FirstCash 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.

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.

Products and 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.

Customers and end 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.

Value-chain role

In pawn operations, FirstCash acts as direct lender, collateral custodian, and retailer of pre-owned goods, sourcing inventory entirely from loan forfeitures and direct customer purchases with no manufacturing or distribution infrastructure. In retail POS payment solutions, AFF functions as a technology-enabled intermediary between merchant partners and consumers, purchasing goods from merchants for LTO transactions, originating or facilitating financing, and servicing bank-originated loans on behalf of the bank partner.

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.

Source: SEC 10-K, filed 2026-02-09

Industry: Retail-Miscellaneous Retail Peers: Ally Financial Inc American Express Co Credit Acceptance Corp Nelnet Inc Navient Corp OneMain Holdings Inc SLM Corp SoFi Technologies Inc Upstart Holdings Inc