AUSTIN, Texas, Nov. 13, 2025 (GLOBE NEWSWIRE) -- EZCORP, Inc. (NASDAQ:EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its fourth quarter and full year ended September 30, 2025.
Unless otherwise noted, all amounts in this release are in conformity with U.S. generally accepted accounting principles ("GAAP") and comparisons shown are to the same period in the prior year.
FOURTH QUARTER HIGHLIGHTS
Net income increased 76% to $26.7 million. On an adjusted basis1, net income increased 45% to $26.8 million.
Diluted earnings per share (EPS) increased 62% to $0.34. On an adjusted basis1, diluted earnings per share increased 36% to $0.34.
Adjusted EBITDA increased 33% to $47.9 million.
Total revenues increased 14% to $336.8 million, while gross profit increased 13% to $198.6 million.
Pawn loans outstanding (PLO) increased 12% to $307.5 million.
Grew our footprint by 24 stores, including 17 de novo stores, 8 acquired stores and the consolidation of 1 store.
FULL YEAR 2025 HIGHLIGHTS
Net income was $109.6 million, an increase of $26.5 million. On an adjusted basis1, net income increased 30%.
Diluted earnings per share increased 29% to $1.42. On an adjusted basis1, diluted earnings per share increased 27% to $1.43.
Adjusted EBITDA increased by 26% to $191.2 million.
Total revenues increased 10% to $1,274.3 million, while gross profit increased 9% to $746.1 million.
Grew our footprint by 81 stores including 52 acquired stores, 40 de novo stores and the consolidation of 11 stores.
CEO COMMENTARY AND OUTLOOK
Lachie Given, Chief Executive Officer, stated, "Fiscal 2025 was another exceptional year for EZCORP, with record full-year revenue and all-time high PLO. This superior performance reflects resilient demand for immediate cash solutions and high-quality, cost-effective secondhand goods. We converted that demand into strong bottom-line growth, demonstrating the operating leverage of our platform at scale and the expertise of our team, with adjusted EBITDA up 26% to $191.2 million and adjusted diluted EPS up 27% to $1.43.
"Over the year, we successfully executed our growth strategy with disciplined acquisitions in the U.S. and Mexico and continued de novo expansion across Latin America. In fiscal 2025, we opened 40 de novo stores and acquired 52 locations, more than doubling the combined total of acquisitions in fiscal 2024 and fiscal 2023. We now operate 1,360 stores throughout five countries, guided by a proven operating formula that is driving record PLO and exceptional results across all geographies.
"With a flexible and liquid balance sheet, we are deploying capital purposefully, focused on high-return store growth and M&A, while remaining opportunistic with share repurchases as reflected by our newly authorized program. As we scale, we are driving strong earnings momentum in our business, and we will continue to strengthen the core, simplify and drive cost efficiency, and innovate to deliver sustainable growth and long-term value for our shareholders."
CONSOLIDATED RESULTS
Three Months Ended September 30
As Reported
Adjusted1
in millions, except per share amounts
2025
2024
2025
2024
Total revenues
$
336.8
$
294.6
$
335.9
$
294.6
Gross profit
$
198.6
$
175.4
$
198.0
$
175.4
Income before tax
$
36.3
$
26.3
$
37.0
$
26.8
Net income
$
26.7
$
15.2
$
26.8
$
18.5
Diluted earnings per share
$
0.34
$
0.21
$
0.34
$
0.25
EBITDA (non-GAAP measure)
$
47.3
$
35.5
$
47.9
$
36.0
Twelve Months Ended September 30
As Reported
Adjusted1
in millions, except per share amounts
2025
2024
2025
2024
Total revenues
$
1,274.3
$
1,161.6
$
1,304.3
$
1,161.6
Gross profit
$
746.1
$
682.3
$
761.7
$
682.3
Income before tax
$
146.8
$
115.6
$
149.7
$
115.5
Net income
$
109.6
$
83.1
$
110.7
$
85.3
Diluted earnings per share
$
1.42
$
1.10
$
1.43
$
1.13
EBITDA (non-GAAP measure)
$
187.6
$
151.7
$
191.2
$
151.6
PLO increased 12% to $307.5 million, up $33.4 million. On a same-store2 basis, PLO increased 10% due to higher average loan size, continued strong pawn demand and improved operational performance.
Fourth quarter total revenues increased 14% and gross profit increased 13%, reflecting improved pawn service charge (PSC) revenues due to higher average PLO. Full year total revenues increased 10% and gross profit increased 9%.
PSC increased 9% in the fourth quarter and for the full year as a result of higher average PLO.
Fourth quarter merchandise sales gross margin remained consistent at 35%. Aged general merchandise at 2.6% of total general merchandise inventory, up 83 basis points (bps). Full year merchandise sales gross profit margin remains within our targeted range at 35%.
Fourth quarter jewelry scrap sales increased 91%, and jewelry scrap sales gross margin increased by 1,010 bps to 29%. Full year jewelry scrap sales increased 62%, and jewelry scrap sales gross margin increased by 1,160 bps to 27% due to increase in gold price and jewelry purchases.
Net inventory increased 29%, as a result of an increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.3x, from 2.6x for the quarter and was 2.4x compared to 2.8x for the year.
Fourth quarter store expenses increased 8% (6% on a same-store basis), primarily due to labor costs and new stores. Full year store and same-store expenses increased 4%.
General and administrative expenses increased 13% in the fourth quarter and 11% for the full year, primarily due to labor costs (including higher incentive compensation).
Fourth quarter income before taxes increased to $36.3 million, up 38% from $26.3 million, and adjusted EBITDA increased 33% to $47.9 million. Full year income before taxes increased by 27% to $146.8 million from $115.6 million and adjusted EBITDA increased 26% to $191.2 million.
Diluted earnings per share increased 62% to $0.34 for the fourth quarter. On an adjusted basis, diluted earnings per share increased 36% to $0.34. Full year diluted earnings per share increased 29% to $1.42. On an adjusted basis, diluted earnings per share for the year increased 27% to $1.43.
Cash and cash equivalents increased to $469.5 million from $170.5 million as of September 30, 2025. The increase was due primarily to $300.0 million (less issuance costs) from the issuance of the Senior Notes due 2032 and cash from operating activities partially offset by increased earning assets and acquisitions.
SEGMENT RESULTS
U.S. Pawn
PLO ended the year at $233.8 million, an increase of 9% on a total and same-store basis due to an increase in average loan size, strong loan demand and improved operational performance.
Fourth quarter total revenues increased 13% and gross profit increased 11%, driven by increased PSC, merchandise sales and jewelry scrap sales. Full year total revenues increased 9% and gross profit increased 10%.
PSC increased 7% in the fourth quarter and 9% for the full year as a result of higher average PLO.
Fourth quarter merchandise sales increased 6%, and 5% on a same-store basis. Sales gross margin increased by 40 bps to 37%. Full year merchandise sales increased 3% and merchandise sales gross profit margin stayed steady at 37%.
Fourth quarter jewelry scrap sales increased 96%, and jewelry scrap sales gross margin increased by 910 bps to 30%. Full year jewelry scrap sales increased 58%, and jewelry scrap sales gross margin increased by 1,120 bps to 27% due to increase in gold price and jewelry purchases.
Net inventory increased 34% due to increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.1x, from 2.5x and was 2.2x compared to 2.6x for the full year. Aged general merchandise decreased by 36 bps to 2.2%, or $1.2 million of total general merchandise inventory.
Fourth quarter store expenses increased 3% on a total and same-store basis. Full year store expenses increased 4% on a total and same-store basis.
Segment contribution increased 28% to $52.5 million in the fourth quarter and increased 21% to $200.2 million for the full year.
Segment store count increased by 3 to 545, due to the acquisition of 4 stores and the consolidation of one store during the full year.
Latin America Pawn
PLO improved to $73.7 million, an increase of 23% (17% on constant currency basis). On a same-store basis, PLO increased 14% (9% increase on a constant currency basis) due to strong loan demand and improved operational performance.
Fourth quarter total revenues increased 19% (17% on constant currency basis), and gross profit increased 19% (18% on a constant currency basis), primarily due to increased merchandise sales, PSC and jewelry scrap sales. Full year total revenues were up 11% (20% on a constant currency basis), while gross profit increased by 8% (17% on a constant currency basis).
PSC increased in the fourth quarter to $33.8 million, an increase of 16% (15% on a constant currency basis) as a result of higher average PLO. For the full year PSC increased 8% (16% on a constant currency basis).
Fourth quarter merchandise sales increased 17% (16% on constant currency basis) and 11% on a same-store basis (10% increase on a constant currency basis). Merchandise sales gross margin stayed steady at 32%. For the full year, merchandise sales increased 10% (20% on a constant currency basis) and merchandise gross margin decreased 170 bps to 31%.
Fourth quarter jewelry scrap sales increased 69%, and jewelry scrap sales gross margin increased by 1,590 bps to 27%. Full year jewelry scrap sales increased 96%, and jewelry scrap sales gross margin increased by 1,500 bps to 26% due to increase in gold price, jewelry purchases and the focus on the jewelry category.
Net inventory increased 18% (12% on a constant currency basis) due to an increase in PLO. Inventory turnover was up to 2.9x from 2.8x. On a same-store basis, net inventory increased by 10% (4% on a constant currency basis). Full year inventory turnover was 3.0x, down from 3.3x. Aged general merchandise increased to 3.1% from 0.7% of total general merchandise inventory.
Fourth quarter store expenses increased 20% (19% on a constant currency basis) and increased 13% on a same-store basis (11% increase on a constant currency basis) due to increased labor, in line with store activity and minimum wage increases. Full year store expenses increased 5% (14% on a constant currency basis) and 3% (12% on a constant currency basis) on a same-store basis.
Fourth quarter segment contribution increased 17% to $12.0 million (18% on a constant currency basis to $12.1 million). Full year segment contribution was up 20% to $46.6 million (28% on a constant currency basis).
Segment store count increased by 78 to 815, due to the addition of 40 de novo stores, the acquisition of 48 stores and the consolidation of 10 stores during the full year.
FORM 10-K
EZCORP's Quarterly Report on Form 10-K for the year ended September 30, 2025 has been filed with the Securities and Exchange Commission. The report is available in the Investor Relations section of the Company's website at http://investors.ezcorp.com. EZCORP shareholders may obtain a paper copy of the report, free of charge, by sending a request to the investor relations contact below.
CONFERENCE CALL
EZCORP will host a conference call on Friday, November 14, 2025, at 8:00 am Central Time to discuss Fourth Quarter Fiscal 2025 results. Analysts and institutional investors may participate on the conference call by registering online at https://register-conf.media-server.com/register/BIb58af00cd0fa430788f04db0073e8400. Once registered you will receive the dial-in details with a unique PIN to join the call. The conference call will be webcast simultaneously to the public through this link: https://edge.media-server.com/mmc/p/hqptihjy. A replay of the conference call will be available online at http://investors.ezcorp.com shortly after the end of the call.
ABOUT EZCORP
Formed in 1989, EZCORP is a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index.
Follow us on social media:
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EZPAWN Instagram Official https://www.instagram.com/ezpawnofficial/
EZCORP LinkedIn https://www.linkedin.com/company/ezcorp/
FORWARD LOOKING STATEMENTS
This announcement contains certain forward-looking statements regarding the Company's strategy, initiatives and expected performance. These statements are based on the Company's current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the Company's strategy, initiatives and future performance, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors, current or future litigation and risks associated with the COVID-19 pandemic. For a discussion of these and other factors affecting the Company's business and prospects, see the Company's annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
Contact:Email: (512) 314-2220
EZCORP, Inc.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)
Three Months EndedSeptember 30,
Twelve Months EndedSeptember 30,
(in thousands, except per share amounts)
2025
2024
2025
2024
Revenues:
Merchandise sales
$
176,565
$
161,506
$
700,999
$
663,736
Jewelry scrap sales
34,244
17,891
98,884
61,082
Pawn service charges
125,966
115,103
474,228
436,545
Other revenues
38
51
169
239
Total revenues
336,813
294,551
1,274,280
1,161,602
Merchandise cost of goods sold
114,072
104,723
455,677
427,403
Jewelry scrap cost of goods sold
24,171
14,447
72,538
51,926
Gross profit
198,570
175,381
746,065
682,273
Operating expenses:
Store expenses
129,007
119,583
481,108
461,055
General and administrative
23,411
20,688
83,500
75,557
Impairment of other assets
877
843
877
843
Depreciation and amortization
8,180
8,127
32,538
33,069
Loss (gain) on sale or disposal of assets and other
110
133
135
(16
)
Other operating income
—
—
(1,262
)
(765
)
Total operating expenses
161,585
149,374
596,896
569,743
Operating income
36,985
26,007
149,169
112,530
Interest expense
8,143
3,204
23,029
13,585
Interest income
(5,313
)
(2,123
)
(14,721
)
(10,575
)
Equity in net (income) loss of unconsolidated affiliates
(1,970
)
(576
)
(6,150
)
(4,711
)
Other (income) expense
(139
)
(750
)
238
(1,377
)
Income before income taxes
36,264
26,252
146,773
115,608
Income tax expense
9,560
11,056
37,160
32,513
Net income
$
26,704
$
15,196
$
109,613
$
83,095
Basic earnings per share
$
0.44
$
0.28
$
1.91
$
1.51
Diluted earnings per share
$
0.34
$
0.21
$
1.42
$
1.10
Weighted-average basic shares outstanding
60,901
54,677
57,466
54,935
Weighted-average diluted shares outstanding
83,218
83,552
83,383
84,448
EZCORP, Inc.CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)
(in thousands, except share and per share amounts)
September 30, 2025
September 30, 2024
Assets:
Current assets:
Cash and cash equivalents
$
469,524
$
170,513
Short-term restricted cash
525
9,294
Pawn loans
307,496
274,084
Pawn service charges receivable, net
48,733
44,013
Inventory, net
248,457
191,923
Prepaid expenses and other current assets
51,221
39,171
Total current assets
1,125,956
728,998
Investments in unconsolidated affiliates
18,123
13,329
Other investments
51,903
51,900
Property and equipment, net
75,331
65,973
Right-of-use assets, net
236,462
226,602
Long-term restricted cash
14,664
—
Goodwill
324,889
306,478
Intangible assets, net
58,832
58,451
Deferred tax asset, net
29,455
25,362
Other assets, net
15,594
16,144
Total assets
$
1,951,209
$
1,493,237
Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net
$
—
$
103,072
Accounts payable, accrued expenses and other current liabilities
105,443
85,737
Customer layaway deposits
33,901
21,570
Operating lease liabilities, current
61,228
58,998
Total current liabilities
200,572
269,377
Long-term debt, net
518,076
224,256
Deferred tax liability, net
2,571
2,080
Operating lease liabilities
184,736
180,616
Other long-term liabilities
19,769
12,337
Total liabilities
925,724
688,666
Commitments and contingencies (Note 12)
Stockholders' equity:
Class A Non-Voting Common Stock, par value $0.01 per share; shares authorized: 100 million; 57,921,451 issued and outstanding as of September 30, 2025; and issued and outstanding of 51,582,698 as of September 30, 2024
579
516
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171 as of September 30, 2025 and 2024
30
30
Additional paid-in capital
450,892
348,366
Retained earnings
612,687
507,206
Accumulated other comprehensive loss
(38,703
)
(51,547
)
Total equity
1,025,485
804,571
Total liabilities and equity
$
1,951,209
$
1,493,237
EZCORP, Inc.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)
Twelve Months EndedSeptember 30,
(in thousands)
2025
2024
Operating activities:
Net income
$
109,613
$
83,095
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
32,538
33,069
Amortization of debt discount and deferred financing costs
1,726
1,605
Non-cash lease expense
59,265
58,393
Deferred income taxes
(3,084
)
1,354
Impairment of other assets
877
843
Other adjustments
(1,942
)
789
Provision for inventory reserve
858
73
Stock compensation expense
12,465
10,406
Equity in net (income) loss from investment in unconsolidated affiliates
(6,150
)
(4,711
)
Changes in operating assets and liabilities, net of business acquisitions:
Service charges and fees receivable
(3,833
)
(5,217
)
Inventory
(18,179
)
(8,488
)
Prepaid expenses, other current assets and other assets
(5,719
)
(8,638
)
Accounts payable, accrued expenses and other liabilities
(41,420
)
(57,158
)
Customer layaway deposits
11,712
2,950
Income taxes
258
5,235
Net cash provided by operating activities
148,985
113,600
Investing activities:
Loans made
(1,006,505
)
(937,014
)
Loans repaid
557,761
522,497
Recovery of pawn loan principal through sale of forfeited collateral
393,203
363,396
Capital expenditures, net
(38,561
)
(35,764
)
Acquisitions, net of cash acquired
(20,693
)
(12,113
)
(Issuance of) proceeds from note receivable
(5,895
)
421
Investment in unconsolidated affiliate
(786
)
(1,131
)
Investment in other investments
—
(15,680
)
Dividends from unconsolidated affiliates
3,614
3,535
Net cash used in investing activities
(117,862
)
(111,853
)
Financing activities:
Taxes paid related to net share settlement of equity awards
(3,972
)
(3,294
)
Proceeds from borrowings
300,000
—
Debt issuance cost
(7,593
)
—
Payments on debt
(6,410
)
(34,389
)
Purchase and retirement of treasury stock
(6,999
)
(12,008
)
Payments of finance leases
(606
)
(492
)
Net cash (used in) provided by financing activities
274,420
(50,183
)
Effect of exchange rate changes on cash and cash equivalents and restricted cash
(637
)
(725
)
Net (decrease) increase in cash and cash equivalents and restricted cash
304,906
(49,161
)
Cash and cash equivalents and restricted cash at beginning of period
179,807
228,968
Cash and cash equivalents and restricted cash at end of period
$
484,713
$
179,807
EZCORP, Inc.OPERATING SEGMENT RESULTS
Three Months Ended September 30, 2025(Unaudited)
(in thousands)
U.S. Pawn
Latin America Pawn
Other Investments
Total Segments
Corporate Items
Consolidated
Revenues:
Merchandise sales
$
117,288
$
59,277
$
—
$
176,565
$
—
$
176,565
Jewelry scrap sales
29,512
4,732
—
34,244
—
34,244
Pawn service charges
92,125
33,841
—
