Third Quarter 2026
Filed Oct 22, 2026Enova Reports Third Quarter 2026 Results
Total revenue increased 26%, net income increased 34%, adjusted earnings per share increased 33%, and total company originations increased 31% from the third quarter of 2025. Net revenue margin expanded to 61% and the net charge-off ratio decreased to 8.1% from 8.5%.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, three months ended September 30GAAP | $1.01B | – | 26% |
| Change in Fair Value, three months ended September 30GAAP | (394,813 ) | – | – |
| Net Revenue, three months ended September 30GAAP | 614,359 | – | – |
| Marketing expense, three months ended September 30GAAP | 229,680 | – | – |
| Operations and technology expense, three months ended September 30GAAP | 80,690 | – | – |
| General and administrative expense, three months ended September 30GAAP | 46,161 | – | – |
| Depreciation and amortization, three months ended September 30GAAP | 10,616 | – | – |
| Total Operating Expenses, three months ended September 30GAAP | 367,147 | – | – |
| Income from Operations, three months ended September 30GAAP | 247,212 | – | – |
| Interest expense, net, three months ended September 30GAAP | (103,501 ) | – | – |
| Foreign currency transaction loss, three months ended September 30GAAP | (901 ) | – | – |
| Equity method investment income, three months ended September 30GAAP | 664 | – | – |
| Other nonoperating expenses, three months ended September 30GAAP | (632 ) | – | – |
| Income before Income Taxes, three months ended September 30GAAP | 142,842 | – | – |
| Provision for income taxes, three months ended September 30GAAP | 35,538 | – | – |
| Net income, three months ended September 30GAAP | $107.3M | – | 34% |
| Basic earnings per common share, three months ended September 30GAAP | $ 4.31 | – | – |
| Diluted earnings per common share, three months ended September 30GAAP | $ 4.06 | – | 34% |
| Weighted average common shares outstanding, basic, three months ended September 30GAAP | 24,875 | – | – |
| Weighted average common shares outstanding, diluted, three months ended September 30GAAP | 26,434 | – | – |
| Adjusted earnings, three months ended September 30non-GAAP | $118.5M | – | – |
| Adjusted earnings per share, three months ended September 30non-GAAP | $ 4.48 | – | 33% |
| Adjusted EBITDA, three months ended September 30non-GAAP | $268.6M | – | 23% |
| Adjusted EBITDA as a percentage of total revenue, three months ended September 30non-GAAP | 26.6 % | – | – |
| Total revenue, nine months ended September 30GAAP | $2.81B | – | – |
| Change in Fair Value, nine months ended September 30GAAP | (1,101,857 ) | – | – |
| Net Revenue, nine months ended September 30GAAP | 1,711,384 | – | – |
| Total Operating Expenses, nine months ended September 30GAAP | 1,019,919 | – | – |
| Income from Operations, nine months ended September 30GAAP | 691,465 | – | – |
| Net income, nine months ended September 30GAAP | $303.5M | – | – |
| Basic earnings per common share, nine months ended September 30GAAP | $ 12.20 | – | – |
| Diluted earnings per common share, nine months ended September 30GAAP | $ 11.49 | – | – |
| Adjusted earnings, nine months ended September 30non-GAAP | $333.7M | – | – |
| Adjusted earnings per share, nine months ended September 30non-GAAP | $ 12.64 | – | – |
| Adjusted EBITDA, nine months ended September 30non-GAAP | $751.8M | – | – |
| Adjusted EBITDA as a percentage of total revenue, nine months ended September 30non-GAAP | 26.7 % | – | – |
| Total combined loan and finance receivable principal balance, September 30non-GAAP | $5.71B | – | $ 1,344,885 |
| Ending combined loan and finance receivable fair value balance, September 30non-GAAP | $6.62B | – | $ 1,586,361 |
| Fair value as a % of principal, September 30other | 116.1 % | – | 0.6 % |
| Ending combined loan and finance receivable balance, including principal and accrued fees/interest outstanding, September 30non-GAAP | $5.90B | – | $ 1,376,766 |
| Average combined loan and finance receivable balance, including principal and accrued fees/interest outstanding, three months ended September 30non-GAAP | $5.73B | – | $ 1,302,662 |
| Installment loans as percentage of average combined loan and finance receivable balance, three months ended September 30other | 42.4 % | – | (1.8 )% |
| Line of credit accounts as percentage of average combined loan and finance receivable balance, three months ended September 30other | 57.6 % | – | 1.8 % |
| Combined loan and finance receivable originations and purchases, three months ended September 30other | $2.57B | – | $ 606,041 |
| >30 days delinquent, September 30other | $473.6M | – | $ 146,246 |
| >30 days delinquent as a % of combined loan and finance receivable balance, September 30other | 8.0 % | – | 0.8 % |
| Charge-offs (net of recoveries), three months ended September 30other | $462.5M | – | $ 84,646 |
| Charge-offs (net of recoveries) as a % of average combined loan and finance receivable balance, three months ended September 30other | 8.1 % | – | (0.4 )% |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Capital returns
- Repurchased $46 million of common stock.
- Started the fourth quarter with $252 million of available share repurchase capacity.
What drove it
- Healthy demand and stable credit.
- Net revenue margin of 61% compared to 57% in the third quarter of 2025, reflecting continued solid credit performance.
- Sequential stability in the consolidated fair value premium reflects continued stable credit performance and outlook.
- Consolidated originations, receivables, revenue and adjusted EPS all grew 25% or more year-over-year.
Concerns
- >30 days delinquent as a % of combined loan and finance receivable balance was 8.0 % at September 30, 2026, compared with 7.2 % at September 30, 2025.
- Adjusted EBITDA as a percentage of total revenue was 26.6 % in the third quarter of 2026, compared with 27.1 % in the third quarter of 2025.
- Interest expense, net was (103,501 ) in the third quarter of 2026, compared with (86,954 ) in the third quarter of 2025.
- The Company recorded $1.4 million ($1.0 million net of tax) of costs in the third quarter of 2026 related to the planned acquisition of Grasshopper Bancorp, Inc. and its wholly-owned subsidiary Grasshopper Bank.
What to watch
- Credit performance, including the >30 days delinquent ratio and charge-offs (net of recoveries) as a % of average combined loan and finance receivable balance.
- Net revenue margin and the consolidated fair value premium.
- The pace of originations and the balance of installment loans versus line of credit accounts.
- Long-term debt, liquidity and further common-stock repurchases.
- Costs related to the planned acquisition of Grasshopper Bancorp, Inc. and its wholly-owned subsidiary Grasshopper Bank.
Balance sheet and cash flow
- Cash and cash equivalents were $ 105,957 at September 30, 2026, compared with $ 53,600 at September 30, 2025 and $ 71,709 at December 31, 2025.
- Restricted cash was 390,443 at September 30, 2026, compared with 303,365 at September 30, 2025 and 336,154 at December 31, 2025.
- Long-term debt was 5,376,881 at September 30, 2026, compared with 4,106,471 at September 30, 2025 and 4,498,381 at December 31, 2025.
- Liquidity, including cash and marketable securities and available capacity on facilities, totaled $1.3 billion at September 30.
- Total cash flows provided by operating activities were $ 1,554,189 for the nine months ended September 30, 2026, compared with $ 1,320,310 for the nine months ended September 30, 2025.
- Cash flows used in investing activities were (2,223,159 ) for the nine months ended September 30, 2026, compared with (1,642,972 ) for the nine months ended September 30, 2025.
- Cash flows provided by financing activities were 757,857 for the nine months ended September 30, 2026, compared with 356,731 for the nine months ended September 30, 2025.
- Cash, cash equivalents and restricted cash at end of period were $ 496,400 for the nine months ended September 30, 2026, compared with $ 356,965 for the nine months ended September 30, 2025.
Analysis
Enova reported a strong third quarter ended September 30, 2026. Total revenue was $1.01 billion, up 26% from $803 million in the third quarter of 2025. Net income was $107 million, or $4.06 per diluted share, versus $80 million, or $3.03 per diluted share. Adjusted earnings per share rose 33% to $4.48, while adjusted EBITDA increased 23% to $269 million. The company identified healthy demand and stable credit as the drivers of the result.
Portfolio expansion remained substantial. Total company combined loans and finance receivables increased 30% from the end of the third quarter of 2025 to a record $5.9 billion, and total company originations were $2.6 billion in the quarter. Combined loan and finance receivable originations and purchases were $ 2,567,480, compared with $ 1,961,439. The portfolio mix shifted toward line of credit accounts, which represented 57.6 % of average combined loan and finance receivable balance, compared with 55.8 %, while installment loans represented 42.4 %, compared with 44.2 %.
Credit and revenue-margin indicators were favorable overall. Net revenue margin was 61%, compared with 57% in the third quarter of 2025, and the company characterized the consolidated fair value premium as sequentially stable. Charge-offs (net of recoveries) as a percentage of average combined loan and finance receivable balance improved to 8.1 % from 8.5 %. However, >30 days delinquent as a percentage of combined loan and finance receivable balance was 8.0 %, compared with 7.2 %. Adjusted EBITDA margin was 26.6 %, compared with 27.1 %.
Capital allocation included $46 million of common-stock repurchases, with $252 million of available share repurchase capacity at the start of the fourth quarter. Liquidity, including cash and marketable securities and available facility capacity, totaled $1.3 billion at September 30. Long-term debt was 5,376,881 at September 30, 2026, compared with 4,498,381 at December 31, 2025. Nine-month operating cash flows were $ 1,554,189, while loans and finance receivables of (2,188,170 ) were reported within investing activities.
The release provided no forward financial guidance. Near-term attention therefore centers on whether healthy demand and stable credit continue to support originations, net revenue margin and charge-off performance, as well as the development of delinquencies, funding costs, debt and acquisition-related costs. The company recorded $1.4 million of third-quarter costs related to its planned acquisition of Grasshopper Bancorp, Inc. and its wholly-owned subsidiary Grasshopper Bank.
Management, verbatim
We’re pleased to deliver another quarter of strong financial results, driven by healthy demand and stable credit, as consolidated originations, receivables, revenue and adjusted EPS all grew 25% or more year-over-year.
Steve Cunningham, Enova’s CEO
We're pleased to deliver another quarter of top- and bottom-line financial performance that exceeded our expectations, including revenue of $1 billion during a quarter for the first time in our history.
Scott Cornelis, CFO of Enova
Not in the filing
stated, not guessed- Forward financial guidance
- Previous-release outlook for comparison with actual results
- Segment revenue disclosure
- Gross margin
- Free cash flow
- Quarterly operating cash flow
- Prior-quarter comparative figures for the reported income-statement and operating metrics
- Marketable securities balance
- Cash dividend information
AlphAI analysis generated 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 cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.