Financial Analysis

COMMITMENTS AND CONTINGENCIES Litigation The Company, in the ordinary course of business, is a party to various legal and regulatory proceedings and other general claims. Although no assurances can be given, in managements opinion, such outstanding proceedings are not expected to have a material adverse effect on the Companys financial position, results of operations, or cash flows. The Company believes it has meritorious defenses to all of the claims and intends to vigorously defend itself against such claims. However, legal and regulatory proceedings involve an inherent level of uncertainty and no assurances can be given regarding the ultimate outcome of any such matters or whether an adverse outcome would not have a material adverse impact on the Companys financial position, results of operations, or cash flows. Other than as described below, the Company is unable to determine whether a future loss will be incurred for any of its material outstanding legal and regulatory proceedings or to estimate a range of loss with respect to such proceeding, if any, and accordingly, no material amounts have been accrued in the Companys financial statements for legal and regulatory proceedings. On November 12, 2021, the CFPB initiated a civil action in the United States District Court for the Northern District of Texas (the District Court) against FirstCash, Inc. and Cash America West, Inc., and later amended the complaint to include numerous Company subsidiaries as defendants. The CFPB …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

LONG-TERM DEBT The following table details the Companys long-term debt at the respective principal amounts, net of unamortized debt issuance costs on the senior unsecured notes (in thousands): As of December 31, 2025 2024 Revolving credit facilities: Revolving unsecured credit facility, maturing 2029 (1) $ 559,000 $ 198,000 Revolving secured credit facility, maturing 2027 (2) 54,476 Revolving unsecured uncommitted credit facility, maturing 2027 (1) Total revolving credit facilities 613,476 198,000 Secured term loans: Secured term loan, maturing 2027 (2) 26,902 Secured term loan, maturing 2029 (2) 13,451 Secured term loan, maturing 2031 (2) 20,177 Total secured term loans 60,530 Senior unsecured notes: 4.625% senior unsecured notes due 2028 (3) 496,706 495,577 5.625% senior unsecured notes due 2030 (4) 545,171 544,130 6.875% senior unsecured notes due 2032 (5) 492,551 491,639 Total senior unsecured notes 1,534,428 1,531,346 Total long-term debt $ 2,208,434 $ 1,729,346 (1) Debt issuance costs related to the Companys revolving unsecured credit facilities are included in other assets in the accompanying consolidated balance sheets. (2) Assumed on August 14, 2025 in connection with the H&T Acquisition. (3) As of December 31, 2025 and 2024, deferred debt issuance costs of $3.3 million and $4.4 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2028 in the accompanying consolidated balance sheets. (4) As of Decemb …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

EQUITY COMPENSATION PLANS AND SHARE-BASED COMPENSATION The Company has previously adopted equity and share-based compensation plans to attract and retain executive officers, directors and key employees. Under these plans, the Company may grant qualified and non-qualified stock options, stock appreciation rights, restricted stock and restricted stock unit awards to executive officers, directors and other key employees. At December 31, 2025, 2,449,000 shares were reserved for future grants to all employees and directors under the plans. Restricted Stock Unit Awards The Company has granted time-based and performance-based restricted stock units under the Companys equity and share-based incentive compensation plans. The restricted stock units are settled in shares of common stock upon vesting and the Company typically issues treasury shares to satisfy vested restricted stock unit awards. The grant date fair value of restricted stock units is based on the Companys closing stock price on the day of the grant (or subsequent award modification date, if applicable), and the grant date fair value of performance-based awards is based on the maximum amount of the award expected to be achieved. The amount attributable to award grants is amortized to expense over the vesting periods. The Company granted performance-based awards in 2025, 2024 and 2023 to certain senior executive officers. The performance period for these awards is the three-year cumulative period beginning on January 1 of t …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of financial instruments is determined by reference to various market data and other valuation techniques, as appropriate. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The three fair value levels are (from highest to lowest): Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. Recurring Fair Value Measurements The Company did not have any financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024. Fair Value Measurements on a Non-Recurring Basis The Company measures non-financial assets and liabilities, such as property and equipment and intangible assets, at fair value on a non-recurring basis, or when events or circumstances indicate that the carrying amount of the assets may be impaired. There were no such events or conditions identified during 2025 and 2024. Financial Assets and Liabilities Not Measured at Fair Value, But for Which Fair Va …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

INCOME TAXES Components of the provision for income taxes and the income to which it relates for the years ended December 31, 2025, 2024 and 2023 consist of the following (in thousands): Year Ended December 31, 2025 2024 2023 Income before income taxes (1) : Domestic $ 331,382 $ 280,685 $ 217,502 Foreign 116,181 62,091 75,347 Income before income taxes $ 447,563 $ 342,776 $ 292,849 Current income taxes: U.S. federal $ 54,749 $ 66,338 $ 53,217 Foreign 32,642 14,988 18,683 U.S. state and local 10,443 10,012 15,124 Current provision for income taxes 97,834 91,338 87,024 Deferred provision (benefit) for income taxes: U.S. federal 20,325 (7,571) (6,253) Foreign (1,045) 822 1,475 U.S. state and local 74 (628) (8,698) Total deferred provision for income taxes 19,354 (7,377) (13,476) Provision for income taxes $ 117,188 $ 83,961 $ 73,548 (1) Includes the allocation of certain administrative expenses and intercompany payments, such as royalties, management fees and interest, between domestic and foreign subsidiaries. At December 31, 2025, the cumulative amount of undistributed earnings of foreign subsidiaries was $254.4 million. The Tax Cuts and Jobs Act imposed a mandatory transition tax on accumulated foreign earnings and generally eliminated U.S. federal income taxes on dividends from foreign subsidiaries with the exception of foreign withholding taxes and other foreign local tax. During 2025, the Company repatriated $76.2 million from certain foreign subsidiaries, which was not su …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

OPERATING LEASES Lessor For information about the Companys revenue-generating activities as a lessor, refer to the Leased merchandise and revenue recognition section of Note 2. All of the Companys lease agreements are considered operating leases. Lessee The Company leases approximately 64% of its U.S. pawnshop locations, the majority of its Latin America and U.K. pawnshop locations and certain administrative offices under operating leases and determines if an arrangement is or contains a lease at inception. Many leases include both lease and non-lease components for which the Company accounts separately. Lease components include rent, taxes and insurance costs while non-lease components include common area or other maintenance costs. Operating leases are included in operating lease right of use assets, lease liability, current and lease liability, non-current in the consolidated balance sheets. The Company does not have any finance leases. Leased facilities are generally leased for a term of three to five years with one or more options to renew for an additional three to five years, typically at the Companys sole discretion. In addition, the majority of these leases can be terminated early upon an adverse change in law which negatively affects the stores profitability. The Company regularly evaluates renewal and termination options to determine if the Company is reasonably certain to exercise the option, and excludes these options from the lease term included in the recogniti …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recent accounting pronouncements In October 2023, the FASB issued ASU No 2023-06, Disclosure Agreements Codification Amendments in Response to the SECs Disclosure Update and Simplification Initiative (ASU 2023-06). ASU 2023-06 will align the disclosure and presentation requirements in the FASB Accounting Standards Codification with the SECs regulations. The amendments in ASU 2023-06 will be applied prospectively and are effective when the SEC removes the related requirements from Regulations S-X or S-K. Any amendments the SEC does not remove by June 30, 2027 will not be effective. As the Company is currently subject to these SEC requirements, ASU 2023-06 is not expected to have a material effect on the Companys financial position, results of operations or financial statement disclosures. In December 2023, the FASB issued ASU No 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 expands disclosures in the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2023-09 should be applied prospectively; however, retrospective application is permitted. The Company adopted ASU 2023-09 retrospectively, which resulted in updated financial statement disclosures but did not have a material effect on the Companys financial position or results of operations. See Note 12. In November 2024, the FASB issued …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

SEGMENT AND GEOGRAPHIC INFORMATION Segment Information The Company considers its chief operating decision maker (CODM) to be a function shared by the Companys Chief Executive Officer and Chief Financial Officer. The Companys CODM reviews key financial information, such as revenue growth, pawn loan metrics, lease and finance receivable metrics and operating margins, to budget, allocate resources, and assess performance of each segment. Based on an analysis of the reports the CODM regularly reviews, the Company has determined there are four reportable segments as follows: U.S. pawn Latin America pawn U.K. pawn Retail POS payment solutions (American First Finance or AFF) Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, (gain) loss on foreign exchange, merger and acquisition expenses and other income, net, are presented on a consolidated basis and are not allocated between the segments. Intersegment transactions related to AFFs LTO payment solution product offered in U.S. pawn stores are eliminated from consolidated totals. The following tables present reportable segment information for the years ended December 31, 2025, 2024 and 2023 as well as certain segment assets (in thousands): Year Ended December 31, 2025 U.S. Pawn Latin America Pawn U.K. Pawn (1) Retail POS Payment Solutions Corporate/ Intersegment Eliminations Consolidated Revenue: Retail merchandise sales $ 1,046,258 $ 584,1 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies followed in the preparation of these financial statements: Principles of consolidation The accompanying consolidated financial statements include the accounts of FirstCash Holdings, Inc. and its wholly-owned subsidiaries. The Company regularly makes acquisitions, and the results of operations for the acquisitions have been consolidated since the acquisition dates. All significant intercompany accounts and transactions have been eliminated. Cash and cash equivalents The Company considers any highly liquid investments with an original maturity of three months or less at the date of acquisition to be cash equivalents. As of December 31, 2025, the amount of cash associated with indefinitely reinvested foreign earnings was $43.8 million, which are primarily held in Mexican pesos and British pounds sterling. Pawn loans and revenue recognition Pawn loans are secured by the customers pledge of tangible personal property, which the Company holds during the term of the loan. If a pawn loan defaults, the Company relies on the sale of the pawned property to recover the principal amount of an unpaid pawn loan, plus a yield on the investment, as the Companys pawn loans are non-recourse against the customer. The Company accrues pawn loan fee revenue on a constant-yield basis over the life of the pawn loan for all pawns for which the Company deems collection to be probable based on histor …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

STOCKHOLDERS' EQUITY In July 2023, the Board authorized a common stock repurchase program for up to $200.0 million of the Companys outstanding common stock. During 2025, the Company repurchased a total of 912,000 shares of common stock at an aggregate cost of $115.0 million and an average cost per share of $126.03, which completed the share repurchase program authorized in July 2023. The Company previously repurchased 721,000 shares of common stock at an aggregate cost of $85.0 million and an average cost per share of $117.90 during 2024. The aggregate cost and average cost per share does not include the effect of the 1% excise tax on certain share repurchases enacted under the Inflation Reduction Act of 2022. The Company incurred $1.2 million and $0.9 million of excise taxes during 2025 and 2024, respectively. In October 2025, the Board authorized an additional common stock repurchase program for up to $150.0 million of the Companys outstanding common stock, of which the entire $150.0 million is currently remaining. The Company intends to continue repurchases under its active share repurchase program, including through open market transactions under trading plans in accordance with Rule 10b5-1 and Rule 10b-18 under the Exchange Act subject to a variety of factors, including, but not limited to, the level of cash balances, liquidity needs, credit availability, debt covenant restrictions, general business and economic conditions, regulatory requirements, the market price of th …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Acquisitions Pending Ramsdens Acquisition On June 23, 2026, the Company agreed on terms of the acquisition of Ramsdens, a leading pawn operator in the United Kingdom with 174 store locations, whereby the Company will acquire the entire issued and to be issued share capital of Ramsdens by means of a court-sanctioned scheme of arrangement under Part 26 of the United Kingdom Companies Act 2006, as amended (Ramsdens Acquisition). On July 16, 2026, the Company agreed on revised terms of the acquisition to increase the cash price to be received by Ramsdens shareholders. Under the revised terms of the Ramsdens Acquisition, Ramsdens shareholders will be entitled to receive 675 pence per share in cash. In addition, Ramsdens shareholders will receive an interim cash dividend of up to 9 pence for each Ramsdens share to be paid on October 9, 2026. The total equity value for the Ramsdens Acquisition, including cash consideration for the shares, is approximately 231.7 million ($307.5 million USD using GBP/USD exchange rate of 1.33). The Ramsdens Acquisition is expected to be consummated by the end of 2026, subject to approval of Ramsdens shareholders, receipt of the required anti-trust and regulatory approvals and satisfaction of the remaining closing conditions. U.S. Pawn Acquisitions Consistent with the Companys strategy to continue its expansion of pawn stores in strategic markets, during the six months ended June 30, 2026, the Company acquired eight pawn stores in the U.S. in four sepa …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Litigation The Company, in the ordinary course of business, is a party to various legal and regulatory proceedings and other general claims. Although no assurances can be given, in managements opinion, such outstanding proceedings are not expected to have a material adverse effect on the Companys financial position, results of operations, or cash flows. OBS Loans The Company is obligated to reimburse the Companys bank partner for the outstanding principal amount plus accrued interest for all OBS Loans that are 90 days contractually past due. This obligation constitutes an off-balance sheet credit exposure for which the Company is required to recognize, upon inception of the obligation, a liability for the expected lifetime losses, which is included in accrued liabilities in the accompanying consolidated balance sheets. As of June 30, 2026, the outstanding amount of OBS Loans originated and held by the Companys bank partner, which would represent the maximum exposure to the Company, was $35.2 million. The following table details the changes in the liability for off-balance sheet credit exposure (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Balance at beginning of period $ 16,822 $ $ 13,782 $ Provision for loan losses 7,470 15,074 Charge-offs (6,036) (10,632) Recoveries 85 117 Balance at end of period $ 18,341 $ $ 18,341 $ Pending Ramsdens Acquisition Under the terms of the pending Ramsdens Acquisition, R …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Fair Value of Financial Instruments The fair value of financial instruments is determined by reference to various market data and other valuation techniques, as appropriate. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Companys assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The three fair value levels are (from highest to lowest): Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. Recurring Fair Value Measurements The Company did not have any financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2026, June 30, 2025 and December 31, 2025. Fair Value Measurements on a Non-Recurring Basis The Company measures non-financial assets and liabilities, such as property and equipment and intangible assets, at fair value on a non-recurring basis, or when events or circumstances indicate that the carrying amount of the assets may be impaired. There were no such events or conditions identified during the six months ended June 30, 2026. Financial Assets and Liabilities Not M …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Operating Leases Lessor For information about the Companys revenue-generating activities as a lessor, refer to the Leased merchandise and revenue recognition section of Note 2 to the consolidated financial statements included in the Companys 2025 Annual Report on Form 10-K. All of the Companys lease agreements are considered operating leases. Lessee The Company leases approximately 62% of its U.S. pawnshop locations, almost all of its Latin America and U.K. pawnshop locations and certain administrative offices under operating leases and determines if an arrangement is or contains a lease at inception. Many leases include both lease and non-lease components for which the Company accounts separately. Lease components include rent, taxes and insurance costs while non-lease components include common area or other maintenance costs. Operating leases are included in operating lease right of use assets, lease liability, current and lease liability, non-current in the consolidated balance sheets. The Company does not have any finance leases. Leased facilities are generally leased for a term of three to five years with one or more options to renew for an additional three to five years, typically at the Companys sole discretion. In addition, the majority of these leases can be terminated early upon an adverse change in law which negatively affects the stores profitability. The Company regularly evaluates renewal and termination options to determine if the Company is reasonably certain …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Long-Term Debt The following table details the Companys long-term debt at the respective principal amounts, net of unamortized debt issuance costs on the senior unsecured notes (in thousands): As of June 30, As of December 31, 2026 2025 2025 Revolving credit facilities: Revolving unsecured credit facility, maturing 2029 (1) $ 69,000 $ 152,000 $ 559,000 Revolving secured credit facility, maturing 2027 (2) 54,476 Revolving unsecured uncommitted credit facility, maturing 2027 (1) Total revolving credit facilities 69,000 152,000 613,476 Secured term loans: Secured term loan, maturing 2027 (2) 26,902 Secured term loan, maturing 2029 (2) 13,451 Secured term loan, maturing 2031 (2) 20,177 Total secured term loans 60,530 Senior unsecured notes: 4.625% senior unsecured notes due 2028 (3) 497,292 496,135 496,706 5.625% senior unsecured notes due 2030 (4) 545,714 544,643 545,171 6.875% senior unsecured notes due 2032 (5) 493,032 492,087 492,551 6.125% senior unsecured notes due 2034 (6) 741,001 Total senior unsecured notes 2,277,039 1,532,865 1,534,428 Total long-term debt $ 2,346,039 $ 1,684,865 $ 2,208,434 (1) Debt issuance costs related to the Companys revolving unsecured credit facilities are included in other assets in the accompanying consolidated balance sheets. (2) Assumed on August 14, 2025 in connection with the H&T Acquisition and repaid and terminated during the three months ended June 30, 2026. (3) As of June 30, 2026, June 30, 2025 and December 31, 2025, deferred debt …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03). ASU 2024-03 requires additional disclosure of specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. In January 2025, the FASB issued ASU 2025-01, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarifies the effective date of ASU 2024-03. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 may be applied either prospectively or retrospectively for all prior periods presented. The Company is currently evaluating the impact of adopting this guidance on the Company's current financial position, results of operations and financial statement disclosures. In September 2025, the FASB issued ASU 2025-06 IntangiblesGoodwill and OtherInternalUse Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06). ASU 2025-06 modernizes the capitalization criteria for internal-use software by eliminating references to project stages and clarifying the threshold applied to begin capitalizing costs. This guidan …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Segment Information The Company organizes its operations into four reportable segments as follows: U.S. pawn Latin America pawn U.K. pawn Retail POS payment solutions (American First Finance or AFF) Operating expenses of the three pawn segments include salary and benefit expenses of store-level employees, occupancy costs, bank and other treasury fees, security, insurance, utilities, supplies and other costs incurred by the pawn stores. Operating expenses of the AFF segment include salary and benefit expenses of operations-focused departments, payment processing charges, data analytics and decisioning costs, information technology costs, advertising costs and other operational costs incurred by AFF. Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, loss (gain) on foreign exchange, merger and acquisition expenses, and other income, net, are presented on a consolidated basis and are not allocated between the segments. Intersegment transactions related to AFFs LTO payment solution product offered in U.S. pawn stores are eliminated from consolidated totals. The Company completed the acquisition of H&T, the leading pawn operator in the United Kingdom, on August 14, 2025, the date on which the balance sheet and operating results of H&T were included in the Companys consolidated financial results. The following tables present reportable segment information for the three and six mon …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

General Basis of Presentation The accompanying consolidated balance sheet as of December 31, 2025, which is derived from audited consolidated financial statements, and the unaudited consolidated financial statements, including the notes thereto, includes the accounts of FirstCash Holdings, Inc. and its wholly-owned subsidiaries (together, the Company). The Company regularly makes acquisitions, and the results of operations for the acquisitions have been consolidated since the acquisition dates. All significant intercompany accounts and transactions have been eliminated. These unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. These interim period financial statements should be read in conjunction with the Companys audited consolidated financial statements, which are included in the Companys Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 9, 2026. The consolidated financial statements as of June 30, 2026 and 2025, and for the three month and six month periods ended June 30, 2026 and 2025, are unaudited, but in managements opinion include all adjustments (consisting of only normal recurring adjustments) considered necessary to present fa …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing