Firstcash Holdings Inc
ir.firstcash.comFirstCash Holdings Inc (NASDAQ: FCFS) is a pawn and retail point-of-sale payment solutions company that operates pawn stores and provides lease-to-own and consumer finance products. Revenue comes from three pawn-related streams, namely pawn loan fees (finance charges), retail merchandise sales of unredeemed collateral, and scrap jewelry proceeds, plus fees and income from AFF's lease-to-own and retail finance products. FirstCash operates 3,330 pawn locations across the United States, Mexico, Guatemala, El Salvador, Colombia, and the United Kingdom, including 286 U.K. locations acquired through the H&T acquisition completed August 14, 2025. The retail POS payment solutions segment, operated entirely through AFF, contributed 15% of consolidated net revenues in FY2025. AFF primarily serves credit-constrained consumers through merchant partners using lease-to-own, retail installment sales, and bank-originated installment loan products, the last of which accounted for 45% of AFF's gross transaction volumes in FY2025. The four reportable segments are U.S. pawn, Latin America pawn, U.K. pawn, and retail POS payment solutions.
Products & Services
Pawn loans: short-term, non-recourse loans collateralized by personal property. Retail merchandise sales: pre-owned consumer goods from unredeemed pawn collateral. AFF lease-to-own (LTO): AFF purchases tangible personal property from merchant partners and leases it to customers under rental purchase agreements. AFF retail installment sales agreements (RISA): consumer finance option at merchant partner point of sale. AFF bank-originated unsecured installment loans: originated by a bank partner, serviced by AFF, with terms of six to 24 months; AFF bears credit risk on loans 90 or more days past due. Bank-originated installment loan products were 45% of AFF gross transaction volumes in FY2025.
Revenue Model
Pawn segments generate revenue from pawn loan fees (finance charges on short-term non-recourse loans collateralized by personal property), retail sales of unredeemed collateral merchandise, and scrap proceeds. The retail POS payment solutions segment (AFF) earns income from lease-to-own transactions, retail installment sales agreements, and servicing and other fees on bank-originated unsecured installment loans. AFF's net revenues (gross profit) represented 15% of consolidated net revenues in FY2025. Inventory is sourced primarily from unredeemed pawn collateral and direct purchases from customers, eliminating traditional supply chain costs.
Customers & Markets
Pawn customers are unbanked or underbanked consumers seeking short-term liquidity or affordable pre-owned merchandise, located within tight geographic proximity to store locations. AFF customers are credit-constrained consumers who do not qualify for prime or near-prime retail financing, served through AFF's network of traditional and e-commerce merchant partners in the U.S.
Geographic Exposure
U.S. pawn: 29 states and the District of Columbia. Latin America pawn: Mexico, Guatemala, El Salvador, and Colombia. U.K. pawn: England, Scotland, and Wales, including 286 H&T locations acquired August 14, 2025 for total equity consideration of £289.1 million ($392.4 million USD). Retail POS payment solutions (AFF): United States only.
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