third quarter of 2026
Filed Oct 30, 2026OneMain Holdings, Inc. reports third quarter 2026 results with diluted EPS of $1.60, C&I adjusted diluted EPS of $1.51, managed receivables of $28.1 billion, and a declared quarterly dividend of $1.05 per share.
Receivables, originations, revenue and capital generation increased from the prior-year quarter, while GAAP pretax income, net income, diluted EPS, C&I adjusted pretax income, C&I adjusted net income and C&I adjusted diluted EPS declined. Delinquency ratios increased from June 30, 2026, and the allowance increased during the quarter.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue - third quarter of 2026GAAP | $1.7B | – | up 7% |
| Interest income - third quarter of 2026GAAP | $1.5B | – | up 7% |
| Interest expense - third quarter of 2026GAAP | $345M | – | up 8% |
| Net interest income - third quarter of 2026GAAP | $1.15B | – | – |
| Provision for finance receivable losses - third quarter of 2026GAAP | $615M | – | – |
| Total other revenues - third quarter of 2026GAAP | $212M | – | – |
| Operating expenses - third quarter of 2026GAAP | $457M | – | – |
| Insurance policy benefits and claims - third quarter of 2026GAAP | $ (53) | – | – |
| Income before income taxes - third quarter of 2026GAAP | $233M | – | – |
| Income taxes - third quarter of 2026GAAP | $ (48) | – | – |
| Net income - third quarter of 2026GAAP | $185M | – | – |
| Diluted EPS - third quarter of 2026GAAP | $1.60 | – | – |
| Weighted average number of diluted shares - third quarter of 2026GAAP | 115.5 | – | – |
| Book value per basic share - third quarter of 2026GAAP | $ 29.59 | – | – |
| Return on assets - third quarter of 2026GAAP | 2.6% | – | – |
| GAAP net charge-offs - third quarter of 2026GAAP | −$469M | – | – |
| Change in allowance for finance receivable losses - third quarter of 2026GAAP | −$146M | – | – |
| C&I adjusted pretax income - third quarter of 2026non-GAAP | $232M | – | – |
| C&I adjusted net income - third quarter of 2026non-GAAP | $174M | – | – |
| C&I adjusted diluted EPS - third quarter of 2026non-GAAP | $1.51 | – | – |
| Pretax capital generation - third quarter of 2026non-GAAP | $378M | – | – |
| Capital generation, net of tax - third quarter of 2026non-GAAP | $284M | – | – |
| Capital generation return on receivables - third quarter of 2026non-GAAP | 4.4% | – | – |
| Managed receivables - September 30, 2026non-GAAP | $28.1B | – | up 9% |
| Consumer loan originations - third quarter of 2026non-GAAP | $4.5B | – | up 17% |
| Net finance receivables - September 30, 2026GAAP | $26.27B | – | – |
| Allowance for finance receivable losses - September 30, 2026GAAP | $3.07B | – | – |
| Allowance ratio - September 30, 2026non-GAAP | 11.68 % | – | – |
| Consumer loan net charge-off ratio - third quarter of 2026non-GAAP | 6.89% | – | – |
| 30+ consumer loan delinquency ratio - September 30, 2026non-GAAP | 5.34% | – | – |
| 90+ consumer loan delinquency ratio - September 30, 2026non-GAAP | 2.26% | – | – |
| 30-89 consumer loan delinquency ratio - September 30, 2026non-GAAP | 3.08% | – | – |
| Consumer loan yield - third quarter of 2026non-GAAP | 22.6% | – | – |
| Net leverage - September 30, 2026non-GAAP | 5.5x | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Consumer and Insurance SegmentThe Company stated that the increase in interest income was driven by receivables growth. C&I adjusted pretax income was $232 million and C&I adjusted net income was $174 million. | $1.7B | – | up 7% |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
Capital returns
- On October 30, 2026, OneMain declared a quarterly dividend of $1.05 per share, payable on November 13, 2026, to record holders as of the close of business on November 9, 2026.
- During the quarter, the Company repurchased approximately 538 thousand shares of common stock for $34 million.
What drove it
- Managed receivables increased 9% from September 30, 2025, and consumer loan originations increased 17% from the prior-year quarter.
- Interest income increased 7%, driven by receivables growth.
- Capital generation increased to $284 million from $272 million; the Company attributed the increase to receivables growth, partially offset by higher net charge-offs in the current quarter compared with the prior-year period.
- Operating expense for the C&I segment was $453 million, up 6% from $427 million, reflecting receivable growth and strategic investments in the business.
- Interest expense increased 8% due to an increase in average debt supporting receivables growth and a higher average cost of funds.
Concerns
- Provision for finance receivable losses was $615 million, compared with $488 million in the prior-year quarter.
- GAAP net income was $185 million versus $199 million, and diluted EPS was $1.60 versus $1.67, in the prior-year quarter.
- C&I adjusted pretax income was $232 million versus $303 million, while C&I adjusted diluted EPS was $1.51 versus $1.90, in the prior-year quarter.
- The allowance for finance receivable losses increased $146 million during the third quarter of 2026, driven by receivables growth.
- The 30+ delinquency ratio, 90+ delinquency ratio and 30-89 delinquency ratio were each higher than at June 30, 2026.
What to watch
- The trajectory of provision for finance receivable losses, net charge-offs and the allowance for finance receivable losses as receivables grow.
- Consumer loan delinquency ratios following increases from June 30, 2026.
- Whether originations and managed receivables growth continue to support interest income and capital generation.
- Funding costs and debt growth, as interest expense increased due to higher average debt and a higher average cost of funds.
- No forward financial guidance was provided in the filing.
Balance sheet and cash flow
- Cash and cash equivalents were $936 million at September 30, 2026.
- Cash and cash equivalents unavailable for general corporate purposes were $268 million at September 30, 2026.
- Principal debt balances outstanding were $24.4 billion at September 30, 2026, 52% of which was secured.
- Long-term debt was $ 24,074 at September 30, 2026.
- Total shareholders’ equity was $ 3,391 at September 30, 2026.
- Net adjusted debt was $ 23,234 at September 30, 2026.
- Adjusted capital was $ 4,200 at September 30, 2026.
- The Company reported $1.0 billion of undrawn committed capacity from an unsecured corporate revolver, $6.5 billion of undrawn committed capacity under revolving conduit facilities and credit card variable funding note facilities, and $12.3 billion of unencumbered receivables.
- Operating cash flow and free cash flow were not reported.
Analysis
OneMain reported third-quarter 2026 GAAP pretax income of $233 million, net income of $185 million and diluted EPS of $1.60, compared with $263 million, $199 million and $1.67, respectively, in the prior-year quarter. On a C&I adjusted non-GAAP basis, pretax income was $232 million, adjusted net income was $174 million and adjusted diluted EPS was $1.51, versus $303 million, $227 million and $1.90 in the prior-year quarter. The period therefore combined lower reported earnings with continued balance growth.
Demand and receivables growth were evident in the operating data. Managed receivables were $28.1 billion at September 30, 2026, up 9% from $25.9 billion a year earlier, while consumer loan originations totaled $4.5 billion, up 17% from $3.9 billion. Total revenue was $1.7 billion, up 7% from $1.6 billion, and interest income was $1.5 billion, also up 7%, with the Company attributing the interest-income increase to receivables growth.
Credit costs and funding costs weighed on earnings. The provision for finance receivable losses was $615 million, compared with $488 million in the prior-year period, and the allowance increased $146 million during the quarter due to receivables growth. The consumer loan net charge-off ratio was 6.89%, versus 6.67% in the prior-year quarter, while 30+ delinquency, 90+ delinquency and 30-89 delinquency ratios were 5.34%, 2.26% and 3.08%, respectively. Each of those delinquency ratios was above its June 30, 2026 level. Interest expense was $345 million, up 8% from $320 million, driven by higher average debt and a higher average cost of funds.
Capital generation increased despite the lower adjusted earnings result. C&I capital generation, net of tax, was $284 million versus $272 million in the prior-year quarter, and the Company cited receivables growth as the driver, partially offset by higher net charge-offs. C&I operating expense was $453 million, up 6% from $427 million, reflecting receivable growth and strategic investments. The Company had $936 million of cash and cash equivalents and $24.4 billion of principal debt balances outstanding at September 30, 2026, with 52% secured.
Capital allocation included approximately 538 thousand shares repurchased for $34 million and a quarterly dividend declaration of $1.05 per share. The filing did not provide forward financial guidance. The principal reported variables for subsequent periods are receivables and origination growth, funding costs, provisioning, charge-offs and delinquency trends.
Management, verbatim
We delivered another strong quarter, building on the positive momentum across our business and demonstrating our ability to drive growth while maintaining rigorous credit discipline.
Doug Shulman, Chairman and CEO of OneMain
We are confident in our ability to deliver attractive returns for shareholders well into the future.
Doug Shulman, Chairman and CEO of OneMain
Not in the filing
stated, not guessed- Forward financial guidance
- Prior-period outlook for comparison
- Gross margin
- Operating income
- Operating cash flow
- Free cash flow
- GAAP operating expense percentage change as a stated comparison
- Total revenue prior-quarter figure
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.