FirstCash Holdings reported record fourth quarter and full-year results, driven by strong revenue growth across all three pawn segments and significant expansion through acquisitions. The company exceeded $1 billion in consolidated revenue for the first time in its history during Q4, demonstrating robust operational performance and strategic growth initiatives.
Consolidated revenue totaled a record $3.7 billion in 2025, an increase of 8%, with fourth quarter revenues increasing 20% over last year to $1.1 billion, surpassing $1 billion for the first time.
positiveFull year diluted earnings per share in 2025 increased 29% on a GAAP basis and 31% on an adjusted basis compared to the prior year.
positiveThe company added 344 retail pawn locations in 2025, increasing its store count by 10% to a total of 3,330 locations globally.
positiveAdjusted EBITDA for the full year increased 25% to $698 million compared to the prior year, and for the fourth quarter, it increased 27% to $210 million.
positiveAFF segment pre-tax operating income decreased 16% in the fourth quarter compared to the prior-year quarter, primarily driven by the expected runoff of lease portfolios from bankrupt furniture retailers.
attentionAFF gross revenues for the fourth quarter decreased 15% compared to the prior-year quarter and for the full year decreased 14% compared to the prior year, primarily related to merchant partner bankruptcies.
attentionThe overall lease and loan loss provisioning rate for AFF was 27.7% for the fourth quarter of 2025 compared to 26.5% in the fourth quarter of 2024, reflecting an increased mix of finance product originations which carry slightly higher loss rates.
attentionOperating expenses for Latin America pawn are expected to increase 8% to 10% on a U.S. dollar basis due to minimum wage increases in Mexico and increased store counts.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
U.S. Pawn | N/A | — | — | — | — |
Latin America Pawn | N/A | — | — | — | +14.0% |
U.K. Pawn | N/A | — | — | — | — |
AFF | N/A | — | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
FirstCash generated record fourth quarter and full year revenue and earnings results, driven by strong growth in all three pawn segments.
The company invested significantly in growth during 2025, adding almost 350 pawn locations, the most in any year since the merger with Cash America.
Strong balance sheet and cash flows benefited shareholders through $71 million in cash dividends and $115 million in stock repurchases in 2025.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.