Operating income has scaled significantly from $22.2 million in 2024Q3 to $67.8 million in 2026Q2, supported by consistent gross margins maintained within the 56% to 59% range.
| 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 | -14.97M | -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 % | -1086.37% | -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 % | -0.7% | -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 | 18.15M | 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 | 33.12M | 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 | 587.95M | 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 | 1.46B | 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 % | 98.77% | 98.84% | 99.09% | 99.29% | 99.91% | 99.66% | 99.61% | 98.69% | 97.9% | 98.38% | 99.99% | 99.96% | 99.96% | 99.88% | 99.58% | 100% | 99.97% | 99.95% | 99.9% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Total Revenue | 1.48B | 1.27B | 1.16B | 1.05B | 886.23M | 729.55M | 822.78M | 847.23M | 812.16M | 747.95M | 730.5M | 720M | 745.77M | 809.52M | 960.72M | 852.8M | 733.04M | 597.46M | 457.4M | 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 % | 90.06% | 9.7% | 10.73% | 18.37% | 21.48% | -11.33% | -2.89% | 4.32% | 8.58% | 2.39% | 1.46% | -3.46% | -7.88% | -15.74% | 12.65% | 16.34% | 22.69% | 30.62% | 22.89% | 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 | 654.19M | 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 | 44.3% | 46.84% | 49.05% | 49.35% | 51.14% | 57.34% | 60.48% | 52.81% | 51.03% | 51.14% | 54.63% | 58.14% | 54.14% | 49.61% | 41.66% | 41.14% | 41.52% | 43.26% | 53.41% | 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 | 201.43M | 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 % | 13.64% | 11.71% | 9.69% | 8.78% | 8.45% | 4.27% | -5.88% | 5.55% | 8.26% | 7.09% | 3.99% | -2.17% | 2.43% | 9.74% | 20.36% | 20.57% | 19.36% | 16.99% | 16.11% | 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 | 195.63M | 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 % | 13.25% | 11.52% | 9.95% | 4.92% | 7.64% | 2.2% | -8.52% | 0.49% | 6.84% | 5.71% | 0.05% | -9.2% | 1.06% | 3.91% | 22.29% | 22.3% | 20.67% | 17.63% | 17.07% | 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 | 48.54M | 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 % | 24.81% | 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 | 146.61M | 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 % | 9.93% | 8.6% | 7.15% | 3.67% | 5.66% | 1.18% | -8.32% | 0.3% | 4.59% | 4.2% | -11.05% | -12.39% | -9.08% | 2.76% | 14.24% | 14.32% | 13.27% | 11.46% | 11.46% | 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 % | 63.72% | 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) | 147.09M | 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) | 1.76 | 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 % | 2175% | 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 | 83.41M | 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 |
Regulatory interest rate caps
As evidenced by the latest quarterly filings, EZPW has demonstrated a significant revenue acceleration, with top-line figures climbing from $281.4 million in 2024Q3 to $446.9 million by 2026Q2, suggesting a robust expansion in the underlying pawn loan portfolio and merchandise turnover.
The consistent upward trajectory in revenue suggests that the company is successfully capturing increased demand for short-term liquidity among its core demographic. Investors should monitor whether this growth is driven by higher loan volumes or inflationary pressures on collateral values, as the sustainability of this pace may depend on the continued health of the secondary market for pawned goods.
According to the reported financial statements, EZPW has maintained gross margins consistently within the 56% to 59% range, indicating that the company possesses significant pricing power and effective control over the spread between loan principal and collateral liquidation value.
This margin stability is particularly impressive given the inherent volatility in commodity prices like gold, which typically influence the value of pawned jewelry. The ability to sustain these levels suggests that the company's appraisal processes are well-calibrated to mitigate downside risk during periods of inventory liquidation.
Based on the provided income statement data, operating income has scaled from $22.2 million in 2024Q3 to $67.8 million in 2026Q2, reflecting a clear improvement in operating leverage as the company manages its fixed store-level cost base against rising revenue.
The expansion of operating margins from 7.9% to 15.2% over the same period suggests that management is successfully leveraging its physical footprint and digital platform investments. This trend warrants further investigation into whether the digital EZ+ platform is effectively reducing the administrative burden per transaction, thereby enhancing long-term profitability.
As reported in recent filings, net income has shown a strong upward trend, though investors should note that stock-based compensation remains a recurring line item, fluctuating between $2.3 million and $4.2 million per quarter, which slightly dilutes the quality of reported earnings.
While the net income growth is robust, the presence of consistent stock-based compensation suggests that management is utilizing equity incentives to align interests, which may impact future EPS growth. Analysts should continue to evaluate the net margin performance, which has improved to 11.0% in 2026Q2, to ensure that non-operating items are not masking underlying operational volatility.
Quick answers to the most common questions about buying EZPW stock.
EZCORP, Inc. (EZPW) is profitable, generating $109.6M in net income for the fiscal year ending 2025 with a net profit margin of 8.6%.
EZCORP, Inc. (EZPW) reported an operating income of $149.2M, resulting in an operating profit margin of 11.7%. 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 58.5%. This demonstrates the company's core pricing power and production efficiency.