EZCORP INCEZPW
EZCORP INC Segments Disclosure
NOTE 13: SEGMENT INFORMATION
Our operations are primarily managed on a geographical basis and consist of three reportable segments. Our chief operating decision maker (“CODM”) is our chief executive officer. The CODM uses key financial information such as revenue growth, pawn service charges, segment gross profit, and segment contribution by comparing to and monitoring against budget and prior year results to evaluate segment performance and allocate resources.
We currently report our segments as follows:
•U.S. Pawn — All pawn activities in the United States.
•Latin America Pawn — All pawn activities in Mexico and other parts of Latin America.
•Other Investments — Primarily our equity interest in Cash Converters and our investment in and notes receivable from Founders.
Corporate items include administrative expenses, depreciation and amortization, loss (gain) on sale or disposal of assets, interest income and expense and other (income) expense, and are not allocated between the segments. There are no inter-segment revenues presented below, and the amounts below were determined in accordance with the same accounting principles used in our consolidated financial statements.
The following income (loss) before income taxes tables present revenue for each reportable segment, disaggregated revenue within our reportable segments and Corporate, segment profits and segment contribution.
| Fiscal Year Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||
| (in thousands) | U.S. Pawn | Latin America Pawn | Other Investments | Total Segments | Corporate Items | Consolidated | |||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Merchandise sales | $ | 475,252 | $ | 225,747 | $ | — | $ | 700,999 | $ | — | $ | 700,999 | |||||||||||||||||||||||
Jewelry scrap sales | 85,658 | 13,226 | — | 98,884 | — | 98,884 | |||||||||||||||||||||||||||||
| Pawn service charges | 351,479 | 122,749 | — | 474,228 | — | 474,228 | |||||||||||||||||||||||||||||
| Other revenues | 103 | 66 | — | 169 | — | 169 | |||||||||||||||||||||||||||||
| Total revenues | 912,492 | 361,788 | — | 1,274,280 | — | 1,274,280 | |||||||||||||||||||||||||||||
| Merchandise cost of goods sold | 299,107 | 156,570 | — | 455,677 | — | 455,677 | |||||||||||||||||||||||||||||
Jewelry scrap cost of goods sold | 62,746 | 9,792 | — | 72,538 | — | 72,538 | |||||||||||||||||||||||||||||
| Gross profit | 550,639 | 195,426 | — | 746,065 | — | 746,065 | |||||||||||||||||||||||||||||
| Segment and corporate expenses (income): | |||||||||||||||||||||||||||||||||||
| Store expenses | 339,378 | 141,730 | — | 481,108 | — | 481,108 | |||||||||||||||||||||||||||||
| General and administrative | — | — | — | — | 83,500 | 83,500 | |||||||||||||||||||||||||||||
| Impairment of other assets | 263 | — | — | 263 | 614 | 877 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 10,750 | 8,612 | — | 19,362 | 13,176 | 32,538 | |||||||||||||||||||||||||||||
| Loss (gain) on sale or disposal of assets and other | 83 | 52 | — | 135 | — | 135 | |||||||||||||||||||||||||||||
Other operating income | — | — | — | — | (1,262) | (1,262) | |||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | 23,029 | 23,029 | |||||||||||||||||||||||||||||
| Interest income | — | (1,251) | (2,646) | (3,897) | (10,824) | (14,721) | |||||||||||||||||||||||||||||
Equity in net (income) loss of unconsolidated affiliates | — | — | (6,936) | (6,936) | 786 | (6,150) | |||||||||||||||||||||||||||||
Other income | — | (330) | — | (330) | 568 | 238 | |||||||||||||||||||||||||||||
| Segment contribution | $ | 200,165 | $ | 46,613 | $ | 9,582 | $ | 256,360 | |||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 256,360 | $ | (109,587) | $ | 146,773 | |||||||||||||||||||||||||||||
| Fiscal Year Ended September 30, 2024 | |||||||||||||||||||||||||||||||||||
| (in thousands) | U.S. Pawn | Latin America Pawn | Other Investments | Total Segments | Corporate Items | Consolidated | |||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Merchandise sales | $ | 459,251 | $ | 204,485 | $ | — | $ | 663,736 | $ | — | $ | 663,736 | |||||||||||||||||||||||
Jewelry scrap sales | 54,344 | 6,738 | — | 61,082 | — | 61,082 | |||||||||||||||||||||||||||||
| Pawn service charges | 322,362 | 114,183 | — | 436,545 | — | 436,545 | |||||||||||||||||||||||||||||
| Other revenues | 126 | 78 | 35 | 239 | — | 239 | |||||||||||||||||||||||||||||
| Total revenues | 836,083 | 325,484 | 35 | 1,161,602 | — | 1,161,602 | |||||||||||||||||||||||||||||
| Merchandise cost of goods sold | 288,894 | 138,509 | — | 427,403 | — | 427,403 | |||||||||||||||||||||||||||||
Jewelry scrap cost of goods sold | 45,926 | 6,000 | — | 51,926 | — | 51,926 | |||||||||||||||||||||||||||||
| Gross profit | 501,263 | 180,975 | 35 | 682,273 | — | 682,273 | |||||||||||||||||||||||||||||
| Segment and corporate expenses (income): | |||||||||||||||||||||||||||||||||||
| Store expenses | 325,816 | 135,239 | — | 461,055 | — | 461,055 | |||||||||||||||||||||||||||||
| General and administrative | — | — | — | — | 75,557 | 75,557 | |||||||||||||||||||||||||||||
| Impairment of other assets | — | — | — | — | 843 | 843 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 10,147 | 8,865 | — | 19,012 | 14,057 | 33,069 | |||||||||||||||||||||||||||||
| Loss (gain) on sale or disposal of assets and other | 3 | (140) | — | (137) | 121 | (16) | |||||||||||||||||||||||||||||
Other operating Income | — | — | — | — | (765) | (765) | |||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | 13,585 | 13,585 | |||||||||||||||||||||||||||||
| Interest income | — | (1,612) | (2,422) | (4,034) | (6,541) | (10,575) | |||||||||||||||||||||||||||||
| Equity in net (income) loss of unconsolidated affiliates | — | — | (4,993) | (4,993) | 282 | (4,711) | |||||||||||||||||||||||||||||
| Other income | 7 | (218) | — | (211) | (1,166) | (1,377) | |||||||||||||||||||||||||||||
| Segment contribution | $ | 165,290 | $ | 38,841 | $ | 7,450 | $ | 211,581 | |||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 211,581 | $ | (95,973) | $ | 115,608 | |||||||||||||||||||||||||||||
| Fiscal Year Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||
| (in thousands) | U.S. Pawn | Latin America Pawn | Other Investments | Total Segments | Corporate Items | Consolidated | |||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Merchandise sales | $ | 432,578 | $ | 182,868 | $ | — | $ | 615,446 | $ | — | $ | 615,446 | |||||||||||||||||||||||
Jewelry scrap sales | 43,305 | 6,223 | — | 49,528 | — | 49,528 | |||||||||||||||||||||||||||||
| Pawn service charges | 285,919 | 97,853 | — | 383,772 | — | 383,772 | |||||||||||||||||||||||||||||
| Other revenues | 119 | 121 | 55 | 295 | — | 295 | |||||||||||||||||||||||||||||
| Total revenues | 761,921 | 287,065 | 55 | 1,049,041 | — | 1,049,041 | |||||||||||||||||||||||||||||
| Merchandise cost of goods sold | 267,874 | 126,905 | — | 394,779 | — | 394,779 | |||||||||||||||||||||||||||||
Jewelry scrap cost of goods sold | 37,709 | 6,715 | — | 44,424 | — | 44,424 | |||||||||||||||||||||||||||||
| Gross profit | 456,338 | 153,445 | 55 | 609,838 | — | 609,838 | |||||||||||||||||||||||||||||
| Segment and corporate expenses (income): | |||||||||||||||||||||||||||||||||||
| Store expenses | 299,319 | 119,255 | — | 418,574 | — | 418,574 | |||||||||||||||||||||||||||||
| General and administrative | — | (3) | — | (3) | 67,532 | 67,529 | |||||||||||||||||||||||||||||
| Impairment of goodwill and intangibles assets | — | — | — | — | 4,343 | 4,343 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 10,382 | 9,191 | — | 19,573 | 12,558 | 32,131 | |||||||||||||||||||||||||||||
| Loss (gain) on sale or disposal of assets and other | 115 | (289) | — | (174) | 382 | 208 | |||||||||||||||||||||||||||||
| Other operating Income | — | (5,097) | — | (5,097) | — | (5,097) | |||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | 16,456 | 16,456 | |||||||||||||||||||||||||||||
| Interest income | (2) | (1,139) | (1,500) | (2,641) | (4,829) | (7,470) | |||||||||||||||||||||||||||||
| Equity in net loss of unconsolidated affiliates | — | — | 28,459 | 28,459 | — | 28,459 | |||||||||||||||||||||||||||||
| Other (income) expense | — | (131) | 31 | (100) | 3,172 | 3,072 | |||||||||||||||||||||||||||||
| Segment contribution | $ | 146,524 | $ | 31,658 | $ | (26,935) | $ | 151,247 | |||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 151,247 | $ | (99,614) | $ | 51,633 | |||||||||||||||||||||||||||||
The following table presents separately identified segment assets:
| (in thousands) | Pawn Loans | Inventory | Other Investments | Total | |||||||||||||||||||
Assets as of September 30, 2025 | |||||||||||||||||||||||
| U.S. Pawn | $ | 233,774 | $ | 185,640 | $ | — | $ | 419,414 | |||||||||||||||
| Latin America Pawn | 73,722 | 62,817 | — | 136,539 | |||||||||||||||||||
Total segment assets | $ | 555,953 | |||||||||||||||||||||
Other Investments * | — | — | 92,556 | 92,556 | |||||||||||||||||||
Total other assets | 1,302,700 | ||||||||||||||||||||||
Total consolidated assets | $ | 1,951,209 | |||||||||||||||||||||
Assets as of September 30, 2024 | |||||||||||||||||||||||
| U.S. Pawn | $ | 214,306 | $ | 138,624 | $ | — | $ | 352,930 | |||||||||||||||
| Latin America Pawn | 59,778 | 53,299 | — | 113,077 | |||||||||||||||||||
Total segment assets | $ | 466,007 | |||||||||||||||||||||
Other Investments * | — | — | 79,421 | 79,421 | |||||||||||||||||||
Total other assets | 947,809 | ||||||||||||||||||||||
Total consolidated assets | $ | 1,493,237 | |||||||||||||||||||||
* The CODM does not review Other Investments assets for purposes of assessing segment performance and allocating resources. As such, the asset balance for Other Investments is not included within the total segment assets caption. The Other Investments balance includes the investment in Cash Converters, refer to Note 5 for the investment value.
The following tables provide geographic information:
| Fiscal Year Ended September 30, | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Revenues: | |||||||||||||||||
| United States | $ | 912,492 | $ | 836,083 | $ | 761,921 | |||||||||||
| Mexico | 267,300 | 247,613 | 223,765 | ||||||||||||||
| Other Latin America | 94,488 | 77,871 | 63,300 | ||||||||||||||
Other Investments | — | 35 | 55 | ||||||||||||||
| Total revenues | $ | 1,274,280 | $ | 1,161,602 | $ | 1,049,041 | |||||||||||
| September 30, | |||||||||||
| (in thousands) | 2025 | 2024 | |||||||||
| Property and equipment, net: | |||||||||||
| United States | $ | 37,130 | $ | 35,634 | |||||||
| Mexico | 27,184 | 21,839 | |||||||||
| Other Latin America | 11,017 | 8,500 | |||||||||
| Property and equipment, net | $ | 75,331 | $ | 65,973 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 13, 2025 | Showing above |
| 2024 | Nov 13, 2024 | |
| 2023 | Nov 15, 2023 | |
| 2022 | Nov 16, 2022 | |
| 2021 | Nov 17, 2021 | |
| 2020 | Dec 14, 2020 | |
| 2019 | Dec 5, 2019 | |
| 2018 | Nov 14, 2018 | |
| 2017 | Nov 15, 2017 | |
| 2016 | Dec 14, 2016 | |
| 2015 | Dec 24, 2015 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.