FirstCash (FCFS) Q4 2025 earnings summary

Executive summary

• Achieved record revenue and earnings for both Q4 and full year 2025, with Q4 revenue up 20% year-over-year and full year revenue up 8%.

• Added 344 pawn locations in 2025, including a major U.K. acquisition, bringing total stores to 3,330.

• Pawn operations accounted for nearly 90% of net revenue, with strong growth in all regions.

• Declared a quarterly cash dividend of $0.42 per share and completed $115 million in stock repurchases in 2025.

Financial highlights

• Q4 2025 net income was $104 million (up 25% year-over-year); adjusted net income was $117 million (up 23%).

• Full year 2025 net income reached $330 million (up 28%); adjusted net income was $390 million (up 29%).

• Q4 diluted EPS was $2.35 (up 26%); adjusted EPS was $2.64 (up 25%).

• Full year diluted EPS was $7.42 (up 29%); adjusted EPS was $8.76 (up 31%).

• Adjusted EBITDA for 2025 was $698 million (up 25%).

• Operating cash flow for 2025 was $586 million (up 9%), with adjusted free cash flow of $307 million (up 17%).

Outlook and guidance

• Expects pawn operations to drive nearly 90% of 2026 net revenue and segment pre-tax income.

• U.S. pawn: expects low double-digit revenue growth in pawn fees and 8–10% growth in merchandise sales for 2026.

• Latin America pawn: expects mid-teen growth in pawn fees and high single-digit retail sales growth, with stable margins.

• U.K. pawn: expects 2026 segment income of $115–$125 million, with pawn receivables up 25% year-over-year.

• AFF: forecasts 5–10% growth in origination volumes but a slight revenue decline in 2026.

• Interest expense expected to rise 5–10% in 2026; effective tax rate projected at 25–26%.