NASDAQ: FCFS

The Company’s retail POS payment solutions business line consists solely of the operations of AFF, which focuses on LTO products and facilitating other retail financing payment options across a large network of traditional and e-commerce merchant partners. AFF’s retail partners provide consumer goods and services to their customers and use AFF’s LTO and retail finance solutions to facilitate payments on such transactions.

The Company’s principal executive offices are located at 1600 West 7th Street, Fort Worth, Texas 76102, and its telephone number is (817) 335-1100. The Company’s primary corporate website is www.firstcash.com.

Pawn Operations

Pawn stores are neighborhood-based retail locations that buy and sell pre-owned consumer products such as jewelry, electronics, tools, appliances, sporting goods and musical instruments. Pawn stores also provide a quick and convenient source of small, secured consumer loans, also known as pawn loans, to unbanked, under-banked and credit-constrained customers. Pawn loans are safe and affordable non-recourse loans for which the customer has no legal obligation to repay. The Company does not engage in post-default collection efforts, does not take legal actions against its customers for defaulted loans, does not ban its customers for nonpayment, nor does it report any negative credit information to credit reporting agencies, but rather relies only on the resale of the pawn collateral for recovery. Pawnshop customers are typically value-conscious consumers and/or borrowers who are not effectively or efficiently served by traditional lenders such as banks, credit unions, credit card providers or other small loan providers.

The pawn industry in the U.S. is well established, with the highest concentration of pawn stores located in states that have favorable customer demographics, high population growth and maintain regulations most conducive to profitable pawn operations. Generally, these states are located in the Southeast, Midwest, Southwest and Mountain West regions of the country, which is where the majority of the Company’s U.S. stores are located.

Historically, competitor pawn stores in Latin America have less square footage and focus primarily on providing loans collateralized by gold jewelry or small electronics. In contrast, a majority of the Company’s pawn stores opened in Latin America are larger format, full-service stores similar to the U.S. stores, which buy, sell and lend on a wide array of merchandise. Accordingly, competition in Latin America with the Company’s larger format, full-service pawn stores is more

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limited. A large percentage of the population in Mexico and other countries in Latin America is unbanked or under-banked with limited access to traditional consumer credit. The Company believes there is opportunity for further expansion in Mexico and other Latin American countries due to the large potential consumer base and limited competition from other large format, full-service pawn store operators.

The Company’s pawn stores in the U.K. focus primarily on providing loans collateralized by gold jewelry. Stores are typically smaller in size and are located on the “high streets” in most major towns and cities throughout England, Scotland and Wales. While H&T is the U.K.’s largest pawnbroker, the U.K. and European pawn industries remain highly fragmented and the Company believes there is opportunity for further expansion in the U.K. and other European countries.

Services Offered by the Company’s Pawn Operations

Pawn Merchandise Sales

The Company’s pawn merchandise sales are primarily retail sales to the general public from its pawn store locations. The items sold vary by location but generally consist of pre-owned consumer products such as jewelry, electronics, tools, appliances, sporting goods and musical instruments. The Company also melts certain quantities of scrap jewelry and sells the gold, silver and diamonds in the commodity markets. Gross profit from pawn merchandise sales accounted for 39% of the Company’s consolidated net revenue during 2025.

Merchandise inventory is acquired primarily through forfeited pawn loan collateral and, to a lesser extent, through purchases of used goods directly from the general public. The Company also acquires limited quantities of new or refurbished merchandise inventories directly from wholesalers and manufacturers. Merchandise acquired by the Company through forfeited pawn loan collateral is carried in inventory at the amount of the related pawn loan, exclusive of any accrued service fees, and purchased inventory is carried at cost.

Retail customers can use cash and debit or credit cards for retail purchases or can generally purchase merchandise on an interest-free “layaway” plan. Should the customer fail to make a required payment pursuant to a layaway plan, the item is returned to inventory and all or a portion of previous payments are typically forfeited to the Company. Deposits and interim payments from customers on layaway sales are recorded as deferred revenue and subsequently recorded as retail merchandise sales revenue when the merchandise is delivered to the customer upon receipt of final payment or when previous payments are forfeited to the Company. In addition, the Company offers an LTO option at its U.S. pawn stores through AFF (as further described below).

Retail sales are seasonally highest in the fourth quarter, associated with holiday shopping, and, to a lesser extent, in the first quarter, due to tax refund proceeds received by customers in the U.S.

Pawn Lending

The Company’s pawn store locations make pawn loans to customers in order to help them meet instant or short-term cash needs. All pawn loans are collateralized by personal property such as jewelry, electronics, tools, appliances, sporting goods, musical instruments and other items. The pledged collateral provides the only security to the Company for the repayment of the loan. The Company does not investigate the creditworthiness of the borrower through third party reporting services, instead relying primarily on the marketability and expected sales value of pledged goods as a basis for the amount loaned. Pawn loans are non-recourse loans, and a customer does not have a legal obligation to repay a pawn loan. There is no collections process, and the decision to not repay the loan will not affect the customer’s credit score with any credit reporting agency and rarely affects the customer’s ability to obtain a subsequent pawn loan from the Company. The average amount of a pawn loan at December 31, 2025 was $312 in the U.S., $112 in Latin America and $825 in the U.K. per transaction.

At the time a pawn loan transaction is entered into, an agreement or pawn contract, commonly referred to as a “pawn ticket,” is presented to the borrower for signature that includes, among other items, the borrower’s name and identification information, a description of the pledged goods, amount financed, pawn service fee, maturity date, total amount that must be paid to redeem the pledged goods on the maturity date and the fee charged expressed as an annual percentage rate.

The term of a pawn loan in the U.S. and Latin America typically range from 30 to 90 days plus an additional grace period of 14 to 90 days based primarily on local or state regulations in each market. In the U.K., federal regulations require a six month term and a two month grace period. Pawn loans may be either paid in full with accrued pawn loan fees and service charges or, where permitted by law, may be renewed or extended by the customer’s payment of accrued pawn loan fees and service charges. If a pawn loan is not repaid before the expiration of the grace period, the pawn collateral is forfeited to the Company and transferred

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to inventory at a value equal to the principal amount of the loan, exclusive of accrued service fees. Pledged property is held in a secured, non-public warehouse area of the pawn store for the term of the loan and the grace period, unless the loan is repaid earlier. The Company does not record pawn loan losses or charge-offs because the amount advanced becomes the carrying cost of the forfeited collateral that is to be recovered through the merchandise sales function described above.

Pawn loan fees are typically calculated as a percentage of the pawn loan amount based on the size, duration and type of collateral of the pawn loan and generally range from 4% to 25% per month, as permitted by applicable law. As required by applicable law, the amounts of these charges are disclosed to the customer on the pawn ticket. Pawn loan fees accounted for 46% of the Company’s consolidated net revenue during 2025.

The amount the Company is willing to finance for a pawn loan is primarily based on a percentage of the estimated retail value of the collateral. There are no minimum or maximum pawn loan to fair market value restrictions in connection with the Company’s lending activities. In order to estimate the value of the collateral, the Company utilizes its proprietary POS and loan management system to recall recent selling prices of similar merchandise in its own stores. The basis for the Company’s determination of the retail value also includes such sources as precious metals spot markets, catalogs, blue books, online marketplaces and auction sites and retailer advertisements. These sources, together with the employees’ inspection of the collateral along with their skills and experience in selling similar items of merchandise in particular stores, influence the determination of the estimated retail value of such items.

The Company typically experiences seasonal growth in its pawn loan balances in the third and fourth quarters, preceded by lower balances in the first two quarters due to the typical repayment of pawn loans associated with statutory bonuses received by customers in the fourth quarter in Mexico and with tax refund proceeds typically received by customers in the first quarter in the U.S.

Pawn Business Strategy

The Company’s business strategy is to drive profitable growth by opening new (“de novo”) retail pawn locations, acquiring existing pawn stores in strategic markets and increasing revenue and operating profits in existing stores. Over the last five years, 783 pawn stores have been opened or acquired, with the net store count growing at a compound annual store growth rate of 4% over this period. The Company intends to open or acquire additional stores in locations where management believes appropriate consumer demand and other favorable conditions exist. The following table details stores opened and acquired over the five-year period ended December 31, 2025:

Year Ended December 31,

20252024202320222021

U.S. pawn segment:

New locations opened2 1 5 — 1

Locations acquired23 28 91 30 46

Total additions25 29 96 30 47

Latin America pawn segment:

New locations opened32 60 61 45 60

Locations acquired— 10 — 1 —

Total additions32 70 61 46 60

U.K. pawn segment:

New locations opened1 — — — —

Locations acquired286 — — — —

Total additions287 — — — —

Total:

New locations opened35 61 66 45 61

Locations acquired309 38 91 31 46

Total additions344 99 157 76 107

For additional information on store count activity, see “Pawn Store Locations” below.

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New Store Openings

The Company typically opens new stores in under-served neighborhoods in markets with favorable regulations and customer demographics. After a suitable location has been identified and a lease and the appropriate licenses are obtained, a new store can typically open for business within six to twelve weeks. The investment required to open a new location includes store operating cash, inventory, funds for pawn loans, leasehold improvements, store fixtures, security systems, computer equipment and other start-up costs.

Acquisitions

Due to the fragmented nature of the pawn industry, the Company believes attractive acquisition opportunities will continue to arise in the U.S., Latin America and the U.K. Specific pawn store acquisition criteria include an evaluation of the volume of merchandise sales and pawn transactions, outstanding customer pawn loan balances, historical pawn yields, merchandise sales margins, pawn loan redemption rates, the condition and quantity of inventory on hand, licensing restrictions or requirements, and the location, physical condition, and lease terms of the stores to be acquired.

Enhance Productivity of Existing and Newly Opened Stores

The primary factors affecting the profitability of the Company’s existing store base are the volume and gross profit of merchandise sales, the volume of and yield on pawn loans and store operating expenses. To increase customer traffic and encourage repeat business, which management believes is a key determinant of a store’s success, the Company has taken several steps to distinguish its stores and to make customers feel more comfortable and secure. In addition to a clean and secure physical store facility, the stores’ exteriors typically display attractive and distinctive signage similar to that used by contemporary specialty retailers.

The Company believes the profitability of its pawnshops is dependent, among other factors, upon its employees’ skills and ability to engage with customers and provide prompt and courteous service. The Company has employee training programs that promote customer service, productivity, professionalism, regulatory compliance and information privacy and security. The Company’s proprietary POS and loan management system tracks certain key transactional performance measures, including pawn loan yields and merchandise sales margins, and permits a store manager or clerk to instantly recall the cost of an item in inventory and the date it was purchased, including the prior transaction history of a particular customer. It also facilitates the timely valuation of goods by showing values assigned to similar goods. The Company has networked its stores to allow employees to more accurately determine the retail value of merchandise and to permit the Company’s headquarters to more efficiently monitor, in real time, each store’s operations, including merchandise sales, pawn loan fee revenue, pawn loans written and redeemed and changes in inventory.

The Company maintains a well-trained audit and loss prevention staff which conducts regular store visits to verify assets, loans and collateral, and test compliance with regulatory, financial, security and operational controls. Management believes its controls and systems are adequate for the Company’s existing store base and can accommodate reasonably foreseeable growth in the near term.

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Pawn Store Locations

The Company’s typical large format pawn store is a freestanding building or part of a retail shopping center with dedicated available parking. Many of the Company’s acquired stores in Latin America and all of its stores in the U.K. tend to be smaller than the U.S. stores, especially those located in more dense urban markets that may not have dedicated parking. Management has established a standard store design intended to facilitate operations and provide a positive customer experience.

As of December 31, 2025, the Company operated 3,330 pawn store locations composed of 1,207 stores in 29 U.S. states and the District of Columbia, 1,732 stores in 32 states in Mexico, 75 stores in Guatemala, 18 stores in El Salvador, 12 stores in Colombia and 286 stores in the U.K.

The following table details store count activity for the year ended December 31, 2025:

U.S. Latin AmericaU.K.Total

Total locations, beginning of period1,200 1,826 — 3,026

New locations opened2 32 1 35

Locations acquired23 — 286 309

Consolidation of existing pawn locations (1)
(18)(21)(1)(40)

Total locations, end of period1,207 1,837 286 3,330

(1)Store consolidations, which include certain acquired locations that have been combined with overlapping stores, represent closings for which the Company expects to maintain a significant portion of the customer base in the consolidated location.

The following chart presents the year end pawn store count over the five-year period ended December 31, 2025:

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As of December 31, 2025, the Company’s pawn stores were located in the following countries and states:

Number of Locations

U.S.Latin AmericaU.K.

Texas490 Mexico:England253

Florida86 Estado de. Mexico (State of Mexico)217 Scotland26

North Carolina68 Veracruz194 Wales7

Ohio56 Puebla114 U.K. total286

Arizona
49 Nuevo Leon104

Tennessee49 Tamaulipas103

Georgia46 Jalisco82

Illinois39 Baja California80

Nevada33 Estado de Ciudad de Mexico (State of Mexico City)75

Washington30 Chiapas69

Louisiana29 Coahuila64

Maryland28 Hidalgo58

South Carolina27 Oaxaca57

Indiana23 Guanajuato52

Kentucky23 Sonora42

Alabama22 Tabasco40

Colorado22 Chihuahua40

Missouri20 Michoacan31

Oklahoma19 Quintana Roo31

Virginia13 San Luis Potosi30

Nebraska7 Durango29

Alaska6 Sinaloa29

Oregon5 Morelos24

Utah5 Queretaro23

North Dakota3 Aguascalientes19

South Dakota3 Tlaxcala19

District of Columbia2 Yucatan19

Mississippi2 Campeche18

Iowa1 Zacatecas18

Wyoming1 Baja California Sur14

U.S. total1,207 Guerrero14

Colima13

Nayarit10

1,732

Guatemala75

El Salvador18

Colombia12

Latin America total1,837

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Pawn Operations Competitive Environment

The Company encounters significant competition in connection with all aspects of its pawn operations. These competitive conditions may adversely affect the Company’s pawn revenue and profitability and its ability to expand and execute its pawn business strategy. The Company believes the primary drivers for competitive success in the pawn industry are store location, customer service, the ability to lend competitive amounts on pawn loans and to sell popular and in-demand retail merchandise tailored to the surrounding area at competitive prices. In addition, the Company competes with other lenders and retailers to attract and retain employees with competitive compensation programs.

The Company’s retail business competitors include numerous retail and wholesale merchants, including jewelry stores, rent-to-own operators, discount retail stores, “second-hand” stores, consumer electronics stores, other specialty retailers, online retailers, online auction sites, online marketplace sites and other pawnshops. Competitive factors in the Company’s retail operations include the ability to provide the customer with a variety of merchandise items at attractive prices.

The Company’s pawn lending business competes primarily with other specialty consumer finance lenders, including pawn store operators, payday loan stores, branch-based lenders and other specialty consumer finance operators, including online lenders. The pawnshop and other specialty consumer finance industries are characterized by a large number of independent owner-operators, some of whom own and operate multiple locations. In addition, the Company competes with other non-specialty consumer finance lenders, such as banks, credit card providers and other consumer finance companies, which generally lend on an unsecured as well as a secured basis. Other non-specialty lenders may, and do, lend money on financial terms more favorable than those offered by the Company.

Management believes the pawn industry remains highly fragmented with an estimated 12,000 to 14,000 total pawnshops in the U.S., 8,000 to 9,000 total pawnshops in Mexico and slightly under 1,000 total pawnshops in the U.K. Including the Company, there are two publicly-held, U.S.-based pawnshop operators, both of which have pawn operations in the U.S., Mexico, Guatemala and El Salvador. The Company is the largest public or private operator of large format, full-service pawn stores in the U.S., Mexico and the U.K.

Retail POS Payment Solutions Operations

AFF facilitates customized LTO and retail finance programs to its merchant partners, allowing those merchant partners to complete sales by providing their customers with one of its retail POS payment solutions. Customers can apply for AFF’s payment solutions online or through their mobile devices and complete the process electronically or in person at one of AFF’s merchant partner locations. AFF primarily serves customers who are credit-constrained who may not qualify for prime or near prime retail payment options. Net revenues (gross profit) from AFF accounted for 15% of the Company’s consolidated net revenues during 2025.

Payment Solution Products Offered by AFF

AFF’s merchant partners may provide consumer goods and services to their customers using one of AFF’s retail POS payment products to facilitate payments on such transactions. AFF’s ability to customize the technology and offer a choice between retail POS payment products provides its merchant partners with the ability to identify the most effective solution for its business and customers.

The following is a description of the retail POS payment products offered by AFF:

•LTO — LTO transactions involve the purchase by AFF of tangible personal property directly from the merchant partner and a subsequent lease of that merchandise by AFF to the customer through a consumer rental purchase agreement under applicable state laws. Customers can cancel their agreements at any time, without penalty, by returning the merchandise. The terms of the leased merchandise contracts generally provide for weekly, bi-weekly, semi-monthly, or monthly rental periods and give the customers the option to acquire ownership of the merchandise over a fixed term, typically between six and 24 months, if the customer leases the merchandise through that term. AFF offers the LTO retail POS payment product to merchant partners in 46 U.S. states and the District of Columbia, and such product accounted for 43% of AFF’s gross transaction volumes during 2025.

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•Retail installment sales agreement (“RISA”) — The RISA transaction involves the purchase of either tangible personal property or services from the merchant partner by the customer. The customer enters into a RISA with the merchant and AFF subsequently purchases the RISA from the merchant partner and services the account through the end of the contractual term. RISA finance receivables typically have a term ranging from six to 24 months, and when utilized for the purchase of tangible personal property, are generally secured by such tangible personal property. AFF facilitates the RISA retail POS payment product with merchant partners in 22 U.S. states, and such product accounted for 12% of AFF’s gross transaction volumes during 2025.

•Bank-originated installment loans — The customer enters into an installment loan directly with a Utah state-chartered non-member bank (the “Bank”), for the purchase of a good or service from the merchant partner. After origination of the loan by the Bank, AFF purchases the rights to a portion of the cash flows of the loan from the Bank but does not purchase the loan itself. AFF then assumes responsibility for sub-servicing the loan on behalf of the Bank for the remaining term of the loan. Bank-originated loans typically have a term ranging from six to 24 months, and when utilized for the purchase of tangible personal property, are generally secured by such tangible personal property. The bank-originated installment loan retail POS payment product is made available to merchant partners in 38 U.S. states.

During the third quarter of 2025, AFF began assisting certain customers in applying for a direct-to-consumer unsecured installment loan that is underwritten and fully retained by the Bank (“OBS Loan”). After origination of the unsecured loan by the Bank, AFF assumes responsibility for servicing the loan on behalf of the Bank for the remaining term of the loan. AFF does not purchase the loan or the rights to a portion of the cash flows of the loan from the Bank. As such, these loans are not reflected on the Company’s balance sheet as a finance receivable. AFF receives certain servicing and other fees associated with performing loans from the Bank. However, if a loan becomes 90 days contractually past due, AFF is obligated to reimburse the Bank for the outstanding principal amount plus accrued interest. These unsecured Bank-originated loans typically have a term ranging from six to 24 months.

Bank-originated installment loan products accounted for 45% of AFF’s gross transaction volumes during 2025.

Decisioning Process

A proprietary decisioning platform is utilized by AFF to determine whether a particular applicant meets AFF’s LTO or RISA decisioning criteria or the Bank’s loan qualifications for a particular amount. Sophisticated algorithms consider external and internal data points beyond traditional credit scores, allowing AFF or the Bank to approve customers that do not have a credit score. AFF employs an automated application decisioning process, creating a highly efficient, scalable model. The platform is supported by an experienced and robust data science team that uses data analytics to optimize the performance of the lease and loan portfolios.

While the Bank utilizes AFF’s technology platform to process and evaluate consumer applications originated by the Bank, all credit underwriting and approval criteria used by the Bank to underwrite the loans are provided and approved under the Bank’s exclusive authority.

Customer Service

AFF believes its strong focus on building a positive relationship with the customer and ensuring high levels of customer satisfaction generates repeat customer business and long-lasting relationships with its merchant partners. Customers have access to AFF’s customer service team and online customer portal to answer questions about their lease, RISA or loan or to provide comments or complaints about merchant partners. For those customers that utilize AFF’s LTO solution and choose not to renew their lease, AFF’s customer service team can also assist with the non-renewal process.

Merchant Relationships

AFF attracts and sources new merchants through various channels, including field sales representatives, national sales, buying groups, AFF’s website and strategic integrations via waterfall lending platforms. To ensure merchant quality, each prospective merchant goes through a vetting and approval process and, once approved, they must sign a merchant agreement that identifies the roles and responsibilities of both the merchant and AFF. Merchants also receive appropriate training so they can properly represent AFF’s retail POS payment products to their customers and ensure regulatory compliance.

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Approved merchant partners are subject to regular monitoring. AFF’s monitoring procedures are designed to identify merchant partners that do not meet AFF’s merchant standards. Merchant partners are subject to suspension and/or termination if, based upon the results of AFF’s monitoring, they are found to be out of compliance with the merchant agreement, have low lease or loan quality performance, have elevated customer complaint volume or fail to comply with applicable laws.

AFF currently has approximately 16,400 active retail merchant partner locations and e-commerce platforms offering its leasing and financing products. Those merchant partners offer a wide array of goods and services spanning approximately 30 vertical channels. The following table shows the percentage of AFF's gross transaction volumes originated attributable to these vertical channels for the years ended December 31, 2025, 2024 and 2023:

Year Ended December 31,

202520242023

Automotive25 %24 %19 %

Furniture
23 %37 %48 %

Elective Medical18 %12 %7 %

Jewelry11 %10 %8 %

Other23 %17 %18 %

Total 100 %100 %100 %

A significant portion of AFF’s gross transaction volumes have historically been concentrated with certain large merchant partners, many of which were also concentrated within the furniture vertical. Over the past several years, AFF has been focused on expanding and diversifying its merchant partner base away from these larger merchant partners, which has resulted in less concentration by large merchant partner and vertical channel as reflected in the table above. For a discussion of the risks associated with the possible loss or reduction of business from one or more of AFF’s large merchant partners and factors that may affect a particular type of merchant or vertical channel that AFF is heavily concentrated in, refer to “