Revenue growth remains consistent, scaling to $875.1 million in 2026Q1 while maintaining stable operating margins that have fluctuated within a narrow 21% to 24% range over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Net Interest Income | -89.03M | -169.57M | 0 | -194.78M | -115.89M | -76.51M | -86.69M | -75.6M | -79.36M | -74M | -65.6M | -52.88M | -38.47M | -19.79M | -21M | 261.23M | 198.15M | 133.95M |
| NII Growth % | 100% | - | 100% | -68.08% | -51.47% | 11.75% | -14.66% | 4.74% | -7.24% | -12.81% | -24.05% | -37.45% | -94.43% | 5.75% | -108.04% | 31.84% | 47.93% | - |
| Net Interest Margin % | -1.29% | -2.62% | 0% | -4.25% | -3.07% | -2.77% | -4.11% | -4.8% | -5.95% | -6.38% | -6.71% | -6.29% | -5.06% | -2.86% | -3.43% | 48.88% | 46.98% | 35.65% |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 480.34M | 378.61M | 254.98M |
| Interest Expense | -5.02M | 169.57M | 0 | 194.78M | 115.89M | 76.51M | 86.69M | 75.6M | 79.36M | 74M | 65.6M | 52.88M | 38.47M | 19.79M | 21M | 219.11M | 180.46M | 121.03M |
| Loan Loss Provision | 1.18B | 1.4B | 1.42B | 887.72M | 618.52M | 183.67M | 399.52M | 602.89M | 503.4M | 353.49M | 327.97M | 216.86M | 266.79M | 315.05M | 288.47M | 0 | 0 | 0 |
| Non-Interest Income | 3.28B | 3.15B | 2.66B | 2.12B | 1.74B | 1.21B | 1.08B | 1.17B | 972.62M | 728.9M | 745.57M | 652.6M | 809.84M | 765.32M | 660.93M | 0 | -156K | 0 |
| Non-Interest Income % | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 0% | -0.04% | 0% |
| Total Revenue | 3.28B | 3.15B | 2.66B | 2.12B | 1.74B | 1.21B | 1.08B | 1.17B | 972.62M | 728.9M | 745.57M | 652.6M | 809.84M | 765.32M | 660.93M | 480.34M | 378.46M | 254.98M |
| Revenue Growth % | 70.36% | 18.58% | 25.51% | 21.98% | 43.72% | 11.46% | -7.75% | 20.78% | 33.44% | -2.24% | 14.25% | -19.42% | 5.82% | 15.8% | 37.6% | 26.92% | 48.43% | - |
| Non-Interest Expense | 988.65M | 840.53M | 654.25M | 613.01M | 617.68M | 534.69M | 239.71M | 248.05M | 214.31M | 185.22M | 230.52M | 258.47M | 289.57M | 287.89M | 237.28M | 184.94M | 158.99M | 106.04M |
| Efficiency Ratio | 30.13% | 26.67% | 24.62% | 28.95% | 35.58% | 44.26% | 22.12% | 21.11% | 22.03% | 25.41% | 30.92% | 39.61% | 35.76% | 37.62% | 35.9% | 38.5% | 42.01% | 41.59% |
| Operating Income | 774.63M | 739.43M | 584.76M | 422.13M | 383.99M | 413.06M | 357.8M | 248.21M | 175.55M | 116.19M | 121.48M | 124.39M | 215.01M | 142.6M | 114.18M | 76.29M | 39M | 27.91M |
| Operating Margin % | 23.61% | 23.46% | 22% | 19.93% | 22.12% | 34.2% | 33.02% | 21.13% | 18.05% | 15.94% | 16.29% | 19.06% | 26.55% | 18.63% | 17.28% | 15.88% | 10.31% | 10.95% |
| Operating Income Growth % | - | 26.45% | 38.52% | 9.93% | -7.04% | 15.45% | 44.15% | 41.39% | 51.09% | -4.35% | -2.34% | -42.15% | 50.78% | 24.89% | 49.66% | 95.59% | 39.76% | - |
| Pretax Income | 422.87M | 401.03M | 271.1M | 227.25M | 272.57M | 337.15M | 435.42M | 170.07M | 68.87M | 19.67M | 57.44M | 70.52M | 176.5M | 121.63M | 92.84M | 58.38M | 39M | 27.91M |
| Pretax Margin % | 12.89% | 12.72% | 10.2% | 10.73% | 15.7% | 27.91% | 40.18% | 14.48% | 7.08% | 2.7% | 7.7% | 10.81% | 21.79% | 15.89% | 14.05% | 12.15% | 10.31% | 10.95% |
| Income Tax | 96.33M | 92.64M | 61.65M | 52.13M | 65.15M | 80.09M | 57.19M | 42.05M | 5.3M | 2.06M | 22.83M | 26.53M | 64.83M | 43.59M | 33.97M | 21.35M | 14.18M | 10.21M |
| Effective Tax Rate % | 22.78% | 23.1% | 22.74% | 22.94% | 23.9% | 23.75% | 13.13% | 24.73% | 7.7% | 10.46% | 39.76% | 37.62% | 36.73% | 35.84% | 36.59% | 36.57% | 36.36% | 36.57% |
| Net Income | 326.54M | 308.39M | 209.45M | 175.12M | 207.42M | 256.3M | 377.84M | 36.61M | 70.1M | 29.24M | 34.6M | 43.99M | 111.67M | 78.04M | 58.87M | 37.03M | 24.82M | 17.7M |
| Net Margin % | 9.95% | 9.78% | 7.88% | 8.27% | 11.95% | 21.22% | 34.87% | 3.12% | 7.21% | 4.01% | 4.64% | 6.74% | 13.79% | 10.2% | 8.91% | 7.71% | 6.56% | 6.94% |
| Net Income Growth % | 39.57% | 47.24% | 19.6% | -15.57% | -19.07% | -32.17% | 932.02% | -47.77% | 139.73% | -15.5% | -21.34% | -60.61% | 43.1% | 32.56% | 58.98% | 49.2% | 40.21% | - |
| Net Income (Continuing) | 326.54M | 308.39M | 209.45M | 175.12M | 207.42M | 257.07M | 378.23M | 128.02M | 63.57M | 17.61M | 34.6M | 43.99M | 111.67M | 78.04M | 58.87M | 37.03M | 24.82M | 17.7M |
| EPS (Diluted) | 12.39 | 11.58 | 7.43 | 5.49 | 6.19 | 6.79 | 11.70 | 3.72 | 1.99 | 0.86 | 1.03 | 1.33 | 3.38 | 2.36 | 1.78 | 1.12 | 0.75 | 0.54 |
| EPS Growth % | 45.47% | 55.85% | 35.34% | -11.31% | -8.84% | -41.97% | 214.52% | 86.93% | 131.4% | -16.5% | -22.56% | -60.65% | 43.22% | 32.58% | 58.93% | 49.33% | 38.89% | - |
| EPS (Basic) | - | 12.26 | 7.78 | 5.71 | 6.42 | 7.05 | 11.85 | 3.80 | 2.06 | 0.87 | 1.04 | 1.33 | 3.38 | 2.36 | 1.78 | 1.12 | 0.75 | 0.54 |
| Diluted Shares Outstanding | 26.35M | 26.36M | 28.2M | 31.92M | 33.48M | 37.74M | 32.3M | 34.4M | 35.18M | 34.13M | 33.46M | 33.03M | 33.01M | 33M | 33M | 33M | 33M | 33M |
Regulatory and credit cycle sensitivity
As evidenced by the quarterly progression from $583.6 million in 2023Q4 to $875.1 million in 2026Q1, Enova has demonstrated a sustained revenue growth trajectory that suggests strong demand for its digital-first credit products despite broader macroeconomic fluctuations in the non-prime lending sector.
The consistent top-line expansion indicates that the company's proprietary underwriting engine is successfully capturing market share. Investors should monitor whether this growth is driven by aggressive customer acquisition or a genuine deepening of the credit-worthy borrower pool within their target demographic.
According to the provided financial data, Enova has maintained a relatively stable operating margin profile, hovering between 21% and 24% over the last ten quarters, which reflects a disciplined approach to managing the inherent volatility of subprime credit risk and associated loan loss provisions.
The ability to sustain these margins while scaling revenue suggests that the company's automated underwriting model provides a degree of operational efficiency that traditional branch-based lenders struggle to replicate. However, the sensitivity of these margins to credit loss cycles warrants ongoing scrutiny of the provision for loan losses.
Based on reported figures, operating income has scaled from $97.5 million in 2023Q4 to $207.1 million in 2026Q1, indicating that Enova is successfully leveraging its fixed technology costs as the total volume of originated loans continues to rise across its consumer and SMB segments.
This trend suggests that the company's digital infrastructure is highly scalable, allowing for incremental revenue growth to flow more efficiently to the bottom line. Analysts should investigate if this operating leverage is sustainable or if it requires periodic spikes in marketing spend to maintain current growth rates.
As reported in financial statements, net income has shown significant volatility, partly due to the CECL accounting standard which mandates immediate recognition of lifetime expected credit losses, a factor that appears to create a growth paradox where higher origination volumes temporarily depress reported net earnings.
The divergence between pre-provision operating performance and net income highlights the importance of looking past headline EPS to understand the underlying credit quality of the portfolio. Investors should be cautious of interpreting these accounting-driven fluctuations as fundamental shifts in the company's long-term profitability.
While the current growth trajectory appears robust, the potential for federal or state-level interest rate caps and increased scrutiny of fee structures poses a material risk to the 50.13% gross margin, as noted in recent industry-wide regulatory discussions regarding non-prime lending practices.
A forced compression of yields could fundamentally alter the unit economics of the company's core products, potentially rendering certain segments of the portfolio unprofitable. The market may be underestimating the impact of a regulatory environment that seeks to limit the pricing power of high-yield digital lenders.
Quick answers to the most common questions about buying ENVA stock.
Enova International, Inc. (ENVA) is profitable, generating $308.4M in net income for the fiscal year ending 2025 with a net profit margin of 9.8%.
Enova International, Inc. (ENVA) reported an operating income of $739.4M, resulting in an operating profit margin of 23.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Enova International, Inc. (ENVA) generated $1.58B in gross profit for the year, representing a gross profit margin of 50.1%. This demonstrates the company's core pricing power and production efficiency.