EZCORP Reports Fourth Quarter and Full Year Fiscal 2025 Results

Record Q4 and Full Year Revenue & PLO
Strong Growth in Diluted EPS & Adjusted EBITDA

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

• 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. 

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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: [email protected]
Phone: (512) 314-2220

EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

EZCORP, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

EZCORP, Inc.
OPERATING SEGMENT RESULTS

EZCORP, Inc.
STORE COUNT ACTIVITY
(Unaudited)

Non-GAAP Financial Information (Unaudited)

In addition to the financial information prepared in conformity with accounting U.S. generally accepted accounting principles (“GAAP”), we provide certain other non-GAAP financial information on a constant currency (“constant currency”) and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflects an additional way of viewing aspects of our business that, when viewed with GAAP results, provides a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.

Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. In addition, we have an equity method investment that is denominated in Australian dollars and is translated into U.S. dollars. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three and twelve months ended September 30, 2025 and 2024 were as follows:

Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.

Miscellaneous Non-GAAP Financial Measures

Note: The underlying numbers are in thousands and, as a result, may not agree to the percentages calculated from numbers in millions and tables may not foot.
¹“Adjusted” basis, which is a non-GAAP measure, excludes certain items. “Constant currency” basis, which is a non-GAAP measure, excludes the impact of foreign currency exchange rate fluctuations. For additional information about these calculations, as well as a reconciliation to the most comparable GAAP financial measures, see “Non-GAAP Financial Information” at the end of this release.
²“Same Store” basis, which is a financial measure, includes stores open the entirety of the comparable periods.