FirstCash Holdings, Inc. (NASDAQ: FCFS)

FirstCash Holdings, Inc. is the leading operator of pawn stores in the United States, Latin America and the United Kingdom, with a secondary business in retail point of sale payment solutions.

The company runs over 3,300 pawnshop locations across these regions, offering collateral based loans and retail sales of pre owned goods.

In addition, through its subsidiary American First Finance, LLC, it provides lease to own and installment financing programs to a broad network of merchants.

The company generates revenue primarily from pawn loan fees, merchandise sales in its pawnshops, and fees from its retail POS payment solutions business; pawn loan fees accounted for 46% of 2025 net revenue, merchandise sales for 39%, and the POS solutions contributed 15% of net revenue.

Pawn loan fees are earned when customers pay interest and service charges on their loans, while merchandise revenue comes from the sale of forfeited collateral and over the counter purchases.

AFF’s income stems from lease to own contracts, retail installment sale agreements and bank originated installment loans, with fees and servicing charges collected from merchants and consumers.

The company operates through the following segments: U. S. pawn, Latin America pawn, U. K. pawn, and retail POS payment solutions.

These reportable segments are defined by geography and product line, with the first three covering pawn activities in distinct regions and the fourth covering the financial technology business.

• U. S. pawn: This segment encompasses pawn operations in 29 U. S. states and the District of Columbia, providing pawn loans secured by personal property and retail sales of pre owned merchandise.

• Latin America pawn: This segment covers pawn operations in Mexico, Guatemala, El Salvador and Colombia, offering similar pawn lending and retail services adapted to local markets.

• U. K. pawn: This segment consists of pawn operations in England, Scotland and Wales, focusing mainly on loans collateralized by gold jewelry and related retail activity.

• Retail POS payment solutions: This segment comprises the operations of American First Finance, LLC (AFF), which provides lease to own, retail installment sale agreements and bank originated installment loan programs to a broad network of U. S. merchant partners.

FirstCash Holdings, Inc. holds a leading position in the pawn industry as the largest public or private operator of large format, full service pawn stores in the United States, Mexico and the United Kingdom, competing against independent pawnshops, rent to own operators and traditional consumer finance lenders while benefiting from scale, integrated technology platforms and a diversified revenue mix.

The company’s scale enables it to negotiate favorable terms with suppliers and to invest in proprietary point of sale and loan management systems that improve operational efficiency.

Its diversified revenue streams reduce reliance on any single product line and provide stability across economic cycles.

Additionally, the brand’s reputation for transparent, non recourse lending attracts underserved consumers who lack access to traditional credit.

The company serves unbanked, under banked and credit constrained consumers who use its pawnshops for short term cash needs, retail customers seeking second hand goods, and a wide variety of merchant partners that utilize its POS payment solutions to offer financing options to their customers.

Pawnshop clients typically include individuals who need immediate liquidity for bills, repairs or small purchases and who may not qualify for bank loans or credit cards.

Retail buyers are drawn to the stores for affordable electronics, jewelry, tools and other pre owned items.

On the payment solutions side, AFF works with approximately 16,400 active merchant locations across sectors such as automotive, furniture, electronics and health services, enabling those merchants to provide lease to own and installment plans to their own customers.