramsdens, a company incorporated in England and Wales (“Ramsdens”) (such acquisition, the “Acquisition”), or otherwise, nor shall there be any sale, issuance or transfer of securities of Ramsdens in any jurisdiction in contravention of applicable law. The Acquisition will be made solely by means of a court-sanctioned scheme of arrangement (the “Scheme”) under Part 26 of the United Kingdom Companies Act 2006, as amended (the “U.K. Companies Act”) (or, if the Acquisition is implemented by way of a takeover offer, as such term is defined in the U.K. Companies Act (the “Takeover Offer”), the offer document), which will contain the full terms and conditions of the Acquisition, including details of how to vote in respect of the Scheme. Any vote in respect of the Scheme or other response in relation to the Acquisition should be made only on the basis of the information contained in the Scheme document (or, if the Acquisition is implemented by way of a Takeover Offer, the offer document). Ramsdens shareholders are urged to read the Scheme document when it becomes available, because it will contain important information relating to the Acquisition.

Additional Information
The Acquisition is being made to acquire the shares of an English company by means of a scheme of arrangement provided for under English law. A transaction effected by means of a scheme of arrangement is not subject to the tender offer rules or the proxy solicitation rules under the U.S. Securities Exchange Act of 1934, as amended (“U.S. Exchange Act”). Accordingly, the Scheme will be subject to disclosure requirements and practices applicable in the United Kingdom to schemes of arrangement, which are different from the disclosure requirements of the U.S. tender offer and proxy solicitation rules. The financial information included in this release and the Scheme documentation has been or will have been prepared in accordance with accounting standards applicable in the United Kingdom and thus may not be comparable to financial information of U.S. companies or companies whose financial statements are prepared in accordance with generally accepted accounting principles in the U.S. If Bidco exercises its right to implement the Acquisition by way of a Takeover Offer, such offer will be made in compliance with applicable U.S. laws and regulations.

The receipt of cash pursuant to the Acquisition by a U.S. holder as consideration for the transfer of its Ramsdens shares pursuant to the Scheme will likely be a taxable transaction for United States federal income tax purposes and under applicable United States state and local, as well as foreign and other, tax laws. Each Ramsdens shareholder is urged to consult their independent professional adviser immediately regarding the tax consequences of the Acquisition applicable to them.

In accordance with normal United Kingdom practice and pursuant to Rule 14e-5(b) of the U.S. Exchange Act (to the extent applicable), Bidco, its nominees or its brokers (acting as agents) may from time to time make certain purchases of, or arrangements to purchase, Ramsdens shares outside of the U.S., other than pursuant to the Acquisition, until the date on which the Acquisition becomes effective, lapses or is otherwise withdrawn. If such purchases or arrangements to purchase were to be made, they would be made outside of the U.S. and would be in accordance with applicable law, including the U.S. Exchange Act and the United Kingdom City Code on Takeovers and Mergers (the “Code”). These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be disclosed as required in the United Kingdom, will be reported to a Regulatory Information Service and will be available on the London Stock Exchange website at www.londonstockexchange.com.

Forward-Looking Statements
This release contains forward-looking statements regarding, among other things, the Acquisition, the anticipated benefits and timing of the Acquisition and the business, financial condition, outlook and prospects of the Company and Ramsdens. 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. With respect to the proposed Acquisition, these factors, risks and uncertainties include, without limitation, the risk that the Acquisition may not be consummated, including as a result of a failure by Company or Ramsdens to obtain the necessary shareholder (in the case of Ramsdens) or regulatory approvals required for the Acquisition, or that required regulatory approvals may delay the Acquisition or result in the imposition of conditions that could reduce the anticipated benefits from the Acquisition, or the occurrence of any event, change or other circumstances that could give rise to the termination of the Acquisition; the risk that Company will incur additional indebtedness to finance the Acquisition, which may not be on favorable terms to the Company; the length of time necessary to consummate the Acquisition, which may be longer than anticipated for various reasons; the risk that Ramsdens will not be combined and integrated successfully; the risk that the cost savings, synergies and other benefits from the Acquisition may not be fully realized or may take longer to realize than expected; the diversion of management time on Acquisition-related issues; the risk that costs associated with the integration of Ramsdens is higher than anticipated; increased exposure to local economic and political conditions, exchange rate fluctuations and the extensive regulatory regime in the U.K.; risks related to the ability to hire and retain key Ramsdens personnel; and the effects of tax assessments or tax positions taken, risks related to goodwill and other intangible asset impairment, tax adjustments, anticipated tax rates, or other regulatory compliance costs.

Additional risks and uncertainties with respect to the Company are discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, 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.

Publication on website

In accordance with Rule 26.1 of the Code, a copy of this release will be made available, subject to certain restrictions, on the Company’s website at https://investors.firstcash.com/ by no later than 12 noon (London time) on the business day following publication of this release. For the avoidance of doubt, the contents of any websites referred to in this release are not incorporated into and do not form part of this release.

Right to request hard copies
In accordance with Rule 30.3 of the Code, a person so entitled may request a hard copy of this release (and any document or information incorporated into it by reference to another source) by contacting Ramsdens’ registrars, Equiniti, by writing to Equiniti at Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, United Kingdom or by calling them during business hours on +44 (0)371 384 2030. Lines are open from 8.30 a.m. to 5.30 p.m. (London time) Monday to Friday (except English and Welsh public holidays). Calls are charged at the standard geographical rate and will vary by provider. Calls from outside the United Kingdom will be charged at the applicable international rate. For persons who receive a copy of this release in electronic form or via a website notification, a hard copy of this release (and any document or information incorporated by reference into this release) will not be sent unless so requested. In accordance with Rule 30.3 of the Code, such persons may also request that all future documents, announcements and information to be sent to them in relation to the Acquisition should be sent in hard copy form.

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.

About Ramsdens

Ramsdens is a U.K.‑based diversified provider of financial services and a retail operator, serving customers primarily through a nationwide estate of high street stores and complementary online channels.

Ramsdens primarily operates across the following business segments:

Pawnbroking – provision of short-term, asset backed loans secured against customer assets, predominantly jewelry and watches;Foreign currency exchange – the purchase and sale of foreign currency notes, together with the provision of travel money products including multi-currency cards and international transfers;Purchase of precious metals – acquisition of gold and other valuables from customers, with subsequent resale into wholesale or bullion markets; andJewelry retail – sale of new and pre-owned jewelry and watches through the Ramsdens Group’s store network and online channels. These activities are delivered through a combination of physical stores, of which there are currently 174 across the U.K., and a growing digital platform, providing Ramsdens with a diversified and complementary income base. Ramsdens currently employs 877 employees across its operations.

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

For those looking to find strong Business Services stocks, it is prudent to search for companies in the group that are outperforming their peers. Has FirstCash Holdings (FCFS - Free Report) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Business Services peers, we might be able to answer that question.

FirstCash Holdings is a member of the Business Services sector. This group includes 234 individual stocks and currently holds a Zacks Sector Rank of #9. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.

The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. FirstCash Holdings is currently sporting a Zacks Rank of #2 (Buy).

The Zacks Consensus Estimate for FCFS' full-year earnings has moved 5.8% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Based on the most recent data, FCFS has returned 37.9% so far this year. Meanwhile, stocks in the Business Services group have lost about 10.9% on average. As we can see, FirstCash Holdings is performing better than its sector in the calendar year.

One other Business Services stock that has outperformed the sector so far this year is Green Dot (GDOT - Free Report) . The stock is up 1.1% year-to-date.

Over the past three months, Green Dot's consensus EPS estimate for the current year has increased 21.6%. The stock currently has a Zacks Rank #1 (Strong Buy).

Looking more specifically, FirstCash Holdings belongs to the Financial Transaction Services industry, a group that includes 35 individual stocks and currently sits at #81 in the Zacks Industry Rank. Stocks in this group have lost about 15.5% so far this year, so FCFS is performing better this group in terms of year-to-date returns. Green Dot is also part of the same industry.

FirstCash Holdings and Green Dot could continue their solid performance, so investors interested in Business Services stocks should continue to pay close attention to these stocks.

Senator Markwayne Mullin (Republican-Oklahoma) recently sold shares of Intuit Inc. (NASDAQ: INTU). In a filing disclosed on March 10th, the Senator disclosed that they had sold between $15,001 and $50,000 in Intuit stock on February 25th. Senator Markwayne Mullin also recently made the following trade(s): Sold $50,001 - $100,000 in shares of AutoZone (NYSE: AZO) on 2/25/2026.

JPMorgan Chase and Co. lifted its stake in shares of FirstCash Holdings, Inc. (NASDAQ: FCFS) by 96.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 240,441 shares of the company's stock after acquiring an additional 117,788 shares during the period. JPMorgan Chase and Co. owned

Posted by Defense World Staff on Apr 12th, 2026

FirstCash Holdings, Inc. (NASDAQ:FCFS – Get Free Report) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $202.46 and last traded at $201.36, with a volume of 93183 shares trading hands. The stock had previously closed at $198.90.

Wall Street Analysts Forecast Growth A number of analysts have issued reports on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of FirstCash in a research note on Friday, March 27th. Zacks Research cut shares of FirstCash from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 2nd. Wall Street Zen cut shares of FirstCash from a “strong-buy” rating to a “buy” rating in a research note on Sunday, February 15th. Finally, Canaccord Genuity Group lifted their target price on shares of FirstCash from $217.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, March 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, FirstCash currently has an average rating of “Moderate Buy” and an average target price of $183.25.

Read Our Latest Stock Report on FirstCash

FirstCash Price Performance The stock’s 50 day moving average price is $188.71 and its two-hundred day moving average price is $169.84. The company has a debt-to-equity ratio of 0.97, a current ratio of 4.55 and a quick ratio of 3.36. The firm has a market capitalization of $8.87 billion, a price-to-earnings ratio of 27.17 and a beta of 0.47.

FirstCash (NASDAQ:FCFS – Get Free Report) last issued its quarterly earnings data on Thursday, February 5th. The company reported $2.64 earnings per share for the quarter, topping analysts’ consensus estimates of $2.54 by $0.10. FirstCash had a net margin of 9.02% and a return on equity of 17.99%. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same period in the previous year, the company earned $2.12 earnings per share. FirstCash’s revenue for the quarter was up 19.8% on a year-over-year basis. On average, equities research analysts anticipate that FirstCash Holdings, Inc. will post 7.7 EPS for the current year.

FirstCash Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Wednesday, February 18th were paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Wednesday, February 18th. FirstCash’s payout ratio is presently 22.64%.

Insider Transactions at FirstCash In other news, CFO R Douglas Orr sold 2,000 shares of the business’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $182.99, for a total value of $365,980.00. Following the completion of the sale, the chief financial officer directly owned 36,734 shares in the company, valued at approximately $6,721,954.66. The trade was a 5.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Thomas Brent Stuart sold 10,000 shares of the business’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $182.53, for a total transaction of $1,825,300.00. Following the completion of the sale, the chief operating officer owned 150,846 shares of the company’s stock, valued at $27,533,920.38. The trade was a 6.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 26,500 shares of company stock worth $4,783,985. 2.93% of the stock is owned by insiders.

Institutional Trading of FirstCash Institutional investors and hedge funds have recently modified their holdings of the company. Villanova Investment Management Co LLC raised its stake in FirstCash by 0.4% during the 4th quarter. Villanova Investment Management Co LLC now owns 12,783 shares of the company’s stock valued at $2,037,000 after purchasing an additional 54 shares during the last quarter. State of Wyoming raised its stake in FirstCash by 4.3% during the 3rd quarter. State of Wyoming now owns 1,765 shares of the company’s stock valued at $280,000 after purchasing an additional 73 shares during the last quarter. Profund Advisors LLC raised its stake in FirstCash by 4.9% during the 3rd quarter. Profund Advisors LLC now owns 1,632 shares of the company’s stock valued at $259,000 after purchasing an additional 76 shares during the last quarter. Ascent Group LLC raised its stake in FirstCash by 6.0% during the 4th quarter. Ascent Group LLC now owns 1,423 shares of the company’s stock valued at $227,000 after purchasing an additional 81 shares during the last quarter. Finally, Northwestern Mutual Investment Management Company LLC raised its stake in FirstCash by 1.0% during the 3rd quarter. Northwestern Mutual Investment Management Company LLC now owns 8,703 shares of the company’s stock valued at $1,379,000 after purchasing an additional 85 shares during the last quarter. 80.30% of the stock is currently owned by institutional investors and hedge funds.

About FirstCash (Get Free Report)

FirstCash, Inc (NASDAQ: FCFS) is a leading integrated operator of pawn stores and provider of short-term consumer loan services in the United States and Mexico. Through its retail pawn outlets, FirstCash offers collateral-based loans secured by personal property, enabling customers to access liquidity without a credit history or traditional bank account. The company also purchases, trades and sells a broad range of secondhand merchandise, including electronics, jewelry and power tools, through its network of conveniently located stores.

In addition to its pawn-broking activities, FirstCash provides unsecured consumer loans designed to meet urgent cash needs.

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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.

 Three Months Ended March 31, As Reported (GAAP) Adjusted (Non-GAAP)In thousands, except per share amounts 2026  2025  2026  2025Revenue$1,051,651 $836,423 $1,051,651 $836,423Net income$107,702 $83,591 $119,048 $92,781Diluted earnings per share$2.43 $1.87 $2.69 $2.07EBITDA (non-GAAP measure)$210,945 $162,961 $210,631 $162,880Weighted-average diluted shares 44,248  44,789  44,248  44,789 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 billionNet income of $354 million on a GAAP basis and adjusted net income of $416 millionAdjusted EBITDA of $746 millionOperating 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.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands)  Three Months Ended March 31,  2026   2025 Revenue:   Retail merchandise sales$464,834  $371,056 Pawn loan fees 266,698   191,871 Leased merchandise income 130,187   156,918 Interest and fees on retail finance products 74,335   73,413 Wholesale scrap jewelry sales 112,481   43,165 Other revenue 3,116   — Total revenue 1,051,651   836,423     Cost of revenue:   Cost of retail merchandise sold 278,049   224,124 Depreciation of leased merchandise 81,059   88,819 Provision for lease losses 29,744   27,562 Provision for loan losses 42,844   36,360 Cost of wholesale scrap jewelry sold 76,727   35,355 Other cost of revenue 846   — Total cost of revenue 509,269   412,220     Net revenue 542,382   424,203     Expenses and other income:   Operating expenses 269,429   214,586 Administrative expenses 65,778   48,523 Depreciation and amortization 31,516   25,502 Interest expense 34,528   27,471 Interest income (227)  (1,229)Gain on foreign exchange (1,102)  (14)Merger and acquisition expenses 865   462 Other income, net (3,533)  (2,315)Total expenses and other income 397,254   312,986     Income before income taxes 145,128   111,217     Provision for income taxes 37,426   27,626     Net income$107,702  $83,591  FIRSTCASH HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)  March 31, December 31,  2026   2025   2025 ASSETS     Cash and cash equivalents$130,739  $146,034  $125,197 Accounts receivable, net 117,345   71,166   115,854 Pawn loans 851,125   499,710   831,497 Finance receivables, net 139,296   145,079   150,274 Inventories 538,791   334,700   487,232 Leased merchandise, net 97,248   103,612   114,283 Prepaid expenses and other current assets 30,689   26,033   32,131 Total current assets 1,905,233   1,326,334   1,856,468       Property and equipment, net 841,570   724,213   808,050 Operating lease right of use asset 362,128   329,183   365,621 Goodwill 2,020,527   1,815,139   2,023,426 Intangible assets, net 214,987   216,736   231,140 Other assets 9,758   9,952   9,796 Deferred tax assets, net 7,119   4,720   6,262 Total assets$5,361,322  $4,426,277  $5,300,763       LIABILITIES AND STOCKHOLDERS’ EQUITY     Accounts payable and accrued liabilities$206,834  $129,137  $212,615 Customer deposits and prepayments 88,033   76,211   83,908 Lease liability, current 104,801   96,539   111,291 Total current liabilities 399,668   301,887   407,814       Revolving unsecured credit facility 573,000   175,000   559,000 Other long-term debt 1,681,120   1,532,099   1,649,434 Deferred tax liabilities, net 157,479   129,936   158,819 Lease liability, non-current 251,975   228,995   248,934 Total liabilities 3,063,242   2,367,917   3,024,001       Stockholders’ equity:     Common stock 575   575   575 Additional paid-in capital 1,755,756   1,755,591   1,771,379 Retained earnings 1,759,830   1,477,730   1,670,583 Accumulated other comprehensive loss (76,399)  (130,540)  (64,835)Common stock held in treasury, at cost (1,141,682)  (1,044,996)  (1,100,940)Total stockholders’ equity 2,298,080   2,058,360   2,276,762 Total liabilities and stockholders’ equity$5,361,322  $4,426,277  $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 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, in thousands)
  Three Months Ended March 31, 2026 U.S.
Pawn LatAm
Pawn U.K.
Pawn AFF Intersegment
Eliminations ConsolidatedRevenue:           Retail merchandise sales$283,829 $159,841 $21,845 $— $(681) $464,834Pawn loan fees 157,808  76,646  32,244  —  —   266,698Leased merchandise income —  —  —  130,187  —   130,187Interest and fees on retail finance products —  —  —  74,335  —   74,335Wholesale scrap jewelry sales 47,369  20,632  44,480  —  —   112,481Other revenue —  —  3,116  —  —   3,116Total revenue 489,006  257,119  101,685  204,522  (681)  1,051,651Cost of revenue:           Cost of retail merchandise sold 158,956  104,066  15,379  —  (352)  278,049Depreciation of leased merchandise —  —  —  81,352  (293)  81,059Provision for lease losses —  —  —  29,931  (187)  29,744Provision for loan losses —  —  —  42,844  —   42,844Cost of wholesale scrap jewelry sold 36,097  16,860  23,770  —  —   76,727Other cost of revenue —  —  846  —  —   846Total cost of revenue 195,053  120,926  39,995  154,127  (832)  509,269Net revenue 293,953  136,193  61,690  50,395  151   542,382Segment expenses:           Operating expenses 143,857  80,727  21,089  23,756  —   269,429Depreciation 8,696  4,585  1,447  720  —   15,448Total segment expenses 152,553  85,312  22,536  24,476  —   284,877Segment pre-tax operating income$141,400 $50,881 $39,154 $25,919 $151  $257,505  Three Months Ended March 31, 2025 U.S.
Pawn LatAm
Pawn U.K.
Pawn AFF Intersegment
Eliminations ConsolidatedRevenue:           Retail merchandise sales$251,225 $120,532 $— $— $(701) $371,056Pawn loan fees 137,948  53,923  —  —  —   191,871Leased merchandise income —  —  —  156,918  —   156,918Interest and fees on retail finance products —  —  —  73,413  —   73,413Wholesale scrap jewelry sales 33,492  9,673  —  —  —   43,165Total revenue 422,665  184,128  —  230,331  (701)  836,423Cost of revenue:           Cost of retail merchandise sold 145,758  78,739  —  —  (373)  224,124Depreciation of leased merchandise —  —  —  89,143  (324)  88,819Provision for lease losses —  —  —  27,604  (42)  27,562Provision for loan losses —  —  —  36,360  —   36,360Cost of wholesale scrap jewelry sold 27,224  8,131  —  —  —   35,355Total cost of revenue 172,982  86,870  —  153,107  (739)  412,220Net revenue 249,683  97,258  —  77,224  38   424,203Segment expenses:           Operating expenses 128,951  61,417  —  24,218  —   214,586Depreciation 7,600  4,436  —  705  —   12,741Total segment expenses 136,551  65,853  —  24,923  —   227,327Segment pre-tax operating income$113,132 $31,405 $— $52,301 $38  $196,876 FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS
(unaudited)

Pawn Operating Metrics
(dollars in thousands, except as otherwise noted)

 As of March 31, 2026 U.S.
Pawn LatAm
Pawn U.K.
Pawn Total
PawnEarning assets:           Pawn loans$441,628  $194,116  $215,381  $851,125 Inventories 311,579   144,013   83,199   538,791  $753,207  $338,129  $298,580  $1,389,916             Average outstanding pawn loan amount (in ones)$328  $115  $854  $260             Composition of pawn collateral:           Jewelry75% 51% 99% 76%General merchandise25% 49% 1% 24% 100% 100% 100% 100%            Composition of inventories:           Jewelry66% 50% 99% 67%General merchandise34% 50% 1% 33% 100% 100% 100% 100%            Percentage of inventory aged greater than one year1.7% 1.3% 10.2% 2.9%            Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)2.8 times 3.9 times 2.4 times 3.0 times  As of March 31, 2025 U.S.
Pawn LatAm
Pawn U.K.
Pawn Total
PawnEarning assets:           Pawn loans$365,972  $133,738  $—  $499,710 Inventories 246,237   88,463   —   334,700  $612,209  $222,201  $—  $834,410             Average outstanding pawn loan amount (in ones)$289  $86  $—  $177             Composition of pawn collateral:           Jewelry73% 42% —% 64%General merchandise27% 58% —% 36% 100% 100% —% 100%            Composition of inventories:           Jewelry61% 38% —% 55%General merchandise39% 62% —% 45% 100% 100% —% 100%            Percentage of inventory aged greater than one year1.7% 1.5% —% 1.7%            Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)2.8 times 4.2 times —  3.2 times FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS
(unaudited)

Retail POS Payment Operating Metrics
(dollars in thousands)

 Three Months Ended March 31,  2026  2025Gross transaction volume:   Leased merchandise$96,702 $94,305Finance receivables(1) 145,477  141,262Total gross transaction volume$242,179 $235,567 (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.

 As of March 31,Earning assets: 2026   2025 Leased merchandise, net:   Leased merchandise, before allowance for lease losses$158,542  $172,886 Less allowance for lease losses (61,248)  (69,077)Leased merchandise, net$97,294  $103,809     Finance receivables, net:   Finance receivables, before allowance for loan losses(1)$243,867  $263,421 Less allowance for loan losses (104,571)  (118,342)Finance receivables, net$139,296  $145,079  (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.

 Three Months Ended March 31, 2026  2025 Leased merchandise portfolio metrics:     Provision rate(1)31.0% 29.3%Average monthly net charge-off rate(2)6.6% 6.8%Delinquency rate(3)24.3% 22.6%      Finance receivables portfolio metrics:     Provision rate(1)29.5% 25.7%Average monthly net charge-off rate(2)4.9% 4.4%Delinquency rate(3)20.5% 19.3%
(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:

 Three Months Ended March 31, 2026 U.S. LatAm U.K. TotalTotal locations, beginning of period1,207  1,837  286 3,330 New locations opened—  4  3 7 Locations acquired1  —  — 1 Consolidation of existing pawn locations(1)(1) (3) — (4)Total locations, end of period1,207  1,838  289 3,334 
(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):

     Trailing Twelve Three Months Ended Months Ended March 31, March 31,  2026   2025   2026   2025 In Thousands In Thousands In Thousands In ThousandsNet income, as reported$107,702  $83,591  $354,486  $281,038Adjustments, net of tax:       Merger and acquisition expenses 646   354   12,563   1,603Amortization of acquired intangible assets 11,554   9,258   43,351   37,974CFPB litigation settlement —   —   9,390   —Other (income) expense, net (854)  (422)  (3,381)  4,657Adjusted net income$119,048  $92,781  $416,409  $325,272  Three Months Ended March 31,  2026   2025  Per Share Per ShareDiluted earnings per share, as reported$2.43  $1.87 Adjustments, net of tax:   Merger and acquisition expenses 0.02   — Amortization of acquired intangible assets 0.26   0.21 Other income, net (0.02)  (0.01)Adjusted diluted earnings per share$2.69  $2.07  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 Months Ended March 31, March 31, 2026  2025  2026  2025 Net income$107,702  $83,591  $354,486  $281,038 Income taxes 37,426   27,626   126,988   91,070 Depreciation and amortization 31,516   25,502   117,820   104,416 Interest expense 34,528   27,471   128,350   107,279 Interest income (227)  (1,229)  (1,933)  (2,421)EBITDA 210,945   162,961   725,711   581,382 Adjustments:           Merger and acquisition expenses 865   462   14,772   2,093 CFPB litigation settlement —   —   11,000   — Other (income) expense, net (1,179)  (543)  (5,343)  6,250 Adjusted EBITDA$210,631  $162,880  $746,140  $589,725  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 Months Ended March 31, March 31,  2026   2025   2026   2025 Cash flow from operating activities$153,628  $126,640  $612,930  $544,066 Cash flow from certain investing activities:       Pawn loans made (661,711)  (422,375)  (2,333,564)  (1,899,202)Pawn loans repaid 403,654   273,880   1,326,812   1,081,973 Recovery of pawn loan principal through sale of forfeited collateral 211,478   167,935   802,876   739,521 Investments in finance receivables (102,568)  (114,493)  (428,651)  (455,072)Proceeds from finance receivables 87,642   93,927   335,987   310,503 Purchases of furniture, fixtures, equipment and improvements (20,116)  (12,914)  (62,108)  (54,732)Free cash flow 72,007   112,600   254,282   267,057 Merger and acquisition expenses paid, net of tax benefit 646   354   12,563   1,603 Adjusted free cash flow$72,653  $112,954  $266,845  $268,660  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):

 Trailing Twelve Months Ended March 31, 2026Adjusted net income(1)$416,409    Average stockholders’ equity (average of five most recent quarter-end balances)$2,194,603 Adjusted return on equity (trailing twelve months adjusted net income divided by average equity)19%   Average total assets (average of five most recent quarter-end balances)$4,956,985 Adjusted return on assets (trailing twelve months adjusted net income divided by average total assets)8%
(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):

 Three Months Ended March 31, 2026   Currency Constant Currency   Exchange Rate Basis U.S. Dollar Basis Fluctuations (Non-GAAP)Revenue:     Retail merchandise sales$159,841 $(21,208) $138,633Pawn loan fees 76,646  (10,193)  66,453Wholesale scrap jewelry sales 20,632  —   20,632Total revenue 257,119  (31,401)  225,718      Cost of revenue:     Cost of retail merchandise sold 104,066  (13,740)  90,326Cost of wholesale scrap jewelry sold 16,860  (2,283)  14,577Total cost of revenue 120,926  (16,023)  104,903      Net revenue 136,193  (15,378)  120,815      Segment expenses:     Operating expenses 80,727  (10,432)  70,295Depreciation 4,585  (575)  4,010Total segment expenses 85,312  (11,007)  74,305      Segment pre-tax operating income$50,881 $(4,371) $46,510 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 March 31, 2026   Currency Constant Currency   Exchange Rate Basis U.S. Dollar Basis Fluctuations (Non-GAAP)Earning assets:     Pawn loans$194,116 $(20,386) $173,730Inventories 144,013  (15,164)  128,849 $338,129 $(35,550) $302,579 Exchange Rates for the Mexican Peso, Guatemalan Quetzal, Colombian Peso and British Pound Sterling

 March 31, Favorable / 2026 2025 (Unfavorable)U.S. dollar / Mexican peso exchange rate:       End-of-period18.1 20.3  11% Three months ended17.6 20.4  14%         U.S. dollar / Guatemalan quetzal exchange rate:       End-of-period7.6 7.7  1% Three months ended7.7 7.7  —%         U.S. dollar / Colombian peso exchange rate:       End-of-period3,670 4,193  12% Three months ended3,699 4,191  12%         British pound sterling / U.S. dollar exchange rate:       End-of-period1.32 1.29  2% Three months ended1.35 1.26  7%  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 

April 27, 2026 07:50 ET  | Source: FirstCash, Inc.

FORT WORTH, Texas, April 27, 2026 (GLOBE NEWSWIRE) -- FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS) today announced that the Company’s wholly-owned subsidiary, FirstCash, Inc. (the “Issuer”), has commenced an offering through a private placement, subject to market and other conditions, of $600,000,000 in aggregate principal amount of senior notes due 2034 (the “Notes”). The Notes will be unsecured senior obligations of the Issuer and will be guaranteed by FirstCash and its domestic subsidiaries that guarantee its revolving unsecured credit facility and existing senior unsecured notes.

FirstCash intends to use the proceeds from the offering to repay a portion of FirstCash’s outstanding borrowings under its credit facilities in order to provide additional liquidity to fund future growth, after payment of fees and expenses related to the offering.

The Notes are being offered in a private placement, solely to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), or outside the United States to persons other than “U.S. persons” in reliance on Regulation S under the Securities Act. The Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

This notice does not constitute an offer to sell the Notes, nor a solicitation of an offer to purchase the Notes, and shall not constitute an offer, solicitation or sale of any security in any jurisdiction in which such offering, solicitation or sale would be unlawful.

Forward-Looking Information      

This release contains forward-looking statements, including statements about the Notes offering and the intended use of the net proceeds thereof. 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.

These forward-looking statements are made to provide the public with management’s current expectations with regard to the Notes offering and the intended use of the net proceeds thereof. 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, the Company’s ability to consummate the offering of the Notes; 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 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.

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.

For further information, please contact: 
Gar Jackson
Global IR Group
Phone: (817) 886-6998Email: [email protected]  Doug Orr, Executive Vice President and Chief Financial Officer
Phone:(817) 258-2650Email: [email protected]:investors.firstcash.com

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at FirstCash Holdings (FCFS - Free Report) , which currently has a Momentum Style Score of B. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. FirstCash Holdings currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market?Let's discuss some of the components of the Momentum Style Score for FCFS that show why this pawn store shows promise as a solid momentum pick.

A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.

For FCFS, shares are up 5.91% over the past week while the Zacks Financial Transaction Services industry is down 1.82% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 13.46% compares favorably with the industry's 7.94% performance as well.

While any stock can see its price increase, it takes a real winner to consistently beat the market. That is why looking at longer term price metrics -- such as performance over the past three months or year -- can be useful as well. Over the past quarter, shares of FirstCash Holdings have risen 26.59%, and are up 63.81% in the last year. In comparison, the S&P 500 has only moved 3.1% and 31.34%, respectively.

Investors should also take note of FCFS's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now FCFS is averaging 367,663 shares for the last 20 days..

Earnings OutlookThe Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with FCFS.

Over the past two months, 1 earnings estimate moved higher compared to none lower for the full year. This revision helped boost FCFS's consensus estimate, increasing from $10.68 to $11.30 in the past 60 days. Looking at the next fiscal year, 1 estimate has moved upwards while there have been no downward revisions in the same time period.

Bottom LineGiven these factors, it shouldn't be surprising that FCFS is a #2 (Buy) stock and boasts a Momentum Score of B. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep FirstCash Holdings on your short list.

Shares of FirstCash Holdings (FCFS - Free Report) have been strong performers lately, with the stock up 13.1% over the past month. The stock hit a new 52-week high of $230.72 in the previous session. FirstCash has gained 41.1% since the start of the year compared to the -10.1% gain for the Zacks Business Services sector and the -15.9% return for the Zacks Financial Transaction Services industry.

What's Driving the Outperformance?The stock has an impressive record of positive earnings surprises, having beaten the Zacks Consensus Estimate in each of the last four quarters. In its last earnings report on April 23, 2026, FirstCash reported EPS of $2.69 versus consensus estimate of -$999900.

Valuation MetricsWhile FirstCash has moved to its 52-week high over the past few weeks, investors need to be asking, what is next for the company? A key aspect of this question is taking a look at valuation metrics in order to determine if the company has run ahead of itself.

On this front, we can look at the Zacks Style Scores, as these give investors a variety of ways to comb through stocks (beyond looking at the Zacks Rank of a security). These styles are represented by grades running from A to F in the categories of Value, Growth, and Momentum, while there is a combined VGM Score as well. The idea behind the style scores is to help investors pick the most appropriate Zacks Rank stocks based on their individual investment style.

FirstCash has a Value Score of B. The stock's Growth and Momentum Scores are A and C, respectively, giving the company a VGM Score of A.

In terms of its value breakdown, the stock currently trades at 19.9X current fiscal year EPS estimates, which is a premium to the peer industry average of 11.7X. On a trailing cash flow basis, the stock currently trades at 13.1X versus its peer group's average of 7.1X. This isn't enough to put the company in the top echelon of all stocks we cover from a value perspective.

Zacks RankWe also need to look at the Zacks Rank for the stock, as this supersedes any trend on the style score front. Fortunately, FirstCash currently has a Zacks Rank of #2 (Buy) thanks to rising earnings estimates.

Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if FirstCash passes the test. Thus, it seems as though FirstCash shares could have potential in the weeks and months to come.

How Does FCFS Stack Up to the Competition?Shares of FCFS have been soaring, and the company still appears to be a decent choice, but what about the rest of the industry? One industry peer that looks good is Sezzle Inc. (SEZL - Free Report) . SEZL has a Zacks Rank of #1 (Strong Buy) and a Value Score of D, a Growth Score of A, and a Momentum Score of B.

Earnings were strong last quarter. Sezzle Inc. beat our consensus estimate by 15.32%, and for the current fiscal year, SEZL is expected to post earnings of $4.98 per share on revenue of $573.05 million.

Shares of Sezzle Inc. have gained 44.4% over the past month, and currently trade at a forward P/E of 20.03X and a P/CF of 26.17X.

The Financial Transaction Services industry is in the top 37% of all the industries we have in our universe, so it looks like there are some nice tailwinds for FCFS and SEZL, even beyond their own solid fundamental situation.

The Business Services group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. FirstCash Holdings (FCFS - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? By taking a look at the stock's year-to-date performance in comparison to its Business Services peers, we might be able to answer that question.

FirstCash Holdings is one of 233 individual stocks in the Business Services sector. Collectively, these companies sit at #10 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.

The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. FirstCash Holdings is currently sporting a Zacks Rank of #2 (Buy).

The Zacks Consensus Estimate for FCFS' full-year earnings has moved 5.8% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.

Our latest available data shows that FCFS has returned about 38% since the start of the calendar year. Meanwhile, stocks in the Business Services group have lost about 9.9% on average. This means that FirstCash Holdings is outperforming the sector as a whole this year.

One other Business Services stock that has outperformed the sector so far this year is Green Dot (GDOT - Free Report) . The stock is up 0.5% year-to-date.

In Green Dot's case, the consensus EPS estimate for the current year increased 19.9% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).

Looking more specifically, FirstCash Holdings belongs to the Financial Transaction Services industry, a group that includes 35 individual stocks and currently sits at #58 in the Zacks Industry Rank. On average, this group has lost an average of 15.9% so far this year, meaning that FCFS is performing better in terms of year-to-date returns. Green Dot is also part of the same industry.

Going forward, investors interested in Business Services stocks should continue to pay close attention to FirstCash Holdings and Green Dot as they could maintain their solid performance.