UPBOUND GROUP, INC.UPBD
UPBOUND GROUP, INC. Segments Disclosure
Segment Information
The operating segments reported below are the segments for which separate financial information is available and for which segment results are evaluated by our Chief Operating Decision Makers (“CODMs”). Our CODMs include Upbound's Chief Executive Officer and Chief Financial Officer. Our CODMs regularly review the revenues and operating profit for each operating segment in comparison to Company projections and previously reported periods, in addition to other factors, including the Company’s strategic initiatives, as well as industry, macroeconomic, and market trends, in determining the appropriate allocation of resources to support our business operations. Our operating segments are organized based on factors including, but not limited to, type of business transaction, geographic location and store ownership.
On January 31, 2025, we established a new operating segment following the acquisition of Brigit. Please reference Note B for additional discussion of the acquisition. In addition, effective January 1, 2025, we combined our Franchising segment with our Rent-A-Center segment. Financial information disclosed within this report has been recast for the related prior year period to reflect this change. We report financial operating performance under four operating segments: Acima, Rent-A-Center, Brigit and Mexico. Reportable segments and their respective operations are defined as follows.
Our Acima segment, which primarily operates in the United States and Puerto Rico, includes the operations of Acima Holdings acquired in February 2021 and locations previously operating under our Acceptance Now brand, which completed the transition to the Acima platform in 2024. The Acima segment generally offers the lease-to-own transaction to consumers who do not qualify for traditional financing through staffed or unstaffed kiosks located third-party retailer locations, or other virtual options. In virtual locations, customers, either directly or with the assistance of a representative of the third-party retailer, initiate the lease-to-own transaction online in the retailers’ locations using our virtual solutions.
Our Rent-A-Center segment primarily consists of company-owned lease-to-own stores in the United States and Puerto Rico whose customers enter into weekly, bi-weekly, semi-monthly or monthly rental purchase agreements, which renew automatically upon receipt of each payment. We retain the title to the merchandise during the term of the rental purchase agreement and ownership passes to the customer through an early purchase option or payment of all optional lease renewal terms. This segment also includes 50 stores operating in two states that utilize a retail model which offers installment credit sales through a retail sale transaction. Segment assets include cash, receivables, rental merchandise, property assets and other intangible assets. Our Rent-A-Center segment also includes franchising operations with franchise locations that use the Rent-A-Center’s or RimTyme’s trade names, service marks, trademarks and logos, and operate under distinctive operating procedures and standards. The revenue from franchise stores include the sale of rental merchandise to its franchisees who, in turn, offer the merchandise to the general public for rent or purchase under a lease-to-own program, royalties based on a percent of the franchisees' monthly gross revenue and initial fees for new locations. Segment assets include cash, trade receivables, property assets and intangible assets.
Our Brigit segment, which operates in the United States, includes the operations of Bridge IT Inc., which was acquired on January 31, 2025. The Brigit segment, through its mobile and web applications, offers a suite of financial health products and tools designed to help users improve their financial well-being. These include Finance Helper, Deals & Offers, Instant Cash, Credit Builder, Identity Theft Protection and more. Together, these offerings help customers budget more effectively, build financial literacy, discover ways to earn and save, access earned wages ahead of payday, strengthen credit through savings-based programs and protect themselves from identity theft.
Our Mexico segment consists of our company-owned lease-to-own stores in Mexico. The nature of this segment's operations and assets are the same as our Rent-A-Center segment.
Segment information as of and for the years ended December 31, 2025, 2024, and 2023 is as follows:
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
| (in thousands) | Acima | Rent-A-Center | Brigit | Mexico | Total | ||||||||||||||||||||||||
| Revenues | $ | 2,512,484 | $ | 1,897,161 | $ | 206,024 | $ | 79,392 | $ | 4,695,061 | |||||||||||||||||||
| Cost of revenues | 1,749,595 | 626,930 | 23,973 | 22,854 | 2,423,352 | ||||||||||||||||||||||||
| Gross profit | 762,889 | 1,270,231 | 182,051 | 56,538 | 2,271,709 | ||||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||
| Operating labor | 98,631 | 481,403 | 4,046 | 18,221 | 602,301 | ||||||||||||||||||||||||
Non-labor operating expenses(1) | 322,002 | 479,878 | 124,536 | 23,502 | 949,918 | ||||||||||||||||||||||||
| Depreciation and amortization | 1,456 | 21,304 | 75 | 2,051 | 24,886 | ||||||||||||||||||||||||
Other segment expenses(2) | 45,829 | 38,125 | 22,738 | 7,314 | 114,006 | ||||||||||||||||||||||||
| Segment operating profit | 294,971 | 249,521 | 30,656 | 5,450 | 580,598 | ||||||||||||||||||||||||
| Corporate | (357,251) | ||||||||||||||||||||||||||||
| Operating profit | 223,347 | ||||||||||||||||||||||||||||
| Debt refinancing charges | 4,894 | ||||||||||||||||||||||||||||
| Interest expense | 112,980 | ||||||||||||||||||||||||||||
| Interest income | (2,618) | ||||||||||||||||||||||||||||
| Earnings before income taxes | $ | 108,091 | |||||||||||||||||||||||||||
(1) Includes Lease Charge-Offs of $238.9 million and $80.8 million in the Acima and Rent-A-Center segments, respectively, and net advance losses of $44.5 million in the Brigit segment for the year ended December 31, 2025.
(2) Includes certain general and administrative expenses and other gains and charges. See Note N for additional information regarding other gains and charges.
| Year Ended December 31, 2024 | |||||||||||||||||||||||
| (in thousands) | Acima | Rent-A-Center | Mexico | Total | |||||||||||||||||||
| Revenues | 2,261,446 | $ | 1,980,392 | $ | 78,726 | $ | 4,320,564 | ||||||||||||||||
| Cost of revenues | 1,558,826 | 659,093 | 22,294 | 2,240,213 | |||||||||||||||||||
| Gross profit | 702,620 | 1,321,299 | 56,432 | 2,080,351 | |||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Operating labor | 102,981 | 487,772 | 18,416 | 609,169 | |||||||||||||||||||
Non-labor operating expenses(1) | 295,588 | 493,083 | 22,964 | 811,635 | |||||||||||||||||||
| Depreciation and amortization | 1,376 | 20,508 | 1,566 | 23,450 | |||||||||||||||||||
Other segment expenses(2) | 47,126 | 22,776 | 8,680 | 78,582 | |||||||||||||||||||
| Segment operating profit | 255,549 | 297,160 | 4,806 | 557,515 | |||||||||||||||||||
| Corporate | (265,884) | ||||||||||||||||||||||
| Operating profit | 291,631 | ||||||||||||||||||||||
| Debt refinancing charges | 6,604 | ||||||||||||||||||||||
| Interest expense | 110,585 | ||||||||||||||||||||||
| Interest income | (3,099) | ||||||||||||||||||||||
| Earnings before income taxes | $ | 177,541 | |||||||||||||||||||||
(1) Includes Lease Charge-Offs of $211.8 million and $84.8 million in the Acima and Rent-A-Center segments, respectively, and for the year ended December 31, 2024.
(2) Includes certain general and administrative expenses and other gains and charges. See Note 9 for additional information regarding other gains and charges.
| Year Ended December 31, 2023 | |||||||||||||||||||||||
| (in thousands) | Acima | Rent-A-Center | Mexico | Total | |||||||||||||||||||
| Revenues | $ | 1,931,325 | $ | 1,986,463 | $ | 74,625 | $ | 3,992,413 | |||||||||||||||
| Cost of revenues | 1,286,878 | 661,521 | 21,756 | 1,970,155 | |||||||||||||||||||
| Gross profit | 644,447 | 1,324,942 | 52,869 | 2,022,258 | |||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Operating labor | 102,910 | 493,447 | 17,181 | 613,538 | |||||||||||||||||||
Non-labor operating expenses(1) | 246,344 | 506,058 | 23,517 | 775,919 | |||||||||||||||||||
| Depreciation and amortization | 1,661 | 18,962 | 1,206 | 21,829 | |||||||||||||||||||
Other segment expenses(2) | 58,052 | 15,870 | 6,119 | 80,041 | |||||||||||||||||||
| Segment operating profit | 235,480 | 290,605 | 4,846 | 530,931 | |||||||||||||||||||
| Corporate | (368,066) | ||||||||||||||||||||||
| Operating profit | 162,865 | ||||||||||||||||||||||
| Interest expense | 113,418 | ||||||||||||||||||||||
| Interest income | (3,420) | ||||||||||||||||||||||
| Earnings before income taxes | $ | 52,867 | |||||||||||||||||||||
(1) Includes Lease Charge-Offs of $179.6 million and $79.9 million in the Acima and Rent-A-Center segments, respectively, for the year ended December 31, 2023.
(2) Includes certain general and administrative expenses and other gains and charges. See Note 9 for additional information regarding other gains and charges.
| Year Ended December 31, | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Capital expenditures | |||||||||||||||||
| Acima | $ | 434 | $ | 1,560 | $ | 512 | |||||||||||
| Rent-A-Center | 17,986 | 24,209 | 22,924 | ||||||||||||||
| Brigit | 466 | — | — | ||||||||||||||
| Mexico | 3,703 | 2,199 | 2,153 | ||||||||||||||
| Total operating segments | 22,589 | 27,968 | 25,589 | ||||||||||||||
| Corporate | 44,274 | 28,307 | 27,813 | ||||||||||||||
| Total capital expenditures | $ | 66,863 | $ | 56,275 | $ | 53,402 | |||||||||||
| December 31, | |||||||||||
| (in thousands) | 2025 | 2024 | |||||||||
| On rent rental merchandise, net | |||||||||||
| Acima | $ | 710,844 | $ | 693,095 | |||||||
| Rent-A-Center | 465,076 | 420,382 | |||||||||
| Mexico | 26,362 | 21,383 | |||||||||
| Total on rent rental merchandise, net | $ | 1,202,282 | $ | 1,134,860 | |||||||
| December 31, | |||||||||||
| (in thousands) | 2025 | 2024 | |||||||||
| Held for rent rental merchandise, net | |||||||||||
| Acima | $ | 164 | $ | 261 | |||||||
| Rent-A-Center | 100,893 | 104,302 | |||||||||
| Mexico | 13,468 | 9,359 | |||||||||
| Total held for rent rental merchandise, net | $ | 114,525 | $ | 113,922 | |||||||
| December 31, | |||||||||||
| (in thousands) | 2025 | 2024 | |||||||||
| Assets by segment | |||||||||||
| Acima | $ | 1,280,771 | $ | 1,301,657 | |||||||
| Rent-A-Center | 1,016,293 | 977,787 | |||||||||
| Mexico | 62,602 | 47,608 | |||||||||
| Brigit | 430,232 | — | |||||||||
| Total operating segments | 2,789,898 | 2,327,052 | |||||||||
| Corporate | 486,183 | 322,610 | |||||||||
| Total assets | $ | 3,276,081 | $ | 2,649,662 | |||||||
| December 31, | |||||||||||
| (in thousands) | 2025 | 2024 | |||||||||
| Assets by country | |||||||||||
| United States | $ | 3,213,479 | $ | 2,602,054 | |||||||
| Mexico | 62,602 | 47,608 | |||||||||
| Total assets | $ | 3,276,081 | $ | 2,649,662 | |||||||
| Year Ended December 31, | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Rentals and fees by category | |||||||||||||||||
| Furniture and accessories | $ | 1,356,656 | $ | 1,337,917 | $ | 1,179,919 | |||||||||||
| Consumer electronics | 454,016 | 426,078 | 486,571 | ||||||||||||||
| Appliances | 412,236 | 411,720 | 404,241 | ||||||||||||||
| Wheels and tires | 449,765 | 447,008 | 341,174 | ||||||||||||||
| Jewelry | 372,327 | 302,035 | 228,081 | ||||||||||||||
| Personal Electronics | 169,573 | 177,714 | 181,217 | ||||||||||||||
| Other products and services | 412,446 | 411,186 | 440,475 | ||||||||||||||
| Total rentals and fees | $ | 3,627,019 | $ | 3,513,658 | $ | 3,261,678 | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Revenue by country | |||||||||||||||||
| United States | $ | 4,615,669 | $ | 4,241,838 | $ | 3,917,788 | |||||||||||
| Mexico | 79,392 | 78,726 | 74,625 | ||||||||||||||
| Total revenues | $ | 4,695,061 | $ | 4,320,564 | $ | 3,992,413 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 29, 2016 | |
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.