Revenue reached $1.0B in 2026Q3 with operating margin at 23.5%, though efficiency ratio volatility between 22% and 84% and non-interest income exceeding 100% of revenue in eight of ten quarters suggests reclassification artifacts obscure underlying net interest trends.
Enova International, Inc. (ENVA) annual income statement — 17-year revenue, gross profit & net income history
| 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 | -663K | -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 % | 1055.08% | - | 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 % | -0.01% | -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 | 663K | 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 | 749.47M | 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 | 3.22B | 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 % | 100.02% | 105.69% | 100% | 110.13% | 107.15% | 106.76% | 108.7% | 106.88% | 108.88% | 111.3% | 109.65% | 108.82% | 104.99% | 102.65% | 103.28% | 0% | -0.08% | 0% |
| Total Net Revenue | 3.22B | 2.98B | 2.66B | 1.92B | 1.62B | 1.13B | 997.02M | 1.1B | 893.26M | 654.9M | 679.97M | 599.72M | 771.36M | 745.53M | 639.93M | 261.23M | 198M | 133.95M |
| Revenue Growth % | 8.63% | 12.2% | 38.22% | 18.68% | 43.2% | 13.48% | -9.29% | 23.05% | 36.4% | -3.69% | 13.38% | -22.25% | 3.46% | 16.5% | 144.97% | 31.94% | 47.81% | - |
| Non-Interest Expense | 1.59B | 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 | 49.32% | 28.19% | 24.62% | 31.88% | 38.12% | 47.26% | 24.04% | 22.57% | 23.99% | 28.28% | 33.9% | 43.1% | 37.54% | 38.61% | 37.08% | 70.8% | 80.3% | 79.17% |
| Operating Income | 880.76M | 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 % | 27.38% | 24.8% | 22% | 21.95% | 23.7% | 36.51% | 35.89% | 22.58% | 19.65% | 17.74% | 17.87% | 20.74% | 27.87% | 19.13% | 17.84% | 29.2% | 19.7% | 20.83% |
| 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 | 494.6M | 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 % | 15.38% | 13.45% | 10.2% | 11.82% | 16.82% | 29.8% | 43.67% | 15.47% | 7.71% | 3% | 8.45% | 11.76% | 22.88% | 16.31% | 14.51% | 22.35% | 19.7% | 20.83% |
| Income Tax | 112.16M | 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 % | 22.68% | 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 | 382.44M | 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 % | 11.89% | 10.34% | 7.88% | 9.11% | 12.8% | 22.65% | 37.9% | 3.33% | 7.85% | 4.46% | 5.09% | 7.34% | 14.48% | 10.47% | 9.2% | 14.18% | 12.54% | 13.22% |
| Net Income Growth % | 30.48% | 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) | 382.44M | 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) | 14.47 | 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 % | 33.36% | 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 | 26.43M | 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 |
Quick answers to the most common questions about buying ENVA stock.
For fiscal year 2025, Enova International, Inc. (ENVA) reported total revenue of $2.98B. This represents a 2126.2% increase compared to $134.0M in 2009.
Enova International, Inc. (ENVA) is profitable, generating $308.4M in net income for the fiscal year ending 2025 with a net profit margin of 10.3%.
Enova International, Inc. (ENVA) reported an operating income of $739.4M, resulting in an operating profit margin of 24.8%. 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 53.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory rate-cap overhang
Metrics are mathematically derived from official filings.
Revenue Mix Shift Obscures Interest Trends
Enova's reported net interest income registers zero or negative in eight of the last ten quarters, with non-interest income carrying effectively all top-line revenue, as company financial statements show; the lone exception, 2026Q1's $769.3M NII, suggests a presentation reclassification rather than an underlying shift.
The data pattern implies Enova's interest earned on outstanding receivables is largely being captured within non-interest (finance charge) revenue in most periods, consistent with specialty lenders that classify loan interest as operating revenue rather than NII. Analysts should therefore anchor top-line analysis on total revenue, which climbed from $628.4M in 2024Q2 to roughly $1.0B by 2026Q3 — an increase exceeding 50% over seven quarters — rather than the NII line, which appears unreconciled across the 2026 reporting periods.
Provisioning Recedes From Cycle Peak
Loan loss provisions peaked at $428.9M in 2025Q3 before easing to $291.3M by 2026Q3, and the -$85.1M reserve release in 2026Q1 stands out as the only negative quarter in the series, based on Enova's reported figures; provisions still absorb roughly 40% of revenue.
The trajectory suggests Enova's CECL reserve builds peaked alongside origination growth through 2025, with the 2026 moderation implying either slower new-loan volume, seasoning of the existing book, or improved loss expectations embedded in the Colossus underwriting engine. Because CECL front-loads lifetime expected losses at origination, the strong 2026Q1 revenue quarter that coincided with a reserve release may overstate underlying profitability relative to a normalized provisioning run-rate, and investors should test whether the recent ~$290M quarterly level represents a durable floor or a lagged reflection of softer originations.
Operating Leverage Tracks Credit Normalization
Operating income expanded roughly 70% from $145.1M in 2024Q2 to $247.2M in 2026Q3 against about 58% total revenue growth, lifting operating margin to 23.5%, as reported in Enova's income statements; efficiency ratio volatility between 22% and 84% appears driven by revenue classification swings.
The widening gap between operating income and revenue growth looks primarily credit-driven rather than cost-driven: with provisions falling from roughly 53% of revenue in 2024Q3 to near 30% by 2026Q3, pre-provision profitability may be more stable than headline margins imply. The efficiency ratio, reported at 22-25% through 2024-2025 before swinging to 84% in 2026Q1 and 40.5% in 2026Q3, is difficult to reconcile with a stable operating cost base and warrants reconciliation before it is used in peer benchmarking against branch-heavy operators like OneMain or Regional Management.
2026 Marks an Earnings Regime Change
2026Q3 net income of $107.3M and diluted EPS of $4.06 more than doubled the prior-year quarter's $43.4M and $1.57, while 34% year-over-year EPS growth reflects both provision relief and revenue scale, according to Enova's quarterly results; the inflection coincides with the post-peak provisioning trough.
The step-change appears anchored in the convergence of three factors visible in the data: revenue approaching the $1.0B quarterly threshold, provisions retreating from the 2025 build, and net interest margin recovering to 11.2% in 2026Q1 after repeated negative readings. Whether this represents a durable new earnings baseline or a favorable point in the credit cycle is the central underwriting question; the 103.5% EPS growth in 2024Q4 off a depressed base illustrates how quickly reported optics can swing in either direction for this borrower demographic.
Earnings Quality Hinges on Reserve Trajectory
Roughly two-thirds of Enova's $102M operating income improvement since 2024Q2 appears attributable to lower provisions rather than revenue or cost execution, per the reported income statement series; a renewed reserve build, as seen in 2024-2025, could reverse EPS gains without any deterioration in origination volumes.
The counter-case rests on three unresolved items: the unreconciled NII presentation across 2026 quarters, which makes revenue composition difficult to underwrite; the possibility that 2026Q1's negative provision is a one-off release flattering the trailing comparison; and the persistent regulatory overhang on near-prime pricing that could compress the ~50% gross margin structurally rather than cyclically. Elevated leverage (reported Debt/Equity near 3.4x) alongside reliance on warehouse and term funding also leaves earnings exposed to credit-market access shocks that are independent of borrower credit performance — a risk that trailing returns on equity above 24% may not appear to discount.