OneMain Originations Rise 17% as Provision Reaches $615 Million

The Tip Desk · October 30, 2026 · 3 min read

Diluted earnings were $1.60 a share as managed receivables reached $28.1 billion and capital generation rose to $284 million.

OneMain Holdings (OMF), the nonprime consumer credit company, reported pretax income of $233 million and net income of $185 million for the third quarter of 2026, compared with $263 million and $199 million a year earlier. Diluted earnings were $1.60 a share, down from $1.67.

The company said it delivered another strong quarter and pointed to growth alongside credit discipline. Chairman and CEO Doug Shulman said OneMain was confident in its ability to deliver attractive returns for shareholders well into the future.

Consumer loan originations totaled $4.5 billion in the third quarter, up 17% from $3.9 billion a year earlier. Managed receivables, which include loans serviced for whole-loan-sale partners and auto finance loans originated by third parties, were $28.1 billion at September 30, 2026, up 9% from $25.9 billion a year earlier.

Total revenue, comprising interest income and total other revenue, was $1.7 billion, up 7% from $1.6 billion. Interest income was $1.5 billion, which the company said was driven by receivables growth. Interest expense was $345 million, up 8% from $320 million, due to an increase in average debt to support receivables growth and a higher average cost of funds.

The provision for finance receivable losses was $615 million, up from $488 million a year earlier. Net charge-offs were $469 million, versus $427 million. The allowance for finance receivable losses increased $146 million, which the company said was driven by receivables growth.

Capital generation, defined as Consumer and Insurance adjusted net income excluding the after-tax change in the C&I allowance while still considering current-period C&I net charge-offs, was $284 million, compared with $272 million a year earlier. The company said the increase was driven by receivables growth, partially offset by higher net charge-offs. Pretax capital generation was $378 million. Capital generation return on receivables was 4.4%.

Consumer and Insurance adjusted pretax income was $232 million and adjusted net income was $174 million, compared with $303 million and $227 million a year earlier. C&I adjusted diluted earnings were $1.51 a share, down from $1.90.

C&I net finance receivables were $26.3 billion at September 30, 2026, versus $24.5 billion a year earlier. Credit-card receivables were $1.4 billion, versus $834 million. Auto finance receivables were $2.8 billion, versus $2.4 billion.

Consumer-loan 30+ day delinquency was 5.34% at September 30, 2026, versus 5.55% a year earlier. The 90+ day delinquency ratio was 2.26%, versus 2.35%. The 30-89 day delinquency ratio was 3.08%, versus 3.20%. The net charge-off ratio was 6.89%, versus 6.67%.

On the adjusted Segment Accounting Basis, Consumer and Insurance operating expense was $453 million, up 6% from $427 million, reflecting receivable growth and strategic investments in the business.

As of September 30, 2026, principal debt balances outstanding were $24.4 billion, 52% of which was secured. Cash and cash equivalents were $936 million, including $268 million held at regulated insurance subsidiaries or for other operating activities that are unavailable for general corporate purposes. The company had $1.0 billion of undrawn committed capacity from an unsecured corporate revolver, $6.5 billion of undrawn committed capacity under revolving conduit facilities and credit card variable funding note facilities, and $12.3 billion of unencumbered receivables.

During the quarter, OneMain repurchased approximately 538 thousand shares of common stock for $34 million. On October 30, 2026, it declared a quarterly dividend of $1.05 a share, payable on November 13, 2026, to record holders as of the close of business on November 9, 2026.