Enova Reports Third Quarter 2025 Results

CHICAGO, Oct. 23, 2025 /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, 2025.

"We are pleased to report another solid quarter driven by strong demand and stable credit performance across both our SMB and consumer businesses," said David Fisher, Enova's CEO. "Our success and vast experience in managing the business through many different operating environments has been fueled by our diversified product offerings, the sophistication of our machine-learning models, outstanding team and online-only model. Looking forward, I am very excited and optimistic about the long-term future of Enova as Steve Cunningham takes over as CEO in January. We are committed to our disciplined focused growth approach and we remain confident in our ability to continue meeting our customers' needs while creating meaningful value for our shareholders."

Third Quarter 2025 Summary

"We are pleased to deliver another solid quarter of top and bottom-line results that were inline or better than our expectations with strong growth in originations, receivables and revenue along with solid credit, operating efficiency and balance sheet flexibility," said Steve Cunningham, CFO of Enova. "We have delivered six consecutive quarters of year-over-year adjusted EPS growth of at least 25% or more, and we remain confident in our ability to continue to generate meaningful financial results for the remainder of 2025 and beyond."

_____________________

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 2025 results at 4 p.m. Central Time / 5 p.m. Eastern Time today, October 23 rd. 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conference call will be available until October 30, 2025, at 10:59 p.m. Central Time / 11:59 p.m. Eastern Time, while an archived version of the webcast will be available on the Enova International Investor Relations website for 90 days.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 1-877-344-7529 (1-412-317-0088). The replay access code is 8315240.

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 $65 billion in loans and financing to more than 13 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,

2025

2024

Assets

Cash and cash equivalents

53,600

67,500

73,910

Restricted cash

303,365

186,880

248,758

Loans and finance receivables at fair value

5,012,853

4,134,440

4,386,444

Income taxes receivable

55,124

66,290

40,690

Other receivables and prepaid expenses

76,941

68,926

63,752

Property and equipment, net

128,690

117,970

119,956

Operating lease right-of-use assets

17,167

12,705

18,201

Goodwill

279,275

Intangible assets, net

4,910

12,964

10,951

Other assets

30,312

28,746

24,194

Total assets

5,962,237

4,975,696

5,266,131

Liabilities and Stockholders' Equity

Accounts payable and accrued expenses

252,914

259,535

249,970

Operating lease liabilities

32,247

26,346

32,165

Deferred tax liabilities, net

286,930

217,387

223,590

Long-term debt

4,106,471

3,293,735

3,563,482

Total liabilities

4,678,562

3,797,003

4,069,207

Commitments and contingencies

Stockholders' equity:

Common stock, $0.00001 par value, 250,000,000 shares authorized,

47,330,541, 46,453,571 and 46,520,916 shares issued and

24,883,481, 26,266,846 and 25,808,096 outstanding as of

September 30, 2025 and 2024 and December 31, 2024, respectively

—

Preferred stock, $0.00001 par value, 25,000,000 shares authorized,

no shares issued and outstanding

—

Additional paid in capital

359,054

318,223

328,268

Retained earnings

1,927,162

1,634,059

1,697,754

Accumulated other comprehensive loss

(7,872)

(9,422)

(13,691)

Treasury stock, at cost (22,447,060, 20,186,725 and 20,712,820

shares as of September 30, 2025 and 2024 and December 31, 2024,

respectively)

(994,669)

(764,167)

(815,407)

Total stockholders' equity

1,283,675

1,178,693

1,196,924

Total liabilities and stockholders' equity

5,962,237

4,975,696

5,266,131

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

2025

2024

2025

2024

Revenue

802,678

689,924

2,312,262

1,928,249

Change in Fair Value

(341,971)

(289,568)

(983,915)

(811,836)

Net Revenue

460,707

400,356

1,328,347

1,116,413

Operating Expenses

Marketing

147,351

141,059

429,490

372,391

Operations and technology

64,564

56,628

190,674

165,960

General and administrative

39,661

38,916

122,633

118,489

Depreciation and amortization

12,356

10,039

32,765

30,011

Total Operating Expenses

263,932

246,642

775,562

686,851

Income from Operations

196,775

153,714

552,785

429,562

Interest expense, net

(86,954)

(76,902)

(250,279)

(213,453)

Foreign currency transaction gain (loss)

(95)

(228)

(162)

Equity method investment income (loss)

258

(16,552)

991

(16,552)

Other nonoperating expenses

—

(4,678)

(1,019)

(5,691)

Income before Income Taxes

110,169

55,487

302,250

193,704

Provision for income taxes

29,855

12,073

72,842

47,951

Net income

80,314

43,414

229,408

145,753

Earnings Per Share

Earnings per common share:

Basic

3.22

1.64

9.07

5.36

Diluted

3.03

1.57

8.53

5.14

Weighted average common shares outstanding:

Basic

24,955

26,420

25,307

27,182

Diluted

26,472

27,711

26,881

28,382

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(dollars in thousands)

(Unaudited)

Nine Months Ended September 30,

2025

2024

Total cash flows provided by operating activities

1,320,310

1,108,056

Cash flows from investing activities

Loans and finance receivables

(1,607,528)

(1,298,988)

Capitalization of software development costs and purchases of fixed assets

(35,444)

(33,244)

Total cash flows used in investing activities

(1,642,972)

(1,332,232)

Cash flows provided by financing activities

356,731

101,911

Effect of exchange rates on cash, cash equivalents and restricted cash

228

(794)

Net increase (decrease) in cash, cash equivalents and restricted cash

34,297

(123,059)

Cash, cash equivalents and restricted cash at beginning of year

322,668

377,439

Cash, cash equivalents and restricted cash at end of period

356,965

254,380

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, 2025 and 2024.

Three Months Ended September 30,

2025

2024

Change

Ending combined loan and finance receivable principal balance:

Company owned

4,344,901

3,593,366

751,535

Guaranteed by the Company (a)

17,301

18,292

(991)

Total combined loan and finance receivable principal balance (b)

4,362,202

3,611,658

750,544

Ending combined loan and finance receivable fair value balance:

Company owned

5,012,853

4,134,440

878,413

Guaranteed by the Company (a)

24,372

25,446

(1,074)

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

5,037,225

4,159,886

877,339

Fair value as a % of principal (c)

115.5

115.2

0.3

Ending combined loan and finance receivable balance, including principal

and accrued fees/interest outstanding:

Company owned

4,500,360

3,742,767

757,593

Guaranteed by the Company (a)

20,750

21,797

(1,047)

Ending combined loan and finance receivable balance (b)

4,521,110

3,764,564

756,546

Average combined loan and finance receivable balance, including

principal and accrued fees/interest outstanding:

Company owned (d)

4,407,476

3,658,014

749,462

Guaranteed by the Company (a)(d)

20,881

18,999

1,882

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

4,428,357

3,677,013

751,344

Installment loans as percentage of average combined loan and finance

receivable balance

44.2

45.9

(1.7)

Line of credit accounts as percentage of average combined loan and

finance receivable balance

55.8

54.1

1.7

Revenue

791,723

680,338

111,385

Change in fair value

(339,872)

(287,037)

(52,835)

Net revenue

451,851

393,301

58,550

Net revenue margin

57.1

57.8

(0.7)

Combined loan and finance receivable originations and purchases

1,961,439

1,613,920

347,569

Delinquencies:

>30 days delinquent

327,387

293,839

33,548

>30 days delinquent as a % of combined loan and finance receivable

balance (c)

7.2

7.8

(0.6)

Charge-offs:

Charge-offs (net of recoveries)

377,811

309,325

68,486

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

finance receivable balance (d)

8.5

8.4

0.1

_____________________

(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,

2025

2024

2025

2024

Net income

80,314

43,414

229,408

145,753

Adjustments:

Transaction-related costs (a)

—

327

Equity method investment income (b)

(258)

16,552

(991)

16,552

Other nonoperating expenses (c)

—

4,678

1,019

5,691

Intangible asset amortization

2,014

6,041

Stock-based compensation expense

8,535

8,116

24,577

23,519

Foreign currency transaction (gain) loss

(90)

228

162

Cumulative tax effect of adjustments

(1,692)

(6,949)

(4,668)

(12,181)

Adjusted earnings

88,823

67,920

255,614

185,864

Diluted earnings per share

3.03

1.57

8.53

5.14

Adjusted earnings per share

3.36

2.45

9.51

6.55

Adjusted EBITDA

Three Months Ended

Nine Months Ended

September 30,

2025

2024

2025

2024

Net income

80,314

43,414

229,408

145,753

Depreciation and amortization expenses

12,356

10,039

32,765

30,011

Interest expense, net

86,954

76,902

250,279

213,453

Foreign currency transaction (gain) loss

(90)

228

162

Provision for income taxes

29,855

12,073

72,842

47,951

Stock-based compensation expense

8,535

8,116

24,577

23,519

Adjustments:

Transaction-related costs (a)

—

327

Equity method investment income (b)

(258)

16,552

(991)

16,552

Other nonoperating expenses (c)

—

4,678

1,019

5,691

Adjusted EBITDA

217,666

171,869

610,127

483,419

Adjusted EBITDA margin calculated as follows:

Total Revenue

802,678

689,924

2,312,262

1,928,249

Adjusted EBITDA

217,666

171,869

610,127

483,419

Adjusted EBITDA as a percentage of total revenue

27.1

24.9

26.4

25.1

_____________________

(a)

In the first quarter of 2024, the Company recorded $0.3 million ($0.2 million net of tax) of costs related to a consent solicitation for the Senior Notes due 2025.

(b)

In the third quarter of 2024, the Company recorded an equity method investment loss of $16.6 million ($13.3 million net of tax) related to the write-down of its investment in Linear.

(c)

In the second quarter of 2025 and the three- and nine-month periods ended September 30, 2024, the Company recorded other nonoperating expense of $1.0 million ($0.8 million net of tax), $4.7 million ($3.5 million net of tax) and $5.7 million ($4.3 million net of tax), respectively, related to the early extinguishment of debt.

SOURCE Enova International, Inc.