Executive Summary

Broad beat: Q4 revenue rose 14% YoY to $336.8M vs S&P Global consensus $325.4M; diluted EPS was $0.34 vs $0.298; EBITDA outperformed modestly (Actual $46.2M vs $45.0M consensus). Strength came from higher PLO, merchandise momentum, and elevated jewelry scrap activity; non-GAAP adjustments were modest and did not change EPS for the quarter . Estimates marked with * are from S&P Global and may differ from company definitions.*
Mix tailwinds: Jewelry scrap sales jumped 91% YoY with ~1,010 bps margin expansion to 29% on higher gold prices and greater jewelry purchases, while merchandise sales gross margin held at 35% .
Operating leverage: Adjusted EBITDA grew 33% to $47.9M; EBITDA margin ~14.3% expanded ~210 bps, reflecting scale benefits and disciplined store expense growth (up 8% total / 6% same-store) .
Balance sheet and catalysts: Cash rose to $469.5M following the $300M senior notes due 2032; management highlighted an active M&A pipeline and a new repurchase authorization as capital allocation levers, plus digital/loyalty initiatives underpinning demand .
Watch-outs: Inventory and aged GM ticked up with jewelry mix and layaways; management expects scrap margins to normalize lower through FY26 and a sequential rise in expenses, tempering some tailwinds into 2026 .

What Went Well and What Went Wrong

What Went Well
- Record quarter on multiple KPIs: Revenues $336.8M (+14%), gross profit $198.6M (+13%), adjusted EBITDA $47.9M (+33%); PLO $307.5M (+12%) on higher average loan size and strong demand .
- Jewelry tailwinds: Scrap sales +91% YoY with margin up ~1,010 bps to 29%, benefiting from higher gold prices and jewelry purchases; merchandise sales margin steady at 35% .
- Strategy and tone: “We are driving strong earnings momentum… strengthen the core, simplify and drive cost efficiency, and innovate to deliver sustainable growth” — CEO Lachie Given . Digital engagement, EZ+ Rewards growth to 6.9M (+26%), and omnichannel initiatives gained traction .
What Went Wrong
- Inventory build/turns: Net inventory increased 29% YoY and turnover eased to 2.3x (from 2.6x) on higher PLO, layaways, purchases; aged GM rose to 2.6% (+83 bps) .
- Expense pressure: G&A up 13% in Q4 and 11% for FY25, primarily labor (including higher incentive compensation) .
- Forward normalization: Management expects scrap gross profit to remain similar in Q1 FY26 and then decline sequentially through FY26 back to normal levels; total expenses expected to rise sequentially — dialing back some recent tailwinds .

Financial Results

Consolidated results vs prior year and prior quarters (oldest → newest)

Metric	Q4 2024	Q2 2025	Q3 2025	Q4 2025
Revenue ($USD Millions)	$294.6	$306.3	$311.0	$336.8
Gross Profit ($USD Millions)	$175.4	$178.5	$183.6	$198.6
EBITDA ($USD Millions)	$35.5	$43.8	$45.7	$47.3
Diluted EPS ($)	$0.21	$0.33	$0.34	$0.34

Actual vs S&P Global consensus (Q4 2025)

Metric	Q4 2025 Actual	Q4 2025 Consensus*	Surprise
Revenue ($USD Millions)	$336.8	$325.4*	Beat
Diluted EPS ($)	$0.34	$0.298*	Beat
EBITDA ($USD Millions)	$46.2 (SPGI actual)*	$45.0*	Beat
Values retrieved from S&P Global.*

Segment breakdown (Q4 2025 vs Q4 2024)

Segment	Q4 2024 Revenue ($M)	Q4 2025 Revenue ($M)	Q4 2024 Segment Contribution ($M)	Q4 2025 Segment Contribution ($M)
U.S. Pawn	$212.0	$238.9	$41.0	$52.5
Latin America Pawn	$82.5	$97.9	$10.2	$12.0

Selected KPIs and operating metrics

KPI	Q3 2025	Q4 2025
Pawn Loans Outstanding (PLO, $M)	$291.6	$307.5
Net Inventory ($M)	$225.5	$248.5
Aged General Merchandise (% of GM inventory)	2.3%	2.6%
Merchandise Sales Gross Margin (%)	36%	35%
Jewelry Scrap Sales ($M)	$27.0	$34.2
Cash & Cash Equivalents ($M)	$472.1	$469.5
Store Count (Consolidated)	1,336	1,360

Non-GAAP adjustments (Q4 2025): Corporate office impairment (+$0.6M pre-tax), FX (+$0.1M), non-recurring foreign tax expense (+$1.0M tax), tax discretes (-$0.6M tax), constant currency (-$0.9M revenue / -$0.6M gross profit); Adjusted EBITDA $47.9M and adjusted EPS $0.34 (no change vs reported) .

Guidance Changes

Metric	Period	Previous Guidance	Current Commentary	Change
Company-wide revenue/EPS	FY26	None	“We do not guide.” Management reiterated objective for robust growth without formal targets .	Maintained (no formal guidance)
Scrap gross profit/margins	Q1 FY26 → FY26	None	Expect similar scrap gross profit in Q1 FY26 as recent quarters, then margins to decline sequentially through FY26 back to normal levels .	Qualitative guide: Lower later in FY26
Expenses	FY26	None	Expect sequential increase in total expenses through the year .	Higher
Capital allocation	Ongoing	N/A	Active M&A pipeline; maintain strong liquidity; opportunistic share repurchases under new authorization .	Strategy reiterated

Earnings Call Themes & Trends

Topic	Q-2 (Q2 FY25)	Q-1 (Q3 FY25)	Current (Q4 FY25)	Trend
Gold price sensitivity & scrap	Gold supports average loan size; EBITDA +23%; merch margin 34% .	~Half of U.S. revenue growth from scrap; margin up; gold tailwind but core strong .	Benefit in Q4; management warns scrap margins normalize lower in FY26 .	Tailwind moderating in FY26
Inventory/layaway & turns	Layaway program expanding; turns down to 2.5x; aged GM 2.4% .	Inventory up; aged GM improved to 2.3%; actions to drive sales .	Inventory +29%, turns 2.3x; aged GM 2.6% with more jewelry; plan to boost turns -.	Mixed; managing with incentives
Digital & loyalty	EZ+ 6.2M; 17% LATAM online extensions/layaways; U.S. online payments $29M .	Digital traction; view-online/pickup in-store at ~80% U.S.; testing Instant Quote -.	Rewards 6.9M (+26%); broader omnichannel rollout; higher NPS; digital adoption growing .	Strengthening
M&A and capital return	$300M notes; liquidity for M&A; conservative balance sheet .	Robust pipeline; focus on scale; some buybacks but prioritize growth -.	Active pipeline; cash $469.5M; new repurchase authorization .	Ongoing
LATAM execution	Strong PLO (+17% cc); merch sales +21% (cc); EBITDA +36% .	LATAM revenues +21%; segment EBITDA +28%; footprint expanding .	LATAM revenues +19%; segment contribution +17%; store count +78 YoY .	Sustained strength
U.S. consumer & macro	“New normal” smaller PLO tax-season dip; tariffs affect GM pricing -.	Solid U.S. demand; gold and purchases drive inventory; margins resilient .	Robust U.S. lending; management not guiding; acknowledges consumer pressure .	Resilient demand

Management Commentary

Strategic message: “We are deploying capital purposefully, focused on high-return store growth and M&A, while remaining opportunistic with share repurchases… strengthen the core, simplify and drive cost efficiency, and innovate to deliver sustainable growth” — CEO Lachie Given .
Digital/loyalty: “EZ Plus Rewards membership is up 26% to 6.9 million… website traffic increasing 49% to 2.6 million visits this quarter” — CEO .
Operating leverage: “Adjusted EBITDA grew 33% to $47.9 million, while margins expanded 210 basis points to 14.3%” — CFO .
Forward view on scrap: “Expect similar scrap sales gross profit… in Q1 and then for scrap margins to decline sequentially during fiscal year 2026 back to normal levels” — CFO .

Q&A Highlights

Gold sensitivity: Management acknowledged gold tailwinds in scrap but emphasized core resilience; loans are short-term and LTVs adjust quickly if gold declines .
LATAM runway: “Still early… opportunity in jewelry lending and digital adoption; big M&A runway” — CEO .
Capital allocation: Pipeline “extremely robust”; prioritizing scale with disciplined ROIC; buybacks continue but balanced against growth .
Inventory and turns: Jewelry mix and longer layaways increased inventory and reduced turns; initiatives (incentives, promotions) aim to raise sales; could scrap more if needed but prefer in-store sales to strengthen neighborhood relationships -.
Auto pawn in Mexico: Early progress; process refinement underway; assessing broader rollout in FY26 .
U.S. consumer: Demand for pawn remains robust; some macro pressures acknowledged but no formal guidance .

Estimates Context

Q4 beats vs S&P Global: Revenue $336.8M vs $325.4M*, EPS $0.34 vs $0.298*, EBITDA $46.15M* vs $45.0M*; broad-based beat likely driven by stronger PLO, merchandise execution, and gold-supported scrap margins . Values retrieved from S&P Global.*
Forward estimates (street): Q1 FY26 revenue $363.6M*, EPS $0.426*; Q2 FY26 revenue $338.9M*, EPS $0.328*. Management’s view that scrap margins normalize and expenses rise suggests EPS/EBITDA mix could re-balance toward PSC/merchandise, with potential estimate revisions as scrap tailwinds fade . Values retrieved from S&P Global.*

Key Takeaways for Investors

Q4 outperformed on revenue, EPS, and EBITDA versus street; momentum underpinned by record PLO and solid retail execution .
Jewelry/gold tailwinds boosted scrap profits; management expects normalization through FY26—model mix should shift back toward PSC/merchandise margins .
Inventory build reflects higher jewelry mix and layaways; management targeting higher turns via incentives, pricing, and digital engagement .
LATAM remains a multi-year growth vector with de novo, acquisitions, and improved jewelry lending; contribution up 17% in Q4 .
Strong liquidity ($469.5M cash) and $300M notes position EZCORP to pursue M&A and selective buybacks under the new authorization—potential catalysts ahead .
Near-term trading: Positive reaction bias given beats and active pipeline; monitor gold prices and inventory turns as key sensitivities .
Medium-term: Thesis centers on scaling PLO, operating leverage, omnichannel initiatives, and accretive consolidation in fragmented U.S./LATAM pawn markets .

Additional Detail and Disclosures

Q4 consolidated statements and segment details: .
Non-GAAP reconciliations for Q4 and FY25: .
Prior quarters for trend analysis: Q3 FY25 press release and 8-K - -; Q2 FY25 press release and 8-K - -.
Conference call transcript (Q4 FY25): -.

Values retrieved from S&P Global.*

EZCORP INC (EZPW)·Q4 2025 Earnings Summary