EZCORP INC
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 5, 2026
EZPW$28.55-0.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0000876523-26-000045
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0000876523-26-000063
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 126 previous paragraphs and 123 current paragraphs.
65 unchanged; 41 reworded; 16 added; 18 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 24 previous and 23 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
Jewelry scrap sales increased 57% due to increase in gold price and jewelry purchases, and jewelry scrap sales gross margin decreased to 27% from 29%.
Current report
Segment contribution increased 24% to $61.6 million.
Current report
Segment store count increased to 560 due to the acquisition of 1 store during the quarter.
Current report
Jewelry scrap sales increased 138% due to increase in gold price, and jewelry scrap sales gross margin decreased to 26% from 29%.
Current report
Segment contribution increased 56% to $24.8 million (43% on a constant currency basis).
Current report
Segment store count increased by 41 to 881 during the quarter due to 33 acquired stores and 9 de novo stores, partially offset by 1 store consolidation.
Current report
Gross profit was $22.4 million.
Current report
Store expenses totaled $16.0 million.
Current report
Segment contribution was $5.9 million.
Current report
Nine Months Ended June 30, 2026 vs. Nine Months Ended June 30, 2025
Current report
Jewelry scrap sales increased 128%, and jewelry scrap sales gross margin increased from 25% to 35%, due to increase in gold price and jewelry purchases
Current report
Merchandise sales increased 28% (17% on a constant currency basis) and 19% on a same-store basis (9% on a constant currency basis). Merchandise sales gross margin increased 440 bps to 35% from 30%.
Current report
Jewelry scrap sales increased 120% (96% constant currency basis), and jewelry scrap sales gross margin increased from 25% to 32% due to increase in gold price.
Current report
Total revenues were $94.4 million, comprised of merchandise sales of $34.9 million (with a margin of 32.3%), jewelry scrap sales of $30.8 million (with a margin of 27.9%), and PSC of $28.7 million.
Current report
Gross profit was $48.6 million.
Current report
Store expenses were $32.6 million.
Removed paragraphs (18)
Previous report
Jewelry scrap sales increased 228%, and jewelry scrap sales gross margin increased from 22% to 41% due to increase in gold price and jewelry purchases.
Previous report
Segment contribution increased 59% to $78.1 million.
Previous report
Segment store count increased by 12 to 559 due to the El Bufalo acquisition in the second quarter of fiscal 2026.
Previous report
Jewelry scrap sales increased 64%, and jewelry scrap sales gross margin increased to 38% from 24% due to increase in gold price.
Previous report
Segment contribution increased 38% to $19.1 million (24% on a constant currency basis).
Previous report
Segment store count increased by 4 to 840 during the quarter due to the addition of 4 de novo stores.
Previous report
Gross profit was $26.1 million.
Previous report
Merchandise sales gross margin was 33.1%.
Previous report
Jewelry scrap sales gross margin was 30.6%, benefiting from the elevated gold price environment.
Previous report
Store expenses totaled $16.6 million.
Previous report
Segment contribution was $8.8 million, reflecting the first quarter of SMG operating results following the January 2, 2026 consolidation.
Previous report
Six Months Ended March 31, 2026 vs. Six Months Ended March 31, 2025
Previous report
Jewelry scrap sales increased 181%, and jewelry scrap sales gross margin increased from 22% to 38% due to increase in gold price and jewelry purchases.
Previous report
Merchandise sales increased 27% (16% on a constant currency basis) and 18% on a same-store basis (8% on a constant currency basis). Merchandise sales gross margin increased 400 bps to 34% from 30%.
Previous report
Jewelry scrap sales increased 109% (87% constant currency basis), and jewelry scrap sales gross margin increased from 23% to 36% due to increase in gold price.
Previous report
Pawn service charges were $14.4 million, and merchandise sales gross profit was $5.9 million.
Previous report
Jewelry scrap sales gross profit was $5.9 million, reflecting a gross margin of 31%.
Previous report
Store expenses were $16.6 million.
Reworded paragraphs (41)
Previous wording
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. 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, we own 87.7% of Founders, which controls SMG with an 85.1% ownership interest. SMG's results are consolidated in our financial statements from January 2, 2026 and are reported within our SMG segment.
Current wording
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.
Previous wording
EZCORP is a Delaware corporation headquartered in Austin, Texas. We are a leading provider of pawn services in the United States and Latin America. 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.
Current wording
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.
Previous wording
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 six months ended March 31, 2026 and 2025:
Current wording
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:
Previous wording
The following chart presents sources of gross profit by geographic disbursement for the three and six months ended March 31, 2026 and 2025:
Current wording
The following chart presents sources of gross profit by segment for the three and nine months ended June 30, 2026 and 2025:
Previous wording
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 six months ended March 31, 2026 and 2025 were as follows:
Current wording
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:
Previous wording
PLO ended the quarter at $230.5 million, an increase of 16% (13% on a same-store basis) due to increase in average loan size, strong loan demand and improved operational performance.
Current wording
PLO ended the quarter at $254.5 million, an increase of 15% (13% on a same-store basis) due to an increase in average loan size and continued strong loan demand.
Previous wording
Net inventory increased 20% due to the increase in PLO, layaways and purchases. Inventory turnover remained consistent at 2.3x. Aged general merchandise decreased by 95 bps to 2.3%, or $0.9 million of total general merchandise inventory.
Current wording
Net inventory increased 28% due to the increase in PLO, layaways and purchases. Inventory turnover remained consistent at 2.0x. Aged general merchandise decreased by 90 bps to 1.9%, or $0.7 million of total general merchandise inventory.
Previous wording
Total revenues and gross profit increased 27%, driven by increased jewelry scrap sales, PSC, and merchandise sales.
Current wording
Total revenues and gross profit increased 14%, driven by increased jewelry scrap sales, PSC, and merchandise sales.
Previous wording
Merchandise sales increased 9% (7% on a same-store basis), and sales gross margin increased by 170bps to 38%.
Current wording
Merchandise sales increased 6% (3% on a same-store basis), and sales gross margin increased by 130 bps to 40%.
Previous wording
PLO improved to $86.3 million, an increase of 38% (27% on constant currency basis). On a same-store basis, PLO increased 25% (15% increase on a constant currency basis) due to strong loan demand and improved operational performance.
Current wording
PLO improved to $98.9 million, an increase of 40% (33% on constant currency basis). On a same-store basis, PLO increased 35% (28% increase on a constant currency basis) due to strong loan demand and improved operational performance.
Previous wording
Net inventory increased 21% (10% on a constant currency basis) due to an increase in PLO. Inventory turnover remained consistent at 3.2x. On a same-store basis, net inventory increased by 11% (consistent on a constant currency basis). Aged general merchandise decreased below 1% of total general merchandise inventory.
Current wording
Net inventory increased 27% (21% on a constant currency basis) due to an increase in PLO. Inventory turnover remained consistent at 3.1x. On a same-store basis, net inventory increased by 11% (5% on a constant currency basis). Aged general merchandise decreased below 1% of total general merchandise inventory.
Previous wording
Total revenues increased 34% (19% on constant currency basis), and gross profit increased 42% (27% on a constant currency basis), primarily due to increased jewelry scrap sales, PSC, and merchandise sales.
Current wording
Total revenues increased 37% (25% on constant currency basis), and gross profit increased 44% (32% on a constant currency basis), primarily due to increased jewelry scrap sales, PSC, and merchandise sales.
Previous wording
PSC increased to $38.0 million, an increase of 34% (21% on a constant currency basis) as a result of higher average PLO.
Current wording
PSC increased to $42.9 million, an increase of 37% (26% on a constant currency basis) as a result of higher average PLO.
Previous wording
Merchandise sales increased 31% (17% on constant currency basis) and increased 21% on a same-store basis (8% increase on a constant currency basis). Merchandise sales gross margin increased to 34% from 30%.
Current wording
Merchandise sales increased 31% (20% on constant currency basis) and 21% on a same-store basis (11% increase on a constant currency basis). Merchandise sales gross margin increased to 36% from 31%.
Previous wording
Store expenses increased 45% (29% increase on a constant currency basis) and increased 33% on a same-store basis (19% increase on a constant currency basis) due to increased labor, in line with store activity and minimum wage increases.
Current wording
Store expenses increased 38% (27% increase on a constant currency basis) and increased 28% on a same-store basis (17% increase on a constant currency basis) due to increased labor, in line with store activity and minimum wage increases.
Previous wording
PLO of $32.6 million and net inventory of $26.1 million, with aged general merchandise below 1% of total general merchandise inventory.
Current wording
PLO of $33.8 million and net inventory of $28.9 million, with aged general merchandise at 1.1% of total general merchandise inventory.
Previous wording
Total revenues were $51.3 million, comprised of jewelry scrap sales of $19.1 million, merchandise sales of $17.8 million and PSC of $14.4 million.
Current wording
Total revenues were $43.1 million, comprised of merchandise sales of $17.1 million (with a margin of 31%), PSC of $14.3 million, and jewelry scrap sales of $11.7 million (with a margin of 24%).
Previous wording
Segment store count increased during the quarter by 2 to 107 due to the addition of de novo stores.
Current wording
Segment store count increased during the quarter to 108 due to the addition of 1 de novo.
Previous wording
Segment contribution increased $43.2 million or 69% over the prior year quarter, primarily due to improved operating results from the U.S. Pawn and Latin America Pawn segments, and the acquisition of SMG in the second quarter of fiscal 2026.
Current wording
Segment contribution increased $26.9 million or 41% over the prior year quarter, primarily due to improved operating results from the U.S. Pawn and Latin America Pawn segments, and the acquisition of SMG in the second quarter of fiscal 2026.
Previous wording
General and administrative expense increased $9.4 million or 37%, primarily due to labor costs (including higher incentive compensation) and expenses associated with SMG.
Current wording
General and administrative expense increased $6.5 million or 24%, primarily due to labor costs (including higher incentive compensation) and expenses associated with SMG.
Previous wording
Income tax expense increased $6.9 million primarily due to an increase in income before taxes of $31.1 million.
Current wording
Income tax expense increased $5.3 million primarily due to an increase in income before taxes of $17.3 million.
Previous wording
Merchandise sales increased 9%, and merchandise sale gross margin increased 170 bps.
Current wording
Merchandise sales increased 8%, and merchandise sale gross margin increased 160 bps.
Previous wording
Store expenses increased 9% (6% on a same-store basis) primarily due to increased labor, in line with store activity.
Current wording
Store expenses increased 8% (6% on a same-store basis), primarily due to increased labor, in line with store activity.
Previous wording
Segment contribution increased $45.4 million, or 44%, primarily due to the changes described above.
Current wording
Segment contribution increased $57.4 million, or 38%, primarily due to the changes described above.
Previous wording
During the six months ended March 31, 2026, net store count increased by 25 due to the acquisition of 14 stores and the opening of 11 de novo stores.
Current wording
During the nine months ended June 30, 2026, net store count increased by 66 due to the acquisition of 47 stores and the opening of 20 de novo stores, partially offset by 1 store consolidation.
Previous wording
PSC increased 30% to $74.7 million (19% to $68.6 million on a constant currency basis) as a result of higher average PLO and new stores.
Current wording
PSC increased 32% to $117.7 million (22% to $108.2 million on a constant currency basis) as a result of higher average PLO and new stores.
Previous wording
Store expenses increased 40% (27% increase on a constant currency basis) and increased by 29% on a same-store basis (17% increase on a constant currency basis). The constant currency increase was primarily due to increased labor, in line with store activity and minimum wage increases.
Current wording
Store expenses increased 39% (27% increase on a constant currency basis) and increased by 28% on a same-store basis (17% increase on a constant currency basis). The constant currency increase was primarily due to increased labor, in line with store activity and minimum wage increases.
Previous wording
Segment contribution increased $10.1 million, or 35% ($7.0 million, or 24%, on a constant currency basis), due to the changes noted above.
Current wording
Segment contribution increased $19.0 million, or 42% ($13.9 million, or 31%, on a constant currency basis), due to the changes noted above.
Previous wording
Segment contribution was $8.8 million, reflecting SMG operating results from the January 2, 2026 consolidation date through March 31, 2026.
Current wording
Segment contribution was $14.7 million, reflecting SMG operating results from the January 2, 2026 consolidation date through June 30, 2026.
Previous wording
Segment contribution increased $64.3 million or 48% over the prior year period, primarily due to improved operating results of the U.S. Pawn and Latin America Pawn segments, and the acquisition of SMG in the second quarter of fiscal 2026.
Current wording
Segment contribution increased $91.2 million or 46% over the prior year period, primarily due to improved operating results of the U.S. Pawn and Latin America Pawn segments, and the acquisition of SMG in the second quarter of fiscal 2026.
Previous wording
General and administrative expenses increased $11.9 million or 24%, primarily due to labor costs (including higher incentive compensation) and expenses associated with SMG.
Current wording
General and administrative expenses increased $18.4 million or 24%, primarily due to labor costs (including higher incentive compensation) and expenses associated with SMG.
Previous wording
Interest expense increased $5.1 million or 155%, primarily driven by the issuance of 2032 Senior Notes in the second quarter fiscal 2025.
Current wording
Interest expense increased $10.0 million or 67%, primarily driven by the issuance of 2032 Senior Notes in the second quarter of fiscal 2025.
Previous wording
Interest income increased $3.4 million or 87%, primarily due to an increase in the average Cash and cash equivalents held during the period as compared to the prior period.
Current wording
Interest income increased $0.8 million or 8%, primarily due to an increase in the average Cash and cash equivalents held during the period as compared to the prior period.
Previous wording
Other (income) expense improved $2.0 million primarily due to the non-cash gain on remeasurement of our previously held equity interest in Founders, in connection with the January 2, 2026 acquisition.
Current wording
Other (income) expense improved $3.2 million primarily due to the non-cash gain on remeasurement of our previously held equity interest in Founders, in connection with the January 2, 2026 acquisition.
Previous wording
Income tax expense increased $11.4 million, primarily due to an increase in income before income taxes of $48.9 million for the six months ended March 31, 2026 compared to the same period in the prior year.
Current wording
Income tax expense increased $16.7 million, primarily due to an increase in income before income taxes of $66.2 million for the nine months ended June 30, 2026 compared to the same period in the prior year.
Previous wording
Our cash and cash equivalents balance was $354.2 million at March 31, 2026 compared to $469.5 million at September 30, 2025. Our cash and equivalents are primarily held in cash depository accounts with banks in geographies we operate or invested in high quality, short-term liquid investments. The decrease in cash and cash equivalents is primarily driven by the retirement of SMG’s existing third-party indebtedness and cash used for acquisitions.
Current wording
Our cash and cash equivalents balance was $311.0 million at June 30, 2026 compared to $469.5 million at September 30, 2025. Our cash and equivalents are primarily held in cash depository accounts with banks in geographies we operate or invested in high quality, short-term liquid investments. The decrease in cash and cash equivalents is primarily driven by the retirement of SMG’s existing third-party indebtedness and cash used for acquisitions.
Previous wording
The $24.7 million increase in cash flows provided by operating activities year-over-year was primarily due to an increase in net income and non-cash adjustments, partially offset by changes in working capital.
Current wording
The $32.7 million increase in cash flows provided by operating activities year-over-year was primarily due to an increase in net income and non-cash adjustments, partially offset by changes in working capital.
Previous wording
The $42.8 million increase in cash flows used in investing activities year-over-year was primarily due to a $39.1 million increase in net pawn lending outflows and a $45.3 million increase in net cash flows used related to acquisitions, investments and capital expenditures, partially offset by a $41.6 million increase in cash inflows from the sale of forfeited collateral.
Current wording
The $59.4 million increase in cash flows used in investing activities year-over-year was primarily due to a $91.7 million increase in net pawn lending outflows and a $34.5 million increase in net cash flows used related to acquisitions, investments and capital expenditures, partially offset by a $66.8 million increase in cash inflows from the sale of forfeited collateral.
Previous wording
In the six months ended March 31, 2026, cash used in financing activities was driven primarily by the retirement of SMG’s existing third-party indebtedness. In the comparable prior year-period, cash provided by financing activities consisted primarily of proceeds from the issuance of the 2032 Senior Notes, partially offset by debt issuance costs paid in connection with that offering.
Current wording
In the nine months ended June 30, 2026, cash used in financing activities was driven primarily by the retirement of SMG’s existing third-party indebtedness. In the comparable prior year-period, cash provided by financing activities consisted primarily of proceeds from the issuance of the 2032 Senior Notes, partially offset by debt issuance costs paid in connection with that offering.
Previous wording
The net effect of these changes was a $114.7 million decrease during the current year to date period, resulting in a $370.1 million ending cash, cash equivalents and restricted cash balance.
Current wording
The net effect of these changes was a $158.0 million decrease during the current year to date period, resulting in a $326.7 million ending cash, cash equivalents and restricted cash balance.
Showing the first 40 of 41 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Interest income decreased $2.7 million or 49%, primarily due to a decrease in the average Cash and cash equivalents held during the period as compared to the prior period.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Interest expense increased $10.1 million or 157%, primarily driven by the issuance of 2032 Senior Notes in the second quarter fiscal 2025.
Previous report — wording carried elsewhere
Other (income) expense improved $3.1 million primarily due to the non-cash gain on remeasurement of our previously held equity interest in Founders, in connection with the January 2, 2026 acquisition.