Revenue accelerated 24% YoY to $418.7M in 2026Q3, driven by fee income (99.3% of revenue), while EPS grew 41.2% despite a negative NIM of -0.3%.
EZCORP, Inc. (EZPW) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Net Interest Income | -17.52M | -8.31M | -3.01M | -8.99M | -9.15M | -19.7M | -19.3M | -21.55M | -10.79M | -15.7M | -16.4M | -16.11M | -7.61M | -15.2M | 1.55M | -1.65M | -1.2M | -1.14M | 57K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| NII Growth % | -774.45% | -176.01% | 66.5% | 1.85% | 53.53% | -2.08% | 10.45% | -99.68% | 31.25% | 4.24% | -1.79% | -111.6% | 49.91% | -1080.45% | 193.77% | -37.86% | -4.81% | -2107.02% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Interest Margin % | -0.81% | -0.43% | -0.2% | -0.61% | -0.68% | -1.55% | -1.61% | -1.99% | -0.87% | -1.53% | -1.67% | -1.35% | -0.54% | -1.14% | 0.13% | -0.22% | -0.2% | -0.23% | 0.02% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Interest Income | 15.5M | 14.72M | 10.57M | 7.47M | 817K | 2.48M | 3.17M | 11.09M | 17.04M | 12.1M | 81K | 278K | 299K | 992K | 4.03M | 37K | 186K | 281K | 477K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 33.02M | 23.03M | 13.59M | 16.46M | 9.97M | 22.18M | 22.47M | 32.64M | 27.83M | 27.8M | 16.48M | 16.39M | 7.91M | 16.19M | 2.48M | 1.69M | 1.39M | 1.43M | 420K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.4M | 0 | 0 | 0 |
| Loan Loss Provision | 633.27M | 505.19M | 465.74M | 422.75M | 348.11M | 257.89M | 351.1M | 320.14M | 302.77M | 284.64M | 285.8M | 300.6M | 316M | 312.9M | 362.31M | 324.81M | 285.38M | 236.1M | 138.98M | 118.01M | 106.87M | 90.68M | 88.2M | 86.1M | 84.94M | 79.09M | 88.05M | 112.4M | 94.1M | 84.5M | 89M |
| Non-Interest Income | 1.57B | 1.26B | 1.15B | 1.04B | 885.41M | 727.07M | 819.6M | 836.14M | 795.12M | 735.85M | 730.42M | 719.72M | 745.47M | 808.53M | 956.69M | 852.76M | 732.86M | 597.17M | 456.93M | 372.21M | 315.85M | 254.16M | 227.8M | 206.35M | 196.9M | 186.17M | 197.4M | 232M | 197.4M | 180.3M | 173.6M |
| Non-Interest Income % | 101.13% | 100.66% | 100.26% | 100.87% | 101.04% | 102.78% | 102.41% | 102.65% | 101.38% | 102.18% | 102.3% | 102.29% | 101.03% | 101.92% | 99.84% | 100.19% | 100.16% | 100.19% | 99.99% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Total Net Revenue | 1.55B | 1.25B | 1.15B | 1.03B | 876.25M | 707.37M | 800.3M | 814.59M | 784.32M | 720.15M | 714.03M | 703.62M | 737.86M | 793.34M | 958.24M | 851.11M | 731.66M | 596.03M | 456.98M | 372.21M | 315.85M | 254.16M | 227.8M | 206.35M | 196.9M | 186.17M | 197.4M | 232M | 197.4M | 180.3M | 173.6M |
| Revenue Growth % | 27.8% | 8.99% | 11.18% | 17.84% | 23.87% | -11.61% | -1.75% | 3.86% | 8.91% | 0.86% | 1.48% | -4.64% | -6.99% | -17.21% | 12.59% | 16.33% | 22.76% | 30.43% | 22.77% | 17.84% | 24.27% | 11.57% | 10.39% | 4.8% | 5.76% | -5.69% | -14.91% | 17.53% | 9.48% | 3.86% | -1.2% |
| Non-Interest Expense | 697.92M | 596.9M | 569.74M | 517.69M | 453.23M | 418.32M | 497.58M | 447.44M | 414.43M | 382.47M | 399.06M | 418.62M | 403.76M | 401.58M | 400.28M | 350.86M | 304.39M | 258.46M | 244.32M | 198.6M | 165.99M | 141.25M | 125.32M | 111.16M | 103.97M | 99.4M | 115.09M | 106.1M | 87.2M | 81.7M | 77.3M |
| Efficiency Ratio | 44.98% | 47.7% | 49.63% | 50.14% | 51.72% | 59.14% | 62.17% | 54.93% | 52.84% | 53.11% | 55.89% | 59.5% | 54.72% | 50.62% | 41.77% | 41.22% | 41.6% | 43.36% | 53.46% | 53.36% | 52.55% | 55.58% | 55.01% | 53.87% | 52.8% | 53.39% | 58.3% | 45.73% | 44.17% | 45.31% | 44.53% |
| Operating Income | 220.26M | 149.17M | 112.53M | 92.15M | 74.92M | 31.17M | -48.38M | 47.01M | 67.12M | 53.04M | 29.17M | -15.6M | 18.09M | 78.86M | 195.64M | 175.44M | 141.89M | 101.48M | 73.68M | 55.61M | 42.98M | 22.23M | 14.27M | 9.09M | 7.99M | 7.68M | -5.75M | 12.1M | 16.1M | 14.1M | 7.3M |
| Operating Margin % | 14.2% | 11.92% | 9.8% | 8.92% | 8.55% | 4.41% | -6.05% | 5.77% | 8.56% | 7.37% | 4.09% | -2.22% | 2.45% | 9.94% | 20.42% | 20.61% | 19.39% | 17.03% | 16.12% | 14.94% | 13.61% | 8.75% | 6.27% | 4.41% | 4.06% | 4.13% | -2.91% | 5.22% | 8.16% | 7.82% | 4.21% |
| Operating Income Growth % | - | 32.56% | 22.12% | 22.99% | 140.37% | 164.42% | -202.93% | -29.97% | 26.56% | 81.81% | 286.97% | -186.23% | -77.05% | -59.69% | 11.52% | 23.65% | 39.82% | 37.73% | 32.5% | 29.37% | 93.36% | 55.76% | 56.97% | 13.79% | 4.04% | 233.65% | -147.5% | -24.84% | 14.18% | 93.15% | 134.93% |
| Pretax Income | 212.93M | 146.77M | 115.61M | 51.63M | 67.71M | 16.06M | -70.09M | 4.17M | 55.54M | 42.68M | 363K | -66.21M | 7.89M | 31.62M | 214.12M | 190.19M | 151.53M | 105.31M | 78.07M | 59.93M | 45.5M | 23.05M | 14.48M | 7.23M | 3.5M | -710K | -22.02M | 8.7M | 14.8M | 13.1M | 5.5M |
| Pretax Margin % | 13.72% | 11.73% | 10.07% | 5% | 7.73% | 2.27% | -8.76% | 0.51% | 7.08% | 5.93% | 0.05% | -9.41% | 1.07% | 3.99% | 22.35% | 22.35% | 20.71% | 17.67% | 17.08% | 16.1% | 14.41% | 9.07% | 6.36% | 3.5% | 1.78% | -0.38% | -11.15% | 3.75% | 7.5% | 7.27% | 3.17% |
| Income Tax | 54.14M | 37.16M | 32.51M | 13.17M | 17.55M | 7.45M | -1.63M | 2.41M | 18.39M | 11.09M | 9.36M | -14.03M | 4.45M | 9.1M | 67.67M | 66.47M | 54.24M | 36.84M | 25.64M | 22.05M | 16.25M | 8.3M | 5.36M | -1.17M | 1.29M | -142K | -3.79M | 3.2M | 5.6M | 4.7M | 2M |
| Effective Tax Rate % | 25.43% | 25.32% | 28.12% | 25.51% | 25.92% | 46.38% | 2.33% | 57.64% | 33.11% | 25.99% | 2578.79% | 21.18% | 56.42% | 28.77% | 31.6% | 34.95% | 35.79% | 34.98% | 32.84% | 36.8% | 35.7% | 36% | 37% | -16.18% | 36.99% | 20% | 17.19% | 36.78% | 37.84% | 35.88% | 36.36% |
| Net Income | 158.31M | 109.61M | 83.09M | 38.46M | 50.16M | 8.61M | -68.46M | 2.54M | 37.28M | 31.41M | -80.74M | -89.19M | -67.72M | 22.31M | 136.84M | 122.16M | 97.29M | 68.47M | 52.43M | 37.87M | 29.26M | 14.75M | 9.12M | 362K | 2.2M | -568K | -32.57M | 5.5M | 9.2M | 8.4M | 3.5M |
| Net Margin % | 10.2% | 8.76% | 7.24% | 3.72% | 5.72% | 1.22% | -8.55% | 0.31% | 4.75% | 4.36% | -11.31% | -12.68% | -9.18% | 2.81% | 14.28% | 14.35% | 13.3% | 11.49% | 11.47% | 10.18% | 9.26% | 5.8% | 4% | 0.18% | 1.12% | -0.31% | -16.5% | 2.37% | 4.66% | 4.66% | 2.02% |
| Net Income Growth % | 61.37% | 31.91% | 116.04% | -23.32% | 482.44% | 112.58% | -2794.33% | -93.18% | 18.69% | 138.9% | 9.47% | -31.71% | -403.55% | -83.7% | 12.02% | 25.56% | 42.09% | 30.6% | 38.43% | 29.44% | 98.34% | 61.7% | 2420.17% | -83.58% | 488.03% | 98.26% | -692.25% | -40.22% | 9.52% | 140% | 122.15% |
| Net Income (Continuing) | 158.79M | 109.61M | 83.09M | 38.46M | 50.16M | 8.61M | -68.46M | 1.77M | 37.15M | 31.59M | -9M | -52.18M | 3.44M | 22.53M | 146.45M | 123.72M | 97.29M | 68.47M | 52.43M | 37.87M | 29.26M | 14.75M | 9.12M | 8.4M | 2.2M | -568K | -18.23M | 5.5M | 9.2M | 8.4M | 3.5M |
| EPS (Diluted) | 1.90 | 1.42 | 1.10 | 0.53 | 0.70 | 0.15 | -1.24 | 0.03 | 0.67 | 0.62 | -1.48 | -1.59 | -0.86 | 0.63 | 2.81 | 2.43 | 1.96 | 1.41 | 1.21 | 0.88 | 0.23 | 0.12 | 0.23 | 0.01 | 0.06 | -0.02 | -0.90 | 0.15 | 0.26 | 0.23 | 0.10 |
| EPS Growth % | 1052.94% | 29.09% | 107.55% | -24.29% | 366.67% | 112.1% | -4024.05% | -95.28% | 8.06% | 141.89% | 6.92% | -84.88% | -236.51% | -77.58% | 15.64% | 23.98% | 39.01% | 16.53% | 37.5% | 282.61% | 91.67% | -47.83% | 2200% | -83.28% | 483.33% | 98.27% | -700% | -42.31% | 13.04% | 130% | 122.73% |
| EPS (Basic) | - | 1.91 | 1.69 | 0.77 | 0.89 | 0.15 | -1.24 | 0.03 | 0.72 | 0.62 | -1.48 | -1.61 | -0.87 | 0.63 | 2.81 | 2.43 | 1.98 | 1.41 | 1.27 | 0.92 | 0.25 | 0.13 | 0.25 | 0.01 | 0.06 | -0.02 | -0.90 | 0.15 | 0.26 | 0.23 | 0.10 |
| Diluted Shares Outstanding | 83.36M | 83.38M | 84.45M | 80.86M | 82.4M | 55.95M | 55.31M | 55.98M | 57.9M | 54.37M | 54.43M | 54.37M | 54.29M | 54.24M | 51.23M | 50.37M | 49.58M | 48.08M | 43.33M | 43.23M | 40.59M | 38.82M | 39.37M | 37.66M | 36.88M | 36.31M | 36.05M | 36.02M | 36.04M | 31.16M | 35.96M |
Quick answers to the most common questions about buying EZPW stock.
For fiscal year 2025, EZCORP, Inc. (EZPW) reported total revenue of $1.25B. This represents a 620.8% increase compared to $173.6M in 1996.
EZCORP, Inc. (EZPW) is profitable, generating $109.6M in net income for the fiscal year ending 2025 with a net profit margin of 8.8%.
EZCORP, Inc. (EZPW) reported an operating income of $149.2M, resulting in an operating profit margin of 11.9%. This margin reflects the operational efficiency of the business before interest and taxes.
EZCORP, Inc. (EZPW) generated $746.1M in gross profit for the year, representing a gross profit margin of 59.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Provision volatility and fee concentration
Metrics are mathematically derived from official filings.
Negative NII Persists, Fees Drive Growth
EZCORP's net interest income remains negative, but total revenue surged 24% year-over-year in 2026Q3, driven entirely by non-interest income, per company filings.
Net interest income has been consistently negative, ranging from -$0.5M to -$5.8M over the past ten quarters, indicating a structural reliance on non-interest income. The widening negative NII in recent quarters suggests rising funding costs or a shift in asset mix, though the absolute impact is minimal relative to total revenue. Investors should monitor whether this trend persists, as it could signal a strategic pivot away from interest-earning assets.
NIM Negative but Stable
Net interest margin remains slightly negative at -0.3% in 2026Q3, unchanged from the prior quarter, reflecting a stable but unprofitable interest-earning asset base, as reported.
The negative NIM, though small, indicates that interest expenses exceed interest income, a rare situation for a financial institution. This may be due to a high proportion of non-interest-bearing assets or a deliberate strategy to prioritize fee-based services. The stability of NIM suggests no immediate deterioration, but it underscores the company's dependence on fee income for profitability.
Efficiency Ratio Improves on Revenue Growth
Efficiency ratio improved to 45.7% in 2026Q3 from 48.0% in 2025Q4, as revenue growth outpaced expense growth, according to the latest quarterly data.
The efficiency ratio has shown a clear downward trend from 51.4% in 2024Q3 to 45.7% in 2026Q3, indicating improved operating leverage. This improvement is driven by robust revenue growth (24% year-over-year) while operating expenses grew at a slower pace. If this trend continues, EZCORP could achieve even greater profitability, but investors should watch for any expense creep that could reverse this progress.
Provision Expense Scales with Revenue
Provision for loan losses rose to $164.2M in 2026Q3, up 38% year-over-year, but remains proportional to revenue growth, based on reported figures.
Provision expense has increased significantly in absolute terms, from $111.2M in 2024Q3 to $164.2M in 2026Q3, reflecting the expansion of the loan portfolio. However, as a percentage of total revenue, it has remained relatively stable around 39%, suggesting consistent credit quality. The slight uptick in the provision-to-revenue ratio in 2026Q3 (39.2% vs. 38.5% in 2025Q3) may warrant monitoring for potential credit deterioration.
Fee Income Dominates Revenue Mix
Non-interest income constitutes over 99% of total revenue in 2026Q3, underscoring EZCORP's fee-centric business model, as per the latest financial statements.
Fee income is the overwhelming driver of revenue, with net interest income contributing negligibly. This concentration exposes EZCORP to regulatory and competitive pressures on fee structures. The 24% year-over-year growth in fee income in 2026Q3 suggests strong demand for its services, but investors should assess the sustainability of this growth and the potential impact of any fee-related regulatory changes.
2026Q3 Marks Revenue Acceleration
2026Q3 saw a 24% year-over-year revenue surge to $418.7M, the highest in the series, with EPS up 41%, indicating a potential inflection point, based on company data.
The third quarter of 2026 stands out as a period of accelerated growth, with total revenue jumping from $311.0M in 2025Q3 to $418.7M, a 34.6% increase. This acceleration is driven by non-interest income, which grew 36.2% year-over-year. The significant EPS growth of 41.2% suggests that the company is leveraging its revenue growth effectively. If this momentum continues, it could signal a new phase of expansion, but investors should verify the drivers behind this surge.
What Could Invalidate the Base Case
Despite strong revenue growth, EZCORP's earnings quality may be challenged by high provision expenses and reliance on fee income, which could be vulnerable to regulatory changes.
The provision expense has grown significantly, reaching $164.2M in 2026Q3, which represents 39.2% of total revenue. If credit quality deteriorates, this could compress margins and net income. Additionally, over 99% of revenue comes from non-interest income, making the company highly sensitive to any regulatory changes affecting fee structures. Investors should monitor these risks, as they could undermine the sustainability of current earnings growth.