OppFi Reports Third Quarter 2026 Results Launched new Line of Credit product, representing a significant milestone in the expansion of OppFi's product suite…
OppFi Inc. (OPFI) filed an SEC Form 8-K — Results of Operations and Financial Condition. OppFi Reports Third Quarter 2026 Results Launched new Line of Credit product, representing a significant milestone in the expansion of OppFi's product suite Continued execution of product and pricing initiatives designed to expand addressable market opportunities and enhance cust
How this was made
The 30-second read
Why it matters
The earnings miss and guidance update could prompt short‑term price declines, but the ongoing product rollout may offer longer‑term upside.
Market read
OppFi's Q3 results and guidance revision are material for investors in fintech and consumer credit stocks.
What to watch
The share repurchase of $17.9M may provide short‑term support despite earnings weakness.
OppFi Reports Third Quarter 2026 Results
Third-quarter total revenue, originations, receivables, GAAP net income and adjusted net income declined year over year, while net charge-off metrics increased. The company launched a Line of Credit product, repurchased common stock and refined full-year 2026 guidance.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, three months ended September 30, 2026GAAP | $149.2M | – | (3.8) % |
| Interest on finance receivables, three months ended September 30, 2026GAAP | $147.7M | – | (3.9) % |
| Other revenue, three months ended September 30, 2026GAAP | $1.58M | – | 14.1 % |
| Change in fair value of finance receivables, three months ended September 30, 2026GAAP | −$56.48M | – | 11.8 |
| Net revenue, three months ended September 30, 2026GAAP | $92.75M | – | (11.3) % |
| Total expenses, three months ended September 30, 2026GAAP | $55.71M | – | (0.7) % |
| Income from operations, three months ended September 30, 2026GAAP | $37.04M | – | (23.5) % |
| Income before income taxes, three months ended September 30, 2026GAAP | $40.75M | – | (50.1) % |
| Income tax expense, three months ended September 30, 2026GAAP | $6.27M | – | 11.0 % |
| Net income, three months ended September 30, 2026GAAP | $34.48M | – | (54.6) % |
| Net income attributable to OppFi Inc., three months ended September 30, 2026GAAP | $34.48M | – | (17.2) % |
| Basic EPS, three months ended September 30, 2026GAAP | $0.41 | – | (72.6) % |
| Diluted EPS, three months ended September 30, 2026GAAP | $0.40 | – | (47.6) % |
| Adjusted EBT, three months ended September 30, 2026non-GAAP | $41.51M | – | (22.0) % |
| Adjusted net income, three months ended September 30, 2026non-GAAP | $31.56M | – | (22.5) % |
| Adjusted EPS, three months ended September 30, 2026non-GAAP | $0.37 | – | (20.1) % |
| Total net originations, three months ended September 30, 2026other | $229.3M | – | (6.8) % |
| Total retained net originations, three months ended September 30, 2026other | $190.7M | – | (11.4) % |
| Ending receivables, September 30, 2026other | $458.6M | – | (4.7) % |
| Net charge-offs as % of total revenue, three months ended September 30, 2026other | 40.1 % | – | 14.2 % |
| Net charge-offs as % of average receivables, annualized, three months ended September 30, 2026other | 52.6 % | – | 12.7 % |
| Average yield, annualized, three months ended September 30, 2026other | 131.4 % | – | (1.3) % |
| Auto-approval rate, three months ended September 30, 2026other | 80.1 % | – | 1.2 % |
| Total revenue, nine months ended September 30, 2026GAAP | $446.3M | – | 1.9 % |
| Interest on finance receivables, nine months ended September 30, 2026GAAP | $441.9M | – | 1.8 % |
| Other revenue, nine months ended September 30, 2026GAAP | $4.38M | – | 14.2 |
| Net revenue, nine months ended September 30, 2026GAAP | $266.2M | – | (9.9) |
| Income from operations, nine months ended September 30, 2026GAAP | $96.76M | – | (28.7) |
| Net income, nine months ended September 30, 2026GAAP | $104.1M | – | (3.4) % |
| Net income attributable to OppFi Inc., nine months ended September 30, 2026GAAP | $77.72M | – | 719.6 % |
| Basic EPS, nine months ended September 30, 2026GAAP | $1.29 | – | 257.3 % |
| Diluted EPS, nine months ended September 30, 2026GAAP | $1.14 | – | 214.0 % |
| Adjusted net income, nine months ended September 30, 2026non-GAAP | $90.36M | – | (20.7) % |
| Adjusted EPS, nine months ended September 30, 2026non-GAAP | $1.05 | – | (18.6) % |
| Total net originations, nine months ended September 30, 2026other | $617.4M | – | (7.7) % |
| Total retained net originations, nine months ended September 30, 2026other | $518.9M | – | (12.0) % |
| Net charge-offs as % of total revenue, nine months ended September 30, 2026other | 40.7 % | – | 20.0 % |
| Net charge-offs as % of average receivables, annualized, nine months ended September 30, 2026other | 53.2 % | – | 16.9 % |
| Average yield, annualized, nine months ended September 30, 2026other | 130.8 % | – | (2.6) % |
| Auto-approval rate, nine months ended September 30, 2026other | 80.2 % | – | 1.3 % |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Full Year 2026 outlook
- Revenuebetween $600 million and $610 million
- NoteAdjusted net income between $115 million and $120 million
- NoteAdjusted EPS between $1.34 and $1.40, based on an approximate weighted average diluted share count of 86 million shares
Capital returns
- Repurchased $6.7 million of common stock during the third quarter under the share repurchase program.
- During the nine months ended September 30, 2026, OppFi repurchased $17.9 million of its Class A common stock at an average purchase price of $8.91 per share.
What drove it
- Launched new Line of Credit product.
- Continued execution of product and pricing initiatives designed to expand addressable market opportunities and enhance customer choice.
- Advanced the migration to the LOLA platform.
- Other revenue increased 14.1 % in the third quarter.
- Auto-approval rate was 80.1 % in the third quarter, compared with 79.1 % in the prior-year period.
Concerns
- Third-quarter total revenue declined (3.8) % and net revenue declined (11.3) % year over year.
- Third-quarter total net originations declined (6.8) % and total retained net originations declined (11.4) % year over year.
- Third-quarter net charge-offs as a percentage of total revenue increased to 40.1 % from 35.1 %.
- Third-quarter net charge-offs as a percentage of average receivables, annualized, increased to 52.6 % from 46.7 %.
- Third-quarter average yield, annualized, declined to 131.4 % from 133.2 %.
- Professional fees increased 23.6 %, technology costs increased 25.6 %, depreciation and amortization increased 71.7 %, and general, administrative and other expense increased 33.6 % in the third quarter.
What to watch
- Full-year 2026 total revenue guidance of between $600 million and $610 million.
- Full-year 2026 adjusted net income guidance of between $115 million and $120 million.
- Full-year 2026 adjusted EPS guidance of between $1.34 and $1.40.
- Performance of the recently launched Line of Credit product.
- Ongoing migration to the LOLA platform.
- Unused debt capacity following the termination of the Gray Rock SPV LLC revolving line of credit.
- Progress of the proposed acquisition of BNCC.
Balance sheet and cash flow
- Cash and restricted cash as of September 30, 2026: $140,673; December 31, 2025: $93,263; change: $47,410.
- Finance receivables at fair value as of September 30, 2026: $518,884; December 31, 2025: $546,236; change: $(27,352).
- Total assets as of September 30, 2026: $842,400; December 31, 2025: $754,090; change: $88,310.
- Total debt as of September 30, 2026: $349,639; December 31, 2025: $321,353; change: $28,286.
- Total stockholders’ equity as of September 30, 2026: $443,323; December 31, 2025: $308,876; change: $134,447.
- Net cash provided by operating activities, nine months ended September 30, 2026: $268,129; prior year: $284,481; change: $(16,352).
- Net cash used in investing activities, nine months ended September 30, 2026: $(160,606); prior year: $(218,419); change: $57,813.
- Net cash used in financing activities, nine months ended September 30, 2026: $(60,113); prior year: $(79,157); change: $19,044.
- As of September 30, 2026, OppFi had $102.7 million in unrestricted cash, an increase of $53.2 million from December 31, 2025.
- As of September 30, 2026, OppFi had an additional $198.5 million of unused debt capacity under its financing facilities for future availability, representing a 36% overall undrawn capacity.
- Including total financing commitments of $550.0 million and cash and restricted cash on the balance sheet of $140.7 million, OppFi had approximately $690.7 million in funding capacity as of September 30, 2026.
Analysis
OppFi reported third-quarter total revenue of $149,230, down (3.8) % from $155,089. Interest on finance receivables declined (3.9) %, while other revenue increased 14.1 %. Total net originations declined (6.8) % and total retained net originations declined (11.4) %, while ending receivables declined (4.7) % to $458,631. The company launched a new Line of Credit product and cited product and pricing initiatives, product innovation and migration to the LOLA platform as strategic priorities.
The fair-value change in finance receivables was $(56,476), compared with $(50,532), and net revenue declined (11.3) % to $92,754. Total expenses decreased (0.7) % to $55,710, but professional fees, technology costs, depreciation and amortization, and general, administrative and other expense increased year over year. Income from operations declined (23.5) % to $37,044. GAAP net income was $34,479, down (54.6) %, while net income attributable to OppFi Inc. declined (17.2) % to $34,479. Adjusted net income declined (22.5) % to $31,559 and adjusted EPS declined (20.1) % to $0.37.
Credit performance remains a principal reported pressure point. Third-quarter net charge-offs as a percentage of total revenue rose to 40.1 % from 35.1 %, and annualized net charge-offs as a percentage of average receivables rose to 52.6 % from 46.7 %. Average yield, annualized, decreased to 131.4 % from 133.2 %. For the nine months, net revenue declined (9.9) %, income from operations declined (28.7) %, and adjusted net income declined (20.7) %, despite total revenue increasing 1.9 %.
Liquidity increased during the nine-month period. Cash and restricted cash was $140,673 at September 30, 2026, compared with $93,263 at December 31, 2025, and net cash provided by operating activities was $268,129 for the nine months. Total debt was $349,639, compared with $321,353 at December 31, 2025. The company reported $102.7 million of unrestricted cash, $198.5 million of unused debt capacity and approximately $690.7 million of funding capacity. It repurchased $6.7 million of common stock in the third quarter and $17.9 million during the nine months at an average purchase price of $8.91 per share.
OppFi refined full-year 2026 guidance to total revenue between $600 million and $610 million, adjusted net income between $115 million and $120 million, and adjusted EPS between $1.34 and $1.40. The guided adjusted EPS is based on an approximate weighted average diluted share count of 86 million shares. Execution on the Line of Credit launch, LOLA migration, charge-off trends, origination trends and the stated guidance ranges are the key reported items for the remainder of the year.
Management, verbatim
The strategic transformation of OppFi continued to gain momentum during the third quarter as we delivered strong execution across a number of priorities that we believe will drive our next phase of growth.
Todd Schwartz, CEO and Executive Chairman
From launching our line of credit product and advancing the migration to our LOLA platform, to progressing key product innovation initiatives, we are building a more diversified, technology- enabled financial platform designed to better serve customers across their financial journeys.
Todd Schwartz, CEO and Executive Chairman
We believe these initiatives will broaden our capabilities, strengthen our long-term earnings power, and position OppFi to create substantial long-term value.
Todd Schwartz, CEO and Executive Chairman
Not in the filing
stated, not guessed- Segment revenue and segment profitability were not reported.
- Gross margin was not reported.
- Quarterly operating cash flow was not reported.
- Free cash flow was not reported.
- Dividend information was not reported.
- Previous-release outlook was not provided, so comparison with prior guidance is unavailable.
- Prior-quarter comparisons for reported financial and operating metrics were not reported.
- A reconciliation of projected full-year 2026 Adjusted Net Income and Adjusted EPS to the most directly comparable GAAP financial measures was not included.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
OppFi is a tech‑enabled digital finance platform that partners with banks to offer consumer loans and credit products.
Ticker impact
OppFi reported Q3 2026 results with revenue down 3.8% and net income falling 54.6%, and issued guidance for full-year revenue of $600‑$610M.
likely downside as the market prices in weaker earnings and modest revenue outlook
Revenue contraction and a sharp earnings decline, combined with guidance that signals limited growth, typically trigger sell pressure for a fintech lender.
Market effects
Digital finance lenders may face heightened scrutiny on credit quality as charge‑off rates rise.
U.S. fintech sector could see modest pullback.
Limited to U.S. fintech and consumer credit markets.
Counterpoint
If the new line of credit product gains traction, revenue could rebound faster than guidance suggests.
Key entities
- ExecutiveTodd Schwartz
CEO and Executive Chairman of OppFi
