Q4 and FY2026
Filed Nov 12, 2026EZCORP Q4 FY2026: total revenues up 33% to $447.1 million and GAAP diluted EPS up 26% to $0.43; full year diluted EPS up 46% to $2.07
Q4 and full-year GAAP revenue, gross profit, pre-tax income, net income and diluted EPS all grew year over year, with core pawn revenue up 27% in Q4 and 24% for the year. Offsets printed in the release: Q4 jewelry scrap gross margin fell to 19% from 29%, net inventory rose 44%, store expenses rose 21% in Q4, and cash and cash equivalents fell to $295,116 thousand from $469,524 thousand.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended Sept 30, 2026GAAP | $447.1M | – | 33% |
| Gross profit, three months ended Sept 30, 2026GAAP | $255.8M | – | 29% |
| Income before income taxes, three months ended Sept 30, 2026GAAP | $47.7M | – | 31% |
| Net income attributable to EZCORP, three months ended Sept 30, 2026GAAP | $34.3M | – | 28% |
| Diluted EPS attributable to EZCORP, three months ended Sept 30, 2026GAAP | $0.43 | – | 26% |
| Net income attributable to EZCORP, adjusted, three months ended Sept 30, 2026non-GAAP | $34.1M | – | 27% |
| Diluted EPS, adjusted, three months ended Sept 30, 2026non-GAAP | $0.43 | – | 23% |
| Adjusted EBITDA, three months ended Sept 30, 2026non-GAAP | $64M | – | 33% |
| EBITDA (reported), three months ended Sept 30, 2026non-GAAP | $64.6M | – | – |
| Core pawn revenues, three months ended Sept 30, 2026GAAP | $383.4M | – | 27% |
| Core pawn gross profit, three months ended Sept 30, 2026GAAP | $243.6M | – | 29% |
| Pawn service charges (PSC), consolidated, three months ended Sept 30, 2026GAAP | $162.7M | – | 29% |
| Merchandise sales, three months ended Sept 30, 2026GAAP | $220.7M | – | – |
| Merchandise sales gross margin, three months ended Sept 30, 2026other | 37% | – | – |
| Jewelry scrap sales, three months ended Sept 30, 2026GAAP | $63.64M | – | 86% |
| Jewelry scrap sales gross margin, three months ended Sept 30, 2026other | 19% | – | – |
| Store expenses, three months ended Sept 30, 2026GAAP | $149.0M | – | 21% |
| General and administrative expenses, three months ended Sept 30, 2026GAAP | $38.24M | – | 30% |
| Operating income, three months ended Sept 30, 2026GAAP | $56.38M | – | – |
| Interest expense, three months ended Sept 30, 2026GAAP | $8.92M | – | – |
| Income tax expense, three months ended Sept 30, 2026GAAP | $13.46M | – | – |
| Pawn loans outstanding (PLO), consolidated, at Sept 30, 2026other | $402.8M | – | 31% |
| PLO increase, same-store basis, fiscal 2026 (as printed)other | 16% | – | 16% |
| Net inventory, consolidated, at Sept 30, 2026GAAP | $358.3M | – | 44% |
| Inventory turnover, three months ended Sept 30, 2026other | 2.2x | – | – |
| Total revenues, twelve months ended Sept 30, 2026GAAP | $1.69B | – | 33% |
| Gross profit, twelve months ended Sept 30, 2026GAAP | $985M | – | 32% |
| Income before income taxes, twelve months ended Sept 30, 2026GAAP | $224.3M | – | 53% |
| Net income attributable to EZCORP, twelve months ended Sept 30, 2026GAAP | $165.9M | – | 51% |
| Diluted EPS attributable to EZCORP, twelve months ended Sept 30, 2026GAAP | $2.07 | – | 46% |
| Net income attributable to EZCORP, adjusted, twelve months ended Sept 30, 2026non-GAAP | $161.7M | – | 49% |
| Diluted EPS, adjusted, twelve months ended Sept 30, 2026non-GAAP | $2.02 | – | 43% |
| Adjusted EBITDA, twelve months ended Sept 30, 2026non-GAAP | $276.7M | – | 47% |
| EBITDA (reported), twelve months ended Sept 30, 2026non-GAAP | $284M | – | – |
| Core pawn revenues, twelve months ended Sept 30, 2026GAAP | $1.45B | – | 24% |
| Core pawn gross profit, twelve months ended Sept 30, 2026GAAP | $913.2M | – | 27% |
| Pawn service charges (PSC), consolidated, twelve months ended Sept 30, 2026GAAP | $598.2M | – | 26% |
| Merchandise sales, twelve months ended Sept 30, 2026GAAP | $855.0M | – | – |
| Merchandise sales gross margin, twelve months ended Sept 30, 2026other | 37% | – | – |
| Jewelry scrap sales, twelve months ended Sept 30, 2026GAAP | $241.4M | – | 144% |
| Jewelry scrap sales gross margin, twelve months ended Sept 30, 2026other | 30% | – | – |
| Store expenses, twelve months ended Sept 30, 2026GAAP | $571.6M | – | 25% |
| General and administrative expenses, twelve months ended Sept 30, 2026GAAP | $133.5M | – | 26% |
| Operating income, twelve months ended Sept 30, 2026GAAP | $239.6M | – | – |
| Interest expense, twelve months ended Sept 30, 2026GAAP | $33.80M | – | – |
| Income tax expense, twelve months ended Sept 30, 2026GAAP | $57.75M | – | – |
| Inventory turnover, twelve months ended Sept 30, 2026other | 2.4x | – | flat (as printed) |
| Net cash provided by operating activities, twelve months ended Sept 30, 2026GAAP | $186.2M | – | – |
| Capital expenditures, twelve months ended Sept 30, 2026GAAP | −$45.41M | – | – |
| Segment contribution, U.S. Pawn, three months ended Sept 30, 2026GAAP | $70.28M | – | 29% |
| Segment contribution, Latin America Pawn, three months ended Sept 30, 2026GAAP | $24.44M | – | 56% |
| Segment contribution, SMG, three months ended Sept 30, 2026GAAP | $4.27M | – | – |
| Segment contribution, U.S. Pawn, twelve months ended Sept 30, 2026GAAP | $280.7M | – | 35% |
| Segment contribution, Latin America Pawn, twelve months ended Sept 30, 2026GAAP | $88.51M | – | 46% |
| Segment contribution, SMG, twelve months ended Sept 30, 2026GAAP | $19.02M | – | – |
| Store count, consolidated, at Sept 30, 2026other | 1,590 locations | – | – |
| Cash and cash equivalents, at Sept 30, 2026GAAP | $295.1M | – | – |
| Long-term debt, net, at Sept 30, 2026GAAP | $520.0M | – | – |
| Total assets, at Sept 30, 2026GAAP | $2.23B | – | – |
| Total EZCORP equity, at Sept 30, 2026GAAP | $1.19B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| U.S. Pawn, total revenues, three months ended Sept 30, 2026Company states revenues increased from increased jewelry scrap sales, PSC and merchandise sales. Prior-year U.S. Pawn revenue printed as $238,946 thousand. | $272.1M | – | 14% |
| U.S. Pawn, total revenues, twelve months ended Sept 30, 2026Full year U.S. Pawn total revenues increased 18%. Company states PSC increased 12% for the quarter and full year due to higher average PLO. Segment store count printed as 563. | $1.08B | – | 18% |
| Latin America Pawn, total revenues, three months ended Sept 30, 2026Company states total revenues increased 36% (28% on constant currency basis), primarily due to increased jewelry scrap sales, PSC and merchandise sales. Segment store count printed as 922. | $132.7M | – | 36% |
| Latin America Pawn, total revenues, twelve months ended Sept 30, 2026Company states full year total revenues were up 33% (23% on constant currency basis). Same-store PLO increased 25% in Q4 on a basis the company describes as due to strong loan demand and improved operational performance. | $482.8M | – | 33% |
| SMG, total revenues, three months ended Sept 30, 2026Company states SMG was not owned in the comparable prior-year period, so results are presented on an absolute basis without year-over-year comparisons. Company acquired the remaining shares in Q4 and SMG is now wholly owned. | $42.30M | – | – |
| SMG, total revenues, twelve months ended Sept 30, 2026Company states no prior-year SMG comparison exists. Company states the second quarter of fiscal 2026 was the first quarter of SMG consolidation. SMG segment store count printed as 105. | $136.7M | – | – |
Capital returns
- Purchase and retirement of treasury stock, twelve months ended Sept 30, 2026: $(11,036) thousand, compared with $(6,999) thousand for the twelve months ended Sept 30, 2025 (GAAP cash flow statement).
- Acquisition of non-controlling interest, twelve months ended Sept 30, 2026: $(15,441) thousand (GAAP cash flow statement). Release states the company acquired the remaining interest in SMG in July 2026 and that SMG is now wholly owned.
- Acquisitions, net of cash acquired, twelve months ended Sept 30, 2026: $(41,010) thousand, compared with $(20,693) thousand for the prior year period.
- Payments on debt, twelve months ended Sept 30, 2026: $(134,151) thousand, compared with $(6,410) thousand. Release states the company retired SMG's existing third-party indebtedness of $134.2 million.
- Dividends: not printed in the documents provided.
What drove it
- Company states that Q4 revenue and gross profit growth reflected improved PSC, merchandise sales and jewelry scrap sales. Excluding SMG, Q4 total revenues increased 20% and gross profit increased 18%.
- PLO increased 31% to $402.8 million (16% on a same-store basis). Company states the increase was primarily due to additional stores (including SMG) and higher average loan size on jewelry collateral.
- Company states PSC increased 29% in Q4 as a result of higher average PLO and additional stores; full year PSC increased 26%.
- Company states Q4 jewelry scrap sales increased 86% due to increase in gold price and jewelry purchases. Full year jewelry scrap sales increased 144% for the same stated reasons.
- Company states Q4 and full year merchandise sales gross margin increased to 37% from 35%, and aged general merchandise decreased 152 bps to 1.4% of total general merchandise inventory.
- Company states Q4 store expenses increased 21% (4% on a same-store basis), primarily due to additional stores and labor costs, including minimum wage increases in Latin America.
- Company states Q4 G&A increased 30%, primarily due to expenses associated with SMG. Full year G&A increased 26%, mainly due to labor costs (including higher incentive compensation) and expenses associated with SMG.
- Company states the Q4 jewelry scrap gross margin decline to 19% from 29% occurred as the gold price declined from third quarter levels, compared to a sharp increase during the prior year quarter.
- Footprint: company states it grew by 41 stores in Q4 (25 de novo, 22 acquired, 4 consolidated, 2 closed) and by 230 stores for the year (190 acquired, 48 de novo, 6 consolidated, 2 closed).
Concerns
- Q4 jewelry scrap sales gross margin fell to 19% from 29%. Company attributes this to the gold price declining from third quarter levels.
- Net inventory increased 44% (26% on a same-store basis). Company states inventory turnover was down to 2.2x from 2.3x in Q4.
- Q4 store expenses increased 21% and G&A increased 30%, against revenue growth of 33%. Company states Q4 store expenses rose 4% on a same-store basis.
- Cash and cash equivalents fell to $295,116 thousand from $469,524 thousand. Company attributes the decrease primarily to the retirement of SMG's third-party indebtedness of $134.2 million and cash used for acquisitions.
- Company states SMG results are presented without year-over-year comparisons. Operating integration of SMG is listed by the CEO as a focus, with the company stating it is focused on integrating stores and enhancing its culture and operating disciplines to elevate financial performance.
- Company states Q4 segment contribution for U.S. Pawn increased 29%, while Q4 U.S. Pawn store expenses increased 1% (decreased 1% on a same-store basis).
What to watch
- Jewelry scrap gross margin, which the company states normalized as gold prices declined from third quarter levels (Q4 19%, FY 30%).
- Inventory turnover and aged general merchandise, given net inventory growth of 44% and turnover of 2.2x in Q4.
- SMG integration results. The company states it is integrating SMG stores onto its systems. SMG segment contribution was $4,274 thousand in Q4.
- Store expense and G&A growth relative to revenue growth, including the minimum wage effect in Latin America.
- Cash balance and debt following the SMG indebtedness retirement and the acquisition of the remaining SMG interest.
- Form 10-K for the year ended Sept 30, 2026, which the company expects to file on or about Nov 12, 2026.
- Conference call on Nov 12, 2026 at 8:00 am Central Time.
Balance sheet and cash flow
- Cash and cash equivalents: $295,116 thousand at Sept 30, 2026, compared with $469,524 thousand at Sept 30, 2025. Company states the decrease was primarily driven by the retirement of SMG's existing third-party indebtedness of $134.2 million and cash used for acquisitions.
- Cash and cash equivalents and restricted cash at end of period: $311,350 thousand, compared with $484,713 thousand.
- Net cash provided by operating activities, twelve months ended Sept 30, 2026: $186,165 thousand, compared with $148,985 thousand.
- Net cash used in investing activities, twelve months ended Sept 30, 2026: $(191,273) thousand, compared with $(117,862) thousand. Loans made: $(1,312,115) thousand; loans repaid: $723,174 thousand; recovery of pawn loan principal through sale of forfeited collateral: $496,738 thousand.
- Net cash used in financing activities, twelve months ended Sept 30, 2026: $(168,498) thousand, compared with net cash provided of $274,420 thousand in the prior year. Prior year included proceeds from issuance of debt of $300,000 thousand.
- Long-term debt, net: $520,008 thousand at Sept 30, 2026, compared with $518,076 thousand at Sept 30, 2025.
- Total liabilities: $1,040,651 thousand at Sept 30, 2026, compared with $925,724 thousand.
- Goodwill: $479,173 thousand at Sept 30, 2026, compared with $324,889 thousand. Intangible assets, net: $123,473 thousand, compared with $58,832 thousand.
- Pawn loans, net balance sheet line: $402,761 thousand, compared with $307,496 thousand. Inventory, net: $358,348 thousand, compared with $248,457 thousand.
- Free cash flow: not printed in the documents provided.
Analysis
EZCORP closed fiscal 2026 with growth across its headline GAAP measures. Q4 total revenues rose 33% to $447.1 million and gross profit rose 29% to $255.8 million. Q4 net income attributable to EZCORP increased 28% to $34.3 million, and diluted EPS increased 26% to $0.43. For the full year, total revenues rose 33% to $1,694.7 million, net income attributable to EZCORP rose 51% to $165.9 million, and diluted EPS rose 46% to $2.07. The release prints adjusted figures alongside, which differ modestly from GAAP: Q4 adjusted diluted EPS is $0.43, the same as reported, and full year adjusted diluted EPS is $2.02.
The core pawn business drove most of the growth. Core pawn revenues rose 27% in Q4 to $383,389 thousand and 24% for the full year to $1,453,176 thousand. Consolidated PLO rose 31% to $402.8 million, and PSC rose 29% in Q4 and 26% for the full year. Within the segments, U.S. Pawn segment contribution rose 29% in Q4 to $70,282 thousand, and Latin America Pawn segment contribution rose 56% in Q4 to $24,443 thousand. The company attributes the growth in Q4 to higher average PLO and additional stores, and the full-year increase in jewelry scrap sales of 144% to higher gold prices and jewelry purchases.
Mix and margins moved in different directions. Merchandise sales gross margin improved to 37% from 35%, and aged general merchandise fell to 1.4% of inventory. Jewelry scrap gross margin fell to 19% from 29% in Q4, which the company ties to a lower gold price compared with the prior year quarter, while full year scrap margin improved to 30% from 27%. Operating costs grew faster than the quarter's revenue in some lines: Q4 store expenses rose 21% and G&A rose 30%, the latter mainly due to SMG. Income before income taxes rose 31% to $47.7 million in Q4, below the 33% revenue growth.
Capital allocation in the year was weighted to acquisitions and debt. The company acquired the remaining SMG interest, paid $(41,010) thousand for acquisitions net of cash acquired, and retired $134.2 million of SMG third-party indebtedness, reducing cash and cash equivalents to $295,116 thousand from $469,524 thousand. Operating cash flow for the year was $186,165 thousand, up from $148,985 thousand. Net inventory rose 44% to $358,348 thousand, and inventory turnover was 2.2x in Q4, down from 2.3x. Total assets grew to $2,233,838 thousand. The release does not give any forward guidance or outlook figures for fiscal 2027.
For the reader, the points to weigh are the inventory build relative to turnover, the Q4 scrap margin decline, the cost growth lines, and the lower cash balance. The SMG results are presented without year-over-year comparisons, so the contribution of SMG to growth cannot be separated from the prior period using the release's own comparisons. The 10-K is expected on or about Nov 12, 2026.
Management, verbatim
We finished Fiscal 2026 with an exceptional quarter, driven by strong growth in our core pawn operating metrics across all of our geographies. Fourth quarter same-store PLO increased 13% in the U.S. and 25% in Latin America. Robust lending and higher merchandise sales and margin drove substantial earnings growth in the quarter even as scrap margins normalize, reflecting the strength, durability and compelling growth profile of our core pawn business.
Lachie Given, Chief Executive Officer
With SMG now wholly owned, we are focused on integrating the stores onto our systems and enhancing its culture and operating disciplines to elevate financial performance, in what remains a very exciting opportunity for us.
Lachie Given, Chief Executive Officer
Not in the filing
stated, not guessed- No forward guidance or outlook for fiscal 2027 is provided in the documents; guidance is null.
- No previous outlook was supplied, so vs_prior_guidance is empty.
- Consolidated merchandise sales growth for Q4 and the full year is not printed as a percentage.
- Quarter-over-quarter (versus Q3 FY2026) comparisons are not provided; all qoq_change fields are null.
- Q4 operating cash flow and free cash flow are not printed; only full year operating cash flow and capital expenditures are shown.
- Dividends paid are not printed in the documents.
- Consolidated same-store revenue or PSC growth for the full year is not printed.
- Q4 and full year operating income, interest and tax percentage changes are not printed.
- Prior-year and prior-quarter figures for consolidated PLO on a same-store basis are not printed.
- SMG year-over-year comparisons are not available by the company's own statement.
- The CFO commentary was not supplied; only the press release and financial tables were provided.
- Share price reaction, consensus estimates and analyst expectations are not in the documents and are not provided.
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 is checked against the filing text, and a metric the filing does not print, or 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.