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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.

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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.

Shares of AppLovin (APP +3.50%) rallied 10.4% on the day.

AppLovin didn't report any financial news today, as its first-quarter earnings report came on May 11. However, one Wall Street analyst gave the stock a thumbs-up on Wednesday, noting that AppLovin's growth potential may still be underestimated.

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Morgan Stanley thinks AppLovin can outgrow estimates In an analyst note today, Morgan Stanley analyst Matthew Cost kept an Overweight rating and a $720 price target on the stock. That compares with a $514 stock price at the start of the day.

Cost believes Applovin can continue to outgrow analysts' and skeptics' expectations, noting that while AppLovin's growth runway is "mature" in a certain sense, there is still room for more growth over the next few years than people think.

Cost points out that skeptics cite AppLovin's average 60% growth rate between 2023 and 2025, which far outpaced mobile game spending of 5%. Moreover, skeptics point out that AppLovin's ad load -- or the number of ads it shows -- already looks "full," at roughly 20 per hour.

However, Cost also notes that roughly 99% of AppLovin's ads don't convert into purchases. There, Cost sees opportunity for AppLovin to flex its data advantages over the next few years, improving on that figure. Cost estimates that if AppLovin can just improve conversion by 20 basis points per year, it could beat 2030 consensus estimates by a whopping 50%.

Image source: Getty Images.

AppLovin is a controversial growth stock AppLovin survived numerous short-seller attacks over the past two years and hit an all-time high at the end of 2025. However, this digital ad technology stock is currently well off those highs following this year's "SaaS-pocalypse," in which software stocks have sold off amid AI disruption fears.

To be fair, the stock doesn't look "cheap" in the conventional sense, at nearly 50 times earnings. However, for a company that grew nearly 60% last quarter, that's not too high a price, provided its growth runway doesn't run into a wall. At least one Wall Street analyst doesn't think that will happen, as outlined in Cost's note today.

Billy Duberstein and/or his clients have no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Key Takeaways Coherent's Datacenter & Communications revenue grew more than 40% year over year in 3Q FY26.APP is expanding into e-commerce with AI ad tools and a broader advertiser base.COHR ended fiscal Q3 with $2.5B cash and only $9M in current debt. Both Coherent (COHR - Free Report) and AppLovin (APP - Free Report) are emerging beneficiaries of the artificial intelligence boom, though from different angles. Coherent supplies optical networking and laser technologies critical for AI data centers, while AppLovin uses AI-driven algorithms to optimize digital advertising and app monetization. Investors are increasingly viewing both as high-growth AI-related opportunities with strong revenue momentum and expanding market relevance.

COHR: Strong AI Demand, Balance SheetCoherent continues to benefit from strong AI-driven demand alongside early signs of recovery in its industrial business. In the third quarter of fiscal 2026, the company’s Datacenter & Communications segment contributed 75% of total revenues, improving from 72% in the previous quarter. Revenue growth in the segment exceeded 40% year over year, accelerating from 33.5% in the prior quarter, supported by strong demand and effective execution across its product portfolio. CEO James Anderson stated that rising demand for transceivers and Optical Circuit Switch Systems was a key driver behind the growth.

While the Datacenter & Communications business remains Coherent’s primary growth engine, the industrial segment is also showing encouraging signs of improvement. Although weakness in certain parts of the broader industrial market continued to impact third-quarter fiscal 2026 results, semiconductor capital equipment demand improved significantly, leading to a notable increase in bookings.

Coherent ended the third quarter of fiscal 2026 with cash reserves of $2.5 billion, a significant increase from $899 million in the previous quarter. This strong cash position compares with only $9 million in current debt, reflecting solid liquidity. The company’s current ratio stood at 3.05, well above the industry average of 1.57, highlighting its ability to comfortably meet short-term obligations.

The company also continues to manage long-term debt effectively. Long-term debt totaled $3.1 billion in the third quarter of fiscal 2026, slightly lower than $3.2 billion in the previous quarter. Total debt represented 22.5% of total capital, improving from 27.4% in the prior quarter and remaining well below the industry average of 32.1%. Financial risk also declined, as reflected in the increase in times interest earned to 3.5 from 2.5 in the preceding quarter.

APP: Marketplace Strength, E-Commerce ExpansionAppLovin’s integrated marketplace continues to deliver strong results. Its MAX platform, paired with Axon 2.0 AI enhancements, is improving bid density and advertiser matching. This has translated into solid operating momentum through late 2025, with management expressing confidence in continued sequential growth into early 2026 despite typical seasonal softness.

A major long-term opportunity lies in improving conversion rates. Management believes these can gradually move toward roughly 5% from historical low single-digit levels. This would be driven by better AI models and increased advertiser diversity, especially beyond gaming. As more bidders enter the ecosystem, AppLovin benefits from take-rate mechanics, even on lower-value impressions, supporting steady share gains.

AppLovin is increasingly targeting web and e-commerce advertisers. Its self-serve Axon Ads platform is currently referral-only but is expected to become widely available in the first half of 2026. Generative AI features, including an interactive page generator and upcoming video ad tools, are designed to streamline onboarding and boost campaign performance.

This push into e-commerce could significantly expand AppLovin’s addressable market, helping it compete more directly with The Trade Desk in broader digital advertising while reducing reliance on gaming. Still, Unity Software remains a massive competitor within the gaming ecosystem, making diversification crucial for AppLovin’s long-term growth.

One of AppLovin’s biggest strengths is profitability. The company reported an adjusted EBITDA margin of about 84% in the fourth quarter of 2025, alongside free cash flow of roughly $1.3 billion. This highlights strong operating leverage and efficient cost management. Management expects similar margin levels in the first quarter of 2026, signaling durability even as the business expands into new verticals. Importantly, any increase in performance marketing spend is expected to remain ROI-driven, with early tests showing quick payback periods.

How Do Zacks Estimates Compare for COHR & APP?The Zacks Consensus Estimate for APP’s 2026 sales indicates year-over-year growth of 42%, and that for earnings indicates a year-over-year increase of 58%. EPS estimates have been trending upwards over the past 60 days.

                                                                  Image Source: Zacks Investment Research

The Zacks Consensus Estimate for COHR’s 2026 sales and EPS indicates year-over-year growth of 21.5% and 55%, respectively. EPS estimates have been trending upwards over the past 60 days.

                                                             Image Source: Zacks Investment Research

COHR’s Valuation More Attractive Than APPCOHR is trading at a forward price-to-sales multiple of 8.02X, above its 12-month median of 3.64X. APP’s forward price-to-sales multiple stands at 20.63X, below its median of 21.57X.

Coherent Appears Better PositionedCoherent appears better positioned for investors seeking a more balanced AI growth opportunity. The company is benefiting from rising demand for AI infrastructure while also showing early signs of recovery in its industrial business, creating multiple growth drivers. Its strong liquidity position and improving debt profile further strengthen confidence in its long-term outlook. Although AppLovin continues to deliver impressive profitability and advertising momentum, its premium valuation and competitive pressures in digital advertising may limit upside potential.

With the stocks carrying a Zacks Rank #3 (Hold) each at present, Coherent’s diversified growth profile and relatively attractive valuation give it the edge.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

AppLovin (APP - Free Report) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.

Over the past month, shares of this mobile app technology company have returned +29.2%, compared to the Zacks S&P 500 composite's +6.3% change. During this period, the Zacks Technology Services industry, which AppLovin falls in, has gained 9%. The key question now is: What could be the stock's future direction?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current quarter, AppLovin is expected to post earnings of $3.70 per share, indicating a change of +63.7% from the year-ago quarter. The Zacks Consensus Estimate has changed +3% over the last 30 days.

The consensus earnings estimate of $15.86 for the current fiscal year indicates a year-over-year change of +58%. This estimate has changed +0.9% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $21 indicates a change of +32.4% from what AppLovin is expected to report a year ago. Over the past month, the estimate has changed +2.5%.

Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, AppLovin is rated Zacks Rank #3 (Hold).

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

In the case of AppLovin, the consensus sales estimate of $1.94 billion for the current quarter points to a year-over-year change of +54.1%. The $8.26 billion and $10.69 billion estimates for the current and next fiscal years indicate changes of +42.3% and +29.4%, respectively.

Last Reported Results and Surprise HistoryAppLovin reported revenues of $1.84 billion in the last reported quarter, representing a year-over-year change of +24.2%. EPS of $3.56 for the same period compares with $1.67 a year ago.

Compared to the Zacks Consensus Estimate of $1.77 billion, the reported revenues represent a surprise of +3.86%. The EPS surprise was +4.71%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

AppLovin is graded D on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about AppLovin. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

Shares of AppLovin (APP +3.50%) rallied 37.4% in May, according to data from S&P Global Market Intelligence.

AppLovin bounced back from the downturn in software stocks that emerged earlier this year after it reported very strong earnings in early May. Additionally, a prominent investor pitched AppLovin stock at the prestigious Sohn Investment Conference later in the month.

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AppLovin beats with strong guidance In the first quarter, AppLovin grew revenue 58.6% to $1.84 billion, with earnings per share rising 69.5% to $3.56. Both figures beat expectations. Meanwhile, second-quarter guidance of $1.915 billion to $1.945 billion in revenue and $1.615 billion to $1.645 billion in adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) also topped analysts' consensus.

Analysts cheered the quarter, noting that AppLovin continues to maintain a strong moat in mobile gaming digital advertising, while early efforts to expand into other ad formats, such as web advertising and connected TV, show promise.

Things got even better for AppLovin when it received more "love," so to speak, at the renowned Sohn Investment Conference late in the month. Ryan Packard, the Founder and Chief Investment Officer of Hiddenite Capital, pitched AppLovin at the conference, saying it was one of his Hiddenite's favorite ideas, and that his firm sees the company reaching a $1 trillion valuation in seven years or less. For reference, AppLovin's market cap is just roughly $200 billion today.

Additionally, sell-side analysts weighed in on AppLovin stock after earnings, with Morgan Stanley writing a positive note just before the end of the month. Analyst Matthew Cost made the additional point that AppLovin actually monetizes a very small portion of its ad inventory today, because just about 1% of ads convert to sales. Cost's thesis is that if AppLovin can just use AI to improve its conversion rate by even a little bit, that alone could be a big growth driver in the years ahead.

Image source: Getty Images.

AppLovin's future looks bright, but be aware of competition AppLovin looks to be a strong long-term compounder, with high growth and very high margins. Given that its ad conversion rate is still low and that the company is only in the early stages of expanding its addressable market beyond mobile games, the future seems bright.

However, investors should be aware of competitive risks, such as those that have befallen other adtech companies of late, as well as the disruptive potential of AI. Companies that generate high margins tend to attract competitors, and many large companies may wish to take a piece of the programmatic digital advertising pie, as long as that pie remains large and profitable one for AppLovin.

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.

The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.

Zacks Premium includes access to the Zacks Style Scores as well.

What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.

Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.

#1 (Strong Buy) stocks have produced an unmatched +23.7% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: AppLovin (APP - Free Report) AppLovin Corporation provides end-to-end AI-powered advertising solutions that help businesses reach, monetize, and grow global audiences. Revenue primarily comes from fees advertisers pay to use Axon Ads Manager, priced dynamically against campaign return goals. Its stack also includes MAX for in-app monetization via real-time bidding, Adjust for measurement subscriptions, and Wurl for connected-TV distribution and ads.

APP is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Momentum investors should take note of this Business Services stock. APP has a Momentum Style Score of B, and shares are up 21.8% over the past four weeks.

Five analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.38 to $15.86 per share. APP boasts an average earnings surprise of +8.4%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, APP should be on investors' short list.

It has been about a month since the last earnings report for AppLovin (APP - Free Report) . Shares have added about 12% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is AppLovin due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for AppLovin Corporation before we dive into how investors and analysts have reacted as of late.

AppLovin Q1 Earnings Beat EstimatesAppLovin delivered first-quarter 2026 revenues of $1.84 billion, exceeding the Zacks Consensus Estimate of $1.77 billion by 3.9%, highlighting continued momentum across its advertising platform. Earnings growth remained equally impressive. The company reported earnings per share of $3.56, beating the Zacks Consensus Estimate of $3.40 by 4.7%.

Profitability metrics were particularly striking. Adjusted EBITDA reached $1.56 billion during the quarter, translating into an extraordinary adjusted EBITDA margin of approximately 85%. Free cash flow totaled $1.29 billion, underscoring the scalability of AppLovin’s business model and its ability to convert revenue growth into significant cash generation.

The company also ended the quarter with $2.76 billion in cash and cash equivalents, providing substantial financial flexibility for continued investments, infrastructure expansion and shareholder returns.

AI Advertising Platform Expansion Drives OptimismOne of the biggest drivers behind the positive stock reaction appears to be the company’s decision to open its advertising platform to the broader public in June.

Management indicated that advertisers globally will soon be able to directly access the Axon platform through self-serve capabilities. This transition could significantly expand adoption beyond AppLovin’s existing customer base and create a larger long-term revenue opportunity.

Importantly, management emphasized that gaming remains the foundation of the business, but the consumer advertising vertical is now growing even faster than gaming.

The company attributed much of this strength to continued improvements in its underlying AI models, which are enhancing advertiser scale and return on ad spend.

The consumer vertical showed particularly strong momentum exiting the quarter. March advertising activity reportedly grew roughly 25% compared with January levels, while April delivered the strongest month ever for advertiser spending, surpassing even peak fourth-quarter seasonal periods.

These trends suggest AppLovin’s AI-powered recommendation and targeting systems continue gaining traction among advertisers seeking measurable returns.

Margins Remain Among the Strongest in SoftwareAppLovin’s margin structure remains one of the most compelling aspects of the investment story.

The company’s adjusted EBITDA margin of roughly 85% reflects extraordinary operating leverage and efficient scaling. Even after accounting for future investments tied to the June self-serve launch, AppLovin expects margins to remain exceptionally high.

For the second quarter of 2026, management guided revenues between $1.915 billion and $1.945 billion. Adjusted EBITDA is expected between $1.615 billion and $1.645 billion, implying another quarter with EBITDA margins near 84%-85%.

Such profitability levels are rare among rapidly growing technology platforms and continue to differentiate AppLovin from many peers in digital advertising.

Free cash flow generation also remains strong despite expectations for normalization later in the year. Management indicated that free cash flow conversion should settle near approximately 75% of EBITDA for the full-year 2026 after temporary timing benefits boosted first-quarter conversion rates.

Share Repurchases Reflect ConfidenceAppLovin continued aggressively returning capital to shareholders during the quarter.

The company repurchased and withheld 2.23 million shares for approximately $1 billion during the first quarter. Roughly $2.3 billion still remains under the current repurchase authorization program.

The pace of buybacks signals management’s confidence in the durability of the company’s cash generation capabilities and long-term growth prospects.

Product Innovation Expands Long-Term OpportunityManagement commentary on the earnings call strongly emphasized continued product innovation and ecosystem expansion.

Executives highlighted new AI model releases, creative automation tools and onboarding improvements designed to make advertiser adoption easier. Interactive page generation tools already appear to be seeing broad adoption, while video-generation tools remain under testing.

The company also discussed opportunities across hybrid monetization, connected television advertising and lead-generation solutions.

Hybrid monetization could become particularly important because it potentially expands monetization opportunities far beyond paying users by targeting the much larger non-paying consumer base.

Connected television also represents a potentially significant future growth avenue. Management described ambitions to help smaller advertisers access television advertising inventory while proving measurable returns from connected TV campaigns.

Together, these initiatives suggest AppLovin is attempting to position itself as a broader AI-driven advertising infrastructure platform rather than simply a mobile gaming advertising company.

Risks Still Deserve AttentionDespite the exceptional financial performance, some risks remain worth monitoring.

The upcoming public self-serve launch could temporarily increase sales and marketing expenses as the company scales onboarding and advertiser acquisition efforts. Management acknowledged that spending may rise around the launch period, although executives stressed that investments will remain focused on profitable returns.

Creative automation also remains an operational challenge. Management indicated that delivering high-quality video content “out of the box” for advertisers remains technically complex, even though progress appears encouraging.

Analysts also questioned whether the company risks stretching itself too broadly across gaming, consumer advertising, connected television, social initiatives and lead-generation products. While management dismissed concerns about overexpansion, execution risk naturally rises as the company broadens its ambitions.

Infrastructure requirements may also continue increasing. Management suggested additional GPU investments could remain necessary to support increasingly advanced AI models and growing platform scale.

How Have Estimates Been Moving Since Then?It turns out, estimates revision have trended upward during the past month.

VGM ScoresCurrently, AppLovin has a strong Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. However, the stock was allocated a score of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, AppLovin has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

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PALO ALTO, Calif.--(BUSINESS WIRE)--AppLovin Corporation, (NASDAQ: APP) (“AppLovin” or the “Company”) the leading marketing platform, today announced that it will participate in a fireside chat at the 54th Nasdaq & Jefferies Investor Conference on Tuesday, June 9, 2026 at 10:00am GMT.

A webcast of the event will be available on the Company's Investor Relations website at https://investors.applovin.com and a replay will be available following the conference in the Events & Presentations section of the Company’s Investor Relations website.

About AppLovin

AppLovin makes technologies that help businesses of every size connect to their ideal customers. The company provides end-to-end advertising solutions for businesses to reach, monetize and grow their global audiences. For more information about AppLovin, visit: www.applovin.com.

Source: AppLovin Corp.

More News From AppLovin Corp.

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AppLovin Pops After Earnings With Growth Catalysts in SightAppLovin NASDAQ: APP executives outlined the company’s growth strategy at the Nasdaq London Investor Conference, emphasizing the role of its AXON machine learning platform, expansion beyond mobile gaming advertising and a continued focus on high margins and shareholder returns.

Co-Founder and Chief Executive Officer Adam Foroughi said AppLovin’s core advertising proposition has long centered on performance marketing, where advertisers can measure whether spending produces profit. He contrasted that model with brand advertising, which he said is harder to prove in terms of direct financial returns.

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These Insider Trades Look Like Clear Signals—Until You Read the Fine Print“If you tell a customer, ‘You spend $1 million on us in a month, you’re going to make more profit from that million than what you spent,’” Foroughi said, advertisers will want to increase spending. He said the company has scaled with a global sales and business development team “well under 100 people” and no commission-based sales staff because the value proposition is driven by measurable returns.

AXON 2.0 Drives Scale in Advertising Foroughi said AppLovin’s AXON 2.0 model, launched in 2023, moved the company from what he described as “Machine Learning 1.0” to a more advanced system capable of automating advertiser campaigns at much larger scale. He said the platform can take a new game with no prior downloads and attempt to achieve an advertiser’s return target with minimal spend.

AI Is Separating Software Winners From Losers, 2 Experts ExplainForoughi said the advertising side of the business has grown sharply since AXON 2.0 was introduced. He said that in 2022, advertising revenue was in the hundreds of millions of dollars, while analysts now project the company at around $8 billion of revenue this year.

He said continued model improvements depend on more data, more advertisers, greater ad scale and more compute, all of which can improve predictions and allow advertisers to spend more while meeting return targets.

Gaming Remains Core, But Consumer Expansion Is Key Chief Financial Officer Matt Stumpf said mobile gaming remains the majority of spend on AppLovin’s platform. He said the broader mobile gaming ecosystem includes in-app purchases, which investors can track publicly, and in-app advertising, which he said is growing much faster than in-app purchases.

Stumpf said AppLovin remains comfortable with investor expectations for 20% to 30% growth over an extended period, though he acknowledged that mobile gaming growth rates may decelerate over time as the business scales. He said AppLovin expects growth in its consumer advertising business to offset any eventual slowdown in gaming over the next three to five years.

Foroughi said AppLovin launched into the consumer vertical with commerce about 18 months ago and is seeking to become a scaled alternative channel to Meta and Google. He said the company currently captures about 10% of customer wallet in that category, below the highest-performing platforms, but expects that figure to rise as its model improves and more customer data enters the system.

He also said AppLovin is developing a cost-per-lead model to support categories such as health insurance, auto insurance and healthcare, which do not necessarily buy advertising based on immediate purchases.

General Availability and New Tools Stumpf described the company’s planned broader opening of the consumer platform as more of a product milestone than a customer-focused launch. He said AppLovin is working on tools for smaller advertisers, including generative AI creative tools to build interactive end cards and full video ad components.

Stumpf also said the company is developing MCP access for companies that want to run agentic-based campaigns and analytics, along with the lead-generation model. He said the goal is to have a first iteration of a full suite of tools available to consumer vertical advertisers by the end of June.

Foroughi said one constraint for new advertisers has been the lack of ad formats built for AppLovin’s platform. He said generative AI tools are intended to enable “one-click campaign creation,” allowing customers to automatically receive video and interactive ads out of the box.

Supply Expansion, CTV and Margins Foroughi said supply expansion will be important over the next decade. He pointed to in-app purchase-focused games adding advertising, broader mobile app and mobile web inventory, and connected TV as potential growth vectors.

On connected TV, Foroughi said no true performance model currently exists for brands on television in the way AppLovin defines performance advertising. He said the challenge is proving incrementality without a direct call to action, such as a click, but added that if brands can determine with certainty that TV ad spending produces profit, the opportunity could scale.

Stumpf said AppLovin’s margin profile is supported by a lean operating structure and controlled infrastructure costs. He said data center costs have generally reflected about 10% of revenue growth, while the company has slightly more than 800 employees overall and around 400 across the ad tech business and corporate team.

“We don’t imagine that the overall margin profile of the business should change materially from here,” Stumpf said, adding that the company is comfortable around an 80% adjusted EBITDA margin.

Capital Allocation Focuses on Buybacks Stumpf said AppLovin’s first capital allocation priority is ensuring it does not restrict organic growth, including hiring and marketing investments. He said the company is generating significant excess cash, with cash flow margin around 70%.

He said AppLovin continues to evaluate mergers and acquisitions but has a high bar, particularly because most potential targets would be dilutive to its operating efficiency and EBITDA margins. Stumpf said the company has instead returned capital through buybacks, spending almost $7.5 billion since 2022 and increasing buybacks to $1 billion in the most recent quarter discussed.

Foroughi said AppLovin has not completed an acquisition in four and a half years and would only pursue a deal that fits culturally, provides data or offers clear commercial benefits within the advertising ecosystem.

About AppLovin NASDAQ: APPAppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin's technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin's offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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AppLovin (APP - Free Report) closed at $478.20 in the latest trading session, marking a -3% move from the prior day. The stock's performance was behind the S&P 500's daily gain of 1.75%. Elsewhere, the Dow saw an upswing of 1.86%, while the tech-heavy Nasdaq appreciated by 2.54%.

Heading into today, shares of the mobile app technology company had gained 8.7% over the past month, outpacing the Business Services sector's loss of 1.26% and the S&P 500's loss of 1.63%.

Investors will be eagerly watching for the performance of AppLovin in its upcoming earnings disclosure. The company is expected to report EPS of $3.7, up 63.72% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $1.94 billion, up 54.14% from the year-ago period.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $15.86 per share and a revenue of $8.26 billion, indicating changes of +57.97% and +42.34%, respectively, from the former year.

Investors should also note any recent changes to analyst estimates for AppLovin. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. AppLovin is currently sporting a Zacks Rank of #3 (Hold).

Looking at valuation, AppLovin is presently trading at a Forward P/E ratio of 31.09. This denotes a premium relative to the industry average Forward P/E of 16.08.

We can additionally observe that APP currently boasts a PEG ratio of 0.8. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The average PEG ratio for the Technology Services industry stood at 1.32 at the close of the market yesterday.

The Technology Services industry is part of the Business Services sector. Currently, this industry holds a Zacks Industry Rank of 156, positioning it in the bottom 37% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

MURFREESBORO, TN / ACCESS Newswire / April 16, 2026 / National Health Investors, Inc. (NYSE:NHI) announced details for the release of its results for the first quarter ended March 31, 2026. NHI plans to issue its earnings release after the market closes on Monday, May 4, 2026, and will host a conference call on the following day, Tuesday, May 5, 2026, at 10:00 a.m. Eastern Time to discuss the results. The number to call for this interactive teleconference is (888) 506-0062, with the access code 419400.

The live broadcast of the conference call will be available online at www.nhireit.com and at https://www.webcaster5.com/Webcast/Page/633/53759 on Tuesday, May 5, 2026, at 10:00 a.m. Eastern Time. The online replay will be available shortly after the call and remain available for one year.

About National Health Investors, Inc.

National Health Investors, Inc. (NYSE:NHI), established in 1991, is a self-managed real estate investment trust specializing in sale-leaseback, joint venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical facility investments. NHI operates in two reportable segments: Real Estate Investments and Senior Housing Operating Portfolio ("SHOP"). NHI's portfolio consists of independent living facilities, assisted living and memory care communities, entrance-fee retirement communities, senior living campuses, skilled nursing facilities and specialty hospitals. For more information, visit www.nhireit.com.

Contact: Dana Hambly, Vice President, Finance and Investor Relations

Phone: (615) 890-9100

SOURCE: National Health Investors

Transaction Strengthens Balance Sheet and Accelerates Capital Recycling into Private Pay Senior Housing

MURFREESBORO, TN / ACCESS Newswire / April 21, 2026 / National Health Investors, Inc. (NYSE:NHI) today announced that it has executed a purchase and sale agreement to sell its portfolio of 32 skilled nursing facilities ("SNF") and three independent living facilities to National HealthCare Corporation ("NHC"), the current lessee, for $560.0 million. The Company expects to incur transaction costs in a range of $6.0 - $8.0 million and anticipates closing on July 1, 2026, subject to certain customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

The strategic rationale and key benefits of the sale include:

Increases private-pay senior housing concentration, with the Senior Housing Operating Portfolio ("SHOP") segment expected to represent approximately 22.0% of total investments and 13.8% of annualized NOI on a pro forma basis.

Reduces skilled nursing exposure to approximately 12.2% of total investments and 16.5% of annualized NOI.

Strengthens the consolidated balance sheet, with net debt-to-annualized EBITDA reduced to approximately 2.3x on a pro forma basis and available liquidity of approximately $1.4 billion.

Enhances corporate governance, as the transaction, together with the pending departures of Robert G. Adams and Charlotte A. Swafford from the Board of Directors, eliminates potential conflicts of interest between NHI and NHC.

Expands capital recycling capacity as NHI evaluates a robust pipeline of private pay senior housing investment opportunities.

"We are pleased to have reached an agreement on the NHC portfolio, which provides NHI with significant capital and financial flexibility," said Eric Mendelsohn, President and Chief Executive Officer.

"This transaction accelerates our capital recycling strategy, increases our concentration in private-pay senior housing, and positions us to pursue attractive investment opportunities. We remain disciplined in our underwriting and focused on generating long-term value for stockholders."

Financial Impact
The 35 properties currently leased to NHC generated cash lease revenue of approximately $39.7 million in 2025, including percentage rent.

NHI expects to use the net proceeds from the transaction to repay outstanding borrowings and to fund future investments consistent with its capital allocation strategy, including potential tax-deferred reinvestment through Section 1031 exchanges.

The Company's outlook remains subject to several variables, including the timing and impact of the transaction and potential capital redeployment. The Company expects to provide an update in connection with its earnings release for the quarter ended March 31, 2026.

The transaction was reviewed and approved by a Special Committee of Non-Interested Directors ("Special Committee").

Blueprint Healthcare Real Estate Advisors is serving as transaction advisor to NHI. Houlihan Lokey Capital, Inc. is serving as financial advisor to the Special Committee and Venable LLP is serving as legal counsel to the Special Committee.

Investor Presentation
An investor presentation with additional details regarding the transaction is available on the Company's website at:

https://investors.nhireit.com/News/presentations-and-webcasts/default.aspx

About National Health Investors, Inc.
National Health Investors, Inc. (NYSE: NHI), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust ("REIT"). The Company owns, leases, operates and finances the development of high-quality real estate properties, focusing on senior housing communities and medical facilities. The Company operates through two reportable segments: Real Estate Investments and SHOP. The Company's investments in real estate properties include independent living facilities, assisted living facilities, entrance-fee communities, senior living campuses, skilled nursing facilities and hospitals. For more information, visit www.nhireit.com.

Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the expected completion and timing of the proposed transaction and other information relating to the proposed transaction, the Company's expected future financial positions, results of operations, cash flows, funds from operations, dividend and dividend plans, financing opportunities and plans, capital market transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, acquisition integration, growth opportunities, expected lease income, continued qualification as a REIT, plans and objectives of management for future operations, continued performance improvements, ability to service and refinance debt obligations, ability to finance growth opportunities, and similar statements including, without limitation, those containing words such as "may", "will", "should", "believes", "anticipates", "expects", "intends", "estimates", "plans", "projects", "target", "likely" and other similar expressions are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following: (i) the risk that the proposed transaction may not be completed in a timely manner or at all, which may adversely affect the Company's business and the price of the Company's common stock; (ii) risks related to the satisfaction of the conditions to closing the proposed transaction in the anticipated timeframe or at all; (iii) the occurrence of any event, change or other circumstance that could give rise to termination of the purchase and sale agreement for the proposed transaction; (iv) negative effects of the announcement of the proposed transaction or the consummation of the proposed transaction on the market price of the Company's common stock and on the Company's operating results; and (v) those risks and uncertainties described under the heading "Risk Factors" in Item 1A in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and in other documents filed by the Company with the Securities and Exchange Commission (the "SEC"). Many of these factors are beyond the control of the Company and its management. The Company assumes no obligation to update any forward-looking statements, except as required by law, and these statements speak only as of the date on which they are made. Investors are urged to carefully review and consider the various disclosures made by the Company in its periodic reports filed with the SEC, including the risk factors and other information in the above referenced Annual Report on Form 10-K. Copies of these filings are available at no cost on the SEC's website at https://www.sec.gov or on the Company's website at www.nhireit.com.

Contact: Dana Hambly, Vice President, Finance & Investor Relations
Phone: (615) 890-9100

SOURCE: National Health Investors

, /PRNewswire/ -- National Health Investors, Inc. (NYSE: NHI) announced today that John Spaid, Executive Vice President and Chief Financial Officer, will retire effective July 1, 2026. To support a seamless transition, the Company will appoint Todd Siefert as Executive Vice President Corporate Finance, effective June 1, 2026, and he will succeed Mr. Spaid as Chief Financial Officer upon his retirement.

The Company also announced today that as part of the transition that Dana Hambly has been promoted to Senior Vice President of Finance to assume expanded responsibilities.

"On behalf of the entire NHI community, I congratulate John on his many contributions to our Company," said Eric Mendelsohn, President and CEO. "Through his leadership and disciplined financial stewardship, NHI has built a strong balance sheet and is well-positioned to capitalize on future growth opportunities. We thank John for his dedication and lasting impact, and we wish him the very best in his retirement."

"It has been a privilege to serve NHI over the past decade," said Mr. Spaid. "I'm proud of the financial and accounting platforms we've built.  The Company's public equity and debt facilities are well-positioned to provide future capital to the Company as it executes its long-term strategy. I look forward to NHI's continued success."

Mr. Siefert brings more than 25 years of experience in corporate finance, capital markets, treasury management, and investor relations, with deep expertise in publicly traded REITs. He most recently served as Chief Financial Officer of Hillsboro Residential, where he oversaw debt and equity financing, financial underwriting, and investor relations for a ground-up multifamily development platform with a pipeline exceeding $275 million.

Prior to that, Mr. Siefert served as Senior Vice President of Corporate Finance and Treasurer at Ryman Hospitality Properties (NYSE: RHP), a publicly traded REIT with a market capitalization exceeding $6.0 billion, where he led more than $8.0 billion in capital markets transactions spanning syndicated bank facilities, public debt and equity offerings, mergers and acquisitions, and balance sheet restructuring. He began his career as a Senior Consultant at Booz Allen & Hamilton and as a Merger and Acquisition Analyst at the U.S. Department of Justice — Antitrust Division. 

"Todd is a seasoned finance executive with deep real estate and public REIT experience," added Mr. Mendelsohn, "We believe his leadership and perspective will strengthen our executive team and support NHI's continued growth."

About National Health Investors, Inc.
National Health Investors, Inc. (NYSE: NHI), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust ("REIT"). The Company owns, leases, operates and finances the development of high-quality real estate properties, focusing on senior housing communities and medical facilities. The Company operates through two reportable segments: Real Estate Investments and SHOP. The Company's investments in real estate properties include independent living facilities, assisted living facilities, entrance-fee communities, senior living campuses, skilled nursing facilities and hospitals. For more information, visit www.nhireit.com.

Forward-Looking Statement

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company's expected future financial positions, results of operations, cash flows, funds from operations, dividend and dividend plans, financing opportunities and plans, capital market transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, acquisition integration, growth opportunities, expected lease income, continued qualification as a REIT, plans and objectives of management for future operations, continued performance improvements, ability to service and refinance debt obligations, ability to finance growth opportunities, and similar statements including, without limitation, those containing words such as "may", "will", "should", "believes", "anticipates", "expects", "intends", "estimates", "plans", "projects", "target", "likely" and other similar expressions are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, those risks and uncertainties which are described under the heading "Risk Factors" in Item 1A in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Many of these factors are beyond the control of the Company and its management. The Company assumes no obligation to update any forward-looking statements, except as required by law, and these statements speak only as of the date on which they are made. Investors are urged to carefully review and consider the various disclosures made by the Company in its periodic reports filed with the Securities and Exchange Commission, including the risk factors and other information in the above referenced Annual Report on Form 10-K. Copies of these filings are available at no cost on the SEC's web site at https://www.sec.gov or on the Company's website at www.nhireit.com.

Contact: Dana Hambly, Senior Vice President, Finance
Phone: (615) 890-9100

SOURCE National Health Investors, Inc.

, /PRNewswire/ -- National Health Investors, Inc. (NYSE:NHI) announced today that it invested $106.9 million, including transaction costs, for the acquisition of seven properties with 532 units in Colorado. NHI expects to make an additional investment of $3.6 million during the first year. 

The properties and healthcare operations will be included in NHI's Senior Housing Operating Portfolio ("SHOP") segment and are managed by Generations, LLC, an existing NHI Real Estate Investments relationship. The communities are expected to generate an initial NOI yield of approximately 8.3% and 7.8% after routine capital expenditures.

About National Health Investors, Inc.
National Health Investors, Inc. (NYSE:NHI), established in 1991, is a self-managed real estate investment trust specializing in sale-leaseback, joint venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical facility investments. NHI operates in two reportable segments: Real Estate Investments and Senior Housing Operating Portfolio ("SHOP"). NHI's portfolio consists of independent living facilities, assisted living and memory care communities, entrance-fee retirement communities, senior living campuses, skilled nursing facilities and specialty hospitals. For more information, visit www.nhireit.com.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company's expected future financial positions, results of operations, cash flows, funds from operations, dividend and dividend plans, financing opportunities and plans, capital market transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, acquisition integration, growth opportunities, expected lease income, continued qualification as a REIT, plans and objectives of management for future operations, continued performance improvements, ability to service and refinance debt obligations, ability to finance growth opportunities, and similar statements including, without limitation, those containing words such as "may", "will", "should", "believes", "anticipates", "expects", "intends", "estimates", "plans", "projects", "target", "likely" and other similar expressions are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements. Such risks and uncertainties include those risks and uncertainties which are described under the heading "Risk Factors" in Item 1A in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. Many of these factors are beyond the control of the Company and its management. The Company assumes no obligation to update any forward-looking statements, except as required by law, and these statements speak only as of the date on which they are made. Investors are urged to carefully review and consider the various disclosures made by the Company in its periodic reports filed with the Securities and Exchange Commission, including the risk factors and other information in the above referenced Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Copies of these filings are available at no cost on the SEC's web site at https://www.sec.gov or on the Company's website at www.nhireit.com.

Contact: Dana Hambly, Senior Vice President, Finance

Phone: (615) 890-9100

SOURCE National Health Investors, Inc.

, /PRNewswire/ -- National Health Investors, Inc. (NYSE: NHI) announced today that it will pay its second quarter dividend of $0.92 per common share on August 7, 2026, to stockholders of record as of June 30, 2026.

About National Health Investors, Inc.
National Health Investors, Inc. (NYSE: NHI), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust ("REIT"). The Company owns, leases, operates and finances the development of high-quality real estate properties, focusing on senior housing communities and medical facilities. The Company operates through two reportable segments: Real Estate Investments and SHOP. The Company's investments in real estate properties include independent living facilities, assisted living facilities, entrance-fee communities, senior living campuses, skilled nursing facilities and hospitals. For more information, visit www.nhireit.com.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company's expected future financial positions, results of operations, cash flows, funds from operations, dividend and dividend plans, financing opportunities and plans, capital market transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, acquisition integration, growth opportunities, expected lease income, continued qualification as a REIT, plans and objectives of management for future operations, continued performance improvements, ability to service and refinance debt obligations, ability to finance growth opportunities, and similar statements including, without limitation, those containing words such as "may", "will", "should", "believes", "anticipates", "expects", "intends", "estimates", "plans", "projects", "target", "likely" and other similar expressions are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements. Such risks and uncertainties include those risks and uncertainties which are described under the heading "Risk Factors" in Item 1A in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. Many of these factors are beyond the control of the Company and its management. The Company assumes no obligation to update any forward-looking statements, except as required by law, and these statements speak only as of the date on which they are made. Investors are urged to carefully review and consider the various disclosures made by the Company in its periodic reports filed with the Securities and Exchange Commission, including the risk factors and other information in the above referenced Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Copies of these filings are available at no cost on the SEC's web site at https://www.sec.gov or on the Company's website at www.nhireit.com.

Contact: Dana Hambly, Senior Vice President, Finance
Phone: (615) 890-9100

SOURCE National Health Investors, Inc.

National Health Investors, Inc. (NHI) Q1 2026 Earnings Call Transcript

Investors with an interest in REIT and Equity Trust - Other stocks have likely encountered both Pebblebrook Hotel (PEB - Free Report) and National Health Investors (NHI - Free Report) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.

The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.

Right now, Pebblebrook Hotel is sporting a Zacks Rank of #1 (Strong Buy), while National Health Investors has a Zacks Rank of #3 (Hold). Investors should feel comfortable knowing that PEB likely has seen a stronger improvement to its earnings outlook than NHI has recently. But this is only part of the picture for value investors.

Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.

The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.

PEB currently has a forward P/E ratio of 9.13, while NHI has a forward P/E of 14.96. We also note that PEB has a PEG ratio of 1.30. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. NHI currently has a PEG ratio of 4.09.

Another notable valuation metric for PEB is its P/B ratio of 0.65. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, NHI has a P/B of 2.39.

These metrics, and several others, help PEB earn a Value grade of B, while NHI has been given a Value grade of D.

PEB sticks out from NHI in both our Zacks Rank and Style Scores models, so value investors will likely feel that PEB is the better option right now.

National Health Investors is rated a buy, driven by robust macro demand for senior care, portfolio expansion, and a compelling 5% dividend yield. NHI demonstrates strong top-line growth, geographic diversity, and resilient 5-year revenue trends, with recent acquisitions further solidifying its market presence. Despite modest FFO growth expectations and technical bearishness, NHI benefits from an investment-grade Fitch rating, prudent leverage, and strong ROE among peers.

Energy stocks have surged in 2026 as two powerful forces impact the market. Geopolitical turmoil in the Middle East and disruptions around the Strait of Hormuz have driven oil and gas prices sharply higher. On top of that, a demand shock is unfolding from the rapid expansion of artificial intelligence (AI) data centers, which require enormous amounts of electricity. Together, these forces are creating an opportunity that benefits both conventional energy producers and electricity suppliers.

For this reason, investors are paying closer attention to companies that can produce fuel, generate reliable power, or help expand the infrastructure needed to meet surging demand. With this in mind, here are three no-brainer energy stocks to buy right now.

Image source: Getty Images.

Chevron's cost discipline and high oil prices make it a big winner In recent years, Chevron (CVX +0.93%) has done a good job of exercising cost discipline, deploying capital into high-quality investments, reducing its debt, and returning significant capital to shareholders.

The company's portfolio includes high-margin assets in the Gulf of Mexico (the Anchor and Whale projects) and a 30% stake in Guyana's Stabroek Block, which it acquired in July 2025 through its acquisition of Hess, providing it with massive, low-cost, multi-decade production capabilities. Its focus on low-cost production gives Chevron a corporate break-even price (which includes the cost of operations and dividend payments) of around $50 per barrel.

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The company has gotten a big boost from rising oil prices in recent months, and its stock traded as high as $214 per share at one point in late March. As of this writing, WTI crude oil sits at around $90 per barrel. This translates directly into higher profits and free cash flow for Chevron, which it can use to invest in the business and continue rewarding shareholders through dividends and stock buybacks.

The stock has cooled off since late March, declining 15% amid ceasefire talks and hopes for the reopening of the Strait of Hormuz. However, it will still take time to reopen the Strait and rebuild damaged infrastructure, which could keep oil prices elevated for another six to 12 months.

Brookfield Renewable is adding energy capacity at a staggering pace Brookfield Renewable (BEPC 3.13%) is a pure-play global renewable energy company focused on hydropower, solar, wind, battery storage, and nuclear power. The company owns, operates, and develops clean energy projects worldwide, with over 47 gigawatts (GW) of operating capacity and another 275 GW in its development pipeline.

What makes Brookfield appealing is its business model, which provides stable, predictable cash flow, with management targeting long-term returns of 12% to 15%, including 5% to 9% annual distribution growth. It accomplishes this through contracts, with 90% of its power generation contracted for an average of 13 years. Not only that, but it is shielded from rising costs, as roughly 70% of its revenue is indexed to inflation.

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As energy demand grows, Brookfield Renewable is bringing on new generation capacity at a staggering pace. Last year, the company commissioned over 9 GW of new capacity, and it is on track to reach a targeted commissioning run rate of 10 GW of new projects per year by 2027. Some of its fastest-growing sources are battery and energy storage, as well as behind-the-meter solutions for hyperscaler data centers.

Over the past 12 months, Brookfield's FFO per share grew 12% to $2.08, which more than covers its $1.57 in dividends per share. The company also owns a 51% stake in Westinghouse Electric, a top nuclear energy manufacturer, making Brookfield Renewable a compelling stock for investors looking to capitalize on the booming energy demand from hyperscalers.

Constellation Energy's massive nuclear fleet makes it popular among hyperscalers Constellation Energy (CEG +2.10%) is a massive independent power producer, meaning it owns facilities to generate electricity but doesn't own the massive transmission lines or delivery grids that carry that power directly to everyday residential doorsteps. As a result, it operates in a deregulated energy marketplace and sells power on the open market, a business model that benefits when energy becomes constrained.

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What sets Constellation Energy apart is its massive fleet of nuclear power plants. The company has 55 GW of total energy capacity, with 22 GW coming from nuclear energy. This makes it the largest commercial nuclear energy operator in the U.S. at a time when more companies are embracing nuclear energy. That's because nuclear energy emits no carbon, helping hyperscalers meet their zero-emissions goals while also providing 24/7 reliable baseload power.

The stock has been volatile in recent months, largely driven by regulators seeking to curb surging utility prices for residential customers. PJM Interconnection, which oversees a large regional power grid in the Northeast, recently moved its backstop reliability auction up by a full year to this September. Investors viewed this as a bullish signal, as it accelerates auctions and enables Constellation to bid its electricity into the market and lock in sky-high, record-breaking capacity prices sooner than expected.

BALTIMORE--(BUSINESS WIRE)--Constellation Energy Corporation (Nasdaq: CEG) announced today the pricing of an underwritten public offering of an aggregate of 11,000,000 shares of its common stock (the “Offering”) by certain of its shareholders (the “Selling Shareholders”) at a price to the public of $281.00 per share. Constellation is not selling any shares of common stock in the Offering and will not receive any proceeds from any sale of shares by the Selling Shareholders. The Offering is expected to close on June 2, 2026, subject to customary closing conditions.

Constellation also announced that it has agreed to purchase from the underwriters 2,000,000 shares of common stock that are the subject of the Offering at the price per share paid to the Selling Shareholders by the underwriters in the Offering (the “Share Repurchase”). The closing of the Offering is not conditioned upon the completion of the Share Repurchase, and the closing of the Share Repurchase is contingent on the closing of the Offering. The Share Repurchase will be conducted pursuant to Constellation’s existing share repurchase program.

Morgan Stanley and J.P. Morgan are acting as the underwriters for the Offering. The underwriters will have a 30-day option to purchase up to an additional 1,350,000 shares of common stock from the Selling Shareholders.

A registration statement on Form S-3ASR (File No. 333-292608) relating to these securities has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and was effective upon filing. The Offering is being made only by means of a free writing prospectus, a prospectus supplement and the accompanying base prospectus. Before investing, prospective investors should read the free writing prospectus, the prospectus supplement, the accompanying base prospectus, and the documents incorporated by reference therein for more complete information about Constellation and the Offering by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies of the free writing prospectus, the prospectus supplement, once available, and the accompanying base prospectus may be obtained by contacting: Morgan Stanley, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; and J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at [email protected] and [email protected].

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Constellation

Constellation Energy Corporation (Nasdaq: CEG), a Fortune 200 company headquartered in Baltimore, is the largest private-sector power producer in the world and the nation’s largest producer of clean and reliable energy. With 55 gigawatts of capacity from nuclear, natural gas, oil, geothermal, hydro, wind and solar facilities, our fleet has the generating capacity to power the equivalent of 27 million homes, providing about 10% of the nation’s clean energy and delivering the around-the-clock reliability needed to power America’s growing economy. We are also the largest nuclear energy company in the U.S. and a leading competitive retail supplier, serving approximately 2.5 million customer accounts nationwide, including 80% of the Fortune 100. We are committed to investing in innovation and new technologies to drive the transition to a reliable, sustainable and secure energy future.

Cautionary Statements Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic and financial performance, are intended to identify such forward-looking statements. These forward-looking statements are based on assumptions, expectations and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Any forward-looking statements are not guarantees of our future performance and are subject to risks and uncertainties. These forward-looking statements include, but are not limited to, statements regarding the Offering and potential methods of distribution of the securities by the underwriters.

Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. The factors that could cause actual results to differ materially from the forward-looking statements made by us include those factors discussed in (i) our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18 — Commitments and Contingencies; (ii) our Quarterly Report on Form 10-Q for the quarter ended on March 31, 2026 in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 15 — Commitments and Contingencies; and (iii) other factors discussed in filings with the SEC by us.

You are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this press release. We do not undertake any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date as of which any such forward-looking statement is made.

CEG dips below 50 and 200-day SMAs amid project delays, but nuclear strength, Calpine deal and buybacks keep the bull case alive.