Q10001529864--12-31false1http://fasb.org/srt/2025#ChiefExecutiveOfficerMemberExecutive Chairman of the Board of Directors0001529864enva:SmallBusinessMember2026-01-012026-03-310001529864us-gaap:CarryingReportedAmountFairValueDisclosureMemberenva:NinePointOneTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyNineMember2025-03-310001529864us-gaap:FairValueMeasurementsRecurringMember2025-12-310001529864enva:NcrTwoThousandAndTwentyTwoSecuritizationFacilityMemberenva:FundingDebtMember2026-03-310001529864us-gaap:TreasuryStockCommonMember2025-12-310001529864us-gaap:EmployeeStockOptionMember2025-01-012025-03-310001529864us-gaap:RestrictedStockUnitsRSUMember2026-01-012026-03-310001529864us-gaap:RevolvingCreditFacilityMemberus-gaap:CorporateDebtSecuritiesMember2026-01-012026-03-310001529864enva:NinePointOneTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyNineMember2025-01-012025-03-310001529864us-gaap:CorporateDebtSecuritiesMemberenva:ElevenPointTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyEightMember2025-12-310001529864us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-03-310001529864enva:RaodSecuritizationFacilityMemberenva:OnDeckCapitalIncorporationMember2026-03-300001529864enva:Hwcr2023SecuritizationFacilityMember2026-03-310001529864us-gaap:RetainedEarningsMember2024-12-310001529864us-gaap:NonUsMember2026-01-012026-03-310001529864enva:OnDeckCapitalAustraliaPtyLimitedMember2026-03-310001529864enva:Hwcr2023SecuritizationFacilityMemberenva:ClassBRevolvingLoanMember2026-03-300001529864enva:OdrAccountTwoThousandTwentyTwoOneSecuritizationFacilityMemberenva:FundingDebtMember2026-03-310001529864enva:HwcrTwoThousandTwentyThreeSecuritizationFacilityMemberenva:FundingDebtMember2025-03-310001529864enva:FundingDebtMember2025-03-310001529864enva:OndeckAssetSecuritizationIV20241SecuritizationNotesMemberenva:FundingDebtMember2025-12-310001529864enva:FundingDebtMember2026-03-310001529864enva:FundingDebtMemberenva:OnDeckAssetSecuritizationIV20251SecuritizationNotesMember2026-01-012026-03-310001529864enva:OdrAccountTwoThousandTwentyOneOneSecuritizationFacilityMemberenva:FundingDebtMember2026-01-012026-03-310001529864us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001529864us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-03-3100015298642018-04-232018-04-230001529864enva:OdrAccountTwoThousandTwentyTwoOneSecuritizationFacilityMemberenva:FundingDebtMember2026-01-012026-03-310001529864enva:TwoThousandAndTwentyFourASecuritizationNotesMemberenva:FundingDebtMember2026-03-310001529864enva:OndeckAssetSecuritizationIV20241SecuritizationNotesMemberenva:FundingDebtMember2026-03-310001529864us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-03-310001529864enva:SmallBusinessMember2025-03-310001529864us-gaap:TreasuryStockCommonMember2026-03-310001529864us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-03-310001529864us-gaap:RetainedEarningsMember2026-01-012026-03-310001529864us-gaap:CorporateDebtSecuritiesMember2025-03-310001529864us-gaap:EmployeeStockOptionMember2026-01-012026-03-310001529864us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-12-310001529864enva:SmallBusinessLoansAndFinanceReceivablesRevenueMember2026-01-012026-03-310001529864enva:Nclocr2024SecuritizationFacilityMemberenva:FundingDebtMember2025-03-310001529864enva:TwoThousandAndTwentyThreeASecuritizationNotesMemberenva:FundingDebtMember2025-12-3100015298642025-12-310001529864us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-03-310001529864enva:SmallBusinessMember2025-01-012025-03-310001529864us-gaap:CommonStockMember2026-01-012026-03-310001529864us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001529864enva:NinePointOneTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyNineMember2025-12-310001529864us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-03-310001529864enva:OdrAccountTwoThousandTwentyOneOneSecuritizationFacilityMemberenva:FundingDebtMember2025-03-310001529864enva:NinePointOneTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyNineMember2026-03-310001529864enva:Hwcr2023SecuritizationFacilityMember2026-03-300001529864enva:OnDeckAssetSecuritizationIV20252SecuritizationNotesMemberenva:FundingDebtMember2026-03-310001529864enva:ElevenPointTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyEightMember2025-01-012025-03-310001529864enva:DavidFisherMember2026-01-012026-03-310001529864us-gaap:CorporateDebtSecuritiesMemberenva:ElevenPointTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyEightMember2026-03-310001529864us-gaap:FairValueInputsLevel2Memberenva:NinePointOneTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyNineMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-03-310001529864enva:TwoThousandAndTwentyFiveASecuritizationNotesMemberenva:FundingDebtMember2026-01-012026-03-310001529864enva:TwoThousandAndTwentyFourASecuritizationNotesMemberenva:FundingDebtMember2025-12-310001529864enva:OndeckAssetSecuritizationIV20231SecuritizationNotesMemberenva:FundingDebtMember2025-03-310001529864us-gaap:CarryingReportedAmountFairValueDisclosureMemberenva:ElevenPointTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyEightMember2026-03-310001529864us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-03-310001529864enva:SmallBusinessMember2024-12-310001529864us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001529864us-gaap:FairValueInputsLevel2Memberenva:NinePointOneTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyNineMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001529864us-gaap:FairValueInputsLevel2Memberenva:NinePointOneTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyNineMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-3100015298642024-12-310001529864us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001529864us-gaap:FairValueMeasurementsNonrecurringMember2025-12-310001529864us-gaap:CarryingReportedAmountFairValueDisclosureMemberenva:ElevenPointTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyEightMember2025-03-310001529864enva:SmallBusinessMember2026-03-310001529864us-gaap:RevolvingCreditFacilityMemberus-gaap:CorporateDebtSecuritiesMember2026-03-310001529864us-gaap:RevolvingCreditFacilityMember2025-12-310001529864enva:RaodSecuritizationFacilityMemberenva:FundingDebtMember2025-12-310001529864enva:OndeckAssetSecuritizationIV20231SecuritizationNotesMemberenva:FundingDebtMember2026-03-3100015298642026-04-200001529864us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-03-310001529864us-gaap:AdditionalPaidInCapitalMember2025-03-310001529864us-gaap:CarryingReportedAmountFairValueDisclosureMemberenva:NinePointOneTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyNineMember2026-03-310001529864us-gaap:TreasuryStockCommonMember2024-12-310001529864us-gaap:CorporateDebtSecuritiesMember2025-12-310001529864enva:Hwcr2023SecuritizationFacilityMemberenva:ClassBRevolvingLoanMember2026-03-310001529864enva:OdrAccountTwoThousandTwentyTwoOneSecuritizationFacilityMemberenva:FundingDebtMember2025-03-310001529864us-gaap:CarryingReportedAmountFairValueDisclosureMemberenva:ElevenPointTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyEightMember2025-12-310001529864us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001529864enva:RaodSecuritizationFacilityMemberenva:ClassBRevolvingLoanMemberenva:OnDeckCapitalIncorporationMember2026-03-300001529864srt:MaximumMember2026-01-012026-03-310001529864us-gaap:CorporateDebtSecuritiesMemberenva:ElevenPointTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyEightMember2025-03-310001529864enva:ClassARevolvingLoanMemberenva:RaodSecuritizationFacilityMemberenva:OnDeckCapitalIncorporationMember2026-03-290001529864us-gaap:RetainedEarningsMember2025-01-012025-03-310001529864us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001529864country:US2026-01-012026-03-310001529864enva:OndeckAssetSecuritizationIV20241SecuritizationNotesMemberenva:FundingDebtMember2025-03-310001529864us-gaap:FairValueMeasurementsNonrecurringMember2026-03-310001529864enva:NinePointOneTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyNineMember2026-01-012026-03-310001529864enva:OndeckAssetSecuritizationIV20241SecuritizationNotesMemberenva:FundingDebtMember2026-01-012026-03-310001529864us-gaap:RetainedEarningsMember2025-12-3100015298642026-01-012026-03-310001529864us-gaap:TreasuryStockCommonMember2026-01-012026-03-310001529864us-gaap:AdditionalPaidInCapitalMember2026-03-310001529864us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-03-310001529864enva:ClassARevolvingLoanMemberenva:Hwcr2023SecuritizationFacilityMember2026-03-300001529864enva:HwcrTwoThousandTwentyThreeSecuritizationFacilityMemberenva:FundingDebtMember2025-12-310001529864us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001529864enva:ElevenPointTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyEightMember2026-03-310001529864us-gaap:LoansAndFinanceReceivablesMember2026-01-012026-03-310001529864us-gaap:FairValueMeasurementsRecurringMember2025-03-310001529864us-gaap:FairValueInputsLevel2Memberenva:ElevenPointTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyEightMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-03-310001529864enva:OdrAccountTwoThousandTwentyOneOneSecuritizationFacilityMemberenva:FundingDebtMember2026-03-310001529864us-gaap:RetainedEarningsMember2026-03-310001529864us-gaap:AdditionalPaidInCapitalMember2025-12-3100015298642026-03-310001529864us-gaap:FairValueMeasurementsRecurringMember2026-03-310001529864us-gaap:CorporateDebtSecuritiesMember2026-03-310001529864enva:ElevenPointTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyEightMember2025-01-012025-12-310001529864us-gaap:CommonStockMember2024-12-310001529864us-gaap:OtherAssetsMemberenva:OnDeckCapitalAustraliaPtyLimitedMember2025-03-310001529864enva:OndeckAssetSecuritizationIV20231SecuritizationNotesMemberenva:FundingDebtMember2025-12-310001529864enva:TwoThousandAndTwentyFourASecuritizationNotesMemberenva:FundingDebtMember2025-03-310001529864enva:HwcrTwoThousandTwentyThreeSecuritizationFacilityMemberenva:FundingDebtMember2026-01-012026-03-310001529864enva:NinePointOneTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyNineMember2025-01-012025-12-310001529864enva:OndeckAssetSecuritizationIV20242SecuritizationNotesMemberenva:FundingDebtMember2025-03-310001529864enva:NCLOCR2025SecuritizationFacilityMemberenva:FundingDebtMember2026-03-310001529864enva:ConsumerLoansMember2025-01-012025-03-310001529864enva:FundingDebtMemberenva:OnDeckAssetSecuritizationIV20251SecuritizationNotesMember2025-03-310001529864enva:SmallBusinessLoansAndFinanceReceivablesRevenueMember2025-01-012025-03-310001529864enva:NcrTwoThousandAndTwentyTwoSecuritizationFacilityMember2026-03-290001529864enva:ConsumerLoansMember2025-12-310001529864us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001529864us-gaap:CorporateDebtSecuritiesMemberenva:ElevenPointTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyEightMember2026-01-012026-03-310001529864us-gaap:CommonStockMember2025-12-310001529864enva:StateLocalAndForeignJurisdictionTaxAuthorityMember2026-01-012026-03-310001529864enva:Nclocr2024SecuritizationFacilityMember2026-03-300001529864enva:FundingDebtMember2025-12-310001529864us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001529864us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001529864enva:RaodSecuritizationFacilityMemberenva:ClassBRevolvingLoanMemberenva:OnDeckCapitalIncorporationMember2026-03-290001529864us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberenva:ElevenPointTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyEightMember2025-12-310001529864us-gaap:OtherAssetsMemberenva:OnDeckCapitalAustraliaPtyLimitedMember2026-03-310001529864enva:NCLOCR2025SecuritizationFacilityMemberenva:FundingDebtMember2025-12-310001529864us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001529864enva:HwcrTwoThousandTwentyThreeSecuritizationFacilityMemberenva:FundingDebtMember2026-03-310001529864us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001529864us-gaap:CarryingReportedAmountFairValueDisclosureMemberenva:NinePointOneTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyNineMember2025-12-310001529864enva:ElevenPointTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyEightMember2025-03-310001529864us-gaap:CommonStockMember2025-03-310001529864us-gaap:OtherAssetsMemberenva:OnDeckCapitalAustraliaPtyLimitedMember2025-12-310001529864enva:Nclocr2024SecuritizationFacilityMember2026-03-290001529864us-gaap:CorporateDebtSecuritiesMemberenva:NinePointOneTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyNineMember2026-03-3100015298642025-01-012025-03-310001529864enva:NCLOCR2025SecuritizationFacilityMemberenva:FundingDebtMember2026-01-012026-03-310001529864us-gaap:RevolvingCreditFacilityMember2026-03-310001529864enva:OnDeckAssetSecuritizationIV20252SecuritizationNotesMemberenva:FundingDebtMember2025-12-310001529864enva:TwoThousandAndTwentyFourASecuritizationNotesMemberenva:FundingDebtMember2026-01-012026-03-310001529864enva:NcrTwoThousandAndTwentyTwoSecuritizationFacilityMemberenva:FundingDebtMember2025-12-310001529864us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001529864us-gaap:CommonStockMember2025-01-012025-03-310001529864enva:RaodSecuritizationFacilityMemberenva:FundingDebtMember2026-01-012026-03-310001529864enva:OndeckAssetSecuritizationIV20242SecuritizationNotesMemberenva:FundingDebtMember2026-01-012026-03-310001529864enva:ConsumerLoansMember2025-03-310001529864enva:OnDeckAssetSecuritizationIV20252SecuritizationNotesMemberenva:FundingDebtMember2026-01-012026-03-310001529864us-gaap:CommonStockMember2026-03-310001529864enva:ElevenPointTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyEightMember2026-01-012026-03-310001529864enva:DavidFisherMember2026-03-310001529864country:US2025-01-012025-03-310001529864us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310001529864enva:OnDeckAssetSecuritizationIV20251SecuritizationNotesMemberenva:FundingDebtMember2025-12-310001529864us-gaap:CorporateDebtSecuritiesMemberenva:NinePointOneTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyNineMember2026-01-012026-03-310001529864enva:TwoThousandEighteenOneSecuritizationFacilityMemberenva:FundingDebtMember2026-01-012026-03-310001529864us-gaap:RevolvingCreditFacilityMemberus-gaap:CorporateDebtSecuritiesMember2025-12-310001529864enva:RaodSecuritizationFacilityMemberenva:FundingDebtMember2025-03-310001529864enva:Nclocr2024SecuritizationFacilityMemberenva:FundingDebtMember2025-12-310001529864us-gaap:RetainedEarningsMember2025-03-310001529864enva:OndeckAssetSecuritizationIV20231SecuritizationNotesMemberenva:FundingDebtMember2026-01-012026-03-310001529864us-gaap:CorporateDebtSecuritiesMemberenva:NinePointOneTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyNineMember2025-12-310001529864enva:Nclocr2024SecuritizationFacilityMemberenva:FundingDebtMember2026-03-310001529864us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-03-310001529864enva:OndeckAssetSecuritizationIV20242SecuritizationNotesMemberenva:FundingDebtMember2026-03-310001529864enva:SmallBusinessMember2025-12-310001529864enva:TwoThousandAndTwentyFiveASecuritizationNotesMemberenva:FundingDebtMember2025-12-310001529864enva:OndeckAssetSecuritizationIV20242SecuritizationNotesMemberenva:FundingDebtMember2025-12-310001529864us-gaap:FairValueInputsLevel2Memberenva:ElevenPointTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyEightMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001529864enva:OdrAccountTwoThousandTwentyTwoOneSecuritizationFacilityMemberenva:FundingDebtMember2025-12-310001529864us-gaap:TreasuryStockCommonMember2025-03-310001529864enva:ElevenPointTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyEightMember2025-12-310001529864us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-03-310001529864enva:Nclocr2024SecuritizationFacilityMemberenva:FundingDebtMember2026-01-012026-03-310001529864us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001529864us-gaap:NonUsMember2025-01-012025-03-310001529864us-gaap:AdditionalPaidInCapitalMember2024-12-310001529864us-gaap:RevolvingCreditFacilityMemberus-gaap:CorporateDebtSecuritiesMember2025-03-310001529864us-gaap:CarryingReportedAmountFairValueDisclosureMember2026-03-310001529864enva:ClassARevolvingLoanMemberenva:RaodSecuritizationFacilityMemberenva:OnDeckCapitalIncorporationMember2026-03-300001529864us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001529864us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310001529864enva:ConsumerLoansMember2026-01-012026-03-310001529864enva:FundingDebtMemberenva:NcrTwoThousandAndTwentyTwoSecuritizationFacilityMember2026-01-012026-03-310001529864enva:NcrTwoThousandAndTwentyTwoSecuritizationFacilityMember2026-03-300001529864enva:RaodSecuritizationFacilityMemberenva:FundingDebtMember2026-03-310001529864us-gaap:CorporateDebtSecuritiesMemberenva:NinePointOneTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyNineMember2025-03-310001529864us-gaap:TreasuryStockCommonMember2025-01-012025-03-310001529864us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001529864us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001529864enva:OnDeckAssetSecuritizationIV20251SecuritizationNotesMemberenva:FundingDebtMember2026-03-310001529864enva:NcrTwoThousandAndTwentyTwoSecuritizationFacilityMemberenva:FundingDebtMember2025-03-310001529864enva:ClassARevolvingLoanMemberenva:Hwcr2023SecuritizationFacilityMember2026-03-310001529864enva:TwoThousandAndTwentyThreeASecuritizationNotesMemberenva:FundingDebtMember2026-01-012026-03-310001529864us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310001529864enva:TwoThousandAndTwentyFiveASecuritizationNotesMemberenva:FundingDebtMember2026-03-310001529864us-gaap:RevolvingCreditFacilityMember2025-03-310001529864enva:ConsumerLoansMember2024-12-310001529864enva:RaodSecuritizationFacilityMemberenva:OnDeckCapitalIncorporationMember2026-03-2900015298642025-03-310001529864enva:ConsumerLoansMember2026-03-310001529864enva:TwoThousandAndTwentyThreeASecuritizationNotesMemberenva:FundingDebtMember2025-03-310001529864us-gaap:FairValueMeasurementsNonrecurringMember2025-03-310001529864enva:OdrAccountTwoThousandTwentyOneOneSecuritizationFacilityMemberenva:FundingDebtMember2025-12-310001529864enva:NinePointOneTwoFivePercentageSeniorUnsecuredNotesDueTwoThousandTwentyNineMember2025-03-310001529864us-gaap:LoansAndFinanceReceivablesMember2025-01-012025-03-31xbrli:purexbrli:sharesiso4217:USDxbrli:sharesenva:Segmentiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2026

☐ 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 1-35503

Enova International, Inc.

(Exact name of registrant as specified in its charter)


Delaware		45-3190813
(State or other jurisdiction of Incorporation or organization)		(I.R.S. Employer Identification No.)

175 West Jackson Blvd. Chicago, Illinois		60604
(Address of principal executive offices)		(Zip Code)

(312) 568-4200

(Registrant’s telephone number, including area code)

NONE

(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, $.00001 par value per share	ENVA	New York Stock Exchange

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 such files).

Yes ☒ No ☐

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 Exchange Act:


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 Exchange Act. ☐

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

24,884,896 of the Registrant’s common shares, $0.00001 par value, were outstanding as of April 20, 2026.

CAUTIONARY NOTE CONCERNING FACTORS THAT MAY AFFECT FUTURE RESULTS

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on these statements. These forward-looking statements give current expectations or forecasts of future events and reflect the views and assumptions of senior management with respect to the business, financial condition, operations and prospects of Enova International, Inc. and its subsidiaries (collectively, the “Company”). When used in this report, terms such as “believes,” “estimates,” “should,” “could,” “would,” “plans,” “expects,” “intends,” “anticipates,” “may,” “forecast,” “project” and similar expressions or variations as they relate to the Company or its management are intended to identify forward-looking statements. Forward-looking statements address matters that involve risks and uncertainties that are beyond the ability of the Company to control and, in some cases, predict. Accordingly, there are or will be important factors that could cause the Company’s actual results to differ materially from those indicated in these statements. Key factors that could cause the Company’s actual financial results, performance or condition to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, the following:

•

the effect of laws and regulations targeting our industry that directly or indirectly regulate or prohibit our operations or render them unprofitable or impractical;

•

the effect of and compliance with domestic and international consumer credit, tax and other laws and government rules and regulations applicable to our business, including changes in such laws, rules and regulations, or changes in the interpretation or enforcement thereof, and the regulatory and examination authority of the Consumer Financial Protection Bureau with respect to providers of consumer financial products and services in the United States;

•

our ability to consummate the pending acquisition of Grasshopper Bancorp, Inc. and Grasshopper Bank (collectively, “Grasshopper”) and, if consummated, to successfully integrate Grasshopper Bank’s insured bank functionality into our business and satisfy new regulatory requirements associated with owning an insured bank;

•

the possibility that the anticipated benefits and synergies of the Grasshopper transaction are not realized when expected or at all, and that the proposed transaction may be more expensive to complete than anticipated, as well as the diversion of management’s attention prior to and following the consummation of the transaction from ongoing business operations and opportunities;

•

the effect of and compliance with enforcement actions, orders and agreements issued by applicable regulators;

•

changes in federal or state laws or regulations, or judicial decisions involving licensing or supervision of commercial lenders, interest rate limitations, the enforceability of choice of law provisions in loan agreements, the validity of bank sponsor partnerships, the use of brokers or other significant changes;

•

our ability to process or collect loans and finance receivables through the Automated Clearing House system;

•

the deterioration of the political, regulatory or economic environment in countries where we operate or in the future may operate;

•

the actions of third parties who provide, acquire or offer products and services to, from or for us;

•

public and regulatory perception of the consumer loan business, small business financing and our business practices;

•

the effect of any current or future litigation proceedings and any judicial decisions or rulemaking that affects us, our products or the legality or enforceability of our arbitration agreements;

•

changes in demand for our services, changes in competition and the continued acceptance of the online channel by our customers;

•

changes in our ability to satisfy our debt obligations or to refinance existing debt obligations or obtain new capital to finance growth;

•

a prolonged interruption in the operations of our facilities, systems and business functions, including our information technology and other business systems;

•

compliance with laws and regulations applicable to our international operations, including anti-corruption laws such as the Foreign Corrupt Practices Act and international anti-money laundering, trade and economic sanctions laws;

•

our ability to attract and retain qualified officers;

•

impacts on our business as the result of the January 2026 executive management changes;

•

cyber-attacks or security breaches;

•

acts of God, war or terrorism, pandemics and other events;

•

inflation, interest rate and foreign currency exchange rate fluctuations;

•

changes or adverse volatility in the capital markets, including the debt and equity markets;

•

the effect of any of the above changes on our business or the markets in which we operate;

•

the impact of shifting or uncertain economic conditions on our business and on our consumer and small business customers;

•

risks related to any other acquisitions the Company may undertake in the future, including that the Company will not be able to successfully integrate any such acquired companies or that costs associated with such integration are higher than anticipated;

•

the cost savings, synergies, growth and cash flows anticipated from any such acquisitions will not be fully realized or will take longer to realize than expected;

•

litigation risk related to acquisitions; and

•

other risks and uncertainties described herein.

The foregoing list of factors is not exhaustive and new factors may emerge or changes to these factors may occur that would impact the Company’s business and cause actual results to differ materially from those expressed in any of our forward-looking statements. Additional information regarding these and other factors may be contained in the Company’s filings with the Securities and Exchange Commission (the “SEC”). Readers of this report are encouraged to review the Company’s filings with the SEC, including the risks described under “Risk Factors” contained in the Company’s Form 10-K and any updates to those risk factors contained in subsequent Forms 10-Q, to obtain more detail about the Company’s risks and uncertainties. All forward-looking statements involve risks, assumptions and uncertainties. The occurrence of the events described, and the achievement of the expected results, depends on many events, some or all of which are not predictable or within the Company’s control. If one or more events related to these or other risks or uncertainties materialize, or if management’s underlying assumptions prove to be incorrect, actual results may differ materially from what the Company anticipates. The forward-looking statements in this report are made as of the date of this report, and the Company disclaims any intention or obligation to update or revise any forward-looking statements to reflect events or circumstances occurring after the date of this report. All forward-looking statements in this report are expressly qualified in their entirety by the foregoing cautionary statements.

ENOVA INTERNATIONAL, INC.

INDEX TO FORM 10-Q


		Page
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)
	Consolidated Balance Sheets – March 31, 2026 and 2025 and December 31, 2025	1
	Consolidated Statements of Income – Three Months Ended March 31, 2026 and 2025	3
	Consolidated Statements of Comprehensive Income – Three Months Ended March 31, 2026 and 2025	4
	Consolidated Statements of Stockholders’ Equity – Three Months Ended March 31, 2026 and 2025	5
	Consolidated Statements of Cash Flows – Three Months Ended March 31, 2026 and 2025	6
	Notes to Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35
Item 4.	Controls and Procedures	35

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	37
Item 1A.	Risk Factors	37
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 3.	Defaults upon Senior Securities	37
Item 4.	Mine Safety Disclosures	37
Item 5.	Other Information	38
Item 6.	Exhibits	39

SIGNATURES		40

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)

(Unaudited)


	March 31,						December 31,
	2026			2025			2025
Assets
Cash and cash equivalents(1)	$	96,130		$	55,514		$	71,709
Restricted cash(1)		325,226			256,342			336,154
Loans and finance receivables at fair value(1)		5,872,957			4,569,819			5,471,544
Income taxes receivable		41,020			48,117			40,901
Other receivables and prepaid expenses(1)		74,149			71,617			80,870
Property and equipment, net		135,666			124,791			132,566
Operating lease right-of-use assets		15,926			17,607			16,549
Goodwill		279,275			279,275			279,275
Intangible assets, net		2,410			8,937			3,660
Other assets(1)		34,492			25,239			35,204
Total assets	$	6,877,251		$	5,457,258		$	6,468,432
Liabilities and Stockholders’ Equity
Accounts payable and accrued expenses(1)	$	282,112		$	237,420		$	305,849
Operating lease liabilities		31,713			32,144			32,041
Deferred tax liabilities, net		329,101			233,693			295,437
Long-term debt(1)		4,832,542			3,757,351			4,498,381
Total liabilities		5,475,468			4,260,608			5,131,708
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.00001 par value, 250,000,000 shares authorized, 47,904,945, 47,085,738 and 47,441,228 shares issued and 24,920,150, 25,559,390 and 24,715,608 outstanding as of March 31, 2026 and 2025 and December 31, 2025, respectively		—			—			—
Preferred stock, $0.00001 par value, 25,000,000 shares authorized, no shares issued and outstanding		—			—			—
Additional paid in capital		380,534			337,679			370,078
Retained earnings		2,097,242			1,770,699			2,006,143
Accumulated other comprehensive loss		(6,406	)		(10,782	)		(9,500	)
Treasury stock, at cost (22,984,795, 21,526,348 and 22,725,620 shares as of March 31, 2026 and 2025 and December 31, 2025, respectively)		(1,069,587	)		(900,946	)		(1,029,997	)
Total stockholders’ equity		1,401,783			1,196,650			1,336,724
Total liabilities and stockholders’ equity	$	6,877,251		$	5,457,258		$	6,468,432

(1) Includes amounts in wholly-owned, bankruptcy-remote special purpose subsidiaries (“VIEs”) presented separately in the table below.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)

(Unaudited)

The following table presents the aggregated assets and liabilities of consolidated VIEs, which are included in the Consolidated Balance Sheets above. The assets in the table below may only be used to settle obligations of consolidated VIEs and are in excess of those obligations. See Note 1 for additional information.


	March 31,				December 31,
	2026		2025		2025
Assets of consolidated VIEs, included in total assets above
Cash and cash equivalents	$	562	$	338	$	672
Restricted cash		264,780		227,800		292,826
Loans and finance receivables at fair value		4,652,258		3,255,651		4,227,546
Other receivables and prepaid expenses		21		28		27
Other assets		7,747		8,908		7,547
Total assets	$	4,925,368	$	3,492,725	$	4,528,618
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable and accrued expenses	$	15,884	$	12,170	$	12,960
Long-term debt		3,334,297		2,420,041		3,015,120
Total liabilities	$	3,350,181	$	2,432,211	$	3,028,080

See notes to consolidated financial statements.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(Unaudited)


	Three Months Ended
	March 31,
	2026			2025
Revenue	$	875,142		$	745,541
Change in Fair Value		(346,183	)		(319,359	)
Net Revenue		528,959			426,182
Operating Expenses
Marketing		189,415			139,291
Operations and technology		75,751			62,462
General and administrative		47,778			42,464
Depreciation and amortization		8,909			10,061
Total Operating Expenses		321,853			254,278
Income from Operations		207,106			171,904
Interest expense, net		(94,046	)		(80,544	)
Foreign currency transaction loss		(496	)		(452	)
Equity method investment income		301			120
Income before Income Taxes		112,865			91,028
Provision for income taxes		21,766			18,083
Net income	$	91,099		$	72,945
Earnings Per Share
Earnings per common share:
Basic	$	3.66		$	2.84
Diluted	$	3.46		$	2.69
Weighted average common shares outstanding:
Basic		24,874			25,676
Diluted		26,349			27,104

See notes to consolidated financial statements.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(Unaudited)


	Three Months Ended
	March 31,
	2026		2025
Net income	$	91,099	$	72,945
Other comprehensive gain (loss), net of tax:
Foreign currency translation gain(1)		3,094		2,909
Total other comprehensive income, net of tax		3,094		2,909
Comprehensive Income	$	94,193	$	75,854

(1) Net of tax (provision) benefit of $(967) and $(914) for the three months ended March 31, 2026 and 2025, respectively.

See notes to consolidated financial statements.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)

(Unaudited)



									Accumulated
					Additional				Other									Total
	Common Stock				Paid in		Retained		Comprehensive			Treasury Stock, at cost						Stockholders’
	Shares		Amount		Capital		Earnings		Loss			Shares			Amount			Equity
Balance at December 31, 2024		46,521	$	—	$	328,268	$	1,697,754	$	(13,691	)		(20,713	)	$	(815,407	)	$	1,196,924
Stock-based compensation expense		—		—		7,936		—		—			—			—			7,936
Shares issued for vested RSUs		506		—		—		—		—			—			—			—
Shares issued for stock option exercises		59		—		1,475		—		—			—			—			1,475
Net income		—		—		—		72,945		—			—			—			72,945
Foreign currency translation gain, net of tax		—		—		—		—		2,909			—			—			2,909
Purchases of treasury shares, at cost		—		—		—		—		—			(813	)		(85,539	)		(85,539	)
Balance at March 31, 2025		47,086	$	—	$	337,679	$	1,770,699	$	(10,782	)		(21,526	)	$	(900,946	)	$	1,196,650

Balance at December 31, 2025		47,441	$	—	$	370,078	$	2,006,143	$	(9,500	)		(22,726	)	$	(1,029,997	)	$	1,336,724
Stock-based compensation expense		—		—		8,709		—		—			—			—			8,709
Shares issued for vested RSUs		387		—		—		—		—			—			—			—
Shares issued for stock option exercises		77		—		1,747		—		—			—			—			1,747
Net income		—		—		—		91,099		—			—			—			91,099
Foreign currency translation gain, net of tax		—		—		—		—		3,094			—			—			3,094
Purchases of treasury shares, at cost		—		—		—		—		—			(259	)		(39,590	)		(39,590	)
Balance at March 31, 2026		47,905	$	—	$	380,534	$	2,097,242	$	(6,406	)		(22,985	)	$	(1,069,587	)	$	1,401,783

See notes to consolidated financial statements.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)


	Three Months Ended
	March 31,
	2026			2025
Cash Flows from Operating Activities
Net income	$	91,099		$	72,945
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		8,909			10,061
Amortization of deferred loan costs and debt discount		4,306			3,837
Change in fair value of loans and finance receivables		344,300			317,480
Stock-based compensation expense		8,709			7,936
Operating leases, net		295			485
Deferred income taxes, net		32,698			9,189
Changes in operating assets and liabilities:
Finance and service charges on loans and finance receivables		(4,676	)		3,177
Other receivables and prepaid expenses and other assets		9,665			(8,510	)
Accounts payable and accrued expenses		(32,617	)		(34,384	)
Current income taxes		11,852			8,928
Net cash provided by operating activities		474,540			391,144
Cash Flows from Investing Activities
Loans and finance receivables originated or acquired		(2,152,907	)		(1,602,358	)
Loans and finance receivables repaid		1,410,286			1,105,643
Capitalization of software development costs and purchases of fixed assets		(10,751	)		(12,875	)
Net cash used in investing activities		(753,372	)		(509,590	)
Cash Flows from Financing Activities
Borrowings under revolving line of credit		578,000			402,000
Repayments under revolving line of credit		(564,000	)		(402,000	)
Borrowings under securitization facilities		357,964			494,696
Repayments under securitization facilities		(40,755	)		(299,314	)
Debt issuance costs paid		(1,247	)		(3,991	)
Proceeds from exercise of stock options		1,747			1,475
Treasury shares purchased		(39,590	)		(85,539	)
Net cash provided by financing activities		292,119			107,327
Effect of exchange rates on cash, cash equivalents and restricted cash		206			307
Net increase (decrease) in cash, cash equivalents and restricted cash		13,493			(10,812	)
Cash, cash equivalents and restricted cash at beginning of year		407,863			322,668
Cash, cash equivalents and restricted cash at end of period	$	421,356		$	311,856

Supplemental Disclosures
Non-cash renewal of loans and finance receivables	$	128,394		$	115,497

See notes to consolidated financial statements.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1. Significant Accounting Policies

Nature of the Company

Enova International, Inc. and its subsidiaries (collectively, the “Company”) operate an internet-based lending platform to serve customers in need of cash to fulfill their financial responsibilities. Through a network of direct and indirect marketing channels, the Company offers funds to its customers through a variety of loan and finance receivable products that are primarily unsecured. The business is operated primarily through the internet to provide convenient, fully-automated financial solutions to its customers. The Company provides financing to small businesses through either installment loans or line of credit accounts and originates, guarantees, purchases or purchases a participating interest in consumer installment loans or line of credit accounts. The Company also provides services related to a third-party lender’s consumer loan products in Texas by acting as a credit services organization or credit access business on behalf of consumers in accordance with applicable state laws (“CSO program”).

Basis of Presentation

The consolidated financial statements of the Company included herein have been prepared on the basis of accounting principles generally accepted in the United States (“GAAP”) and reflect the historical results of operations and cash flows of the Company during each respective period. The consolidated financial statements include goodwill and intangible assets arising from businesses previously acquired. The financial information included herein may not be indicative of the consolidated financial position, operating results, changes in stockholders’ equity and cash flows of the Company in the future. Intercompany transactions are eliminated.

The Company consolidates any VIE where it has been determined it is the primary beneficiary. The primary beneficiary is the entity which has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance as well as the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE.

The consolidated financial statements presented as of March 31, 2026 and 2025 and for the three-month periods ended March 31, 2026 and 2025 are unaudited but, in management’s opinion, include all adjustments necessary for a fair presentation of the results for such interim periods. Operating results for the three-month period are not necessarily indicative of the results that may be expected for the full fiscal year.

These consolidated financial statements and related notes should be read in conjunction with the Company’s audited consolidated financial statements as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023 and related notes, which are included on Form 10-K filed with the SEC on February 20, 2026.

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheets (in thousands):


	March 31,
	2026		2025
Cash and cash equivalents	$	96,130	$	55,514
Restricted cash		325,226		256,342
Total cash, cash equivalents and restricted cash	$	421,356	$	311,856

Revenue Recognition

The Company recognizes revenue based on the financing products and services it offers and on loans it acquires. “Revenue” in the consolidated statements of income primarily includes interest income, statement and draw fees on line of credit accounts, fees for services provided through the Company’s CSO program (“CSO fees”), origination fees and other fees as permitted by applicable laws and pursuant to the agreement with the customer. Interest income is generally recognized on an effective yield basis over the contractual term of the loan on installment loans or the estimated outstanding period of the draw on line of credit accounts. Statement fees on line of credit accounts are similar to interest charges and are generally recognized similarly to interest income. Draw fees on line of credit accounts are generally recognized at the time of draw. CSO fees are recognized over the term of the loan. Origination fees are charged to customers on certain installment loan products and are recognized upon origination.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Loans and Finance Receivables

The Company utilizes the fair value option on its entire loan and finance receivable portfolio. As such, loans and finance receivables are carried at fair value in the consolidated balance sheet with changes in fair value recorded in the consolidated income statement. To derive the fair value, the Company generally utilizes discounted cash flow analyses that factor in estimated losses, prepayments and servicing costs over the estimated duration of the underlying assets. Loss, prepayment and servicing cost assumptions are determined using historical data and include appropriate consideration of recent trends and anticipated future performance. Future cash flows are discounted using a rate of return that the Company believes a market participant would require. Accrued and unpaid interest and fees are included in “Loans and finance receivables at fair value” in the consolidated balance sheets.

If a loan is renewed or refinanced, the renewal or refinanced loan is considered a new loan. The Company generally does not consider modifications that do not necessitate the customer to sign a new loan agreement to be new loans.

Current and Delinquent Loans and Finance Receivables

The Company classifies its loans and finance receivables as either current or delinquent. When a customer does not make a scheduled payment in full as of the due date, the receivable is considered delinquent. For the OnDeck portfolio, there is no accrual of interest income on loans when the customer misses their most recent payment. Excluding the OnDeck portfolio, there is no accrual of interest income on loans when a customer falls more than one payment behind. Loans may be returned to accrual status if the customer rectifies and the loan no longer meets non-accrual criteria. The Company allows for normal payment processing time before considering a loan delinquent but does not provide for any additional grace period.

The Company offers certain forbearance options on its loan products with features such as payment deferrals without the incurrence of additional finance charges or late fees. If a loan is deemed to be current and the customer makes a deferral or payment modification, the loan is still deemed to be current until the next scheduled payment is missed.

For consumer loans and finance receivables, the Company generally charges off a delinquent loan after 65 days past due, or earlier if deemed uncollectible at that point. For small business loans and finance receivables, the Company generally charges off a loan or finance receivable when it is probable that it will be unable to collect all of the remaining principal payments, which is generally after 90 days of delinquency and 30 days of non-activity. Recoveries on loans and finance receivables that were previously charged off are generally recognized when collected or sold.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. In accordance with Accounting Standards Codification (“ASC”) 350, Intangibles—Goodwill and Other, the Company tests goodwill and intangible assets with an indefinite life for potential impairment annually as of October 1 and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value below its carrying amount.

The Company first assesses qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. In assessing the qualitative factors, management considers relevant events and circumstances including but not limited to macroeconomic conditions, industry and market environment, overall financial performance of the Company, cash flow from operating activities, market capitalization and stock price. If the Company determines that the quantitative impairment test is required, management uses the income approach to complete its annual goodwill assessment. The income approach uses future cash flows and estimated terminal values for the Company that are discounted using a market participant perspective to determine the fair value, which is then compared to the carrying value to determine if there is impairment. The income approach includes assumptions about revenue growth rates, operating margins and terminal growth rates discounted by an estimated weighted-average cost of capital derived from other publicly-traded companies that are similar but not identical from an operational and economic standpoint.

Marketing Expenses

Marketing expenses consist of digital costs, lead purchase costs and offline marketing costs such as television and direct mail advertising. All marketing expenses are expensed as incurred.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Investments in Unconsolidated Investees

The Company owns a 20% equity interest in On Deck Capital Australia PTY LTD (“OnDeck Australia”), which is recorded using the equity method of accounting. As of March 31, 2026 and 2025 and December 31, 2025, the carrying value of the Company's ownership in OnDeck Australia was $0.3 million, $0.2 million and $1.5 million, respectively.

Equity method income has been included in “Equity method investment income” in the consolidated income statements.

Variable Interest Entities

As part of the Company’s overall funding strategy and as part of its efforts to support its liquidity from sources other than traditional capital market sources, the Company has established a securitization program through its various securitization facilities. The Company transfers certain loan receivables to VIEs, which issue notes backed by the underlying loan receivables and are serviced by other wholly-owned subsidiaries of the Company. The cash flows from the loans held by the VIEs are used to repay obligations under the notes.

The Company is required to evaluate the VIEs for consolidation. The Company has the ability to direct the activities of the VIEs that most significantly impact the economic performance of the entities as the servicer of the securitized loan receivables. Additionally, the Company has the right to returns related to servicing fee revenue from the VIEs and to receive residual payments, which expose it to potentially significant losses and returns. Accordingly, the Company determined it is the primary beneficiary of the VIEs and is required to consolidate them. The assets and liabilities related to the VIEs are included in the Company’s consolidated financial statements and are accounted for as secured borrowings.

Accounting Standards to be Adopted in Future Periods

In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which modernizes the recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and for interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-06 on the consolidated financial statements.

2. Loans and Finance Receivables

Revenue generated from the Company’s loans and finance receivables for the three months ended March 31, 2026 and 2025 was as follows (in thousands):


	Three Months Ended
	March 31,
	2026		2025
Consumer loans and finance receivables revenue	$	445,807	$	430,825
Small business loans and finance receivables revenue		417,500		304,596
Total loans and finance receivables revenue		863,307		735,421
Other		11,835		10,120
Total revenue	$	875,142	$	745,541

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Loans and Finance Receivables at Fair Value

The components of Company-owned loans and finance receivables at March 31, 2026 and 2025 and December 31, 2025 were as follows (in thousands):


	As of March 31, 2026
			Small
	Consumer		Business		Total
Principal balance - accrual	$	1,291,997	$	3,390,248	$	4,682,245
Principal balance - non-accrual		145,367		270,936		416,303
Total principal balance		1,437,364		3,661,184		5,098,548

Accrued interest and fees		123,692		35,471		159,163

Loans and finance receivables at fair value - accrual		1,694,001		3,921,494		5,615,495
Loans and finance receivables at fair value - non-accrual		69,551		187,911		257,462
Loans and finance receivables at fair value	$	1,763,552	$	4,109,405	$	5,872,957
Difference between principal balance and fair value	$	326,188	$	448,221	$	774,409


	As of March 31, 2025
			Small
	Consumer		Business		Total
Principal balance - accrual	$	1,190,589	$	2,464,926	$	3,655,515
Principal balance - non-accrual		136,179		172,725		308,904
Total principal balance		1,326,768		2,637,651		3,964,419

Accrued interest and fees		122,743		30,083		152,826

Loans and finance receivables at fair value - accrual		1,571,378		2,876,013		4,447,391
Loans and finance receivables at fair value - non-accrual		44,959		77,469		122,428
Loans and finance receivables at fair value	$	1,616,337	$	2,953,482	$	4,569,819
Difference between principal balance and fair value	$	289,569	$	315,831	$	605,400


	As of December 31, 2025
			Small
	Consumer		Business		Total
Principal balance - accrual	$	1,294,991	$	3,079,986	$	4,374,977
Principal balance - non-accrual		151,947		221,090		373,037
Total principal balance		1,446,938		3,301,076		4,748,014

Accrued interest and fees		126,825		27,448		154,273

Loans and finance receivables at fair value - accrual		1,694,851		3,550,186		5,245,037
Loans and finance receivables at fair value - non-accrual		69,618		156,889		226,507
Loans and finance receivables at fair value	$	1,764,469	$	3,707,075	$	5,471,544
Difference between principal balance and fair value	$	317,531	$	405,999	$	723,530

As of March 31, 2026 and 2025 and December 31, 2025, the aggregate fair value of loans and finance receivables that were 90 days or more past due was $49.5 million, $30.9 million and $41.5 million, respectively, of which, $37.8 million, $14.8 million and $30.1 million, respectively, was in non-accrual status. The aggregate unpaid principal balance for loans and finance receivables that were 90 days or more past due was $72.5 million, $65.7 million and $60.7 million, respectively.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Changes in the fair value of Company-owned loans and finance receivables during the three months ended March 31, 2026 and 2025 were as follows (in thousands):


	Three Months Ended March 31, 2026
				Small
	Consumer			Business			Total
Balance at beginning of period	$	1,764,469		$	3,707,075		$	5,471,544
Originations or acquisitions(1)		547,516			1,733,785			2,281,301
Interest and fees(2)		445,807			417,500			863,307
Repayments		(781,891	)		(1,620,196	)		(2,402,087	)
Charge-offs, net(3)		(227,637	)		(162,957	)		(390,594	)
Net change in fair value(3)		12,096			34,198			46,294
Effect of foreign currency translation		3,192			—			3,192
Balance at end of period	$	1,763,552		$	4,109,405		$	5,872,957


	Three Months Ended March 31, 2025
				Small
	Consumer			Business			Total
Balance at beginning of period	$	1,639,307		$	2,747,137		$	4,386,444
Originations or acquisitions(1)		496,622			1,221,234			1,717,856
Interest and fees(2)		430,825			304,596			735,421
Repayments		(736,766	)		(1,219,062	)		(1,955,828	)
Charge-offs, net(3)		(227,785	)		(122,551	)		(350,336	)
Net change in fair value(3)		10,728			22,128			32,856
Effect of foreign currency translation		3,406			—			3,406
Balance at end of period	$	1,616,337		$	2,953,482		$	4,569,819

(1) Originations or acquisitions is presented on a cost basis.

(2) Included in “Revenue” in the consolidated statements of income.

(3) Included in “Change in Fair Value” in the consolidated statements of income.

Guarantees of Consumer Loans

In connection with its CSO program, the Company guarantees consumer loan payment obligations to an unrelated third-party lender for consumer loans and is required to purchase any defaulted loans it has guaranteed. The guarantee represents an obligation to purchase specific loans that go into default. As of March 31, 2026 and 2025 and December 31, 2025, the consumer loans guaranteed by the Company had an estimated fair value of $20.9 million, $21.2 million and $26.1 million, respectively, and an outstanding principal balance of $14.8 million, $14.8 million and $18.7 million, respectively. As of March 31, 2026 and 2025 and December 31, 2025, the amount of consumer loans, including principal, fees and interest, guaranteed by the Company was $17.9 million, $18.0 million and $22.3 million, respectively. These loans are not included in the consolidated balance sheets as the Company does not own the loans prior to default.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

3. Long-term Debt

The Company’s long-term debt instruments and balances outstanding as of March 31, 2026 and 2025 and December 31, 2025, including maturity date, weighted average interest rate and borrowing capacity as of March 31, 2026, were as follows (dollars in thousands):


			Weighted				Outstanding
	Revolving		average	Borrowing			March 31,						December 31,
	period end date	Maturity date	interest rate(1)	capacity			2026			2025			2025
Funding Debt:
ODAS IV 2025-2 Securitization Notes	October 2028	November 2032	5.65%	$	261,434		$	261,434		$	—		$	261,434
ODAS IV 2025-1 Securitization Notes	March 2028	April 2032	5.89%		261,392			261,392			261,392			261,392
ODAS IV 2024-2 Securitization Notes	September 2027	October 2031	5.78%		261,353			261,353			261,353			261,353
2025-A Securitization Notes	—	October 2031	7.29%		72,499			72,499			—			93,331
ODAS IV 2024-1 Securitization Notes	May 2027	June 2031	6.84%		399,574			399,574			399,574			399,574
2024-A Securitization Notes	—	October 2030	8.31%		34,868			34,868			98,431			45,510
ODAS IV 2023-1 Securitization Notes	July 2026	August 2030	7.66%		227,051			227,051			227,051			227,051
ODR 2021-1 Securitization Facility	November 2027	November 2028	6.73%		246,667			246,667			68,338			202,890
NCR 2022 Securitization Facility	October 2026	October 2028	7.93%		275,000			200,000			145,207			175,194
NCLOCR 2025 Securitization Facility	July 2027	July 2028	7.92%		150,000			130,000			—			90,000
NCLOCR 2024 Securitization Facility	February 2027	February 2028	9.17%		200,000			150,000			115,000			90,000
2023-A Securitization Notes	—	December 2027	—		—			—			25,240			9,282
RAOD Securitization Facility	November 2026	November 2027	6.41%		355,263			236,842			158,846			236,842
HWCR 2023 Securitization Facility	September 2026	September 2027	8.01%		621,183			487,595			373,214			473,214
ODR 2022-1 Securitization Facility	June 2026	June 2027	7.44%		420,000			377,325			268,342			202,325
2018-1 Securitization Facility	March 2025	March 2026	—		—			—			32,200			—
Total funding debt			7.08%	$	3,786,284		$	3,346,600		$	2,434,188		$	3,029,392
Corporate Debt:
Revolving line of credit	August 2029	August 2029	6.98%	$	825,000	(2)	$	610,000		$	453,000		$	596,000
9.125% senior notes due 2029	—	August 2029	9.13%		500,000			500,000			500,000			500,000
11.25% senior notes due 2028	—	December 2028	11.25%		400,000			400,000			400,000			400,000
Total corporate debt			8.82%	$	1,725,000		$	1,510,000		$	1,353,000		$	1,496,000
Less: Long-term debt issuance costs							$	(21,879	)	$	(26,638	)	$	(24,581	)
Less: Debt discounts								(2,179	)		(3,199	)		(2,430	)
Total long-term debt							$	4,832,542		$	3,757,351		$	4,498,381

(1) The weighted average interest rate is determined based on the rates and principal balances on March 31, 2026. It does not include the impact of the amortization of deferred loan origination costs or debt discounts.

(2) The Company had outstanding letters of credit under the Revolving line of credit of $0.4 million as of March 31, 2026 and 2025 and December 31, 2025.

Weighted average interest rates on long-term debt were 8.18% and 8.91% during the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026 and 2025 and December 31, 2025, the Company was in compliance with all financial ratios and covenants set forth in the prevailing long-term debt agreements.

Recent Updates to Debt Facilities

NCR 2022 Securitization Facility

On March 30, 2026, the loan securitization facility for NetCredit Receivables 2022, LLC (the “NCR 2022 Securitization Facility”) was amended to, among other changes, increase the revolving commitment from $200.0 million to $275.0 million.

NCLOCR 2024 Securitization Facility

On March 30, 2026, the loan securitization facility for NetCredit LOC Receivables 2024, LLC (the “NCLOCR 2024 Securitization Facility”) was amended to, among other changes, increase the revolving commitment from $150.0 million to $200.0 million.

RAOD Securitization Facility

On March 30, 2026, the loan securitization facility for Receivable Assets of OnDeck, LLC (the “RAOD Securitization Facility”) was amended to, among other changes, increase the Class A revolving commitment from $200.0 million to $300.0 million, the Class B revolving commitment from $36.8 million to $55.3 million and the total facility commitment from $236.8 million to $355.3 million.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

HWCR 2023 Securitization Facility

On March 31, 2026, the loan securitization facility for HWC Receivables 2023, LLC (the “HWCR 2023 Securitization Facility”) was amended to, among other changes, increase the Class A revolving commitment from $365.0 million to $465.0 million, the Class B revolving commitment from $122.6 million to $156.2 million and the total facility commitment from $487.6 million to $621.2 million.

4. Income Taxes

The Company’s effective tax rate for the three months ended March 31, 2026 was 19.3% compared to 19.9% for the three months ended March 31, 2025. The decrease is primarily attributable to higher excess tax benefits on stock compensation due to stock price appreciation and interest income on a federal income tax refund during the three months ended March 31, 2026, partially offset by increased interest expense on unrecognized tax benefits.

As of March 31, 2026, the balance of unrecognized tax benefits, inclusive of interest and penalties, was $133.7 million, of which $115.2 million is included in “Accounts payable and accrued expenses” on the consolidated balance sheet, with the remaining $18.5 million recorded as a reduction to deferred tax assets. This balance consists of a temporary component of $120.7 million, for which there is an equal and offsetting deferred tax asset, and a permanent component of $13.0 million, which, if recognized, would favorably affect the effective tax rate in the period of recognition. As of March 31, 2025, the balance of unrecognized tax benefits, inclusive of interest and penalties, was $106.2 million, of which $98.8 million was included in “Accounts payable and accrued expenses” on the consolidated balance sheet, with the remaining $7.4 million recorded as a reduction of deferred tax assets. The balance of $106.2 million included a permanent component of $8.4 million. As of December 31, 2025, the Company had $126.5 million of unrecognized tax benefits, inclusive of interest and penalties, of which $103.2 million was included in “Accounts payable and accrued expenses” on the consolidated balance sheet. The remaining $23.3 million was recorded as a reduction to deferred tax assets. The balance of $126.5 million at December 31, 2025 included a permanent component of $11.4 million. Based on the expiration of the statute of limitations for certain jurisdictions, the Company believes it is reasonably possible that, within the next twelve months, unrecognized tax benefits could decrease by approximately $1.1 million. The Company believes that it has adequately accounted for any material tax uncertainties in its existing reserves for all open tax years.

The Company’s U.S. tax returns are subject to examination by federal and state taxing authorities. The statute of limitations related to the Company’s consolidated Federal income tax returns is closed for all tax years up to and including 2021. The years open to examination by state, local and foreign government authorities vary by jurisdiction, but the statute of limitation is generally three years from the date the tax return is filed. For jurisdictions that have generated net operating losses, carryovers may be subject to the statute of limitations applicable for the year those carryovers are utilized. In these cases, the period for which the losses may be adjusted will extend to conform with the statute of limitations for the year in which the losses are utilized. In most circumstances, this is expected to increase the length of time that the applicable taxing authority may examine the carryovers by one year or longer, in limited cases.

5. Earnings Per Share

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the treasury share method, by giving effect to the potential dilution that could occur if securities or other contracts to issue common shares were exercised and converted into common shares during the period. Restricted stock units issued under the Company’s stock-based employee compensation plans are included in diluted shares upon the granting of the awards even though the vesting of shares will occur over time.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

The following table sets forth the reconciliation of numerators and denominators of basic and diluted earnings per share computations for the three months ended March 31, 2026 and 2025 (in thousands, except per share amounts):


	Three Months Ended
	March 31,
	2026		2025
Numerator:
Net income	$	91,099	$	72,945
Denominator:
Total weighted average basic shares		24,874		25,676
Shares applicable to stock-based compensation		1,475		1,428
Total weighted average diluted shares		26,349		27,104
Earnings per common share:
Earnings per common share – basic	$	3.66	$	2.84
Earnings per common share – diluted	$	3.46	$	2.69

For the three months ended March 31, 2026 and 2025, there were 68,742 and 137,133 shares of common stock underlying stock options, respectively, and 106,870 and 161,732 shares of common stock underlying restricted stock units, respectively, that were excluded from the calculation of diluted net income per share because their effect would have been antidilutive.

6. Operating Segment Information

The Company provides online financial services to non-prime credit consumers and small businesses in the United States and Brazil. The Company has one reportable segment, which is composed of the Company’s domestic and international operations and corporate services. The Company has aggregated all components of its business into a single operating segment based on the similarities of the economic characteristics, the nature of the products and services, the nature of the production and distribution methods, the shared technology platforms, the type of customer and the nature of the regulatory environment. The Company's Chief Operating Decision Maker, its Chief Executive Officer, is regularly provided with significant segment expenses at a similar level and category as is disclosed in the Consolidated Statements of Income; as such, separate presentation is not provided in this Note.

Geographic Information

The following table presents the Company’s revenue by geographic region for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended
	March 31,
	2026		2025
Revenue
United States	$	851,541	$	727,760
Other international countries		23,601		17,781
Total revenue	$	875,142	$	745,541

The Company’s long-lived assets, which consist of the Company’s property and equipment, were $135.7 million, $124.8 million and $132.6 million at March 31, 2026 and 2025 and December 31, 2025, respectively. The operations for the Company’s domestic and international businesses are primarily located within the United States, and the value of any long-lived assets located outside of the United States is immaterial.

7. Commitments and Contingencies

Litigation

On April 23, 2018, the Commonwealth of Virginia, through Attorney General Mark R. Herring, filed a lawsuit in the Circuit Court for the County of Fairfax, Virginia against NC Financial Solutions of Utah, LLC (“NC Utah”), a subsidiary of the Company. The lawsuit alleged violations of the Virginia Consumer Protection Act relating to NC Utah’s communications with customers, collections of certain payments, its loan agreements, and the rates it charged to Virginia borrowers. The plaintiff sought to enjoin NC Utah from continuing its lending practices in Virginia, restitution, civil penalties, and costs and expenses in connection with the same. In January 2026, the

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

parties entered into a Consent Decree to resolve the matter. Under the Consent Decree, NC Utah denied the allegations contained in the complaint and agreed to a payment of $3.4 million, comprised of $3.1 million in customer restitution, $0.2 million in fees and costs and $0.1 million in administration expenses. Additionally, NC Utah agreed to modify certain outstanding loans at reduced interest rates and forgive approximately $87.0 million of previously charged-off receivables. As the payment of $3.4 million had been accrued in prior years and the forgiven loans charged off in prior years, there was no material impact to the Company’s consolidated income statements for the three months ended March 31, 2026 and 2025.

The Company is also involved in certain routine legal proceedings, claims and litigation matters encountered in the ordinary course of its business. Certain of these matters may be covered to an extent by insurance or by indemnification agreements with third parties. The Company has recorded accruals in its consolidated financial statements for those matters in which it is probable that it has incurred a loss and the amount of the loss, or range of loss, can be reasonably estimated. In the opinion of management, the resolution of these matters will not have a material adverse effect on the Company’s financial position, results of operations or liquidity.

8. Fair Value Measurements

Recurring Fair Value Measurements

The Company uses a hierarchical framework that prioritizes and ranks the market observability of inputs used in its fair value measurements. Market price observability is affected by a number of factors, including the type of asset or liability and the characteristics specific to the asset or liability being measured. Assets and liabilities with readily available, active, quoted market prices or for which fair value can be measured from actively quoted prices generally are deemed to have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The Company classifies the inputs used to measure fair value into one of three levels as follows:

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

Level 2: Inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable.

Level 3: Unobservable inputs for the asset or liability measured.

Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company’s market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability may fall into different levels of the fair value hierarchy. In those cases, the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level of input that is significant to the entire measurement. Such determination requires significant management judgment.

During the three months ended March 31, 2026 and 2025, there were no transfers of assets or liabilities in or out of Level 3 fair value measurements. It is the Company’s policy to value any transfers between levels of the fair value hierarchy based on end of period fair values.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

The Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2026 and 2025 and December 31, 2025 are as follows (in thousands):


	March 31,		Fair Value Measurements Using
	2026		Level 1		Level 2		Level 3
Financial assets:
Consumer loans and finance receivables(1)	$	1,763,552	$	—	$	—	$	1,763,552
Small business loans and finance receivables(1)		4,109,405		—		—		4,109,405
Non-qualified savings plan assets(2)		15,963		15,963		—		—
Investment in trading security(3)		14,315		14,315		—		—
Total	$	5,903,235	$	30,278	$

Enova International, Inc. 10-Q