Operating margins remain highly volatile, evidenced by a swing from a 33.3% margin in 2025Q4 to a negative 0.7% margin in 2026Q3 due to elevated SG&A expenses.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Net Interest Income | 435.39M | 422.38M | 420.3M | 457.87M | 452.24M | 425.41M | 482.43M | 451.22M | 416.61M | 406.37M | 468.28M | 500.98M | 502.57M | 468.02M | 452.58M | 409.82M | 361.15M | 316.57M | 280.89M | 237.41M | 197.31M | 172.94M | 147.56M | 128.76M | 111.78M | 95.15M | 83.04M | 75.2M | -5.5M | -4.3M |
| NII Growth % | 3.08% | 0.5% | -8.21% | 1.25% | 6.31% | -11.82% | 6.92% | 8.31% | 2.52% | -13.22% | -6.53% | -0.32% | 7.38% | 3.41% | 10.43% | 13.48% | 14.08% | 12.7% | 18.31% | 20.32% | 14.09% | 17.2% | 14.6% | 15.19% | 17.47% | 14.59% | 10.42% | 1467.27% | -27.91% | -22.86% |
| Net Interest Margin % | 41.38% | 41.92% | 39.79% | 40.98% | 37.12% | 44.58% | 46.83% | 52.78% | 49.54% | 50.76% | 58.08% | 57.84% | 59.12% | 57.83% | 61.58% | 61.5% | 60.9% | 60.17% | 57.78% | 57.75% | 59.29% | 58.92% | 56.33% | 56.4% | 57.25% | 51.95% | 54.1% | 56.37% | -4.65% | -4.21% |
| Interest Income | 484.83M | 465.09M | 468.53M | 508.34M | 485.67M | 451.11M | 508.33M | 469.15M | 435.7M | 427.87M | 495.13M | 524.28M | 523.77M | 485.41M | 466.48M | 424.59M | 375.03M | 331.45M | 292.46M | 247.01M | 204.45M | 177.58M | 151.5M | 133.26M | 117.19M | 103.41M | 89.05M | 80.7M | 0 | 0 |
| Interest Expense | 49.44M | 42.71M | 48.23M | 50.46M | 33.42M | 25.7M | 25.9M | 17.93M | 19.09M | 21.5M | 26.85M | 23.3M | 21.2M | 17.39M | 13.9M | 14.77M | 13.88M | 14.89M | 11.57M | 9.6M | 7.14M | 4.64M | 3.94M | 4.49M | 5.41M | 8.26M | 6.02M | 5.5M | 5.5M | 4.3M |
| Loan Loss Provision | -31.47M | 126.5M | 156.97M | 259.46M | 186.21M | 86.24M | 181.73M | 148.43M | 117.62M | 119.1M | 123.6M | 118.83M | 126.58M | 114.32M | 105.71M | 95.91M | 90.3M | 85.48M | 67.54M | 51.93M | 46.03M | 40.04M | 33.48M | 29.57M | 25.69M | 19.75M | 15.7M | 11.7M | 9.6M | 0 |
| Non-Interest Income | 100.91M | 99.75M | 104.69M | 108.21M | 99.52M | 76.88M | 81.7M | 75.39M | 66.97M | 62.95M | 62.34M | 85.94M | 75.49M | 78.22M | 73.68M | 66.85M | 65.61M | 60.7M | 53.59M | 45.31M | 38.82M | 33.18M | 27.65M | 22.41M | 19.36M | 17.13M | 16.22M | 11.1M | 80.7M | 72.8M |
| Non-Interest Income % | 17.23% | 17.66% | 18.26% | 17.55% | 17.01% | 14.56% | 13.85% | 13.84% | 13.32% | 12.83% | 11.18% | 14.08% | 12.6% | 13.88% | 13.64% | 13.6% | 14.89% | 15.48% | 15.49% | 15.5% | 15.96% | 15.74% | 15.44% | 14.4% | 14.18% | 14.21% | 15.41% | 12.09% | 100% | 100% |
| Total Revenue | 585.74M | 564.84M | 573.21M | 616.55M | 585.19M | 527.99M | 590.03M | 544.54M | 502.67M | 490.82M | 557.48M | 610.21M | 599.26M | 563.64M | 540.16M | 491.45M | 440.64M | 392.15M | 346.05M | 292.32M | 243.27M | 210.76M | 179.15M | 155.67M | 136.56M | 120.54M | 105.28M | 91.8M | 80.7M | 72.8M |
| Revenue Growth % | 3.7% | -1.46% | -7.03% | 5.36% | 10.83% | -10.51% | 8.35% | 8.33% | 2.41% | -11.96% | -8.64% | 1.83% | 6.32% | 4.35% | 9.91% | 11.53% | 12.36% | 13.32% | 18.38% | 20.16% | 15.43% | 17.64% | 15.08% | 14% | 13.28% | 14.5% | 14.68% | 13.75% | 10.85% | 4.15% |
| Non-Interest Expense | 472.51M | 237.12M | 268.6M | 279.47M | 299.98M | 304.64M | 347.49M | 288.3M | 269.11M | 244.27M | 269.14M | 292.05M | 281.25M | 265.63M | 260.68M | 237.51M | 217.01M | 200.22M | 179.22M | 153.63M | 128.51M | 112.22M | 96.31M | 85.76M | 75.42M | 68.26M | 61.84M | 63.7M | 53.6M | 56.4M |
| Efficiency Ratio | 80.67% | 41.98% | 46.86% | 45.33% | 51.26% | 57.7% | 58.89% | 52.94% | 53.54% | 49.77% | 48.28% | 47.86% | 46.93% | 47.13% | 48.26% | 48.33% | 49.25% | 51.06% | 51.79% | 52.55% | 52.83% | 53.25% | 53.76% | 55.09% | 55.23% | 56.63% | 58.74% | 69.39% | 66.42% | 77.47% |
| Operating Income | 94.69M | 158.5M | 99.41M | 27.15M | 65.58M | 111.4M | 34.91M | 89.88M | 96.85M | 105.95M | 137.89M | 176.03M | 170.24M | 166.29M | 159.87M | 143.25M | 119.44M | 91.57M | 87.72M | 77.17M | 61.59M | 53.86M | 45.42M | 35.85M | 30.03M | 24.27M | 21.73M | 10.9M | 12M | 12.1M |
| Operating Margin % | 16.16% | 28.06% | 17.34% | 4.4% | 11.21% | 21.1% | 5.92% | 16.51% | 19.27% | 21.59% | 24.73% | 28.85% | 28.41% | 29.5% | 29.6% | 29.15% | 27.11% | 23.35% | 25.35% | 26.4% | 25.32% | 25.55% | 25.35% | 23.03% | 21.99% | 20.13% | 20.64% | 11.87% | 14.87% | 16.62% |
| Operating Income Growth % | -40.26% | 59.45% | 266.2% | -58.61% | -41.13% | 219.12% | -61.16% | -7.2% | -8.59% | -23.16% | -21.67% | 3.4% | 2.38% | 4.01% | 11.61% | 19.93% | 30.44% | 4.4% | 13.67% | 25.29% | 14.37% | 18.59% | 26.68% | 19.37% | 23.75% | 11.7% | 99.34% | -9.17% | -0.83% | -25.31% |
| Pretax Income | 45.24M | 111.98M | 99.41M | 27.15M | 65.58M | 111.4M | 34.91M | 89.88M | 96.85M | 105.95M | 137.89M | 176.03M | 170.24M | 166.29M | 159.87M | 143.25M | 119.44M | 91.57M | 87.72M | 77.17M | 61.59M | 53.86M | 45.42M | 35.85M | 30.03M | 24.27M | 21.73M | 10.9M | 12M | 12.1M |
| Pretax Margin % | 7.72% | 19.83% | 17.34% | 4.4% | 11.21% | 21.1% | 5.92% | 16.51% | 19.27% | 21.59% | 24.73% | 28.85% | 28.41% | 29.5% | 29.6% | 29.15% | 27.11% | 23.35% | 25.35% | 26.4% | 25.32% | 25.55% | 25.35% | 23.03% | 21.99% | 20.13% | 20.64% | 11.87% | 14.87% | 16.62% |
| Income Tax | 10.66M | 22.24M | 22.06M | 5.91M | 11.66M | 23.12M | 6.75M | 15.98M | 47.76M | 38.16M | 50.49M | 65.2M | 63.64M | 62.2M | 59.18M | 52M | 45.78M | 35.08M | 34.72M | 29.27M | 23.08M | 19.87M | 16.65M | 12.99M | 10.7M | 8.67M | 7.56M | 3.6M | 3.9M | 4M |
| Effective Tax Rate % | 23.55% | 19.86% | 22.19% | 21.79% | 17.78% | 20.75% | 19.34% | 17.78% | 49.31% | 36.02% | 36.62% | 37.04% | 37.38% | 37.4% | 37.02% | 36.3% | 38.33% | 38.31% | 39.58% | 37.93% | 37.47% | 36.89% | 36.66% | 36.23% | 35.61% | 35.72% | 34.79% | 33.03% | 32.5% | 33.06% |
| Net Income | 34.59M | 89.74M | 77.35M | 21.23M | 53.92M | 88.28M | 28.16M | 37.24M | 53.69M | 73.6M | 87.4M | 110.83M | 106.61M | 104.09M | 100.69M | 91.25M | 73.66M | 56.49M | 53M | 47.9M | 38.51M | 33.99M | 28.77M | 22.86M | 19.34M | 15.6M | 14.17M | 7.3M | 8.1M | 8.1M |
| Net Margin % | 5.9% | 15.89% | 13.49% | 3.44% | 9.21% | 16.72% | 4.77% | 6.84% | 10.68% | 15% | 15.68% | 18.16% | 17.79% | 18.47% | 18.64% | 18.57% | 16.72% | 14.41% | 15.31% | 16.39% | 15.83% | 16.13% | 16.06% | 14.69% | 14.16% | 12.94% | 13.46% | 7.95% | 10.04% | 11.13% |
| Net Income Growth % | -61.46% | 16.03% | 264.29% | -60.62% | -38.92% | 213.53% | -24.38% | -30.65% | -27.05% | -15.78% | -21.15% | 3.96% | 2.42% | 3.37% | 10.35% | 23.88% | 30.39% | 6.6% | 10.65% | 24.36% | 13.31% | 18.16% | 25.81% | 18.22% | 23.96% | 10.11% | 94.09% | -9.88% | 0% | -23.58% |
| Net Income (Continuing) | 34.59M | 89.74M | 77.35M | 21.23M | 53.92M | 88.28M | 28.16M | 73.9M | 49.09M | 67.79M | 87.4M | 110.83M | 106.61M | 104.09M | 100.69M | 91.25M | 73.66M | 56.49M | 53M | 47.9M | 38.51M | 33.99M | 28.77M | 22.86M | 19.34M | 15.6M | 14.17M | 7.3M | 8.1M | 8.1M |
| EPS (Diluted) | 6.88 | 16.30 | 13.19 | 3.60 | 8.47 | 13.23 | 3.54 | 4.01 | 5.99 | 8.38 | 10.05 | 11.90 | 9.08 | 7.88 | 6.59 | 5.63 | 4.45 | 3.43 | 3.05 | 2.60 | 2.02 | 1.74 | 1.49 | 1.25 | 1.00 | 0.83 | 0.74 | 0.38 | 0.42 | 0.41 |
| EPS Growth % | -57.79% | 23.58% | 266.39% | -57.5% | -35.98% | 273.73% | -11.72% | -33.06% | -28.52% | -16.62% | -15.55% | 31.06% | 15.23% | 19.58% | 17.05% | 26.52% | 29.74% | 12.46% | 17.31% | 28.71% | 16.09% | 16.78% | 19.2% | 25% | 20.48% | 12.16% | 94.74% | -9.52% | 2.44% | -16.33% |
| EPS (Basic) | 6.97 | 16.54 | 13.45 | 3.69 | 8.88 | 13.59 | 3.66 | 4.01 | 6.11 | 8.45 | 10.12 | 12.12 | 10.39 | 8.55 | 7.25 | 5.81 | 4.52 | 3.48 | 3.11 | 2.66 | 2.08 | 1.81 | 1.58 | 1.28 | 1.03 | 0.84 | 0.75 | 0.39 | 0.43 | 0.41 |
| Diluted Shares Outstanding | 5.03M | 5.51M | 5.86M | 5.9M | 6.36M | 6.67M | 7.95M | 9.2M | 8.96M | 8.78M | 8.81M | 9.32M | 11.74M | 13.21M | 15.29M | 16.21M | 16.55M | 16.46M | 17.38M | 18.39M | 19.1M | 19.56M | 19.35M | 18.3M | 19.34M | 18.84M | 19.16M | 19.21M | 19.17M | 19.83M |
Regulatory and Credit Normalization
As reported in recent financial statements, WRLD's gross margin experienced significant fluctuations, dropping from 73.2% in 2025Q4 to 52.3% in 2026Q2, highlighting the inherent sensitivity of the installment lending model to credit loss provisions and the cyclical nature of the subprime borrower base.
The sharp contraction in gross margins suggests that the company's reliance on high-touch, branch-based lending is increasingly susceptible to macroeconomic headwinds. Investors should monitor whether these margin swings represent a permanent shift in credit quality or temporary volatility driven by the CECL accounting standard's front-loaded provisioning requirements.
Based on the provided income statement data, WRLD's operating income scaled inconsistently with revenue, as evidenced by the 2026Q3 period where SG&A expenses of $111.5M effectively neutralized revenue gains, leading to a negative operating margin of -0.7% during that specific quarter.
The high fixed-cost structure associated with maintaining over 1,100 physical branches appears to limit the company's ability to achieve meaningful operating leverage during periods of revenue stagnation. This suggests that the firm may struggle to maintain profitability if branch productivity does not improve to offset rising labor and compliance costs.
According to the company's historical filings, the adoption of CECL accounting has introduced significant noise into net income, with EPS swinging from $8.13 in 2025Q4 to a loss of $0.19 in 2026Q3, reflecting the immediate impact of lifetime expected loss recognition on reported profitability.
The volatility in EPS appears to be more a function of accounting methodology than underlying operational health, as the 'Day 1' provision expense masks the long-term cash-generating potential of the loan portfolio. Analysts should prioritize PPNR to better assess the core earnings power of the business, as reported net income may be misleading during periods of portfolio growth.
Data from recent quarters indicates that WRLD's operating margin is under pressure, with the firm recording negative operating income in both 2026Q2 and 2026Q3, which may suggest that the traditional branch-based model is becoming increasingly unviable in a higher-cost, more regulated lending environment.
Short-sellers may focus on the potential for permanent margin compression if regulatory bodies implement stricter APR caps, which would likely render the high-cost branch network unsustainable. The lack of clear revenue growth acceleration further complicates the narrative, suggesting that the company's reliance on physical presence may be a liability rather than a competitive moat.
Quick answers to the most common questions about buying WRLD stock.
World Acceptance Corporation (WRLD) is profitable, generating $34.6M in net income for the fiscal year ending 2026 with a net profit margin of 5.9%.
World Acceptance Corporation (WRLD) reported an operating income of $94.7M, resulting in an operating profit margin of 16.2%. This margin reflects the operational efficiency of the business before interest and taxes.
World Acceptance Corporation (WRLD) generated $567.2M in gross profit for the year, representing a gross profit margin of 96.8%. This demonstrates the company's core pricing power and production efficiency.