Oportun Lifts 2026 Outlook After Revenue Turns Higher

The Tip Desk · November 3, 2026 · 4 min read

Third-quarter revenue reached $246 million, up 3% from a year earlier, and the company now sees full-year revenue of $955 million to $960 million.

Oportun Financial Corporation (OPRT) returned to year-over-year revenue growth in the third quarter for the first time since the fourth quarter of 2023, and raised its full-year 2026 outlook after originations accelerated and credit costs eased.

Total revenue was $246 million, up 3% from $239 million a year earlier, after $233 million in the second quarter and $229 million in the first quarter. The company attributed the increase to higher origination fees from larger aggregate originations.

Aggregate originations were $572 million, up 12% from $512 million a year earlier, after 1% growth in the second quarter and an 11% decline in the first. Returning unsecured members and secured personal loans increased by a combined 25%, which the company said supported lower-risk growth. Management continues to expect mid-single-digit origination growth for the year, now on the higher end of that range, while remaining in a tight credit posture.

GAAP net income was $22.9 million, an $18 million increase from $5.2 million a year earlier, after $8.5 million in the second quarter and $2.3 million in the first. Adjusted net income was $26 million, up 38% from $19 million. Adjusted EBITDA was $56 million, up 37% from $41 million. The company said lower interest expense and higher revenue drove the profit increase, partially offset by higher tax expense.

The Annualized Net Charge-Off Rate was 10.6%, down 121 basis points from 11.8% a year earlier and the lowest since the third quarter of 2022. Net charge-offs were $71 million, down 10% from $80 million. The company said the improvement was primarily driven by a focus on lower-risk originations under a tight credit posture. The 30-plus day delinquency rate was 4.1% at quarter-end, compared with 4.7% a year earlier.

Portfolio yield was 34.4%, up 136 basis points from 33.0% a year earlier, after 33.3% in the second quarter and 32.1% in the first, driven by higher origination fees. The net interest margin ratio increased 344 basis points to 30.5% from 27.1% a year earlier. Cost of debt fell 193 basis points to 6.1% from 8.1% a year earlier, including repayment of $68 million in corporate debt. The risk-adjusted net interest margin ratio rose 260 basis points to 19.0% from 16.4% a year earlier, after a 271-basis-point year-over-year decline to 14.4% in the first quarter.

Owned principal balance was $2.7 billion at quarter-end, up 2% from $2.6 billion a year earlier, after a 1% year-over-year decrease to $2,613 million in the second quarter. Total cash was $258 million. Debt-to-equity declined to 6.2 times from 7.1 times a year earlier.

Operating expense was $92 million, relatively flat versus $91 million a year earlier. Adjusted operating expense rose 9% to $92 million, primarily reflecting higher direct marketing and personnel costs. To support higher origination growth and due to severance costs, management is revising full-year operating expense expectations upward from substantially flat year-over-year to a low-single-digit increase.

Chief Executive Officer Doug Bland said the company’s results outperformed its guidance for revenue, Adjusted EBITDA and net charge-offs. The company introduced Oportun Forward, a strategy to simplify the core business, and named Bill Franklin chief financial officer, Bernardo Martinez chief retail and sales officer and Garrett Hope chief product officer.

Oportun now expects full-year 2026 total revenue of $955 million to $960 million, an Annualized Net Charge-Off Rate of 11.6% plus or minus 10 basis points, and Adjusted EPS of $1.60 to $1.70, reflecting 21% year-over-year growth at the midpoint versus prior Adjusted EPS guidance of $1.50 to $1.65. Fourth-quarter 2026 guidance is total revenue of $247 million to $252 million, an Annualized Net Charge-Off Rate of 11.05% plus or minus 15 basis points, and Adjusted EBITDA of $49 million to $54 million.