10-Q

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)

(Unaudited)


	September 30,						December 31,
	2026			2025			2025
Assets
Cash and cash equivalents(1)	$	105,957		$	53,600		$	71,709
Restricted cash(1)		390,443			303,365			336,154
Loans and finance receivables at fair value(1)		6,595,967			5,012,853			5,471,544
Income taxes receivable		29,267			55,124			40,901
Other receivables and prepaid expenses(1)		97,353			76,941			80,870
Property and equipment, net		141,386			128,690			132,566
Operating lease right-of-use assets		15,684			17,167			16,549
Goodwill		279,275			279,275			279,275
Intangible assets, net		1,891			4,910			3,660
Other assets(1)		38,304			30,312			35,204
Total assets	$	7,695,527		$	5,962,237		$	6,468,432
Liabilities and Stockholders’ Equity
Accounts payable and accrued expenses(1)	$	349,170		$	252,914		$	305,849
Operating lease liabilities		32,489			32,247			32,041
Deferred tax liabilities, net		368,361			286,930			295,437
Long-term debt(1)		5,376,881			4,106,471			4,498,381
Total liabilities		6,126,901			4,678,562			5,131,708
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.00001 par value, 250,000,000 shares authorized, 48,061,707, 47,330,541 and 47,441,228 shares issued and 24,713,804, 24,883,481 and 24,715,608 outstanding as of September 30, 2026 and 2025 and December 31, 2025, respectively		—			—			—
Preferred stock, $0.00001 par value, 25,000,000 shares authorized, no shares issued and outstanding		—			—			—
Additional paid in capital		401,473			359,054			370,078
Retained earnings		2,309,604			1,927,162			2,006,143
Accumulated other comprehensive loss		(6,806	)		(7,872	)		(9,500	)
Treasury stock, at cost (23,347,903, 22,447,060 and 22,725,620 shares as of September 30, 2026 and 2025 and December 31, 2025, respectively)		(1,135,645	)		(994,669	)		(1,029,997	)
Total stockholders’ equity		1,568,626			1,283,675			1,336,724
Total liabilities and stockholders’ equity	$	7,695,527		$	5,962,237		$	6,468,432

(1) Includes amounts in wholly-owned, bankruptcy-remote special purpose subsidiaries (“VIEs”) presented separately in the table below.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)

(Unaudited)

The following table presents the aggregated assets and liabilities of consolidated VIEs, which are included in the Consolidated Balance Sheets above. The assets in the table below may only be used to settle obligations of consolidated VIEs and are in excess of those obligations. See Note 1 for additional information.


	September 30,				December 31,
	2026		2025		2025
Assets of consolidated VIEs, included in total assets above
Cash and cash equivalents	$	650	$	580	$	672
Restricted cash		350,669		261,965		292,826
Loans and finance receivables at fair value		5,200,244		3,696,756		4,227,546
Other receivables and prepaid expenses		30		22		27
Other assets		12,779		7,502		7,547
Total assets	$	5,564,372	$	3,966,825	$	4,528,618
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable and accrued expenses	$	17,041	$	12,430	$	12,960
Long-term debt		3,773,670		2,678,194		3,015,120
Total liabilities	$	3,790,711	$	2,690,624	$	3,028,080

See notes to consolidated financial statements.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(Unaudited)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2026			2025			2026			2025
Revenue	$	1,009,172		$	802,678		$	2,813,241		$	2,312,262
Change in Fair Value		(394,813	)		(341,971	)		(1,101,857	)		(983,915	)
Net Revenue		614,359			460,707			1,711,384			1,328,347
Operating Expenses
Marketing		229,680			147,351			622,652			429,490
Operations and technology		80,690			64,564			231,305			190,674
General and administrative		46,161			39,661			138,019			122,633
Depreciation and amortization		10,616			12,356			27,943			32,765
Total Operating Expenses		367,147			263,932			1,019,919			775,562
Income from Operations		247,212			196,775			691,465			552,785
Interest expense, net		(103,501	)		(86,954	)		(295,365	)		(250,279	)
Foreign currency transaction (loss) gain		(901	)		90			(957	)		(228	)
Equity method investment income		664			258			1,303			991
Other nonoperating expenses		(632	)		—			(632	)		(1,019	)
Income before Income Taxes		142,842			110,169			395,814			302,250
Provision for income taxes		35,538			29,855			92,353			72,842
Net income	$	107,304		$	80,314		$	303,461		$	229,408
Earnings Per Share
Earnings per common share:
Basic	$	4.31		$	3.22		$	12.20		$	9.07
Diluted	$	4.06		$	3.03		$	11.49		$	8.53
Weighted average common shares outstanding:
Basic		24,875			24,955			24,877			25,307
Diluted		26,434			26,472			26,409			26,881

See notes to consolidated financial statements.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(Unaudited)


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2026			2025		2026		2025
Net income	$	107,304		$	80,314	$	303,461	$	229,408
Other comprehensive (loss) gain, net of tax:
Foreign currency translation (loss) gain(1)		(331	)		981		2,694		5,819
Total other comprehensive (loss) income, net of tax		(331	)		981		2,694		5,819
Comprehensive Income	$	106,973		$	81,295	$	306,155	$	235,227

(1) Net of tax benefit (provision) of $106 and $(303) for the three months ended September 30, 2026 and 2025, respectively, and $(839) and $(1,802) for the nine months ended September 30, 2026 and 2025, respectively.

See notes to consolidated financial statements.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)

(Unaudited)



									Accumulated
					Additional				Other									Total
	Common Stock				Paid in		Retained		Comprehensive			Treasury Stock, at cost						Stockholders'
	Shares		Amount		Capital		Earnings		Loss			Shares			Amount			Equity
Balance at June 30, 2025		47,177	$	—	$	346,926	$	1,846,848	$	(8,853	)		(22,107	)	$	(956,266	)	$	1,228,655
Stock-based compensation expense		—		—		8,535		—		—			—			—			8,535
Shares issued for vested RSUs		7		—		—		—		—			—			—			—
Shares issued for stock option exercises		147		—		3,593		—		—			—			—			3,593
Net income		—		—		—		80,314		—			—			—			80,314
Foreign currency translation gain, net of tax		—		—		—		—		981			—			—			981
Purchases of treasury shares, at cost		—		—		—		—		—			(340	)		(38,403	)		(38,403	)
Balance at September 30, 2025		47,331	$	—	$	359,054	$	1,927,162	$	(7,872	)		(22,447	)	$	(994,669	)	$	1,283,675

Balance at June 30, 2026		47,990	$	—	$	390,645	$	2,202,300	$	(6,475	)		(23,104	)	$	(1,089,367	)	$	1,497,103
Stock-based compensation expense		—		—		9,422		—		—			—			—			9,422
Shares issued for vested RSUs		4		—		—		—		—			—			—			—
Shares issued for stock option exercises		68		—		1,406		—		—			—			—			1,406
Net income		—		—		—		107,304		—			—			—			107,304
Foreign currency translation loss, net of tax		—		—		—		—		(331	)		—			—			(331	)
Purchases of treasury shares, at cost		—		—		—		—		—			(244	)		(46,278	)		(46,278	)
Balance at September 30, 2026		48,062	$	—	$	401,473	$	2,309,604	$	(6,806	)		(23,348	)	$	(1,135,645	)	$	1,568,626



									Accumulated
					Additional				Other									Total
	Common Stock				Paid in		Retained		Comprehensive			Treasury Stock, at cost						Stockholders’
	Shares		Amount		Capital		Earnings		Loss			Shares			Amount			Equity
Balance at December 31, 2024		46,521	$	—	$	328,268	$	1,697,754	$	(13,691	)		(20,713	)	$	(815,407	)	$	1,196,924
Stock-based compensation expense		—		—		24,577		—		—			—			—			24,577
Shares issued for vested RSUs		554		—		—		—		—			—			—			—
Shares issued for stock option exercises		256		—		6,209		—		—			—			—			6,209
Net income		—		—		—		229,408		—			—			—			229,408
Foreign currency translation gain, net of tax		—		—		—		—		5,819			—			—			5,819
Purchases of treasury shares, at cost		—		—		—		—		—			(1,734	)		(179,262	)		(179,262	)
Balance at September 30, 2025		47,331	$	—	$	359,054	$	1,927,162	$	(7,872	)		(22,447	)	$	(994,669	)	$	1,283,675

Balance at December 31, 2025		47,441	$	—	$	370,078	$	2,006,143	$	(9,500	)		(22,726	)	$	(1,029,997	)	$	1,336,724
Stock-based compensation expense		—		—		26,878		—		—			—			—			26,878
Shares issued for vested RSUs		417		—		—		—		—			—			—			—
Shares issued for stock option exercises		204		—		4,517		—		—			—			—			4,517
Net income		—		—		—		303,461		—			—			—			303,461
Foreign currency translation gain, net of tax		—		—		—		—		2,694			—			—			2,694
Purchases of treasury shares, at cost		—		—		—		—		—			(622	)		(105,648	)		(105,648	)
Balance at September 30, 2026		48,062	$	—	$	401,473	$	2,309,604	$	(6,806	)		(23,348	)	$	(1,135,645	)	$	1,568,626

See notes to consolidated financial statements.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)


	Nine Months Ended
	September 30,
	2026			2025
Cash Flows from Operating Activities
Net income	$	303,461		$	229,408
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		27,943			32,765
Amortization of deferred loan costs and debt discount		13,305			12,329
Change in fair value of loans and finance receivables		1,095,862			977,908
Stock-based compensation expense		26,878			24,577
Loss on early extinguishment of debt		632			1,019
Operating leases, net		1,313			1,116
Deferred income taxes, net		72,086			61,539
Changes in operating assets and liabilities:
Finance and service charges on loans and finance receivables		(33,129	)		6
Other receivables and prepaid expenses and other assets		(9,607	)		(15,090	)
Accounts payable and accrued expenses		14,695			(15,432	)
Current income taxes		40,750			10,165
Net cash provided by operating activities		1,554,189			1,320,310
Cash Flows from Investing Activities
Loans and finance receivables originated or acquired		(6,688,842	)		(5,070,286	)
Loans and finance receivables repaid		4,500,672			3,462,758
Capitalization of software development costs and purchases of fixed assets		(34,989	)		(35,444	)
Net cash used in investing activities		(2,223,159	)		(1,642,972	)
Cash Flows from Financing Activities
Borrowings under revolving line of credit		1,717,000			1,201,000
Repayments under revolving line of credit		(1,600,000	)		(1,112,000	)
Borrowings under securitization facilities		1,578,801			1,050,554
Repayments under securitization facilities		(817,159	)		(598,779	)
Debt issuance costs paid		(19,654	)		(10,428	)
Debt prepayment penalty paid		—			(563	)
Proceeds from exercise of stock options		4,517			6,209
Treasury shares purchased		(105,648	)		(179,262	)
Net cash provided by financing activities		757,857			356,731
Effect of exchange rates on cash, cash equivalents and restricted cash		(350	)		228
Net increase in cash, cash equivalents and restricted cash		88,537			34,297
Cash, cash equivalents and restricted cash at beginning of year		407,863			322,668
Cash, cash equivalents and restricted cash at end of period	$	496,400		$	356,965

Supplemental Disclosures
Non-cash renewal of loans and finance receivables	$	420,218		$	379,084

See notes to consolidated financial statements.

1. Significant Accounting Policies

Nature of the Company

Enova International, Inc. and its subsidiaries (collectively, the “Company”) operate an internet-based lending platform to serve customers in need of cash to fulfill their financial responsibilities. Through a network of direct and indirect marketing channels, the Company offers funds to its customers through a variety of loan and finance receivable products that are primarily unsecured. The business is operated primarily through the internet to provide convenient, fully-automated financial solutions to its customers. The Company provides financing to small businesses through either installment loans or line of credit accounts and originates, guarantees, purchases or purchases a participating interest in consumer installment loans or line of credit accounts. The Company also provides services related to a third-party lender’s consumer loan products in Texas by acting as a credit services organization or credit access business on behalf of consumers in accordance with applicable state laws (“CSO program”).

Basis of Presentation

The consolidated financial statements of the Company included herein have been prepared on the basis of accounting principles generally accepted in the United States (“GAAP”) and reflect the historical results of operations and cash flows of the Company during each respective period. The consolidated financial statements include goodwill and intangible assets arising from businesses previously acquired. The financial information included herein may not be indicative of the consolidated financial position, operating results, changes in stockholders’ equity and cash flows of the Company in the future. Intercompany transactions are eliminated.

The Company consolidates any VIE where it has been determined it is the primary beneficiary. The primary beneficiary is the entity which has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance as well as the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE.

The consolidated financial statements presented as of September 30, 2026 and 2025 and for the three and nine-month periods ended September 30, 2026 and 2025 are unaudited but, in management’s opinion, include all adjustments necessary for a fair presentation of the results for such interim periods. Operating results for the three and nine-month periods are not necessarily indicative of the results that may be expected for the full fiscal year.

These consolidated financial statements and related notes should be read in conjunction with the Company’s audited consolidated financial statements as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023 and related notes, which are included on Form 10-K filed with the SEC on February 20, 2026.

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheets (in thousands):


	September 30,
	2026		2025
Cash and cash equivalents	$	105,957	$	53,600
Restricted cash		390,443		303,365
Total cash, cash equivalents and restricted cash	$	496,400	$	356,965

Revenue Recognition

The Company recognizes revenue based on the financing products and services it offers and on loans it acquires. “Revenue” in the consolidated statements of income primarily includes interest income, statement and draw fees on line of credit accounts, fees for services provided through the Company’s CSO program (“CSO fees”), origination fees and other fees as permitted by applicable laws and pursuant to the agreement with the customer. Interest income is generally recognized on an effective yield basis over the contractual term of the loan on installment loans or the estimated outstanding period of the draw on line of credit accounts. Statement fees on line of credit accounts are similar to interest charges and are generally recognized similarly to interest income. Draw fees on line of credit accounts are generally recognized at the time of draw. CSO fees are recognized over the term of the loan. Origination fees are charged to customers on certain installment loan products and are recognized upon origination.

Loans and Finance Receivables

The Company utilizes the fair value option on its entire loan and finance receivable portfolio. As such, loans and finance receivables are carried at fair value in the consolidated balance sheet with changes in fair value recorded in the consolidated income statement. To derive the fair value, the Company generally utilizes discounted cash flow analyses that factor in estimated losses, prepayments and servicing costs over the estimated duration of the underlying assets. Loss, prepayment and servicing cost assumptions are determined using historical data and include appropriate consideration of recent trends and anticipated future performance. Future cash flows are discounted using a rate of return that the Company believes a market participant would require. Accrued and unpaid interest and fees are included in “Loans and finance receivables at fair value” in the consolidated balance sheets.

If a loan is renewed or refinanced, the renewal or refinanced loan is considered a new loan. The Company generally does not consider modifications that do not necessitate the customer to sign a new loan agreement to be new loans.

Current and Delinquent Loans and Finance Receivables

The Company classifies its loans and finance receivables as either current or delinquent. When a customer does not make a scheduled payment in full as of the due date, the receivable is considered delinquent. For the OnDeck portfolio, there is no accrual of interest income on loans when the customer misses their most recent payment. Excluding the OnDeck portfolio, there is no accrual of interest income on loans when a customer falls more than one payment behind. Loans may be returned to accrual status if the customer rectifies and the loan no longer meets non-accrual criteria. The Company allows for normal payment processing time before considering a loan delinquent but does not provide for any additional grace period.

The Company offers certain forbearance options on its loan products with features such as payment deferrals without the incurrence of additional finance charges or late fees. If a loan is deemed to be current and the customer makes a deferral or payment modification, the loan is still deemed to be current until the next scheduled payment is missed.

For consumer loans and finance receivables, the Company generally charges off a delinquent loan after 65 days past due, or earlier if deemed uncollectible at that point. For small business loans and finance receivables, the Company generally charges off a loan or finance receivable when it is probable that it will be unable to collect all of the remaining principal payments, which is generally after 90 days of delinquency and 30 days of non-activity. Recoveries on loans and finance receivables that were previously charged off are generally recognized when collected or sold.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. In accordance with Accounting Standards Codification (“ASC”) 350, Intangibles—Goodwill and Other, the Company tests goodwill and intangible assets with an indefinite life for potential impairment annually as of October 1 and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value below its carrying amount.

The Company first assesses qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. In assessing the qualitative factors, management considers relevant events and circumstances including but not limited to macroeconomic conditions, industry and market environment, overall financial performance of the Company, cash flow from operating activities, market capitalization and stock price. If the Company determines that the quantitative impairment test is required, management uses the income approach to complete its annual goodwill assessment. The income approach uses future cash flows and estimated terminal values for the Company that are discounted using a market participant perspective to determine the fair value, which is then compared to the carrying value to determine if there is impairment. The income approach includes assumptions about revenue growth rates, operating margins and terminal growth rates discounted by an estimated weighted-average cost of capital derived from other publicly-traded companies that are similar but not identical from an operational and economic standpoint.

Marketing Expenses

Marketing expenses consist of digital costs, lead purchase costs and offline marketing costs such as television and direct mail advertising. All marketing expenses are expensed as incurred.

Investments in Unconsolidated Investees

The Company owns a 20% equity interest in On Deck Capital Australia PTY LTD (“OnDeck Australia”), which is recorded using the equity method of accounting. As of September 30, 2026 and 2025 and December 31, 2025, the carrying value of the Company's ownership in OnDeck Australia was $1.3 million, $1.1 million and $1.5 million, respectively.

Equity method income has been included in “Equity method investment income” in the consolidated income statements.

Variable Interest Entities

As part of the Company’s overall funding strategy and as part of its efforts to support its liquidity from sources other than traditional capital market sources, the Company has established a securitization program through its various securitization facilities. The Company transfers certain loan receivables to VIEs, which issue notes backed by the underlying loan receivables and are serviced by other wholly-owned subsidiaries of the Company. The cash flows from the loans held by the VIEs are used to repay obligations under the notes.

The Company is required to evaluate the VIEs for consolidation. The Company has the ability to direct the activities of the VIEs that most significantly impact the economic performance of the entities as the servicer of the securitized loan receivables. Additionally, the Company has the right to returns related to servicing fee revenue from the VIEs and to receive residual payments, which expose it to potentially significant losses and returns. Accordingly, the Company determined it is the primary beneficiary of the VIEs and is required to consolidate them. The assets and liabilities related to the VIEs are included in the Company’s consolidated financial statements and are accounted for as secured borrowings.

Accounting Standards to be Adopted in Future Periods

In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which modernizes the recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and for interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-06 on the consolidated financial statements.

2. Loans and Finance Receivables

Revenue generated from the Company’s loans and finance receivables for the three and nine months ended September 30, 2026 and 2025 was as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Consumer loans and finance receivables revenue	$	537,120	$	443,413	$	1,460,346	$	1,302,549
Small business loans and finance receivables revenue		458,737		348,310		1,315,507		979,172
Total loans and finance receivables revenue		995,857		791,723		2,775,853		2,281,721
Other		13,315		10,955		37,388		30,541
Total revenue	$	1,009,172	$	802,678	$	2,813,241	$	2,312,262

Loans and Finance Receivables at Fair Value

The components of Company-owned loans and finance receivables at September 30, 2026 and 2025 and December 31, 2025 were as follows (in thousands):


	As of September 30, 2026
			Small
	Consumer		Business		Total
Principal balance - accrual	$	1,526,370	$	3,628,449	$	5,154,819
Principal balance - non-accrual		205,848		329,662		535,510
Total principal balance		1,732,218		3,958,111		5,690,329

Accrued interest and fees		160,942		26,470		187,412

Loans and finance receivables at fair value - accrual		2,039,335		4,230,047		6,269,382
Loans and finance receivables at fair value - non-accrual		91,592		234,993		326,585
Loans and finance receivables at fair value	$	2,130,927	$	4,465,040	$	6,595,967
Difference between principal balance and fair value	$	398,709	$	506,929	$	905,638


	As of September 30, 2025
			Small
	Consumer		Business		Total
Principal balance - accrual	$	1,226,886	$	2,769,672	$	3,996,558
Principal balance - non-accrual		169,725		178,618		348,343
Total principal balance		1,396,611		2,948,290		4,344,901

Accrued interest and fees		129,378		26,081		155,459

Loans and finance receivables at fair value - accrual		1,615,085		3,191,288		4,806,373
Loans and finance receivables at fair value - non-accrual		79,754		126,726		206,480
Loans and finance receivables at fair value	$	1,694,839	$	3,318,014	$	5,012,853
Difference between principal balance and fair value	$	298,228	$	369,724	$	667,952


	As of December 31, 2025
			Small
	Consumer		Business		Total
Principal balance - accrual	$	1,294,991	$	3,079,986	$	4,374,977
Principal balance - non-accrual		151,947		221,090		373,037
Total principal balance		1,446,938		3,301,076		4,748,014

Accrued interest and fees		126,825		27,448		154,273

Loans and finance receivables at fair value - accrual		1,694,851		3,550,186		5,245,037
Loans and finance receivables at fair value - non-accrual		69,618		156,889		226,507
Loans and finance receivables at fair value	$	1,764,469	$	3,707,075	$	5,471,544
Difference between principal balance and fair value	$	317,531	$	405,999	$	723,530

As of September 30, 2026 and 2025 and December 31, 2025, the aggregate fair value of loans and finance receivables that were 90 days or more past due was $76.4 million, $36.7 million and $41.5 million, respectively, of which, $64.2 million, $23.0 million and $30.1 million, respectively, was in non-accrual status. The aggregate unpaid principal balance for loans and finance receivables that were 90 days or more past due was $106.6 million, $59.5 million and $60.7 million, respectively.

Changes in the fair value of Company-owned loans and finance receivables during the three and nine months ended September 30, 2026 and 2025 were as follows (in thousands):


	Three Months Ended September 30, 2026
				Small
	Consumer			Business			Total
Balance at beginning of period	$	1,916,671		$	4,256,093		$	6,172,764
Originations or acquisitions(1)		792,846			1,760,404			2,553,250
Interest and fees(2)		537,120			458,737			995,857
Repayments		(868,333	)		(1,864,624	)		(2,732,957	)
Charge-offs, net(3)		(276,428	)		(186,029	)		(462,457	)
Net change in fair value(3)		29,222			40,459			69,681
Effect of foreign currency translation		(171	)		—			(171	)
Balance at end of period	$	2,130,927		$	4,465,040		$	6,595,967


	Three Months Ended September 30, 2025
				Small
	Consumer			Business			Total
Balance at beginning of period	$	1,668,336		$	3,104,979		$	4,773,315
Originations or acquisitions(1)		573,232			1,371,874			1,945,106
Interest and fees(2)		443,413			348,310			791,723
Repayments		(744,432	)		(1,414,066	)		(2,158,498	)
Charge-offs, net(3)		(249,545	)		(128,266	)		(377,811	)
Net change in fair value(3)		2,756			35,183			37,939
Effect of foreign currency translation		1,079			—			1,079
Balance at end of period	$	1,694,839		$	3,318,014		$	5,012,853


	Nine Months Ended September 30, 2026
				Small
	Consumer			Business			Total
Balance at beginning of period	$	1,764,469		$	3,707,075		$	5,471,544
Originations or acquisitions(1)		2,012,032			5,097,028			7,109,060
Interest and fees(2)		1,460,346			1,315,507			2,775,853
Repayments		(2,442,501	)		(5,225,363	)		(7,667,864	)
Charge-offs, net(3)		(714,017	)		(531,115	)		(1,245,132	)
Net change in fair value(3)		47,362			101,908			149,270
Effect of foreign currency translation		3,236			—			3,236
Balance at end of period	$	2,130,927		$	4,465,040		$	6,595,967


	Nine Months Ended September 30, 2025
				Small
	Consumer			Business			Total
Balance at beginning of period	$	1,639,307		$	2,747,137		$	4,386,444
Originations or acquisitions(1)		1,617,426			3,831,943			5,449,369
Interest and fees(2)		1,302,549			979,172			2,281,721
Repayments		(2,192,036	)		(3,941,569	)		(6,133,605	)
Charge-offs, net(3)		(692,334	)		(378,693	)		(1,071,027	)
Net change in fair value(3)		13,095			80,024			93,119
Effect of foreign currency translation		6,832			—			6,832
Balance at end of period	$	1,694,839		$	3,318,014		$	5,012,853

(1) Originations or acquisitions is presented on a cost basis.

(2) Included in “Revenue” in the consolidated statements of income.

(3) Included in “Change in Fair Value” in the consolidated statements of income.

Guarantees of Consumer Loans

In connection with its CSO program, the Company guarantees consumer loan payment obligations to an unrelated third-party lender for consumer loans and is required to purchase any defaulted loans it has guaranteed. The guarantee represents an obligation to purchase specific loans that go into default. As of September 30, 2026 and 2025 and December 31, 2025, the consumer loans guaranteed by the Company had an estimated fair value of $27.6 million, $24.4 million and $26.1 million, respectively, and an outstanding principal balance of $16.8 million, $17.3 million and $18.7 million, respectively. As of September 30, 2026 and 2025 and December 31, 2025, the amount of consumer loans, including principal, fees and interest, guaranteed by the Company was $20.1 million, $20.8 million and $22.3 million, respectively. These loans are not included in the consolidated balance sheets as the Company does not own the loans prior to default.

3. Long-term Debt

The Company’s long-term debt instruments and balances outstanding as of September 30, 2026 and 2025 and December 31, 2025, including maturity date, weighted average interest rate and borrowing capacity as of September 30, 2026, were as follows (dollars in thousands):


			Weighted				Outstanding
	Revolving		average	Borrowing			September 30,						December 31,
	period end date	Maturity date	interest rate(1)	capacity			2026			2025			2025
Funding Debt:
ODAS IV 2025-2 Securitization Notes	October 2028	November 2032	5.65%		261,434			261,434			—			261,434
ODAS IV 2026-1 Securitization Notes	September 2028	October 2032	6.22%		500,026			500,026			—			—
2026-A Securitization Notes	—	September 2032	6.42%		289,544			289,544			—			—
ODAS IV 2025-1 Securitization Notes	March 2028	April 2032	5.89%		261,392			261,392			261,392			261,392
ODAS IV 2024-2 Securitization Notes	September 2027	October 2031	5.78%		261,353			261,353			261,353			261,353
2025-A Securitization Notes	—	October 2031	7.29%		42,526			42,526			123,683			93,331
ODAS IV 2024-1 Securitization Notes	May 2027	June 2031	6.84%		399,574			399,574			399,574			399,574
2024-A Securitization Notes	—	October 2030	8.31%		20,017			20,017			59,427			45,510
ODAS IV 2023-1 Securitization Notes	July 2026	August 2030	7.83%		179,153			179,153			227,051			227,051
NCLOCR 2024 Securitization Facility	February 2029	February 2030	8.68%		300,000			250,000			75,000			90,000
ODR 2022-1 Securitization Facility	June 2028	June 2029	7.23%		420,000			244,156			264,668			202,325
HWCR 2023 Securitization Facility	March 2028	March 2029	8.20%		535,000			535,000			433,214			473,214
ODR 2021-1 Securitization Facility	November 2027	November 2028	6.97%		246,667			148,989			188,338			202,890
NCR 2022 Securitization Facility	October 2026	October 2028	8.14%		275,000			20,000			117,194			175,194
NCLOCR 2025 Securitization Facility	July 2027	July 2028	7.93%		150,000			150,000			45,000			90,000
2023-A Securitization Notes	—	December 2027	—		—			—			13,850			9,282
RAOD Securitization Facility	November 2026	November 2027	6.43%		355,263			227,959			220,846			236,842
Total funding debt			6.93%	$	4,496,949		$	3,791,123		$	2,690,590		$	3,029,392
Corporate Debt:
Revolving line of credit	August 2029	August 2029	7.25%	$	825,000	(2)	$	713,000		$	542,000		$	596,000
9.125% senior notes due 2029	—	August 2029	9.13%		500,000			500,000			500,000			500,000
11.25% senior notes due 2028	—	December 2028	11.25%		400,000			400,000			400,000			400,000
Total corporate debt			8.82%	$	1,725,000		$	1,613,000		$	1,442,000		$	1,496,000
Less: Long-term debt issuance costs							$	(25,423	)	$	(23,454	)	$	(24,581	)
Less: Debt discounts								(1,819	)		(2,665	)		(2,430	)
Total long-term debt							$	5,376,881		$	4,106,471		$	4,498,381

(1) The weighted average interest rate is determined based on the rates and principal balances on September 30, 2026. It does not include the impact of the amortization of deferred loan origination costs or debt discounts.

(2) The Company had outstanding letters of credit under the Revolving line of credit of $0.4 million as of September 30, 2026 and 2025 and December 31, 2025.

Weighted average interest rates on long-term debt were 8.08% and 8.76% during the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026 and 2025 and December 31, 2025, the Company was in compliance with all financial ratios and covenants set forth in the prevailing long-term debt agreements.

Recent Updates to Debt Facilities

ODAS IV 2026-1 Securitization Notes

On September 25, 2026, OnDeck Asset Securitization IV, LLC (“ODAS IV”), a wholly-owned indirect subsidiary of the Company, issued $500.0 million in initial principal amount of Series 2026-1 Fixed Rate Asset-Backed Notes (the “ODAS IV 2026-1 Securitization

Notes”) in a private securitization transaction. The ODAS IV 2026-1 Securitization Notes have a legal final payment date in October 2032 and were issued in four classes with initial principal amounts and fixed interest rates per annum as follows: Class A Notes of $235.3 million at 5.61%, Class B Notes of $114.6 million at 6.05%, Class C Notes of $94.7 million at 6.73% and Class D Notes of $55.4 million at 8.28%. Collateral for the ODAS IV 2026-1 Securitization Notes consists of, among other things, a revolving pool of small business loans originated or purchased by ODK Capital, LLC (“ODK”), which is a wholly-owned indirect subsidiary of the Company. ODK is the servicer of the loans securing the ODAS IV 2026-1 Securitization Notes. ODAS IV is the sole obligor of the ODAS IV 2026-1 Securitization Notes, which are not obligations of, or guaranteed by, the Company or ODK. The net proceeds of the ODAS IV 2026-1 Securitization Notes were used to purchase small business loans from ODK that were pledged as collateral for the ODAS IV 2026-1 Securitization Notes and for other general corporate purposes.

HWCR 2023 Securitization Facility

On March 31, 2026, the loan securitization facility for HWC Receivables 2023, LLC (the “HWCR 2023 Securitization Facility”) was amended to, among other changes, increase the Class A revolving commitment from $365.0 million to $465.0 million, the Class B revolving commitment from $122.6 million to $156.2 million and the total facility commitment from $487.6 million to $621.2 million. On September 17, 2026, the HWCR 2023 Securitization Facility was further amended to, among other changes, extend the revolving period end and final maturity date to March 2028 and March 2029, respectively, and reduce the Class A revolving commitment from $465.0 million to $400.0 million, the Class B revolving commitment from $156.2 million to $135.0 million and the total facility commitment from $621.2 million to $535.0 million. The borrowing rate on the Class A loans changed to SOFR plus 2.75% from the commercial paper rate plus 2.70%; the borrowing rate on the Class B loans did not change. There were no changes to the advance rate on the Class A and Class B loans.

2026-A Securitization Notes

On August 21, 2026, NetCredit Combined Receivables B, LLC (“NCCRB”), a wholly-owned indirect subsidiary of the Company, issued $300.9 million of Fixed Rate Asset-Backed Notes (the “2026‑A Securitization Notes”) in a private securitization transaction. The 2026‑A Securitization Notes have a legal final payment date in September 2032 and were issued in three classes with initial principal amounts and fixed interest rates per annum as follows: Class A Notes of $240.7 million at 5.88%, Class B Notes of $44.3 million at 7.68% and Class C Notes of $15.8 million at 10.64%. The 2026‑A Securitization Notes are backed by a pool of unsecured consumer installment loans. The 2026‑A Securitization Notes represent obligations of NCCRB only and are not guaranteed by the Company. The net proceeds of the offering of the 2026‑A Securitization Notes were used to acquire unsecured consumer installment loans from certain subsidiaries of the Company, fund a reserve account and pay fees and expenses incurred in connection with the transaction.

NCLOCR 2024 Securitization Facility

On March 30, 2026, the loan securitization facility for NetCredit LOC Receivables 2024, LLC (the “NCLOCR 2024 Securitization Facility”) was amended to, among other changes, increase the revolving commitment from $150.0 million to $200.0 million. On August 14, 2026, the NCLOCR 2024 Securitization Facility was further amended to, among other changes, increase the revolving commitment from $200.0 million to $300.0 million, extend the revolving period end and final maturity dates to February 2029 and February 2030, respectively, and decrease the borrowing rate from SOFR plus 5.50% to SOFR plus 5.00%.

ODR 2022-1 Securitization Facility

On June 25, 2026, the loan securitization facility for OnDeck Receivables 2022, LLC (the “ODR 2022-1 Securitization Facility”) was amended to, among other changes, extend the revolving period end and final maturity dates to June 2028 and June 2029, respectively. The total facility commitment remained the same at $420.0 million. The borrowing rate on the Class A loans decreased to the commercial paper rate plus 2.35% from the commercial paper rate plus 2.60%; the Class A advance rate decreased to 71.25% from 72.5%; the borrowing rate on the Class B loans did not change; and the Class B advance rate decreased to 88.75% from 90.0%, in each case measuring the current weighted average blended rates against the prior rates effective as of June 27, 2024.

NCR 2022 Securitization Facility

On March 30, 2026, the loan securitization facility for NetCredit Receivables 2022, LLC (the “NCR 2022 Securitization Facility”) was amended to, among other changes, increase the revolving commitment from $200.0 million to $275.0 million.

RAOD Securitization Facility

On March 30, 2026, the loan securitization facility for Receivable Assets of OnDeck, LLC (the “RAOD Securitization Facility”) was amended to, among other changes, increase the Class A revolving commitment from $200.0 million to $300.0 million, the Class B revolving commitment from $36.8 million to $55.3 million and the total facility commitment from $236.8 million to $355.3 million.

4. Income Taxes

The Company’s effective tax rate for the nine months ended September 30, 2026 was 23.3% compared to 24.1% for the nine months ended September 30, 2025. The decrease is primarily attributable to higher state income tax expense in the prior year period, including the impact of unfavorable state rate changes, that did not recur in the current period. The decrease is partially offset by a lower rate benefit from stock compensation and state tax attributes generated from legal entity restructuring in the prior year period.

As of September 30, 2026, the balance of unrecognized tax benefits, inclusive of interest and penalties, was $154.0 million, of which $132.3 million is included in “Accounts payable and accrued expenses” on the consolidated balance sheet, with the remaining $21.7 million recorded as a reduction to deferred tax assets. This balance consists of a temporary component of $137.7 million, for which there is an equal and offsetting deferred tax asset, and a permanent component of $16.3 million, which, if recognized, would favorably affect the effective tax rate in the period of recognition. As of September 30, 2025, the balance of unrecognized tax benefits, inclusive of interest and penalties, was $117.9 million, of which $107.1 million was included in “Accounts payable and accrued expenses” on the consolidated balance sheet, with the remaining $10.8 million recorded as a reduction of deferred tax assets. The balance of $117.9 million included a permanent component of $11.6 million. As of December 31, 2025, the Company had $126.5 million of unrecognized tax benefits, inclusive of interest and penalties, of which $103.2 million was included in “Accounts payable and accrued expenses” on the consolidated balance sheet. The remaining $23.3 million was recorded as a reduction to deferred tax assets. The balance of $126.5 million at December 31, 2025 included a permanent component of $11.4 million. Based on the expiration of the statute of limitations for certain jurisdictions, the Company believes it is reasonably possible that, within the next twelve months, unrecognized tax benefits could decrease by approximately $1.2 million. The Company believes that it has adequately accounted for any material tax uncertainties in its existing reserves for all open tax years.

The Company’s U.S. tax returns are subject to examination by federal and state taxing authorities. The statute of limitations related to the Company’s consolidated Federal income tax returns is closed for all tax years up to and including 2021. The years open to examination by state, local and foreign government authorities vary by jurisdiction, but the statute of limitation is generally three years from the date the tax return is filed. For jurisdictions that have generated net operating losses, carryovers may be subject to the statute of limitations applicable for the year those carryovers are utilized. In these cases, the period for which the losses may be adjusted will extend to conform with the statute of limitations for the year in which the losses are utilized. In most circumstances, this is expected to increase the length of time that the applicable taxing authority may examine the carryovers by one year or longer, in limited cases.

5. Earnings Per Share

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the treasury share method, by giving effect to the potential dilution that could occur if securities or other contracts to issue common shares were exercised and converted into common shares during the period. Restricted stock units issued under the Company’s stock-based employee compensation plans are included in diluted shares upon the granting of the awards even though the vesting of shares will occur over time.

The following table sets forth the reconciliation of numerators and denominators of basic and diluted earnings per share computations for the three and nine months ended September 30, 2026 and 2025 (in thousands, except per share amounts):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Numerator:
Net income	$	107,304	$	80,314	$	303,461	$	229,408
Denominator:
Total weighted average basic shares		24,875		24,955		24,877		25,307
Shares applicable to stock-based compensation		1,559		1,517		1,532		1,574
Total weighted average diluted shares		26,434		26,472		26,409		26,881
Earnings per common share:
Earnings per common share – basic	$	4.31	$	3.22	$	12.20	$	9.07
Earnings per common share – diluted	$	4.06	$	3.03	$	11.49	$	8.53

For the three months ended September 30, 2026 and 2025, there were 16,972 and 188,817 shares of common stock underlying stock options, respectively, and 1,473 and 0 shares of common stock underlying restricted stock units, respectively, that were excluded from the calculation of diluted net income per share because their effect would have been antidilutive. For the nine months ended

September 30, 2026 and 2025, 58,903 and 190,093 shares of common stock underlying stock options, respectively, and 497 and 3,318 shares of common stock underlying restricted stock units, respectively, were excluded from the calculation of diluted net income per share because their effect would have been antidilutive.

6. Operating Segment Information

The Company provides online financial services to non-prime credit consumers and small businesses in the United States and Brazil. The Company has one reportable segment, which is composed of the Company’s domestic and international operations and corporate services. The Company has aggregated all components of its business into a single operating segment based on the similarities of the economic characteristics, the nature of the products and services, the nature of the production and distribution methods, the shared technology platforms, the type of customer and the nature of the regulatory environment. The Company's Chief Operating Decision Maker, its Chief Executive Officer, is regularly provided with significant segment expenses at a similar level and category as is disclosed in the Consolidated Statements of Income; as such, separate presentation is not provided in this Note.

Geographic Information

The following table presents the Company’s revenue by geographic region for the three and nine months ended September 30, 2026 and 2025 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Revenue
United States	$	984,476	$	781,966	$	2,739,661	$	2,254,653
Other international countries		24,696		20,712		73,580		57,609
Total revenue	$	1,009,172	$	802,678	$	2,813,241	$	2,312,262

The Company’s long-lived assets, which consist of the Company’s property and equipment, were $141.4 million, $128.7 million and $132.6 million at September 30, 2026 and 2025 and December 31, 2025, respectively. The operations for the Company’s domestic and international businesses are primarily located within the United States, and the value of any long-lived assets located outside of the United States is immaterial.

7. Commitments and Contingencies

Litigation

On April 23, 2018, the Commonwealth of Virginia, through Attorney General Mark R. Herring, filed a lawsuit in the Circuit Court for the County of Fairfax, Virginia against NC Financial Solutions of Utah, LLC (“NC Utah”), a subsidiary of the Company. The lawsuit alleged violations of the Virginia Consumer Protection Act relating to NC Utah’s communications with customers, collections of certain payments, its loan agreements, and the rates it charged to Virginia borrowers. The plaintiff sought to enjoin NC Utah from continuing its lending practices in Virginia, restitution, civil penalties, and costs and expenses in connection with the same. In January 2026, the parties entered into a Consent Decree to resolve the matter. Under the Consent Decree, NC Utah denied the allegations contained in the complaint and agreed to a payment of $3.4 million, comprised of $3.1 million in customer restitution, $0.2 million in fees and costs and $0.1 million in administration expenses. Additionally, NC Utah agreed to modify certain outstanding loans at reduced interest rates and forgive approximately $87.0 million of previously charged-off receivables. As the payment of $3.4 million had been accrued in prior years and the forgiven loans charged off in prior years, there was no material impact to the Company’s consolidated income statements for the three and nine months ended September 30, 2026 and 2025.

The Company is also involved in certain routine legal proceedings, claims and litigation matters encountered in the ordinary course of its business. Certain of these matters may be covered to an extent by insurance or by indemnification agreements with third parties. The Company has recorded accruals in its consolidated financial statements for those matters in which it is probable that it has incurred a loss and the amount of the loss, or range of loss, can be reasonably estimated. In the opinion of management, the resolution of these matters will not have a material adverse effect on the Company’s financial position, results of operations or liquidity.

8. Fair Value Measurements

Recurring Fair Value Measurements

The Company uses a hierarchical framework that prioritizes and ranks the market observability of inputs used in its fair value measurements. Market price observability is affected by a number of factors, including the type of asset or liability and the characteristics specific to the asset or liability being measured. Assets and liabilities with readily available, active, quoted market prices or for which fair value can be measured from actively quoted prices generally are deemed to have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The Company classifies the inputs used to measure fair value into one of three levels as follows:

Level 1: Quoted prices in active markets for identical assets or liabilities.

Level 2: Inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable.

Level 3: Unobservable inputs for the asset or liability measured.

Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company’s market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability may fall into different levels of the fair value hierarchy. In those cases, the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level of input that is significant to the entire measurement. Such determination requires significant management judgment.

During the three and nine months ended September 30, 2026 and 2025, there were no transfers of assets or liabilities in or out of Level 3 fair value measurements. It is the Company’s policy to value any transfers between levels of the fair value hierarchy based on end of period fair values.

The Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2026 and 2025 and December 31, 2025 are as follows (in thousands):


	September 30,		Fair Value Measurements Using
	2026		Level 1		Level 2		Level 3
Financial assets:
Consumer loans and finance receivables(1)	$	2,130,927	$	—	$	—	$	2,130,927
Small business loans and finance receivables(1)		4,465,040		—		—		4,465,040
Non-qualified savings plan assets(2)		18,007		18,007		—		—
Investment in trading security(3)		11,443		11,443		—		—
Total	$	6,625,417	$	29,450	$	—	$	6,595,967

	September 30,		Fair Value Measurements Using
	2025		Level 1		Level 2		Level 3
Financial assets:
Consumer loans and finance receivables(1)	$	1,694,839	$	—	$	—	$	1,694,839
Small business loans and finance receivables(1)		3,318,014		—		—		3,318,014
Non-qualified savings plan assets(2)		14,094		14,094		—		—
Investment in trading security(3)		9,032		9,032		—		—
Total	$	5,035,979	$	23,126	$	—	$	5,012,853

	December 31,		Fair Value Measurements Using
	2025		Level 1		Level 2		Level 3
Financial assets:
Consumer loans and finance receivables(1)	$	1,764,469	$	—	$	—	$	1,764,469
Small business loans and finance receivables(1)		3,707,075		—		—		3,707,075
Non-qualified savings plan assets(2)		14,486		14,486		—		—
Investment in trading security(3)		13,722		13,722		—		—
Total	$	5,499,752	$	28,208	$	—	$	5,471,544

(1) Consumer and small business loans and finance receivables are included in “Loans and finance receivables at fair value” in the consolidated balance sheets.

(2) The non-qualified savings plan assets are included in “Other receivables and prepaid expenses” in the Company’s consolidated balance sheets and have an offsetting liability, which is included in “Accounts payable and accrued expenses” in the Company’s consolidated balance sheets.

(3) Investment in trading security is included in “Other assets” in the Company’s consolidated balance sheets.

The Company primarily estimates the fair value of its loan and finance receivables portfolio using discounted cash flow models that have been internally developed. The models use inputs, such as estimated losses, prepayments, servicing costs and discount rates, that are unobservable but reflect the Company’s best estimates of the assumptions a market participant would use to calculate fair value. Certain unobservable inputs may, in isolation, have either a directionally consistent or opposite impact on the fair value of the financial instrument for a given change in that input. An increase to the net loss rate, prepayment rate, servicing cost, or discount rate would decrease the fair value of the Company’s loans and finance receivables. When multiple inputs are used within the valuation techniques for loans, a change in one input in a certain direction may be offset by an opposite change from another input.

The fair value of the nonqualified savings plan assets was deemed Level 1 as they are publicly traded equity securities for which market prices of identical assets are readily observable.

The fair value of the investment in trading security was deemed Level 1 as it is a publicly traded fund with active market pricing that is readily available.

The Company had no liabilities measured at fair value on a recurring basis as of September 30, 2026 and 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. At September 30, 2026 and 2025 and December 31, 2025, there were no assets or liabilities recorded at fair value on a non-recurring basis.

Financial Assets and Liabilities Not Measured at Fair Value

The Company’s financial assets and liabilities as of September 30, 2026 and 2025 and December 31, 2025 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands):


	Balance at
	September 30,		Fair Value Measurements Using
	2026		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	105,957	$	105,957	$	—	$	—
Restricted cash		390,443		390,443		—		—
Investment in unconsolidated investee (1)		6,918		—		—		6,918
Total	$	503,318	$	496,400	$	—	$	6,918
Financial liabilities:
Revolving line of credit	$	713,000	$	—	$	—	$	713,000
Securitization notes		3,790,960		—		3,784,876		—
11.25% senior notes due 2028		398,345		—		413,908		—
9.125% senior notes due 2029		500,000		—		513,010		—
Total	$	5,402,305	$	—	$	4,711,794	$	713,000


	Balance at
	September 30,		Fair Value Measurements Using
	2025		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	53,600	$	53,600	$	—	$	—
Restricted cash		303,365		303,365		—		—
Investment in unconsolidated investee (1)		6,918		—		—		6,918
Total	$	363,883	$	356,965	$	—	$	6,918
Financial liabilities:
Revolving line of credit	$	542,000	$	—	$	—	$	542,000
Securitization notes		2,690,330		—		2,696,450		—
11.25% senior notes due 2028		397,596		—		426,388		—
9.125% senior notes due 2029		500,000		—		523,770		—
Total	$	4,129,926	$	—	$	3,646,608	$	542,000


	Balance at
	December 31,		Fair Value Measurements Using
	2025		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	71,709	$	71,709	$	—	$	—
Restricted cash		336,154		336,154		—		—
Investment in unconsolidated investee (1)		6,918		—		—		6,918
Total	$	414,781	$	407,863	$	—	$	6,918
Financial liabilities:
Revolving line of credit	$	596,000	$	—	$	—	$	596,000
Securitization notes		3,029,180		—		3,037,390		—
11.25% senior notes due 2028		397,783		—		422,924		—
9.125% senior notes due 2029		500,000		—		530,620		—
Total	$	4,522,963	$	—	$	3,990,934	$	596,000

(1) Investment in unconsolidated investee is included in “Other assets” in the consolidated balance sheets.

Cash and cash equivalents and restricted cash bear interest at market rates and have maturities of less than 90 days. The carrying amount of restricted cash and cash equivalents approximates fair value.

The Company measures the fair value of its investment in unconsolidated investee using Level 3 inputs. Because the unconsolidated investee is a private company and financial information is limited, the Company estimates the fair value based on the best available information at the measurement date.

The Company measures the fair value of its revolving line of credit using Level 3 inputs. The Company considered the fair value of its other long-term debt and the timing of expected payment(s).

The fair values of the Company’s securitization notes and senior notes are estimated based on quoted prices in markets that are not active, which are deemed Level 2 inputs.

9. Subsequent Events

Subsequent events have been reviewed through the date these financial statements were issued.

Grasshopper Termination Agreement

As previously disclosed, on December 10, 2025, the Company entered into the Agreement and Plan of Merger, as amended on December 18, 2025 (as amended, the “Merger Agreement”), by and between the Company and Grasshopper Bancorp, Inc. (“Grasshopper”), a Delaware corporation and the parent holding company of Grasshopper Bank N.A. (“Grasshopper Bank”), a national bank and wholly-owned subsidiary of Grasshopper, pursuant to which, and subject to the terms and conditions therein, (i) Grasshopper was to merge with and into the Company (the “Merger”), and (ii) immediately following the Merger, an interim national bank and wholly-owned subsidiary of the Company was to merge with and into Grasshopper Bank. On October 16, 2026, the Company and Grasshopper entered into the

Mutual Termination Agreement and Release (the “Termination Agreement”) pursuant to which the parties agreed to mutually terminate the Merger Agreement effective as of such date. Under the terms of the Termination Agreement, the Company made a $4.0 million cash payment to Grasshopper. Neither party will pay any other fees or have any other liabilities to each other related to the Merger Agreement.

NCR 2022 Securitization Facility

On October 13, 2026, the NCR 2022 Securitization Facility was amended to, among other changes, extend the revolving period end and final maturity date to October 2028 and October 2030, respectively, decrease the commitment amount from $275.0 million to $200.0 million, decrease the borrowing rate from SOFR plus 4.25% to SOFR plus 4.00% and increase the advance rate from 85% to 90%.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of financial condition, results of operations, liquidity and capital resources and certain factors that may affect future results, including economic and industry-wide factors, of Enova International, Inc. and its subsidiaries should be read in conjunction with our consolidated financial statements and accompanying notes included under Part I, Item 1 of this Quarterly Report on Form 10-Q, as well as with Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2025. This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements. The matters discussed in these forward-looking statements are subject to risk, uncertainties, and other factors that could cause actual results to differ materially from those made, projected or implied in the forward-looking statements. Please see “Risk Factors” and “Cautionary Statement Concerning Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with these statements.

BUSINESS OVERVIEW

We are a leading technology and analytics company focused on providing online financial services. In 2025, we extended approximately $7.8 billion in credit or financing to borrowers and for the nine months ended September 30, 2026, we extended approximately $7.2 billion in credit or financing to borrowers. As of September 30, 2026, we offered or arranged loans or draws on lines of credit to consumers in 38 states in the United States and Brazil. We also offered or arranged financing to small businesses in 49 states and Washington D.C. in the United States. We use our proprietary technology, analytics and customer service capabilities to quickly evaluate, underwrite and fund loans or provide financing, allowing us to offer consumers and small businesses credit or financing when and how they want it. Our customers include the large and growing number of consumers and small businesses that have bank accounts but use alternative financial services because of their limited access to more traditional credit from banks, credit card companies and other lenders. We were an early entrant into online lending, launching our online business in 2004, and through September 30, 2026, we have completed approximately 72.9 million customer transactions and collected more than 95 terabytes of currently accessible customer behavior data since launch, allowing us to better analyze and underwrite our specific customer base. We have significantly diversified our business over the past several years, having expanded the markets we serve and the financing products we offer. These financing products include installment loans and line of credit accounts.

We believe our customers highly value our products and services as an important component of their personal or business finances because our products are convenient, quick and often less expensive than other available alternatives. We attribute the success of our business to our advanced and innovative technology systems, the proprietary analytical models we use to predict the performance of loans and finance receivables, our sophisticated customer acquisition programs, our dedication to customer service and our talented employees.

We have developed proprietary underwriting systems based on data we have collected over our more than 21 years of experience. These systems employ advanced risk analytics, including machine learning and artificial intelligence, to decide whether to approve financing transactions, to structure the amount and terms of the financings we offer pursuant to jurisdiction-specific regulations and to provide customers with their funds quickly and efficiently. Our systems closely monitor collection and portfolio performance data that we use to continually refine machine learning-enabled analytical models and statistical measures used in making our credit, purchase, marketing and collection decisions. Approximately 90% of models used in our analytical environment are machine learning-enabled.

Our flexible and scalable technology platforms allow us to process and complete customers’ transactions quickly and efficiently. In 2025, we processed approximately 4.3 million transactions, and we continue to grow our loan and finance receivable portfolios and increase the number of customers we serve through desktop, tablet and mobile platforms. Our highly customizable technology platforms allow us to efficiently develop and deploy new products to adapt to evolving regulatory requirements and consumer preference, and to enter new markets quickly.

We have been able to consistently acquire new customers and successfully generate repeat business from returning customers when they need financing. We believe our customers are loyal to us because they are satisfied with our products and services. We acquire new customers from a variety of sources, including visits to our own websites, mobile sites or applications, and through direct marketing, affiliate marketing, lead providers and relationships with other lenders. We believe that the online convenience of our products and our 24/7 availability to accept applications with quick approval decisions are important to our customers.

Once a potential customer submits an application, we quickly provide a credit or purchase decision. If a loan or financing is approved, we or our lending partner typically fund the loan or financing the next business day or, in some cases, the same day. During the entire process, from application through payment, we provide access to our well-trained customer service team. All of our operations, from customer acquisition through collections, are structured to build customer satisfaction and loyalty, in the event that a customer has a need for our products in the future. We have developed a series of sophisticated proprietary scoring models to support our various products. We believe that these models are an integral component of our operations and allow us to complete a high volume of customer

transactions while actively managing risk and the related credit quality of our loan and finance receivable portfolios. We believe our successful application of these technological innovations differentiates our capabilities relative to competing platforms as evidenced by our history of strong growth and stable credit quality.

PRODUCTS AND SERVICES

Our online financing products and services provide customers with a deposit of funds to their bank account in exchange for a commitment to repay the amount deposited plus fees and/or interest. We originate, arrange, guarantee, purchase or purchase a participating interest in installment loans and line of credit accounts to consumers and small businesses. We have one reportable segment that includes all of our online financial services. Our loans and finance receivables generally have regular payments that amortize principal. Interest income is generally recognized on an effective, non-accelerated yield basis over the contractual term of the installment loan or estimated outstanding period of the draw on line of credit accounts.

•

Consumer installment loans. Certain subsidiaries (i) directly offer installment loans, (ii) as part of our Bank Programs, as discussed below, purchase, or purchase a participating interest in, installment loans or (iii) as part of our CSO program, arrange and guarantee installment loans, as discussed below, to consumers in 36 states in the United States. Internationally, we also offer or arrange unsecured consumer installment loan products in Brazil. Terms for our consumer installment loan products range between 3 and 60 months with an average contractual term of 39 months. These loans have regular payments that amortize principal. Loan sizes for these products range between $300 and $10,000. The majority of these loans accrue interest daily at a fixed rate for the life of the loan and have no fees. The average annualized yield for these loans was 90% for the year ended December 31, 2025. Loans may be repaid early at any time with no additional prepayment charges.

•

Small business installment loans. Certain subsidiaries offer, or arrange through our Bank Programs, small business installment loans in 49 states and in Washington D.C. in the United States. Terms for these products range between 6 and 24 months with an average contractual term of 15 months. These loans have regular payments that amortize principal. Loan sizes for these products range between $5,000 and $400,000. There is generally a fee paid upon origination, and total interest is typically calculated at a fixed rate for the life of the loan. A portion of the interest is forgivable if prepaid early, although we also offer a full prepayment forgiveness option at a higher interest rate. The average annualized yield for these products was 48% for the year ended December 31, 2025.

•

Consumer line of credit accounts. Certain subsidiaries directly offer, or purchase participation interests in receivables through our Bank Programs, new consumer line of credit accounts in 33 states (and continue to service existing line of credit accounts in two additional states) in the United States. Line of credit accounts allow customers to draw on their unsecured line of credit in increments of their choosing up to their credit limit, which ranges between $100 and $7,000. Customers may pay off their account balance in full at any time or make required minimum payments in accordance with the terms of the line of credit account. The repayment period varies depending upon certain factors, which may include outstanding principal and differences in minimum payment calculations by product. Customers are typically charged a fee when funds are drawn and subsequently incur fee- or interest-based charges at a fixed rate, depending upon the product and the state in which the customer resides. The average annualized yield for these products was 147% for the year ended December 31, 2025.

•

Small business line of credit accounts. Certain subsidiaries offer, or arrange through our Bank Programs, small business line of credit accounts in 49 states and in Washington D.C. in the United States. Terms for these products range between 12 and 24 months with regular payments that amortize principal. Loan sizes for these products range between $5,000 and $200,000. Interest is calculated at a fixed rate based on the outstanding balance. There is generally no fee paid upon origination with the exception of one of our small business line of credit products, which has an origination fee when allowed by state law. The average annualized yield for these products was 49% for the year ended December 31, 2025.

•

CSO program. We currently operate a credit services organization or credit access business (“CSO”) program in Texas. Through our CSO program, we provide services related to a third-party lender’s installment consumer loan products by acting as a credit services organization or credit access business on behalf of consumers in accordance with applicable state laws. Services offered under our CSO program include credit-related services such as arranging loans with an independent third-party lender and assisting in the preparation of loan applications and loan documents (“CSO loans”). When a consumer executes an agreement with us under our CSO program, we agree, for a fee payable to us by the consumer, to provide certain services, one of which is to guarantee the consumer’s obligation to repay the loan received by the consumer from the third-party lender if the consumer fails to do so. For CSO loans, the lender is responsible for providing the criteria by which the consumer’s application is underwritten and, if approved, determining the amount of the consumer loan. We, in turn, are responsible for assessing whether or not we will guarantee such loan. The guarantee represents an obligation to purchase the loan, which has terms of up to six months, if it goes into default.

•

Bank programs. Certain subsidiaries operate programs with certain banks (“Bank Programs”) to provide marketing services and loan servicing for certain installment loans and line of credit accounts. The Bank Programs that relate to the consumer portfolio in the United States include near-prime unsecured installment loans and line of credit accounts for which our subsidiaries receive marketing and servicing fees. The bank has the ability to sell, and the participating subsidiaries have the option, but not the

requirement, to purchase the loans or a participating interest in receivables the bank originates. We do not guarantee the performance of the loans and line of credit accounts originated by the bank. In conjunction with our Brazilian business, we also have a Bank Program with a separate bank in Brazil whereby the bank has the authority to originate loans and collect a service fee. After origination, the loans are purchased by us. The Bank Program that relates to the small business portfolio is with a separate bank and includes installment loans and line of credit accounts. We receive marketing fees while the bank receives origination fees and certain program fees. The bank has the ability to sell and we have the option, but not the requirement, to purchase the installment loans the bank originates and, in the case of line of credit accounts, extensions under those line of credit accounts. We do not guarantee the performance of the loans or line of credit accounts originated by the bank.

•

Money transfer business. Under our Pangea brand, we operate a money transfer platform that allows customers to send money from the United States to Mexico, other Latin American countries and Asia. The customer pays us in U.S. dollars, and we then make local currency available to the intended recipient of the transfer in one of many termination countries. Our revenue model includes a fee per transfer and an exchange rate spread. Our customers can access our proprietary platform via the website, Android app, or iOS (Apple) app.

OUR MARKETS

We currently provide our services in the following countries:

•

United States. We began our online business in the United States in May 2004. As of September 30, 2026, we provided services in all 50 states and Washington D.C. We market our financing products under the names CashNetUSA at www.cashnetusa.com, NetCredit at www.netcredit.com, OnDeck at www.ondeck.com and Headway Capital at www.headwaycapital.com, and we market our money transfer platform under the name Pangea at www.pangeamoneytransfer.com.

•

Brazil. In June 2014, we launched our business in Brazil under the name Simplic at www.simplic.com.br, where we arrange unsecured consumer installment loans for a third-party lender. We plan to continue to invest in and expand our financial services program in Brazil.

Our internet websites and the information contained therein or connected thereto are not intended to be incorporated by reference into this Quarterly Report on Form 10-Q.

RECENT DEVELOPMENTS

As previously disclosed, on December 10, 2025, we entered into an agreement and plan of merger, as amended on December 18, 2025 (as amended the “Merger Agreement”) with Grasshopper Bancorp, Inc. (“Grasshopper”) a Delaware corporation and the parent holding company of Grasshopper Bank N.A. (“Grasshopper Bank”), a national bank and wholly-owned subsidiary of Grasshopper. Under the terms of the Merger Agreement, Grasshopper was to merge with and into us, with us continuing as the surviving corporation (the “Merger”) and, immediately following the Merger, an interim national bank and wholly-owned subsidiary of ours would merge with and into Grasshopper Bank, with Grasshopper Bank continuing as the surviving bank.

On September 14, 2026, we announced that we withdrew our applications with the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System related to the proposed acquisition of Grasshopper. On October 16, 2026, we and Grasshopper entered into the Mutual Termination Agreement and Release (the “Termination Agreement”) pursuant to which we and Grasshopper agreed to mutually terminate the Merger Agreement effective as of such date. Under the terms of the Termination Agreement, we made a $4.0 million cash payment to Grasshopper. Neither we nor Grasshopper will pay any other fees or have any other liabilities to each other related to the Merger Agreement.

RECENT REGULATORY DEVELOPMENTS

Consumer Financial Protection Bureau

In October 2017, the Consumer Financial Protection Bureau (“CFPB”) issued its final rule entitled “Payday, Vehicle Title, and Certain High-Cost Installment Loans” (the “Small Dollar Rule”), which covers certain consumer loans that we offer. While the ability to repay provisions were rescinded in 2020, the payment provisions remain in effect. These provisions require that if a consumer has two consecutive failed payment attempts, the lender must obtain the consumer’s new and specific authorization to make further withdrawals from the consumer’s bank account. Additionally, lenders must provide certain notices to consumers before attempting a first payment withdrawal or an unusual withdrawal and after two consecutive failed withdrawal attempts. Following a series of constitutional challenges, the Supreme Court upheld the constitutionality of the funding structure of the CFPB and the Fifth Circuit upheld the Small Dollar Rule. On March 28, 2025, the CFPB issued a press release entitled “CFPB Offers Regulatory Relief for Small Loan Providers” indicating that the CFPB “will not prioritize enforcement or supervision actions with regard to any penalties or fines associated with the Payment Withdrawal provisions and the Payment Disclosure provisions once they become operative on March 30, 2025.” The CFPB

also indicated that it is contemplating issuing a notice of proposed rulemaking to narrow the scope of the Small Dollar Rule. If the CFPB elects to prioritize enforcement and we are not able to execute payment process and customer notification changes effectively because of unexpected complexities, costs or otherwise, we cannot guarantee that the Small Dollar Rule will not have a material adverse impact on our business, prospects, results of operations, financial condition and cash flows.

On March 30, 2023, the CFPB issued its initial final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect and report certain data in connection with credit applications made by small businesses, including women- or minority-owned small businesses, and applies to small business loans that we offer. For loans covered by the small business lending rule, a “covered lender” will be required to collect and report on certain information pursuant to an application for credit. Section 1071 requires covered lenders to collect and report information the financial institution generates and information obtained from the applicant, including the applicant’s minority-owned business status, women-owned business status and the applicant’s principal owners’ ethnicity, race and sex. On May 1, 2026, the CFPB issued a revised final rule for Section 1071. The revised final rule made substantive changes to the initial final rule, including changing the definition of a small business, excluding certain products, and streamlining the required data fields. In addition, it extended the compliance deadline to January 1, 2028 and the initial reporting deadline to June 2029. Absent further court action, legislative action or action by the CFPB, including any further extension of the compliance date, the Company’s small business loan business will need to update its application process to appropriately collect, store and report data required by Section 1071’s implementing regulation. The Company will continue to monitor litigation, rulemaking and bills related to the rule.

European Union Pillar Two Directive

On December 15, 2022, the European Union (“EU”) Member States formally adopted the EU’s Pillar Two Directive, which generally provides for a minimum effective tax rate of 15%, as established by the Organization for Economic Co-operation and Development (“OECD”) Pillar Two Framework that was supported by over 130 countries worldwide. The EU effective dates are January 1, 2024, and January 1, 2025, for different aspects of the directive. A significant number of other countries are expected to also implement similar legislation. As of September 30, 2026, among the jurisdictions where the Company operates, only Brazil has enacted legislation adopting the Pillar Two Rules, specifically a Qualified Domestic Minimum Top-up Tax, effective in fiscal 2025. We do not expect the changes brought about by this directive to have a material impact on our consolidated financial statements.

In January 2026, the OECD released administrative guidance establishing a “Side-by-Side” safe harbor for eligible U.S.-headquartered multinational groups, effective for fiscal years beginning on or after January 1, 2026. If elected, this safe harbor generally reduces Pillar Two top-up tax exposure under the Income Inclusion Rule and Undertaxed Profits Rule to zero, while Qualified Domestic Minimum Top-up Taxes in jurisdictions where we operate may continue to apply. The Company continues to monitor and evaluate the “Side-by-Side” safe harbor and the adoption of the administrative guidance through legislation in our operating jurisdictions. We expect to leverage applicable safe harbor provisions beginning with our 2026 fiscal year once enacted in our operating jurisdictions.

One Big Beautiful Bill Act

On July 4, 2025, the “One Big Beautiful Bill Act” (the “OBBBA”) was enacted into law. The OBBBA’s various provisions include, among other provisions, accelerated tax deductions for qualified property and research expenditures. The legislation has multiple effective dates, with certain provisions effective in 2025 and others to be implemented through 2027. We have evaluated the OBBBA and reflected its impact on the consolidated financial statements. We will continue to evaluate the full impact of these legislative changes as additional guidance becomes available.

RESULTS OF OPERATIONS

Highlights

Our financial results for the three-month period ended September 30, 2026, or the current quarter, are summarized below.

•

Consolidated total revenue increased $206.5 million, or 25.7%, to $1,009.2 million in the current quarter compared to $802.7 million for the three months ended September 30, 2025, or the prior year quarter.

•

Consolidated net revenue was $614.4 million in the current quarter compared to $460.7 million in the prior year quarter.

•

Consolidated income from operations increased $50.4 million, or 25.6%, to $247.2 million in the current quarter compared to $196.8 million in the prior year quarter.

•

Consolidated net income was $107.3 million in the current quarter compared to $80.3 million in the prior year quarter. Consolidated diluted income per share was $4.06 in the current quarter compared to $3.03 in the prior year quarter.

Overview

The following tables reflect our results of operations for the periods indicated, both in dollars and as a percentage of total revenue (dollars in thousands, except per share data):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Revenue
Loans and finance receivables revenue	$	995,857		$	791,723		$	2,775,853		$	2,281,721
Other		13,315			10,955			37,388			30,541
Total Revenue		1,009,172			802,678			2,813,241			2,312,262
Change in Fair Value		(394,813	)		(341,971	)		(1,101,857	)		(983,915	)
Net Revenue		614,359			460,707			1,711,384			1,328,347
Operating Expenses
Marketing		229,680			147,351			622,652			429,490
Operations and technology		80,690			64,564			231,305			190,674
General and administrative		46,161			39,661			138,019			122,633
Depreciation and amortization		10,616			12,356			27,943			32,765
Total Operating Expenses		367,147			263,932			1,019,919			775,562
Income from Operations		247,212			196,775			691,465			552,785
Interest expense, net		(103,501	)		(86,954	)		(295,365	)		(250,279	)
Foreign currency transaction (loss) gain		(901	)		90			(957	)		(228	)
Equity method investment income		664			258			1,303			991
Other nonoperating expenses		(632	)		—			(632	)		(1,019	)
Income before Income Taxes		142,842			110,169			395,814			302,250
Provision for income taxes		35,538			29,855			92,353			72,842
Net income	$	107,304		$	80,314		$	303,461		$	229,408
Earnings per common share - diluted	$	4.06		$	3.03		$	11.49		$	8.53

Revenue
Loans and finance receivables revenue		98.7	%		98.6	%		98.7	%		98.7	%
Other		1.3			1.4			1.3			1.3
Total Revenue		100.0			100.0			100.0			100.0
Change in Fair Value		(39.1	)		(42.6	)		(39.2	)		(42.6	)
Net Revenue		60.9			57.4			60.8			57.4
Operating Expenses
Marketing		22.8			18.4			22.1			18.6
Operations and technology		8.0			8.1			8.2			8.2
General and administrative		4.6			4.9			4.9			5.3
Depreciation and amortization		1.0			1.5			1.0			1.4
Total Operating Expenses		36.4			32.9			36.2			33.5
Income from Operations		24.5			24.5			24.6			23.9
Interest expense, net		(10.3	)		(10.8	)		(10.5	)		(10.8	)
Foreign currency transaction (loss) gain		(0.1	)		—			—			—
Equity method investment income		0.1			—			—			—
Other nonoperating expenses		—			—			—			—
Income before Income Taxes		14.2			13.7			14.1			13.1
Provision for income taxes		3.5			3.7			3.3			3.2
Net income		10.6	%		10.0	%		10.8	%		9.9	%

Valuation of Loans and Finance Receivables

We carry our loans and finance receivables at fair value with changes in fair value recognized directly in earnings. We estimate the fair value of our loans and finance receivables primarily using internally-developed, discounted cash flow analyses to more accurately predict future payments. We adjust contractual cash flows for estimated losses, prepayments and servicing costs over the estimated duration of the underlying assets and discount the future cash flows using a rate of return that we believe a market participant would require. Model results may be adjusted by management if we do not believe the output reflects the fair value of the portfolio, as defined under GAAP. The models are updated at each measurement date to capture any changes in internal factors such as nature, term, volume, payment trends, remaining time to maturity, and portfolio mix, as well as changes in underwriting or observed trends expected to impact future performance. We have validated model performance by comparing past valuations with actual performance noted after each valuation.

In 2025 and the first nine months of 2026, views in the marketplace on the economy and its near-term prospects remained mixed with concerns on employment, inflation, tariffs and other macroeconomic trends. In certain situations, management concluded that the probability of future charge-offs or prepayments was different than what we had experienced in the past and, therefore, altered those assumptions in our fair value models. We continue to utilize this approach and have adjusted these assumptions where appropriate. We also evaluate the discount rates used in our models on a quarterly basis and adjust when appropriate to be responsive to changes in the market and representative of what a market participant would use. As of September 30, 2026, we deemed the resulting fair value of our loans and finance receivables to be an appropriate market-based exit price that considers current market conditions.

NON-GAAP FINANCIAL MEASURES

In addition to the financial information prepared in conformity with generally accepted accounting principles (“GAAP”), we provide historical non-GAAP financial information. We present non-GAAP financial information because such measures are used by management in understanding the activities and business metrics of our operations. We believe that these non-GAAP financial measures reflect an additional way of viewing aspects of our business that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business.

We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. Readers should consider the information in addition to, but not instead of or superior to, our consolidated financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

Adjusted Earnings Measures

We provide adjusted earnings and adjusted earnings per share, or, collectively, the Adjusted Earnings Measures, which are non-GAAP measures. We believe that the presentation of these measures provides investors with greater transparency and facilitates comparison of operating results across a broad spectrum of companies with varying capital structures, compensation strategies, derivative instruments and amortization methods, which provides a more complete understanding of our financial performance, competitive position and prospects for the future. We utilize, and also believe that investors utilize, the Adjusted Earnings Measures to assess operating performance, recognizing that such measures may highlight trends in our business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP. In addition, we believe that the Adjusted Earnings Measures are useful to management and investors in comparing our financial results during the periods shown without the effect of certain items that are not indicative of our core operating performance or results of operations.

The following table provides reconciliations between net income and diluted earnings per share calculated in accordance with GAAP to the Adjusted Earnings Measures (in thousands, except per share data):


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2026			2025			2026			2025
Net income	$	107,304		$	80,314		$	303,461		$	229,408
Adjustments:
Transaction-related costs(a)		1,389			—			5,521			—
Equity method investment income		(664	)		(258	)		(1,303	)		(991	)
Other nonoperating expenses(b)		632			—			632			1,019
Intangible asset amortization		260			2,014			1,769			6,041
Stock-based compensation expense		9,422			8,535			26,878			24,577
Foreign currency transaction loss (gain)		901			(90	)		957			228
Cumulative tax effect of adjustments		(759	)		(1,692	)		(4,231	)		(4,668	)
Adjusted earnings	$	118,485		$	88,823		$	333,684		$	255,614

Diluted earnings per share	$	4.06		$	3.03		$	11.49		$	8.53
Adjustments:
Transaction-related costs		0.05			—			0.21			—
Equity method investment income		(0.02	)		(0.01	)		(0.05	)		(0.04	)
Other nonoperating expenses		0.02			—			0.02			0.04
Intangible asset amortization		0.01			0.08			0.07			0.22
Stock-based compensation expense		0.36			0.32			1.02			0.91
Foreign currency transaction loss (gain)		0.03			—			0.04			0.01
Cumulative tax effect of adjustments		(0.03	)		(0.06	)		(0.16	)		(0.16	)
Adjusted earnings per share	$	4.48		$	3.36		$	12.64		$	9.51

(a) In the first nine months of 2026, we recorded costs totaling $5.5 million ($4.2 million net of tax) related to the planned acquisition of Grasshopper.

(b) In the third quarter of 2026 and second quarter of 2025, we recorded other nonoperating expenses of $0.6 million ($0.5 million net of tax) and $1.0 million ($0.8 million net of tax), respectively, related to the early extinguishment of debt.

Adjusted EBITDA

We provide Adjusted EBITDA, which is a non-GAAP measure that we define as earnings excluding depreciation, amortization, interest, foreign currency transaction gains or losses, taxes, stock-based compensation expense and certain other items, as appropriate, that are not indicative of our core operating performance. We utilize, and also believe that investors utilize, Adjusted EBITDA to analyze operating performance and evaluate our ability to incur and service debt and our capacity for making capital expenditures. We believe Adjusted EBITDA is useful to management and investors in comparing our financial results during the periods shown without the effect of certain non-cash items and certain items that are not indicative of our core operating performance or results of operations. Adjusted

EBITDA is also useful to investors to help assess our estimated enterprise value. The computation of Adjusted EBITDA, as presented below, may differ from the computation of similarly-titled measures provided by other companies (dollars in thousands):


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2026			2025			2026			2025
Net income	$	107,304		$	80,314		$	303,461		$	229,408
Depreciation and amortization expenses		10,616			12,356			27,943			32,765
Interest expense, net		103,501			86,954			295,365			250,279
Foreign currency transaction loss (gain)		901			(90	)		957			228
Provision for income taxes		35,538			29,855			92,353			72,842
Stock-based compensation expense		9,422			8,535			26,878			24,577
Adjustments:
Transaction-related costs(a)		1,389			—			5,521			—
Equity method investment income		(664	)		(258	)		(1,303	)		(991	)
Other nonoperating expenses(b)		632			—			632			1,019
Adjusted EBITDA	$	268,639		$	217,666		$	751,807		$	610,127

Adjusted EBITDA margin calculated as follows:
Total Revenue	$	1,009,172		$	802,678		$	2,813,241		$	2,312,262
Adjusted EBITDA		268,639			217,666			751,807			610,127
Adjusted EBITDA as a percentage of total revenue		26.6	%		27.1	%		26.7	%		26.4	%

Refer to footnotes in previous table for explanation of (a) and (b).

Combined Loans and Finance Receivables Measures

In addition to reporting loans and finance receivables balance information in accordance with GAAP (see Note 2 in the Notes to Consolidated Financial Statements included in this report), we have provided metrics on a combined basis. The Combined Loans and Finance Receivables Measures are non-GAAP measures that include both loans and finance receivables we own or have purchased and loans we guarantee, which are either GAAP items or disclosures required by GAAP. See “—Loan and Finance Receivable Balances” and “—Credit Performance of Loans and Finance Receivables” below for reconciliations between Company owned and purchased loans and finance receivables, gross, change in fair value and charge-offs (net of recoveries) calculated in accordance with GAAP to the Combined Loans and Finance Receivables Measures.

We believe these non-GAAP measures provide management and investors with important information needed to evaluate the magnitude of potential receivable losses and the opportunity for revenue performance of the loans and finance receivable portfolio on an aggregate basis. We also believe that the comparison of the aggregate amounts from period to period is more meaningful than comparing only the amounts reflected on our consolidated balance sheet since both revenue and cost of revenue are impacted by the aggregate amount of receivables we own and those we guarantee as reflected in our consolidated financial statements.

THREE MONTHS ENDED SEPTEMBER 30, 2026 COMPARED TO THREE MONTHS ENDED SEPTEMBER 30, 2025

Revenue and Net Revenue

Revenue increased $206.5 million, or 25.7%, to $1,009.2 million for the current quarter as compared to $802.7 million for the prior year quarter. The increase was driven by a 31.7% increase in revenue from our small business portfolio and a 21.1% increase in revenue from our consumer portfolio as higher levels of originations have led to higher loan balances for both portfolios.

Net revenue for the current quarter was $614.4 million compared to $460.7 million for the prior year quarter. Our consolidated net revenue margin was 60.9% for the current quarter compared to 57.4% for the prior year quarter. Refer to “—Consumer Loans and Finance Receivables” and “—Small Business Loans and Finance Receivables” below for additional discussion of net revenue for the current quarter.

The following table sets forth the components of revenue and net revenue, disaggregated by product, for the current quarter and the prior year quarter (dollars in thousands):


	Three Months Ended September 30,
	2026			2025			$ Change			% Change
Revenue by product:
Consumer loans and finance receivables revenue	$	537,120		$	443,413		$	93,707			21.1	%
Small business loans and finance receivables revenue		458,737			348,310			110,427			31.7
Total loans and finance receivables revenue		995,857			791,723			204,134			25.8
Other		13,315			10,955			2,360			21.5
Total revenue		1,009,172			802,678			206,494			25.7
Change in fair value		(394,813	)		(341,971	)		(52,842	)		15.5
Net revenue	$	614,359		$	460,707		$	153,652			33.4	%

Revenue by product (% to total):
Consumer loans and finance receivables revenue		53.2	%		55.2	%
Small business loans and finance receivables revenue		45.5			43.4
Total loans and finance receivables revenue		98.7			98.6
Other		1.3			1.4
Total revenue		100.0			100.0
Change in fair value		(39.1	)		(42.6	)
Net revenue		60.9	%		57.4	%

Revenue generated from the Company’s operations for the current quarter and the prior year quarter was as follows (in thousands):


	Three Months Ended September 30,
	2026		2025
Loan interest	$	658,746	$	535,330
Statement and draw fees on line of credit accounts		294,382		219,017
Other		56,044		48,331
Total Revenue	$	1,009,172	$	802,678

Loan and Finance Receivable Balances

The fair value of our loan and finance receivable portfolio in our consolidated financial statements was $6,596.0 million and $5,012.9 million as of September 30, 2026 and 2025, respectively. The outstanding principal balance of our loan and finance receivables portfolio was $5,690.3 million and $4,344.9 million as of September 30, 2026 and 2025, respectively. The fair value of the combined loan and finance receivables portfolio includes $27.6 million and $24.4 million with an outstanding principal balance of $16.8 million and $17.3 million of consumer loan balances that are guaranteed by us but not owned by us, which are not included in our consolidated financial statements as of September 30, 2026 and 2025, respectively.

The consumer portfolio balance was 32.6% of our combined loan and finance receivable portfolio balance at fair value as of September 30, 2026 compared to 34.1% as of September 30, 2025. Our small business portfolio of loans and finance receivables was 67.4% of our combined loan and finance receivable portfolio at fair value as of September 30, 2026 compared to 65.9% as of September 30, 2025. See “Non-GAAP Financial Measures—Combined Loans and Finance Receivables Measures” above for additional information related to combined loans and finance receivables.

The following table summarizes loan and finance receivable balances outstanding as of September 30, 2026 and 2025 (dollars in thousands):


	As of September 30, 2026									As of September 30, 2025
				Guaranteed									Guaranteed
	Company			by the						Company			by the
	Owned(a)			Company(a)			Combined(b)			Owned(a)			Company(a)			Combined(b)
Consumer loans and finance receivables
Principal	$	1,732,218		$	16,758		$	1,748,976		$	1,396,611		$	17,301		$	1,413,912
Fair value		2,130,927			27,619			2,158,546			1,694,839			24,372			1,719,211
Fair value as a % of principal		123.0	%		164.8	%		123.4	%		121.4	%		140.9	%		121.6	%
Small business loans and finance receivables
Principal	$	3,958,111		$	—		$	3,958,111		$	2,948,290		$	—		$	2,948,290
Fair value		4,465,040			—			4,465,040			3,318,014			—			3,318,014
Fair value as a % of principal		112.8	%		—	%		112.8	%		112.5	%		—	%		112.5	%
Total loans and finance receivables
Principal	$	5,690,329		$	16,758		$	5,707,087		$	4,344,901		$	17,301		$	4,362,202
Fair value		6,595,967			27,619			6,623,586			5,012,853			24,372			5,037,225
Fair value as a % of principal		115.9	%		164.8	%		116.1	%		115.4	%		140.9	%		115.5	%

(a) GAAP measure. The loans and finance receivables balances guaranteed by us relate to loans originated by a third-party lender through the CSO program that we have not yet purchased and, therefore, are not included in our consolidated financial statements.

(b) Non-GAAP measure. See “Non-GAAP Financial Measures—Combined Loans and Finance Receivables Measures” above.

At September 30, 2026 and 2025, the ratio of fair value as a percentage of principal was 115.9% and 115.4%, respectively, on company owned loans and finance receivables and 116.1% and 115.5%, respectively, on combined loans and finance receivables. These ratios were slightly higher compared to the prior year due to improvement in both the consumer and small business portfolios. Refer to “—Consumer Loans and Finance Receivables” and “—Small Business Loans and Finance Receivables” below for additional discussion of fair value ratios for the current quarter.

Average Amount Outstanding per Loan and Finance Receivable

The average amount outstanding per loan and finance receivable is calculated as the total combined loans and finance receivables, gross balance at the end of the period divided by the total number of combined loans and finance receivables outstanding at the end of the period. The following table shows the average amount outstanding per loan and finance receivable by product at September 30, 2026 and 2025:


	As of September 30,
	2026		2025
Average amount outstanding per loan and finance receivable(a)
Consumer loans and finance receivables(b)	$	1,685	$	1,676
Small business loans and finance receivables		47,668		42,157
Total loans and finance receivables(b)		4,837		4,551

(a) The disclosure regarding the average amount per loan and finance receivable is statistical data that is not included in our consolidated financial statements.

(b) Includes loans guaranteed by us, which represent loans originated by a third-party lender through the CSO program that we have not yet purchased and, therefore, are not included in our consolidated financial statements.

The average amount outstanding per loan and finance receivable increased in the current quarter compared to the prior year quarter for our overall portfolio due to an increase in average amount outstanding per loan in our small business portfolio, as a result of higher funded amounts to our small business customers, as well as a mix shift towards our small business portfolio, which carries a higher average amount outstanding per loan compared to our consumer portfolio.

Average Loan and Finance Receivable Origination

renewed and purchased for the period. The following table shows the average loan and finance receivable origination amount by product for the current quarter compared to the prior year quarter:


	Three Months Ended
	September 30,
	2026		2025
Average loan and finance receivable origination amount(a)
Consumer loans and finance receivables(b)(c)	$	651	$	579
Small business loans and finance receivables(c)		16,322		16,261
Total loans and finance receivables(b)		1,905		1,779

(a) The disclosure regarding the average loan origination amount is statistical data that is not included in our consolidated financial statements.

The average loan and finance receivable origination amount is smaller than the average amount outstanding per loan and finance receivable in the previous section as the former measure includes incremental draws on our line of credit accounts whereas the latter measure includes the entire outstanding receivable on our line of credit accounts.

The average loan and finance receivable origination amount increased to $1,905 during the current quarter from $1,779 during the prior year quarter, due primarily to a higher proportion of loans originated in the small business portfolio, the average size of which greatly exceeds the average size of loans originated in the consumer portfolio. The average loan and finance receivable origination amount for the consumer portfolio increased during the current quarter compared to the prior year quarter due primarily to a slight mix shift to products with higher average origination amounts. The average loan and finance receivable origination amount for the small business portfolio during the current quarter was fairly consistent with the prior year quarter.

Credit Performance of Loans and Finance Receivables

We monitor the performance of our loans and finance receivables. Internal factors such as portfolio composition (e.g., interest rate, loan term, geography information, customer mix, credit quality) and performance (e.g., delinquency, loss trends, prepayment rates) are reviewed on a regular basis at various levels (e.g., product, vintage). We also weigh the impact of relevant, internal business decisions on the portfolio. External factors such as macroeconomic trends, financial market liquidity expectations, competitive landscape and legal/regulatory requirements are also reviewed on a regular basis.

The payment status of a customer, including the degree of any delinquency, is a significant factor in determining estimated charge-offs in the cash flow models that we use to determine fair value. The following table shows payment status on outstanding principal, interest and fees as of the end of each of the last five quarters (dollars in thousands):


	2025										2026
		Second			Third			Fourth			First			Second			Third
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter
Ending combined loans and finance receivables, including principal and accrued fees/interest outstanding:
Company owned		$	4,298,675		$	4,500,360		$	4,902,287		$	5,257,711		$	5,524,210		$	5,877,741
Guaranteed by the Company(a)			20,014			20,750			22,349			17,867			23,031			20,135
Ending combined loan and finance receivables balance(b)		$	4,318,689		$	4,521,110		$	4,924,636		$	5,275,578		$	5,547,241		$	5,897,876
> 30 days delinquent			305,583			327,387			332,164			388,264			415,321			473,633
> 30 days delinquency as a % of combined loan and finance receivable balance			7.1	%		7.2	%		6.7	%		7.4	%		7.5	%		8.0	%

(a) Represents loans originated by a third-party lender through the CSO program that we have not yet purchased, which are not included in our consolidated balance sheets.

(b) Non-GAAP measure. See “Non-GAAP Financial Measures—Combined Loans and Finance Receivables Measures” above.

Refer to “—Consumer Loans and Finance Receivables” and “—Small Business Loans and Finance Receivables” below for additional discussion of credit performance for the current quarter.

Consumer Loans and Finance Receivables

The following table includes financial information for our consumer loans and finance receivables. Delinquency metrics include principal, interest and fees (dollars in thousands):


	2025							2026
		Third			Fourth			First			Second			Third
		Quarter			Quarter			Quarter			Quarter			Quarter
Consumer loans and finance receivables:
Consumer combined loan and finance receivable principal balance:
Company owned		$	1,396,611		$	1,446,938		$	1,437,364		$	1,568,348		$	1,732,218
Guaranteed by the Company(a)			17,301			18,656			14,806			19,388			16,758
Total combined loan and finance receivable principal balance(b)		$	1,413,912		$	1,465,594		$	1,452,170		$	1,587,736		$	1,748,976
Consumer combined loan and finance receivable fair value balance:
Company owned		$	1,694,839		$	1,764,469		$	1,763,552		$	1,916,671		$	2,130,927
Guaranteed by the Company(a)			24,372			26,148			20,925			27,631			27,619
Ending combined loan and finance receivable fair value balance(b)		$	1,719,211		$	1,790,617		$	1,784,477		$	1,944,302		$	2,158,546
Fair value as a % of principal(b)(c)			121.6	%		122.2	%		122.9	%		122.5	%		123.4	%
Consumer combined loan and finance receivable balance, including principal and accrued fees/interest outstanding:
Company owned		$	1,525,989		$	1,573,763		$	1,561,056		$	1,708,117		$	1,893,160
Guaranteed by the Company(a)			20,750			22,349			17,867			23,031			20,135
Ending combined loan and finance receivable balance(b)		$	1,546,739		$	1,596,112		$	1,578,923		$	1,731,148		$	1,913,295
Average consumer combined loan and finance receivable balance, including principal and accrued fees/interest outstanding:
Company owned(d)		$	1,524,792		$	1,527,733		$	1,573,293		$	1,621,943		$	1,808,430
Guaranteed by the Company(a)(d)			20,881			20,562			19,696			20,015			22,120
Average combined loan and finance receivable balance(b)(d)		$	1,545,673		$	1,548,295		$	1,592,989		$	1,641,958		$	1,830,550
Installment loans as percentage of average combined loan and finance receivable balance			36.2	%		38.1	%		38.5	%		37.7	%		35.6	%
Line of credit accounts as percentage of average combined loan and finance receivable balance			63.8	%		61.9	%		61.5	%		62.3	%		64.4	%

Revenue		$	443,413		$	445,565		$	445,807		$	477,419		$	537,120
Change in fair value			(246,789	)		(225,915	)		(215,541	)		(203,908	)		(247,206	)
Net revenue		$	196,624		$	219,650		$	230,266		$	273,511		$	289,914
Net revenue margin			44.3	%		49.3	%		51.7	%		57.3	%		54.0	%

Combined loan and finance receivable originations and purchases		$	589,565		$	612,705		$	559,392		$	691,490		$	807,076

Delinquencies:
> 30 days delinquent		$	142,240		$	124,894		$	125,290		$	131,467		$	164,271
> 30 days delinquent as a % of combined loan and finance receivable balance(b)(c)			9.2	%		7.8	%		7.9	%		7.6	%		8.6	%

Charge-offs:
Charge-offs (net of recoveries)		$	249,545		$	247,598		$	227,637		$	209,952		$	276,428
Charge-offs (net of recoveries) as a % of average combined loan and finance receivable balance(b)(d)			16.1	%		16.0	%		14.3	%		12.8	%		15.1	%

(a) Represents loans originated by a third-party lender through the CSO program that we have not yet purchased, which are not included in our consolidated balance sheets.

(b) Non-GAAP measure.

(d) The average combined loan and finance receivable balance is the average of the month-end balances during the period.

Demand for our consumer loan products and services in the United States has historically been highest in the third and fourth quarters of each year, corresponding to the holiday season, and lowest in the first quarter of each year, corresponding to our customers’ receipt of income tax refunds. The ending balance, including principal and accrued fees/interest outstanding, of combined consumer loans and finance receivables at September 30, 2026 increased 23.7% to $1,913.3 million compared to $1,546.7 million at September 30, 2025, due primarily to originations outpacing repayments.

The percentage of loans greater than 30 days delinquent of 8.6% was lower at September 30, 2026 compared to 9.2% at September 30, 2025, and charge-offs (net of recoveries) as a percentage of average combined loan and finance receivable balance decreased to 15.1% in the current quarter compared to 16.1% for the prior year quarter. These levels were in the normal range for both periods, although slightly toward the higher end in the prior year quarter. Compared to the prior sequential quarter ending June 30, 2026, the percentage

of loans greater than 30 days delinquent and charge-offs (net of recoveries) as a percentage of average combined loan and finance receivable balance both increased, which is consistent with our normal seasonal pattern.

Revenue related to our consumer loans and finance receivables was $537.1 million for the current quarter compared to $443.4 million for the prior year quarter. The increase in revenue was driven primarily by growth in the overall portfolio and, to a lesser extent, slightly higher average yields. The net revenue margin related to our consumer loans and finance receivables was 54.0% in the current quarter, which, along with the prior sequential quarter, was higher than the net revenue margin in the prior three quarters due primarily to strong growth coupled with lower charge-offs (net of recoveries) and delinquencies.

The ratio of fair value as a percentage of principal on consumer loans and finance receivables was 123.4% at September 30, 2026, which is higher compared to 121.6% at September 30, 2025 due to improvement in credit metrics discussed earlier in this section. The ratio of fair value as a percentage of principal at September 30, 2026 was slightly higher compared to 122.5% at June 30, 2026, due primarily to strong credit performance coupled with growth in the portfolio. Refer also to “Results of Operations—Valuation of Loans and Finance Receivables” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for additional discussion on loan valuation.

Small Business Loans and Finance Receivables

The following table includes financial information for our small business loans and finance receivables. Delinquency metrics include principal, interest, and fees, and only amounts that are past due (dollars in thousands):


	2025							2026
		Third			Fourth			First			Second			Third
		Quarter			Quarter			Quarter			Quarter			Quarter
Small business loans and finance receivables:
Total loan and finance receivable principal balance		$	2,948,290		$	3,301,076		$	3,661,184		$	3,782,743		$	3,958,111
Ending loan and finance receivable fair value balance			3,318,014			3,707,075			4,109,405			4,256,093			4,465,040
Fair value as a % of principal(a)			112.5	%		112.3	%		112.2	%		112.5	%		112.8	%

Ending loan and finance receivable balance, including principal and accrued fees/interest outstanding		$	2,974,371		$	3,328,524		$	3,696,655		$	3,816,093		$	3,984,581

Average loan and finance receivable balance(b)		$	2,882,684		$	3,157,860		$	3,547,257		$	3,757,810		$	3,900,469
Installment loans as percentage of average loan and finance receivable balance			48.5	%		47.4	%		46.1	%		45.5	%		45.6	%
Line of credit accounts as percentage of average loan and finance receivable balance			51.5	%		52.6	%		53.9	%		54.5	%		54.4	%

Revenue		$	348,310		$	383,015		$	417,500		$	439,270		$	458,737
Change in fair value			(93,083	)		(109,568	)		(128,759	)		(154,878	)		(145,570	)
Net revenue		$	255,227		$	273,447		$	288,741		$	284,392		$	313,167
Net revenue margin			73.3	%		71.4	%		69.2	%		64.7	%		68.3	%

Loan and finance receivable originations and purchases		$	1,371,874		$	1,643,237		$	1,733,785		$	1,602,839		$	1,760,404

Delinquencies:
> 30 days delinquent		$	185,147		$	207,270		$	262,974		$	283,854		$	309,362
> 30 days delinquent as a % of loan balance(a)			6.2	%		6.2	%		7.1	%		7.4	%		7.8	%

Charge-offs:
Charge-offs (net of recoveries)		$	128,266		$	144,477		$	162,957		$	182,129		$	186,029
Charge-offs (net of recoveries) as a % of average loan and finance receivable balance(b)			4.4	%		4.6	%		4.6	%		4.8	%		4.8	%

(a) Determined using period-end balances.

(b) The average loan and finance receivable balance is the average of the month-end balances during the period.

The ending balance, including principal and accrued fees/interest outstanding, of small business loans and finance receivables at September 30, 2026 increased 34.0% to $3,984.6 million compared to $2,974.4 million at September 30, 2025, due primarily to originations outpacing repayments.

The percentage of loans greater than 30 days delinquent of 7.8% was higher at September 30, 2026 compared to 6.2% at September 30, 2025 and 7.4% at June 30, 2026, but remains within the range of 6.2% to 8.8% observed over the prior three years and consistent with our expectations for the portfolio. Charge-offs (net of recoveries) as a percentage of average loan and finance receivable balance of 4.8% during the current quarter were fairly consistent with the prior four sequential quarters.

Revenue related to our small business loans and finance receivables was $458.7 million for the current quarter compared to $348.3 million for the prior year quarter. The increase in revenue was driven primarily by growth in the overall portfolio, partially offset by slightly lower average yields. The net revenue margin related to our small business loans and finance receivables was 68.3% for the current quarter, which is fairly consistent with the average of the prior four sequential quarters of 69.6%. The net revenue margin remains within the range of recent experience and is consistent with our expectations for the portfolio, as credit performance and yields were also within expectations.

The ratio of fair value as a percentage of principal on small business loans and finance receivables was 112.8% at September 30, 2026, which is fairly consistent with the prior four sequential quarters, as performance and outlook remain stable on the portfolio.

Total Operating Expenses

Total operating expenses increased $103.3 million, or 39.1%, to $367.2 million in the current quarter compared to $263.9 million in the prior year quarter.

Marketing expense increased to $229.7 million in the current quarter compared to $147.4 million in the prior year quarter due primarily to growth in the overall business with higher online advertising costs intended to capture increasing market demand for both our consumer and small business loan products and higher commissionable originations in our small business portfolio.

Operations and technology expense increased to $80.7 million in the current quarter compared to $64.5 million in the prior year quarter, due primarily to higher variable costs, particularly collection, personnel, underwriting and computer and software maintenance as a result of increases in originations and the size of the loan portfolio. As a percentage of revenue, operations and technology expense decreased slightly to 8.0% in the current quarter from 8.1% in the prior year quarter due primarily to growth in revenue outpacing personnel costs.

General and administrative expense increased to $46.2 million in the current quarter compared to $39.6 million in the prior year quarter due primarily to higher personnel costs and transaction-related costs associated with the planned acquisition of Grasshopper. As a percentage of revenue, general and administrative expense decreased to 4.6% in the current quarter from 4.9% in the prior year quarter, as increased originations and revenues outpaced fixed costs.

Depreciation and amortization expense decreased $1.8 million or 14.1% compared to the prior year quarter driven primarily by certain intangible assets reaching the end of their amortizable lives between quarters.

Nonoperating Items

Interest expense, net increased $16.5 million, or 19.0%, to $103.5 million in the current quarter compared to $87.0 million in the prior year quarter. The increase was due primarily to an increase of $1,174.0 million, or 29.14%, in the average amount of debt outstanding to $5,202.7 million during the current quarter from $4,028.7 million during the prior year quarter, partially offset by a decrease in the weighted average interest rate on our outstanding debt to 7.97% during the current quarter from 8.61% during the prior year quarter resulting primarily from year-over-year decreases in benchmark rates.

Provision for Income Taxes

The effective tax rate of 24.9% in the current quarter was lower than the 27.1% rate recorded in the prior year quarter. The lower effective tax rate is primarily due to higher state income tax expense in the prior year quarter, including the impact of unfavorable state rate changes, that did not recur in the current quarter. The decrease also reflects favorable return-to-provision adjustments recorded in the current quarter, primarily related to additional research and development tax credits.

Net Income

Net income increased $27.0 million, or 33.6%, to $107.3 million during the current quarter compared to $80.3 million during the prior year quarter. The increase was due primarily to an increase in income from operations due to higher net revenue, which outpaced increases in operating expenses as a percentage of revenue, partially offset by higher interest expense, which was the result of an increase in the average amount of debt outstanding.

NINE MONTHS ENDED SEPTEMBER 30, 2026 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30, 2025

Revenue and Net Revenue

Revenue increased $501.0 million, or 21.7%, to $2,813.3 million for the nine-month period ended September 30, 2026, or current nine-month period, as compared to $2,312.3 million for the nine-month period ended September 30, 2025, or prior year nine-month period. The increase was driven by a 34.3% increase in revenue from our small business portfolio and a 12.1% increase in revenue from our consumer portfolio as higher levels of originations have led to higher loan balances for both portfolios.

Net revenue for the current nine-month period was $1,711.4 million compared to $1,328.4 million for the prior year nine-month period. Our consolidated net revenue margin was 60.8% for the current nine-month period, as compared to 57.4% for the prior year nine-month period. The increase was driven by an increase in net revenue margin in the consumer portfolio as well as a mix shift toward the small business portfolio, which generally has a higher net revenue margin compared to the consumer portfolio, partially offset by a decrease in net revenue margin in the small business portfolio.

The following table sets forth the components of revenue and net revenue, separated by product for the current nine-month period and the prior year nine-month period (dollars in thousands):


	Nine Months Ended September 30,
	2026			2025			$ Change			% Change
Revenue by product:
Consumer loans and finance receivables revenue	$	1,460,346		$	1,302,549		$	157,797			12.1	%
Small business loans and finance receivables revenue		1,315,507			979,172			336,335			34.3
Total loans and finance receivables revenue		2,775,853			2,281,721			494,132			21.7
Other		37,388			30,541			6,847			22.4
Total revenue		2,813,241			2,312,262			500,979			21.7
Change in fair value		(1,101,857	)		(983,915	)		(117,942	)		12.0
Net revenue	$	1,711,384		$	1,328,347		$	383,037			28.8	%

Revenue by product (% to total):
Consumer loans and finance receivables revenue		51.9	%		56.3	%
Small business loans and finance receivables revenue		46.8			42.4
Total loans and finance receivables revenue		98.7			98.7
Other		1.3			1.3
Total revenue		100.0			100.0
Change in fair value		(39.2	)		(42.6	)
Net revenue		60.8	%		57.4	%

Revenue generated from the Company’s operations for the current nine-month period and the prior year nine-month period was as follows (in thousands):


	Nine Months Ended September 30,
	2026		2025
Loan interest	$	1,886,284	$	1,525,107
Statement and draw fees on line of credit accounts		769,830		648,635
Other		157,127		138,520
Total Revenue	$	2,813,241	$	2,312,262

Average Loan and Finance Receivable Origination

The average loan and finance receivable origination amount is calculated as the total amount of combined loans and finance receivables originated, renewed and purchased for the period divided by the total number of combined loans and finance receivables originated, renewed and purchased for the period. The following table shows the average loan and finance receivable origination amount by product for the current nine-month period compared to the prior year nine-month period:


	Nine Months Ended
	September 30,
	2026		2025
Average loan and finance receivable origination amount(a)
Consumer loans and finance receivables(b)(c)	$	627	$	566
Small business loans and finance receivables(c)		16,052		16,328
Total loans and finance receivables(b)		1,988		1,731

(a) The disclosure regarding the average loan origination amount is statistical data that is not included in our consolidated financial statements.

(b) Includes loans guaranteed by us, which represent loans originated by third-party lenders through the CSO program that we have not yet purchased and, therefore, are not included in our consolidated financial statements.

The average loan and finance receivable origination amount increased to $1,988 from $1,731 during the current nine-month period compared to the prior year nine-month period, due primarily to a higher proportion of loans originated in the small business portfolio, the average size of which greatly exceeds the average size of loans originated in the consumer portfolio. The average loan and finance receivable origination amount for the consumer portfolio increased during the current nine-month period compared to the prior year nine-month period due primarily to a slight mix shift to products with higher average origination amounts. The average loan and finance receivable origination amount for the small business portfolio during the current nine-month period was fairly consistent with the prior year nine-month period.

Total Operating Expenses

Total operating expenses increased $244.3 million, or 31.5%, to $1,019.9 million in the current nine-month period, compared to $775.6 million in the prior year nine-month period.

Marketing expense increased to $622.7 million in the current nine-month period compared to $429.5 million in the prior year nine-month period. The increase was due primarily to growth in the overall business with higher online advertising costs intended to capture increasing market demand for both our consumer and small business loan products and higher commissionable originations in our small business portfolio.

Operations and technology expense increased to $231.3 million in the current nine-month period compared to $190.7 million in the prior year nine-month period, due primarily to higher variable costs, particularly underwriting costs, personnel costs and computer and software maintenance expenses as a result of increases in originations and the size of the loan portfolio. As a percentage of revenue, operations and technology expense was flat at 8.2%.

General and administrative expense increased $15.4 million, or 12.5%, to $138.0 million in the current nine-month period compared to $122.6 million in the prior year nine-month period, due primarily to higher personnel costs and $5.5 million in transaction-related costs associated with the planned acquisition of Grasshopper. As a percentage of revenue, general and administrative expense decreased to 4.9% in the current nine-month period from 5.3% in the prior year nine-month period, as increased originations and revenues outpaced fixed costs.

Depreciation and amortization expense decreased $4.9 million or 14.7% compared to the prior year nine-month period driven primarily by certain intangible assets reaching the end of their amortizable lives between periods.

Nonoperating Items

Interest expense, net increased $45.1 million, or 18.0%, to $295.4 million in the current nine-month period compared to $250.3 million in the prior year nine-month period. The increase was due primarily to an increase of $1,079.6 million, or 28.09%, in the average amount of debt outstanding to $4,922.7 million during the current nine-month period from $3,843.1 million during the prior year nine-month period, partially offset by a decrease in the weighted average interest rate on our outstanding debt to 8.08% during the current nine-month period from 8.76% during the prior year nine-month period resulting primarily from year-over-year decreases in benchmark rates.

Provision for Income Taxes

The effective tax rate of 23.3% in the current nine-month period was lower compared to the effective tax rate of 24.1% in the prior year nine-month period. The decrease is primarily attributable to higher state income tax expense in the prior year period, including the impact of unfavorable state rate changes that did not recur in the current period. The decrease is partially offset by a lower rate benefit from stock compensation and state tax attributes generated from legal entity restructuring in the prior year period.

Net Income

Net income increased $74.1 million, or 32.3%, to $303.5 million during the current nine-month period compared to $229.4 million during the prior year nine-month period. The increase was due primarily to an increase in income from operations due primarily to overall growth in the business driving an increase in net revenue and lower operating expenses as a percentage of revenue, partially offset by higher interest expense as a result of an increase in the average amount of debt outstanding.

LIQUIDITY AND CAPITAL RESOURCES

Capital Funding Strategy

We seek to maintain a stable and flexible balance sheet to ensure that liquidity and funding are available to meet our business obligations. As of September 30, 2026, we had cash, cash equivalents, and restricted cash of $496.4 million, of which $390.4 million was restricted, compared to $407.9 million, of which $336.2 million was restricted, as of December 31, 2025. During the nine months ended September 30, 2026, we issued $300.9 million of asset-backed notes and increased the borrowing capacity of two consumer loan securitization facilities by a total of $225.0 million to fund our growth in our consumer loan portfolio, and we issued $500.0 million of asset-backed notes and increased the borrowing capacity of two small business loan securitization facilities by a total of $165.9 million to fund our growth in our small business loan portfolio. As of September 30, 2026, we had aggregate funding capacity of $817.4 million. Based on numerous stressed-case modeling scenarios, we believe we have sufficient liquidity to run our operations for the foreseeable future. Further, we have no recourse debt obligations scheduled to mature until December 2028. As part of our capital and liquidity management, we may from time to time acquire our outstanding debt securities, including through redemptions, tender offers, open market purchases, negotiated transactions or otherwise, in accordance with applicable securities laws and in compliance with the indentures governing our outstanding debt securities, upon such terms and at such prices as we may determine.

Historically, we have generated significant cash flow through normal operating activities for funding both long-term and short-term needs. Our near-term liquidity is managed to ensure that adequate resources are available to fund our seasonal working capital growth, which is driven by demand for our loan and financing products.

We have a secured revolving credit facility (the “Credit Agreement”) that we utilize for general corporate purposes, which may include funding loan originations and providing liquidity for short-term working capital needs. On August 28, 2025, we amended the Credit Agreement to, among other changes, increase the total commitment amount from $665.0 million to $825.0 million, extend the maturity date from June 2026 to August 2029 and reduce the interest rate, as applicable, from the base rate plus 0.75% to the base rate plus 0.50% and from the SOFR rate plus 3.50% to the SOFR rate plus 3.25%. In addition to customary fees for a credit facility of this size and type, the Credit Agreement provides for payment of a commitment fee calculated with respect to the unused portion of the commitment, and ranges from 0.15% per annum to 0.50% per annum depending on usage. As of October 19, 2026, our available borrowings under the Credit Agreement were $150.6 million. We also utilize several loan securitization facilities and asset-backed notes to fund our growth, primarily in our near-prime consumer loan and small business loan portfolios, which provide funding capacity of $292.6 million as of October 19, 2026. We expect that our operating needs, including satisfying our obligations under our debt agreements and funding our working capital growth, will be satisfied by a combination of cash flows from operations, borrowings under the Credit Agreement, or any refinancing, replacement thereof or increase in borrowings thereunder, and securitization or sale of loans and finance receivables under our consumer and small business loan securitization facilities.

As of September 30, 2026, we were in compliance with all financial ratios and covenants set forth in our debt agreements. Unexpected changes in our financial condition or other unforeseen factors may result in our inability to obtain third-party financing or could increase our borrowing costs in the future. To the extent we experience short-term or long-term funding disruptions, we have the ability to adjust our volume of lending and financing to consumers and small businesses that would reduce cash outflow requirements while increasing cash inflows through repayments. Additional alternatives may include the securitization or sale of assets, increased borrowings under the Credit Agreement, or any refinancing or replacement thereof, and reductions in capital spending, which could be expected to generate additional liquidity.

Capital

Total stockholders’ equity was $1,568.6 million at September 30, 2026 compared to $1,336.7 million at December 31, 2025. The increase of stockholders’ equity was driven primarily by net income for the nine months ended September 30, 2026 and, to a lesser

extent, stock-based compensation expense, partially offset by repurchases of our outstanding common stock, which is discussed in more detail below. Our book value per share outstanding increased to $63.47 at September 30, 2026 from $54.08 at December 31, 2025, which was primarily driven by net income, partially offset by share repurchases.

On August 12, 2024, we announced the Board of Directors authorized a new share repurchase program totaling $300.0 million through December 31, 2025 (the “August 2024 Authorization”), which replaced the prior share repurchase authorization. On November 12, 2025, we announced the Board of Directors authorized a new share repurchase program totaling $400.0 million through June 30, 2027 (the “November 2025 Authorization”), which replaced the August 2024 Authorization, under which the Company had repurchased $238.9 million of common stock. As of September 30, 2026, the Company had repurchased $97.6 million of common stock under the November 2025 Authorization. Repurchases under our repurchase programs are made from time to time in accordance with applicable securities laws in the open market, through privately negotiated transactions or otherwise. The share repurchase programs do not obligate us to purchase any shares of our common stock. The November 2025 Authorization may be terminated, increased or decreased by the Board of Directors in its discretion at any time. During the nine months ended September 30, 2026, we had $81.0 million in repurchases of common stock under our share repurchase program.

Cash

Our cash and cash equivalents are held primarily for working capital purposes and to fund a portion of our lending activities. Our policy is to invest cash in excess of our immediate working capital requirements in short-term investments, deposit accounts or other arrangements designed to preserve the principal balance and maintain adequate liquidity. We do not enter into investments for trading or speculative purposes. Our excess cash may be invested primarily in overnight sweep accounts, money market instruments or similar arrangements that provide competitive returns consistent with our policies and market conditions. From time to time, we use excess cash and cash equivalents to fund our lending activities.

Our restricted cash typically consists of funds held in accounts as reserves on certain debt facilities and as collateral for issuing bank partner transactions. We have no ability to draw on such funds as long as they remain restricted under the applicable arrangements but have the ability to use these funds to finance loan originations, subject to meeting borrowing base requirements. Our policy is to invest restricted cash held in debt facility related accounts, to the extent permitted by such debt facility, in investments designed to preserve the principal balance and provide liquidity. Accordingly, such cash is invested primarily in money market instruments that offer daily purchase and redemption and provide competitive returns consistent with our policies and market conditions.

Current Debt Facilities

The following table summarizes our debt facilities as of September 30, 2026 (dollars in thousands):


	Revolving period end date	Maturity date	Weighted average interest rate(a)	Borrowing capacity			Principal outstanding
Funding Debt:
ODAS IV 2025-2 Securitization Notes	October 2028	November 2032	5.65%	$	261,434		$	261,434
ODAS IV 2026-1 Securitization Notes	September 2028	October 2032	6.22%		500,026			500,026
2026-A Securitization Notes	—	September 2032	6.42%		289,544			289,544
ODAS IV 2025-1 Securitization Notes	March 2028	April 2032	5.89%		261,392			261,392
ODAS IV 2024-2 Securitization Notes	September 2027	October 2031	5.78%		261,353			261,353
2025-A Securitization Notes	—	October 2031	7.29%		42,526			42,526
ODAS IV 2024-1 Securitization Notes	May 2027	June 2031	6.84%		399,574			399,574
2024-A Securitization Notes	—	October 2030	8.31%		20,017			20,017
ODAS IV 2023-1 Securitization Notes	July 2026	August 2030	7.83%		179,153			179,153
NCLOCR 2024 Securitization Facility	February 2029	February 2030	8.68%		300,000			250,000
ODR 2022-1 Securitization Facility	June 2028	June 2029	7.23%		420,000			244,156
HWCR 2023 Securitization Facility	March 2028	March 2029	8.20%		535,000			535,000
ODR 2021-1 Securitization Facility	November 2027	November 2028	6.97%		246,667			148,989
NCR 2022 Securitization Facility	October 2026	October 2028	8.14%		275,000			20,000
NCLOCR 2025 Securitization Facility	July 2027	July 2028	7.93%		150,000			150,000
RAOD Securitization Facility	November 2026	November 2027	6.43%		355,263			227,959
Total funding debt			6.93%	$	4,496,949		$	3,791,123
Corporate Debt:
Revolving line of credit	August 2029	August 2029	7.25%	$	825,000	(b)	$	713,000
9.125% senior notes due 2029	—	August 2029	9.13%		500,000			500,000
11.25% senior notes due 2028	—	December 2028	11.25%		400,000			400,000
Total corporate debt			8.82%	$	1,725,000		$	1,613,000

(a) The weighted average interest rate is determined based on the rates and principal balances on September 30, 2026. It does not include the impact of the amortization of deferred loan origination costs or debt discounts.

(b) We had an outstanding letter of credit under the Revolving line of credit of $0.4 million as of September 30, 2026.

Our ability to fully utilize the available capacity of our debt facilities may also be impacted by provisions that limit concentration risk and eligibility.

Cash Flows

Our cash flows and other key indicators of liquidity are summarized as follows (in thousands):


	Nine Months Ended September 30,
	2026			2025
Total cash flows provided by operating activities	$	1,554,189		$	1,320,310
Cash flows from investing activities
Loans and finance receivables		(2,188,170	)		(1,607,528	)
Capitalization of software development costs and purchases of fixed assets		(34,989	)		(35,444	)
Total cash flows used in investing activities		(2,223,159	)		(1,642,972	)
Cash flows provided by financing activities	$	757,857		$	356,731

Cash Flows from Operating Activities

Net cash provided by operating activities increased $233.9 million, or 17.7%, to $1,554.2 million in the current nine-month period from $1,320.3 million for the prior year nine-month period. The increase was driven primarily by additional interest and fee income from growth in the loan portfolio, partially offset by higher marketing expenses, higher interest expense on higher outstanding debt balances to fund growth in the loan portfolio, and higher variable operations and technology expenses.

We believe cash flows from operations and available cash balances and borrowings under our securitization facilities and Credit Agreement, which may include increased borrowings under the Credit Agreement, any refinancing or replacement thereof, and additional securitization of consumer and small business loans, will be sufficient to fund our future operating liquidity needs, including to fund our working capital growth.


Delaware		45-3190813
(State or other jurisdiction of Incorporation or organization)		(I.R.S. Employer Identification No.)

175 West Jackson Blvd. Chicago, Illinois		60604
(Address of principal executive offices)		(Zip Code)


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $.00001 par value per share	ENVA	New York Stock Exchange


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐


		Page
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)
	Consolidated Balance Sheets – September 30, 2026 and 2025 and December 31, 2025	1
	Consolidated Statements of Income – Three and Nine Months Ended September 30, 2026 and 2025	3
	Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2026 and 2025	4
	Consolidated Statements of Stockholders’ Equity – Three and Nine Months Ended September 30, 2026 and 2025	5
	Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2026 and 2025	6
	Notes to Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39
Item 4.	Controls and Procedures	39

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	40
Item 1A.	Risk Factors	40
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41
Item 3.	Defaults upon Senior Securities	41
Item 4.	Mine Safety Disclosures	41
Item 5.	Other Information	41
Item 6.	Exhibits	42

SIGNATURES		43


Period	Total Number of Shares Purchased(a)		Average Price Paid Per Share(b)		Total Number of Shares Purchased as Part of Publicly Announced Plan(c)		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan(b)(c) (in thousands)
July 1 – July 31, 2026		26,905	$	235.77		26,905	$	342,229
August 1 – August 31, 2026		24,263		253.70		23,872		336,173
September 1 – September 30, 2026		192,493		175.48		192,493		302,393
Total		243,661	$	189.93		243,270	$	302,393


Exhibit No.		Exhibit Description

3.1		Enova International, Inc. Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s Form 10-Q filed on July 28, 2023)
3.1
3.2		Enova International, Inc. Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to the Company’s Form 8-K filed on November 17, 2017)

4.1*		Indenture, dated as of August 21, 2026, by and among NetCredit Combined Receivables B, LLC, as Issuer, and Citibank, N.A., as Indenture Trustee, Paying Agent, Note Registrar and Securities Intermediary

4.2*		Second Supplement to Series 2023-1 Indenture Supplement, dated as of September 16, 2026, between OnDeck Asset Securitization IV, LLC, as Issuer, and Deutsche Bank Trust Company Americas, as Indenture Trustee

4.3*		Series 2026-1 Indenture Supplement, dated as of September 25, 2026, to Base Indenture dated as of July 27, 2023 and amended as of March 20, 2025 and further amended as of November 13, 2025, by and between OnDeck Asset Securitization IV, LLC, as Issuer, and Deutsche Bank Trust Company Americas, as Indenture Trustee, of up to $500,026,000 of Asset Backed Notes

10.1*		Third Amendment to Note Issuance and Purchase Agreement, dated as of August 14, 2026, by and among NetCredit LOC Receivables 2024, LLC, the note purchasers party thereto, Citibank, N.A. as Collateral Trustee, and Midtown Madison Management LLC, as Administrative Agent

10.2*		Omnibus Amendment - Amendment No. 3 to Credit Agreement and Amendment No. 1 to Backup Servicing Agreement, dated as of September 17, 2026, among HWC Receivables 2023, LLC, as company, the lenders party thereto, Headway Capital, LLC, as originator, Vervent Inc., as backup servicer, Deutsche Bank Trust Company Americas, as paying agent and as custodian, and Atlas Securitized Products Administration, L.P., as administrative agent and as collateral agent

31.1*		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2*		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1*		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2*		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS*		XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH*		Inline XBRL Taxonomy Extension Schema Document

101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase

101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


Date: October 22, 2026	ENOVA INTERNATIONAL, INC.

	By:	/s/ Scott Cornelis
		Scott Cornelis
		Chief Financial Officer
		(On behalf of the Registrant and as Principal Financial Officer)