OppFi Third-Quarter Revenue Falls 3.8% Year Over Year

The Tip Desk · November 10, 2026 · 3 min read

Third-quarter revenue was $149.2 million as net income fell 54.6% to $34.5 million and the company launched a line of credit product.

OppFi Inc. (OPFI), a tech-enabled digital finance platform that partners with banks to offer financial products to consumers, reported third-quarter revenue of $149.2 million, down 3.8% from a year earlier, reversing a 1.9% year-over-year increase in the second quarter.

Net income declined 54.6% to $34.5 million. Adjusted net income, a non-GAAP measure, fell 22.5% to $31.6 million. Diluted earnings were $0.40 a share. Adjusted EPS was $0.37.

Interest on finance receivables, the bulk of the top line, decreased 3.9% to $147.7 million. Other revenue increased 14.1% to $1.6 million. Net revenue declined 11.3% to $92.8 million as the change in fair value of finance receivables widened to a $56.5 million reduction from $50.5 million a year earlier.

Income from operations fell 23.5% to $37.0 million. Total expenses were nearly unchanged at $55.7 million. Direct marketing costs decreased 10.1% to $13.0 million and salaries and employee benefits decreased 12.4% to $12.7 million. Professional fees increased 23.6% to $7.5 million, technology costs increased 25.6% to $3.9 million, and depreciation and amortization increased 71.7% to $1.9 million.

The change in fair value of warrant liabilities was a $2.8 million gain, versus a $31.7 million gain a year earlier. Other adjustments, net of $3.7 million included $1.8 million of expenses related to the proposed BNCC acquisition, $1.6 million of stock compensation, and $0.3 million of severance.

Total net originations declined 6.8% to $229.3 million. Total retained net originations declined 11.4% to $190.7 million. Ending receivables decreased 4.7% to $458.6 million. Net charge-offs as a percentage of total revenue rose to 40.1% from 35.1% a year earlier. Net charge-offs as a percentage of average receivables, annualized, rose to 52.6% from 46.7%. Average yield, annualized, declined 1.3% to 131.4%. The auto-approval rate increased 1.2% to 80.1%.

OppFi launched a new line of credit product, which the company described as a significant milestone in expanding its product suite. Chief Executive Todd Schwartz said the company continued to advance migration to its LOLA platform and product innovation. OppFi repurchased $6.7 million of common stock during the third quarter under its share repurchase program.

The company's full-year 2026 guidance calls for total revenue of $600 million to $610 million, adjusted net income of $115 million to $120 million, and adjusted EPS of $1.34 to $1.40, based on an approximate weighted average diluted share count of 86 million shares.

Cash and restricted cash increased 50.8% from December 31, 2025, to $140.7 million as of September 30, 2026. Unrestricted cash was $102.7 million, up $53.2 million from year-end 2025. Unused debt capacity was $198.5 million, a 36% overall undrawn capacity, down from $203.6 million at December 31, 2025, driven primarily by termination of the Gray Rock SPV LLC revolving line of credit. Including total financing commitments of $550.0 million, OppFi had approximately $690.7 million in funding capacity.