FirstCash Holdings Inc

Latest Results (21.11.2025):

FirstCash Holdings Inc — second quarter 2025: The company reported record second-quarter operating results with revenue essentially flat at $830.6 million, GAAP net income of $59.8 million (up 22% year-over-year) and adjusted net income of $79.6 million (up 29%). GAAP diluted EPS was $1.34 (up 24%) and adjusted diluted EPS was $1.79 (up 31%). Year-to-date results show EPS growth of roughly 32–33% and adjusted EBITDA and operating cash flow gains. The company also increased its quarterly cash dividend by 11% and expects to close the previously announced H&T acquisition by the end of Q3 2025, subject to required approvals.

Key financials (Q2 2025)

Revenue: $830.6M (flat vs. Q2 2024). GAAP net income: $59.8M (+22% YOY). Adjusted net income: $79.6M (+29% YOY). GAAP diluted EPS: $1.34 (+24%); adjusted diluted EPS: $1.79 (+31%). Adjusted EBITDA (Q2): $145.1M (+19% YOY).

Year-to-date and trailing metrics

Six months 2025 revenue: $1.667B (flat). YTD GAAP net income: $143.4M (+30%); YTD adjusted net income: $172.4M (+31%). YTD adjusted EBITDA: $308.0M. Trailing twelve months ended June 30, 2025: revenues $3.4B; GAAP net income $292M; adjusted net income $343M; adjusted EBITDA $613M; operating cash flow $555M; adjusted free cash flow $267M.

Capital return and balance-sheet activity

FirstCash raised its quarterly cash dividend by 11%. The company plans to fund the H&T acquisition (approximate equity value £291M / $396M) using its revolving bank credit facility. Weighted-average diluted shares outstanding declined to about 44.55M in Q2 2025 from 45.29M a year ago.

Store base and growth

Locations as of June 30, 2025: 3,027 total (1,194 U.S.; 1,833 Latin America). Q2 additions: 13 pawn locations (25 YTD); 9 new Latin America stores (all in Mexico) and 3 U.S. store acquisitions in Illinois plus one new Texas opening. The company purchased real estate for 14 U.S. stores in the quarter, bringing company-owned locations to 421.

U.K. H&T acquisition update

Shareholders of H&T approved the acquisition on July 2, 2025. FirstCash expects to close by the end of Q3 2025 pending FCA and other approvals. The combined platform would exceed 3,300 locations across the U.S., Latin America and the U.K.

U.S. Pawn operating performance

Segment pre-tax operating income: record $98M in Q2 (+8% YOY) with a 24% pre-tax margin (in line with prior year). Pawn receivables +12% total and +13% same-store; pawn loan fees +9% Q2. Retail merchandise sales +9% (same-store +7%), retail margin 43% vs 42% prior-year.

Latin America Pawn performance

Despite a weaker peso, Q2 segment pre-tax operating income was a record $41M (+10% on a U.S. dollar basis; +22% on a local currency basis) with 20% pre-tax margins (vs. 18% prior year). Pawn receivables +11% USD (+14% constant currency); retail merchandise sales +1% USD (+14% constant currency); retail margin 36%.

American First Finance (AFF) highlights

AFF Q2 pre-tax operating income: $38M (+46% YOY); YTD pre-tax $90M (+53%). Gross revenues were down 14% (impacted by bankruptcies of A-Freight and Conn’s), but net revenue increased 2% and origination volume rose ~3% overall (≈+34% excluding the bankruptcies). Combined lease and loan loss provision was 29% of gross transaction volume in Q2.