OPFIHIGH SIGNALFINANCIAL10-K

OPFI experienced a dramatic reduction in credit loss provisions alongside substantially higher operating income, indicating significant improvement in loan portfolio quality and operational performance.

The near-elimination of credit loss provisions from $81.6M to under $1M represents a fundamental shift in OPFI's risk profile, suggesting either substantial improvement in underwriting quality or collection performance. This change, combined with meaningfully expanded operating income, indicates the company has potentially turned a corner on credit management while maintaining revenue growth.

Comparing 2026-03-12 vs 2025-03-11View on EDGAR →
FINANCIAL ANALYSIS

OPFI delivered strong financial performance with net interest income growing 13.5% to $597M and operating cash flow expanding 24% to $401M. The most striking development was the dramatic decline in credit loss provisions, which dropped from $81.6M to under $1M, driving operating income substantially higher to $166.7M. Total assets grew 17.6% while stockholders' equity increased 78.4%, though cash declined modestly, reflecting a company experiencing robust growth with significantly improved credit metrics.

FINANCIAL STATEMENT CHANGES
Provision for Credit Losses
P&L
-98.9%
$81.6M→$929K

Provisions reduced 98.9% — improving credit quality or reserve release boosting reported earnings.

Stockholders Equity
Balance Sheet
+78.4%
$32.8M→$58.5M

Equity base grew 78.4% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Operating Income
P&L
+76.3%
$94.5M→$166.7M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Operating Cash Flow
Cash Flow
+23.9%
$323.8M→$401.3M

Operating cash flow grew 23.9% — strong conversion of earnings to cash, healthy business fundamentals.

Cash & Equivalents
Balance Sheet
-19.4%
$61.3M→$49.5M

Cash decreased 19.4% — monitor burn rate and upcoming capital needs.

Total Assets
Balance Sheet
+17.6%
$641.2M→$754.1M

Asset base grew 17.6% — expansion through organic growth, acquisitions, or capital deployment.

Net Interest Income
P&L
+13.5%
$526.0M→$597.0M

Net interest income grew 13.5% — benefiting from rate environment or loan book expansion.

LANGUAGE CHANGES
NEW — 2026-03-12
PRIOR — 2025-03-11
ADDED
As of March 10, 2026, there were 85,124,851 shares of common stock, including 26,436,610 shares of Class A common stock, par value $0.0001 per share, 0 shares of Class B common stock, par value $0.0001 per share, and 58,688,241 shares of Class V common stock, par value $0.0001 per share, outstanding.
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 70 Item 6.
Management s Discussion and Analysis of Financial Condition and Results of Operations 71 Item 7A.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 122 Item 9A.
Security Ownership of Certain Beneficial Owner s and Management and Related Stockholder Matters 125 Item 13.
(formerly FG New America Acquisition Corp., a Delaware corporation ( FGNA )) completed the business combination of FGNA and Opportunity Financial, LLC, a Delaware limited liability company (together with its subsidiaries unless the context otherwise requires, OppFi-LLC ), pursuant to a definitive agreement and business combination agreement, dated February 9, 2021 (the Business Combination Agreement and such transactions consummated thereby, the Business Combination ).
Unless the context otherwise requires, all references in this section to OppFi or the Company refer to OppFi-LLC prior to the consummation of the Business Combination, and to OppFi Inc.
The average installment loan for a new borrower facilitated by OppFi with its OppLoans platform is approximately $1,950, payable in installments and with an average contractual term of 11 months.
OppFi s platform provides one of the highest rated customer experiences in the industry and powers banks to offer credit products.
From inception through December 31, 2025, OppFi has facilitated more than $8.6 billion in gross loan issuance covering more than 4.7 million loans.
REMOVED
As of March 7, 2025, there were 86,404,886 shares of common stock, including 24,226,696 shares of Class A common stock, par value $0.0001 per share, 0 shares of Class B common stock, par value $0.0001 per share, and 62,178,190 shares of Class V common stock, par value $0.0001 per share, outstanding.
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 70 Item 6.
Management's Discussion and Analysis of Financial Condition and Results of Operations 70 Item 7A.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 121 Item 9A.
Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 123 Item 13.
BUSINESS Unless the context otherwise requires, all references in this section to OppFi or the Company refers to Opportunity Financial, LLC ( OppFi-LLC ) and its subsidiaries prior to the consummation of the Business Combination, or to OppFi Inc.
OppFi s business and the industry in which OppFi operates is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section titled Risk Factors and elsewhere in this report.
These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by OppFi.
On July 20, 2021 ( Closing Date ), OppFi completed a business combination pursuant to the Business Combination Agreement ( Business Combination Agreement ), dated as of February 9, 2021, by and among FG New America Acquisition Corp.
( FGNA ), OppFi-LLC, a Delaware limited liability company, OppFi Shares, LLC ( OFS ), a Delaware limited liability company, and Todd Schwartz ( Members Representative ), in his capacity as the representative of the members of OppFi-LLC ( Members ) immediately prior to the closing ( Closing ) of the transactions contemplated by the Business Combination Agreement ( Business Combination ).
MORE FINANCIAL SIGNALS
CRMHIGHSalesforce significantly increased debt by 71% to $14.4B while simultaneously ac...
2026-03-02
UNHHIGHUNH's operating income plummeted 41% despite 12% revenue growth, indicating seve...
2026-03-02
PFEHIGHPfizer achieved a dramatic 87.3% reduction in total debt from $31.4B to $4.0B, r...
2026-02-26
GILDHIGHGILD dramatically increased R&D spending by 81.5% to $9.1B while introducing new...
2026-02-24
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →