FirstCash Holdings, Inc.FCFS
FirstCash Holdings, Inc. Segments Disclosure
SEGMENT AND GEOGRAPHIC INFORMATION
Segment Information
The Company considers its chief operating decision maker (“CODM”) to be a function shared by the Company’s Chief Executive Officer and Chief Financial Officer. The Company’s CODM reviews key financial information, such as revenue growth, pawn loan metrics, lease and finance receivable metrics and operating margins, to budget, allocate resources, and assess performance of each segment. Based on an analysis of the reports the CODM regularly reviews, the Company has determined there are four reportable segments as follows:
•U.S. pawn
•Latin America pawn
•U.K. pawn
•Retail POS payment solutions (American First Finance or “AFF”)
Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, (gain) loss on foreign exchange, merger and acquisition expenses and other income, net, are presented on a consolidated basis and are not allocated between the segments. Intersegment transactions related to AFF’s LTO payment solution product offered in U.S. pawn stores are eliminated from consolidated totals.
The following tables present reportable segment information for the years ended December 31, 2025, 2024 and 2023 as well as certain segment assets (in thousands):
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||
| U.S. Pawn | Latin America Pawn | U.K. Pawn (1) | Retail POS Payment Solutions | Corporate/ Intersegment Eliminations | Consolidated | ||||||||||||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||||||||||||||
| Retail merchandise sales | $ | 1,046,258 | $ | 584,129 | $ | 40,767 | $ | — | $ | (2,744) | (2) | $ | 1,668,410 | ||||||||||||||||||||||
| Pawn loan fees | 555,035 | 254,061 | 44,640 | — | — | 853,736 | |||||||||||||||||||||||||||||
| Leased merchandise income | — | — | — | 559,028 | — | 559,028 | |||||||||||||||||||||||||||||
| Interest and fees on finance receivables | — | — | — | 311,189 | — | 311,189 | |||||||||||||||||||||||||||||
| Wholesale scrap jewelry sales | 152,089 | 51,334 | 59,167 | — | — | 262,590 | |||||||||||||||||||||||||||||
| Other revenue | — | — | 6,090 | — | — | 6,090 | |||||||||||||||||||||||||||||
| Total revenue | 1,753,382 | 889,524 | 150,664 | 870,217 | (2,744) | 3,661,043 | |||||||||||||||||||||||||||||
| Cost of revenue: | |||||||||||||||||||||||||||||||||||
| Cost of retail merchandise sold | 601,943 | 378,538 | 29,125 | — | (1,458) | (2) | 1,008,148 | ||||||||||||||||||||||||||||
| Depreciation of leased merchandise | — | — | — | 320,106 | (985) | (2) | 319,121 | ||||||||||||||||||||||||||||
| Provision for lease losses | — | — | — | 120,701 | (339) | (2) | 120,362 | ||||||||||||||||||||||||||||
| Provision for loan losses | — | — | — | 162,706 | — | 162,706 | |||||||||||||||||||||||||||||
| Cost of wholesale scrap jewelry sold | 129,926 | 43,725 | 35,034 | — | — | 208,685 | |||||||||||||||||||||||||||||
| Other cost of revenue | — | — | 1,414 | — | — | 1,414 | |||||||||||||||||||||||||||||
| Total cost of revenue | 731,869 | 422,263 | 65,573 | 603,513 | (2,782) | 1,820,436 | |||||||||||||||||||||||||||||
| Net revenue | 1,021,513 | 467,261 | 85,091 | 266,704 | 38 | 1,840,607 | |||||||||||||||||||||||||||||
| Expenses and other income: | |||||||||||||||||||||||||||||||||||
| Operating expenses | 536,552 | 272,060 | 30,329 | 94,788 | — | 933,729 | |||||||||||||||||||||||||||||
| Administrative expenses | — | — | — | — | 232,844 | 232,844 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 32,393 | 17,755 | 2,276 | 2,790 | 56,592 | 111,806 | |||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | 121,293 | 121,293 | |||||||||||||||||||||||||||||
| Interest income | — | — | — | — | (2,935) | (2,935) | |||||||||||||||||||||||||||||
Gain on foreign exchange | — | — | — | — | (2,178) | (2,178) | |||||||||||||||||||||||||||||
| Merger and acquisition expenses | — | — | — | — | 14,369 | 14,369 | |||||||||||||||||||||||||||||
Other income, net | — | — | — | — | (15,884) | (15,884) | |||||||||||||||||||||||||||||
| Total expenses and other income | 568,945 | 289,815 | 32,605 | 97,578 | 404,101 | 1,393,044 | |||||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 452,568 | $ | 177,446 | $ | 52,486 | $ | 169,126 | $ | (404,063) | $ | 447,563 | |||||||||||||||||||||||
(1)Reflects the operations of H&T for the period August 14, 2025 to December 31, 2025 as a result of the completion of the H&T Acquisition on August 14, 2025.
(2)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.
| As of December 31, 2025 | |||||||||||||||||||||||||||||||||||
| U.S. Pawn | Latin America Pawn | U.K. Pawn | Retail POS Payment Solutions | Corporate/ Intersegment Eliminations | Consolidated | ||||||||||||||||||||||||||||||
| Pawn loans | $ | 450,516 | $ | 167,438 | $ | 213,543 | $ | — | $ | — | $ | 831,497 | |||||||||||||||||||||||
| Finance receivables, net | — | — | — | 150,274 | — | 150,274 | |||||||||||||||||||||||||||||
| Inventories | 286,102 | 129,269 | 71,861 | — | — | 487,232 | |||||||||||||||||||||||||||||
| Leased merchandise, net | — | — | — | 114,480 | (197) | (1) | 114,283 | ||||||||||||||||||||||||||||
| Goodwill | 1,203,791 | 192,366 | 141,064 | 486,205 | — | 2,023,426 | |||||||||||||||||||||||||||||
| Total assets | 2,906,162 | 785,030 | 576,199 | 880,906 | 152,466 | 5,300,763 | |||||||||||||||||||||||||||||
(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| U.S. Pawn | Latin America Pawn | U.K. Pawn | Retail POS Payment Solutions | Corporate/ Intersegment Eliminations | Consolidated | ||||||||||||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||||||||||||||
| Retail merchandise sales | $ | 969,371 | $ | 541,787 | $ | — | $ | — | $ | (4,062) | (1) | $ | 1,507,096 | ||||||||||||||||||||||
| Pawn loan fees | 505,262 | 231,864 | — | — | — | 737,126 | |||||||||||||||||||||||||||||
| Leased merchandise income | — | — | — | 766,241 | — | 766,241 | |||||||||||||||||||||||||||||
| Interest and fees on finance receivables | — | — | — | 245,891 | — | 245,891 | |||||||||||||||||||||||||||||
| Wholesale scrap jewelry sales | 93,923 | 38,237 | — | — | — | 132,160 | |||||||||||||||||||||||||||||
| Total revenue | 1,568,556 | 811,888 | — | 1,012,132 | (4,062) | 3,388,514 | |||||||||||||||||||||||||||||
| Cost of revenue: | |||||||||||||||||||||||||||||||||||
| Cost of retail merchandise sold | 560,970 | 350,906 | — | — | (2,191) | (1) | 909,685 | ||||||||||||||||||||||||||||
| Depreciation of leased merchandise | — | — | — | 434,915 | (1,609) | (1) | 433,306 | ||||||||||||||||||||||||||||
| Provision for lease losses | — | — | — | 163,937 | (542) | (1) | 163,395 | ||||||||||||||||||||||||||||
| Provision for loan losses | — | — | — | 143,827 | — | 143,827 | |||||||||||||||||||||||||||||
| Cost of wholesale scrap jewelry sold | 77,683 | 31,086 | — | — | — | 108,769 | |||||||||||||||||||||||||||||
| Total cost of revenue | 638,653 | 381,992 | — | 742,679 | (4,342) | 1,758,982 | |||||||||||||||||||||||||||||
| Net revenue | 929,903 | 429,896 | — | 269,453 | 280 | 1,629,532 | |||||||||||||||||||||||||||||
| Expenses and other income: | |||||||||||||||||||||||||||||||||||
| Operating expenses | 503,630 | 259,307 | — | 138,041 | — | 900,978 | |||||||||||||||||||||||||||||
| Administrative expenses | — | — | — | — | 177,978 | 177,978 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 28,980 | 20,369 | — | 2,783 | 52,809 | 104,941 | |||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | 105,226 | 105,226 | |||||||||||||||||||||||||||||
| Interest income | — | — | — | — | (1,935) | (1,935) | |||||||||||||||||||||||||||||
Loss on foreign exchange | — | — | — | — | 2,641 | 2,641 | |||||||||||||||||||||||||||||
| Merger and acquisition expenses | — | — | — | — | 2,228 | 2,228 | |||||||||||||||||||||||||||||
Other income, net | — | — | — | — | (5,301) | (5,301) | |||||||||||||||||||||||||||||
| Total expenses and other income | 532,610 | 279,676 | — | 140,824 | 333,646 | 1,286,756 | |||||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 397,293 | $ | 150,220 | $ | — | $ | 128,629 | $ | (333,366) | $ | 342,776 | |||||||||||||||||||||||
(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.
| As of December 31, 2024 | |||||||||||||||||||||||||||||||||||
| U.S. Pawn | Latin America Pawn | U.K. Pawn | Retail POS Payment Solutions | Corporate/ Intersegment Eliminations | Consolidated | ||||||||||||||||||||||||||||||
| Pawn loans | $ | 396,667 | $ | 121,200 | $ | — | $ | — | $ | — | $ | 517,867 | |||||||||||||||||||||||
| Finance receivables, net | — | — | — | 147,501 | — | 147,501 | |||||||||||||||||||||||||||||
| Inventories | 245,492 | 89,088 | — | — | — | 334,580 | |||||||||||||||||||||||||||||
| Leased merchandise, net | — | — | — | 128,672 | (235) | (1) | 128,437 | ||||||||||||||||||||||||||||
| Goodwill | 1,125,226 | 175,741 | — | 486,205 | — | 1,787,172 | |||||||||||||||||||||||||||||
| Total assets | 2,683,078 | 637,721 | — | 959,476 | 196,711 | 4,476,986 | |||||||||||||||||||||||||||||
(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
| U.S. Pawn | Latin America Pawn | U.K. Pawn | Retail POS Payment Solutions | Corporate/ Intersegment Eliminations | Consolidated | ||||||||||||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||||||||||||||
| Retail merchandise sales | $ | 854,190 | $ | 533,612 | $ | — | $ | — | $ | (6,530) | (1) | $ | 1,381,272 | ||||||||||||||||||||||
| Pawn loan fees | 435,762 | 222,774 | — | — | — | 658,536 | |||||||||||||||||||||||||||||
| Leased merchandise income | — | — | — | 752,682 | — | 752,682 | |||||||||||||||||||||||||||||
| Interest and fees on finance receivables | — | — | — | 233,818 | — | 233,818 | |||||||||||||||||||||||||||||
| Wholesale scrap jewelry sales | 78,571 | 46,917 | — | — | — | 125,488 | |||||||||||||||||||||||||||||
| Total revenue | 1,368,523 | 803,303 | — | 986,500 | (6,530) | 3,151,796 | |||||||||||||||||||||||||||||
| Cost of revenue: | |||||||||||||||||||||||||||||||||||
| Cost of retail merchandise sold | 490,544 | 345,309 | — | — | (3,460) | (1) | 832,393 | ||||||||||||||||||||||||||||
| Depreciation of leased merchandise | — | — | — | 413,546 | (2,091) | (1) | 411,455 | ||||||||||||||||||||||||||||
| Provision for lease losses | — | — | — | 177,418 | (1,560) | (1) | 175,858 | ||||||||||||||||||||||||||||
| Provision for loan losses | — | — | — | 123,030 | — | 123,030 | |||||||||||||||||||||||||||||
| Cost of wholesale scrap jewelry sold | 64,545 | 37,276 | — | — | — | 101,821 | |||||||||||||||||||||||||||||
| Total cost of revenue | 555,089 | 382,585 | — | 713,994 | (7,111) | 1,644,557 | |||||||||||||||||||||||||||||
Net revenue | 813,434 | 420,718 | — | 272,506 | 581 | 1,507,239 | |||||||||||||||||||||||||||||
| Expenses and other income: | |||||||||||||||||||||||||||||||||||
| Operating expenses | 451,543 | 243,146 | — | 137,460 | — | 832,149 | |||||||||||||||||||||||||||||
| Administrative expenses | — | — | — | — | 181,653 | 181,653 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 25,585 | 21,350 | — | 3,030 | 59,196 | 109,161 | |||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | 93,243 | 93,243 | |||||||||||||||||||||||||||||
| Interest income | — | — | — | — | (1,469) | (1,469) | |||||||||||||||||||||||||||||
Gain on foreign exchange | — | — | — | — | (1,529) | (1,529) | |||||||||||||||||||||||||||||
| Merger and acquisition expenses | — | — | — | — | 7,922 | 7,922 | |||||||||||||||||||||||||||||
Other income, net | — | — | — | — | (6,740) | (6,740) | |||||||||||||||||||||||||||||
| Total expenses and other income | 477,128 | 264,496 | — | 140,490 | 332,276 | 1,214,390 | |||||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 336,306 | $ | 156,222 | $ | — | $ | 132,016 | $ | (331,695) | $ | 292,849 | |||||||||||||||||||||||
(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.
| As of December 31, 2023 | |||||||||||||||||||||||||||||||||||
| U.S. Pawn | Latin America Pawn | U.K. Pawn | Retail POS Payment Solutions | Corporate/ Intersegment Eliminations | Consolidated | ||||||||||||||||||||||||||||||
| Pawn loans | $ | 344,152 | $ | 127,694 | $ | — | $ | — | $ | — | $ | 471,846 | |||||||||||||||||||||||
| Finance receivables, net | — | — | — | 113,901 | — | 113,901 | |||||||||||||||||||||||||||||
| Inventories | 221,843 | 90,246 | — | — | — | 312,089 | |||||||||||||||||||||||||||||
| Leased merchandise, net | — | — | — | 171,706 | (515) | (1) | 171,191 | ||||||||||||||||||||||||||||
| Goodwill | 1,042,867 | 198,580 | — | 486,205 | — | 1,727,652 | |||||||||||||||||||||||||||||
| Total assets | 2,423,092 | 693,650 | — | 1,011,541 | 161,632 | 4,289,915 | |||||||||||||||||||||||||||||
(1)Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.
Geographic Information
The following table shows revenue and long-lived assets (all non-current assets except operating lease right of use asset, goodwill, intangibles, net and deferred tax assets, net) by geographic area (in thousands):
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Revenue: | |||||||||||||||||
| U.S. | $ | 2,620,855 | $ | 2,576,626 | $ | 2,348,493 | |||||||||||
| Mexico | 836,238 | 764,431 | 762,563 | ||||||||||||||
| Other Latin America | 53,286 | 47,457 | 40,740 | ||||||||||||||
U.K. | 150,664 | — | — | ||||||||||||||
| $ | 3,661,043 | $ | 3,388,514 | $ | 3,151,796 | ||||||||||||
| Long-lived assets: | |||||||||||||||||
| U.S. | $ | 691,831 | $ | 630,457 | $ | 529,180 | |||||||||||
| Mexico | 90,889 | 84,719 | 101,649 | ||||||||||||||
| Other Latin America | 12,537 | 12,674 | 12,137 | ||||||||||||||
U.K. | 22,589 | — | — | ||||||||||||||
| $ | 817,846 | $ | 727,850 | $ | 642,966 | ||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 9, 2026 | Showing above |
| 2024 | Feb 3, 2025 | |
| 2023 | Feb 5, 2024 | |
| 2022 | Feb 6, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Feb 1, 2021 | |
| 2019 | Feb 3, 2020 | |
| 2018 | Feb 5, 2019 | |
| 2017 | Feb 20, 2018 | |
| 2016 | Mar 1, 2017 | |
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.