FCFSMEDIUM SIGNALOPERATIONAL10-K

FirstCash expanded operations to include U.K. pawn stores and reorganized from three to four reportable segments while significantly growing inventory and debt levels.

The company has executed a notable geographic expansion into the U.K. market and restructured its reporting segments, indicating strategic growth initiatives. The language changes suggest FirstCash is positioning itself as a more diversified, international pawn operator rather than just a U.S./Latin America focused business.

Comparing 2026-02-09 vs 2025-02-03View on EDGAR →
FINANCIAL ANALYSIS

FirstCash shows strong operational growth with inventory surging 45.6% and net income increasing 27.6%, suggesting successful business expansion and improved profitability. However, this growth came with increased leverage as total debt rose 27.2% and interest expense jumped 31.9%, while cash declined 28.5%. The company also accelerated share buybacks by 36.3%, indicating management confidence despite the higher debt load, though the overall picture suggests aggressive growth funded through increased borrowing.

FINANCIAL STATEMENT CHANGES
Provision for Credit Losses
P&L
-111.7%
$4.2M→-$488K

Provisions reduced 111.7% — improving credit quality or reserve release boosting reported earnings.

Inventory
Balance Sheet
+45.6%
$334.6M→$487.2M

Inventory surged 45.6% — growing faster than typical sales pace; potential demand softening or supply chain overcorrection.

Share Buybacks
Cash Flow
+36.3%
$85.0M→$115.8M

Share repurchases increased 36.3% — management returning capital, signals confidence in intrinsic value.

Current Assets
Balance Sheet
+32.3%
$1.4B→$1.9B

Current assets grew 32.3% — improving short-term liquidity or inventory/receivables build.

Interest Expense
P&L
+31.9%
$70.7M→$93.2M

Interest expense surged 31.9% — significant debt increase or rising rates materially impacting earnings.

Cash & Equivalents
Balance Sheet
-28.5%
$175.1M→$125.2M

Cash decreased 28.5% — monitor burn rate and upcoming capital needs.

Net Income
P&L
+27.6%
$258.8M→$330.4M

Net income grew 27.6% — bottom-line growth signals improving overall business health.

Total Debt
Balance Sheet
+27.2%
$1.7B→$2.2B

Debt rose 27.2% — additional borrowing for investment or operations; monitor coverage ratios.

Total Liabilities
Balance Sheet
+24.8%
$2.4B→$3.0B

Liabilities increased 24.8% — monitor debt-to-equity ratio and interest coverage.

Current Liabilities
Balance Sheet
+20.2%
$339.4M→$407.8M

Current liabilities rose 20.2% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-02-09
PRIOR — 2025-02-03
ADDED
As of January 28, 2026, there were 43,984,696 shares of common stock outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 7A.
Business Overview FirstCash Holdings, Inc., along with its wholly owned subsidiaries (together, FirstCash or the Company ), is the leading operator of pawn stores in the U.S., Latin America and the U.K.
The Company s two business lines are organized into four reportable segments: The U.S.
states and the District of Columbia The Latin America pawn segment consists of pawn operations in Mexico, Guatemala, El Salvador and Colombia The U.K.
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REMOVED
As of January 29, 2025, there were 44,760,746 shares of common stock outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 42 Item 7A.
Business Overview FirstCash Holdings, Inc., along with its wholly owned subsidiaries (together, FirstCash or the Company ), is the leading operator of pawn stores in the U.S.
and Latin America and is also a leading provider of technology-driven, retail POS payment solutions focused on serving credit-constrained consumers in the U.S and Puerto Rico.
The Company is organized into three reportable segments that cover these two lines of business.
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