000084048912/312025Q3FALSEP2YP5YP3YP3Y513456445xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesfcfs:storexbrli:pureiso4217:GBPfcfs:loanutr:Rateiso4217:MXNutr:oziso4217:USDutr:ozfcfs:segment00008404892025-01-012025-09-3000008404892025-10-2900008404892025-09-3000008404892024-09-3000008404892024-12-3100008404892025-07-012025-09-3000008404892024-07-012024-09-3000008404892024-01-012024-09-300000840489us-gaap:CommonStockMember2024-12-310000840489us-gaap:AdditionalPaidInCapitalMember2024-12-310000840489us-gaap:RetainedEarningsMember2024-12-310000840489us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000840489us-gaap:TreasuryStockCommonMember2024-12-3100008404892025-01-012025-03-310000840489us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310000840489us-gaap:TreasuryStockCommonMember2025-01-012025-03-310000840489us-gaap:RetainedEarningsMember2025-01-012025-03-310000840489us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310000840489us-gaap:CommonStockMember2025-03-310000840489us-gaap:AdditionalPaidInCapitalMember2025-03-310000840489us-gaap:RetainedEarningsMember2025-03-310000840489us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310000840489us-gaap:TreasuryStockCommonMember2025-03-3100008404892025-03-310000840489us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-3000008404892025-04-012025-06-300000840489us-gaap:RetainedEarningsMember2025-04-012025-06-300000840489us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300000840489us-gaap:CommonStockMember2025-06-300000840489us-gaap:AdditionalPaidInCapitalMember2025-06-300000840489us-gaap:RetainedEarningsMember2025-06-300000840489us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300000840489us-gaap:TreasuryStockCommonMember2025-06-3000008404892025-06-300000840489us-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-300000840489us-gaap:RetainedEarningsMember2025-07-012025-09-300000840489us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-07-012025-09-300000840489us-gaap:TreasuryStockCommonMember2025-07-012025-09-300000840489us-gaap:CommonStockMember2025-09-300000840489us-gaap:AdditionalPaidInCapitalMember2025-09-300000840489us-gaap:RetainedEarningsMember2025-09-300000840489us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-300000840489us-gaap:TreasuryStockCommonMember2025-09-300000840489us-gaap:CommonStockMember2023-12-310000840489us-gaap:AdditionalPaidInCapitalMember2023-12-310000840489us-gaap:RetainedEarningsMember2023-12-310000840489us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000840489us-gaap:TreasuryStockCommonMember2023-12-3100008404892023-12-3100008404892024-01-012024-03-310000840489us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310000840489us-gaap:TreasuryStockCommonMember2024-01-012024-03-310000840489us-gaap:RetainedEarningsMember2024-01-012024-03-310000840489us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000840489us-gaap:CommonStockMember2024-03-310000840489us-gaap:AdditionalPaidInCapitalMember2024-03-310000840489us-gaap:RetainedEarningsMember2024-03-310000840489us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000840489us-gaap:TreasuryStockCommonMember2024-03-3100008404892024-03-310000840489us-gaap:CommonStockMember2024-04-012024-06-300000840489us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-3000008404892024-04-012024-06-300000840489us-gaap:RetainedEarningsMember2024-04-012024-06-300000840489us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300000840489us-gaap:TreasuryStockCommonMember2024-04-012024-06-300000840489us-gaap:CommonStockMember2024-06-300000840489us-gaap:AdditionalPaidInCapitalMember2024-06-300000840489us-gaap:RetainedEarningsMember2024-06-300000840489us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300000840489us-gaap:TreasuryStockCommonMember2024-06-3000008404892024-06-300000840489us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300000840489us-gaap:RetainedEarningsMember2024-07-012024-09-300000840489us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300000840489us-gaap:CommonStockMember2024-09-300000840489us-gaap:AdditionalPaidInCapitalMember2024-09-300000840489us-gaap:RetainedEarningsMember2024-09-300000840489us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300000840489us-gaap:TreasuryStockCommonMember2024-09-300000840489fcfs:HTAcquisitionMember2025-05-140000840489fcfs:HTAcquisitionMember2025-05-142025-05-1400008404892025-05-140000840489fcfs:HTAcquisitionMember2025-08-140000840489fcfs:HTAcquisitionMemberus-gaap:TradeNamesMember2025-08-140000840489fcfs:HTAcquisitionMemberus-gaap:TechnologyBasedIntangibleAssetsMember2025-08-140000840489fcfs:HTAcquisitionMemberus-gaap:TechnologyBasedIntangibleAssetsMember2025-08-142025-08-140000840489fcfs:HTAcquisitionMemberus-gaap:CustomerRelationshipsMember2025-08-140000840489fcfs:HTAcquisitionMemberus-gaap:CustomerRelationshipsMember2025-08-142025-08-140000840489fcfs:USPawnAcquisitionMember2025-09-300000840489fcfs:USPawnAcquisitionMember2025-01-012025-09-300000840489fcfs:HTAcquisitionMember2025-09-300000840489fcfs:HTAndUSPawnAccquisitionMember2025-01-012025-09-300000840489srt:MinimumMember2025-09-300000840489srt:MaximumMember2025-09-300000840489fcfs:OperatingLeaseIncomeMember2025-07-012025-09-300000840489fcfs:OperatingLeaseIncomeMember2024-07-012024-09-300000840489us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-09-300000840489us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300000840489us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300000840489us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300000840489us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300000840489us-gaap:CarryingReportedAmountFairValueDisclosureMemberfcfs:PawnLoansMember2025-09-300000840489us-gaap:EstimateOfFairValueFairValueDisclosureMemberfcfs:PawnLoansMember2025-09-300000840489us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberfcfs:PawnLoansMember2025-09-300000840489us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberfcfs:PawnLoansMember2025-09-300000840489us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberfcfs:PawnLoansMember2025-09-300000840489us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FinanceReceivablesMember2025-09-300000840489us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FinanceReceivablesMember2025-09-300000840489us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FinanceReceivablesMember2025-09-300000840489us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FinanceReceivablesMember2025-09-300000840489us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FinanceReceivablesMember2025-09-300000840489us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMember2025-09-300000840489us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMember2025-09-300000840489us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMember2025-09-300000840489us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMember2025-09-300000840489us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMember2025-09-300000840489us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2025-09-300000840489us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2025-09-300000840489us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2025-09-300000840489us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2025-09-300000840489us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2025-09-300000840489us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300000840489us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300000840489us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300000840489us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300000840489us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300000840489us-gaap:CarryingReportedAmountFairValueDisclosureMemberfcfs:PawnLoansMember2024-09-300000840489us-gaap:EstimateOfFairValueFairValueDisclosureMemberfcfs:PawnLoansMember2024-09-300000840489us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberfcfs:PawnLoansMember2024-09-300000840489us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberfcfs:PawnLoansMember2024-09-300000840489us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberfcfs:PawnLoansMember2024-09-300000840489us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FinanceReceivablesMember2024-09-300000840489us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FinanceReceivablesMember2024-09-300000840489us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FinanceReceivablesMember2024-09-300000840489us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FinanceReceivablesMember2024-09-300000840489us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FinanceReceivablesMember2024-09-300000840489us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMember2024-09-300000840489us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMember2024-09-300000840489us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMember2024-09-300000840489us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMember2024-09-300000840489us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMember2024-09-300000840489us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2024-09-300000840489us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2024-09-300000840489us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2024-09-300000840489us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2024-09-300000840489us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2024-09-300000840489us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310000840489us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000840489us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000840489us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000840489us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000840489us-gaap:CarryingReportedAmountFairValueDisclosureMemberfcfs:PawnLoansMember2024-12-310000840489us-gaap:EstimateOfFairValueFairValueDisclosureMemberfcfs:PawnLoansMember2024-12-310000840489us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberfcfs:PawnLoansMember2024-12-310000840489us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberfcfs:PawnLoansMember2024-12-310000840489us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberfcfs:PawnLoansMember2024-12-310000840489us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FinanceReceivablesMember2024-12-310000840489us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FinanceReceivablesMember2024-12-310000840489us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FinanceReceivablesMember2024-12-310000840489us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FinanceReceivablesMember2024-12-310000840489us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FinanceReceivablesMember2024-12-310000840489us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMember2024-12-310000840489us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMember2024-12-310000840489us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMember2024-12-310000840489us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMember2024-12-310000840489us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMember2024-12-310000840489us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2024-12-310000840489us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2024-12-310000840489us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2024-12-310000840489us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2024-12-310000840489us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2024-12-3100008404892025-01-012025-06-300000840489fcfs:CurrentYearMemberus-gaap:FinancingReceivables1To29DaysPastDueMember2025-09-300000840489fcfs:PriorYearMemberus-gaap:FinancingReceivables1To29DaysPastDueMember2024-09-300000840489fcfs:TwoYearsPriorMemberus-gaap:FinancingReceivables1To29DaysPastDueMember2023-09-300000840489us-gaap:FinancingReceivables1To29DaysPastDueMember2025-09-300000840489fcfs:CurrentYearMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-09-300000840489fcfs:PriorYearMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300000840489fcfs:TwoYearsPriorMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-09-300000840489us-gaap:FinancingReceivables30To59DaysPastDueMember2025-09-300000840489fcfs:CurrentYearMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-09-300000840489fcfs:PriorYearMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300000840489fcfs:TwoYearsPriorMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-09-300000840489us-gaap:FinancingReceivables60To89DaysPastDueMember2025-09-300000840489fcfs:CurrentYearMemberus-gaap:FinancialAssetPastDueMember2025-09-300000840489fcfs:PriorYearMemberus-gaap:FinancialAssetPastDueMember2024-09-300000840489fcfs:TwoYearsPriorMemberus-gaap:FinancialAssetPastDueMember2023-09-300000840489us-gaap:FinancialAssetPastDueMember2025-09-300000840489fcfs:CurrentYearMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000840489fcfs:PriorYearMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300000840489fcfs:TwoYearsPriorMemberus-gaap:FinancialAssetNotPastDueMember2023-09-300000840489us-gaap:FinancialAssetNotPastDueMember2025-09-300000840489fcfs:CurrentYearMember2025-09-300000840489fcfs:PriorYearMember2024-09-300000840489fcfs:TwoYearsPriorMember2023-09-300000840489fcfs:TwoYearsPriorMemberus-gaap:FinancingReceivables1To29DaysPastDueMember2024-09-300000840489fcfs:ThreeYearsPriorMemberus-gaap:FinancingReceivables1To29DaysPastDueMember2024-09-300000840489us-gaap:FinancingReceivables1To29DaysPastDueMember2024-09-300000840489fcfs:TwoYearsPriorMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300000840489fcfs:ThreeYearsPriorMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300000840489us-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300000840489fcfs:TwoYearsPriorMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300000840489fcfs:ThreeYearsPriorMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300000840489us-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300000840489fcfs:TwoYearsPriorMemberus-gaap:FinancialAssetPastDueMember2024-09-300000840489fcfs:ThreeYearsPriorMemberus-gaap:FinancialAssetPastDueMember2024-09-300000840489us-gaap:FinancialAssetPastDueMember2024-09-300000840489fcfs:TwoYearsPriorMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300000840489fcfs:ThreeYearsPriorMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300000840489us-gaap:FinancialAssetNotPastDueMember2024-09-300000840489fcfs:TwoYearsPriorMember2024-09-300000840489fcfs:ThreeYearsPriorMember2024-09-300000840489fcfs:CurrentYearMember2025-01-012025-09-300000840489fcfs:PriorYearMember2025-01-012025-09-300000840489fcfs:TwoYearsPriorMember2025-01-012025-09-300000840489fcfs:ThreeYearsPriorMember2025-01-012025-09-300000840489fcfs:CurrentYearMember2024-01-012024-09-300000840489fcfs:PriorYearMember2024-01-012024-09-300000840489fcfs:TwoYearsPriorMember2024-01-012024-09-300000840489fcfs:ThreeYearsPriorMember2024-01-012024-09-300000840489fcfs:RevolvingUnsecuredCreditFacilityDue2029Memberus-gaap:LineOfCreditMember2025-09-300000840489fcfs:RevolvingUnsecuredCreditFacilityDue2029Memberus-gaap:LineOfCreditMember2024-09-300000840489fcfs:RevolvingUnsecuredCreditFacilityDue2029Memberus-gaap:LineOfCreditMember2024-12-310000840489fcfs:RevolvingSecuredCreditFacilityDue2027Memberus-gaap:LineOfCreditMember2025-09-300000840489fcfs:RevolvingSecuredCreditFacilityDue2027Memberus-gaap:LineOfCreditMember2024-09-300000840489fcfs:RevolvingSecuredCreditFacilityDue2027Memberus-gaap:LineOfCreditMember2024-12-310000840489fcfs:RevolvingUnsecuredUncommittedCreditFacilityDue2027Memberus-gaap:LineOfCreditMember2025-09-300000840489fcfs:RevolvingUnsecuredUncommittedCreditFacilityDue2027Memberus-gaap:LineOfCreditMember2024-09-300000840489fcfs:RevolvingUnsecuredUncommittedCreditFacilityDue2027Memberus-gaap:LineOfCreditMember2024-12-310000840489us-gaap:LineOfCreditMember2025-09-300000840489us-gaap:LineOfCreditMember2024-09-300000840489us-gaap:LineOfCreditMember2024-12-310000840489fcfs:SecuredTermLoanDue2027Memberus-gaap:SecuredDebtMember2025-09-300000840489fcfs:SecuredTermLoanDue2027Memberus-gaap:SecuredDebtMember2024-09-300000840489fcfs:SecuredTermLoanDue2027Memberus-gaap:SecuredDebtMember2024-12-310000840489fcfs:SecuredTermLoanDue2029Memberus-gaap:SecuredDebtMember2025-09-300000840489fcfs:SecuredTermLoanDue2029Memberus-gaap:SecuredDebtMember2024-09-300000840489fcfs:SecuredTermLoanDue2029Memberus-gaap:SecuredDebtMember2024-12-310000840489fcfs:SecuredTermLoanDue2031Memberus-gaap:SecuredDebtMember2025-09-300000840489fcfs:SecuredTermLoanDue2031Memberus-gaap:SecuredDebtMember2024-09-300000840489fcfs:SecuredTermLoanDue2031Memberus-gaap:SecuredDebtMember2024-12-310000840489us-gaap:SecuredDebtMember2025-09-300000840489us-gaap:SecuredDebtMember2024-09-300000840489us-gaap:SecuredDebtMember2024-12-310000840489fcfs:A4625SeniorUnsecuredNotesDue2028Memberus-gaap:UnsecuredDebtMember2025-09-300000840489fcfs:A4625SeniorUnsecuredNotesDue2028Memberus-gaap:UnsecuredDebtMember2024-09-300000840489fcfs:A4625SeniorUnsecuredNotesDue2028Memberus-gaap:UnsecuredDebtMember2024-12-310000840489fcfs:A5625SeniorUnsecuredNotesDue2030Memberus-gaap:UnsecuredDebtMember2025-09-300000840489fcfs:A5625SeniorUnsecuredNotesDue2030Memberus-gaap:UnsecuredDebtMember2024-09-300000840489fcfs:A5625SeniorUnsecuredNotesDue2030Memberus-gaap:UnsecuredDebtMember2024-12-310000840489fcfs:A6.875SeniorUnsecuredNotesDue2032Memberus-gaap:UnsecuredDebtMember2025-09-300000840489fcfs:A6.875SeniorUnsecuredNotesDue2032Memberus-gaap:UnsecuredDebtMember2024-09-300000840489fcfs:A6.875SeniorUnsecuredNotesDue2032Memberus-gaap:UnsecuredDebtMember2024-12-310000840489us-gaap:UnsecuredDebtMember2025-09-300000840489us-gaap:UnsecuredDebtMember2024-09-300000840489us-gaap:UnsecuredDebtMember2024-12-310000840489fcfs:RevolvingUnsecuredCreditFacilityDue2029Memberus-gaap:LineOfCreditMember2024-08-0800008404892025-05-1200008404892025-05-130000840489srt:ScenarioForecastMember2025-05-122025-12-310000840489srt:ScenarioForecastMember2027-01-012027-03-310000840489srt:ScenarioForecastMember2027-01-012027-01-0100008404892025-05-122025-05-120000840489us-gaap:LineOfCreditMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-01-012025-09-300000840489fcfs:RevolvingUnsecuredCreditFacilityDue2029Memberus-gaap:LineOfCreditMemberus-gaap:PrimeRateMember2025-01-012025-09-300000840489fcfs:RevolvingUnsecuredCreditFacilityDue2029Memberus-gaap:LineOfCreditMembersrt:MinimumMember2025-09-300000840489fcfs:RevolvingUnsecuredCreditFacilityDue2029Memberus-gaap:LineOfCreditMember2025-01-012025-09-300000840489fcfs:HTAcquisitionMemberfcfs:U.K.CreditFacilityMemberus-gaap:LineOfCreditMember2025-09-300000840489fcfs:HTAcquisitionMemberfcfs:U.K.CreditFacilityMemberus-gaap:LineOfCreditMembersrt:MinimumMember2025-01-012025-09-300000840489fcfs:HTAcquisitionMemberfcfs:U.K.CreditFacilityMemberus-gaap:LineOfCreditMembersrt:MaximumMember2025-01-012025-09-300000840489fcfs:RevolvingUnsecuredUncommittedCreditFacilityDue2027Memberus-gaap:LineOfCreditMemberfcfs:MexicanCentralBankInterbankEquilibriumRateTIIEMember2025-01-012025-09-300000840489fcfs:HTAcquisitionMemberfcfs:U.K.TermLoansMemberus-gaap:SecuredDebtMember2025-08-140000840489fcfs:HTAcquisitionMemberfcfs:U.K.TermLoanBaseRatePlus4Point00PercentFixedSpreadMemberus-gaap:SecuredDebtMember2025-08-142025-08-140000840489fcfs:HTAcquisitionMemberfcfs:U.K.TermLoans8Point37PercentFixedRateLoanMemberus-gaap:SecuredDebtMember2025-08-140000840489fcfs:HTAcquisitionMemberfcfs:U.K.TermLoans8Point43PercentFixedRateLoanMemberus-gaap:SecuredDebtMember2025-08-140000840489fcfs:A4625SeniorUnsecuredNotesDue2028Memberus-gaap:UnsecuredDebtMember2020-08-260000840489fcfs:A5625SeniorUnsecuredNotesDue2030Memberus-gaap:UnsecuredDebtMember2021-12-130000840489fcfs:A6.875SeniorUnsecuredNotesDue2032Memberus-gaap:UnsecuredDebtMember2024-02-210000840489currency:XAUus-gaap:ForwardContractsMember2025-09-300000840489country:USus-gaap:OperatingSegmentsMemberfcfs:USPawnSegmentMember2025-07-012025-09-300000840489srt:LatinAmericaMemberus-gaap:OperatingSegmentsMemberfcfs:LatinAmericaPawnSegmentMember2025-07-012025-09-300000840489country:GBus-gaap:OperatingSegmentsMemberfcfs:U.K.PawnMember2025-07-012025-09-300000840489country:USus-gaap:OperatingSegmentsMemberfcfs:RetailPOSPaymentSolutionsMember2025-07-012025-09-300000840489us-gaap:CorporateNonSegmentMember2025-07-012025-09-300000840489country:GBus-gaap:OperatingSegmentsMemberfcfs:U.K.PawnMember2025-01-012025-09-300000840489country:USus-gaap:OperatingSegmentsMemberfcfs:USPawnSegmentMember2025-01-012025-09-300000840489srt:LatinAmericaMemberus-gaap:OperatingSegmentsMemberfcfs:LatinAmericaPawnSegmentMember2025-01-012025-09-300000840489country:USus-gaap:OperatingSegmentsMemberfcfs:RetailPOSPaymentSolutionsMember2025-01-012025-09-300000840489us-gaap:CorporateNonSegmentMember2025-01-012025-09-300000840489country:USus-gaap:OperatingSegmentsMemberfcfs:USPawnSegmentMember2025-09-300000840489srt:LatinAmericaMemberus-gaap:OperatingSegmentsMemberfcfs:LatinAmericaPawnSegmentMember2025-09-300000840489country:GBus-gaap:OperatingSegmentsMemberfcfs:U.K.PawnMember2025-09-300000840489country:USus-gaap:OperatingSegmentsMemberfcfs:RetailPOSPaymentSolutionsMember2025-09-300000840489us-gaap:CorporateNonSegmentMember2025-09-300000840489country:USus-gaap:OperatingSegmentsMemberfcfs:USPawnSegmentMember2024-07-012024-09-300000840489srt:LatinAmericaMemberus-gaap:OperatingSegmentsMemberfcfs:LatinAmericaPawnSegmentMember2024-07-012024-09-300000840489country:GBus-gaap:OperatingSegmentsMemberfcfs:U.K.PawnMember2024-07-012024-09-300000840489country:USus-gaap:OperatingSegmentsMemberfcfs:RetailPOSPaymentSolutionsMember2024-07-012024-09-300000840489us-gaap:CorporateNonSegmentMember2024-07-012024-09-300000840489country:USus-gaap:OperatingSegmentsMemberfcfs:USPawnSegmentMember2024-01-012024-09-300000840489srt:LatinAmericaMemberus-gaap:OperatingSegmentsMemberfcfs:LatinAmericaPawnSegmentMember2024-01-012024-09-300000840489country:GBus-gaap:OperatingSegmentsMemberfcfs:U.K.PawnMember2024-01-012024-09-300000840489country:USus-gaap:OperatingSegmentsMemberfcfs:RetailPOSPaymentSolutionsMember2024-01-012024-09-300000840489us-gaap:CorporateNonSegmentMember2024-01-012024-09-300000840489country:USus-gaap:OperatingSegmentsMemberfcfs:USPawnSegmentMember2024-09-300000840489srt:LatinAmericaMemberus-gaap:OperatingSegmentsMemberfcfs:LatinAmericaPawnSegmentMember2024-09-300000840489country:GBus-gaap:OperatingSegmentsMemberfcfs:U.K.PawnMember2024-09-300000840489country:USus-gaap:OperatingSegmentsMemberfcfs:RetailPOSPaymentSolutionsMember2024-09-300000840489us-gaap:CorporateNonSegmentMember2024-09-300000840489fcfs:T.BrentStuartMember2025-07-012025-09-300000840489fcfs:T.BrentStuartMember2025-09-300000840489fcfs:RandelG.OwenMember2025-07-012025-09-300000840489fcfs:RandelG.OwenMember2025-09-300000840489fcfs:HowardF.HambletonMember2025-07-012025-09-300000840489fcfs:HowardF.HambletonMember2025-09-30


Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to ___________

Commission file number 001-10960

FIRSTCASH HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware

87-3920732

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1600 West 7th Street, Fort Worth, Texas 76102

(Address of principal executive offices) (Zip code)

(817) 335-1100

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share	FCFS	The Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No


Table of Contents

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act of 1934.


☒	Large accelerated filer	☐	Accelerated filer
☐	Non-accelerated filer	☐	Smaller reporting company
		☐	Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Exchange Act of 1934. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). ☐ Yes ☒ No

As of October 29, 2025, there were 44,134,150 shares of common stock outstanding.


Table of Contents

FIRSTCASH HOLDINGS, INC.

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2025

INDEX


PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)	1
	Consolidated Balance Sheets	1
	Consolidated Statements of Income	2
	Consolidated Statements of Comprehensive Income	3
	Consolidated Statements of Changes in Stockholders’ Equity	4
	Consolidated Statements of Cash Flows	6
	Notes to Consolidated Financial Statements	7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	48
Item 4.	Controls and Procedures	48

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	49
Item 1A.	Risk Factors	49
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	49
Item 3.	Defaults Upon Senior Securities	49
Item 4.	Mine Safety Disclosures	49
Item 5.	Other Information	50
Item 6.	Exhibits	51

SIGNATURES		52


Table of Contents

CAUTIONARY STATEMENT REGARDING RISKS AND UNCERTAINTIES THAT MAY AFFECT FUTURE RESULTS

Forward-Looking Information

This quarterly report contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the “Company”). Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this quarterly report. Such factors and risks may include, without limitation, risks related to the extensive regulatory environment in which the Company operates, including uncertainty involving the current regulatory environment under the current presidential administration; risks associated with the legal and regulatory proceedings that the Company is a party to or may become a party to in the future; risks related to the Company’s acquisitions, including the failure of the Company’s acquisitions to deliver the estimated value and benefits expected by the Company and the ability of the Company to continue to identify and consummate acquisitions on favorable terms, if at all; risks that the Company may not realize the anticipated benefits of the H&T Group plc (“H&T”) acquisition and risks related to operating in a new jurisdiction; potential changes in consumer behavior and shopping patterns which could impact demand for the Company’s pawn loan, retail, lease-to-own (“LTO”) and retail finance products; labor shortages and increased labor costs; a deterioration in the economic conditions in the United States and Latin America, including as a result of inflation, elevated interest rates and trade policy, which potentially could have an impact on discretionary consumer spending and demand for the Company’s products; currency fluctuations, primarily involving the Mexican peso; competition the Company faces from other retailers and providers of retail payment solutions; the ability of the Company to successfully execute on its business strategies; contraction in sales activity or store closures at merchant partners of the Company’s retail point-of-sale (“POS”) payment solutions business; the ability of the Company’s retail POS payment solutions business to continue to grow its base of merchant partners, including those outside of the furniture vertical; and other risks discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this quarterly report speak only as of the date of this quarterly report, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.


Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


FIRSTCASH HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)

	September 30,				December 31,
	2025		2024		2024
ASSETS
Cash and cash equivalents	$	130,240	$	106,320	$	175,095
Accounts receivable, net	115,850		74,378		73,325
Pawn loans	788,130		517,877		517,867
Finance receivables, net	153,134		123,751		147,501
Inventories	456,273		334,394		334,580
Leased merchandise, net	99,725		137,769		128,437
Prepaid expenses and other current assets	49,008		34,861		26,943
Total current assets	1,792,360		1,329,350		1,403,748

Property and equipment, net	786,389		689,075		717,916
Operating lease right of use asset	371,311		329,228		324,646
Goodwill	1,970,358		1,788,795		1,787,172
Intangible assets, net	246,722		241,389		228,858
Other assets	9,775		10,339		9,934
Deferred tax assets, net	5,401		4,671		4,712
Total assets	$	5,182,316	$	4,392,847	$	4,476,986

LIABILITIES AND STOCKHOLDERS’ EQUITY

Accounts payable and accrued liabilities	$	163,412	$	133,792	$	171,540
Customer deposits and prepayments	84,520		78,083		72,703
Lease liability, current	111,327		96,598		95,161
Total current liabilities	359,259		308,473		339,404

Revolving unsecured credit facility	575,000		200,000		198,000
Other long-term debt	1,638,106		1,530,604		1,531,346
Deferred tax liabilities, net	155,295		127,425		128,574
Lease liability, non-current	255,010		227,151		225,498

Total liabilities	2,982,670		2,393,653		2,422,822

Stockholders’ equity:

Common stock	575		575		575
Additional paid-in capital	1,766,282		1,764,351		1,767,569
Retained earnings	1,584,851		1,344,542		1,411,083
Accumulated other comprehensive loss	(76,766)		(114,807)		(129,596)
Common stock held in treasury, at cost	(1,075,296)		(995,467)		(995,467)
Total stockholders’ equity	2,199,646		1,999,194		2,054,164
Total liabilities and stockholders’ equity	$	5,182,316	$	4,392,847	$	4,476,986

The accompanying notes are an integral part of these consolidated financial statements.


Table of Contents


FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands, except per share amounts)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Revenue:
Retail merchandise sales	$	410,968	$	363,141	$	1,167,149	$	1,093,425
Pawn loan fees	221,088		186,561		603,781		547,142
Leased merchandise income	132,540		188,560		429,242		588,801
Interest and fees on finance receivables	81,683		61,198		231,171		175,384
Wholesale scrap jewelry sales	86,710		37,861		168,691		99,951
Other revenue	2,590		—		2,590		—
Total revenue	935,579		837,321		2,602,624		2,504,703

Cost of revenue:
Cost of retail merchandise sold	248,723		218,178		703,173		659,854
Depreciation of leased merchandise	76,028		104,928		243,119		335,369
Provision for lease losses	27,920		39,171		88,025		129,834
Provision for loan losses	40,347		40,557		118,468		102,091
Cost of wholesale scrap jewelry sold	68,220		29,880		138,479		81,711
Other cost of revenue	634		—		634		—
Total cost of revenue	461,872		432,714		1,291,898		1,308,859

Net revenue	473,707		404,607		1,310,726		1,195,844

Expenses and other income:
Operating expenses	236,528		224,926		673,607		674,431
Administrative expenses	58,845		42,237		166,631		132,857
Depreciation and amortization	29,034		25,933		80,400		78,507
Interest expense	32,216		27,424		86,024		78,029
Interest income	(908)		(403)		(2,664)		(1,407)
(Gain) loss on foreign exchange	(219)		882		(1,504)		2,133
Merger and acquisition expenses	9,472		225		12,711		2,186
Other income, net	(3,740)		(1,797)		(9,254)		(4,135)


Total expenses and other income	361,228		319,427		1,005,951		962,601

Income before income taxes	112,479		85,180		304,775		233,243

Provision for income taxes	29,672		20,353		78,572		57,975

Net income	$	82,807	$	64,827	$	226,203	$	175,268

Earnings per share:
Basic	$	1.87	$	1.45	$	5.09	$	3.89
Diluted	$	1.86	$	1.44	$	5.07	$	3.88

The accompanying notes are an integral part of these consolidated financial statements.


Table of Contents


FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in thousands)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Net income	$	82,807	$	64,827	$	226,203	$	175,268
Other comprehensive income (loss):
Currency translation adjustment	19,501		(30,441)		52,830		(71,770)
Comprehensive income	$	102,308	$	34,386	$	279,033	$	103,498

The accompanying notes are an integral part of these consolidated financial statements.


Table of Contents


FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(unaudited, in thousands, except per share amounts)

Nine Months Ended September 30, 2025
	Common Stock		Additional Paid-In Capital		Retained Earnings		Accum- ulated Other Compre- hensive Loss		Common Stock Held in Treasury			Total Stock- holders’ Equity
		Shares	Amount								Shares	Amount
As of 12/31/2024		57,547	$	575	$	1,767,569	$	1,411,083	$	(129,596)	12,795	$	(995,467)	$	2,054,164
Shares issued under share-based compensation plan, net of 52 shares net-settled		—	—		(16,440)		—		—		(137)	10,676		(5,764)



Share-based compensation expense		—	—		4,462		—		—		—	—		4,462
Net income		—	—		—		83,591		—		—	—		83,591
Cash dividends ($0.38 per share)		—	—		—		(16,944)		—		—	—		(16,944)
Currency translation adjustment		—	—		—		—		(944)		—	—		(944)
Purchases of treasury stock, including excise tax		—	—		—		—		—		525	(60,205)		(60,205)

As of 3/31/2025		57,547	$	575	$	1,755,591	$	1,477,730	$	(130,540)	13,183	$	(1,044,996)	$	2,058,360





Share-based compensation expense		—	—		4,588		—		—		—	—		4,588
Net income		—	—		—		59,805		—		—	—		59,805
Cash dividends ($0.38 per share)		—	—		—		(16,858)		—		—	—		(16,858)
Currency translation adjustment		—	—		—		—		34,273		—	—		34,273


As of 6/30/2025		57,547	$	575	$	1,760,179	$	1,520,677	$	(96,267)	13,183	$	(1,044,996)	$	2,140,168











Share-based compensation expense		—	—		6,103		—		—		—	—		6,103
Net income		—	—		—		82,807		—		—	—		82,807
Cash dividends ($0.42 per share)		—	—		—		(18,633)		—		—	—		(18,633)
Currency translation adjustment		—	—		—		—		19,501		—	—		19,501
Purchases of treasury stock, including excise tax		—	—		—		—		—		230	(30,300)		(30,300)

As of 9/30/2025		57,547	$	575	$	1,766,282	$	1,584,851	$	(76,766)	13,413	$	(1,075,296)	$	2,199,646

The accompanying notes are an integral part of these consolidated financial statements.


Table of Contents


FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
CONTINUED
(unaudited, in thousands, except per share amounts)

Nine Months Ended September 30, 2024
	Common Stock		Additional Paid-In Capital		Retained Earnings		Accum- ulated Other Compre- hensive Loss		Common Stock Held in Treasury			Total Stock- holders’ Equity
		Shares	Amount								Shares	Amount
As of 12/31/2023		57,322	$	573	$	1,741,046	$	1,218,029	$	(43,037)	12,214	$	(920,193)	$	1,996,418
Shares issued under share-based compensation plan, net of 59 shares net-settled		—	—		(17,583)		—		—		(140)	10,576		(7,007)



Share-based compensation expense		—	—		4,101		—		—		—	—		4,101
Net income		—	—		—		61,368		—		—	—		61,368
Cash dividends ($0.35 per share)		—	—		—		(15,833)		—		—	—		(15,833)
Currency translation adjustment		—	—		—		—		6,335		—	—		6,335


As of 3/31/2024		57,322	$	573	$	1,727,564	$	1,263,564	$	(36,702)	12,074	$	(909,617)	$	2,045,382



Shares issued upon acquisition of pawn stores		225	2		29,320		—		—		—	—		29,322
Share-based compensation expense		—	—		4,102		—		—		—	—		4,102
Net income		—	—		—		49,073		—		—	—		49,073
Cash dividends ($0.35 per share)		—	—		—		(15,916)		—		—	—		(15,916)
Currency translation adjustment		—	—		—		—		(47,664)		—	—		(47,664)
Purchases of treasury stock, including excise tax		—	—		—		—		—		721	(85,850)		(85,850)

As of 6/30/2024		57,547	$	575	$	1,760,986	$	1,296,721	$	(84,366)	12,795	$	(995,467)	$	1,978,449

















Share-based compensation expense		—	—		3,365		—		—		—	—		3,365
Net income		—	—		—		64,827		—		—	—		64,827
Cash dividends ($0.38 per share)		—	—		—		(17,006)		—		—	—		(17,006)
Currency translation adjustment		—	—		—		—		(30,441)		—	—		(30,441)


As of 9/30/2024		57,547	$	575	$	1,764,351	$	1,344,542	$	(114,807)	12,795	$	(995,467)	$	1,999,194

The accompanying notes are an integral part of these consolidated financial statements.


Table of Contents


FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
	Nine Months Ended
	September 30,
	2025		2024
Cash flow from operating activities:
Net income	$	226,203	$	175,268
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation of leased merchandise	243,119		335,369
Provision for lease losses	88,025		129,834
Provision for loan losses	118,468		102,091
Share-based compensation expense	15,153		11,568
Depreciation and amortization expense	80,400		78,507
Amortization of debt issuance costs	2,974		2,707
Net amortization of premiums, discounts and unearned origination fees on finance receivables	(48,945)		(25,755)
Impairments and dispositions of certain other assets	—		1,415

Deferred income taxes, net	16,709		(8,337)
Changes in operating assets and liabilities, net of business combinations:
Accounts receivable, net	(6,762)		(4,244)
Inventories purchased directly from customers, wholesalers or manufacturers	(13,367)		(9,219)
Leased merchandise	(302,432)		(431,783)
Prepaid expenses and other assets	(12,253)		420
Accounts payable, accrued liabilities and other liabilities	(27,086)		(17,513)
Income taxes	(909)		1,481
Net cash flow provided by operating activities	379,297		341,809
Cash flow from investing activities:
Pawn loans, net (1)	(98,733)		(69,723)
Investments in finance receivables	(338,295)		(290,715)
Proceeds from finance receivables	263,139		204,529
Purchases of furniture, fixtures, equipment and improvements	(37,419)		(56,032)
Purchases of store real property	(44,231)		(54,304)

Acquisitions of pawn stores, net of cash acquired	(406,874)		(69,238)

Net cash flow used in investing activities	(662,413)		(335,483)
Cash flow from financing activities:
Borrowings from credit facilities	689,372		389,000
Repayments of credit facilities	(315,070)		(757,000)


Issuance of senior unsecured notes	—		500,000


Debt issuance costs paid	—		(10,425)
Purchases of treasury stock	(90,459)		(85,000)


Payment of withholding taxes on net share settlements of restricted stock unit awards	(5,764)		(7,007)
Dividends paid	(52,435)		(48,755)
Net cash flow provided by (used in) financing activities	225,644		(19,187)









Effect of exchange rates on cash	12,617		(7,837)
Change in cash and cash equivalents	(44,855)		(20,698)
Cash and cash equivalents at beginning of the period	175,095		127,018
Cash and cash equivalents at end of the period	$	130,240	$	106,320

(1)Includes the funding of new pawn loans net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral.

The accompanying notes are an integral part of these consolidated financial statements.


Table of Contents

FIRSTCASH HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1 - General

Basis of Presentation

The accompanying consolidated balance sheet as of December 31, 2024, which is derived from audited consolidated financial statements, and the unaudited consolidated financial statements, including the notes thereto, includes the accounts of FirstCash Holdings, Inc. and its wholly-owned subsidiaries (together, the “Company”). The Company regularly makes acquisitions, and the results of operations for the acquisitions have been consolidated since the acquisition dates. All significant intercompany accounts and transactions have been eliminated.

These unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. These interim period financial statements should be read in conjunction with the Company’s audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 3, 2025. The consolidated financial statements as of September 30, 2025 and 2024, and for the three month and nine month periods ended September 30, 2025 and 2024, are unaudited, but in management’s opinion include all adjustments (consisting of only normal recurring adjustments) considered necessary to present fairly the financial position, results of operations and cash flow for such interim periods. Operating results for the periods ended September 30, 2025 are not necessarily indicative of the results that may be expected for the full year.

The Company completed the acquisition of H&T, the leading pawn operator in the United Kingdom with 286 store locations, on August 14, 2025, the date which the balance sheet and operating results of H&T were included in the Company’s consolidated financial results (the “H&T Acquisition”). For further detail, see Note 3.

The Company has pawn operations in Mexico, Guatemala, Colombia and the U.K., where the functional currency is the Mexican peso, Guatemalan quetzal, Colombian peso and the British pound sterling, respectively. Accordingly, the assets and liabilities of these subsidiaries are translated into U.S. dollars at the exchange rate in effect at each balance sheet date, and the resulting adjustments are accumulated in other comprehensive income (loss) as a separate component of stockholders’ equity. Revenues and expenses are translated at the average exchange rates occurring during the respective period. The Company also has pawn operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

Use of Estimates

The preparation of interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and related revenue and expenses, and the disclosure of gain and loss contingencies at the date of the financial statements. Such estimates and assumptions are subject to a number of risks and uncertainties, which may cause actual results to differ materially from the Company’s estimates.

Reclassification

For purposes of comparability, certain prior period amounts in the consolidated statements of income have been reclassified in order to conform to the current period presentation.

The 2024 net presentation of finance receivables within cash flows from investing activities in the consolidated statements of cash flows has been revised to reflect a gross presentation of investments in finance receivables and proceeds from finance receivables for all periods presented. This reclassification of prior period amounts did not result in changes to previously reported net cash flow used in investing activities.


Table of Contents

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU No 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 expands disclosures in the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2023-09 should be applied prospectively; however, retrospective application is permitted. The Company does not expect ASU 2023-09 to have a material effect on the Company’s current financial position, results of operations or financial statement disclosures.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires additional disclosure of specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. In January 2025, the FASB issued ASU 2025-01, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date” (“ASU 2025-01”), which clarifies the effective date of ASU 2024-03. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 may be applied either prospectively or retrospectively for all prior periods presented. The Company is currently evaluating the impact of adopting this guidance on the Company's current financial position, results of operations or financial statement disclosures.

Note 2 - Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Numerator:
Net income	$	82,807	$	64,827	$	226,203	$	175,268



Denominator:
Weighted-average common shares for calculating basic earnings per share	44,211		44,752		44,406		45,039
Effect of dilutive securities:
Restricted stock unit awards	261		218		197		175
Weighted-average common shares for calculating diluted earnings per share	44,472		44,970		44,603		45,214

Earnings per share:
Basic	$	1.87	$	1.45	$	5.09	$	3.89
Diluted	$	1.86	$	1.44	$	5.07	$	3.88

Note 3 - Acquisitions

Consistent with the Company’s strategy to continue its expansion of pawn stores in strategic markets, during the nine months ended September 30, 2025, the Company completed acquisitions as described below:

H&T Acquisition

On August 14, 2025, the Company completed the acquisition of H&T, the leading pawn operator in the United Kingdom with 286 store locations. Under the terms of the H&T Acquisition, H&T shareholders received 650 pence per share in cash. The total equity value for the H&T Acquisition, including cash consideration for the shares, was £289.1 million ($392.4 million USD using the August 13, 2025 closing GBP/USD exchange rate of 1.36).

The purchase price of the H&T Acquisition was allocated to assets acquired and liabilities assumed based upon the estimated fair values at the date of acquisition. The excess purchase price over the estimated fair value of the net assets acquired has been recorded as goodwill. The goodwill arising from this acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company and the pawn stores acquired.


Table of Contents

The estimated fair value of the assets acquired and liabilities assumed are preliminary, as the Company is gathering information to finalize the valuation of these assets and liabilities. The preliminary allocation of the purchase price for the H&T Acquisition is as follows (in thousands):


Cash and cash equivalents	$	21,920
Pawn loans	182,654
Accounts receivable	34,129

Inventories	71,616

Prepaid expenses and other current assets	4,652
Property and equipment	20,838
Operating lease right of use asset	27,269
Goodwill (1)	140,176
Intangible assets (2)	56,459

Current liabilities	(21,497)
Customer deposits and prepayments	(646)
Lease liability, current	(8,393)
Other long-term debt	(108,033)
Deferred tax liabilities	(9,882)
Lease liability, non-current	(18,876)

Purchase price	$	392,386

(1)Substantially all of the goodwill is expected to be non-deductible for U.K. income tax purposes. This goodwill has been assigned to the U.K. pawn reporting unit.

(2)Intangible assets acquired and the respective useful lives assigned consist of the following (in thousands, except useful life):


	Amount		Useful Life (in years)
Trade name	$	22,122	Indefinite
Developed technology	18,051		Two
Customer relationships	16,286		Five
	$	56,459

The customer relationships are being amortized using an accelerated amortization method that reflects the future cash flows expected from the returning pawn customers of H&T. The developed technology is being amortized over a straight-line basis over the anticipated useful life of the developed technology. As the trade name has an indefinite life, it is not amortized.

U.S. Pawn Acquisitions

During the nine months ended September 30, 2025, the Company acquired six pawn stores in the U.S. in four separate transactions. The aggregate purchase price for these acquisitions totaled $35.1 million, net of cash acquired and subject to future post-closing adjustments. The aggregate purchase price was composed of $34.1 million in cash paid during the nine months ended September 30, 2025 and remaining short-term amounts payable to certain of the sellers of $1.0 million. During the nine months ended September 30, 2025, the Company also paid $2.3 million of purchase price amounts payable related to prior-year pawn acquisitions.

The purchase price of each of the 2025 acquisitions was allocated to assets acquired and liabilities assumed based upon the estimated fair values at the date of acquisition. The excess purchase price over the estimated fair value of the net assets acquired has been recorded as goodwill. The goodwill arising from these acquisitions consists largely of the synergies and economies of scale expected from combining the operations of the Company and the pawn stores acquired.


Table of Contents

The estimated fair value of the assets acquired and liabilities assumed are preliminary, as the Company is gathering information to finalize the valuation of these assets and liabilities. The preliminary allocation of the aggregate purchase prices of the acquired U.S. stores during the nine months ended September 30, 2025 is as follows (in thousands):


Pawn loans	$	668
Accounts receivable	66

Inventories	3,673


Property and equipment	60
Operating lease right of use asset	472
Goodwill (1)	30,829
Intangible assets	30

Current liabilities	(253)



Lease liability	(472)

Aggregate purchase price	$	35,073

(1)Substantially all of the goodwill is expected to be deductible for U.S. income tax purposes. This goodwill has been assigned to the U.S. pawn reporting unit.

Combined.Pawn Acquisitions

The results of operations for the H&T Acquisition and the acquired U.S. stores have been consolidated since the respective acquisition dates. During 2025, revenue from the combined acquisitions was $60.7 million and the loss from the combined acquisitions since the acquisition dates (including $11.0 million of transaction and integration costs, net of tax) was $1.9 million. Pro forma information has not been presented as (1) disclosure is impracticable due to the lack of availability of historical H&T financial statements that comply with GAAP and (2) the acquired U.S. stores are not material individually or in the aggregate to the Company’s consolidated financial statements.

Note 4 - Operating Leases

Lessor

For information about the Company’s revenue-generating activities as a lessor, refer to the “Leased merchandise and revenue recognition” section of Note 2 to the consolidated financial statements included in the Company’s 2024 Annual Report on Form 10-K. All of the Company’s lease agreements are considered operating leases.

Lessee

The Company leases the majority of its pawnshop locations and certain administrative offices under operating leases and determines if an arrangement is or contains a lease at inception. Many leases include both lease and non-lease components for which the Company accounts separately. Lease components include rent, taxes and insurance costs while non-lease components include common area or other maintenance costs. Operating leases are included in operating lease right of use assets, lease liability, current and lease liability, non-current in the consolidated balance sheets. The Company does not have any finance leases.

Leased facilities are generally leased for a term of three to five years with one or more options to renew for an additional three to five years, typically at the Company’s sole discretion. In addition, the majority of these leases can be terminated early upon an adverse change in law which negatively affects the store’s profitability. The Company regularly evaluates renewal and termination options to determine if the Company is reasonably certain to exercise the option, and excludes these options from the lease term included in the recognition of the operating lease right of use asset and lease liability until such certainty exists. The weighted-average remaining lease term for operating leases was 4.2 years as of both September 30, 2025 and 2024.


Table of Contents

The operating lease right of use asset and lease liability is recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company’s leases do not provide an implicit rate, and therefore, it uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. The Company utilizes a portfolio approach for determining the incremental borrowing rate to apply to groups of leases with similar characteristics. The weighted-average discount rate used to measure the lease liability as of September 30, 2025 and 2024 was 8.5% and 8.4%, respectively.

The Company has certain operating leases in Mexico which are denominated in U.S. dollars. The liability related to these leases is considered a monetary liability and requires remeasurement each reporting period into the functional currency (Mexican pesos) using reporting date exchange rates. The remeasurement results in the recognition of foreign currency exchange gains or losses each reporting period, which can produce a certain level of earnings volatility. The Company recognized a foreign currency gain of $0.6 million and a loss of $1.4 million during the three months ended September 30, 2025 and 2024, respectively, related to the remeasurement of these U.S. dollar-denominated operating leases, which is included in (gain) loss on foreign exchange in the accompanying consolidated statements of income. During the nine months ended September 30, 2025 and 2024, the Company recognized a foreign currency gain of $2.1 million and a loss of $3.0 million, respectively, related to these U.S. dollar denominated leases.

Lease expense is recognized on a straight-line basis over the lease term, with variable lease expense recognized in the period such payments are incurred. The following table details the components of lease expense included in operating expenses in the consolidated statements of income during the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Operating lease expense	$	38,208	$	36,288	$	109,425	$	110,760
Variable lease expense (1)	5,066		4,917		14,783		14,945
Total operating lease expense	$	43,274	$	41,205	$	124,208	$	125,705

(1)Variable lease costs consist primarily of taxes, insurance and common area or other maintenance costs paid based on actual costs incurred by the lessor and can therefore vary over the lease term.

The following table details the maturity of lease liabilities for all operating leases as of September 30, 2025 (in thousands):


Three months ending December 31, 2025	$	35,572
2026	128,573
2027	98,473
2028	73,408
2029	46,270
Thereafter	45,844
Total	$	428,140
Less amount of lease payments representing interest	(61,803)
Total present value of lease payments	$	366,337

The following table details supplemental cash flow information related to operating leases for the nine months ended September 30, 2025 and 2024 (in thousands):


	Nine Months Ended
	September 30,
	2025		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	99,350	$	99,910
Leased assets obtained in exchange for new operating lease liabilities	$	85,718	$	104,584


Table of Contents

Note 5 - Fair Value of Financial Instruments

The fair value of financial instruments is determined by reference to various market data and other valuation techniques, as appropriate. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The three fair value levels are (from highest to lowest):

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

Recurring Fair Value Measurements

The Company did not have any financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2025, September 30, 2024 and December 31, 2024.

Fair Value Measurements on a Non-Recurring Basis

The Company measures non-financial assets and liabilities, such as property and equipment and intangible assets, at fair value on a non-recurring basis, or when events or circumstances indicate that the carrying amount of the assets may be impaired. There were no such events or conditions identified during the nine months ended September 30, 2025.

Financial Assets and Liabilities Not Measured at Fair Value, But for Which Fair Value is Disclosed

The Company’s financial assets and liabilities as of September 30, 2025, September 30, 2024 and December 31, 2024 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands):


	Carrying Value		Estimated Fair Value
	September 30,		September 30,		Fair Value Measurements Using
	2025		2025		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	130,240	$	130,240	$	130,240	$	—	$	—
Accounts receivable, net	115,850		115,850		—		—		115,850
Pawn loans	788,130		788,130		—		—		788,130
Finance receivables, net (1)	153,134		293,086		—		—		293,086
	$	1,187,354	$	1,327,306	$	130,240	$	—	$	1,197,066

Financial liabilities:
Revolving unsecured credit facility	$	575,000	$	575,000	$	—	$	575,000	$	—
Other long-term debt (outstanding principal)	1,654,465		1,662,465		—		1,662,465		—
	$	2,229,465	$	2,237,465	$	—	$	2,237,465	$	—

(1)Finance receivables, gross as of September 30, 2025 was $298.1 million. See Note 6.


Table of Contents


	Carrying Value		Estimated Fair Value
	September 30,		September 30,		Fair Value Measurements Using
	2024		2024		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	106,320	$	106,320	$	106,320	$	—	$	—
Accounts receivable, net	74,378		74,378		—		—		74,378
Pawn loans	517,877		517,877		—		—		517,877
Finance receivables, net (1)	123,751		264,517		—		—		264,517
	$	822,326	$	963,092	$	106,320	$	—	$	856,772

Financial liabilities:
Revolving unsecured credit facility	$	200,000	$	200,000	$	—	$	200,000	$	—
Other long-term debt (outstanding principal)	1,550,000		1,534,000		—		1,534,000		—
	$	1,750,000	$	1,734,000	$	—	$	1,734,000	$	—

(1)Finance receivables, gross as of September 30, 2024 was $259.5 million. See Note 6.


	Carrying Value		Estimated Fair Value
	December 31,		December 31,		Fair Value Measurements Using
	2024		2024		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	175,095	$	175,095	$	175,095	$	—	$	—
Accounts receivable, net	73,325		73,325		—		—		73,325
Pawn loans	517,867		517,867		—		—		517,867
Finance receivables, net (1)	147,501		296,526		—		—		296,526
	$	913,788	$	1,062,813	$	175,095	$	—	$	887,718

Financial liabilities:
Revolving unsecured credit facility	$	198,000	$	198,000	$	—	$	198,000	$	—
Other long-term debt (outstanding principal)	1,550,000		1,503,000		—		1,503,000		—
	$	1,748,000	$	1,701,000	$	—	$	1,701,000	$	—

(1)Finance receivables, gross as of December 31, 2024 were $294.2 million. See Note 6.

As cash and cash equivalents have maturities of less than three months, the carrying value of cash and cash equivalents approximates fair value. Due to their short-term maturities, the carrying value of pawn loans and accounts receivable, net approximate fair value.

Finance receivables are measured at amortized cost, net of an allowance for loan losses on the consolidated balance sheets. In estimating fair value for finance receivables, the Company utilized a discounted cash flow methodology. The Company used various unobservable inputs reflecting its own assumptions, such as contractual future principal and interest cash flows, future charge-off rates and discount rates (which consider current interest rates and are adjusted for credit risk, among other factors).

The carrying value of the revolving unsecured credit facility approximates fair value as of September 30, 2025, September 30, 2024 and December 31, 2024. The fair value of the revolving unsecured credit facility is estimated based on market values for debt issuances with similar characteristics or rates currently available for debt with similar terms. In addition, the revolving unsecured credit facility has a variable interest rate based on the prevailing secured overnight financing rate (“SOFR”) and reprices with any changes in SOFR.

The other long-term debt consists primarily of fixed rate secured term loans and senior unsecured notes. The fair value of the secured term loans is estimated based on market values for debt issuances with similar characteristics or rates currently available for debt with similar terms. The fair value of the senior unsecured notes is estimated based on quoted prices in markets that are not active. The remainder of the other long-term debt consists of two variable interest rate credit facilities, the carrying value of which approximates fair value as of September 30, 2025, September 30, 2024 and December 31, 2024.


Table of Contents

Note 6 - Finance Receivables, Net

Finance receivables, net, which include retail installment sales agreements and bank-originated loans, consist of the following (in thousands):


	As of September 30,				As of December 31,
	2025		2024		2024
Finance receivables, gross	$	298,081	$	259,485	$	294,166

Merchant partner discounts and premiums, net	(24,195)		(20,227)		(22,833)
Unearned origination fees	(5,031)		(6,310)		(6,827)
Finance receivables, amortized cost	268,855		232,948		264,506
Less allowance for loan losses	(115,721)		(109,197)		(117,005)
Finance receivables, net	$	153,134	$	123,751	$	147,501

The following table details the changes in the allowance for loan losses (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Balance at beginning of period	$	122,874	$	99,961	$	117,005	$	96,454
Provision for loan losses (1)	35,557		40,557		113,678		102,091

Charge-offs	(45,705)		(32,969)		(124,202)		(95,061)
Recoveries	2,995		1,648		9,240		5,713
Balance at end of period	$	115,721	$	109,197	$	115,721	$	109,197

(1)The provision for loan losses presented on the consolidated statement of income for both the three and nine months ended September 30, 2025 includes an additional $4.8 million of provision expense related to an off-balance sheet bank-originated finance product the Company’s retail POS payment solutions business (American First Finance or “AFF”) bank partner began offering during the third quarter of 2025 in which AFF is responsible for reimbursing the bank partner for certain charge-offs, which the Company is required to recognize a liability for at inception.


Table of Contents

The following is an assessment of the credit quality indicators of the amortized cost of finance receivables as of September 30, 2025 and 2024, by origination year (in thousands):


	Origination Year
	2025		2024		2023		Total
As of September 30, 2025
Delinquency:
1 to 30 days past due	$	22,166	$	6,252	$	152	$	28,570
31 to 60 days past due	13,912		4,243		135		18,290
61 to 89 days past due (1)	10,338		3,972		127		14,437
Total past due finance receivables	46,416		14,467		414		61,297
Current finance receivables	163,697		43,056		805		207,558
Finance receivables, amortized cost	$	210,113	$	57,523	$	1,219	$	268,855


	Origination Year
	2024		2023		2022		Total
As of September 30, 2024
Delinquency:
1 to 30 days past due	$	16,957	$	4,739	$	173	$	21,869
31 to 60 days past due	9,835		3,471		131		13,437
61 to 89 days past due (1)	7,060		3,162		155		10,377
Total past due finance receivables	33,852		11,372		459		45,683
Current finance receivables	152,138		34,253		874		187,265
Finance receivables, amortized cost	$	185,990	$	45,625	$	1,333	$	232,948

(1)The Company charges off finance receivables when a receivable is 90 days or more contractually past due.

The following table details the gross charge-offs of finance receivables for the nine months ended September 30, 2025 and 2024, by origination year (in thousands):


	Origination Year
	2025		2024		2023		2022		Total
Finance receivables gross charge-offs:
Gross charge-offs during the nine months ended September 30, 2025	$	37,469	$	80,525	$	6,208	$	—	$	124,202

Gross charge-offs during the nine months ended September 30, 2024	—		25,359		63,525		6,177		95,061

Note 7 - Leased Merchandise, Net

Leased merchandise, net consists of the following (in thousands):


	As of September 30,				As of December 31,
	2025		2024		2024
Leased merchandise	$	242,961	$	348,675	$	319,444
Processing fees	(2,040)		(3,809)		(2,960)
Merchant partner (discounts) and premiums, net	302		1,034		493
Accumulated depreciation	(77,457)		(114,762)		(108,283)
Leased merchandise, before allowance for lease losses	163,766		231,138		208,694
Less allowance for lease losses	(64,041)		(93,369)		(80,257)
Leased merchandise, net	$	99,725	$	137,769	$	128,437


Table of Contents

The following table details the changes in the allowance for lease losses (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Balance at beginning of period	$	69,667	$	102,778	$	80,257	$	95,127
Provision for lease losses	27,920		39,171		88,025		129,834
Charge-offs	(35,189)		(50,228)		(110,196)		(136,907)
Recoveries	1,643		1,648		5,955		5,315
Balance at end of period	$	64,041	$	93,369	$	64,041	$	93,369

Note 8 - Long-Term Debt

The following table details the Company’s long-term debt at the respective principal amounts, net of unamortized debt issuance costs on the senior unsecured notes (in thousands):


	As of September 30,				As of December 31,
	2025		2024		2024
Revolving credit facilities:
Revolving unsecured credit facility, maturing 2029 (1)	$	575,000	$	200,000	$	198,000
Revolving secured credit facility, maturing 2027 (2)	43,886		—		—
Revolving unsecured uncommitted credit facility, maturing 2027 (1)	—		—		—
Total revolving credit facilities	618,886		200,000		198,000

Secured term loans:
Secured term loan, maturing 2027 (2)	26,924		—		—
Secured term loan, maturing 2029 (2)	13,462		—		—
Secured term loan, maturing 2031 (2)	20,193		—		—
Total secured term loans	60,579		—		—

Senior unsecured notes:
4.625% senior unsecured notes due 2028 (3)	496,419		495,304		495,577
5.625% senior unsecured notes due 2030 (4)	544,905		543,879		544,130
6.875% senior unsecured notes due 2032 (5)	492,317		491,421		491,639
Total senior unsecured notes	1,533,641		1,530,604		1,531,346

Total long-term debt	$	2,213,106	$	1,730,604	$	1,729,346

(1)Debt issuance costs related to the Company’s revolving unsecured credit facilities are included in other assets in the accompanying consolidated balance sheets.

(2)Assumed on August 14, 2025 in connection with the H&T Acquisition.

(3)As of September 30, 2025, September 30, 2024 and December 31, 2024, deferred debt issuance costs of $3.6 million, $4.7 million and $4.4 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2028 in the accompanying consolidated balance sheets.

(4)As of September 30, 2025, September 30, 2024 and December 31, 2024, deferred debt issuance costs of $5.1 million, $6.1 million and $5.9 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2030 in the accompanying consolidated balance sheets.

(5)As of September 30, 2025, September 30, 2024 and December 31, 2024, deferred debt issuance costs of $7.7 million, $8.6 million and $8.4 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2032 in the accompanying consolidated balance sheets.


Table of Contents

Revolving Unsecured Credit Facility

As of September 30, 2025, the Company maintained an unsecured line of credit with a group of U.S.-based commercial lenders (the “Credit Facility”) in the amount of $700.0 million. The Credit Facility matures on August 8, 2029.

On May 13, 2025, the Credit Facility was amended (the “2025 Amendment”) in order to modify certain financial covenants in anticipation of the H&T Acquisition, which was subsequently completed on August 14, 2025. Under the 2025 Amendment, the non-loan party investment basket was increased from 20% of consolidated net worth to 25% of consolidated net worth and the permitted consolidated leverage ratio was increased to 3.75 times adjusted EBITDA through December 31, 2025 and then it decreases to 3.50 times adjusted EBITDA through December 31, 2026. The consolidated leverage ratio will revert to 3.25 times adjusted EBITDA effective January 1, 2027. The 2025 Amendment also includes additional limits to certain restricted payments when the consolidated leverage ratio is equal to or greater than 3.0 times adjusted EBITDA, which are more fully described in the 2025 Amendment. The 2025 Amendment became effective on August 14, 2025 upon the consummation of the H&T Acquisition.

As of September 30, 2025, the Company had $575.0 million in outstanding borrowings and $2.7 million in outstanding letters of credit under the Credit Facility, leaving $122.3 million available for future borrowings, subject to certain financial covenants. The Credit Facility bears interest at the Company’s option of either (1) the prevailing SOFR (with interest periods of 1, 3 or 6 months at the Company’s option) plus a fixed spread of 2.5% or (2) the prevailing prime or base rate plus a fixed spread of 1.5%. The agreement has a SOFR floor of 0%. Additionally, the Company is required to pay an annual commitment fee of 0.325% on the average daily unused portion of the Credit Facility commitment. The weighted-average interest rate on amounts outstanding under the Credit Facility at September 30, 2025 was 6.72% based on 1-month SOFR. Under the terms of the Credit Facility, the Company is required to maintain certain financial ratios and comply with certain financial covenants. The Credit Facility also contains customary restrictions on the Company’s ability to incur additional debt, grant liens, make investments, consummate acquisitions and similar negative covenants with customary carve-outs and baskets. The Company was in compliance with the covenants of the Credit Facility as of September 30, 2025. During the nine months ended September 30, 2025, the Company received net proceeds of $377.0 million from borrowings pursuant to the Credit Facility.

Revolving Secured Credit Facility

In connection with the H&T Acquisition, the Company assumed a secured line of credit with a bank in the U.K. in an amount of £45.0 million maturing on December 22, 2027 (the “U.K. Credit Facility”). The U.K. Credit Facility bears interest at the prevailing Sterling Overnight Index Average (“SONIA”) (with interest periods of 1, 3 or 6 months at H&T’s option) plus a spread of between 2.4% and 3.3% depending on certain ratios. The U.K. Credit Facility is secured by all of the assets of H&T. The weighted-average interest rate on amounts outstanding under the U.K. Credit Facility at September 30, 2025 was 6.37% based on 1-month SONIA. Under the terms of the U.K. Credit Facility, H&T is required to maintain certain financial ratios and comply with certain financial covenants. H&T was in compliance with the covenants of the U.K. Credit Facility as of September 30, 2025. As of September 30, 2025, H&T had $43.9 million (£32.6 million) outstanding under the U.K. Credit Facility and $16.7 million (£12.4 million) available for future borrowings, subject to certain financial covenants.

Revolving Unsecured Uncommitted Credit Facility

As of September 30, 2025, the Company’s primary subsidiary in Mexico, First Cash S.A. de C.V., maintained an unsecured and uncommitted line of credit guaranteed by FirstCash, Inc. with a bank in Mexico (the “Mexico Credit Facility”) in the amount of $600.0 million Mexican pesos. The Mexico Credit Facility bears interest at the Mexican Central Bank’s interbank equilibrium rate plus a fixed spread of 2.25% and matures on August 24, 2027. Under the terms of the Mexico Credit Facility, the Company is required to maintain certain financial ratios and comply with certain financial covenants. The Company was in compliance with the covenants of the Mexico Credit Facility as of September 30, 2025. As of September 30, 2025, the Company had no amount outstanding under the Mexico Credit Facility and $32.6 million ($600.0 million pesos) available for future borrowings.

Secured Term Loans

In connection with the H&T Acquisition, the Company assumed three secured term loans with multiple lending institutions in the U.K. in an aggregate amount of £45.0 million maturing between December 22, 2027 and February 21, 2031 (the “U.K. Term Loans”). The U.K. Term Loans bear interest at the Bank of England base rate plus a fixed spread of 4.00%, a fixed rate of 8.37% or a fixed rate of 8.43%. The U.K. Term Loans are secured by all of the assets of H&T. Under the terms of the U.K. Term Loans, H&T is required to maintain certain financial ratios and comply with certain financial covenants. H&T was in compliance with the covenants of the U.K. Term Loans as of September 30, 2025.


Table of Contents

Senior Unsecured Notes Due 2028

On August 26, 2020, the Company issued $500.0 million of 4.625% senior unsecured notes due on September 1, 2028 (the “2028 Notes”), all of which are currently outstanding. Interest on the 2028 Notes is payable semi-annually in arrears on March 1 and September 1. The 2028 Notes are fully and unconditionally guaranteed on a senior unsecured basis jointly and severally by all of the Company's existing and future domestic subsidiaries that guarantee its Credit Facility. The 2028 Notes will permit the Company to make restricted payments, such as purchasing shares of its stock and paying cash dividends, in an unlimited amount if, after giving pro forma effect to the incurrence of any indebtedness to make such payment, the Company's consolidated total debt ratio is less than 2.75 to 1. The consolidated total debt ratio is defined generally in the indenture governing the 2028 Notes as the ratio of (1) the total consolidated debt of the Company minus cash and cash equivalents of the Company to (2) the Company’s consolidated trailing twelve months EBITDA, as adjusted to exclude certain non-recurring expenses and giving pro forma effect to operations acquired during the measurement period. As of September 30, 2025, the Company’s consolidated total debt ratio was 2.9 to 1. While the 2028 Notes generally limit the Company’s ability to make restricted payments if the consolidated total debt ratio is greater than 2.75 to 1, restricted payments are allowable within certain permitted baskets, which currently provide the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 2.75 to 1.

Senior Unsecured Notes Due 2030

On December 13, 2021, the Company issued $550.0 million of 5.625% senior unsecured notes due on January 1, 2030 (the “2030 Notes”), all of which are currently outstanding. Interest on the 2030 Notes is payable semi-annually in arrears on January 1 and July 1. The 2030 Notes are fully and unconditionally guaranteed on a senior unsecured basis jointly and severally by all of the Company's existing and future domestic subsidiaries that guarantee its Credit Facility. The 2030 Notes will permit the Company to make restricted payments, such as purchasing shares of its stock and paying cash dividends, in an unlimited amount if, after giving pro forma effect to the incurrence of any indebtedness to make such payment, the Company's consolidated total debt ratio is less than 3.0 to 1. The consolidated total debt ratio is defined generally in the indenture governing the 2030 Notes as the ratio of (1) the total consolidated debt of the Company minus cash and cash equivalents of the Company to (2) the Company’s consolidated trailing twelve months EBITDA, as adjusted to exclude certain non-recurring expenses and giving pro forma effect to operations acquired during the measurement period. As of September 30, 2025, the Company’s consolidated total debt ratio was 2.9 to 1. While the 2030 Notes generally limit the Company’s ability to make restricted payments if the consolidated total debt ratio is greater than 3.0 to 1, restricted payments are allowable within certain permitted baskets, which currently provides the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 3.0 to 1.

Senior Unsecured Notes Due 2032

On February 21, 2024, the Company issued $500.0 million of 6.875% senior unsecured notes due on March 1, 2032 (the “2032 Notes”), all of which are currently outstanding. Interest on the 2032 Notes is payable semi-annually in arrears on March 1 and September 1. The 2032 Notes are fully and unconditionally guaranteed on a senior unsecured basis jointly and severally by all of the Company's existing and future domestic subsidiaries that guarantee its Credit Facility. The 2032 Notes will permit the Company to make restricted payments, such as purchasing shares of its stock and paying cash dividends, in an unlimited amount if, after giving pro forma effect to the incurrence of any indebtedness to make such payment, the Company's consolidated total debt ratio is less than 3.0 to 1. The consolidated total debt ratio is defined generally in the indenture governing the 2032 Notes as the ratio of (1) the total consolidated debt of the Company minus cash and cash equivalents of the Company to (2) the Company’s consolidated trailing twelve months EBITDA, as adjusted to exclude certain non-recurring expenses and giving pro forma effect to operations acquired during the measurement period. As of September 30, 2025, the Company’s consolidated total debt ratio was 2.9 to 1. While the 2032 Notes generally limit the Company’s ability to make restricted payments if the consolidated total debt ratio is greater than 3.0 to 1, restricted payments are allowable within certain permitted baskets, which currently provides the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 3.0 to 1.


Table of Contents

Note 9 - Commitments and Contingencies

Litigation

The Company, in the ordinary course of business, is a party to various legal and regulatory proceedings and other general claims. Although no assurances can be given, in management’s opinion, such outstanding proceedings are not expected to have a material adverse effect on the Company’s financial position, results of operations, or cash flows.

The Company believes it has meritorious defenses to all of the claims and intends to vigorously defend itself against such claims. However, legal and regulatory proceedings involve an inherent level of uncertainty and no assurances can be given regarding the ultimate outcome of any such matters or whether an adverse outcome would not have a material adverse impact on the Company’s financial position, results of operations, or cash flows. Other than as described below, the Company is unable to determine whether a future loss will be incurred for any of its material outstanding legal and regulatory proceedings or to estimate a range of loss with respect to such proceeding, if any, and accordingly, no material amounts have been accrued in the Company’s financial statements for legal and regulatory proceedings.

On November 12, 2021, the Consumer Financial Protection Bureau (“CFPB”) initiated a civil action in the United States District Court for the Northern District of Texas (the “District Court”) against FirstCash, Inc. and Cash America West, Inc., and later amended the complaint to include numerous Company subsidiaries as defendants. The CFPB’s lawsuit alleged violations of the Military Lending Act in connection with pawn transactions. The CFPB sought an injunction, redress for affected borrowers and a civil monetary penalty. On July 11, 2025, with the District Court’s approval and without admitting or denying the allegations, the Company and the CFPB agreed to settle and resolve all matters in dispute. As part of the settlement, the Company has agreed to offer a new pawn lending product for covered members of the U.S. military and their covered dependents. Additionally, the Company will pay consumer redress in fees or principal returned to affected customers, which is estimated by the Company to be no more than $7.0 million. The Company paid a $4.0 million fine to the CFPB victims' relief fund during the three months ended September 30, 2025.

Gold Forward Sales Contracts

As of September 30, 2025, the Company had contractual commitments to deliver a total of 69,750 gold ounces between October 2025 and September 2027 at a weighted-average price of $3,071 per ounce. The ounces required to be delivered over this time period are less than the historical volume of scrap gold normally produced, and the Company expects to have the required gold ounces to meet the commitments as they come due.

Note 10 - Segment Information

The Company organizes its operations into four reportable segments as follows:

•U.S. pawn

•Latin America pawn

•U.K. pawn

•Retail POS payment solutions (American First Finance or “AFF”)

Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, (gain) loss on foreign exchange, merger and acquisition expenses, and other income, net, are presented on a consolidated basis and are not allocated between the segments. Intersegment transactions relate to AFF’s LTO payment solution product offered in U.S. pawn stores, which are eliminated from consolidated totals.


Table of Contents

The following tables present reportable segment information for the three and nine month periods ended September 30, 2025 and 2024 as well as certain segment assets (in thousands):


	Three Months Ended September 30, 2025
	U.S. Pawn		Latin America Pawn		U.K. Pawn		Retail POS Payment Solutions		Corporate/ Intersegment Eliminations			Consolidated
Revenue:
Retail merchandise sales	$	252,963	$	144,644	$	14,066	$	—	$	(705)	(1)	$	410,968
Pawn loan fees	138,867		67,199		15,022		—		—			221,088
Leased merchandise income	—		—		—		132,540		—			132,540
Interest and fees on finance receivables	—		—		—		81,683		—			81,683
Wholesale scrap jewelry sales	45,607		17,831		23,272		—		—			86,710
Other revenue	—		—		2,590		—		—			2,590
Total revenue	437,437		229,674		54,950		214,223		(705)			935,579

Cost of revenue:
Cost of retail merchandise sold	145,411		92,931		10,755		—		(374)		(1)	248,723
Depreciation of leased merchandise	—		—		—		76,253		(225)		(1)	76,028
Provision for lease losses	—		—		—		28,005		(85)		(1)	27,920
Provision for loan losses	—		—		—		40,347		—			40,347
Cost of wholesale scrap jewelry sold	38,520		15,000		14,700		—		—			68,220
Other cost of revenue	—		—		634		—		—			634
Total cost of revenue	183,931		107,931		26,089		144,605		(684)			461,872

Net revenue	253,506		121,743		28,861		69,618		(21)			473,707

Expenses and other income:
Operating expenses	133,024		70,327		10,225		22,952		—			236,528
Administrative expenses	—		—		—		—		58,845			58,845
Depreciation and amortization	8,464		4,443		742		687		14,698			29,034
Interest expense	—		—		—		—		32,216			32,216
Interest income	—		—		—		—		(908)			(908)
Gain on foreign exchange	—		—		—		—		(219)			(219)
Merger and acquisition expenses	—		—		—		—		9,472			9,472
Other income, net	—		—		—		—		(3,740)			(3,740)

Total expenses and other income	141,488		74,770		10,967		23,639		110,364			361,228

Income (loss) before income taxes	$	112,018	$	46,973	$	17,894	$	45,979	$	(110,385)		$	112,479

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.


Table of Contents


	Nine Months Ended September 30, 2025
	U.S. Pawn		Latin America Pawn		U.K. Pawn		Retail POS Payment Solutions		Corporate/ Intersegment Eliminations			Consolidated
Revenue:
Retail merchandise sales	$	754,106	$	401,132	$	14,066	$	—	$	(2,155)	(1)	$	1,167,149
Pawn loan fees	407,763		180,996		15,022		—		—			603,781
Leased merchandise income	—		—		—		429,242		—			429,242
Interest and fees on finance receivables	—		—		—		231,171		—			231,171
Wholesale scrap jewelry sales	107,839		37,580		23,272		—		—			168,691
Other revenue	—		—		2,590		—		—			2,590
Total revenue	1,269,708		619,708		54,950		660,413		(2,155)			2,602,624

Cost of revenue:
Cost of retail merchandise sold	434,318		259,249		10,755		—		(1,149)		(1)	703,173
Depreciation of leased merchandise	—		—		—		243,925		(806)		(1)	243,119
Provision for lease losses	—		—		—		88,276		(251)		(1)	88,025
Provision for loan losses	—		—		—		118,468		—			118,468
Cost of wholesale scrap jewelry sold	92,009		31,770		14,700		—		—			138,479
Other cost of revenue	—		—		634		—		—			634
Total cost of revenue	526,327		291,019		26,089		450,669		(2,206)			1,291,898

Net revenue	743,381		328,689		28,861		209,744		51			1,310,726

Expenses and other income:
Operating expenses	395,790		196,158		10,225		71,434		—			673,607
Administrative expenses	—		—		—		—		166,631			166,631
Depreciation and amortization	24,155		13,173		742		2,091		40,239			80,400
Interest expense	—		—		—		—		86,024			86,024
Interest income	—		—		—		—		(2,664)			(2,664)
Gain on foreign exchange	—		—		—		—		(1,504)			(1,504)
Merger and acquisition expenses	—		—		—		—		12,711			12,711
Other income, net	—		—		—		—		(9,254)			(9,254)

Total expenses and other income	419,945		209,331		10,967		73,525		292,183			1,005,951

Income (loss) before income taxes	$	323,436	$	119,358	$	17,894	$	136,219	$	(292,132)		$	304,775

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.


	As of September 30, 2025
	U.S. Pawn		Latin America Pawn		U.K. Pawn		Retail POS Payment Solutions		Corporate/ Intersegment Eliminations			Consolidated
Pawn loans	$	426,288	$	173,203	$	188,639	$	—	$	—		$	788,130
Finance receivables, net	—		—		—		153,134		—			153,134
Inventories	266,452		124,081		65,740		—		—			456,273
Leased merchandise, net	—		—		—		99,909		(184)		(1)	99,725
Goodwill	1,156,052		189,061		139,040		486,205		—			1,970,358
Total assets	2,800,729		780,099		546,739		887,899		166,850			5,182,316

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.


Table of Contents


	Three Months Ended September 30, 2024
	U.S. Pawn		Latin America Pawn		U.K. Pawn		Retail POS Payment Solutions		Corporate/ Intersegment Eliminations			Consolidated
Revenue:
Retail merchandise sales	$	235,037	$	129,081	$	—	$	—	$	(977)	(1)	$	363,141
Pawn loan fees	128,393		58,168		—		—		—			186,561
Leased merchandise income	—		—		—		188,560		—			188,560
Interest and fees on finance receivables	—		—		—		61,198		—			61,198
Wholesale scrap jewelry sales	26,685		11,176		—		—		—			37,861

Total revenue	390,115		198,425		—		249,758		(977)			837,321

Cost of revenue:
Cost of retail merchandise sold	134,966		83,729		—		—		(517)		(1)	218,178
Depreciation of leased merchandise	—		—		—		105,308		(380)		(1)	104,928
Provision for lease losses	—		—		—		39,268		(97)		(1)	39,171
Provision for loan losses	—		—		—		40,557		—			40,557
Cost of wholesale scrap jewelry sold	21,393		8,487		—		—		—			29,880

Total cost of revenue	156,359		92,216		—		185,133		(994)			432,714

Net revenue	233,756		106,209		—		64,625		17			404,607

Expenses and other income:
Operating expenses	128,104		63,062		—		33,760		—			224,926
Administrative expenses	—		—		—		—		42,237			42,237
Depreciation and amortization	7,365		4,676		—		679		13,213			25,933
Interest expense	—		—		—		—		27,424			27,424
Interest income	—		—		—		—		(403)			(403)
Loss on foreign exchange	—		—		—		—		882			882
Merger and acquisition expenses	—		—		—		—		225			225
Other income, net	—		—		—		—		(1,797)			(1,797)

Total expenses and other income	135,469		67,738		—		34,439		81,781			319,427

Income (loss) before income taxes	$	98,287	$	38,471	$	—	$	30,186	$	(81,764)		$	85,180

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.


Table of Contents


	Nine Months Ended September 30, 2024
	U.S. Pawn		Latin America Pawn		U.K. Pawn		Retail POS Payment Solutions		Corporate/ Intersegment Eliminations			Consolidated
Revenue:
Retail merchandise sales	$	702,120	$	394,375	$	—	$	—	$	(3,070)	(1)	$	1,093,425
Pawn loan fees	371,699		175,443		—		—		—			547,142
Leased merchandise income	—		—		—		588,801		—			588,801
Interest and fees on finance receivables	—		—		—		175,384		—			175,384
Wholesale scrap jewelry sales	70,722		29,229		—		—		—			99,951

Total revenue	1,144,541		599,047		—		764,185		(3,070)			2,504,703

Cost of revenue:
Cost of retail merchandise sold	407,329		254,188		—		—		(1,663)		(1)	659,854
Depreciation of leased merchandise	—		—		—		336,649		(1,280)		(1)	335,369
Provision for lease losses	—		—		—		130,272		(438)		(1)	129,834
Provision for loan losses	—		—		—		102,091		—			102,091
Cost of wholesale scrap jewelry sold	57,928		23,783		—		—		—			81,711

Total cost of revenue	465,257		277,971		—		569,012		(3,381)			1,308,859

Net revenue	679,284		321,076		—		195,173		311			1,195,844

Expenses and other income:
Operating expenses	372,191		198,389		—		103,851		—			674,431
Administrative expenses	—		—		—		—		132,857			132,857
Depreciation and amortization	21,609		15,199		—		2,078		39,621			78,507
Interest expense	—		—		—		—		78,029			78,029
Interest income	—		—		—		—		(1,407)			(1,407)
Loss on foreign exchange	—		—		—		—		2,133			2,133
Merger and acquisition expenses	—		—		—		—		2,186			2,186
Other income, net	—		—		—		—		(4,135)			(4,135)

Total expenses and other income	393,800		213,588		—		105,929		249,284			962,601

Income (loss) before income taxes	$	285,484	$	107,488	$	—	$	89,244	$	(248,973)		$	233,243

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.


	As of September 30, 2024
	U.S. Pawn		Latin America Pawn		U.K. Pawn		Retail POS Payment Solutions		Corporate/ Intersegment Eliminations			Consolidated
Pawn loans	$	380,962	$	136,915	$	—	$	—	$	—		$	517,877
Finance receivables, net	—		—		—		123,751		—			123,751
Inventories	238,668		95,726		—		—		—			334,394
Leased merchandise, net	—		—		—		137,973		(204)		(1)	137,769
Goodwill	1,125,226		177,364		—		486,205		—			1,788,795
Total assets	2,633,854		668,185		—		955,071		135,737			4,392,847

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.


Table of Contents

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of financial condition, results of operations, liquidity and capital resources of FirstCash Holdings, Inc. and its wholly-owned subsidiaries (together, the “Company”) should be read in conjunction with the Company’s consolidated financial statements and accompanying notes included under Part I, Item 1 of this quarterly report on Form 10-Q, as well as with the audited consolidated financial statements and accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

GENERAL

The Company’s primary line of business is the operation of retail pawn stores, also known as “pawnshops,” which focus on serving cash- and credit-constrained consumers. The Company is the leading operator of pawn stores in the U.S., Latin America and the U.K. Pawn stores help customers meet small short-term cash needs by providing non-recourse pawn loans and buying merchandise directly from customers. Personal property, such as jewelry, electronics, tools, appliances, sporting goods and musical instruments, is pledged and held as collateral for the pawn loans over the term of the loan. Pawn stores also generate retail sales primarily from the merchandise acquired through collateral forfeitures and over-the-counter purchases from customers.

The Company completed the acquisition of H&T, the leading pawn operator in the United Kingdom with 286 store locations, on August 14, 2025, the date which the balance sheet and operating results of H&T were included in the Company’s consolidated financial results. For further detail, see Note 3 of Notes to Consolidated Financial Statements.

The Company is also a leading provider of customer payment solutions at the point-of-sale for retailers of consumer goods and services. The Company’s retail POS payment solutions business line consists solely of the operations of AFF, which focuses on LTO products and facilitating other retail financing payment options across a large network of traditional and e-commerce merchant partners in the U.S. AFF’s retail partners provide consumer goods and services to their customers and use AFF’s LTO and retail finance solutions to facilitate payments on such transactions.

The Company’s two business lines are organized into four reportable segments. The U.S. pawn segment consists of pawn operations in the U.S., the Latin America pawn segment consists of pawn operations in Mexico, Guatemala, El Salvador and Colombia and the U.K. pawn segment consists of pawn operations in the U.K. The retail POS payment solutions segment consists of the operations of AFF in the U.S.


Table of Contents

OPERATIONS AND LOCATIONS

Pawn Operations

As of September 30, 2025, the Company operated 3,311 pawn store locations composed of 1,193 stores in 29 U.S. states and the District of Columbia, 1,729 stores in 32 states in Mexico, 73 stores in Guatemala, 18 stores in El Salvador, 12 stores in Colombia and 286 stores in the U.K.

The following tables detail pawn store count activity for the three and nine months ended September 30, 2025:


	Three Months Ended September 30, 2025
	U.S.	Latin America	U.K.	Total
Total locations, beginning of period	1,194	1,833	—	3,027
New locations opened	—	2	1	3
Locations acquired	2	—	286	288


Consolidation of existing pawn locations (1)	(3)	(3)	(1)	(7)

Total locations, end of period	1,193	1,832	286	3,311


	Nine Months Ended September 30, 2025
	U.S.	Latin America	U.K.	Total
Total locations, beginning of period	1,200	1,826	—	3,026
New locations opened	2	21	1	24
Locations acquired	6	—	286	292


Consolidation of existing pawn locations (1)	(15)	(15)	(1)	(31)

Total locations, end of period	1,193	1,832	286	3,311

(1)Store consolidations, which include certain acquired locations that have been combined with overlapping stores, represent closings for which the Company expects to maintain a significant portion of the customer base in the consolidated location.

POS Payment Solutions

As of September 30, 2025, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 15,800 active retail merchant partner locations located in all 50 U.S. states and the District of Columbia. This compares to the active door count of approximately 13,500 locations at September 30, 2024.

CRITICAL ACCOUNTING ESTIMATES

The financial statements have been prepared in accordance with GAAP. The significant accounting policies and estimates that the Company believes are the most critical to aid in fully understanding and evaluating its reported financial results have been reported in the Company’s 2024 Annual Report on Form 10-K. There have been no changes to the Company’s significant accounting policies for the nine months ended September 30, 2025.


Table of Contents

RESULTS OF OPERATIONS (unaudited)

Operating Results for the Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024

The following tables present segment information for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 (in thousands). Operating expenses include salary and benefit expenses of pawn store-level employees and certain of AFF’s operations-focused departments, occupancy costs, bank and other payment processing charges, data analytics and decisioning costs, information technology costs, advertising costs, security, insurance, utilities, supplies, other costs incurred by the pawn stores and other operational costs incurred by AFF. Administrative expenses and amortization expense of acquired intangible assets are not included in the segment pre-tax operating income.


	Three Months Ended September 30, 2025
	U.S. Pawn		Latin America Pawn		U.K. Pawn		Retail POS Payment Solutions		Corporate/Intersegment Eliminations			Consolidated
Revenue:
Retail merchandise sales	$	252,963	$	144,644	$	14,066	$	—	$	(705)	(1)	$	410,968
Pawn loan fees	138,867		67,199		15,022		—		—			221,088
Leased merchandise income	—		—		—		132,540		—			132,540
Interest and fees on finance receivables	—		—		—		81,683		—			81,683
Wholesale scrap jewelry sales	45,607		17,831		23,272		—		—			86,710
Other revenue	—		—		2,590		—		—			2,590
Total revenue	437,437		229,674		54,950		214,223		(705)			935,579

Cost of revenue:
Cost of retail merchandise sold	145,411		92,931		10,755		—		(374)		(1)	248,723
Depreciation of leased merchandise	—		—		—		76,253		(225)		(1)	76,028
Provision for lease losses	—		—		—		28,005		(85)		(1)	27,920
Provision for loan losses	—		—		—		40,347		—			40,347
Cost of wholesale scrap jewelry sold	38,520		15,000		14,700		—		—			68,220
Other cost of revenue	—		—		634		—		—			634
Total cost of revenue	183,931		107,931		26,089		144,605		(684)			461,872

Net revenue	253,506		121,743		28,861		69,618		(21)			473,707

Expenses and other income:
Operating expenses	133,024		70,327		10,225		22,952		—			236,528
Administrative expenses	—		—		—		—		58,845			58,845
Depreciation and amortization	8,464		4,443		742		687		14,698			29,034
Interest expense	—		—		—		—		32,216			32,216
Interest income	—		—		—		—		(908)			(908)
Gain on foreign exchange	—		—		—		—		(219)			(219)
Merger and acquisition expenses	—		—		—		—		9,472			9,472
Other income, net	—		—		—		—		(3,740)			(3,740)

Total expenses and other income	141,488		74,770		10,967		23,639		110,364			361,228

Income (loss) before income taxes	$	112,018	$	46,973	$	17,894	$	45,979	$	(110,385)		$	112,479

(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.


Table of Contents


	Three Months Ended September 30, 2024
	U.S. Pawn		Latin America Pawn		U.K. Pawn		Retail POS Payment Solutions		Corporate/Intersegment Eliminations			Consolidated
Revenue:
Retail merchandise sales	$	235,037	$	129,081	$	—	$	—	$	(977)	(1)	$	363,141
Pawn loan fees	128,393		58,168		—		—		—			186,561
Leased merchandise income	—		—		—		188,560		—			188,560
Interest and fees on finance receivables	—		—		—		61,198		—			61,198
Wholesale scrap jewelry sales	26,685		11,176		—		—		—			37,861

Total revenue	390,115		198,425		—		249,758		(977)			837,321

Cost of revenue:
Cost of retail merchandise sold	134,966		83,729		—		—		(517)		(1)	218,178
Depreciation of leased merchandise	—		—		—		105,308		(380)		(1)	104,928
Provision for lease losses	—		—		—

FirstCash Holdings, Inc. 10-Q