[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_102":103},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","o8dy43mobostqra3kmlx3qac9","revision",2,"title","FirstCash Holdings提交截至2026年9月30日季度的10-Q：季度收入11.012亿美元，Ramsdens收购仍待英国反垄断批准","originalTitle","FirstCash Holdings, Inc. (0000840489) (Filer)","summary","FirstCash Holdings披露截至2026年9月30日止季度收入11.012亿美元、净收入1.012亿美元，稀释每股收益2.33美元；九个月收入32.275亿美元、净收入3.023亿美元，经营活动现金流4.724亿美元。","reason","材料涵盖截至2026年9月30日的季度及九个月业绩、现金流、债务和收购事项，并列出待完成的交易条件及经营风险。","source",{"_12":93,"_94":95,"_9":96,"_97":42,"_98":99,"_100":101},"links",{"_90":91,"_78":92},"publishedAt","2026-10-26T19:39:27.000Z","discoveredAt","2026-10-26T20:02:21.504Z","timelineAt","category","ai-products","tags",[84,85,86,87,88,89],"stockSymbols",[83],"score",66,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":69},"hasTranslation","bodyLanguage","zh","factId","feJs1S079Stc",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","9c5c3c83-f768-4dc3-ac75-729498f20477","FirstCash公布第三季度创纪录业绩并推进Ramsdens收购",{"_73":74,"_16":75},"


目录

美国

证券交易委员会

华盛顿特区 20549

10-Q 表


☒	根据《1934 年证券交易法》第 13 条或第 15(d) 条提交的季度报告

截至 2026 年 9 月 30 日的季度

或


☐	根据《1934 年证券交易法》第 13 条或第 15(d) 条提交的过渡期报告

过渡期自 __________ 至 ___________

委员会档案编号 001-10960

$\"fcfslogo.jpg\"$

FIRSTCASH HOLDINGS, INC.

（注册人章程中载明的确切名称）

得克萨斯州

87-3920732

（注册成立或组织所在州或其他司法管辖区）

（美国国税局雇主识别号）

1600 West 7th Street, Fort Worth, Texas 76102

（主要行政办公室地址）（邮政编码）

(817) 335-1100

（注册人电话号码，包括区号）

不适用

（自上次报告以来，如有变更，列示原名称、原地址及原财政年度）

根据该法第 12(b) 条注册的证券：


各类别证券名称	交易代码	上市交易所名称
普通股，每股面值 $.01	FCFS	纳斯达克股票市场

请勾选说明注册人是否 (1) 已在此前 12 个月内（或注册人须提交此类报告的较短期间内）提交《1934 年证券交易法》第 13 条或第 15(d) 条要求提交的所有报告，且 (2) 在过去 90 天内一直受此类申报要求约束。 ☒ 是 ☐ 否

请勾选说明注册人是否已在此前 12 个月内（或注册人须提交并发布此类文件的较短期间内）以电子方式提交根据 S-T 条例第 405 条（本章 §232.405）要求提交的所有交互式数据文件。 ☒ 是 ☐ 否


目录

请勾选说明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小申报公司还是新兴成长型公司。参见《1934 年证券交易法》规则 12b-2 中“大型加速申报公司”“加速申报公司”“较小申报公司”和“新兴成长型公司”的定义。


☒	大型加速申报公司	☐	加速申报公司
☐	非加速申报公司	☐	较小申报公司
		☐	新兴成长型公司

如果是新兴成长型公司，请勾选说明注册人是否选择不采用《1934 年证券交易法》第 13(a) 条规定的、遵守任何新颁布或修订的财务会计准则的延长过渡期。 ☐

请勾选说明注册人是否为空壳公司（定义见《1934 年证券交易法》规则 12b-2）。 ☐ 是 ☒ 否

截至2026年10月21日，已发行普通股为42,887,671股。


目录

FIRSTCASH HOLDINGS, INC.

截至2026年9月30日的季度10-Q表格


第一部分	财务信息

第1项	财务报表（未经审计）	1
	合并资产负债表	1
	合并收益表	2
	合并综合收益表	3
	合并股东权益变动表	4
	合并现金流量表	6
	合并财务报表附注	7
第2项	管理层对财务状况和经营业绩的讨论与分析	27
第3项	有关市场风险的定量和定性披露	52
第4项	控制与程序	52

第二部分	其他信息

第1项	法律诉讼	53
第1A项	风险因素	53
第2项	未注册股权证券的销售及所得款项用途	53
第3项	高级证券违约	53
第4项	矿山安全披露	53
第5项	其他信息	54
第6项	附件	54

签名	55


目录

关于可能影响未来业绩的风险和不确定性的警示声明

前瞻性信息

本季度报告包含有关 FirstCash Holdings, Inc. 及其全资子公司（统称“公司”）的业务、财务状况、前景和发展，以及公司此前宣布收购 Ramsdens Holdings plc（“Ramsdens”）的前瞻性陈述。根据《1995年私人证券诉讼改革法案》的定义，前瞻性陈述可通过使用“相信”“预计”“预期”“可能”“估计”“应该”“计划”“目标”“打算”“能够”“将会”“预料”“潜在”“有信心”“乐观”等前瞻性术语（或其否定形式及其他变体），或类似术语，或通过讨论战略、目标、估算、指引、预期、前景和未来计划来识别。也可根据这些陈述并非严格涉及历史或当前事项这一事实识别前瞻性陈述。前瞻性陈述涉及尚未发生的事项，因此本质上存在风险和不确定性。

尽管公司认为前瞻性陈述所反映的预期是合理的，但无法保证这些预期一定准确。谨提醒证券持有人，此类前瞻性陈述涉及风险和不确定性。某些因素可能导致实际结果与本季度报告中前瞻性陈述所预期的结果存在重大差异。这些因素和风险可能包括但不限于：与公司运营所处的广泛监管环境相关的风险，包括公司运营所在司法辖区当前监管环境的不确定性；与公司作为当事方或未来可能成为当事方的法律和监管程序相关的风险；与公司收购相关的风险，包括公司收购未能实现公司预期的估值和收益，以及公司能否继续以有利条款（如有）识别并完成收购，以及能否成功整合此类收购；与收购 Ramsdens 相关的风险，特别是能否在预期时间内（如能）获得必要的反垄断批准并满足其他惯常交割条件，以及能否按预期时间表（如能）实现收购 Ramsdens 的预期收益；消费者行为和购物模式可能发生变化，进而影响对公司典当贷款、零售、先租后买（“LTO”）及零售融资产品的需求；劳动力短缺和劳动力成本上升；美国、拉丁美洲和英国经济状况恶化，包括因地缘政治冲突、通胀、利率居高不下、能源成本上升及贸易政策所致的恶化，这可能影响可自由支配的消费者支出及对公司产品的需求；货币波动，主要涉及墨西哥比索和英镑；公司面临的来自其他零售商和零售支付解决方案提供商的竞争；公司能否成功执行其业务战略；与公司能否防范网络攻击、其他网络安全事件、安全漏洞或其信息技术系统其他中断相关的风险；与公司能否开发、运营并调整适合其业务性质的信息技术基础设施，以及能否成功将收购的业务迁移至其信息技术平台相关的风险；与公司能否跟上生成式人工智能和其他机器学习技术的应用步伐以保持竞争力相关的风险；与公司零售销售点（“POS”）支付解决方案业务的商户合作伙伴销售活动萎缩或门店关闭相关的风险；公司零售 POS 支付解决方案业务能否继续扩大商户合作伙伴群体；以及公司最近向美国证券交易委员会（“SEC”）提交的 Form 10-K 年度报告（包括其第一部分第 1A 项“风险因素”所述风险）和向 SEC 提交的其他报告中讨论和说明的其他风险。许多此类风险和不确定性超出公司的控制能力，公司也无法预测在许多情况下所有可能导致其实际结果与前瞻性陈述所述结果存在重大差异的风险和不确定性。本季度报告所载前瞻性陈述仅截至本季度报告日期，公司明确声明，除法律要求外，不承担任何报告此类陈述的更新或修订的义务或承诺，以反映公司预期的任何变化，或此类陈述所依据的事件、条件或情况的任何变化。


目录

第一部分：财务信息

第1项：财务报表


FIRSTCASH HOLDINGS, INC.
合并资产负债表
（未经审计，单位：千）

	9月30日		12月31日
	2026		2025		2025
资产
现金及现金等价物	$	203,159			$	130,240		$	125,197
应收账款净额	122,476			115,850			115,854
典当贷款	907,670			788,130			831,497
融资应收款净额	124,115			153,134			150,274
存货	598,551			456,273			487,232
租赁商品净额	74,705			99,725			114,283
预付费用及其他流动资产	36,360			49,008			32,131
流动资产总额	2,067,036			1,792,360			1,856,468

不动产及设备净额	883,675			786,389			808,050
经营租赁使用权资产	366,097			371,311			365,621
商誉	2,035,199			1,970,358			2,023,426
无形资产净额	185,351			246,722			231,140
其他资产	12,549			9,775			9,796
递延所得税资产净额	9,266			5,401			6,262
资产总额	$	5,559,173			$	5,182,316		$	5,300,763

负债和股东权益

应付账款及应计负债	$	222,801			$	163,412		$	212,615
客户存款及预付款	95,792			84,520			83,908
流动租赁负债	111,201			111,327			111,291
流动负债总额	429,794			359,259			407,814

循环无担保信贷额度	169,000			575,000			559,000
其他长期债务	2,278,072			1,638,106			1,649,434
递延所得税负债净额	159,590			155,295			158,819
非流动租赁负债	249,386			255,010			248,934

负债总额	3,285,842			2,982,670			3,024,001

股东权益：

普通股	575			575			575
额外实收资本	1,766,506			1,766,282			1,771,379
留存收益	1,917,822			1,584,851			1,670,583
累计其他综合亏损	(67,890)			(76,766)			(64,835)
库存普通股，按成本计价	(1,343,682)			(1,075,296)			(1,100,940)
股东权益总额	2,273,331			2,199,646			2,276,762
负债和股东权益总额	$	5,559,173			$	5,182,316		$	5,300,763

随附附注是这些合并财务报表不可分割的组成部分。


目录


FIRSTCASH HOLDINGS, INC.
合并损益表
（未经审计，单位：千，股份金额除外）

	截至三个月		截至九个月
	9月30日		9月30日
	2026		2025		2026		2025
收入：
零售商品销售	$	480,981			$	410,968		$	1,417,078	$	1,167,149
典当贷款手续费	267,290			221,088			792,429		603,781
租赁商品收入	103,057			132,540			348,743		429,242
零售融资产品利息及费用	73,749			81,683			222,046		231,171
批发废金属珠宝销售	172,541			86,710			437,154		168,691
其他收入	3,549			2,590			10,056		2,590
收入总额	1,101,167			935,579			3,227,506		2,602,624

收入成本：
已售零售商品成本	294,274			248,723			857,942		703,173
租赁商品折旧	63,113			76,028			215,822		243,119
租赁损失拨备	17,021			27,920			71,204		88,025
贷款损失拨备	40,790			40,347			123,564		118,468
已售批发废金属珠宝成本	140,159			68,220			335,955		138,479
其他收入成本	267			634			1,425		634
收入成本总额	555,624			461,872			1,605,912		1,291,898

净收入	545,543			473,707			1,621,594		1,310,726

费用及其他收入：
运营费用	269,106			236,528			806,273		673,607
行政费用	66,723			58,845			199,326		166,631
折旧及摊销	32,283			29,034			96,239		80,400
利息费用	37,678			32,216			107,908		86,024
利息收入	(434)			(908)			(1,078)		(2,664)
外汇（收益）损失	(435)			(219)			201		(1,504)
并购费用	3,760			9,472			10,983		12,711
其他净收入	(1,805)			(3,740)			(9,055)		(9,254)


费用及其他收入总额	406,876			361,228			1,210,797		1,005,951

税前收入	138,667			112,479			410,797		304,775

所得税拨备	37,515			29,672			108,476		78,572

净利润	$	101,152			$	82,807		$	302,321	$	226,203

每股收益：
基本	$	2.35			$	1.87		$	6.93	$	5.09
摊薄	$	2.33			$	1.86		$	6.89	$	5.07

随附附注是这些合并财务报表不可分割的组成部分。


目录


FIRSTCASH HOLDINGS, INC.
合并综合收益表
（未经审计，单位：千）

	截至三个月		截至九个月
	9月30日		9月30日，
	2026		2025		2026		2025
净利润	$	101,152			$	82,807		$	302,321	$	226,203
其他综合收益（亏损）：
货币折算调整	(12,144)			19,501			(3,055)		52,830
综合收益	$	89,008			$	102,308		$	299,266	$	279,033

随附附注是这些合并财务报表不可分割的组成部分。


目录


FIRSTCASH HOLDINGS, INC.
股东权益变动合并报表
（未经审计，单位：千，股份金额除外）

截至2026年9月30日的九个月
	普通股	额外实缴资本	留存收益		累积- 的其他综- 合亏损	库存股普通股		股东权益总额
		股份	金额							股份		金额
截至2025年12月31日		57,547		$	575		$	1,771,379			$	1,670,583	$	(64,835)		13,570		$	(1,100,940)	$	2,276,762
根据股份薪酬计划发行的股份，扣除净额结算的67股		—		—		(20,998)			—			—	(120)		9,758		(11,240)



股份薪酬费用		—		—		5,375			—			—	—		—		5,375
净利润		—		—		—			107,702			—	—		—		107,702
现金股息（每股0.42美元）		—		—		—			(18,455)			—	—		—		(18,455)
货币折算调整		—		—		—			—			(11,564)	—		—		(11,564)
购买库存股，包括消费税		—		—		—			—			—	261		(50,500)		(50,500)

截至2026年3月31日		57,547		$	575		$	1,755,756			$	1,759,830	$	(76,399)		13,711		$	(1,141,682)	$	2,298,080





股份薪酬费用		—		—		5,375			—			—	—		—		5,375
净利润		—		—		—			93,467			—	—		—		93,467
现金股息（每股0.42美元）		—		—		—			(18,411)			—	—		—		(18,411)
货币折算调整		—		—		—			—			20,653	—		—		20,653
购买库存股，包括消费税		—		—		—			—			—	357		(77,372)		(77,372)

截至2026年6月30日		57,547		$	575		$	1,761,131			$	1,834,886	$	(55,746)		14,068		$	(1,219,054)	$	2,321,792











股份薪酬费用		—		—		5,375			—			—	—		—		5,375
净利润		—		—		—			101,152			—	—		—		101,152
现金股息（每股0.42美元）		—		—		—			(18,216)			—	—		—		(18,216)
货币折算调整		—		—		—			—			(12,144)	—		—		(12,144)
购买库存股，包括消费税		—		—		—			—			—	592		(124,628)		(124,628)

截至2026年9月30日		57,547		$	575		$	1,766,506			$	1,917,822	$	(67,890)		14,660		$	(1,343,682)	$	2,273,331

随附附注是这些合并财务报表不可分割的组成部分。


目录


FIRSTCASH HOLDINGS, INC.
股东权益变动合并报表
续
（未经审计，单位：千，股份金额除外）

截至2025年9月30日的九个月
	普通股	额外实缴资本	留存收益		累积- 的其他综- 合亏损	库存股普通股		股东权益总额
		股份	金额							股份		金额
截至2024年12月31日		57,547		$	575		$	1,767,569			$	1,411,083	$	(129,596)		12,795		$	(995,467)	$	2,054,164
根据股份薪酬计划发行的股份，扣除净额结算的52股		—		—		(16,440)			—			—	(137)		10,676		(5,764)



股份薪酬费用		—		—		4,462			—			—	—		—		4,462
净利润		—		—		—			83,591			—	—		—		83,591
现金股息（每股0.38美元）		—		—		—			(16,944)			—	—		—		(16,944)
货币折算调整		—		—		—			—			(944)	—		—		(944)
购买库存股，包括消费税		—		—		—			—			—	525		(60,205)		(60,205)

截至2025年3月31日		57,547		$	575		$	1,755,591			$	1,477,730	$	(130,540)		13,183		$	(1,044,996)	$	2,058,360




股份薪酬费用		—		—		4,588			—			—	—		—		4,588
净利润		—		—		—			59,805			—	—		—		59,805
现金股息（每股0.38美元）		—		—		—			(16,858)			—	—		—		(16,858)
货币折算调整		—		—		—			—			34,273	—		—		34,273


截至2025年6月30日		57,547		$	575		$	1,760,179			$	1,520,677	$	(96,267)		13,183		$	(1,044,996)	$	2,140,168

















股份薪酬费用		—		—		6,103			—			—	—		—		6,103
净利润		—		—		—			82,807			—	—		—		82,807
现金股息（每股0.42美元）		—		—		—			(18,633)			—	—		—		(18,633)
货币折算调整		—		—		—			—			19,501	—		—		19,501
购买库存股，包括消费税		—		—		—			—			—	230		(30,300)		(30,300)

截至2025年9月30日		57,547		$	575		$	1,766,282			$	1,584,851	$	(76,766)		13,413		$	(1,075,296)	$	2,199,646

随附附注是这些合并财务报表不可分割的组成部分。


目录


FIRSTCASH HOLDINGS, INC.
合并现金流量表
（未经审计，单位：千美元）
	截至九个月
	9月30日
	2026		2025
经营活动现金流：
净利润	$	302,321			$	226,203
将净利润调节为经营活动提供的净现金流的调整项：
租赁商品折旧	215,822			243,119
租赁损失准备	71,204			88,025
贷款损失准备	123,564			118,468
股份支付薪酬费用	16,125			15,153
折旧和摊销费用	96,239			80,400
债务发行成本摊销	3,504			2,974
提前终止有担保定期贷款的提前还款罚金	4,182			—
融资应收款溢价、折价及未赚取发放费用的净摊销	(51,422)			(48,945)

递延所得税净额	(1,811)			16,709
经营性资产和负债变动，扣除业务合并影响：
应收账款净额	(6,831)			(6,762)
直接从客户、批发商或制造商处购入的存货	(45,803)			(13,367)
租赁商品	(247,448)			(302,432)
预付费用及其他资产	(3,186)			(12,253)
应付账款、应计负债及其他负债	5,428			(27,086)
所得税	(9,495)			(909)
经营活动提供的净现金流	472,393			379,297
投资活动现金流：
发放典当贷款	(1,995,764)			(1,416,821)
偿还典当贷款	1,143,076			800,966
通过出售没收的抵押品收回典当贷款本金	711,909			517,122
融资应收款投资	(283,490)			(338,295)
融资应收款所得款项	264,339			263,139
购置家具、固定装置、设备及改良	(55,954)			(37,419)
购置门店房地产	(69,728)			(44,231)

收购典当门店，扣除取得的现金	(21,074)			(406,874)

投资活动使用的净现金流	(306,686)			(662,413)
融资活动现金流：
信贷额度借款	433,924			689,372
偿还信贷额度借款	(878,378)			(315,070)

提前终止有担保定期贷款的提前还款罚金	(4,182)			—
偿还并提前终止有担保定期贷款	(60,505)			—
发行优先无担保票据	750,000			—


支付债务发行成本	(12,270)			—
回购库存股	(251,150)			(90,459)


支付限制性股票单位奖励净额结算的预扣税	(11,240)			(5,764)
支付股息	(55,082)			(52,435)
融资活动使用（提供）的净现金流	(88,883)			225,644









汇率变动对现金的影响	1,138			12,617
现金及现金等价物变动	77,962			(44,855)
期初现金及现金等价物	125,197			175,095
期末现金及现金等价物	$	203,159			$	130,240

随附附注是本合并财务报表不可分割的一部分。


目录

FIRSTCASH HOLDINGS, INC.

合并财务报表附注

（未经审计）

附注1 - 一般事项

列报基础

随附的截至2025年12月31日的合并资产负债表源自经审计的合并财务报表；未经审计的合并财务报表（包括其附注）包含 FirstCash Holdings, Inc. 及其全资子公司（统称“公司”）的账目。公司定期进行收购，自收购日起将被收购业务的经营业绩纳入合并报表。所有重大公司间账户和交易均已抵销。

这些未经审计的合并财务报表按照美国公认会计原则（“GAAP”）中期财务信息的规定以及 Form 10-Q 报告规则和条例编制。因此，报表未包含完整财务报表所要求的某些信息和披露。阅读这些中期财务报表时，应结合公司截至2025年12月31日止年度的经审计合并财务报表；该报表载于公司于2026年2月9日向 SEC 提交的 Form 10-K 年度报告中。截至2026年和2025年9月30日的合并财务报表，以及截至2026年和2025年9月30日止三个月和九个月期间的合并财务报表，均未经审计；但管理层认为，报表已包括所有必要调整（仅包括正常的经常性调整），能够公允列报该等中期期间的财务状况、经营业绩和现金流量。截至2026年9月30日止期间的经营业绩不一定代表全年预期业绩。

公司在墨西哥、危地马拉、哥伦比亚和英国开展典当业务，其功能货币分别为墨西哥比索、危地马拉格查尔、哥伦比亚比索和英镑。因此，这些子公司的资产和负债按各资产负债表日的汇率折算为美元，由此产生的折算调整计入其他综合收益（亏损），作为股东权益的单独组成部分。收入和费用按相应期间的平均汇率折算。公司还在萨尔瓦多开展典当业务，其报告货币和功能货币均为美元。

2026年6月18日，公司通过转换形式完成了从特拉华州迁册至得克萨斯州。公司股东在2026年6月9日举行的年度股东大会上批准了此次迁册。此次迁册未影响随附的合并财务报表。

估计的使用

按照 GAAP 编制中期财务报表要求管理层作出估计和假设，这些估计和假设会影响所报告的资产和负债金额及相关收入和费用，以及财务报表日对收益和损失或有事项的披露。此类估计和假设面临多种风险和不确定性，可能导致实际结果与公司的估计存在重大差异。

重新分类

为便于比较，合并现金流量表中的某些以前期间金额已重新分类，以符合本期列报方式。

截至2025年9月30日止九个月的合并现金流量表中，投资活动现金流内典当贷款的净额列报方式已修订为分别列报发放的典当贷款、偿还的典当贷款以及通过出售没收抵押品收回的典当贷款本金。对以前期间金额的此项重新分类并未导致此前报告的投资活动所用净现金流发生变化。


目录

近期会计公告

2024年11月，FASB发布了ASU 2024-03《利润表—综合收益报告—费用分类披露（子主题220-40）：利润表费用分类披露》（“ASU 2024-03”）。ASU 2024-03要求额外披露列于利润表表面费用项目中的特定费用类型，以及有关销售费用的披露。2025年1月，FASB发布了ASU 2025-01《利润表—综合收益报告—费用分类披露（子主题220-40）：澄清生效日期》，以澄清ASU 2024-03的生效日期。ASU 2024-03适用于2026年12月15日之后开始的财年以及2027年12月15日之后开始的中期期间，允许提前采用。ASU 2024-03可采用前瞻法，也可对列报的所有以前期间追溯采用。本公司目前正在评估采用该指引对本公司的当前财务状况、经营业绩及财务报表披露的影响。

2025年9月，FASB发布了ASU 2025-06《无形资产—商誉及其他—内部使用软件（子主题350-40）：内部使用软件会计处理的针对性改进》（“ASU 2025-06”）。ASU 2025-06通过删除对项目阶段的引用并澄清开始资本化成本所适用的门槛，更新了内部使用软件的资本化标准。该指引适用于2027年12月15日之后开始的财年以及这些年度报告期间内的中期报告期间。允许自某一年度报告期间开始时提前采用。本公司目前正在评估采用该指引对本公司的财务状况、经营业绩及财务报表披露的影响。

2025年12月，FASB发布了 ASU 2025-11《中期报告（主题 270）：范围有限的改进》（“ASU 2025-11”）。ASU 2025-11 澄清了中期报告指引的适用范围、中期报告的类型，以及按照 GAAP 编制的中期财务报表的形式和内容。根据 FASB 的说法，该修订并非旨在改变中期报告的基本性质，也不打算扩大或缩减现行中期披露要求，而是为了澄清并提高现有中期报告要求的可导航性。ASU 2025-11 适用于 2027 年 12 月 15 日之后开始的年度报告期间内的中期期间，允许提前采用。ASU 2025-11 可对所有列报的以前期间采用未来适用法或追溯法。本公司目前正在评估采用该指引对公司财务状况、经营业绩及财务报表披露的影响。

附注 2 - 每股收益

下表列示了基本及稀释每股收益的计算（单位：千，除每股金额外）：


	截至三个月		截至九个月
	9月30日，		9月30日，
	2026		2025		2026		2025
分子：
净利润	$	101,152			$	82,807		$	302,321	$	226,203



分母：
用于计算基本每股收益的加权平均普通股股数	43,052			44,211			43,634		44,406
稀释性证券的影响：
限制性股票单位奖励	283			261			236		197
用于计算稀释每股收益的加权平均普通股股数	43,335			44,472			43,870		44,603

每股收益：
基本	$	2.35			$	1.87		$	6.93	$	5.09
稀释	$	2.33			$	1.86		$	6.89	$	5.07


目录

附注 3 - 收购

待完成的 Ramsdens 收购

2026年6月23日，本公司就收购 Ramsdens 达成条款。Ramsdens 是英国领先的典当经营商，在当地拥有超过175家门店；本公司将通过经修订的《2006年英国公司法》第26部分规定的法院批准安排计划，收购 Ramsdens 全部已发行及将发行的股本（“Ramsdens 收购”）。2026年7月16日，本公司同意修订收购条款，提高 Ramsdens 股东将获得的现金价格。根据修订后的 Ramsdens 收购条款，Ramsdens 股东有权按每股675便士收取现金。Ramsdens 收购的总股权价值约为£228.6 million（按 GBP/USD 汇率1.33折合303.7 million美元）。

2026年第三季度，Ramsdens 股东和英国金融监管机构（金融行为监管局）均批准了该收购。Ramsdens 收购预计将于2026年底前完成，尚待获得所需的英国反垄断批准并满足其余惯常交割条件。

典当业务收购

与公司继续在战略市场扩张典当店的战略一致，在截至2026年9月30日的九个月内，公司通过五笔独立交易收购了美国的11家典当店，并通过另一笔独立交易收购了英国的一家店铺。这些收购的总购买价为1,650万美元，扣除取得的现金，并须根据交割后调整进行调整。总购买价包括截至2026年9月30日的九个月内支付的1,580万美元现金，以及应付给部分卖方的70万美元短期款项。在截至2026年9月30日的九个月内，公司还支付了530万美元与往年典当收购相关的应付款项。

2026年各项收购的购买价根据收购日估计的公允价值分配至取得的资产和承担的负债。购买价超过所取得净资产估计公允价值的部分已确认为商誉。这些收购产生的商誉主要包括合并公司与所收购典当店业务后预期实现的协同效应和规模经济。无论单独还是合计，这些收购对公司的合并财务报表均不重大。

H&T收购

公司于2025年8月14日完成对H&T Group plc（“H&T”）的收购。H&T是英国领先的典当经营商；自该日起，H&T的资产负债表和经营业绩纳入公司的合并财务业绩（“H&T收购”）。H&T收购的购买价分摊在2026年8月14日计量期结束时最终确定。在截至2026年9月30日的三个月和九个月期间，未确认重大计量期调整。


目录

注4——经营租赁

出租人

有关公司作为出租人的创收活动的信息，请参阅公司《2025年年度报告（Form 10-K）》所载合并财务报表附注2中的“租赁商品与收入确认”部分。公司的所有租赁协议均被视为经营租赁。

承租人

公司通过经营租赁租用约61%的美国典当店门店、几乎所有拉丁美洲和英国的典当店门店以及某些行政办公室，并在安排开始时判断该安排是否为或包含租赁。许多租赁同时包含租赁和非租赁组成部分，公司分别进行核算。租赁组成部分包括租金、税费和保险费用；非租赁组成部分包括公共区域或其他维护费用。经营租赁列示于合并资产负债表中的经营租赁使用权资产、租赁负债（流动）和租赁负债（非流动）。公司没有任何融资租赁。

租赁设施的租期通常为三至五年，并可选择一次或多次续租，每次续租三至五年，通常由公司全权决定。此外，大多数此类租约都可在法律发生不利变化并对门店盈利能力造成负面影响时提前终止。公司定期评估续租和终止选项，以确定是否有合理把握行使该选项；在达到这一确定性之前，不会将这些选项纳入用于确认经营租赁使用权资产和租赁负债的租期。截至2026年和2025年9月30日，经营租赁的加权平均剩余租期均为4.2年。

经营租赁使用权资产和租赁负债按租赁开始日租期内未来最低租赁付款额的现值确认。公司的租约未规定隐含利率，因此，公司根据租赁开始日可获得的信息，采用增量借款利率来确定租赁付款额的现值。公司采用组合方法，为具有相似特征的租赁组合确定适用的增量借款利率。截至2026年和2025年9月30日，用于计量租赁负债的加权平均折现率分别为7.9%和8.5%。

公司在墨西哥有若干以美元计价的经营租赁。相关负债被视为货币性负债，因此每个报告期均须按报告日汇率重新计量为功能货币（墨西哥比索）。重新计量会导致每个报告期确认外汇收益或损失，从而可能造成一定程度的收益波动。在截至2026年和2025年9月30日的三个月内，公司因重新计量这些以美元计价的经营租赁，分别确认了0.6百万美元的外汇损失和0.6百万美元的外汇收益，该金额计入随附合并损益表中的外汇（收益）损失。在截至2026年和2025年9月30日的九个月内，公司因这些以美元计价的经营租赁分别确认了1.0百万美元和2.1百万美元的外汇收益。

租赁费用在租期内按直线法确认，可变租赁费用则在发生相关付款的期间确认。下表列示了截至2026年和2025年9月30日的三个月和九个月内，合并损益表经营费用中包含的租赁费用组成部分（单位：千）：


	截至三个月		截至九个月
	9月30日，		9月30日，
	2026		2025		2026		2025
经营租赁费用	$	40,193			$	38,208		$	121,420	$	109,425
可变租赁费用 (1)	5,871			5,066			17,303		14,783
经营租赁费用总额	$	46,064			$	43,274		$	138,723	$	124,208

(1)可变租赁成本主要包括税费、保险费以及根据出租人实际发生的成本支付的公共区域或其他维护费用，因此可能在租期内有所变化。


目录

下表列示截至2026年9月 30日所有经营租赁负债的到期情况（单位：千美元）：


截至2026年12月31日的三个月	$	36,764
2027	127,176
2028	101,248
2029	71,616
2030	39,820
此后	46,665
合计	$	423,289
减：租赁付款中代表利息的金额	(62,702)
租赁付款的现值合计	$	360,587

下表列示截至2026年和2025年9月 30日止九个月与经营租赁相关的补充现金流信息（单位：千美元）：


	截至九个月
	9月30日
	2026		2025
计入经营租赁负债计量金额的现金支付	$	113,240		$	99,350
以新增经营租赁负债换取的租赁资产	$	90,107		$	85,718

附注5—金融工具公允价值

金融工具的公允价值根据各种市场数据及其他估值技术（视情况而定）确定。金融资产和负债根据对公允价值计量具有重要意义的最低层级输入值进行分类。公司对特定输入值对公允价值计量重要性的评估需要作出判断，且可能影响资产和负债公允价值的估值及其在公允价值层级中的归属。公允价值分为以下三个层级（由高到低）：

第1级：活跃市场中相同资产或负债的报价。

第2级：可观察的市场输入值，或经市场数据佐证的不可观察输入值。

第3级：未经市场数据佐证的不可观察输入值。

经常性公允价值计量

截至2026年9月 30日、2025年9月 30日和2025年12月 31日，公司没有按经常性基础以公允价值计量的任何金融资产和负债。

非经常性公允价值计量

公司对不动产及设备、无形资产等非金融资产和负债按非经常性基础计量公允价值，或在事件或情况表明资产账面价值可能减值时进行计量。截至2026年9月 30日止九个月内，未发现此类事件或情况。


目录

未按公允价值计量但披露公允价值的金融资产和负债

截至2026年9月 30日、2025年9月 30日和2025年12月 31日，公司合并资产负债表中未按公允价值计量的金融资产和负债如下（单位：千美元）：


	账面价值		估计公允价值
	9月30日		9月30日		采用以下层级进行的公允价值计量
	2026		2026		第1级		第2级	第3级
金融资产：
现金及现金等价物	$	203,159			$	203,159		$	203,159	$	—	$	—
应收账款净额	122,476			122,476			—		—	122,476
典当贷款	907,670			907,670			—		—	907,670
融资应收款净额 (1)	124,115			246,412			—		—	246,412
	$	1,357,420			$	1,479,717		$	203,159	$	—	$	1,276,558

金融负债：
表外信用风险敞口负债	$	24,057			$	24,057		$	—	$	—	$	24,057
循环无抵押信贷额度	169,000			169,000			—		169,000	—
其他长期债务（未偿本金）	2,300,000			2,226,000			—		2,226,000	—
	$	2,493,057			$	2,419,057		$	—	$	2,395,000	$	24,057

(1)截至2026年9月 30日，融资应收款总额为2.506亿美元。参见附注6。


	账面价值		估计公允价值
	9月30日，		9月30日，		采用以下方法进行的公允价值计量
	2025		2025		第1级		第2级	第3级
金融资产：
现金及现金等价物	$	130,240			$	130,240		$	130,240	$	—	$	—
应收账款净额	115,850			115,850			—		—	115,850
典当贷款	788,130			788,130			—		—	788,130
融资应收款净额 (1)	153,134			293,086			—		—	293,086
	$	1,187,354			$	1,327,306		$	130,240	$	—	$	1,197,066

金融负债：
表外信贷敞口负债	$	4,790			$	4,790		$	—	$	—	$	4,790
循环无担保信贷额度	575,000			575,000			—		575,000	—
其他长期债务（未偿本金）	1,654,465			1,662,465			—		1,662,465	—
	$	2,234,255			$	2,242,255		$	—	$	2,237,465	$	4,790

(1)截至2025年9月 30日，融资应收款总额为2.981亿美元。参见附注6。


目录


	账面价值		估计公允价值
	12月31日，		12月31日，		采用以下方法进行的公允价值计量
	2025		2025		第1级		第2级	第3级
金融资产：
现金及现金等价物	$	125,197			$	125,197		$	125,197	$	—	$	—
应收账款净额	115,854			115,854			—		—	115,854
典当贷款	831,497			831,497			—		—	831,497
融资应收款净额 (1)	150,274			281,504			—		—	281,504
	$	1,222,822			$	1,354,052		$	125,197	$	—	$	1,228,855

金融负债：
表外信贷敞口负债	$	13,782			$	13,782		$	—	$	—	$	13,782
循环无担保信贷额度	559,000			559,000			—		559,000	—
其他长期债务（未偿本金）	1,665,006			1,679,006			—		1,679,006	—
	$	2,237,788			$	2,251,788		$	—	$	2,238,006	$	13,782

(1)截至2025年12月31日，融资应收款总额为2.835亿美元。参见附注6。

由于现金及现金等价物的到期日不足三个月，其账面价值接近公允价值。由于典当贷款和应收账款净额的期限较短，其账面价值接近公允价值。

融资应收款按摊余成本计量，并在合并资产负债表中扣除贷款损失准备。公司采用折现现金流法估算融资应收款的公允价值。公司使用了反映自身假设的各种不可观察输入值，例如未来合同本金和利息现金流、未来核销率以及折现率（其中考虑当前利率，并根据信用风险等因素进行调整）。

由于期限较短且估算基于当前预期存续期损失，截至2026年9月 30日、2025年9月 30日和2025年12月 31日，表外信贷敞口负债的账面价值接近公允价值。

截至2026年9月 30日、2025年9月 30日和2025年12月 31日，循环无担保信贷额度的账面价值接近公允价值。循环无担保信贷额度的公允价值根据具有类似特征的债务发行的市场价值，或根据目前类似条款债务的可用利率进行估算。此外，循环无担保信贷额度采用浮动利率：以美元计价的借款利率基于当时的有担保隔夜融资利率（“SOFR”），以英镑计价的借款利率基于英镑隔夜指数平均利率（“SONIA”），并随SOFR或SONIA的任何变化重新定价。

截至2026年9月30日，其他长期债务仅包括固定利率高级无担保票据。截至2025年9月30日和2025年12月31日，其他长期债务主要包括固定利率高级无担保票据和有担保定期贷款。高级无担保票据的公允价值根据非活跃市场中的报价估算。有担保定期贷款的公允价值根据具有类似特征的债务发行的市场价值或目前可获得的类似期限债务利率估算。其他长期债务的其余部分包括两项浮动利率信贷额度，截至2025年9月30日和2025年12月31日，其账面价值约等于公允价值。


目录

附注6 - 融资应收款净额

融资应收款净额（包括零售分期付款销售协议和银行发放的贷款）包括以下内容（单位：千美元）：


	截至9月30日，		截至 12月31日，
	2026		2025		2025
融资应收款总额	$	250,631			$	298,081		$	283,514
商户合作伙伴折扣和溢价净额	(24,798)			(24,195)			(22,728)
未赚取的发放费用	(2,887)			(5,031)			(4,186)
融资应收款摊余成本	222,946			268,855			256,600
减：贷款损失准备	(98,831)			(115,721)			(106,326)
融资应收款净额	$	124,115			$	153,134		$	150,274

下表列示了贷款损失准备的变动情况（单位：千美元）：


	截至三个月		截至九个月
	9月30日，		9月30日，
	2026		2025		2026		2025
期初余额	$	105,006			$	122,874		$	106,326	$	117,005
贷款损失准备 (1)	29,031			35,557			96,731		113,678
核销	(39,166)			(45,705)			(116,130)		(124,202)
收回	3,960			2,995			11,904		9,240
期末余额	$	98,831			$	115,721		$	98,831	$	115,721

(1)2025年第三季度，公司零售POS支付解决方案业务（American First Finance，简称“ AFF”）开始协助部分客户申请由AFF银行合作伙伴承销并全额持有的面向消费者的无担保分期贷款（“OBS贷款”）。OBS贷款未作为融资应收款列入公司资产负债表。截至2026年9月30日止三个月和九个月的合并利润表所列贷款损失准备分别包括与OBS贷款相关的额外1,180万美元和2,680万美元准备费用；对于这类贷款，AFF负责向银行合作伙伴偿还某些核销金额，公司须在初始确认时确认负债。截至2025年9月30日止三个月和九个月的合并利润表所列贷款损失准备均包括与OBS贷款相关的额外480万美元准备费用；对于这类贷款，AFF负责向银行合作伙伴偿还某些核销金额，公司须在初始确认时确认负债。参见附注9“OBS贷款”部分。


目录

以下按发放年份列示截至2026年和2025年9月30日融资应收款摊余成本的信用质量指标评估（单位：千美元）：


	发放年份
	2026		2025		2024		总计
截至2026年9月30日
逾期情况：
逾期1至30天	$	18,666			$	5,547		$	232	$	24,445
逾期31至60天	10,308			3,480			176		13,964
逾期61至89天 (1)	9,309			3,973			211		13,493
逾期融资应收款总额	38,283			13,000			619		51,902
正常融资应收款	133,818			36,052			1,174		171,044
融资应收款，按摊余成本计量	$	172,101			$	49,052		$	1,793	$	222,946


	发放年份
	2025		2024		2023		总计
截至2025年9月30日
逾期情况：
逾期1至30天	$	22,166			$	6,252		$	152	$	28,570
逾期31至60天	13,912			4,243			135		18,290
逾期61至89天 (1)	10,338			3,972			127		14,437
逾期融资应收款总额	46,416			14,467			414		61,297
正常融资应收款	163,697			43,056			805		207,558
融资应收款，按摊余成本计量	$	210,113			$	57,523		$	1,219	$	268,855

(1)当融资应收款在合同约定的逾期时间达到90天或以上时，公司将其核销。

下表按发放年份列示截至2026年和2025年9月30日止九个月融资应收款的总核销额（单位：千美元）：


	发放年份
	2026		2025		2024		2023	总计
融资应收款总核销额：
截至2026年9月30日止九个月的总核销额	$	33,602			$	74,489		$	8,039	$	—	$	116,130

截至2025年9月30日止九个月的总核销额	—			37,469			80,525		6,208	124,202


目录

附注7——租赁商品净额

租赁商品净额包括以下项目（单位：千美元）：


	截至9月30日，		截至 12月31日，
	2026		2025		2025
租赁商品	$	182,768			$	242,961		$	252,064
手续费	(1,433)			(2,040)			(2,240)
商户合作伙伴（折扣）及溢价，净额	(82)			302			(175)
累计折旧	(58,681)			(77,457)			(70,650)
扣除租赁损失准备前的租赁商品	122,572			163,766			178,999
减：租赁损失准备	(47,867)			(64,041)			(64,716)
租赁商品净额	$	74,705			$	99,725		$	114,283

下表列示租赁损失准备的变动情况（单位：千美元）：


	三个月期		九个月期
	9月30日，		9月30日，
	2026		2025		2026		2025
期初余额	$	56,933			$	69,667		$	64,716	$	80,257
租赁损失准备金	17,021			27,920			71,204		88,025
核销	(28,333)			(35,189)			(95,191)		(110,196)
收回款项	2,246			1,643			7,138		5,955
期末余额	$	47,867			$	64,041		$	47,867	$	64,041


目录

附注8——长期债务

下表列示公司长期债务的相应本金金额，以及扣除高级无担保票据未摊销债务发行成本后的金额（单位：千美元）：


	截至9月30日，		截至 12月31日，
	2026		2025		2025
循环信贷额度：
2031年到期的循环无担保信贷额度 (1)	$	169,000			$	575,000		$	559,000
2027年到期的循环担保信贷额度 (2)	—			43,886			54,476
2027年到期的循环无担保非承诺信贷额度 (1)	—			—			—
循环信贷额度总额	169,000			618,886			613,476

担保定期贷款：
2027年到期的担保定期贷款 (2)	—			26,924			26,902
2029年到期的担保定期贷款 (2)	—			13,462			13,451
2031年到期的担保定期贷款 (2)	—			20,193			20,177
担保定期贷款总额	—			60,579			60,530

高级无担保票据：
2028年到期、票面利率4.625%的高级无担保票据 (3)	497,590			496,419			496,706
2030年到期、票面利率5.625%的高级无担保票据 (4)	545,992			544,905			545,171
2032年到期、票面利率6.875%的高级无担保票据 (5)	493,279			492,317			492,551
2034年到期、票面利率6.125%的高级无担保票据 (6)	741,211			—			—
高级无担保票据总额	2,278,072			1,533,641			1,534,428

长期债务总额	$	2,447,072			$	2,213,106		$	2,208,434

(1)与公司循环无担保信贷额度相关的债务发行成本计入随附合并资产负债表中的其他资产。

(2)于2025年8月14日因H&T收购而承担，并于截至2026年9月30日的九个月内偿还并终止。

(3)截至2026年9月 30日、2025年9月 30日和2025年12月 31日，递延债务发行成本分别为240万美元、360万美元和330万美元，作为2028年到期高级无担保票据账面金额的直接抵减项计入随附的合并资产负债表。

(4)截至2026年9月 30日、2025年9月 30日和2025年12月 31日，递延债务发行成本分别为400万美元、510万美元和480万美元，作为2030年到期高级无担保票据账面金额的直接抵减项计入随附的合并资产负债表。

(5)截至2026年9月 30日、2025年9月 30日和2025年12月 31日，递延债务发行成本分别为670万美元、770万美元和740万美元，作为2032年到期高级无担保票据账面金额的直接抵减项计入随附的合并资产负债表。

(6)截至2026年9月 30日，递延债务发行成本880万美元作为2034年到期高级无担保票据账面金额的直接抵减项计入随附的合并资产负债表。


目录

循环无担保信贷额度

在2026年1月1日至2026年8月27日期间，公司与一组美国商业贷款机构维持一项金额为7亿美元、计划于2029年8月8日到期的无担保信贷额度（“信贷额度”）。公司可选择按以下任一利率计息：(1) 当时适用的SOFR（计息期由公司选择，为一个月、三个月或六个月）加固定利差2.5%；或(2) 当时适用的最优惠利率或基准利率加固定利差1.5%。

2026年8月27日，信贷额度经修订（“2026年修订案”），其中包括增加贷款机构承诺总额、延长信贷额度期限并修订若干财务契约。根据2026年修订案，贷款机构承诺总额从7亿美元增至10.55亿美元，信贷额度期限延长至2031年8月27日。2026年修订案允许以英镑计价的借款，最高折合5亿美元。除此之外，2026年修订案将允许的最高合并净杠杆率提高至合并EBITDA的3.5倍，降低未使用承诺费，并提高若干负面契约项下的灵活性。

Borrowings denominated in U.S. dollars bear interest at the Company’s option of either (i) the prevailing SOFR (with interest periods of one, three or six months at the Company’s option) plus a fixed spread of 2.5% or (ii) the prevailing prime or base rate plus a fixed spread of 1.5%. Borrowings denominated in British pounds sterling bear interest at the prevailing SONIA plus a fixed spread of 2.5%. Additionally, the Company is required to pay an annual commitment fee of 0.25% on the average daily unused portion of the Credit Facility commitment.

As of September 30, 2026, the Company had $169.0 million in outstanding borrowings and $3.5 million in outstanding letters of credit under the Credit Facility, leaving $882.5 million available for future borrowings, subject to certain financial covenants. All borrowings as of September 30, 2026 are U.S. dollar borrowings. The weighted-average interest rate on amounts outstanding under the Credit Facility at September 30, 2026 was 6.30%. Under the terms of the Credit Facility, the Company is required to maintain certain financial ratios and comply with certain financial covenants. The Credit Facility also contains customary restrictions on the Company’s ability to incur additional debt, grant liens, make investments, consummate acquisitions and similar negative covenants with customary carve-outs and baskets. The Company was in compliance with the covenants of the Credit Facility as of September 30, 2026. During the nine months ended September 30, 2026, the Company made net payments of $390.0 million pursuant to the Credit Facility.

Acquisition Bridge Credit Agreement

In connection with the anticipated Ramsdens Acquisition, the Company entered into a Bridge Term Loan Credit Agreement (“Bridge Facility”), dated as of June 23, 2026 and amended as of July 16, 2026, with Jefferies Finance LLC (as administrative agent and lender) providing the Company certain borrowings in an aggregate amount of up to £239.0 million. The Bridge Facility provides a backstop for the anticipated financing of the Ramsdens Acquisition and satisfies the “certain funds” requirements under the U.K. City Code on Takeovers and Mergers. The availability of borrowings under the Bridge Facility is subject to the satisfaction of certain customary conditions, including, but not limited to, the consummation of the Ramsdens Acquisition contemporaneously with the initial funding of the Bridge Facility. The Company expects to replace the Bridge Facility prior to the closing date of the Ramsdens Acquisition by borrowing on the Credit Facility to finance the Ramsdens Acquisition and to pay related fees and expenses.

Revolving Secured Credit Facility

In connection with the H&T Acquisition, the Company assumed a secured line of credit with a bank in the U.K. in an amount of £45.0 million which was scheduled to mature on December 22, 2027 (the “U.K. Credit Facility”). In May 2026, all outstanding amounts were repaid in full, and the U.K. Credit Facility was terminated.


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Revolving Unsecured Uncommitted Credit Facility

During the period from January 1, 2026 through July 29, 2026, the Company’s primary subsidiary in Mexico, First Cash S.A. de C.V., maintained an unsecured and uncommitted line of credit guaranteed by FirstCash, Inc. with a bank in Mexico (the “Mexico Credit Facility”) in the amount of $600.0 million Mexican pesos, which was scheduled to mature on August 24, 2027.

On July 29, 2026, the Mexico Credit Facility was amended to increase the lender commitment from $600.0 million Mexican pesos to $850.0 million Mexican pesos and to extend the term to August 24, 2031. The Mexico Credit Facility continues to bear interest at the Mexican Central Bank’s interbank equilibrium rate plus a fixed spread of 2.25%. Under the terms of the Mexico Credit Facility, the Company is required to maintain certain financial ratios and comply with certain financial covenants. The Company was in compliance with the covenants of the Mexico Credit Facility as of September 30, 2026. As of September 30, 2026, the Company had no amount outstanding under the Mexico Credit Facility and $47.7 million ($850.0 million Mexican pesos) available for future borrowings.

Secured Term Loans

In connection with the H&T Acquisition, the Company assumed three secured term loans with multiple lending institutions in the U.K. in an aggregate amount of £45.0 million, which were scheduled to mature between December 22, 2027 and February 21, 2031 (the “U.K. Term Loans”). In May 2026, all outstanding amounts were repaid in full, and the U.K. Term Loans were terminated. As a result of the early termination, the Company paid aggregate prepayment penalties of £3.1 million ($4.2 million), which are included in merger and acquisition expenses in the accompanying consolidated statements of income.

Senior Unsecured Notes Due 2028

On August 26, 2020, the Company issued $500.0 million of 4.625% senior unsecured notes due on September 1, 2028 (the “2028 Notes”), all of which are currently outstanding. Interest on the 2028 Notes is payable semi-annually in arrears on March 1 and September 1. The 2028 Notes are fully and unconditionally guaranteed on a senior unsecured basis jointly and severally by all of the Company's existing and future domestic subsidiaries that guarantee its Credit Facility. The 2028 Notes will permit the Company to make restricted payments, such as purchasing shares of its stock and paying cash dividends, in an unlimited amount if, after giving pro forma effect to the incurrence of any indebtedness to make such payment, the Company's consolidated total debt ratio is less than 2.75 to 1. The consolidated total debt ratio is defined generally in the indenture governing the 2028 Notes as the ratio of (1) the total consolidated debt of the Company minus cash and cash equivalents of the Company to (2) the Company’s consolidated trailing twelve months EBITDA, as adjusted to exclude certain non-recurring expenses and giving pro forma effect to operations acquired during the measurement period. As of September 30, 2026, the Company’s consolidated total debt ratio was 2.6 to 1. While the 2028 Notes generally limit the Company’s ability to make restricted payments if the consolidated total debt ratio is greater than 2.75 to 1, restricted payments are allowable within certain permitted baskets, which currently provide the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 2.75 to 1.

Senior Unsecured Notes Due 2030

On December 13, 2021, the Company issued $550.0 million of 5.625% senior unsecured notes due on January 1, 2030 (the “2030 Notes”), all of which are currently outstanding. Interest on the 2030 Notes is payable semi-annually in arrears on January 1 and July 1. The 2030 Notes are fully and unconditionally guaranteed on a senior unsecured basis jointly and severally by all of the Company's existing and future domestic subsidiaries that guarantee its Credit Facility. The 2030 Notes will permit the Company to make restricted payments, such as purchasing shares of its stock and paying cash dividends, in an unlimited amount if, after giving pro forma effect to the incurrence of any indebtedness to make such payment, the Company's consolidated total debt ratio is less than 3.0 to 1. The consolidated total debt ratio is defined generally in the indenture governing the 2030 Notes as the ratio of (1) the total consolidated debt of the Company minus cash and cash equivalents of the Company to (2) the Company’s consolidated trailing twelve months EBITDA, as adjusted to exclude certain non-recurring expenses and giving pro forma effect to operations acquired during the measurement period. As of September 30, 2026, the Company’s consolidated total debt ratio was 2.6 to 1. While the 2030 Notes generally limit the Company’s ability to make restricted payments if the consolidated total debt ratio is greater than 3.0 to 1, restricted payments are allowable within certain permitted baskets, which currently provide the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 3.0 to 1.


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Senior Unsecured Notes Due 2032

On February 21, 2024, the Company issued $500.0 million of 6.875% senior unsecured notes due on March 1, 2032 (the “2032 Notes”), all of which are currently outstanding. Interest on the 2032 Notes is payable semi-annually in arrears on March 1 and September 1. The 2032 Notes are fully and unconditionally guaranteed on a senior unsecured basis jointly and severally by all of the Company's existing and future domestic subsidiaries that guarantee its Credit Facility. The 2032 Notes will permit the Company to make restricted payments, such as purchasing shares of its stock and paying cash dividends, in an unlimited amount if, after giving pro forma effect to the incurrence of any indebtedness to make such payment, the Company's consolidated total debt ratio is less than 3.0 to 1. The consolidated total debt ratio is defined generally in the indenture governing the 2032 Notes as the ratio of (1) the total consolidated debt of the Company minus cash and cash equivalents of the Company to (2) the Company’s consolidated trailing twelve months EBITDA, as adjusted to exclude certain non-recurring expenses and giving pro forma effect to operations acquired during the measurement period. As of September 30, 2026, the Company’s consolidated total debt ratio was 2.6 to 1. While the 2032 Notes generally limit the Company’s ability to make restricted payments if the consolidated total debt ratio is greater than 3.0 to 1, restricted payments are allowable within certain permitted baskets, which currently provide the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 3.0 to 1.

Senior Unsecured Notes Due 2034

On May 1, 2026, the Company issued $750.0 million of 6.125% senior unsecured notes due on May 1, 2034 (the “2034 Notes”), all of which are currently outstanding. Interest on the 2034 Notes is payable semi-annually in arrears on May 1 and November 1, commencing on November 1, 2026. The 2034 Notes were sold in a private placement in reliance on Rule 144A and Regulation S under the Securities Act of 1933, as amended. The Company used the net proceeds from the offering to repay a portion of the outstanding balance on the Credit Facility, to repay the U.K. Credit Facility in full and to repay the U.K. Term Loans in full, after payment of fees and expenses related to the offering. The Company capitalized $9.2 million in debt issuance costs, which consisted primarily of the initial purchaser’s discount and fees and legal and other professional expenses. The debt issuance costs are being amortized over the life of the 2034 Notes as a component of interest expense and are carried as a direct deduction from the carrying amount of the 2034 Notes in the accompanying consolidated balance sheets.

The 2034 Notes are fully and unconditionally guaranteed on a senior unsecured basis jointly and severally by all of the Company's existing and future domestic subsidiaries that guarantee its Credit Facility. The 2034 Notes will permit the Company to make restricted payments, such as purchasing shares of its stock and paying cash dividends, in an unlimited amount if, after giving pro forma effect to the incurrence of any indebtedness to make such payment, the Company's consolidated total debt ratio is less than 3.0 to 1. The consolidated total debt ratio is defined generally in the indenture governing the 2034 Notes (the “2034 Notes Indenture”) as the ratio of (1) the total consolidated debt of the Company minus cash and cash equivalents of the Company to (2) the Company’s consolidated trailing twelve months EBITDA, as adjusted to exclude certain non-recurring expenses and giving pro forma effect to operations acquired during the measurement period. As of September 30, 2026, the Company’s consolidated total debt ratio was 2.6 to 1. While the 2034 Notes generally limit the Company’s ability to make restricted payments if the consolidated total debt ratio is greater than 3.0 to 1, restricted payments are allowable within certain permitted baskets, which currently provide the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 3.0 to 1.

The Company may redeem some or all of the 2034 Notes at any time on or after May 1, 2029, at the redemption prices set forth in the 2034 Notes Indenture, plus accrued and unpaid interest, if any. In addition, prior to May 1, 2029, the Company may redeem some or all of the 2034 Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, plus a “make-whole” premium set forth in the 2034 Notes Indenture. The Company may redeem up to 40% of the 2034 Notes on or prior to May 1, 2029 with the proceeds of certain equity offerings at the redemption prices set forth in the 2034 Notes Indenture. If the Company or any of its restricted subsidiaries sells certain assets or if the Company consummates certain change in control transactions, the Company will be required to make an offer to repurchase the 2034 Notes.


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Note 9 - Commitments and Contingencies

Litigation

The Company, in the ordinary course of business, is a party to various legal and regulatory proceedings and other general claims. Although no assurances can be given, in management’s opinion, such outstanding proceedings are not expected to have a material adverse effect on the Company’s financial position, results of operations, or cash flows.

OBS Loans

The Company is obligated to reimburse the Company’s bank partner for the outstanding principal amount plus accrued interest for all OBS Loans that are 90 days contractually past due. This obligation constitutes an off-balance sheet credit exposure for which the Company is required to recognize, upon inception of the obligation, a liability for the expected lifetime losses, which is included in accrued liabilities in the accompanying consolidated balance sheets. As of September 30, 2026 and 2025, the outstanding amount of OBS Loans originated and held by the Company’s bank partner, which would represent the maximum exposure to the Company, was $45.5 million and $9.7 million, respectively.

The following table details the changes in the liability for off-balance sheet credit exposure (in thousands):


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2026		2025		2026		2025
Balance at beginning of period	$	18,341			$	—		$	13,782	$	—
Provision for loan losses	11,759			4,790			26,833		4,790
Charge-offs	(6,204)			—			(16,836)		—
Recoveries	161			—			278		—
Balance at end of period	$	24,057			$	4,790		$	24,057	$	4,790

Pending Ramsdens Acquisition

Under the terms of the pending Ramsdens Acquisition, Ramsdens’ shareholders will be entitled to receive 675 pence per share in cash. The total equity value for the Ramsdens Acquisition is approximately £228.6 million ($303.7 million USD using GBP/USD exchange rate of 1.33). The Company intends to borrow on its Credit Facility to finance the Ramsdens Acquisition and to pay related fees and expenses. The Company also entered into the Bridge Facility, which provides a backstop for the anticipated financing of the Ramsdens Acquisition and satisfies the “certain funds” requirements under the U.K. City Code on Takeovers and Mergers. During the third quarter of 2026, both the Ramsdens’ shareholders and the U.K. financial regulator (Financial Conduct Authority) approved the acquisition. The Ramsdens Acquisition is expected to be consummated by the end of 2026, pending receipt of the required U.K. anti-trust approval and satisfaction of the remaining customary closing conditions.

Gold Forward Sales Contracts

As of September 30, 2026, the Company had contractual commitments to deliver a total of 57,500 gold ounces between October 2026 and December 2027 at a weighted-average price of $4,147 per ounce. The ounces required to be delivered over this time period are less than the historical volume of scrap gold normally produced, and the Company expects to have the required gold ounces to meet the commitments as they come due.


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Note 10 - Segment Information

The Company organizes its operations into four reportable segments as follows:

•U.S. pawn

•Latin America 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) loss 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 U.K., on August 14, 2025, the date the balance sheet and operating results of H&T, as reported in the U.K. pawn segment, were included in the Company’s consolidated financial results.


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The following tables present reportable segment information for the three and nine month periods ended September 30, 2026 and 2025, as well as certain segment assets (in thousands):


	Three Months Ended September 30, 2026
	U.S. Pawn		Latin America Pawn		U.K. Pawn		Retail POS Payment Solutions	Corporate/ Intersegment Eliminations		Consolidated
Revenue:
Retail merchandise sales	$	278,937			$	179,935		$	22,527		$	—		$	(418)	$	480,981
Pawn loan fees	155,939			83,103			28,248		—		—		267,290
Leased merchandise income	—			—			—		103,057		—		103,057
Interest and fees on retail finance products	—			—			—		73,749		—		73,749
Wholesale scrap jewelry sales	79,827			47,668			45,046		—		—		172,541
Other revenue	—			—			3,549		—		—		3,549
Total revenue	514,703			310,706			99,370		176,806		(418)		1,101,167

Cost of revenue:
Cost of retail merchandise sold	162,007			117,341			15,161		—		(235)		294,274
Depreciation of leased merchandise	—			—			—		63,256		(143)		63,113
Provision for lease losses	—			—			—		17,015		6		17,021
Provision for loan losses	—			—			—		40,790		—		40,790
Cost of wholesale scrap jewelry sold	67,572			39,884			32,703		—		—		140,159
Other cost of revenue	—			—			267		—		—		267
Total cost of revenue	229,579			157,225			48,131		121,061		(372)		555,624

Net revenue	285,124			153,481			51,239		55,745		(46)		545,543

Expenses and other income:
Operating expenses	142,399			84,341			20,529		21,837		—		269,106
Administrative expenses	—			—			—		—		66,723		66,723
Depreciation and amortization	9,437			4,568			1,510		749		16,019		32,283
Interest expense	—			—			—		—		37,678		37,678
Interest income	—			—			—		—		(434)		(434)
Gain on foreign exchange	—			—			—		—		(435)		(435)
Merger and acquisition expenses	—			—			—		—		3,760		3,760
Other income, net	—			—			—		—		(1,805)		(1,805)

Total expenses and other income	151,836			88,909			22,039		22,586		121,506		406,876

Income (loss) before income taxes	$	133,288			$	64,572		$	29,200		$	33,159		$	(121,552)	$	138,667


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	Nine Months Ended September 30, 2026
	U.S. Pawn		Latin America Pawn		U.K. Pawn		Retail POS Payment Solutions	Corporate/ Intersegment Eliminations		Consolidated
Revenue:
Retail merchandise sales	$	838,442			$	514,092		$	65,839		$	—		$	(1,295)	$	1,417,078
Pawn loan fees	463,809			239,321			89,299		—		—		792,429
Leased merchandise income	—			—			—		348,743		—		348,743
Interest and fees on retail finance products	—			—			—		222,046		—		222,046
Wholesale scrap jewelry sales	199,530			106,454			131,170		—		—		437,154
Other revenue	—			—			10,056		—		—		10,056
Total revenue	1,501,781			859,867			296,364		570,789		(1,295)		3,227,506

Cost of revenue:
Cost of retail merchandise sold	477,416			335,170			46,047		—		(691)		857,942
Depreciation of leased merchandise	—			—			—		216,309		(487)		215,822
Provision for lease losses	—			—			—		71,462		(258)		71,204
Provision for loan losses	—			—			—		123,564		—		123,564
Cost of wholesale scrap jewelry sold	164,631			89,691			81,633		—		—		335,955
Other cost of revenue	—			—			1,425		—		—		1,425
Total cost of revenue	642,047			424,861			129,105		411,335		(1,436)		1,605,912

Net revenue	859,734			435,006			167,259		159,454		141		1,621,594

Expenses and other income:
Operating expenses	428,623			247,249			60,962		69,439		—		806,273
Administrative expenses	—			—			—		—		199,326		199,326
Depreciation and amortization	27,207			14,155			4,306		2,199		48,372		96,239
Interest expense	—			—			—		—		107,908		107,908
Interest income	—			—			—		—		(1,078)		(1,078)
Loss on foreign exchange	—			—			—		—		201		201
Merger and acquisition expenses	—			—			—		—		10,983		10,983
Other income, net	—			—			—		—		(9,055)		(9,055)

Total expenses and other income	455,830			261,404			65,268		71,638		356,657		1,210,797

Income (loss) before income taxes	$	403,904			$	173,602		$	101,991		$	87,816		$	(356,516)	$	410,797


	As of September 30, 2026
	U.S. Pawn		Latin America Pawn		U.K. Pawn		Retail POS Payment Solutions	Corporate/ Intersegment Eliminations		Consolidated
Pawn loans	$	487,245			$	205,484		$	214,941		$	—		$	—	$	907,670
Finance receivables, net	—			—			—		124,115		—		124,115
Inventories	336,233			155,690			106,628		—		—		598,551
Leased merchandise, net	—			—			—		74,761		(56)		74,705
Goodwill	1,215,044			193,404			140,546		486,205		—		2,035,199
Total assets	3,065,595			863,943			603,867		769,286		256,482		5,559,173


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	Three Months Ended September 30, 2025
	U.S. Pawn		Latin America Pawn		U.K. Pawn		Retail POS Payment Solutions	Corporate/ Intersegment Eliminations		Consolidated
Revenue:
Retail merchandise sales	$	252,963			$	144,644		$	14,066		$	—		$	(705)	$	410,968
Pawn loan fees	138,867			67,199			15,022		—		—		221,088
Leased merchandise income	—			—			—		132,540		—		132,540
Interest and fees on retail finance products	—			—			—		81,683		—		81,683
Wholesale scrap jewelry sales	45,607			17,831			23,272		—		—		86,710
Other revenue	—			—			2,590		—		—		2,590
Total revenue	437,437			229,674			54,950		214,223		(705)		935,579

Cost of revenue:
Cost of retail merchandise sold	145,411			92,931			10,755		—		(374)		248,723
Depreciation of leased merchandise	—			—			—		76,253		(225)		76,028
Provision for lease losses	—			—			—		28,005		(85)		27,920
Provision for loan losses	—			—			—		40,347		—		40,347
Cost of wholesale scrap jewelry sold	38,520			15,000			14,700		—		—		68,220
Other cost of revenue	—			—			634		—		—		634
Total cost of revenue	183,931			107,931			26,089		144,605		(684)		461,872

Net revenue	253,506			121,743			28,861		69,618		(21)		473,707

Expenses and other income:
Operating expenses	133,024			70,327			10,225		22,952		—		236,528
Administrative expenses	—			—			—		—		58,845		58,845
Depreciation and amortization	8,464			4,443			742		687		14,698		29,034
Interest expense	—			—			—		—		32,216		32,216
Interest income	—			—			—		—		(908)		(908)
Gain on foreign exchange	—			—			—		—		(219)		(219)
Merger and acquisition expenses	—			—			—		—		9,472		9,472
Other income, net	—			—			—		—		(3,740)		(3,740)

Total expenses and other income	141,488			74,770			10,967		23,639		110,364		361,228

Income (loss) before income taxes	$	112,018			$	46,973		$	17,894		$	45,979		$	(110,385)	$	112,479


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	Nine Months Ended September 30, 2025
	U.S. Pawn		Latin America Pawn		U.K. Pawn		Retail POS Payment Solutions	Corporate/ Intersegment Eliminations		Consolidated
Revenue:
Retail merchandise sales	$	754,106			$	401,132		$	14,066		$	—		$	(2,155)	$	1,167,149
Pawn loan fees	407,763			180,996			15,022		—		—		603,781
Leased merchandise income	—			—			—		429,242		—		429,242
Interest and fees on retail finance products	—			—			—		231,171		—		231,171
Wholesale scrap jewelry sales	107,839			37,580			23,272		—		—		168,691
Other revenue	—			—			2,590		—		—		2,590
Total revenue	1,269,708			619,708			54,950		660,413		(2,155)		2,602,624

Cost of revenue:
Cost of retail merchandise sold	434,318			259,249			10,755		—		(1,149)		703,173
Depreciation of leased merchandise	—			—			—		243,925		(806)		243,119
Provision for lease losses	—			—			—		88,276		(251)		88,025
Provision for loan losses	—			—			—		118,468		—		118,468
Cost of wholesale scrap jewelry sold	92,009			31,770			14,700		—		—		138,479
Other cost of revenue	—			—			634		—		—		634
Total cost of revenue	526,327			291,019			26,089		450,669		(2,206)		1,291,898

Net revenue	743,381			328,689			28,861		209,744		51		1,310,726

Expenses and other income:
Operating expenses	395,790			196,158			10,225		71,434		—		673,607
Administrative expenses	—			—			—		—		166,631		166,631
Depreciation and amortization	24,155			13,173			742		2,091		40,239		80,400
Interest expense	—			—			—		—		86,024		86,024
Interest income	—			—			—		—		(2,664)		(2,664)
Gain on foreign exchange	—			—			—		—		(1,504)		(1,504)
Merger and acquisition expenses	—			—			—		—		12,711		12,711
Other income, net	—			—			—		—		(9,254)		(9,254)

Total expenses and other income	419,945			209,331			10,967		73,525		292,183		1,005,951

Income (loss) before income taxes	$	323,436			$	119,358		$	17,894		$	136,219		$	(292,132)	$	304,775


	As of September 30, 2025
	U.S. Pawn		Latin America Pawn		U.K. Pawn	Retail POS Payment Solutions		Corporate/ Intersegment Eliminations		Consolidated
Pawn loans	$	426,288		$	173,203	$	188,639			$	—		$	—		$	788,130
Finance receivables, net	—		—		—		153,134		—			153,134
Inventories	266,452		124,081		65,740		—		—			456,273
Leased merchandise, net	—		—		—		99,909		(184)			99,725
Goodwill	1,156,052			189,061		139,040			486,205			—			1,970,358
Total assets	2,800,729			780,099		546,739			887,899			166,850			5,182,316


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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of financial condition, results of operations, liquidity and capital resources of FirstCash Holdings, Inc. and its wholly-owned subsidiaries (together, the “Company”) should be read in conjunction with the Company’s consolidated financial statements and accompanying notes included under Part I, Item 1 of this quarterly report on Form 10-Q, as well as with the audited consolidated financial statements and accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

GENERAL

The Company’s primary line of business is the operation of retail pawn stores, also known as “pawnshops,” which focus on serving cash- and credit-constrained consumers. The Company is the leading international operator of pawn stores with locations in the U.S., Latin America and the U.K. Pawn stores help customers meet small short-term cash needs by providing non-recourse pawn loans and buying merchandise directly from customers. Personal property, such as jewelry, electronics, tools, appliances, sporting goods and musical instruments, is pledged and held as collateral for the pawn loans over the term of the loan. Pawn stores also generate retail sales primarily from the merchandise acquired through collateral forfeitures and over-the-counter purchases from customers.

The Company is also a leading provider of customer payment solutions at the POS for retailers of consumer goods and services, which it conducts solely through its subsidiary, AFF. The Company’s customer payment solutions business line focuses on LTO products and facilitating other retail financing payment options across a large network of traditional and e-commerce merchant partners in the U.S. AFF’s retail partners provide consumer goods and services to their customers and use AFF’s LTO and retail finance solutions to facilitate payments on such transactions.

The Company’s two business lines are organized into four reportable segments. The U.S. pawn segment consists of pawn operations in the U.S.; the Latin America pawn segment consists of pawn operations in Mexico, Guatemala, El Salvador and Colombia; and the U.K. pawn segment consists of pawn operations in England, Scotland and Wales. The retail POS payment solutions segment consists of the operations of AFF in the U.S.


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OPERATIONS AND LOCATIONS

Pawn Operations

As of September 30, 2026, the Company operated 3,352 pawn store locations composed of 1,215 stores in 29 U.S. states and the District of Columbia, 1,732 stores in 32 states in Mexico, 77 stores in Guatemala, 18 stores in El Salvador, 12 stores in Colombia and 298 stores in the U.K.

The following tables detail pawn store count activity for the three and nine months ended September 30, 2026:


	Three Months Ended September 30, 2026
	U.S.	Latin America		U.K.	Total
Total locations, beginning of period	1,212		1,836		295	3,343
New locations opened	2		6		2	10
Locations acquired	3		—		1	4


Consolidation of existing pawn locations (1)	(2)		(3)		—	(5)

Total locations, end of period	1,215		1,839		298	3,352


	Nine Months Ended September 30, 2026
	U.S.	Latin America		U.K.	Total
Total locations, beginning of period	1,207		1,837		286	3,330
New locations opened	3		16		11	30
Locations acquired	11		—		1	12


Consolidation of existing pawn locations (1)	(6)		(14)		—	(20)

Total locations, end of period	1,215		1,839		298	3,352

(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.

POS Payment Solutions

As of September 30, 2026, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 17,000 active retail merchant partner locations located in all 50 U.S. states and the District of Columbia, up from approximately 15,800 locations at September 30, 2025.

CRITICAL ACCOUNTING ESTIMATES

The financial statements have been prepared in accordance with GAAP. The significant accounting policies and estimates that the Company believes are the most critical to aid in fully understanding and evaluating its reported financial results have been reported in the Company’s 2025 Annual Report on Form 10-K. There have been no changes to the Company’s significant accounting policies for the nine months ended September 30, 2026.


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RESULTS OF OPERATIONS (unaudited)

Operating Results for the Three Months Ended September 30, 2026 Compared to the Three Months Ended September 30, 2025

The following tables and related discussion set forth key operating and financial data for the Company’s operations by reporting segment as of and for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 (in thousands).


	Three Months Ended September 30, 2026
	U.S. Pawn		Latin America Pawn		U.K. Pawn		Retail POS Payment Solutions	Corporate/ Intersegment Eliminations		Consolidated
Revenue:
Retail merchandise sales	$	278,937			$	179,935		$	22,527		$	—		$	(418)	$	480,981
Pawn loan fees	155,939			83,103			28,248		—		—		267,290
Leased merchandise income	—			—			—		103,057		—		103,057
Interest and fees on retail finance products	—			—			—		73,749		—		73,749
Wholesale scrap jewelry sales	79,827			47,668			45,046		—		—		172,541
Other revenue	—			—			3,549		—		—		3,549
Total revenue	514,703			310,706			99,370		176,806		(418)		1,101,167

Cost of revenue:
Cost of retail merchandise sold	162,007			117,341			15,161		—		(235)		294,274
Depreciation of leased merchandise	—			—			—		63,256		(143)		63,113
Provision for lease losses	—			—			—		17,015		6		17,021
Provision for loan losses	—			—			—		40,790		—		40,790
Cost of wholesale scrap jewelry sold	67,572			39,884			32,703		—		—		140,159
Other cost of revenue	—			—			267		—		—		267
Total cost of revenue	229,579			157,225			48,131		121,061		(372)		555,624

Net revenue	285,124			153,481			51,239		55,745		(46)		545,543

Expenses and other income:
Operating expenses	142,399			84,341			20,529		21,837		—		269,106
Administrative expenses	—			—			—		—		66,723		66,723
Depreciation and amortization	9,437			4,568			1,510		749		16,019		32,283
Interest expense	—			—			—		—		37,678		37,678
Interest income	—			—			—		—		(434)		(434)
Gain on foreign exchange	—			—			—		—		(435)		(435)
Merger and acquisition expenses	—			—			—		—		3,760		3,760
Other income, net	—			—			—		—		(1,805)		(1,805)

Total expenses and other income	151,836			88,909			22,039		22,586		121,506		406,876

Income (loss) before income taxes	$	133,288			$	64,572		$	29,200		$	33,159		$	(121,552)	$	138,667


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	Three Months Ended September 30, 2025
	U.S. Pawn		Latin America Pawn		U.K. Pawn		Retail POS Payment Solutions	Corporate/ Intersegment Eliminations		Consolidated
Revenue:
Retail merchandise sales	$	252,963			$	144,644		$	14,066		$	—		$	(705)	$	410,968
Pawn loan fees	138,867			67,199			15,022		—		—		221,088
Leased merchandise income	—			—			—		132,540		—		132,540
Interest and fees on retail finance products	—			—			—		81,683		—		81,683
Wholesale scrap jewelry sales	45,607			17,831			23,272		—		—		86,710
Other revenue	—			—			2,590		—		—		2,590
Total revenue	437,437			229,674			54,950		214,223		(705)		935,579

Cost of revenue:
Cost of retail merchandise sold	145,411			92,931			10,755		—		(374)		248,723
Depreciation of leased merchandise	—			—			—		76,253		(225)		76,028
Provision for lease losses	—			—			—		28,005		(85)		27,920
Provision for loan losses	—			—			—		40,347		—		40,347
Cost of wholesale scrap jewelry sold	38,520			15,000			14,700		—		—		68,220
Other cost of revenue	—			—			634		—		—		634
Total cost of revenue	183,931			107,931			26,089		144,605		(684)		461,872

Net revenue	253,506			121,743			28,861		69,618		(21)		473,707

Expenses and other income:
Operating expenses	133,024			70,327			10,225		22,952		—		236,528
Administrative expenses	—			—			—		—		58,845		58,845
Depreciation and amortization	8,464			4,443			742		687		14,698		29,034
Interest expense	—			—			—		—		32,216		32,216
Interest income	—			—			—		—		(908)		(908)
Gain on foreign exchange	—			—			—		—		(219)		(219)
Merger and acquisition expenses	—			—			—		—		9,472		9,472
Other income, net	—			—			—		—		(3,740)		(3,740)

Total expenses and other income	141,488			74,770			10,967		23,639		110,364		361,228

Income (loss) before income taxes	$	112,018			$	46,973		$	17,894		$	45,979		$	(110,385)	$	112,479


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	As of September 30, 2026
	U.S. Pawn		Latin America Pawn		U.K. Pawn		Total Pawn
Earning assets:
Pawn loans	$	487,245			$	205,484			$	214,941			$	907,670
Inventories		336,233				155,690				106,628				598,551
	$	823,478			$	361,174			$	321,569			$	1,506,221

Average outstanding pawn loan amount (in ones)	$	319			$	103			$	905			$	241

Composition of pawn collateral:
Jewelry	73	%		48	%		99	%		72	%
General merchandise	27	%		52	%		1	%		28	%
	100	%		100	%		100	%		100	%

Composition of inventories:
Jewelry	63	%		52	%		99	%		67	%
General merchandise	37	%		48	%		1	%		33	%
	100	%		100	%		100	%		100	%

Percentage of inventory aged greater than one year	2.9	%	(1)	1.3	%		11.6	%		4.0	%	(1)

Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)	2.8 times		3.9 times		2.0 times		3.0 times

Store count		1,215				1,839				298				3,352
Weighted-average store count for the three months ended September 30		1,212				1,838				297				3,347
Weighted-average store count for the nine months ended September 30		1,209				1,838				293				3,340

(1) Percentage of inventory aged greater than one year is 1.6% for U.S. pawn and 3.3% for total pawn excluding certain recently acquired U.S. stores which have historically carried significantly higher levels of aged jewelry inventory.


	As of September 30, 2025
	U.S. Pawn		Latin America Pawn		U.K. Pawn		Total Pawn
Earning assets:
Pawn loans	$	426,288			$	173,203			$	188,639		$	788,130
Inventories		266,452				124,081				65,740			456,273
	$	692,740			$	297,284			$	254,379		$	1,244,403

Average outstanding pawn loan amount (in ones)	$	290			$	100			$	768		$	229

Composition of pawn collateral:
Jewelry	72	%		42	%		98	%		72	%
General merchandise	28	%		58	%		2	%		28	%
	100	%		100	%		100	%		100	%

Composition of inventories:
Jewelry	59	%		40	%		99	%		60	%
General merchandise	41	%		60	%		1	%		40	%
	100	%		100	%		100	%		100	%

Percentage of inventory aged greater than one year	1.9	%		1.4	%		7.9	%		2.6	%

Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)	2.8 times		3.9 times		2.6 times		3.1 times

Store count		1,193				1,832				286			3,311
Weighted-average store count for the three months ended September 30		1,193				1,832				191			3,216
Weighted-average store count for the nine months ended September 30		1,196				1,829				64			3,089


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U.S. Pawn Segment

Merchandise Sales Operations

U.S. retail merchandise sales increased 10% to $278.9 million during the third quarter of 2026 compared to $253.0 million for the third quarter of 2025. Same-store retail sales increased 7% in the third quarter of 2026 compared to the third quarter of 2025. The increase in total and same-store retail sales was primarily due to continued strong demand for value priced merchandise and increased inventory levels during the third quarter of 2026 compared to the third quarter of 2025. The gross profit margin on retail merchandise sales in the U.S. was 42% during the third quarter of 2026 compared to 43% during the third quarter of 2025.

U.S. wholesale scrap jewelry revenue, consisting primarily of gold sales, increased 75% to $79.8 million during the third quarter of 2026 compared to $45.6 million during the third quarter of 2025. The scrap gross profit margin in the U.S. was 15% compared to the prior-year margin of 16%. The increase in wholesale scrap jewelry revenue was primarily due to increases in pawn lending activity over the past several quarters, which created more forfeited collateral to scrap, and the increase in gold prices over the past year.

U.S. inventories increased 26% to $336.2 million as of September 30, 2026 compared to $266.5 million as of September 30, 2025. The increase was primarily due to increases in pawn lending activity over the past several quarters, which created more forfeited inventory available for sale, partially offset by an increase in forfeited collateral that was scrapped. Inventories aged greater than one year in the U.S. were 2.9% at September 30, 2026 compared to 1.9% at September 30, 2025. Excluding certain recently acquired U.S. stores which have historically carried significantly higher levels of aged jewelry inventory, aged inventories greater than one year were 1.6% at September 30, 2026.

Pawn Lending Operations

U.S. pawn loan receivables increased 14% to $487.2 million as of September 30, 2026 compared to $426.3 million as of September 30, 2025. On a same-store basis, pawn loan receivables increased 12% as of September 30, 2026 compared to September 30, 2025. The Company believes the increase in same-store pawn receivables was primarily due to continued strong customer demand from a combination of more customer transactions and an increase in the average loan amount requested by customers.

U.S. pawn loan fees increased 12% to $155.9 million during the third quarter of 2026 compared to $138.9 million for the third quarter of 2025. Same-store pawn loan fees increased 11% in the third quarter of 2026 compared to the third quarter of 2025. The increase in total and same-store pawn loan fees was due to the higher pawn receivable balances.

Segment Expenses

U.S. operating expenses increased 7% to $142.4 million during the third quarter of 2026 compared to $133.0 million during the third quarter of 2025 while same-store operating expenses increased 5% compared with the prior-year period. The increase in operating expenses was primarily due to increased labor and variable compensation expenses.

Segment Pre-Tax Operating Income

The U.S. segment pre-tax operating income for the third quarter of 2026 was $133.3 million, which generated a pre-tax segment operating margin of 26% compared to $112.0 million and 26% in the prior year, respectively. The increase in the segment pre-tax operating income reflected increased net revenue, partially offset by an increase in segment expenses.

Latin America Pawn Segment

Latin America segment pre-tax operating income for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 benefited from an 8% favorable change in the average value of the Mexican peso compared to the U.S. dollar. The translated value of Latin America segment earning assets as of September 30, 2026 compared to September 30, 2025 also benefited from a 3% favorable change in the end-of-period value of the Mexican peso compared to the U.S. dollar. Constant currency results are non-GAAP financial measures, which exclude the effects of foreign currency translation and are calculated by translating current-year results at prior-year average exchange rates. See the “Constant Currency Results” section in “Non-GAAP Financial Information” below for additional discussion of constant currency operating results.


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Merchandise Sales Operations

Latin America retail merchandise sales increased 24% (16% on a constant currency basis) to $179.9 million during the third quarter of 2026 compared to $144.6 million for the third quarter of 2025. Same-store retail sales increased 25% (16% on a constant currency basis) during the third quarter of 2026 compared to the third quarter of 2025. The increase in constant currency total and same-store retail sales was primarily due to strong demand for value priced merchandise and increased inventory levels during the third quarter of 2026 compared to the third quarter of 2025. The gross profit margin on retail merchandise sales was 35% during the third quarter of 2026 compared to 36% during the third quarter of 2025.

Latin America wholesale scrap jewelry revenue, consisting primarily of gold sales, increased 167% to $47.7 million during the third quarter of 2026 compared to $17.8 million during the third quarter of 2025. The scrap gross profit margin in Latin America was 16% for both the third quarter of 2026 and 2025. The increase in wholesale scrap jewelry revenue was primarily due to increases in pawn lending activity over the past several quarters, which created more forfeited collateral to scrap, and the increase in gold prices over the past year.

Latin America inventories increased 25% (22% on a constant currency basis) to $155.7 million at September 30, 2026 compared to $124.1 million at September 30, 2025. The increase in constant currency inventories was primarily due to increased pawn lending activity over the past several quarters, creating more forfeited inventory and a slightly increased mix of higher value jewelry inventory, partially offset by an increase in forfeited collateral that was scrapped. Inventories aged greater than one year in Latin America were 1.3% at September 30, 2026 compared to 1.4% at September 30, 2025.

Pawn Lending Operations

Latin America pawn loan receivables increased 19% (15% on a constant currency basis) to $205.5 million as of September 30, 2026 compared to $173.2 million as of September 30, 2025. On a same-store basis, pawn loan receivables also increased 19% (15% on a constant currency basis) as of September 30, 2026 compared to September 30, 2025. The increase in constant currency total and same-store pawn receivables is primarily due to the increased number of pawn loans and larger average loan sizes, driven in part by an increased mix of higher value jewelry loans.

Latin America pawn loan fees increased 24% (15% on a constant currency basis), totaling $83.1 million during the third quarter of 2026 compared to $67.2 million for the third quarter of 2025. Same-store pawn fees also increased 24% (15% on a constant currency basis) in the third quarter of 2026 compared to the third quarter of 2025. The constant currency increase in total and same-store pawn loan fees was primarily due to increased constant currency pawn receivables.

Segment Expenses

Operating expenses increased 20% (12% on a constant currency basis) to $84.3 million during the third quarter of 2026 compared to $70.3 million during the third quarter of 2025. Same-store operating expenses also increased 20% (11% on a constant currency basis) compared to the prior-year period. The constant currency increase in total and same-store operating expenses was primarily driven by general inflationary impacts and continued increases in the federally mandated minimum wages and benefits.

Segment Pre-Tax Operating Income

The segment pre-tax operating income for the third quarter of 2026 was $64.6 million, which generated a pre-tax segment operating margin of 21% compared to $47.0 million and 20% in the prior year, respectively. The increase in the segment pre-tax operating income reflected increased net revenue, partially offset by an increase in segment expenses.


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U.K. Pawn Segment

On August 14, 2025, the Company completed the H&T Acquisition. The results of operations of the U.K. pawn segment for the three months ended September 30, 2026 includes H&T’s results of operations for three full months while the comparable prior-year period includes H&T’s results of operations for the period August 14, 2025 to September 30, 2025 (“H&T PY Partial Period”), affecting comparability.

U.K. segment pre-tax operating income for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 was impacted by a 1% unfavorable change in the average value of the U.S. dollar compared to the British pound sterling. The translated value of U.K. earning assets as of September 30, 2026 compared to September 30, 2025 was also impacted by a 1% unfavorable change in the end-of-period U.S. dollar compared to the British pound sterling. Constant currency results are non-GAAP financial measures, which exclude the effects of foreign currency translation and are calculated by translating current-year results at prior-year average exchange rates. See the “Constant Currency Results” section in “Non-GAAP Financial Information” below for additional discussion of constant currency operating results.

Merchandise Sales Operations

U.K. retail merchandise sales increased 60% (61% on a constant currency basis) to $22.5 million during the third quarter of 2026 compared to $14.1 million for the third quarter of 2025. The increase was primarily due to the H&T PY Partial Period. The gross profit margin on retail merchandise sales was 33% during the third quarter of 2026 compared to 24% during the third quarter of 2025. The increase in the retail gross margin was primarily due to increased gold prices compared to a year ago.

U.K. wholesale scrap jewelry revenue, consisting primarily of gold sales, increased 94% to $45.0 million during the third quarter of 2026 compared to $23.3 million during the third quarter of 2025. The increase was primarily due to the H&T PY Partial Period. The scrap gross profit margin in the U.K. was 27% for the third quarter of 2026 and 37% for the third quarter of 2025. The decrease in the scrap gross margin was primarily due to the increased cost of inventories acquired through forfeiture or purchase over the past several quarters consistent with gold prices over that period.

U.K. inventories increased 62% (64% on a constant currency basis) to $106.6 million at September 30, 2026 compared to $65.7 million at September 30, 2025. The increase in inventories was primarily due to increased jewelry counts held per store and increased cost of inventories acquired through forfeiture or purchase over the past several quarters, consistent with gold prices over that period. Inventories aged greater than one year in the U.K. were 11.6% at September 30, 2026 compared to 7.9% at September 30, 2025.

Pawn Lending Operations

U.K. pawn loan receivables increased 14% (15% on a constant currency basis) to $214.9 million as of September 30, 2026 compared to $188.6 million as of September 30, 2025. On a same-store basis, pawn loan receivables increased 13% (14% on a constant currency basis) as of September 30, 2026 compared to September 30, 2025. The Company believes the increase in pawn loan receivables was primarily due to continued strong customer demand from a combination of more customer transactions and an increase in the average loan amount requested by customers.

U.K. pawn loan fees increased 88% (89% on a constant currency basis), totaling $28.2 million during the third quarter of 2026 compared to $15.0 million for the third quarter of 2025. The increase was primarily due to the H&T PY Partial Period.

Segment Expenses

Operating expenses increased 101% (also 101% on a constant currency basis) to $20.5 million during the third quarter of 2026 compared to $10.2 million during the third quarter of 2025. The increase was primarily due to the H&T PY Partial Period.

Segment Pre-Tax Operating Income

The segment pre-tax operating income for the third quarter of 2026 was $29.2 million, which generated a pre-tax segment operating margin of 29% compared to $17.9 million and 33% in the prior year, respectively. The increase in the segment pre-tax operating income was primarily due to the H&T PY Partial Period.


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Retail POS Payment Solutions Segment

The following table details retail POS payment solutions gross transaction volumes originated during the three months ended September 30, 2026 as compared to the three months ended September 30, 2025 (in thousands):


	Three Months Ended
	September 30,
	2026		2025
Leased merchandise	$	72,233			$	104,772
Finance receivables (1)	140,243			144,012
Total gross transaction volume	$	212,476			$	248,784

(1) For the three months ended September 30, 2026 and 2025, includes $22.9 million and $10.4 million of OBS Loans, respectively.

The following table details retail POS payment solutions earning assets as of September 30, 2026 as compared to September 30, 2025 (in thousands):


	As of September 30,
	2026		2025
Leased merchandise, net:
Leased merchandise, before allowance for lease losses	$	122,807			$	164,215
Less allowance for lease losses	(48,046)			(64,306)
Leased merchandise, net (1)	$	74,761			$	99,909

Finance receivables, net:
Finance receivables, before allowance for loan losses (2)	$	222,946			$	268,855
Less allowance for loan losses	(98,831)			(115,721)
Finance receivables, net	$	124,115			$	153,134

(1)Includes $0.1 million and $0.2 million of intersegment transactions as of September 30, 2026 and 2025, respectively, related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores that are eliminated upon consolidation.

(2)Does not include $45.5 million and $9.7 million of outstanding OBS Loans held by AFF’s bank partner as of September 30, 2026 and 2025, respectively. Combined finance receivables, before allowance for loan losses, and OBS Loans totaled $268.4 million and $278.5 million as of September 30, 2026 and 2025, respectively. See the “OBS Loans” section in Note 9 of Notes to Consolidated Financial Statements.

The following table details certain retail POS payment solutions portfolio metrics for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025:


	Three Months Ended
	September 30,
	2026		2025







Leased merchandise portfolio metrics:
Provision rate (1)	23.6	%		26.7	%
Average monthly net charge-off rate (2)	6.6	%		6.7	%
Delinquency rate (3)	26.5	%		25.5	%








Finance receivables portfolio metrics:
Provision rate (1)	29.1	%		28.0	%
Average monthly net charge-off rate (2)	5.1	%		5.2	%
Delinquency rate (3)	22.8	%		22.4	%

(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.


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(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).

LTO Operations

Leased merchandise, before allowance for lease losses, decreased 25% to $122.8 million as of September 30, 2026 compared to $164.2 million as of September 30, 2025. The decrease was primarily due to decreased gross transaction volumes as a result of continued weakness in the furniture industry.

The allowance for lease losses decreased 25% to $48.0 million as of September 30, 2026 compared to $64.3 million as of September 30, 2025, which was primarily due to the decrease in leased merchandise balances outstanding. As a percentage of leased merchandise, the allowance was 39% at both September 30, 2026 and 2025.

Leased merchandise income decreased 22% to $103.1 million during the third quarter of 2026 compared to $132.5 million during the third quarter of 2025, which was primarily due to lower average leased merchandise balances outstanding during the third quarter of 2026 compared to the third quarter of 2025.

Depreciation of leased merchandise decreased 17% to $63.3 million during the third quarter of 2026 compared to $76.3 million during the third quarter of 2025, primarily due to the decrease in leased merchandise balances outstanding, partially offset by increased early buyout activity resulting in an increase in accelerated depreciation during the third quarter of 2026 compared to the third quarter of 2025. As a percentage of leased merchandise income, depreciation of leased merchandise increased to 61% during the third quarter of 2026 from 58% during the third quarter of 2025.

Provision for lease losses decreased 39% to $17.0 million during the third quarter of 2026 compared to $28.0 million during the third quarter of 2025, which was primarily due to the 31% decrease in gross transaction volumes and slightly lower lease loss provisioning rates used during the third quarter of 2026 compared to the third quarter of 2025. As a percentage of gross transaction volume, the provision for lease losses decreased to 24% during the third quarter of 2026 compared to 27% during the third quarter of 2025.

Retail Finance Operations

Finance receivables, before allowance for loan losses, decreased 17% as of September 30, 2026 compared to September 30, 2025. The decrease was primarily due to a shift in a number of finance receivable transaction volumes to OBS Loans, which are not included on the Company’s balance sheet. As of September 30, 2026, the outstanding amount of OBS Loans originated and held by the Company’s bank partner was $45.5 million. Including the OBS Loans, finance receivables, before allowance for loan losses would have decreased 4% as of September 30, 2026 compared to September 30, 2025, which was primarily due to the 3% decrease in gross transaction volume, which includes OBS Loans originated.

The allowance for loan losses decreased 15% to $98.8 million as of September 30, 2026 compared to $115.7 million as of September 30, 2025, which was primarily due to the decrease in finance receivables outstanding. As a percentage of finance receivables, the allowance was 44% at September 30, 2026 compared to 43% at September 30, 2025.

Interest and fees on retail finance products decreased 10% to $73.7 million during the third quarter of 2026 compared to $81.7 million during the third quarter of 2025. The decrease was primarily due to the decrease in combined finance receivable and OBS Loan balances outstanding and a slight decline in portfolio yield primarily as a result of AFF expanding its offerings and merchant relationships in certain services sector verticals over the past twelve months, some of which are provided at lower interest rates, during the third quarter of 2026 compared to the third quarter of 2025.

Provision for loan losses increased 1% to $40.8 million during the third quarter of 2026 compared to $40.3 million during the third quarter of 2025, which was primarily due to slightly higher loan loss provisioning rates used during the third quarter of 2026 compared to the third quarter of 2025, partially offset by the 3% decrease in gross transaction volumes. As a percentage of gross transaction volume, the provision for loan losses increased to 29% during the third quarter of 2026 from 28% during the third quarter of 2025.

Segment Expenses

Operating expenses decreased 5% to $21.8 million during the third quarter of 2026 compared to $23.0 million during the third quarter of 2025, which was primarily due to the decrease in gross transaction volumes. As a percentage of segment revenues, operating expenses increased to 12% during the third quarter of 2026 compared to 11% during the third quarter of 2025.


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Segment Pre-Tax Operating Income

The retail POS payment solutions segment pre-tax operating income for the third quarter of 2026 was $33.2 million compared to $46.0 million in the third quarter of 2025. The decrease was primarily the result of the decrease in segment net revenue.

Corporate Expenses

Administrative expenses increased 13% to $66.7 million during the third quarter of 2026 compared to $58.8 million in the third quarter of 2025, primarily due to a full quarter of administrative expenses of H&T, increased variable compensation, general inflationary impacts and an 8% change in the average value of the Mexican peso resulting in higher U.S. dollar translated administrative expenses in Latin America. As a percentage of revenue, administrative expenses were 6% in both the third quarter of 2026 and 2025.

Depreciation and amortization increased 9% to $16.0 million during the third quarter of 2026 compared to $14.7 million in the third quarter of 2025, primarily due to a full quarter of depreciation and amortization expenses of H&T during the third quarter of 2026.

Interest expense increased 17% to $37.7 million during the third quarter of 2026 compared to $32.2 million in the third quarter of 2025, primarily due to increased outstanding long-term debt balances. See Note 8 of Notes to Consolidated Financial Statements and “Liquidity and Capital Resources.”

Merger and acquisition expenses decreased 60% to $3.8 million during the third quarter of 2026 compared to $9.5 million in the third quarter of 2025, primarily due to significant one-time expenses incurred with the H&T Acquisition during the third quarter of 2025.


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Operating Results for the Nine Months Ended September 30, 2026 Compared to the Nine Months Ended September 30, 2025

The following tables and related discussion set forth key operating and financial data for the Company’s operations by reporting segment for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 (in thousands).


	Nine Months Ended September 30, 2026
	U.S. Pawn		Latin America Pawn		U.K. Pawn		Retail POS Payment Solutions	Corporate/ Intersegment Eliminations		Consolidated
Revenue:
Retail merchandise sales	$	838,442			$	514,092		$	65,839		$	—		$	(1,295)	$	1,417,078
Pawn loan fees	463,809			239,321			89,299		—		—		792,429
Leased merchandise income	—			—			—		348,743		—		348,743
Interest and fees on retail finance products	—			—			—		222,046		—		222,046
Wholesale scrap jewelry sales	199,530			106,454			131,170		—		—		437,154
Other revenue	—			—			10,056		—		—		10,056
Total revenue	1,501,781			859,867			296,364		570,789		(1,295)		3,227,506

Cost of revenue:
Cost of retail merchandise sold	477,416			335,170			46,047		—		(691)		857,942
Depreciation of leased merchandise	—			—			—		216,309		(487)		215,822
Provision for lease losses	—			—			—		71,462		(258)		71,204
Provision for loan losses	—			—			—		123,564		—		123,564
Cost of wholesale scrap jewelry sold	164,631			89,691			81,633		—		—		335,955
Other cost of revenue	—			—			1,425		—		—		1,425
Total cost of revenue	642,047			424,861			129,105		411,335		(1,436)		1,605,912

Net revenue	859,734			435,006			167,259		159,454		141		1,621,594

Expenses and other income:
Operating expenses	428,623			247,249			60,962		69,439		—		806,273
Administrative expenses	—			—			—		—		199,326		199,326
Depreciation and amortization	27,207			14,155			4,306		2,199		48,372		96,239
Interest expense	—			—			—		—		107,908		107,908
Interest income	—			—			—		—		(1,078)		(1,078)
Loss on foreign exchange	—			—			—		—		201		201
Merger and acquisition expenses	—			—			—		—		10,983		10,983
Other income, net	—			—			—		—		(9,055)		(9,055)

Total expenses and other income	455,830			261,404			65,268		71,638		356,657		1,210,797

Income (loss) before income taxes	$	403,904			$	173,602		$	101,991		$	87,816		$	(356,516)	$	410,797


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	Nine Months Ended September 30, 2025
	U.S. Pawn		Latin America Pawn		U.K. Pawn		Retail POS Payment Solutions	Corporate/ Intersegment Eliminations		Consolidated
Revenue:
Retail merchandise sales	$	754,106			$	401,132		$	14,066		$	—		$	(2,155)	$	1,167,149
Pawn loan fees	407,763			180,996			15,022		—		—		603,781
Leased merchandise income	—			—			—		429,242		—		429,242
Interest and fees on retail finance products	—			—			—		231,171		—		231,171
Wholesale scrap jewelry sales	107,839			37,580			23,272		—		—		168,691
Other revenue	—			—			2,590		—		—		2,590
Total revenue	1,269,708			619,708			54,950		660,413		(2,155)		2,602,624

Cost of revenue:
Cost of retail merchandise sold	434,318			259,249			10,755		—		(1,149)		703,173
Depreciation of leased merchandise	—			—			—		243,925		(806)		243,119
Provision for lease losses	—			—			—		88,276		(251)		88,025
Provision for loan losses	—			—			—		118,468		—		118,468
Cost of wholesale scrap jewelry sold	92,009			31,770			14,700		—		—		138,479
Other cost of revenue	—			—			634		—		—		634
Total cost of revenue	526,327			291,019			26,089		450,669		(2,206)		1,291,898

Net revenue	743,381			328,689			28,861		209,744		51		1,310,726

Expenses and other income:
Operating expenses	395,790			196,158			10,225		71,434		—		673,607
Administrative expenses	—			—			—		—		166,631		166,631
Depreciation and amortization	24,155			13,173			742		2,091		40,239		80,400
Interest expense	—			—			—		—		86,024		86,024
Interest income	—			—			—		—		(2,664)		(2,664)
Gain on foreign exchange	—			—			—		—		(1,504)		(1,504)
Merger and acquisition expenses	—			—			—		—		12,711		12,711
Other income, net	—			—			—		—		(9,254)		(9,254)

Total expenses and other income	419,945			209,331			10,967		73,525		292,183		1,005,951

Income (loss) before income taxes	$	323,436			$	119,358		$	17,894		$	136,219		$	(292,132)	$	304,775

U.S. Pawn Segment

Merchandise Sales Operations

U.S. retail merchandise sales increased 11% to $838.4 million during the nine months ended September 30, 2026 compared to $754.1 million for the nine months ended September 30, 2025. Same-store retail sales increased 8% during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The increase in total and same-store retail sales was primarily due to continued strong demand for value priced merchandise and increased inventory levels during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The gross profit margin on retail merchandise sales in the U.S. was 43% during the nine months ended September 30, 2026 compared to 42% during the nine months ended September 30, 2025.

U.S. wholesale scrap jewelry revenue, consisting primarily of gold sales, increased 85% to $199.5 million during the nine months ended September 30, 2026 compared to $107.8 million during the nine months ended September 30, 2025. The scrap gross profit margin in the U.S. was 17% compared to the prior-year margin of 15%. The increase in wholesale scrap jewelry revenue was primarily due to increases in pawn lending activity over the past several quarters, which created more forfeited collateral to scrap, and the increase in gold prices over the past year.


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Pawn Lending Operations

U.S. pawn loan fees increased 14% to $463.8 million during the nine months ended September 30, 2026 compared to $407.8 million for the nine months ended September 30, 2025. Same-store pawn loan fees increased 13% during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The increase in total and same-store pawn loan fees was primarily due to the higher pawn receivable balances.

Segment Expenses

U.S. operating expenses increased 8% to $428.6 million during the nine months ended September 30, 2026 compared to $395.8 million during the nine months ended September 30, 2025 while same-store operating expenses increased 6% compared with the prior-year period. The increase in operating expenses was primarily due to increased labor and variable compensation expenses.

Segment Pre-Tax Operating Income

The U.S. segment pre-tax operating income for the nine months ended September 30, 2026 was $403.9 million, which generated a pre-tax segment operating margin of 27% compared to $323.4 million and 25% in the prior year, respectively. The increase in the segment pre-tax operating income and margin reflected increased net revenue, partially offset by an increase in segment expenses.

Latin America Pawn Segment

Latin America segment pre-tax operating income for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 benefited from an 11% favorable change in the average value of the Mexican peso compared to the U.S. dollar. Constant currency results are non-GAAP financial measures, which exclude the effects of foreign currency translation and are calculated by translating current-year results at prior-year average exchange rates. See the “Constant Currency Results” section in “Non-GAAP Financial Information” below for additional discussion of constant currency operating results.

Merchandise Sales Operations

Latin America retail merchandise sales increased 28% (15% on a constant currency basis) to $514.1 million during the nine months ended September 30, 2026 compared to $401.1 million for the nine months ended September 30, 2025. Same-store retail sales also increased 28% (15% on a constant currency basis) during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The increase in constant currency total and same-store retail sales was primarily due to strong demand for value priced merchandise and increased inventory levels during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The gross profit margin on retail merchandise sales was 35% during both the nine months ended September 30, 2026 and 2025.

Latin America wholesale scrap jewelry revenue, consisting primarily of gold sales, increased 183% to $106.5 million during the nine months ended September 30, 2026 compared to $37.6 million during the nine months ended September 30, 2025. The scrap gross profit margin in Latin America was 16% during the nine months ended September 30, 2026 compared to the prior-year margin of 15%. The increase in wholesale scrap jewelry revenue was primarily due to increases in pawn lending activity over the past several quarters, which created more forfeited collateral to scrap, and the increase in gold prices over the past year.

Pawn Lending Operations

Latin America pawn loan fees increased 32% (18% on a constant currency basis) totaling $239.3 million during the nine months ended September 30, 2026 compared to $181.0 million for the nine months ended September 30, 2025. Same-store pawn fees also increased 32% (18% on a constant currency basis) during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The constant currency increase in total and same-store pawn loan fees was primarily due to increased constant currency pawn receivables.


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Segment Expenses

Operating expenses increased 26% (13% increase on a constant currency basis) to $247.2 million during the nine months ended September 30, 2026 compared to $196.2 million during the nine months ended September 30, 2025. Same-store operating expenses also increased 26% (13% increase on a constant currency basis) compared to the prior-year period. The constant currency increase in total and same-store operating expenses was primarily driven by general inflationary impacts and continued increases in the federally mandated minimum wage.

Segment Pre-Tax Operating Income

The segment pre-tax operating income for the nine months ended September 30, 2026 was $173.6 million, which generated a pre-tax segment operating margin of 20% compared to $119.4 million and 19% in the prior year, respectively. The increase in the segment pre-tax operating income and margin reflected increased net revenue, partially offset by an increase in segment expenses.

U.K. Pawn Segment

On August 14, 2025, the Company completed the H&T Acquisition. The results of operations of the U.K. pawn segment for the nine months ended September 30, 2026 includes H&T’s results of operations for nine full months while the comparable prior-year period includes H&T’s results of operations for the H&T PY Partial Period, affecting comparability.

U.K. segment pre-tax operating income for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 benefited from a 2% favorable change in the average value of the U.S. dollar compared to the British pound sterling. Constant currency results are non-GAAP financial measures, which exclude the effects of foreign currency translation and are calculated by translating current-year results at prior-year average exchange rates. See the “Constant Currency Results” section in “Non-GAAP Financial Information” below for additional discussion of constant currency operating results.

Merchandise Sales Operations

U.K. retail merchandise sales increased 368% (357% on a constant currency basis) to $65.8 million during the nine months ended September 30, 2026 compared to $14.1 million for the nine months ended September 30, 2025. The increase was primarily due to the H&T PY Partial Period. The gross profit margin on retail merchandise sales was 30% during the nine months ended September 30, 2026 compared to 24% during the nine months ended September 30, 2025. The increase in the retail gross margin was primarily due to increased gold prices compared to a year ago.

U.K. wholesale scrap jewelry revenue, consisting primarily of gold sales, increased 464% to $131.2 million during the nine months ended September 30, 2026 compared to $23.3 million during the nine months ended September 30, 2025. The increase was primarily due to the H&T PY Partial Period. The scrap gross profit margin in the U.K. was 38% for the nine months ended September 30, 2026 and 37% for the nine months ended September 30, 2025.

Pawn Lending Operations

U.K. pawn loan fees increased 494% (481% on a constant currency basis), totaling $89.3 million during the nine months ended September 30, 2026 compared to $15.0 million for the nine months ended September 30, 2025. The increase was primarily due to the H&T PY Partial Period.

Segment Expenses

Operating expenses increased 496% (483% on a constant currency basis) to $61.0 million during the nine months ended September 30, 2026 compared to $10.2 million during the nine months ended September 30, 2025. The increase was primarily due to the H&T PY Partial Period.

Segment Pre-Tax Operating Income

The segment pre-tax operating income for the nine months ended September 30, 2026 was $102.0 million, which generated a pre-tax segment operating margin of 34% compared to $17.9 million and 33% in the prior year, respectively. The increase in the segment pre-tax operating income was primarily due to the H&T PY Partial Period.


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Retail POS Payment Solutions Segment

The following table details retail POS payment solutions gross transaction volumes originated during the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025 (in thousands):


	Nine Months Ended
	September 30,
	2026		2025
Leased merchandise	$	254,911			$	309,594
Finance receivables (1)	423,401			435,217
Total gross transaction volume	$	678,312			$	744,811

(1) For the nine months ended September 30, 2026 and 2025, includes $50.5 million and $10.4 million of OBS Loans, respectively.

The following table details certain retail POS payment solutions portfolio metrics for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025:


	Nine Months Ended
	September 30,
	2026		2025







Leased merchandise portfolio metrics:
Provision rate (1)	28.0	%		28.5	%
Average monthly net charge-off rate (2)	6.5	%		6.2	%
Delinquency rate (3)	26.5	%		25.5	%








Finance receivables portfolio metrics:
Provision rate (1)	29.2	%		27.2	%
Average monthly net charge-off rate (2)	4.8	%		4.8	%
Delinquency rate (3)	22.8	%		22.4	%

(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.

LTO Operations

Leased merchandise income decreased 19% to $348.7 million during the nine months ended September 30, 2026 compared to $429.2 million for the nine months ended September 30, 2025, which was primarily due to lower average leased merchandise balances outstanding during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.

Depreciation of leased merchandise decreased 11% to $216.3 million during the nine months ended September 30, 2026 compared to $243.9 million during the nine months ended September 30, 2025, primarily due to the decrease in leased merchandise balances outstanding, partially offset by increased early buyout activity resulting in an increase in accelerated depreciation during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. As a percentage of leased merchandise income, depreciation of leased merchandise increased to 62% during the nine months ended September 30, 2026 from 57% during the nine months ended September 30, 2025.

Provision for lease losses decreased 19% to $71.5 million during the nine months ended September 30, 2026 compared to $88.3 million for the nine months ended September 30, 2025, which was primarily due to the 18% decrease in gross transaction volumes during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. As a percentage of gross transaction volume, the provision for lease losses decreased slightly to 28% during the nine months ended September 30, 2026 compared to 29% during the nine months ended September 30, 2025.


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Retail Finance Operations

Interest and fees on retail finance products decreased 4% to $222.0 million during the nine months ended September 30, 2026 compared to $231.2 million for the nine months ended September 30, 2025. The decrease was primarily due to a slight decline in portfolio yield primarily as a result of AFF expanding its offerings and merchant relationships in certain services sector verticals over the past twelve months, some of which are provided at lower interest rates, during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.

Provision for loan losses increased 4% to $123.6 million during the nine months ended September 30, 2026 compared to $118.5 million for the nine months ended September 30, 2025, which was primarily due to higher loan loss provisioning rates used during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, partially offset by the 3% decrease in gross transaction volumes. As a percentage of gross transaction volume, the provision for loan losses increased to 29% during the nine months ended September 30, 2026 compared to 27% during the nine months ended September 30, 2025.

Segment Expenses

Operating expenses decreased 3% to $69.4 million during the nine months ended September 30, 2026 compared to $71.4 million during the nine months ended September 30, 2025, which was primarily due to the decrease in gross transaction volumes. As a percentage of segment revenues, operating expenses increased to 12% during the nine months ended September 30, 2026 from 11% during the nine months ended September 30, 2025.

Segment Pre-Tax Operating Income

The retail POS payment solutions segment pre-tax operating income for the nine months ended September 30, 2026 was $87.8 million compared to $136.2 million in the nine months ended September 30, 2025. The decrease was primarily the result of the decrease in segment net revenue, partially offset by a decrease in operating expenses.

Corporate Expenses

Administrative expenses increased 20% to $199.3 million during the nine months ended September 30, 2026 compared to $166.6 million during the nine months ended September 30, 2025, primarily due to a full nine months of administrative expenses of H&T, increased variable compensation, general inflationary impacts, and an 11% change in the average value of the Mexican peso resulting in higher U.S. dollar translated administrative expenses in Latin America, partially offset by the $11.0 million CFPB litigation settlement accrued for in the second quarter of 2025. As a percentage of revenue, administrative expenses were 6% during both the nine months ended September 30, 2026 and 2025.

Depreciation and amortization increased 20% to $48.4 million during the nine months ended September 30, 2026 compared to $40.2 million in the nine months ended September 30, 2025, primarily due to a full nine months of depreciation and amortization expenses of H&T during the nine months ended September 30, 2026.

Interest expense increased 25% to $107.9 million during the nine months ended September 30, 2026 compared to $86.0 million for the nine months ended September 30, 2025, primarily due to increased outstanding long-term debt balances. See Note 8 of Notes to Consolidated Financial Statements and “Liquidity and Capital Resources.”

Merger and acquisition expenses decreased 14% to $11.0 million during the nine months ended September 30, 2026 compared to $12.7 million in the nine months ended September 30, 2025, primarily due to significant one-time expenses incurred with the H&T Acquisition during the nine months ended September 30, 2025.


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LIQUIDITY AND CAPITAL RESOURCES

Material Capital Requirements

The Company’s primary capital requirements include the:

•Expansion of pawn operations through growth of pawn receivables and inventories in existing stores, new store openings, strategic acquisitions of pawn stores and purchases of underlying real estate at new and existing locations;

•Growth of earning assets in the retail POS payment solutions operations through transaction volumes generated from new and existing merchant partners; and

•Return of capital to shareholders through dividends and stock repurchases.

Other material capital requirements include operating expenses (see Note 4 of Notes to Consolidated Financial Statements regarding operating lease commitments), maintenance capital expenditures related to its facilities, technology platforms, general corporate operating activities, income tax payments and debt service, among others. The Company believes that net cash provided by operating activities and available and unused funds under its revolving credit facilities will be adequate to meet its liquidity and capital needs for these items over the next 12 months and also in the longer-term beyond the next 12 months.

Expand Pawn Operations

The Company intends to continue expansion of its pawn operations through growth of pawn receivables and inventories in existing stores along with new store openings and acquisitions.

During the nine months ended September 30, 2026, the Company opened three new stores and acquired 11 stores in the U.S., opened 16 new stores in Latin America, and opened 11 new stores and acquired one store in the U.K. The Company evaluates potential acquisitions based upon growth potential, purchase price, available liquidity, strategic fit and quality of management personnel, among other factors. Future store openings and acquisitions are subject to the Company’s ability to identify acquisition opportunities and new location sites in markets with attractive demographics and favorable regulatory environments.

In connection with the pending Ramsdens Acquisition, the Company expects to acquire the entire issued and to be issued share capital of Ramsdens by the end of 2026 by paying Ramsdens’ shareholders 675 pence per share in cash. The total equity value for the Ramsdens Acquisition is approximately £228.6 million ($303.7 million USD using GBP/USD exchange rate of 1.33).

The Company has also incurred, and expects to incur, additional costs, expenses and fees for professional services, financing and other transaction and integration costs in connection with the Ramsdens Acquisition and the H&T Acquisition. The substantial majority of these costs will be non-recurring expenses. The Company plans to finance the Ramsdens Acquisition and other transaction and integration costs with available funds under the Credit Facility and believes it has adequate capacity to borrow the necessary funds under the most restrictive covenants under its credit agreements.

Although viewed by management as a discretionary expenditure not required to operate its pawn stores, the Company may continue to strategically purchase real estate from its landlords at existing stores or in conjunction with pawn store acquisitions as opportunities arise at reasonable valuations. During the nine months ended September 30, 2026, the Company purchased the real estate at 37 store locations, primarily from landlords at existing stores, for a cumulative purchase price of $69.7 million. As of September 30, 2026, the Company owned the real estate at a total of 480 pawn locations, primarily in the U.S., along with its corporate headquarters building in Fort Worth, Texas.

Other than the proposed Ramsdens Acquisition, the Company currently has no other contractual commitments for materially significant future acquisitions, business combinations or capital commitments.

Expand Retail POS Payment Solutions Operations

AFF expects to expand its business primarily by promoting and expanding relationships with both new and existing customers and retail merchant partners. In addition, AFF has made, and intends to continue to make, investments in its customer and merchant support operations and facilities, its technology platforms and its proprietary decisioning platforms and processes. In addition to utilizing cash flows generated from its own operations to fund expected 2026 growth, AFF has access to the additional sources of liquidity described below if needed to fund further expansion activities.


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Return of Capital to Shareholders

During the nine months ended September 30, 2026, the Company paid quarterly cash dividends to its shareholders totaling $55.1 million. In October 2026, the Company’s Board of Directors declared a $0.46 per share fourth quarter cash dividend on common shares outstanding, or an aggregate of $19.7 million based on the September 30, 2026 share count, to be paid on November 24, 2026 to stockholders of record as of November 13, 2026. While the Company currently expects to continue the payment of quarterly cash dividends, the amount, declaration and payment of cash dividends in the future (quarterly or otherwise) will be made by the Board of Directors, from time to time, subject to the Company’s financial condition, results of operations, business requirements, compliance with legal requirements, debt covenant restrictions and other relevant factors.

During the nine months ended September 30, 2026, the Company repurchased a total of 1,210,000 shares of common stock at an aggregate cost of $250.0 million and an average cost per share of $206.66. The Company incurred $2.5 million of excise taxes during the nine months ended September 30, 2026.

In July 2026, the Company completed its October 2025 share repurchase program, and the Board of Directors authorized a new share repurchase program for up to $150.0 million of the Company’s outstanding common stock, of which $50.0 million remains available. The Company intends to continue repurchases under its active share repurchase program, including through open market transactions under trading plans in accordance with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), subject to a variety of factors, including, but not limited to, the level of cash balances, liquidity needs, credit availability, debt covenant restrictions, general business and economic conditions, regulatory requirements, the market price of the Company’s stock, the Company’s dividend policy and the availability of acquisitions or other alternative investment opportunities.

Sources of Liquidity

The Company regularly evaluates opportunities to optimize its capital structure, including through consideration of the issuance of debt or equity, to refinance existing debt and to enter into interest rate hedge transactions, such as interest rate swap agreements. As of September 30, 2026, the Company’s primary sources of liquidity were $203.2 million in cash and cash equivalents and $930.2 million of available and unused funds under the Company’s revolving unsecured credit facilities, subject to certain financial covenants (see Note 8 of Notes to Consolidated Financial Statements). During the nine months ended September 30, 2026, the Company repaid in full all outstanding amounts under its U.K. Credit Facility and U.K. Term Loans, and the related credit agreements were terminated. The Company had working capital of $1,637.2 million as of September 30, 2026.

The Company’s cash and cash equivalents as of September 30, 2026 included $62.9 million held by its foreign subsidiaries. These cash balances, which are primarily held in Mexican pesos and British pounds sterling, are associated with foreign earnings the Company has asserted are indefinitely reinvested and which the Company plans to use to support its continued growth plans outside the U.S. through funding of capital expenditures, acquisitions, operating expenses or other similar cash needs of the Company’s foreign operations.

The Company’s liquidity is affected by a number of factors, including changes in general customer traffic and demand, pawn loan balances, collection of pawn fees, merchandise sales, inventory levels, LTO merchandise, finance receivable balances, collection of lease and finance receivable payments, seasonality, operating expenses, administrative expenses, expenses related to merger and acquisition activities, litigation-related expenses, tax rates, gold prices, foreign currency exchange rates and the pace of new pawn store expansion and acquisitions, including the pending Ramsdens Acquisition. Additionally, a prolonged reduction in earnings and EBITDA could limit the Company’s future ability to fully borrow on its credit facilities under current leverage covenants. Regulatory developments affecting the Company’s operations may also impact profitability and liquidity. See “Governmental Regulation.”

If needed, the Company could seek to raise additional funds from a variety of sources, including, but not limited to, the sale of assets, reductions in operating expenses, capital expenditures and dividends, the forbearance or deferral of certain operating expenses, the issuance of debt or equity securities, utilizing other structured financing arrangements, the leveraging of currently unencumbered real estate owned by the Company and/or changes to its management of current assets. The characteristics of the Company’s current assets, specifically the ability to rapidly liquidate gold jewelry inventory, which accounts for 67% of total inventory, give the Company flexibility to quickly increase cash flow if necessary.


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Cash Flows and Liquidity Metrics

The following tables set forth certain historical information with respect to the Company’s sources and uses of cash and other key indicators of liquidity (dollars in thousands):


	Nine Months Ended September 30,
	2026		2025
Cash flow provided by operating activities	$	472,393		$	379,297
Cash flow used in investing activities	$	(306,686)		$	(662,413)
Cash flow (used in) provided by financing activities	$	(88,883)		$	225,644


		As of September 30,
		2026		2025
Working capital		$	1,637,242		$	1,433,101
Current ratio	4.8:1	5.0:1

Cash Flow Provided by Operating Activities

Net cash provided by operating activities increased $93.1 million, or 25%, from $379.3 million for the nine months ended September 30, 2025 to $472.4 million for the nine months ended September 30, 2026 due to net changes in certain non-cash adjustments to reconcile net income to operating cash flow and net changes in other operating assets and liabilities (as detailed in the consolidated statements of cash flows) and an increase in net income of $76.1 million.

Cash Flow Used in Investing Activities

Net cash used in investing activities decreased $355.7 million, or 54%, from $662.4 million for the nine months ended September 30, 2025 to $306.7 million for the nine months ended September 30, 2026. Cash flows from investing activities are utilized primarily to fund pawn store acquisitions, purchase furniture, fixtures, equipment and improvements, which includes capital expenditures for improvements to existing stores and for new pawn store openings and other corporate assets, and discretionary purchases of store real property. In addition, cash flows related to the funding of new pawn loans, net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral and changes in net finance receivables, are included in investing activities. The Company paid $56.0 million for furniture, fixtures, equipment and improvements and $69.7 million for discretionary pawn store real property purchases during the nine months ended September 30, 2026 compared to $37.4 million and $44.2 million in the prior-year period, respectively. The Company paid $21.1 million in cash related to pawn store acquisitions during the nine months ended September 30, 2026 compared to $406.9 million during the nine months ended September 30, 2025. The Company funded a net increase in pawn loans of $140.8 million during the nine months ended September 30, 2026 and funded a net increase of $98.7 million during the nine months ended September 30, 2025. The Company funded a net increase in finance receivables of $19.2 million during the nine months ended September 30, 2026 and funded a net increase of $75.2 million during the nine months ended September 30, 2025.

Cash Flow Used in Financing Activities

Net cash provided by financing activities decreased $314.5 million, or 139%, from net cash provided by financing activities of $225.6 million for the nine months ended September 30, 2025 to net cash used in financing activities of $88.9 million for the nine months ended September 30, 2026. Net payments on credit facilities were $444.5 million during the nine months ended September 30, 2026 compared to net borrowings of $374.3 million during the nine months ended September 30, 2025. During the nine months ended September 30, 2026, the Company received $750.0 million in proceeds from the offering of its 2034 Notes which were used to repay a portion of the outstanding balance on the Credit Facility, and to repay the U.K. Credit Facility in full and to repay the U.K. Term Loans in full, each of which were assumed as part of the H&T Acquisition in 2025, after payment of fees and expenses related to the offering. The Company paid debt issuance costs of $12.3 million during the nine months ended September 30, 2026. The Company paid $60.5 million to terminate the U.K. Term Loans and paid $4.2 million in related prepayment penalties. The Company funded $251.2 million of share repurchases during the nine months ended September 30, 2026 compared to $90.5 million during the nine months ended September 30, 2025. The Company paid dividends of $55.1 million during the nine months ended September 30, 2026 compared to $52.4 million during the nine months ended September 30, 2025. In addition, the Company paid withholding taxes of $11.2 million on net share settlements of restricted stock unit awards during the nine months ended September 30, 2026 compared to $5.8 million during the nine months ended September 30, 2025.


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GOVERNMENTAL REGULATION

The Company’s pawn and retail POS payment solutions businesses are subject to significant regulation in all of the jurisdictions in which it operates. Existing regulations and regulatory developments are further and more completely described under “Governmental Regulation” in Part I, Item 1 of the Company’s 2025 Annual Report on Form 10-K filed with the SEC on February 9, 2026 and in subsequent documents filed with the SEC. There have been no changes to the significant regulation that the Company’s businesses are subject to that the Company believes would have a material impact on its businesses or results of operations from those described in the Annual Report on Form 10-K for the year ended December 31, 2025.

NON-GAAP FINANCIAL INFORMATION

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 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 GAAP, primarily by excluding from a comparable GAAP measure certain items the Company does not consider to be representative of its actual operating performance. These financial calculations are “non-GAAP financial measures” as defined under the SEC rules. The Company uses these non-GAAP financial measures in operating its business because management believes they are less susceptible to variances in actual operating performance that can result from the excluded items, other infrequent charges and currency fluctuations. The Company presents these financial measures to investors because management believes they are useful to investors in evaluating the primary factors that drive the Company’s core operating performance and provide greater transparency into the Company’s results of operations. However, items that are excluded and other adjustments and assumptions that are made in calculating these non-GAAP financial measures are significant components in understanding and assessing the Company’s financial performance. These non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, the Company’s GAAP financial measures. Further, because these non-GAAP financial measures are not determined in accordance with GAAP and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly-titled measures of other companies.

The Company has adjusted the applicable financial calculations to exclude merger and acquisition expenses, amortization of acquired intangible assets, the CFPB litigation settlement and certain other income and expenses. The Company does not consider these items to be related to the organic operations of the Company’s businesses or its continuing operations and are generally not relevant to assessing or estimating the long-term performance of the Company. In addition, excluding these items allows for more accurate comparisons of the financial results to prior periods. Merger and acquisition expenses include incremental costs directly associated with merger and acquisition activities, including professional fees, legal expenses, severance, retention and other employee-related costs, contract breakage costs, costs related to the consolidation of technology systems and corporate facilities and other integration costs, among others.

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.


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The following table provides 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):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025	2026		2025	2026		2025
	In Thousands		In Thousands		Per Share		Per Share	In Thousands		In Thousands	Per Share		Per Share
Net income and diluted earnings per share, as reported	$	101,152			$	82,807		$	2.33		$	1.86			$	302,321		$	226,203	$	6.89	$	5.07
Adjustments, net of tax:




Merger and acquisition expenses	2,837			8,513			0.07		0.19		8,254			11,001			0.19		0.25
Amortization of acquired intangible assets	11,423			10,613			0.26		0.24		34,531			29,129			0.79		0.65
CFPB litigation settlement	—			—			—		—		—			9,390			—		0.21
Other expense (income), net	769			(1,300)			0.02		(0.03)		237			(2,691)			—		(0.06)


Adjusted net income and diluted earnings per share	$	116,181			$	100,633		$	2.68		$	2.26			$	345,343		$	273,032	$	7.87	$	6.12

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		Nine Months Ended	Months Ended
	September 30,		September 30,	September 30,
	2026		2025	2026		2025	2026		2025
Net income	$	101,152		$	82,807		$	302,321		$	226,203	$	406,493	$	309,750
Income taxes		37,515			29,672			108,476			78,572		147,092		104,558
Depreciation and amortization (1)		32,283			29,034			96,239			80,400		127,645		106,834
Interest expense		37,678			32,216			107,908			86,024		143,177		113,221
Interest income		(434)			(908)			(1,078)			(2,664)		(1,349)		(3,192)
EBITDA		208,194			172,821			613,866			468,535		823,058		631,171
Adjustments:
Merger and acquisition expenses		3,760			9,472			10,983			12,711		12,641		12,753


CFPB litigation settlement		—			—			—			11,000		—		11,000
Other expense (income), net		1,054			(1,739)			221			(3,683)		(803)		(676)


Adjusted EBITDA	$	213,008		$	180,554		$	625,070		$	488,563	$	834,896	$	654,248

(1)Includes $14.9 million, $45.1 million and $60.7 million of amortization expense related to identifiable intangible assets for the three months, nine months and trailing twelve months ended September 30, 2026, respectively. Includes $13.8 million, $37.9 million and $50.3 million of amortization expense related to identifiable intangible assets for the three months, nine months and trailing twelve months ended September 30, 2025, respectively.


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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		Nine Months Ended		Months Ended
	September 30,		September 30,		September 30,
	2026		2025		2026		2025	2026		2025
Cash flow from operating activities	$	141,988			$	135,803		$	472,393		$	379,297		$	679,038	$	577,446
Cash flow from certain investing activities:
Pawn loans made	(666,476)			(523,115)			(1,995,764)		(1,416,821)		(2,673,171)		(1,851,035)
Pawn loans repaid	366,958			269,868			1,143,076		800,966		1,539,148		1,055,542
Recovery of pawn loan principal through sale of forfeited collateral	306,785			185,106			711,909		517,122		954,120		694,484
Investments in finance receivables	(87,180)			(103,343)			(283,490)		(338,295)		(385,771)		(473,397)
Proceeds from finance receivables	82,491			84,164			264,339		263,139		343,472		345,113
Purchases of furniture, fixtures, equipment and improvements	(18,090)			(11,553)			(55,954)		(37,419)		(73,441)		(49,632)
Free cash flow	126,476			36,930			256,509		167,989		383,395		298,521
Merger and acquisition expenses paid, net of tax benefit	2,837			8,513			8,254		11,001		9,524		11,032
Adjusted free cash flow	$	129,313			$	45,443		$	264,763		$	178,990		$	392,919	$	309,553

Constant Currency Results

The Company’s reporting currency is the U.S. dollar, however, certain performance metrics discussed in this report 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.


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The following table presents operating results for the Latin America pawn segment using the exchange rate from the prior-year comparable periods (in thousands):


	Three Months Ended September 30, 2026		Nine Months Ended September 30, 2026
			Currency		Constant			Currency		Constant
	U.S.		Exchange		Currency		U.S.	Exchange		Currency
	Dollar		Rate		Basis		Dollar	Rate		Basis
	Basis		Fluctuations		(Non-GAAP)		Basis	Fluctuations		(Non-GAAP)
Revenue:
Retail merchandise sales	$	179,935			$	(12,846)		$	167,089		$	514,092		$	(53,251)	$	460,841
Pawn loan fees	83,103			(5,953)			77,150		239,321		(24,859)		214,462
Wholesale scrap jewelry sales	47,668			—			47,668		106,454		—		106,454

Total revenue	310,706			(18,799)			291,907		859,867		(78,110)		781,757

Cost of revenue:
Cost of retail merchandise sold	117,341			(8,346)			108,995		335,170		(34,561)		300,609
Cost of wholesale scrap jewelry sold	39,884			(2,914)			36,970		89,691		(9,535)		80,156

Total cost of revenue	157,225			(11,260)			145,965		424,861		(44,096)		380,765

Net revenue	153,481			(7,539)			145,942		435,006		(34,014)		400,992

Segment expenses:
Operating expenses	84,341			(5,893)			78,448		247,249		(24,963)		222,286
Depreciation	4,568			(315)			4,253		14,155		(1,395)		12,760
Total segment expenses	88,909			(6,208)			82,701		261,404		(26,358)		235,046

Segment pre-tax operating income	$	64,572			$	(1,331)		$	63,241		$	173,602		$	(7,656)	$	165,946

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 September 30, 2026
			Currency		Constant
	U.S.		Exchange		Currency
	Dollar		Rate		Basis
	Basis		Fluctuations		(Non-GAAP)
Earning assets:
Pawn loans	$	205,484			$	(5,852)		$	199,632
Inventories	155,690			(4,433)			151,257
	$	361,174			$	(10,285)		$	350,889


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The following table presents operating results for the U.K. pawn segment using the exchange rate from the respective H&T PY Partial Period (in thousands):


	Three Months Ended September 30, 2026		Nine Months Ended September 30, 2026
			Currency		Constant			Currency		Constant
	U.S.		Exchange		Currency		U.S.	Exchange		Currency
	Dollar		Rate		Basis		Dollar	Rate		Basis
	Basis		Fluctuations		(Non-GAAP)		Basis	Fluctuations		(Non-GAAP)
Revenue:
Retail merchandise sales	$	22,527			$	64		$	22,591		$	65,839		$	(1,488)	$	64,351
Pawn loan fees	28,248			80			28,328		89,299		(2,019)		87,280
Wholesale scrap jewelry sales	45,046			—			45,046		131,170		—		131,170
Other revenue	3,549			10			3,559		10,056		(227)		9,829
Total revenue	99,370			154			99,524		296,364		(3,734)		292,630

Cost of revenue:
Cost of retail merchandise sold	15,161			43			15,204		46,047		(1,041)		45,006
Cost of wholesale scrap jewelry sold	32,703			93			32,796		81,633		(1,846)		79,787
Other cost of revenue	267			1			268		1,425		(32)		1,393
Total cost of revenue	48,131			137			48,268		129,105		(2,919)		126,186

Net revenue	51,239			17			51,256		167,259		(815)		166,444

Segment expenses:
Operating expenses	20,529			58			20,587		60,962		(1,374)		59,588
Depreciation and amortization	1,510			4			1,514		4,306		(97)		4,209
Total segment expenses	22,039			62			22,101		65,268		(1,471)		63,797

Segment pre-tax operating income	$	29,200			$	(45)		$	29,155		$	101,991		$	656	$	102,647

The following table presents earning assets for the U.K. pawn segment using the exchange rate from the prior-year comparable period (in thousands):


	As of September 30, 2026
			Currency		Constant
	U.S.		Exchange		Currency
	Dollar		Rate		Basis
	Basis		Fluctuations		(Non-GAAP)
Earning assets:
Pawn loans	$	214,941			$	2,865		$	217,806
Inventories	106,628			1,421			108,049
	$	321,569			$	4,286		$	325,855


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The following table provides exchange rates for the Mexican peso, Guatemalan quetzal, Colombian peso and British pound sterling for the current and prior-year periods:


	September 30,	Favorable /
	2026	2025	(Unfavorable)
U.S. dollar / Mexican peso exchange rate:
End-of-period	17.8	18.4		3	%
Three months ended	17.2	18.6		8	%
Nine months ended	17.4	19.5		11	%

U.S. dollar / Guatemalan quetzal exchange rate:
End-of-period	7.6	7.7		1	%
Three months ended	7.6	7.7		1	%
Nine months ended	7.6	7.7		1	%

U.S. dollar / Colombian peso exchange rate:
End-of-period	3,341	3,901		14	%
Three months ended	3,193	4,003		20	%
Nine months ended	3,501	4,131		15	%

British pound sterling / U.S. dollar exchange rate:
End-of-period	1.33	1.35		(1)	%
Three months ended	1.34	1.35		(1)	%
Nine months ended	1.34	1.31		2	%

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risks relating to the Company’s operations result primarily from changes in interest rates, gold prices and foreign currency exchange rates and are described in detail in the Company’s 2025 Annual Report on Form 10-K. The impact of current-year fluctuations in foreign currency exchange rates, in particular, is further discussed in Part I, Item 2 herein. The Company does not engage in speculative or leveraged transactions, nor does it hold or issue financial instruments for trading purposes. There have been no material changes to the Company’s exposure to market risks since December 31, 2025.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Company’s management, under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). In designing and evaluating the disclosure controls and procedures, the Company’s management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objective.

Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2026, the Company’s disclosure controls and procedures were designed at a reasonable assurance level and were effective.

Changes in Internal Control Over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting during the quarter ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. The Company is currently in the process of integrating H&T into its assessment of its internal control over financial reporting for the year ending December 31, 2026.


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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See Note 9 - Commitments and Contingencies of Notes to Consolidated Financial Statements contained in Part I, Item 1 of this report which is incorporated into this Part II, Item 1 by reference.

ITEM 1A. RISK FACTORS

Important risk factors that could materially affect the Company’s business, financial condition or results of operations in future periods are described in Part I, Item 1A, “Risk Factors” of the Company’s 2025 Annual Report on Form 10-K. These factors are supplemented by those discussed under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Governmental Regulation” in Part I, Item 2 of this quarterly report and in “Governmental Regulation” in Part I, Item 1 of the Company’s 2025 Annual Report on Form 10-K. There have been no material changes in the Company’s risk factors from those in Part I, Item 1A, “Risk Factors” of the Company’s 2025 Annual Report on Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

The following table provides information about purchases made by the Company of shares of its common stock during the three months ended September 30, 2026 (dollars in thousands, except per share amounts):


	Total Number Of Shares Purchased	Average Price Paid Per Share (1)		Total Number Of Shares Purchased As Part Of Publicly Announced Plans (2)			Approximate Dollar Value Of Shares That May Yet Be Purchased Under The Plans (1) (2)








July 1 through July 31, 2026	426,841		$	207.59		426,841			$	84,785
August 1 through August 31, 2026	164,581		211.35		164,581			50,000
September 1 through September 30, 2026	—		—		—			50,000
Total	591,422		208.64		591,422

(1)The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. During the three months ended September 30, 2026, the Company reflected the applicable excise tax in treasury stock as part of the cost basis of the stock repurchased and recorded a corresponding liability for the excise taxes payable in accounts payable and accrued liabilities on the consolidated balance sheet. All dollar amounts presented exclude such excise taxes.

(2)In July 2026, the Company completed its October 2025 share repurchase program, and the Board of Directors authorized a new share repurchase program for up to $150.0 million of the Company’s outstanding common stock, of which $50.0 million remains available. The July 2026 share repurchase program does not prescribe an expiration date.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.


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ITEM 5. OTHER INFORMATION

Rule 10b5-1 Trading Plans and Other Non-Rule 10b5-1 Trading Plans

None of the Company’s directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, as such terms are defined under Item 408(a) of Regulation S-K, during the three months ended September 30, 2026, except as follows:

On August 17, 2026, Rick L. Wessel, Vice Chairman of the Board and Chief Executive Officer, adopted a written plan for the sale of up to 60,719 shares of the Company’s common stock that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The plan will expire on August 19, 2027, or on any earlier date on which all of the shares have been sold.

ITEM 6. EXHIBITS

Incorporated by Reference

Exhibit No.

Exhibit Description

Form

File No.

Exhibit

Filing Date

Filed Herewith

3.1

Certificate of Formation of FirstCash Holdings, Inc.

8-K

001-10960

3.1

06/18/2026

3.2

Amended and Restated Bylaws of FirstCash Holdings, Inc.

8-K

001-10960

3.2

06/18/2026

10.1

Tenth Amendment to Amended and Restated Credit Agreement, dated August 27, 2026, between FirstCash Holdings, Inc., FirstCash, Inc., Chess Holdco Limited, Chess Bidco Limited, certain subsidiaries of the borrowers from time to time party thereto, the lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent.

8-K

001-10960

10.1

08/31/2026

31.1

Certification Pursuant to Exchange Act Rule 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act, provided by Rick L. Wessel, Chief Executive Officer

31.2

Certification Pursuant to Exchange Act Rule 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act, provided by R. Douglas Orr, Chief Financial Officer

32.1

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, provided by Rick L. Wessel, Chief Executive Officer

32.2

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, provided by R. Douglas Orr, Chief Financial Officer

101.INS

Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH

Inline XBRL Taxonomy Extension Schema Document

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

104

Cover Page Interactive Data File (embedded within the Inline XBRL document contained in Exhibit 101)


Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



Dated: October 26, 2026	FIRSTCASH HOLDINGS, INC.
	(Registrant)


	/s/ RICK L. WESSEL
	Rick L. Wessel
	Chief Executive Officer
	(On behalf of the Registrant)


	/s/ R. DOUGLAS ORR
	R. Douglas Orr
	Executive Vice President and Chief Financial Officer
	(As Principal Financial Officer)


	/s/ BRIAN D. HOSTETLER
	Brian D. Hostetler
	Senior Vice President and Chief Accounting Officer
	(As Principal Accounting Officer)

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