EZCORP Pawn Loans Outstanding Reach a Record $402.8 Million

The Tip Desk · November 12, 2026 · 4 min read

Fourth-quarter revenue rose 33% to $447.1 million as pawn loans outstanding hit $402.8 million and net income attributable to EZCORP increased 28% to $34.3 million.

EZCORP, Inc. (EZPW), a leading provider of pawn transactions in the United States, Latin America and the Caribbean, reported fourth-quarter revenue of $447.1 million, up 33% from a year earlier, as pawn loans outstanding reached a record $402.8 million.

Net income attributable to EZCORP increased 28% to $34.3 million, and diluted earnings per share rose 26% to $0.43. Adjusted EBITDA increased 33% to $64.0 million. Those year-over-year rates slowed from the third quarter, when revenue rose 35%, net income rose 44%, and adjusted EBITDA rose 48%.

Core pawn revenue increased 27% to $383.4 million and core pawn gross profit increased 29% to $243.6 million. Pawn service charges rose 29% to $162.7 million, which the company attributed to higher average PLO and additional stores. Excluding SMG, total revenues increased 20% and gross profit increased 18%.

Chief Executive Officer Lachie Given said the quarter was driven by strong growth in core pawn operating metrics across all geographies, with same-store PLO up 13% in the U.S. and 25% in Latin America. He said robust lending and higher merchandise sales and margin drove earnings growth even as scrap margins normalized.

Jewelry scrap sales increased 86% to $63.6 million on a higher gold price and jewelry purchases. Jewelry scrap sales gross margin decreased to 19% from 29% as the gold price declined from third-quarter levels, compared with a sharp increase in the year-ago quarter. Merchandise sales gross margin increased to 37% from 35%. Aged general merchandise decreased 152 basis points to 1.4% of total general merchandise inventory. Net inventory increased 44%, or 26% on a same-store basis, and inventory turnover was down to 2.2x from 2.3x.

U.S. Pawn PLO ended the year at $269.4 million, up 15%, or 13% on a same-store basis, which the company said was driven by higher average loan size as rising gold prices lifted jewelry collateral value. Fourth-quarter U.S. revenues increased 14% and gross profit increased 12%. U.S. segment contribution increased 29% to $70.3 million. U.S. merchandise sales increased 7%, with sales gross margin up 160 basis points to 39%. U.S. jewelry scrap sales increased 46%, with margin down to 21% from 30%.

Latin America Pawn PLO increased 35% to $99.6 million, or 25% on a same-store basis, which the company attributed to strong loan demand and improved operational performance. Fourth-quarter revenues increased 36%, or 28% on a constant-currency basis, and gross profit increased 35%. Pawn service charges rose to $44.9 million, up 33%. Merchandise sales increased 31%, with gross margin up to 36% from 32%. Latin America jewelry scrap sales increased 118% to $10.3 million, with margin down to 7% from 27%. Segment contribution increased 56% to $24.4 million.

SMG became a wholly owned standalone segment after EZCORP acquired the remaining interest in July 2026. Fourth-quarter SMG revenues were $42.3 million and segment contribution was $4.3 million; the company presented those figures on an absolute basis because SMG was not owned in the comparable prior-year period. The footprint grew by 41 stores in the quarter, including 25 de novo and 22 acquired stores, 4 consolidations and 2 closures. U.S. Pawn store count rose to 563, Latin America Pawn to 922, and SMG to 105.

Store expenses increased 21%, or 4% on a same-store basis, primarily due to additional stores and labor costs, including minimum wage increases in Latin America. General and administrative expenses increased 30%, primarily due to expenses associated with SMG. Cash and cash equivalents decreased to $295.1 million from $469.5 million a year earlier, which the company said was driven primarily by the retirement of SMG’s existing third-party indebtedness of $134.2 million and cash used for acquisitions.

Given said the company is focused on integrating SMG stores onto its systems and enhancing culture and operating disciplines. He said priorities remain strengthening the core pawn business, expanding the footprint through de novo stores and disciplined acquisitions, and allocating capital prudently.