Revenue growth has accelerated to $1.1 billion in 2026Q1, supported by gross margins that have remained resilient near the 50% threshold throughout the recent expansionary period.
| 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 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Jul'98 | Jul'97 | Jul'96 |
|---|
| Net Interest Income | -126.64M | -118.36M | -103.29M | -91.77M | -69.39M | -31.69M | -27.8M | -32.98M | -26.73M | -22.44M | -19.57M | -15.32M | -12.85M | -3.17M | -1.27M | 142K | -294K | -698K | -738K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.6M | 0 | 0 | 0 |
| NII Growth % | -82.22% | -14.59% | -12.55% | -32.25% | -118.98% | -13.98% | 15.69% | -23.39% | -19.12% | -14.66% | -27.73% | -19.28% | -305.2% | -149.21% | -995.77% | 148.3% | 57.88% | 5.42% | - | - | - | - | - | - | - | - | 100% | - | - | - | - |
| Net Interest Margin % | -2.36% | -2.23% | -2.31% | -2.14% | -1.78% | -0.83% | -1.17% | -1.35% | -1.27% | -1.09% | -0.91% | -2.02% | -1.8% | -0.48% | -0.25% | 0.04% | -0.09% | -0.27% | -0.28% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -1.98% | 0% | 0% | 0% |
| Interest Income | 1.48M | 2.94M | 1.94M | 1.47M | 1.31M | 696K | 1.54M | 1.05M | 2.44M | 1.6M | 751K | 1.57M | 682K | 322K | 216K | 277K | 97K | 67K | 55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 128.35M | 121.29M | 105.23M | 93.24M | 70.71M | 32.39M | 29.34M | 34.03M | 29.17M | 24.04M | 20.32M | 16.89M | 13.53M | 3.49M | 1.49M | 135K | 391K | 765K | 793K | 0 | 0 | 0 | 6K | 234K | 294K | 1.54M | 0 | 2.6M | 2M | 2.3M | 2.1M |
| Loan Loss Provision | 1.82B | 1.65B | 1.65B | 1.55B | 1.39B | 747.43M | 690.8M | 812.06M | 784.92M | 808.28M | 463.25M | 296.53M | 298.48M | 287.78M | 255.06M | 224.61M | 174.91M | 150.86M | 127.12M | 107.77M | 88.49M | 74.66M | 63.86M | 102.8M | 86.69M | 81.74M | 79.2M | 69.75M | 43.1M | 36M | 27.2M |
| Non-Interest Income | 3.87B | 3.66B | 3.39B | 3.15B | 2.73B | 1.7B | 1.63B | 1.86B | 1.78B | 1.78B | 1.09B | 703.04M | 712.2M | 660.53M | 591.88M | 513.72M | 421.36M | 362.99M | 320.58M | 280.26M | 237.66M | 200.71M | 179.81M | 145.47M | 118.79M | 110.43M | 103.73M | 94.04M | 59M | 49.4M | 38M |
| Non-Interest Income % | 99.96% | 99.92% | 99.94% | 99.95% | 99.95% | 99.96% | 99.91% | 99.94% | 99.86% | 99.91% | 99.93% | 99.78% | 99.9% | 99.95% | 99.96% | 99.95% | 99.98% | 99.98% | 99.98% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Total Revenue | 3.88B | 3.66B | 3.39B | 3.15B | 2.73B | 1.7B | 1.63B | 1.86B | 1.78B | 1.78B | 1.09B | 704.6M | 712.88M | 660.85M | 592.09M | 514M | 421.45M | 363.06M | 320.64M | 280.26M | 237.66M | 200.71M | 179.81M | 145.47M | 118.79M | 110.43M | 103.73M | 94.04M | 59M | 49.4M | 38M |
| Revenue Growth % | 57.18% | 8.04% | 7.51% | 15.5% | 60.62% | 4.15% | -12.51% | 4.69% | 0.06% | 63.53% | 54.47% | -1.16% | 7.87% | 11.61% | 15.19% | 21.96% | 16.08% | 13.23% | 14.41% | 17.93% | 18.41% | 11.62% | 23.61% | 22.45% | 7.58% | 6.46% | 10.3% | 59.39% | 19.43% | 30% | 18.01% |
| Non-Interest Expense | 1.32B | 1.33B | 1.18B | 1.12B | 980.68M | 722M | 715.19M | 759.78M | 726.32M | 729.9M | 455.46M | 277.39M | 270.05M | 246.21M | 212.03M | 182.31M | 165.93M | 145M | 133.36M | 124.51M | 108M | 90.76M | 83.07M | 17.83M | 14.13M | 13.23M | 12.52M | 9.74M | 5.8M | 5.2M | 4.3M |
| Efficiency Ratio | 34.18% | 36.31% | 34.8% | 35.46% | 35.94% | 42.5% | 43.84% | 40.75% | 40.79% | 41.01% | 41.85% | 39.37% | 37.88% | 37.26% | 35.81% | 35.47% | 39.37% | 39.94% | 41.59% | 44.43% | 45.45% | 45.22% | 46.2% | 12.25% | 11.89% | 11.98% | 12.07% | 10.36% | 9.83% | 10.53% | 11.32% |
| Operating Income | 602.29M | 562.23M | 450.41M | 389.61M | 283.9M | 197.16M | 195.94M | 258.57M | 240.44M | 217.61M | 149.34M | 113.79M | 130.82M | 123.36M | 123.51M | 106.94M | 80.23M | 66.44M | 59.37M | 47.98M | 41.17M | 35.3M | 32.87M | 24.61M | 17.68M | 13.91M | 12M | 11.95M | 8.1M | 5.9M | 4.4M |
| Operating Margin % | 15.54% | 15.36% | 13.29% | 12.36% | 10.4% | 11.6% | 12.01% | 13.87% | 13.5% | 12.23% | 13.72% | 16.15% | 18.35% | 18.67% | 20.86% | 20.81% | 19.04% | 18.3% | 18.52% | 17.12% | 17.32% | 17.59% | 18.28% | 16.92% | 14.89% | 12.6% | 11.57% | 12.7% | 13.73% | 11.94% | 11.58% |
| Operating Income Growth % | - | 24.82% | 15.61% | 37.24% | 44% | 0.62% | -24.22% | 7.54% | 10.49% | 45.71% | 31.24% | -13.02% | 6.05% | -0.12% | 15.49% | 33.3% | 20.75% | 11.91% | 23.73% | 16.56% | 16.63% | 7.37% | 33.6% | 39.13% | 27.1% | 15.93% | 0.47% | 47.48% | 37.29% | 34.09% | 12.82% |
| Pretax Income | 481.47M | 447.56M | 342.78M | 292.85M | 323.63M | 166.5M | 143.7M | 224.61M | 205.31M | 172.31M | 93.45M | 87.68M | 116.98M | 120.19M | 122.24M | 107.09M | 79.93M | 65.74M | 58.63M | 47.93M | 41.38M | 35.61M | 32.87M | 24.73M | 17.39M | 12.52M | 9.14M | 9.34M | 6.1M | 3.6M | 2.3M |
| Pretax Margin % | 12.42% | 12.23% | 10.12% | 9.29% | 11.86% | 9.8% | 8.81% | 12.05% | 11.53% | 9.68% | 8.59% | 12.44% | 16.41% | 18.19% | 20.64% | 20.83% | 18.97% | 18.11% | 18.29% | 17.1% | 17.41% | 17.74% | 18.28% | 17% | 14.64% | 11.34% | 8.81% | 9.94% | 10.34% | 7.29% | 6.05% |
| Income Tax | 126.99M | 117.19M | 83.96M | 73.55M | 70.14M | 41.59M | 37.12M | 59.99M | 52.1M | 28.42M | 33.32M | 26.97M | 31.54M | 35.71M | 41.38M | 36.95M | 28.63M | 24.59M | 21.78M | 17.45M | 14.9M | 12.83M | 12.16M | 9.4M | 6.45M | 4.51M | 3.48M | 3.1M | 2.3M | 1.3M | 900K |
| Effective Tax Rate % | 26.37% | 26.18% | 24.49% | 25.11% | 21.67% | 24.98% | 25.83% | 26.71% | 25.38% | 16.49% | 35.66% | 30.76% | 26.96% | 29.71% | 33.85% | 34.5% | 35.82% | 37.4% | 37.15% | 36.4% | 36% | 36.03% | 37% | 38% | 37.09% | 36% | 38.02% | 33.14% | 37.7% | 36.11% | 39.13% |
| Net Income | 354.49M | 330.38M | 258.81M | 219.3M | 253.5M | 124.91M | 106.58M | 164.62M | 153.21M | 143.89M | 60.13M | 60.71M | 85.17M | 83.85M | 80.36M | 77.78M | 57.66M | 49.76M | -21.54M | 35.29M | 31.74M | 25.38M | 20.71M | 14.97M | 10.94M | 7.87M | 2.62M | 6.48M | 3.8M | 2.3M | 1.4M |
| Net Margin % | 9.15% | 9.02% | 7.64% | 6.96% | 9.29% | 7.35% | 6.53% | 8.83% | 8.6% | 8.08% | 5.52% | 8.62% | 11.95% | 12.69% | 13.57% | 15.13% | 13.68% | 13.71% | -6.72% | 12.59% | 13.36% | 12.65% | 11.52% | 10.29% | 9.21% | 7.13% | 2.52% | 6.89% | 6.44% | 4.66% | 3.68% |
| Net Income Growth % | 26.13% | 27.65% | 18.02% | -13.49% | 102.94% | 17.2% | -35.26% | 7.45% | 6.47% | 139.31% | -0.96% | -28.72% | 1.57% | 4.34% | 3.31% | 34.9% | 15.86% | 331.07% | -161.03% | 11.16% | 25.06% | 22.59% | 38.27% | 36.88% | 39.01% | 200.96% | -59.63% | 70.47% | 65.22% | 64.29% | 27.27% |
| Net Income (Continuing) | 354.49M | 330.38M | 258.81M | 219.3M | 253.5M | 124.91M | 106.58M | 164.62M | 153.21M | 143.89M | 60.13M | 60.71M | 85.44M | 84.48M | 80.86M | 70.14M | 51.3M | 41.16M | 36.85M | 30.48M | 26.49M | 22.78M | 20.71M | 15.33M | 10.94M | 8.01M | 5.67M | 6.25M | 3.8M | 2.3M | 1.4M |
| EPS (Diluted) | 8.01 | 7.42 | 5.73 | 4.80 | 5.36 | 3.04 | 2.56 | 3.81 | 3.41 | 3.00 | 1.72 | 2.14 | 2.93 | 2.84 | 2.70 | 2.47 | 1.86 | 1.65 | -0.71 | 1.08 | 0.97 | 0.76 | 0.61 | 0.48 | 0.38 | 0.28 | 0.10 | 0.23 | 0.20 | 0.15 | 0.13 |
| EPS Growth % | 27.68% | 29.49% | 19.38% | -10.45% | 76.32% | 18.75% | -32.81% | 11.73% | 13.67% | 74.42% | -19.63% | -26.96% | 3.17% | 5.19% | 9.31% | 32.8% | 12.73% | 332.39% | -165.74% | 11.34% | 27.63% | 24.59% | 27.08% | 26.32% | 35.71% | 189.56% | -57.96% | 15% | 33.33% | 15.38% | 30% |
| EPS (Basic) | - | 7.35 | 5.76 | 4.82 | 5.37 | 3.05 | 2.57 | 3.83 | 3.42 | 3.01 | 1.72 | 2.16 | 2.97 | 2.89 | 2.78 | 2.53 | 1.90 | 1.68 | -0.73 | 1.12 | 1.01 | 0.81 | 0.66 | 0.54 | 0.41 | 0.30 | 0.10 | 0.25 | 0.25 | 0.20 | 0.13 |
| Diluted Shares Outstanding | 44.25M | 44.53M | 44.97M | 45.69M | 47.33M | 41.02M | 41.6M | 43.21M | 44.88M | 47.89M | 35M | 28.33M | 29.07M | 29.57M | 29.71M | 31.5M | 31.06M | 30.19M | 30.22M | 32.82M | 32.73M | 33.4M | 33.94M | 31.53M | 28.79M | 27.78M | 27.05M | 27.76M | 19.32M | 14.99M | 11.37M |
Regulatory and credit volatility
According to quarterly financial data, FirstCash has demonstrated a clear upward revenue trajectory, climbing from $831 million in 2024Q2 to $1.1 billion by 2026Q1, reflecting successful integration of the American First Finance platform and sustained demand across its core pawn operations in Latin America.
The acceleration in top-line performance suggests that the company is effectively capturing market share in the subprime credit space while maintaining its pawn loan base. Investors should monitor whether this growth remains organic or if it relies heavily on the continued expansion of the higher-risk lease-to-own portfolio.
As reported in recent income statements, FirstCash has maintained gross margins consistently near the 50% threshold, with a peak of 54.6% in 2024Q3, indicating that the firm retains significant pricing power despite the evolving mix of its retail and financial services revenue streams.
The stability of these margins suggests that the company's inventory liquidation strategy remains highly efficient, even as it integrates the AFF business unit. However, the fluctuation in quarterly margins warrants investigation into whether shifts in product mix toward lower-margin electronics are beginning to offset the profitability of traditional pawn jewelry sales.
Based on the provided income statement figures, operating income has scaled from $94.9 million in 2024Q2 to $175.7 million in 2026Q1, demonstrating that the company is successfully leveraging its fixed store-level cost base to drive higher profitability as revenue expands across its international footprint.
The improvement in operating margins from 11.4% to 16.7% over the same period suggests that management is achieving better overhead absorption across its 2,800+ locations. This trend implies that the core pawn business is benefiting from economies of scale, though investors should remain cautious regarding the potential for future SG&A spikes related to regulatory compliance.
Financial filings reveal that EPS growth has been robust, reaching $2.43 in 2026Q1, though the quality of these earnings appears sensitive to periodic fluctuations in stock-based compensation and the accounting impacts associated with the transition to CECL provisioning for the American First Finance segment.
The variability in quarterly net income suggests that non-operating items and credit loss provisions may be creating noise in the bottom-line results. Analysts should look past the headline EPS to determine if the underlying cash generation is keeping pace with the reported accounting profits.
While the company shows strong growth, a critical analysis of the income statement suggests that the reliance on the AFF segment introduces significant credit risk, as evidenced by the potential for margin compression if regulatory oversight of lease-to-own fees increases in the United States.
Short-term observers might focus on the volatility in quarterly SG&A, which may indicate rising costs associated with managing a more complex, multi-jurisdictional credit portfolio. The sustainability of current growth rates appears contingent on the company's ability to manage credit losses without sacrificing the high-margin profile of its legacy pawn business.
Quick answers to the most common questions about buying FCFS stock.
FirstCash Holdings, Inc (FCFS) is profitable, generating $330.4M in net income for the fiscal year ending 2025 with a net profit margin of 9.0%.
FirstCash Holdings, Inc (FCFS) reported an operating income of $562.2M, resulting in an operating profit margin of 15.4%. This margin reflects the operational efficiency of the business before interest and taxes.
FirstCash Holdings, Inc (FCFS) generated $1.89B in gross profit for the year, representing a gross profit margin of 51.7%. This demonstrates the company's core pricing power and production efficiency.