# EZCORP INC (EZPW)

Informational only - not investment advice.

CIK: 0000876523
SIC: 5900 Retail-Miscellaneous Retail
SIC breadcrumb: [Retail Trade](/division/G/) > [Miscellaneous Retail](/major-group/59/) > [SIC 5900 Retail-Miscellaneous Retail](/industry/5900/)
Latest 10-K filed: 2025-11-13
SEC page: https://www.sec.gov/edgar/browse/?CIK=876523
Filing source: https://www.sec.gov/Archives/edgar/data/876523/000087652325000094/ezpw-20250930.htm

## At a glance

FY2025 · period end 2025-09-30 · filed 2025-11-13 · accession 0000876523-25-000094 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000876523.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,274,280,000 USD | 2025 | verified |
| Net income | 109,613,000 USD | 2025 | verified |
| Assets | 1,951,209,000 USD | 2025 | verified |
| Free cash flow | 110,424,000 USD | 2025 | computed |
| Net margin | 8.60% | 2025 | computed |
| Operating margin | 11.71% | 2025 | computed |
| Revenue YoY | +9.70% | 2025 | computed |
| ROE | 10.69% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | EZPW | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 8.6% | 2.7% | 77 | 32 |
| Operating margin | 11.7% | 4.5% | 90 | 30 |
| Revenue growth | 9.7% | 6.6% | 71 | 32 |
| FCF margin | 8.7% | 3.7% | 87 | 31 |
| ROE | 10.7% | 11.4% | 48 | 28 |
| ROA | 5.6% | 4.9% | 55 | 32 |
| Liabilities / equity | 0.90 | 1.50 | 15 | 28 |
| Current ratio | 5.61 | 1.41 | 100 | 32 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 59 Miscellaneous Retail, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1274280000 | USD | 2025 | 2025-11-13 |
| Net income | 109613000 | USD | 2025 | 2025-11-13 |
| Assets | 1951209000 | USD | 2025 | 2025-11-13 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-11-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000876523.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 747,951,000 | 812,156,000 | 847,229,000 | 822,777,000 | 729,551,000 | 886,225,000 | 1,049,041,000 | 1,161,602,000 | 1,274,280,000 |
| Net income | -80,744,000 | 31,410,000 | 37,282,000 | 2,541,000 | -68,463,000 | 8,612,000 | 50,160,000 | 38,463,000 | 83,095,000 | 109,613,000 |
| Operating income | 29,173,000 | 53,039,000 | 67,124,000 | 47,009,000 | -48,384,000 | 31,169,000 | 74,922,000 | 92,150,000 | 112,530,000 | 149,169,000 |
| Gross profit | 428,230,000 | 435,507,000 | 481,551,000 | 494,448,000 | 449,201,000 | 449,485,000 | 528,147,000 | 609,838,000 | 682,273,000 | 746,065,000 |
| Diluted EPS | -1.49 | 0.58 | 0.64 | 0.05 | -1.24 | 0.15 | 0.70 | 0.53 | 1.10 | 1.42 |
| Operating cash flow | 68,104,000 | 50,666,000 | 88,981,000 | 103,517,000 | 49,078,000 | 46,438,000 | 66,535,000 | 101,834,000 | 113,600,000 | 148,985,000 |
| Capital expenditures | 13,251,000 | 25,001,000 | 40,474,000 | 38,839,000 | 28,526,000 | 23,601,000 | 31,895,000 | 40,446,000 | 35,764,000 | 38,561,000 |
| Share buybacks | 11,750,000 | 0.00 | 0.00 | 0.00 | 5,158,000 | 0.00 | 2,040,000 | 16,988,000 | 12,008,000 | 6,999,000 |
| Assets | 983,244,000 | 1,024,363,000 | 1,241,780,000 | 1,083,702,000 | 1,197,023,000 | 1,266,911,000 | 1,347,878,000 | 1,467,711,000 | 1,493,237,000 | 1,951,209,000 |
| Liabilities | 389,039,000 | 364,437,000 | 502,372,000 | 338,753,000 | 547,896,000 | 594,673,000 | 655,647,000 | 721,943,000 | 688,666,000 | 925,724,000 |
| Stockholders' equity | 591,142,000 | 656,355,000 | 739,408,000 | 744,949,000 | 649,127,000 | 672,238,000 | 692,231,000 | 745,768,000 | 804,571,000 | 1,025,485,000 |
| Cash and cash equivalents | 65,737,000 | 112,957,000 | 285,311,000 | 157,567,000 | 304,542,000 | 253,667,000 | 206,028,000 | 220,595,000 | 170,513,000 | 469,524,000 |
| Free cash flow | 54,853,000 | 25,665,000 | 48,507,000 | 64,678,000 | 20,552,000 | 22,837,000 | 34,640,000 | 61,388,000 | 77,836,000 | 110,424,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 4.20% | 4.59% | 0.30% | -8.32% | 1.18% | 5.66% | 3.67% | 7.15% | 8.60% |
| Operating margin |  | 7.09% | 8.26% | 5.55% | -5.88% | 4.27% | 8.45% | 8.78% | 9.69% | 11.71% |
| Return on equity | -13.66% | 4.79% | 5.04% | 0.34% | -10.55% | 1.28% | 7.25% | 5.16% | 10.33% | 10.69% |
| Return on assets | -8.21% | 3.07% | 3.00% | 0.23% | -5.72% | 0.68% | 3.72% | 2.62% | 5.56% | 5.62% |
| Liabilities / equity | 0.66 | 0.56 | 0.68 | 0.45 | 0.84 | 0.88 | 0.95 | 0.97 | 0.86 | 0.90 |
| Current ratio | 5.08 | 8.00 | 2.88 | 6.65 | 4.48 | 3.94 | 4.21 | 3.75 | 2.71 | 5.61 |

## As-reported value updates

6 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/EZPW/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000876523.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q1 | 2022-12-31 |  |  | 0.25 | reported discrete quarter |
| 2023-Q2 | 2023-03-31 |  |  | -0.12 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  |  | 0.24 | reported discrete quarter |
| 2023-Q4 | 2023-09-30 | 270,479,000 | 10,253,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2023-12-31 | 299,991,000 | 28,470,000 | 0.36 | reported discrete quarter |
| 2024-Q2 | 2023-12-31 |  | 28,470,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-03-31 | 285,639,000 |  | 0.29 | reported discrete quarter |
| 2024-Q3 | 2024-03-31 |  | 21,479,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-06-30 | 281,421,000 |  | 0.25 | reported discrete quarter |
| 2024-Q4 | 2024-09-30 | 294,551,000 | 15,196,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-12-31 | 320,170,000 | 31,016,000 | 0.40 | reported discrete quarter |
| 2025-Q2 | 2024-12-31 |  | 31,016,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-03-31 | 306,316,000 |  | 0.33 | reported discrete quarter |
| 2025-Q3 | 2025-03-31 |  | 25,390,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-06-30 | 310,981,000 |  | 0.34 | reported discrete quarter |
| 2025-Q4 | 2025-09-30 | 336,813,000 | 26,704,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-12-31 | 382,019,000 | 44,304,000 | 0.55 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 | 446,881,000 | 49,103,000 | 0.61 | reported discrete quarter |
| 2026-Q3 | 2026-06-30 | 418,748,000 | 38,199,000 | 0.48 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from EZPW's latest 10-K: [/company/EZPW/business/](/company/EZPW/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from EZPW's latest 10-K: [/company/EZPW/risk-factors/](/company/EZPW/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/876523/000087652326000063/ezpw-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to inform the reader about matters affecting the financial condition and results of operations of EZCORP, Inc. and its subsidiaries (collectively, “we,” “us”, “our”, “EZCORP” or the “Company”). The following discussion should be read together with our condensed consolidated financial statements and related notes included elsewhere within this report. This discussion contains forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements. See “Part I, Item 1A — Risk Factors” of our Annual Report on Form 10-K for the year ended September 30, 2025, as supplemented by the information set forth in “Part I, Item 3 — Quantitative and Qualitative Disclosures about Market Risk” and “Part II, Item 1A — Risk Factors” of this Report, for a discussion of certain risks, uncertainties and assumptions associated with these statements.

Business Developments

Share Repurchase Program

On November 11, 2025, the Board of Directors (“Board”) approved a new share repurchase program which replaced the previous program that expired on May 3, 2025. See Note 9 of Notes to Condensed Consolidated Financial Statements included in “Part I, Item 1 — Financial Statements.” Under the new program, we are authorized to repurchase up to $50 million of our Class A Non-Voting common shares over the next three years. Execution of the program will be responsive to fluctuating market conditions and valuations, liquidity needs and the expected return on investment compared to other opportunities.

The amount and timing of purchases will be dependent on a variety of factors, including stock price, trading volume, general market conditions, legal and regulatory requirements, general business conditions, the level of cash flows, and corporate considerations determined by management and the Board, such as liquidity and capital needs and the availability of attractive alternative investment opportunities. The Board of Directors has reserved the right to modify, suspend or terminate the program at any time.

Acquisition of Founders One, LLC

On January 2, 2026, we acquired a controlling interest in Founders One, LLC ("Founders"), which through its subsidiary, Simple Management Group, Inc. ("SMG"), operated 105 pawn stores in the U.S. and 11 additional countries at the time of acquisition. See Note 2 of Notes to Condensed Consolidated Financial Statements included in “Part I, Item 1 — Financial Statements.” This transaction expands our geographic footprint in attractive markets, including Florida and Puerto Rico and provides a platform for domestic and international growth. Following the transaction and subsequent non-controlling interest acquisitions during the third quarter of fiscal 2026, we owned 100% of Founders and held an effective 97.4% ownership interest in SMG as of June 30, 2026. In July 2026, we acquired the remaining noncontrolling interest in SMG, increasing our ownership of SMG to 100%. SMG's results are consolidated in our financial statements from January 2, 2026 and are reported within our SMG segment.

Business Overview

EZCORP is a Delaware corporation headquartered in Austin, Texas. We are a leading provider of pawn services in the United States, Latin America and the Caribbean. Pawn loans are non-recourse loans collateralized by personal property. We also sell merchandise, primarily collateral forfeited from unpaid loans and pre-owned merchandise purchased from customers.

We exist to serve our customers’ short-term cash needs, helping them to live and enjoy their lives. We are focused on three strategic pillars:

[[GREPCENT_TABLE]]
[["Strengthen the Core","Relentless focus on superior execution and operational excellence in our pawn business"],["Cost Efficiency and Simplification","Shape a culture of cost efficiency through ongoing focus on simplification and optimization"],["Innovate and Grow","Broaden customer engagement to service more customers more frequently in more locations"]]
[[/GREPCENT_TABLE]]

24

Table of Contents

Pawn Activities

At our pawn stores, we advance cash against the value of collateralized tangible personal property. We earn pawn service charges (“PSC”) for those cash advances, and the PSC rate varies by state and transaction size. At the time of the transaction, we take possession of the pawned collateral, which consists of tangible personal property, generally jewelry, consumer electronics, tools, sporting goods and musical instruments. If the customer chooses to redeem their pawn, they repay the amount advanced plus any PSC. If the customer chooses not to redeem their pawn, the pawned collateral becomes our inventory, which we sell in our retail merchandise sales activities or, in some cases, scrap for its inherent gold or precious stone content. Consequently, the success of our pawn business is largely dependent on our ability to accurately assess the probability of pawn redemption and the estimated resale or scrap value of the collateralized personal property.

Our ability to offer quality pre-owned goods for sale at prices significantly lower than original retail prices attracts value-conscious customers. The gross profit on sales of inventory depends primarily on our assessment of the estimated resale or scrap value at the time the property is either accepted as pawn collateral or purchased and our ability to sell that merchandise in a timely manner. Because a significant portion of our inventory and sales involve gold and jewelry, our results can be influenced by the market price of gold and diamonds.

Growth and Expansion

Part of our strategy is to grow the number of locations we operate through opening new (“de novo”) locations and through acquisitions in both Latin America and the U.S. and potential new markets. Our ability to add new stores is dependent on several variables, such as projected achievement of internal investment hurdles, the availability of acceptable sites or acquisition candidates, the alignment of acquirer/seller price expectations, the regulatory environment, local zoning ordinances, access to capital and availability of qualified personnel.

Seasonality and Quarterly Results

In the U.S., PSC historically is highest in our fourth fiscal quarter (July through September) due to a higher average PLO balance during the summer and is lowest in our third fiscal quarter (April through June) following the tax refund season. Merchandise sales historically are highest in the U.S. in our first and second fiscal quarters (October through March) due to the holiday season, Valentine’s Day jewelry sales and our customers’ receipt of tax refunds. In Latin America, most of our customers receive additional compensation from their employers in December, and many receive additional compensation in June or July, applying downward pressure on PLO balances and fueling merchandise sales in those periods. As a net effect of these and other factors and excluding discrete charges, our consolidated income before tax is generally highest in our first fiscal quarter (October through December) and lowest in our third fiscal quarter (April through June).

25

Table of Contents

Financial Highlights

We remain focused on optimizing our balance of pawn loans outstanding (“PLO”) and the resulting higher PSC. The following chart presents sources of gross profit, including PSC, merchandise sales gross profit (“Merchandise sales GP”) and jewelry scrap gross profit (“Jewelry scrap GP”) for the three and nine months ended June 30, 2026 and 2025:

The following chart presents sources of gross profit by segment for the three and nine months ended June 30, 2026 and 2025:

26

Table of Contents

Results of Operations

Non-GAAP Constant Currency and Same-Store Financial Information

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, we provide certain other non-GAAP financial information on a constant currency basis (“constant currency”) and “same-store” 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 analyze results on a same-store basis (which is defined as stores open during the entirety of the comparable periods) to better understand existing store performance without the influence of increases or decreases resulting solely from changes in store count. We believe presentation of constant currency and same-store results is meaningful and useful in understanding the activities and business metrics of our Latin America Pawn operations and reflects an additional way of viewing aspects of our business that, when viewed with GAAP results, provides a better understanding and evaluation 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 to evaluate and compare operating results across accounting periods. Readers should consider the information in addition to, but not rather than 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. Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and are not directly calculable from the rates below. Constant currency results, where presented, also exclude the foreign currency gain or loss. 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 nine months ended June 30, 2026 and 2025 were as follows:

[[GREPCENT_TABLE]]
[["","June 30,","","Three Months Ended June 30,","","Nine Months Ended June 30,"],["","2026","","2025","","2026","","2025","","2026","","2025"],["Mexican peso","17.5","","","18.8","","","17.4","","","19.5","","","17.8","","","20.0"],["Guatemalan quetzal","7.5","","","7.6","","","7.5","","","7.6","","","7.5","","","7.6"],["Honduran lempira","26.4","","","25.8","","","26.4","","","25.7","","","26.3","","","25.2"],["Australian dollar","1.5","","","1.5","","","1.4","","","1.6","","","1.5","","","1.6"]]
[[/GREPCENT_TABLE]]

27

Table of Contents

Operating Results

Segments

As a result of the acquisition of Founders and SMG effective January 2, 2026, the composition of our reportable segments changed beginning in the second quarter of fiscal 2026. Refer to Note 2: Acquisitions of Notes to Condensed Consolidated Financial Statements included in “Part I, Item 1 — Financial Statements.” for further details. SMG is now reported as a standalone reportable segment. Our equity interest in CCV is now included within Corporate. Prior period segment information has been recast to reclassify CCV equity income and interest income from notes receivable from Founders from the "Other Investments" segment to Corporate. Becau

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/876523/000087652325000094/ezpw-20250930.htm
Complete FY 2025 MD&A: /company/EZPW/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2025-11-13
Report date: 2025-09-30

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to inform the reader about matters affecting the financial condition and results of operations of EZCORP, Inc. and its subsidiaries (collectively, “we,” “us”, “our” or the “Company”) for the two-year period ended September 30, 2025. The following discussion should be read together with our consolidated financial statements and accompanying notes included in “Part II, Item 8 — Financial Statements and Supplementary Data.” This discussion and analysis contains forward-looking statements, and our actual results could differ materially from those anticipated in these forward-looking statements. See “Part I, Item 1A — Risk Factors” and “Cautionary Statement Regarding Risks and Uncertainties That May Affect Future Results” below.

Business Development

2032 Senior Notes

In March 2025, we issued $300.0 million aggregate principal amount of the Company’s 7.375% senior notes due 2032 (the “2032 Senior Notes”), for which $300.0 million remains outstanding as of September 30, 2025. See Note 8 of Notes to the Consolidated Financial Statements included in “Part II, Item 8 - Financial Statements and Supplementary Data” of this Report for further discussion.

2025 Convertible Notes

During April 2025, holders converted approximately $97.0 million in principal amount of the 2025 Convertible Notes into approximately 6.1 million shares of our Class A common stock, with payments of cash in lieu of any fractional shares. On May 1, 2025, we repaid the remaining principal balance of $6.4 million with cash. See Note 8 of Notes to the Consolidated Financial Statements included in “Part II, Item 8 - Financial Statements and Supplementary Data” of this Report for further discussion.

Acquisitions

In fiscal 2025, we closed on the acquisition of 47 stores across 13 states in Mexico. The stores, operating under the names “Monte Providencia” and “Tu Empeño Efectivo” offer traditional pawn loans, as well as auto pawn transactions, some of which are in standalone auto pawn stores. Additionally, we acquired 4 stores located in the U.S. during fiscal 2025. See Note 3 of Notes to Consolidated Financial Statements included in “Part II, Item 8 - Financial Statements and Supplementary Data” for further discussion of the Mexico acquisition.

Share Repurchase Program

On November 11, 2025, the Board of Directors (“Board”) approved a new share repurchase program which will replace the previous program that expired on May 3, 2025. See Note 9: Common Stock And Stock Compensation of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplemental Data”. Under the new program, we are authorized to repurchase up to $50 million of our Class A Non-Voting common shares over the next three years. Execution of the program will be responsive to fluctuating market conditions and valuations, liquidity needs and the expected return on investment compared to other opportunities.

The amount and timing of purchases will be dependent on a variety of factors, including stock price, trading volume, general market conditions, legal and regulatory requirements, general business conditions, the level of cash flows, and corporate considerations determined by management and the Board, such as liquidity and capital needs and the availability of attractive alternative investment opportunities. The Board of Directors has reserved the right to modify, suspend or terminate the program at any time.

Results of Operations

Non-GAAP Financial Information

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we provide certain other non-GAAP financial information on a constant currency basis (“constant currency”) and “same-store” 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 analyze results on a same-store basis (which is defined as stores open during the entirety of the comparable periods) to better understand existing store performance without the influence of increases or decreases resulting solely from changes in store count. We believe presentation of constant currency and same-store results is meaningful and useful in understanding the activities and business metrics of our Latin America Pawn operations (in the case of constant currency) and our store operations (in the case of same-store results) and reflect an additional way of viewing aspects of our business that, when viewed with GAAP results, provide a better understanding and evaluation of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to

25

Table of Contents

enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information to evaluate and compare operating results across accounting periods. Readers should consider the information in addition to, but not rather than 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. 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. Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and are not directly calculable from the rates below. Constant currency results, where presented, also exclude the foreign currency gain or loss. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the fiscal years ended September 30, 2025 and 2024 were as follows:

[[GREPCENT_TABLE]]
[["","","September 30,","","","","Twelve Months Ended September 30,"],["","","2025","","2024","","","","","","2025","","2024"],["Mexican peso","","18.3","","","19.7","","","","","","","19.7","","","17.7"],["Guatemalan quetzal","","7.5","","","7.6","","","","","","","7.6","","","7.6"],["Honduran lempira","","25.9","","","24.6","","","","","","","25.4","","","24.4"],["Australian dollar","","1.5","","","1.4","","","","","","","1.6","","1.5"]]
[[/GREPCENT_TABLE]]

26

Table of Contents

Operating Results

Fiscal 2025 vs. Fiscal 2024

These tables, as well as the discussion that follows, should be read in conjunction with the accompanying consolidated financial statements and related notes.

Summary Financial Data

The following table presents selected summary consolidated financial data for fiscal 2025 and fiscal 2024.

[[GREPCENT_TABLE]]
[["","Fiscal Year Ended September 30,","","Change"],["(in thousands)","2025","","2024"],["Gross profit:"],["Pawn service charges","$","474,228","","","$","436,545","","","9%"],["Merchandise sales","700,999","","","663,736","","","6%"],["Merchandise sales gross profit","245,322","","","236,333","","","4%"],["Gross margin on merchandise sales","35.0","%","","35.6","%","","(60) bps"],["Jewelry scrap sales","98,884","","","61,082","","","62%"],["Jewelry scrap gross profit","26,346","","","9,156","","","188%"],["Gross margin on jewelry scrap sales","26.6","%","","15.0","%","","1,160 bps"],["Other revenues","169","","","239","","","(29)%"],["Gross profit","746,065","","","682,273","","","9%"],["Operating expenses:"],["Store expenses","481,108","","","461,055","","","4%"],["General and administrative","83,500","","","75,557","","","11%"],["Impairment of other assets","877","","","843","","","4%"],["Depreciation and amortization","32,538","","","33,069","","","(2)%"],["Loss (gain) on sale or disposal of assets and other","135","","","(16)","","","*"],["Other operating income","(1,262)","","","(765)","","","65%"],["Total operating expenses","596,896","","","569,743","","","5%"],["Interest expense","23,029","","","13,585","","","70%"],["Interest income","(14,721)","","","(10,575)","","","39%"],["Equity in net income of unconsolidated affiliates","(6,150)","","","(4,711)","","","31%"],["Other (income) expense","238","","","(1,377)","","","(117)%"],["Total non-operating expenses (income)","2,396","","","(3,078)","","","(178)%"],["Income before income taxes","146,773","","","115,608","","","27%"],["Income tax expense","37,160","","","32,513","","","14%"],["Net income","$","109,613","","","$","83,095","","","32%"],["Net pawn earning assets:"],["Pawn loans","$","307,496","","","$","274,084","","","12%"],["Inventory, net","248,457","","","191,923","","","29%"],["Total net pawn earning assets","$","555,953","","","$","466,007","","","19%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["*","Represents a percentage computation that is not mathematically meaningful."]]
[[/GREPCENT_TABLE]]

27

Table of Contents

PLO increased $33.4 million (12%) to $307.5 million due to higher average loan size, continued strong pawn demand, improved operational performance and additional stores.

Total revenues increased $112.7 million (10%) and gross profit increased 9%, reflecting improved PSC revenue, merchandise sales and jewelry scrap gross profit.

PSC increased $37.7 million (9%) as a result of higher average PLO. Merchandise sales increased $37.3 million (6%). Merchandise sales gross margin remains within our targeted range at 35.0%. Jewelry scrap sales increased 62%, and jewelry scrap sales gross margin increased by 1,160 bps to 26.6% due to an increase in gold price and jewelry purchases.

Operating expenses increased $27.2 million (5%) primarily due to a $20.1 million increase in store expenses as a result of increased labor driven by increased headcount from acquired and de novo stores, and inflationary wage increases. General and administrative expenses increased $7.9 million primarily due to labor and incentive compensation expense.

Total non-operating expense changed by $5.5 million (178%), primarily due to the increase in interest expense of $9.4 million, which is a result of the issuance of the 2032 Senior Notes. This increase was partially offset by the $4.1 million increase in interest income, which is primarily due to the increase in Cash and cash equivalents held during the second half of fiscal 2025.

Income tax expense increased $4.6 million, primarily due to the increase in income before income taxes of $31.2 million, offset by accrued withholding taxes recorded in prior year for prior earnings that are no longer permanently reinvested. Income tax expense includes other items that do not necessarily correspond to pre-tax earnings and create volatility in our effective tax rate. These items include the net effect of state taxes, non-deductible items and changes in valuation allowances for certain foreign operations. See Note 10: Income Taxes of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplemental Data” for quantification of these items.

28

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U.S. Pawn

The following table presents selected summary financial data from our U.S. Pawn segment:

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/EZPW/mda/fy2025/
All MD&A years: /company/EZPW/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/EZPW/mda/fy2024/): filed 2024-11-13; accession 0000876523-24-000048 (https://www.sec.gov/Archives/edgar/data/876523/000087652324000048/ezpw-20240930.htm)
- [FY 2023 MD&A](/company/EZPW/mda/fy2023/): filed 2023-11-15; accession 0000876523-23-000045 (https://www.sec.gov/Archives/edgar/data/876523/000087652323000045/ezpw-20230930.htm)
- [FY 2022 MD&A](/company/EZPW/mda/fy2022/): filed 2022-11-16; accession 0000876523-22-000071 (https://www.sec.gov/Archives/edgar/data/876523/000087652322000071/ezpw-20220930.htm)
- [FY 2021 MD&A](/company/EZPW/mda/fy2021/): filed 2021-11-17; accession 0000876523-21-000068 (https://www.sec.gov/Archives/edgar/data/876523/000087652321000068/ezpw-20210930.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 5900 Retail-Miscellaneous Retail) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade
- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income
- [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/EZPW.md · JSON record: /company/EZPW.json · verified financials: /company/EZPW/financials.json / /company/EZPW/financials.csv · machine TOC for the whole site: /llms.txt