FirstCash Holdings announced record operating results for the first quarter ended March 31, 2025, with GAAP net income growing 36% and adjusted net income increasing 32%. The company's core pawn operations drove continued revenue and earnings growth, complemented by strong operating margins in the AFF POS payment solutions segment.
Demand for pawn loans remained robust, with ending same-store pawn receivables increasing 13% in the U.S. and 14% in Latin America on a local currency basis. This marks the seventh consecutive quarter of double-digit same-store receivable growth in the U.S. segment, which led to a 17% increase in earnings from this segment.
The AFF segment delivered positive results, with earnings growth benefiting from solid credit performance and significant cost reductions. The number of active merchant doors increased 29% when excluding certain furniture retailers that closed due to bankruptcies last year, indicating diversification outside the furniture vertical.
FirstCash invested in its long-term growth by adding 12 pawn locations and purchasing store real estate for high-performing U.S. stores, now owning over 400 domestic locations. The company also repurchased 525,000 shares for $60 million at an average price of less than $114 per share during the quarter.
The Board of Directors declared a quarterly cash dividend of $0.38 per share, payable in May 2025. The outlook for 2025 remains highly positive, with expected year-over-year income growth driven by continued earning asset balance growth and store additions.
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