Enova Crosses $1 Billion in Quarterly Revenue

The Tip Desk · October 24, 2026 · 2 min read

Total revenue reached $1.01 billion in the third quarter, up 26% from a year earlier, as originations rose 31% to $2.6 billion.

Enova International (ENVA), an online financial services company that serves small businesses and consumers underserved by traditional banks, reported total revenue of $1.01 billion for the third quarter ended September 30, 2026, up 26% from $803 million a year earlier.

That year-over-year increase accelerated from 22% growth in the second quarter and 17% in the first quarter, and it marked the first time the company recorded $1 billion of revenue in a quarter. Chief Financial Officer Scott Cornelis said the top- and bottom-line results exceeded the company’s expectations.

Originations rose 31% to $2.6 billion, after 27% growth in the second quarter. Combined loans and finance receivables reached a record $5.9 billion, up 30% from the end of the third quarter of 2025.

Net income was $107 million, or $4.06 a share, up 34% from $80 million, or $3.03 a share, a year earlier. Adjusted earnings were $4.48 a share, up 33% from $3.36. Adjusted EBITDA was $269 million.

The net revenue margin was 61%, versus 57% in the third quarter of 2025, matching the 61% margin reported in the second quarter. The company said the margin reflected continued solid credit performance. The consolidated net charge-off ratio decreased to 8.1% from 8.5% a year earlier. Sequential stability in the consolidated fair value premium, the company said, reflected continued stable credit performance and outlook.

Marketing expense was $230 million. Operations and technology expense was $81 million. General and administrative expense was $46 million. Interest expense, net, was $104 million.

Liquidity, including cash and marketable securities and available capacity on facilities, totaled $1.3 billion at September 30, versus $929 million at June 30. Long-term debt was $5.4 billion. Cash and cash equivalents were $106 million. Restricted cash was $390 million.

The company repurchased $46 million of common stock in the third quarter and started the fourth quarter with $252 million of available share repurchase capacity. It recorded $1.4 million of transaction-related costs related to the planned acquisition of Grasshopper Bancorp, Inc. and its wholly-owned subsidiary Grasshopper Bank.

Chief Executive Officer Steve Cunningham said the quarter was driven by healthy demand and stable credit, with consolidated originations, receivables, revenue and adjusted EPS all growing 25% or more year-over-year. Cornelis said competitive funding costs and the liquidity position have the company positioned to continue investing in the business and to make opportunistic share repurchases.