FirstCash Consolidated Revenue Growth Cools After Two Faster Quarters

The Tip Desk · October 27, 2026 · 4 min read

Third-quarter revenue was $1.10 billion, up 18% from a year earlier, as pawn receivables hit a record $908 million.

FirstCash Holdings, Inc. (FCFS), the international operator of more than 3,300 retail pawn stores, reported record third-quarter revenue and earnings as pawn demand stayed high, though the pace of consolidated growth cooled from the two preceding quarters.

Revenue for the three months ended September 30, 2026 was $1.10 billion, up 18% from $935.6 million a year earlier, after 29% year-over-year growth in the second quarter and 26% in the first. GAAP diluted earnings were $2.33 a share, up 25% from $1.86; adjusted diluted earnings were $2.68, up 19% from $2.26. GAAP net income was $101.2 million, up 22% from $82.8 million. Adjusted EBITDA was $213.0 million, up 18% from $180.6 million.

Revenues and segment income from the pawn segments both increased 28% versus the year-ago quarter. Consolidated assets reached a record $5.6 billion, including record pawn receivables of $908 million, compared with $5.2 billion of assets and $788 million of pawn receivables a year earlier.

In the United States, pawn segment revenue increased 18% and segment pre-tax operating income increased 19%, leaving the segment pre-tax operating margin at 26%, equal to the prior-year quarter. Pawn loan fees rose 12% and retail merchandise sales rose 10%; on a same-store basis, pawn fees rose 11% and retail sales rose 7%. U.S. retail sales margins were 42%, versus 43% a year earlier. Pawn receivables increased 14% in total and 12% on a same-store basis, the thirteenth consecutive quarter of double-digit same-store receivables growth.

Latin America was the faster pawn market. Segment revenue increased 35% on a U.S. dollar basis and 27% on a constant-currency basis. Segment pre-tax operating income increased 37% in dollars and 35% in local currency. Total and same-store pawn loan fees increased 24% in dollars and 15% in constant currency. Total and same-store retail merchandise sales increased 24% and 25% in dollars and 16% in constant currency. Retail sales margins were 35%, versus 36% a year earlier. Pawn receivables increased 19% in dollars and 15% in constant currency, the eighth consecutive quarter of double-digit same-store receivables growth.

U.K. pawn revenue was $99 million, with segment pre-tax operating income of $29 million and a 29% pre-tax operating margin. Pawn receivables totaled $215 million, up 14% on a U.S. dollar basis.

American First Finance, the retail point-of-sale payment subsidiary, posted third-quarter segment pre-tax operating income of $33 million, a sequential increase over the second quarter but a decrease versus the year-ago quarter, which the company attributed primarily to the loss of earnings from previously reported merchant partner bankruptcies. AFF net revenues decreased 20% and gross transaction volume of lease and loan originations decreased 15%. The combined average monthly net charge-off rate for lease and finance products was 5.6%, an improvement over 5.8% a year earlier.

The company added 14 pawn stores in the third quarter, bringing year-to-date additions to 42 locations and the store base to 3,352 locations. Ramsdens shareholders and the U.K. Financial Conduct Authority approved the previously announced acquisition; FirstCash continues to target closing by the end of 2026, which would add over 175 U.K. locations.

The board declared a quarterly cash dividend of $0.46 a share, a 10% increase over the previous $0.42 dividend. The company repurchased $123 million of common stock in the third quarter, bringing year-to-date repurchases to $250 million. In August it amended its revolving credit facility, increasing size from $700 million to $1.055 billion and extending maturity to August 2031. Net debt to adjusted EBITDA was 2.7 times on trailing-twelve-month results at September 30.

For full-year 2026, the company expects pawn operations to account for about 90% of net revenue and segment pre-tax income. For the fourth quarter, U.S. pawn receivables and fees are expected to grow at a low-double-digit rate, with retail sales growth of about 8% to 10%. Latin America pawn receivables and fees are expected to grow at a low- to mid-teens rate. U.K. pawn receivables and fees are expected to grow at a mid- to high-single-digit rate. AFF gross transaction volumes are forecast to decrease in the mid-teens range, and AFF net revenue is expected to decrease 15% to 20%.