# WORLD ACCEPTANCE CORP (WRLD)

Informational only - not investment advice.

CIK: 0000108385
SIC: 6141 Personal Credit Institutions
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [SIC Major Group 61](/major-group/61/) > [SIC 6141 Personal Credit Institutions](/industry/6141/)
Latest 10-K filed: 2026-06-04
SEC page: https://www.sec.gov/edgar/browse/?CIK=108385
Filing source: https://www.sec.gov/Archives/edgar/data/108385/000010838526000014/wrld-20260331.htm

## At a glance

FY2026 · period end 2026-03-31 · filed 2026-06-04 · accession 0000108385-26-000014 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000108385.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 585,166,700 USD | 2026 | verified |
| Net income | 34,586,024 USD | 2026 | verified |
| Assets | 1,054,120,644 USD | 2026 | verified |
| Free cash flow | 255,476,547 USD | 2026 | computed |
| Net margin | 5.91% | 2026 | computed |
| Revenue YoY | +3.72% | 2026 | computed |
| ROE | 9.85% | 2026 | 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. Revenue YoY = FY2026 revenue ÷ FY2025 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 | WRLD | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 5.9% | 11.6% | 18 | 12 |
| Revenue growth | 3.7% | 9.5% | 27 | 12 |
| FCF margin | 43.7% | 44.6% | 43 | 8 |
| ROE | 9.9% | 13.7% | 27 | 12 |
| ROA | 3.3% | 2.4% | 82 | 12 |
| Liabilities / equity | 2.00 | 4.65 | 0 | 12 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6141 Personal Credit Institutions, 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 | 585166700 | USD | 2026 | 2026-06-04 |
| Net income | 34586024 | USD | 2026 | 2026-06-04 |
| Assets | 1054120644 | USD | 2026 | 2026-06-04 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-06-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000108385.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 490,821,420 | 502,668,332 | 544,542,925 | 590,029,015 | 527,990,406 | 585,186,753 | 616,545,364 | 572,810,448 | 564,171,036 | 585,166,700 |
| Net income | 73,600,294 | 53,690,018 | 37,235,134 | 28,157,478 | 88,282,828 | 53,919,837 | 21,231,990 | 77,046,344 | 89,242,722 | 34,586,024 |
| Diluted EPS | 8.38 | 5.99 | 4.05 | 3.54 | 13.23 | 8.47 | 3.60 | 13.14 | 16.21 | 6.88 |
| Operating cash flow | 219,362,747 | 218,026,468 | 244,664,271 | 280,977,693 | 226,953,724 | 272,446,541 | 291,553,786 | 265,783,366 | 254,163,602 | 259,358,889 |
| Capital expenditures | 6,813,582 | 9,171,468 | 9,805,084 | 11,277,779 | 11,683,858 | 6,070,414 | 5,827,773 | 5,932,748 | 3,683,784 | 3,882,342 |
| Share buybacks | 4,995,809 | 4,614,331 | 74,519,863 | 197,399,964 | 102,452,302 | 111,139,261 | 14,314,089 | 36,204,531 | 54,195,564 | 132,421,630 |
| Assets | 800,588,775 | 840,987,037 | 854,988,073 | 1,030,086,435 | 954,269,164 | 1,218,296,589 | 1,117,318,141 | 1,056,351,043 | 1,008,488,241 | 1,054,120,644 |
| Liabilities | 339,525,198 | 299,879,185 | 302,871,448 | 618,123,368 | 549,341,723 | 845,272,161 | 732,091,404 | 631,923,827 | 571,496,754 | 703,115,353 |
| Stockholders' equity | 461,063,577 | 541,107,852 | 552,116,625 | 411,963,067 | 404,927,441 | 373,024,428 | 383,535,319 | 422,436,915 | 436,991,487 | 351,005,291 |
| Cash and cash equivalents | 11,581,936 | 12,473,833 | 9,335,433 | 11,618,922 | 15,746,454 | 19,236,322 | 16,508,935 | 5,174,104 | 4,714,459 | 6,071,077 |
| Free cash flow | 212,549,165 | 208,855,000 | 234,859,187 | 269,699,914 | 215,269,866 | 266,376,127 | 285,726,013 | 259,850,618 | 250,479,818 | 255,476,547 |

### 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 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 15.00% | 10.68% | 6.84% | 4.77% | 16.72% | 9.21% | 3.44% | 13.45% | 15.82% | 5.91% |
| Return on equity | 15.96% | 9.92% | 6.74% | 6.83% | 21.80% | 14.45% | 5.54% | 18.24% | 20.42% | 9.85% |
| Return on assets | 9.19% | 6.38% | 4.36% | 2.73% | 9.25% | 4.43% | 1.90% | 7.29% | 8.85% | 3.28% |
| Liabilities / equity | 0.74 | 0.55 | 0.55 | 1.50 | 1.36 | 2.27 | 1.91 | 1.50 | 1.31 | 2.00 |

## As-reported value updates

9 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/WRLD/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000108385.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 |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2021-12-31 |  |  | 1.14 | reported discrete quarter |
| 2023-Q1 | 2022-06-30 |  |  | -1.53 | reported discrete quarter |
| 2023-Q2 | 2022-09-30 |  |  | -0.24 | reported discrete quarter |
| 2023-Q3 | 2022-12-31 |  |  | 0.98 | reported discrete quarter |
| 2023-Q4 | 2023-03-31 | 161,228,068 | 25,641,873 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q3 | 2023-12-31 | 137,749,387 | 16,664,818 | 2.84 | reported discrete quarter |
| 2024-Q4 | 2024-03-31 | 159,264,903 | 35,059,242 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-06-30 | 129,527,266 | 9,947,427 | 1.79 | reported discrete quarter |
| 2024-Q2 | 2024-09-30 | 131,409,504 | 22,128,158 | 3.99 | reported discrete quarter |
| 2025-Q3 | 2024-12-31 | 138,632,753 | 13,388,296 | 2.45 | reported discrete quarter |
| 2025-Q4 | 2025-03-31 | 165,271,942 | 44,277,517 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-06-30 | 132,451,920 | 1,344,067 | 0.25 | reported discrete quarter |
| 2026-Q2 | 2025-09-30 | 134,465,850 | -1,946,197 | -0.38 | reported discrete quarter |
| 2026-Q3 | 2025-12-31 | 141,252,129 | -911,330 | -0.19 | reported discrete quarter |
| 2026-Q4 | 2026-03-31 | 176,996,801 | 36,099,484 |  | derived Q4 = FY annual - nine-month YTD |
| 2027-Q1 | 2026-06-30 | 139,208,923 | 6,106,806 | 1.33 | reported discrete quarter |

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

## Risk Factors

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

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/108385/000010838526000034/wrld-20260630.htm

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Note Regarding Forward-Looking Information

This report on Form 10-Q, including "Management’s Discussion and Analysis of Financial Condition and Results of Operations," contains various "forward-looking statements," within the meaning of The Private Securities Litigation Reform Act of 1995, that are based on management’s beliefs and assumptions, as well as information currently available to management. Statements other than those of historical fact, including those identified by words such as “anticipate,” “estimate,” “intend,” “plan,” “expect,” "project," “believe,” “may,” “will,” “should,” "would," "could," "continue," "probable," "forecast," and any variation of the foregoing and similar expressions, are forward-looking statements. Although the Company believes that the expectations reflected in any such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Any such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the Company’s actual financial results, performance or financial condition may vary materially from those anticipated, estimated or expected. Therefore, you should not rely on any of these forward-looking statements.

Among the key factors that could cause our actual financial results, performance or condition to differ from the expectations expressed or implied in such forward-looking statements are the following: recently enacted, proposed or future legislation and the manner in which it is implemented, including pursuant to policies of the new U.S. administration; changes in the U.S. tax code; the nature and scope of regulatory authority, particularly discretionary authority, that is or may be exercised by regulators, including, but not limited to, the U.S. Consumer Financial Protection Bureau, and individual state regulators having jurisdiction over the Company; the unpredictable nature of regulatory examinations, proceedings and litigation; employee misconduct or misconduct by third parties; uncertainties associated with management turnover and the effective succession of senior management, including the recent CEO transition and ongoing search for a permanent replacement; media and public characterization of consumer installment loans; labor unrest; the impact of changes in accounting rules and regulations, or their interpretation or application, which could materially and adversely affect the Company’s reported consolidated financial statements or necessitate material delays or changes in the issuance of the Company’s audited consolidated financial statements; the Company's assessment of its internal control over financial reporting; changes in interest rates; the impact of inflation and macroeconomic uncertainty; risks relating to the acquisition or sale of assets or businesses or other strategic initiatives, including increased loan delinquencies or net charge-offs, the loss of key personnel, integration or migration issues, the failure to achieve anticipated synergies, increased costs of servicing, incomplete records, and retention of customers; risks inherent in making loans, including repayment risks and value of collateral; cybersecurity threats or incidents, including the potential or actual misappropriation of assets or sensitive information, corruption of data or operational disruption and the costs of the associated response thereto; our dependence on debt and the potential impact of limitations in the Company’s credit facilities or other impacts on the Company's ability to borrow money on favorable terms, or at all; the timing and amount of revenues that may be recognized by the Company; changes in current revenue and expense trends (including trends affecting delinquency and charge-offs); the impact of extreme weather events and natural disasters; changes in the Company’s markets and general changes in the economy (particularly in the markets served by the Company).

These and other risks are discussed in more detail in Part I, Item 1A “Risk Factors” in the Company's fiscal 2026 Annual Report, and in the Company’s other reports filed with, or furnished to, the SEC from time to time. The Company does not undertake any obligation to update any forward-looking statements it may make, except to the extent required by law.

Results of Operations

The following table sets forth certain information derived from the Company's Consolidated Statements of Operations and Consolidated Balance Sheets (unaudited), as well as operating data and ratios, for the periods indicated:

42

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[[GREPCENT_TABLE]]
[["","Three months ended June 30,"],["","2026","","2025"],["","(Dollars in thousands)"],["Gross loans receivable","$","1,293,946","","","$","1,264,341"],["Average gross loans receivable (1)","1,280,587","","","1,239,483"],["Net loans receivable (2)","957,225","","","938,126"],["Average net loans receivable (3)","950,211","","","922,484"],["Expenses as a percentage of total revenue:"],["Provision for credit losses","31.4","%","","38.0","%"],["General and administrative","54.7","%","","53.0","%"],["Interest expense","8.2","%","","7.3","%"],["Operating income as a % of total revenue (4)","13.9","%","","9.0","%"],["Loan volume (5)","$","758,916","","","$","751,502"],["Net charge-offs as percent of average net loans receivable on an annualized basis","18.2","%","","19.4","%"],["Return on average assets (trailing 12 months)","3.6","%","","7.8","%"],["Return on average equity (trailing 12 months)","10.6","%","","19.1","%"],["Branches opened or acquired (merged or closed), net","\u2014","","","(10)"],["Branches open (at period end)","1,009","","","1,014"]]
[[/GREPCENT_TABLE]]

_______________________________________________________

(1) Average gross loans receivable has been determined by averaging month-end gross loans receivable over the indicated period.

(2) Net loans receivable is defined as gross loans receivable less unearned interest and deferred fees.

(3) Average net loans receivable has been determined by averaging month-end gross loans receivable less unearned interest and deferred fees over the indicated period.

(4) Operating income is computed as total revenue less provision for credit losses and general and administrative expenses.

(5) Loan volume includes all loan balances originated by the Company. It does not include loans purchased through acquisitions.

Comparison of three months ended June 30, 2026 versus three months ended June 30, 2025

Gross loans outstanding increased to $1.29 billion as of June 30, 2026, a 2.3% increase from the $1.26 billion of gross loans outstanding as of June 30, 2025. During the most recent quarter, our existing customer borrowing increased, while our new customer borrowing decreased, compared to the same quarter of fiscal 2026. New customer loan volume decreased 40.1%, compared to the same quarter of fiscal year 2026. At the end of the prior fiscal year, we tightened our underwriting of new customers given the proportion of new customers already in the portfolio and increasing macroeconomic uncertainty. As a result, our customer base decreased by 1.9% during the twelve-month period ended June 30, 2026, compared to an increase of 4.0% for the comparable period ended June 30, 2025. We have since expanded underwriting and expect to carefully increase new customer lending in the coming quarters.

The $6.1 million net income for the three months ended June 30, 2026 is a 285.4% increase from net income of $1.6 million for the same period of the prior year. Operating income, which is revenue less provision for credit losses and general and administrative expenses, increased by $7.4 million, or 62.4%, compared to the same period of the prior year.

Revenues for the three months ended June 30, 2026 increased by $6.4 million, or 4.8%, to $139.2 million from $132.8 million for the same period of the prior year. Interest and fee income for the three months ended June 30, 2026 increased by $6.2 million, or 5.4%, from the same period of the prior year due to an increase in outstanding balances and interest yields.

43

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Insurance and other income for the three months ended June 30, 2026 increased by $0.2 million, or 1.3%, from the same period of the prior year. Insurance income remained essentially unchanged at $11.3 million in the first quarter of fiscal 2027 compared to $11.5 million in the first quarter of fiscal 2026. Other income increased $0.5 million, or 7.7%, to $6.4 million in the first quarter of fiscal 2027, compared to $5.9 million in the first quarter of fiscal 2026.

The provision for credit losses decreased $6.7 million, or 13.4%, to $43.8 million from $50.5 million when comparing the first quarter of fiscal 2027 to the first quarter of fiscal 2026. The table below itemizes the key components of the CECL allowance and provision impact during the quarter.

[[GREPCENT_TABLE]]
[["CECL Allowance and Provision (Dollars in millions)","","Q1 FY 2027","","Q1 FY 2026","","Difference","","Reconciliation"],["Beginning Allowance - March 31","","$112.0","","$103.4","","$8.6"],["Change due to Growth","","$1.2","","$3.3","","$(2.1)","","$(2.1)"],["Change due to Expected Loss Rate on Performing Loans","","$1.4","","$5.7","","$(4.3)","","$(4.3)"],["Change due to 90 days past due","","$(2.1)","","$(3.3)","","$1.2","","$1.2"],["Ending Allowance - June 30","","$112.5","","$109.1","","$3.4","","$(5.2)"],["Net Charge-offs","","$43.3","","$44.8","","$(1.5)","","$(1.5)"],["Provision","","$43.8","","$50.5","","$(6.7)","","$(6.7)"],["Note: The change in allowance for the quarter plus net charge-offs for the quarter equals the provision for the quarter (see above reconciliation)."]]
[[/GREPCENT_TABLE]]

Net charge-offs for the quarter decreased $1.5 million, from $44.8 million in the first quarter of fiscal 2026 to $43.3 million in the first quarter of fiscal 2027. Net charge-offs as a percentage of average net loan receivables on an annualized basis decreased to 18.2% in the first quarter of fiscal 2027 from 19.4% in the first quarter of fiscal 2026. Net charge-offs decreased due to the decrease in new customers during the twelve-month period ending June 30, 2026. Additionally, net charge-offs during the quarter include recoveries of $1.6 million related to a bulk sale of prior charge-offs.

The Company's allowance for credit losses as a percentage of net loans was 11.8% at June 30, 2026 compared to 11.6% at June 30, 2025. Accounts that were 61 days or more past due on a recency basis decreased to 5.2% at June 30, 2026 compared to 5.4% at June 30, 2025. Recency delinquency on accounts 0 to 60 days past due decreased from 19.2% at June 30, 2025, to 18.1% at June 30, 2026.

G&A expenses for the three months ended June 30, 2026 increased by $5.8 million, or 8.2%, from the corresponding period of the previous year. As a percentage of revenues, G&A expenses increased from 53.0% during the three months ended June 30, 2025 to 54.7% during the three months ended June 30, 2026. G&A expenses per average open branch increased by 9.4% when comparing the two three-month periods. G&A expenses were negatively impacted during the current quarter by $4.6 million in CEO transition related expense. The change in G&A expense is explained in greater detail below.

Personnel expense totaled $50.8 million for the three months ended June 30, 2026, a $5.1 million, or 11.1%, increase over the three months ended June 30, 2025. Salary expense increased approximately $2.5 million, or 7.8%, during the quarter ended June 30, 2026, compared to the quarter ended June 30, 2025. Severance related costs increased salary expense by $2.1 million in the first quarter of fiscal 2027 compared to the first quarter of fiscal 2026. Our headcoun

[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/108385/000010838526000014/wrld-20260331.htm
Complete FY 2026 MD&A: /company/WRLD/mda/fy2026/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-06-04
Report date: 2026-03-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

General

The Company's financial performance continues to be dependent in large part upon the growth in its outstanding loans receivable, the maintenance of loan quality and acceptable levels of operating expenses. Since March 31, 2022, gross loans receivable have decreased at a 4.27% annual compounded rate from $1.52 billion to $1.28 billion at March 31, 2026. We believe we can continue to improve our gross loans receivable growth rates through acquisitions, improved marketing processes, and analytics. The Company plans to enter into new markets through opening new branches and acquisitions as opportunities arise.

The Company offers an income tax return preparation and electronic filing program in all but a few of its branches. The Company prepared approximately 91,000, 82,000, and 83,000 returns in each of the fiscal years 2026, 2025, and 2024, respectively. Revenues from the Company’s tax preparation business in fiscal 2026 amounted to approximately $40.4 million, a 10.6% increase over the $36.5 million earned during fiscal 2025.  

The following table sets forth certain information derived from the Company's Consolidated Statements of Operations and Balance Sheets, as well as operating data and ratios, for the periods indicated:

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[[GREPCENT_TABLE]]
[["","Years Ended March 31,"],["","2026","","2025","","2024"],["","(Dollars in thousands)"],["Gross loans receivable","$","1,278,988","","","$","1,225,636","","","$","1,277,149"],["Average gross loans receivable (1)","$","1,305,870","","","$","1,300,782","","","$","1,378,329"],["Net loans receivable (2)","$","953,924","","","$","916,316","","","$","950,403"],["Average net loans receivable (3)","$","971,370","","","$","965,331","","","$","1,012,544"],["Expenses as a percentage of total revenue:"],["Provision for credit losses","32.2","%","","30.0","%","","27.4","%"],["General and administrative","51.6","%","","42.7","%","","46.9","%"],["Interest expense","8.4","%","","7.6","%","","8.4","%"],["Operating income as a % of total revenue (4)","16.2","%","","27.3","%","","25.7","%"],["Loan volume (5)","2,989,614","","","2,714,988","","","2,758,260"],["Net charge-offs as percent of average net loans receivable","18.5","%","","17.5","%","","17.7","%"],["Return on average assets (trailing 12 months)","3.3","%","","8.5","%","","7.0","%"],["Return on average equity (trailing 12 months)","9.0","%","","21.0","%","","19.1","%"],["Branches opened or acquired (merged or closed), net","(15)","","","(24)","","","(25)"],["Branches open (at period end)","1,009","","","1,024","","","1,048"]]
[[/GREPCENT_TABLE]]

_______________________________________________________

(1) Average gross loans receivable have been determined by averaging month-end gross loans receivable over the indicated period.

(2) Net loans receivable is defined as gross loans receivable less unearned interest and deferred fees.

(3) Average net loans receivable have been determined by averaging month-end gross loans receivable less unearned interest and deferred fees over the indicated period.

(4) Operating income is computed as total revenue less provision for credit losses and general and administrative expenses.

(5) Loan volume includes all loan balances originated by the Company. It does not include loans purchased through acquisitions.

Comparison of Fiscal 2026 Versus Fiscal 2025

Net income for fiscal 2026 was $34.6 million, a 61.2% decrease from the $89.2 million earned during fiscal 2025. The decrease in net income was primarily due to a $59.0 million increase in personnel incentive expense, primarily due to the reversal of previously recognized stock-based compensation expense in fiscal 2025 as discussed below.

Operating income (revenues less provision for credit losses and general and administrative expenses) during fiscal 2026 decreased $59.3 million.

Total revenues increased $21.0 million, or 3.7%, to $585.2 million in fiscal 2026, from $564.2 million in fiscal 2025. At March 31, 2026, the Company had 1,009 branches in operation, a decrease of 15 branches from March 31, 2025.

Interest and fee income during fiscal 2026 increased by $19.7 million, or 4.2%, from fiscal 2025. The increase was due to an increase in average net loans receivable, which increased 0.6% during fiscal 2026 compared to fiscal 2025 as well as an increase in yields. Interest and fee income was impacted by a shift away from larger, lower interest rate loans. The large loan portfolio decreased from 48.5% of the overall portfolio as of March 31, 2025, to 44.7% as of March 31, 2026.

Insurance revenue and other income increased by $1.3 million, or 1.3%, from fiscal 2025 to fiscal 2026. See Note 9 to the Consolidated Financial Statements for the material components of Insurance and other income for the fiscal years ended March 31, 2026, 2025, and 2024.

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Insurance revenue decreased by $1.8 million, or 3.6%, from fiscal 2025 to fiscal 2026 due to a shift away from larger loans. The sale of insurance products is limited to large loans in several states in which we operate. Other income increased by $3.0 million, or 6.1%, from fiscal 2025 to fiscal 2026 primarily due to an increase in tax preparation revenue of $3.9 million.

The provision for credit losses during fiscal 2026 increased by $19.4 million, or 11.5%, from the previous year. Accounts that were 91 days or more past due represented 3.5% and 3.7% of our loan portfolio on a recency basis at March 31, 2026 and March 31, 2025, respectively. The table below itemizes the key components of the CECL allowance and provision impact during the year.

[[GREPCENT_TABLE]]
[["CECL Allowance and Provision (Dollars in millions)","","FY 2026","","FY 2025","","Difference","","Reconciliation"],["Balance at beginning of period","","$103.3","","$103.0","","$0.3"],["Change due to Growth","","$4.3","","$(4.1)","","$8.4","","$8.4"],["Change due to Expected Loss Rate on Performing Loans","","$6.0","","$0.5","","$5.5","","$5.5"],["Change due to 90 days past due","","$(1.7)","","$3.9","","$(5.6)","","$(5.6)"],["Balance at end of period","","$111.9","","$103.3","","$8.6","","$8.3"],["Net Charge-offs","","$179.9","","$168.8","","$11.1","","$11.1"],["Provision","","$188.6","","$169.2","","$19.4","","$19.4"],["Note: The change in allowance for the year plus net charge-offs for the year equals the provision for the year (see above reconciliation)."]]
[[/GREPCENT_TABLE]]

The Company's year-over-year net charge-off ratio (net charge-offs as a percentage of average net loans receivable) increased from 17.5% for the year ended March 31, 2025 to 18.5% for the year ended March 31, 2026. The net charge-off rate for the past ten fiscal years averaged 17.1%, with a high of 23.7% (fiscal 2023) and a low of 14.1% (fiscal 2021). The following table presents the Company's net charge-off ratios since 2016.

    _______________________________________________________

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General and administrative expenses during fiscal 2026 increased by $60.9 million, or 25.3%, over the previous fiscal year. General and administrative expenses, when divided by average open branches, increased 28.5% from fiscal 2025 to fiscal 2026 and, overall, general and administrative expenses as a percent of total revenues increased to 51.6% in fiscal 2026 from 42.7% in fiscal 2025. The change in general and administrative expense is explained in greater detail below.

Personnel expense totaled $200.0 million for fiscal 2026, a $59.0 million, or 41.8%, increase over fiscal 2025. The increase was largely due to a $39.0 million increase in share based compensation expense. Share based compensation expense increased due to share grants in December of 2024 and June of 2025, and because there was a $22.0 million reversal of previously recognized share based expense in fiscal 2025 as further discussed in Note 14 to the Consolidated Financial Statements. The remaining increase in personnel expense was due to an increase in salary expense as a result of the increase in headcount, and an increase in field level incentives. Our headcount as of March 31, 2026 increased 2.4% compared to March 31, 2025.

Occupancy and equipment expense totaled $48.4 million for fiscal 2026, a 0.8 million, or 1.6%, decrease over fiscal 2025. Occupancy and equipment expense is generally a function of the number of branches the Company has open throughout the year. In fiscal 2026, the expense per average open branch increased to $47.6 thousand, up from $47.2 thousand in fiscal 2025.

Advertising expense totaled $10.6 million for fiscal 2026, a $0.4 million, or 3.5%, increase over fiscal 2025. The increase was primarily due to increased spending in customer acquisition programs.

Amortization of intangible assets totaled $3.2 million for fiscal 2026, a $0.6 million, or 16.4%, decrease over fiscal 2025, which primarily relates to an increase in fully amortized intangible assets during the current fiscal year.

Other expense totaled $39.7 million for fiscal 2026, a $3.0 million, or 8.3%, increase over fiscal 2025.

Interest expense increased by $6.7 million, or 15.8%, during fiscal 2026 when compared to the previous fiscal year primarily as a result of a 9.2% increase in average debt outstanding. Additionally, in fiscal 2026, the Company recognized an additional $3.7 million in interest expense related to the redemption of all of the outstanding Notes as further discussed in Note 8 to the Consolidated Financial Statements.

Income tax expense decreased $11.4 million for fiscal 2026 compared to the prior fiscal year. The effective tax rate increased to 23.6% for fiscal 2026 compared to 19.8% for fiscal 2025. The effective tax rate increased primarily due to a settlement with various taxing authorities that resulted in an increase in the reserve under ASC 740-10 (unrecognized tax positions) in the current period, along with the tax benefit related to the forfeitures of the $20.45 Performance Shares and the $16.35 Performance Shares in the prior period. This was partially offset by the permanent tax benefit related to nonqualified stock option exercises and vesting of restricted stock in the current period.

Comparison of Fiscal 2025 Versus Fiscal 2024

For a comparison of our results of operations for the years ended March 31, 2025 and March 31, 2024, see Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the fiscal year ended March 31, 2025 (which was filed with the SEC on May 22, 2025).

Press Release to 10-K Reconciliation

The Company issued its fourth quarter and fiscal 2026 earnings press release on April 30, 2026, prior to completion of the audit. The table below reconciles the differences in the press release figures to the Form 10-K.

[[GREPCENT_TABLE]]
[["","For the year ended March 31, 2026"],["","As Reported in the Press Release","","Increase (Decrease)","","As Reported in the Form 10-K"],["","(Dollars in thousands, except per share amounts)"],["Insurance and other income, net","$","100,912","","","$","(576)","","","$","100,336"],["Total revenues","585,742","","","(576)","","","585,166"],["Income before income taxes","45,818","","","(576)","","","45,242"]]
[[/GREPCENT_TABLE]]

36

Table of Contents

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

Read the full FY 2026 MD&A: /company/WRLD/mda/fy2026/
All MD&A years: /company/WRLD/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 2025 MD&A](/company/WRLD/mda/fy2025/): filed 2025-05-22; accession 0000108385-25-000041 (https://www.sec.gov/Archives/edgar/data/108385/000010838525000041/wrld-20250331.htm)
- [FY 2024 MD&A](/company/WRLD/mda/fy2024/): filed 2024-05-23; accession 0000108385-24-000024 (https://www.sec.gov/Archives/edgar/data/108385/000010838524000024/wrld-20240331.htm)
- [FY 2023 MD&A](/company/WRLD/mda/fy2023/): filed 2023-06-01; accession 0000108385-23-000022 (https://www.sec.gov/Archives/edgar/data/108385/000010838523000022/wrld-20230331.htm)
- [FY 2022 MD&A](/company/WRLD/mda/fy2022/): filed 2022-05-27; accession 0000108385-22-000022 (https://www.sec.gov/Archives/edgar/data/108385/000010838522000022/wrld-20220331.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6141 Personal Credit Institutions) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [M2SL](/indicator/M2SL/): M2
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

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