FirstCash Holdings, Inc.

Overview

FirstCash Holdings, Inc. is a publicly traded company that operates two complementary business lines through four reportable segments: Pawn Operations and AFF (retail point-of-sale payment solutions).

Pawn Operations

• Regional segments:
  • U.S. pawn: pawn operations in 29 states plus the District of Columbia.
  • Latin America pawn: pawn operations in Mexico, Guatemala, El Salvador, and Colombia.
  • U.K. pawn: pawn operations in England, Scotland, and Wales.
• Core activity: operates neighborhood pawn shops that provide non-recourse pawn loans and buy merchandise from customers. Merchandise is sold in-store and typically includes pre-owned jewelry, electronics, tools, appliances, sporting goods, and musical instruments.
• Financial emphasis (2025):
  • Pawn loan fees: 46% of consolidated net revenue.
  • Gross profit from pawn merchandise sales: 39% of consolidated net revenue.
• Inventory and collateral: collateral from forfeited pawn loans becomes inventory; the company also purchases used merchandise from the public.

AFF (Retail POS Payment Solutions)

• Product suite: lease-to-own (LTO), retail installment sales agreements (RISA), bank-originated installment loans, and an OBS (direct-to-consumer unsecured) loan option through a bank partner.
• Market reach: approximately 16,400 active merchant partner locations and e-commerce platforms across about 30 vertical channels.
• Product mix by gross transaction volume (2025):
  • LTO: 43%
  • RISA: 12%
  • Bank-originated installment loans: 45%
• Revenue contribution (2025): AFF accounted for 15% of consolidated net revenues.
• Bank-originated loan program: AFF purchases a portion of cash flows originated by a Utah-chartered bank and services the loans; this program accounted for 6% of consolidated net revenues in 2025 and is scheduled to expire in August 2028 unless renewed.

Strategic and operating details

• Acquisition: On August 14, 2025, FirstCash completed the acquisition of H&T, the U.K.’s leading pawnbroker, adding 286 store locations; H&T’s results were included from that date.
• Store footprint (as of December 31, 2025):
  • Total pawn store locations: 3,330
    • U.S.: 1,207 stores
    • Latin America (Mexico, Guatemala, El Salvador, Colombia): 1,837 stores
    • U.K.: 286 stores
  • The U.S. and Latin America stores comprise the majority of the network; the U.K. operations are the newest major component after the H&T acquisition.
• Average pawn loan size (12/31/2025):
  • U.S.: $312 per loan
  • Latin America: $112 per loan
  • U.K.: $825 per loan
• Inventory and resale scale (2025): resold approximately 14 million individual used or pre-owned items with an approximate commercial value of $1.7 billion.
• Real estate: owns the real estate for 443 pawn stores and its corporate headquarters; leases about 2,900 pawn store locations. Lease terms typically run three to five years with renewal options.
• Workforce (as of December 31, 2025): approximately 22,000 employees across seven countries (U.S., Mexico, Guatemala, El Salvador, Colombia, Jamaica, and the U.K.):
  • U.S.: about 8,300
  • Latin America: about 11,900
  • U.K.: about 1,700
• Financial position highlights (selected):
  • Outstanding indebtedness: $2,224.0 million
  • Availability under credit facilities: $178.0 million
  • Goodwill: $2,023.4 million
• Other operational notes:
  • Pawn stores combine collateral-based lending and retail sales; growth is pursued through new store openings, acquisitions, and productivity improvements at existing stores.
  • AFF’s platform supports an omni-channel approach with rapid online decisioning and electronic signatures for both in-store and online merchant partners.

Corporate and market context

• The Pawn Operations and AFF segments operate under varying regulatory regimes across the U.S., Latin America, and the U.K., with ongoing regulatory, legislative, and legal risk considerations.
• Corporate responsibility and sustainability efforts include ESR certification in Mexico and programs that support communities in Latin America.