Enova Reports Third Quarter 2026 Results

Enova Reports Third Quarter 2026 Results CHICAGO, Oct. 22, 2026 /PRNewswire/ -- Enova International (NYSE: ENVA), a leading financial services company powered by machine learning and world-class analytics, today announced financial results for the third quarter ended September 30, 2026.

"We're pleased to deliver another quarter of strong financial results, driven by healthy demand and stable credit, as consolidated originations, receivables, revenue and adjusted EPS all grew 25% or more year-over-year," said Steve Cunningham, Enova's CEO. "We've built a high growth, highly profitable and resilient business at Enova serving large, fragmented markets with diversified products powered by our online-only business model, world-class technology and risk management, talented team and competitive funding capabilities. Our future is bright, and our focused growth strategy has us well positioned to continue delivering on our commitment to driving long-term shareholder value while meeting our mission of helping hardworking people get access to fast, trustworthy credit."

Third Quarter 2026 Summary

"We're pleased to deliver another quarter of top- and bottom-line financial performance that exceeded our expectations, including revenue of $1 billion during a quarter for the first time in our history," said Scott Cornelis, CFO of Enova. "Our financial and credit consistency supported strong execution in the capital markets during the quarter, and our competitive funding costs and solid liquidity position have us well positioned to deliver on our commitment to driving long-term shareholder value through both continued investments in our business and opportunistic share repurchases."

1 Non-GAAP measure. Refer to "Non-GAAP Financial Measures," "Loans and Finance Receivables Financial and Operating Data,"

and "Reconciliation of GAAP to Non-GAAP Financial Measures" below for additional information.

Conference Call

Enova will host a conference call to discuss its third quarter 2026 results at 4 p.m. Central Time / 5 p.m. Eastern Time today, October 22nd. The live webcast of the call can be accessed at the Enova Investor Relations website at http://ir.enova.com, along with the company's earnings press release and supplemental financial information. The U.S. dial-in for the call is 1-855-560-2575 (1-412-542-4161 for non-U.S. callers). Please ask to join the Enova International call. A replay of the conference call will be available until October 29, 2026, at 10:59 p.m. Central Time / 11:59 p.m. Eastern Time, while an archived version of the webcast will be available on the Enova International Investor Relations website for 90 days. The U.S. dial-in for the conference call replay is 1-855-669-9658 (1-412-317-0088). The replay access code is 9232664.

About Enova

Enova International (NYSE: ENVA) is a leading online financial services company that serves small businesses and consumers who are underserved by traditional banks. For over 20 years, Enova has provided over $74 billion in loans and financing to more than 16 million customers by offering a suite of market-leading products powered by the company's world-class analytics, machine learning algorithms and proprietary technology. You can learn more about the company and its portfolio of businesses at www.enova.com.

Cautionary Statement Concerning Forward Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about the business, financial condition and prospects of Enova. These forward-looking statements give current expectations or forecasts of future events and reflect the views and assumptions of Enova's senior management with respect to the business, financial condition and prospects of Enova as of the date of this release and are not guarantees of future performance. The actual results of Enova could differ materially from those indicated by such forward-looking statements because of various risks and uncertainties applicable to Enova's business, including, without limitation, those risks and uncertainties indicated in Enova's filings with the Securities and Exchange Commission ("SEC"), including our annual report on Form 10-K, quarterly reports on Forms 10-Q and current reports on Forms 8-K. These risks and uncertainties are beyond the ability of Enova to control, and, in many cases, Enova cannot predict all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this release, the words "believes," "estimates," "plans," "expects," "anticipates" and similar expressions or variations as they relate to Enova or its management are intended to identify forward-looking statements. Enova cautions you not to put undue reliance on these statements. Enova disclaims any intention or obligation to update or revise any forward-looking statements after the date of this release.

Non-GAAP Financial Measures

In addition to the financial information prepared in conformity with generally accepted accounting principles in the United States, or GAAP, Enova provides historical non-GAAP financial information. Enova presents non-GAAP financial information because such measures are used by management in understanding the activities and business metrics of Enova's operations. Management believes that these non-GAAP financial measures reflect an additional way of viewing aspects of Enova's business that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

Management provides non-GAAP financial information for informational purposes and to enhance understanding of Enova's GAAP consolidated financial statements. Readers should consider the information in addition to, but not instead of or superior to, Enova's 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.

Combined Loans and Finance Receivables

The combined loans and finance receivables measures are non-GAAP measures that include loans and finance receivables that Enova owns or has purchased and loans that Enova guarantees. Management believes 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. Management also believes that the comparison of the aggregate amounts from period to period is more meaningful than comparing only the amounts reflected on Enova's consolidated balance sheet since revenue is impacted by the aggregate amount of receivables owned by Enova and those guaranteed by Enova as reflected in its consolidated financial statements.

Adjusted Earnings Measures

Enova provides adjusted earnings and adjusted earnings per share, or, collectively, the Adjusted Earnings Measures, which are non-GAAP measures. Management believes 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 can provide a more complete understanding of Enova's financial performance, competitive position and prospects for the future. Management utilizes, and also believes that investors utilize, the Adjusted Earnings Measures to assess operating performance, recognizing that such measures may highlight trends in Enova's business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP. In addition, management believes that the Adjusted Earnings Measures are useful to management and investors in comparing Enova's financial results during the periods shown without the effect of certain items that are not indicative of Enova's core operating performance or results of operations.

Adjusted EBITDA Measures

Enova provides Adjusted EBITDA and Adjusted EBITDA margin, or, collectively, the Adjusted EBITDA measures, which are non-GAAP measures. Adjusted EBITDA is a non-GAAP measure that Enova defines as earnings excluding depreciation, amortization, interest, foreign currency transaction gains or losses, taxes, stock-based compensation and certain other items, as appropriate, that are not indicative of our core operating performance. Adjusted EBITDA margin is a non-GAAP measure that Enova defines as Adjusted EBITDA as a percentage of total revenue. Management utilizes, and also believes that investors utilize, Adjusted EBITDA Measures to analyze operating performance and evaluate Enova's ability to incur and service debt and Enova's capacity for making capital expenditures. Enova believes that Adjusted EBITDA is useful to management and investors in comparing Enova's financial results during the periods shown without the effect of certain non-cash items and certain items that are not indicative of Enova's core operating performance or results of operations. Adjusted EBITDA Measures are also useful to investors to help assess Enova's estimated enterprise value.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)

(Unaudited)

September 30,

December 31,

2026

2025

Assets

Cash and cash equivalents

105,957

53,600

71,709

Restricted cash

390,443

303,365

336,154

Loans and finance receivables at fair value

6,595,967

5,012,853

5,471,544

Income taxes receivable

29,267

55,124

40,901

Other receivables and prepaid expenses

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

Intangible assets, net

1,891

4,910

3,660

Other assets

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

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

5,376,881

4,106,471

4,498,381

Total liabilities

6,126,901

4,678,562

5,131,708

Commitments and contingencies

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

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(Unaudited)

Three Months Ended

Nine Months Ended

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)

(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

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(dollars in thousands)

(Unaudited)

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

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

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

LOANS AND FINANCE RECEIVABLES FINANCIAL AND OPERATING DATA

(dollars in thousands)

The following table includes financial information for loans and finance receivables, which is based on loan and finance receivable balances for the three months ended September 30, 2026 and 2025.

Three Months Ended September 30,

2026

2025

Change

Ending combined loan and finance receivable principal balance:

Company owned

5,690,329

4,344,901

1,345,428

Guaranteed by the Company (a)

16,758

17,301

(543)

Total combined loan and finance receivable principal balance (b)

5,707,087

4,362,202

1,344,885

Ending combined loan and finance receivable fair value balance:

Company owned

6,595,967

5,012,853

1,583,114

Guaranteed by the Company (a)

27,619

24,372

3,247

Ending combined loan and finance receivable fair value balance (b)

6,623,586

5,037,225

1,586,361

Fair value as a % of principal (c)

116.1

115.5

0.6

Ending combined loan and finance receivable balance, including

principal and accrued fees/interest outstanding:

Company owned

5,877,741

4,500,360

1,377,381

Guaranteed by the Company (a)

20,135

20,750

(615)

Ending combined loan and finance receivable balance (b)

5,897,876

4,521,110

1,376,766

Average combined loan and finance receivable balance, including

principal and accrued fees/interest outstanding:

Company owned (d)

5,708,899

4,407,476

1,301,423

Guaranteed by the Company (a)(d)

22,120

20,881

1,239

Average combined loan and finance receivable balance (a)(d)

5,731,019

4,428,357

1,302,662

Installment loans as percentage of average combined loan and finance receivable balance

42.4

44.2

(1.8)

Line of credit accounts as percentage of average combined loan and finance receivable balance

57.6

55.8

1.8

Revenue

995,857

791,723

204,134

Change in fair value

(392,776)

(339,872)

(52,904)

Net revenue

603,081

451,851

151,230

Net revenue margin

60.6

57.1

3.5

Combined loan and finance receivable originations and purchases

2,567,480

1,961,439

606,041

Delinquencies:

>30 days delinquent

473,633

327,387

146,246

>30 days delinquent as a % of combined loan and finance receivable balance (c)

8.0

7.2

0.8

Charge-offs:

Charge-offs (net of recoveries)

462,457

377,811

84,646

Charge-offs (net of recoveries) as a % of average combined loan and finance

receivable balance (d)

8.1

8.5

(0.4)

(a)

Represents loans originated by third-party lenders through the CSO programs, which are not included in our consolidated balance sheets.

(b)

Non-GAAP measure.

(c)

Determined using period-end balances.

(d)

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

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(dollars in thousands, except per share data)

Adjusted Earnings Measures

Three Months Ended

Nine Months Ended

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

Adjusted earnings per share

4.48

3.36

12.64

9.51

Adjusted EBITDA

Three Months Ended

Nine Months Ended

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

(a)

In the first, second and third quarters of 2026, the Company recorded $1.4 million ($1.0 million net of tax), $2.7 million ($2.0 million net of tax) and $1.4 million ($1.1 million net of tax), respectively, of costs related to the planned acquisition of Grasshopper Bancorp, Inc. and its wholly-owned subsidiary Grasshopper Bank.

(b)

In the third quarter of 2026 and second quarter of 2025, the Company recorded other nonoperating expense 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.

SOURCE Enova International, Inc.