Ezcorp | 8-K: FY2026 Q3 Revenue Misses Estimate at USD 418.75 M

Revenue: As of FY2026 Q3, the actual value is USD 418.75 M, missing the estimate of USD 426.95 M.

EPS: As of FY2026 Q3, the actual value is USD 0.48, beating the estimate of USD 0.3983.

EBIT: As of FY2026 Q3, the actual value is USD 60.36 M.

Consolidated Results (Three Months Ended June 30, 2026 vs. 2025)

Net Income Attributable to EZCORP, Inc.

• Net income attributable to EZCORP, Inc. increased 44% to $38.2 million in 2026 from $26.5 million in 2025. On an adjusted basis, it increased 52% to $37.2 million in 2026 from $24.5 million in 2025.

Adjusted EBITDA

• Adjusted EBITDA increased 48% to $65.6 million in 2026 from $44.3 million in 2025.

Gross Profit

• Gross profit increased 34% to $246.2 million in 2026 from $183.6 million in 2025. On an adjusted basis, gross profit was $240.3 million in 2026 compared to $183.6 million in 2025. Excluding scrap, gross profit increased 32%.

Operating Profit / Income Before Income Taxes

• Operating income was $54.8 million in 2026, up from $36.0 million in 2025. Income before income taxes increased 50% to $52.0 million in 2026 from $34.7 million in 2025. On an adjusted basis, it was $50.6 million in 2026 compared to $33.3 million in 2025.

Operating Costs

• Store expenses increased 30% to $147.7 million in 2026 from $113.4 million in 2025 (12% on a same-store basis).
• General and administrative expenses increased 24% to $34.0 million in 2026 from $27.5 million in 2025.

Pawn Loans Outstanding (PLO)

• PLO increased 33% to $387.2 million (18% on a same-store basis).

Merchandise Sales Gross Margin

• Merchandise sales gross margin increased to 38% in 2026 from 36% in 2025.

Aged General Merchandise

• Aged general merchandise decreased 132 basis points to 1.3% of total general merchandise inventory.

Jewelry Scrap Sales Gross Margin

• Jewelry scrap sales gross margin decreased to 26% in 2026 from 29% in 2025.

Net Inventory

• Net inventory increased 40% to $316.3 million (21% on a same-store basis) as of June 30, 2026, compared to $225.5 million as of June 30, 2025. Inventory turnover decreased to 2.3x from 2.4x.

Cash and Cash Equivalents

• Cash and cash equivalents decreased to $311.0 million as of June 30, 2026, from $472.1 million as of June 30, 2025.

Cash Flow (Nine Months Ended June 30, 2026 vs. 2025)

Net Cash Provided by Operating Activities

• Net cash provided by operating activities was $130.4 million in 2026, up from $97.7 million in 2025.

Net Cash Used in Investing Activities

• Net cash used in investing activities was - $125.5 million in 2026, compared to - $66.0 million in 2025.

Net Cash Used in Financing Activities

• Net cash used in financing activities was - $164.2 million in 2026, compared to $275.6 million provided by financing activities in 2025.

Segment Results (Three Months Ended June 30, 2026 vs. 2025)

U.S. Pawn

• PLO increased 15% to $254.5 million (13% on a same-store basis).
• Total revenues and gross profit increased 14%.
• Pawn service charges (PSC) increased 13%.
• Merchandise sales increased 6% (3% on a same-store basis), with sales gross margin increasing by 130 bps to 40%.
• Jewelry scrap sales increased 57%, with gross margin decreasing from 29% to 27%.
• Net inventory increased 28% (24% on a same-store basis). Inventory turnover remained consistent at 2.0x.
• Aged general merchandise decreased by 90 bps to 1.9% of total general merchandise inventory.
• Store expenses increased 8% (6% on a same-store basis).
• Segment contribution increased 24% to $61.6 million.
• Segment store count increased to 560 due to the acquisition of 1 store.

Latin America Pawn

• PLO increased 40% to $98.9 million (33% on a constant currency basis; 35% on a same-store basis).
• Total revenues increased 37% (25% on a constant currency basis), and gross profit increased 44% (32% on a constant currency basis).
• PSC increased 37% to $42.9 million (26% on a constant currency basis).
• Merchandise sales increased 31% (20% on a constant currency basis), and merchandise sales gross margin increased to 36% from 31%.
• Jewelry scrap sales increased 138%, with gross margin decreasing from 29% to 26%.
• Net inventory increased 27% (21% on a constant currency basis). Inventory turnover remained consistent at 3.1x.
• Store expenses increased 38% (27% on a constant currency basis; 28% on a same-store basis).
• Segment contribution increased 56% to $24.8 million (43% on a constant currency basis to $22.8 million).
• Segment store count increased by 41 stores to 881, including 33 acquired stores and 9 de novo stores.

SMG (Three Months Ended June 30, 2026)

• PLO was $33.8 million.
• Net inventory was $28.9 million, with aged general merchandise at 1.1% of total general merchandise inventory.
• Total revenues were $43.1 million, comprising merchandise sales of $17.1 million (31% margin), PSC of $14.3 million, and jewelry scrap sales of $11.7 million (24% margin).
• Store expenses totaled $16.0 million.
• Segment contribution was $5.9 million.
• Segment store count increased to 108 due to the addition of 1 de novo store.

Operational Metrics

• EZCORP, Inc. (艾茨克普) grew its footprint by 43 stores in the quarter.
• The company acquired the remaining interest in Founders and SMG during the quarter and July 2026.

Outlook

EZCORP, Inc. (艾茨克普) anticipates entering the final quarter of fiscal 2026 in a strong operating and financial position. The company aims to continue building shareholder value following an exceptionally strong year. Presentation materials for the earnings conference call will be available on the company’s website.