Here are a few analogies to describe FirstCash (FCFS):

1. It's like a Gamestop, but for a much wider range of used goods (jewelry, electronics, tools), and they also offer instant cash loans using those items as collateral.

2. Think of it as a nationwide chain that combines the resale market of a Goodwill for valuables (jewelry, electronics) with a short-term, secured loan service.

• Pawn Loans: Lending money on the collateral of pledged personal property.
• Retail Merchandise Sales: Selling merchandise acquired from forfeited pawn collateral and direct customer purchases.
• Commodity Sales: Selling gold, silver, and diamonds from melted scrap jewelry in commodity markets.

• Individuals seeking short-term, collateralized loans: These customers pledge personal property such as jewelry, electronics, tools, or musical instruments as collateral to obtain immediate cash loans, often due to unexpected expenses or temporary financial needs. They typically intend to repay the loan and retrieve their pledged items.
• Consumers purchasing pre-owned merchandise: These customers frequent FirstCash stores to purchase a variety of goods, including jewelry, electronics, tools, and sporting goods, which have been acquired through pawn loan forfeitures or over-the-counter purchases. They are often looking for value, unique items, or a more affordable alternative to new retail products.
• Individuals selling unwanted personal property for cash: These customers visit FirstCash stores to sell their personal property directly for immediate cash, rather than taking out a loan. This provides them with a quick way to convert unwanted items into liquidity.

Rick L. Wessel, Chief Executive Officer & Vice-Chairman of the Board

Rick L. Wessel has served as FirstCash's Chief Executive Officer since November 2006 and as Vice-Chairman of the Board since September 2016. He previously held the roles of president from May 1998 to September 2016, chairman of the board from October 2010 to September 2016, and vice chairman of the board from November 2004 to October 2010. Additionally, Mr. Wessel served as the company's chief financial officer from May 1992 to December 2002 and as secretary and treasurer from May 1992 to November 2006. Before joining FirstCash, he was employed by Price Waterhouse LLP for approximately nine years until February 1992.

R. Douglas Orr, Executive Vice President and Chief Financial Officer, Secretary and Treasurer

R. Douglas Orr joined FirstCash in 2002 as Vice President of Finance, becoming Chief Financial Officer in January 2003, Executive Vice President in 2005, and adding Secretary and Treasurer to his titles in 2006. He has over 22 years of tenure with the company, including more than two decades as CFO. Mr. Orr has been responsible for the company's financial strategy and reporting throughout his long tenure.

T. Brent Stuart, President and Chief Operating Officer

T. Brent Stuart serves as the President and Chief Operating Officer of FirstCash Holdings, Inc. In this role, he oversees the day-to-day operations and execution of the company's strategy.

Daniel R. Feehan, Chairman of the Board

Daniel R. Feehan has been the Chairman of the Board of FirstCash Holdings, Inc. since the 2016 merger with Cash America International, Inc. Prior to this, he served as Cash America's CEO from 2000 to 2015 and as Executive Chairman from November 2015 to 2016. His earlier roles at Cash America, which he joined in 1988, included President, COO, and CFO, starting in 1990. Before Cash America, Mr. Feehan began his career on the audit staff of Arthur Young & Company, followed by a senior management position with the Wedge Group, where he negotiated the acquisition and financing of numerous companies and served on several portfolio company boards. He also co-founded and served as president of Greer Capital Corporation, a real estate development and hotel management firm, where he was an investor and an early board member of Cash America.

Raul R. Ramos, Senior Vice President, Latin American Operations

Raul R. Ramos holds the position of Senior Vice President, Latin American Operations at FirstCash Holdings, Inc. In this capacity, he plays a key role in managing the company's extensive operations throughout Latin America.

Here are the key risks to FirstCash (FCFS):

1. Regulatory Scrutiny and Changes: FirstCash faces significant regulatory risks across its operating regions, including the United States, Mexico, and the United Kingdom. These risks encompass complex and evolving consumer protection laws, interest rate caps on pawn loans, licensing requirements, and detailed record-keeping mandates. Failure to comply with these regulations can lead to increased operational costs, fines, and legal challenges. For example, the company has faced settlements related to alleged Military Lending Act violations, underscoring the impact of regulatory oversight.
2. Economic Conditions and Market Risks: The company's performance is highly sensitive to macroeconomic factors. Economic downturns, high inflation, and elevated interest rates can negatively impact consumer discretionary spending, reduce demand for pawn loans, and affect customers' ability to repay existing loans. Furthermore, FirstCash is exposed to market risks such as fluctuations in currency exchange rates, particularly involving the Mexican peso and British pound sterling, which can significantly affect financial results. Changes in commodity prices, such as gold and other precious metals, also pose a risk, as jewelry serves as substantial collateral for pawn loans.
3. Competition: FirstCash operates in a competitive landscape, facing pressure from traditional pawnshops, a growing number of online lenders, and emerging "Buy Now, Pay Later" (BNPL) providers. This intense competition could impact the company's market share, pricing power, and overall profitability.

Pawn Services

• United States: The U.S. pawn market was valued at $12.47 billion in 2024. Another estimate placed the U.S. pawn market at $4.5 billion in sales for 2025. The industry is projected to reach $4.12 billion by 2028.
• Mexico: The Mexico pawn shops market is projected to reach a market size of $1.44 billion in 2024.
• Latin America (overall): The Latin America pawn market had a market size of $1.98 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 2.9% from 2024 to 2031.
• Colombia: The Colombia pawn shop market is projected to reach a market size of $175.83 million in 2024.

Retail Merchandise (Second-hand Goods)

• United States Used Goods Stores (General): The market size for Used Goods Stores in the U.S. was $27.4 billion in 2024 and is projected to reach $27.7 billion in 2025. The broader U.S. second-hand products market was valued at $689.59 billion in 2025 and is projected to reach $759.76 billion in 2026 and $1.49 trillion by 2032. The U.S. recommerce market, which includes various categories beyond apparel, is estimated to reach $306.5 billion by the end of the decade.
• United States Second-hand Luxury Goods (including jewelry): This market was valued at $8.11 billion in 2024 and is expected to reach $16.02 billion by 2033.
• Mexico Jewelry Market: The Mexico jewelry market generated revenues of $3.35 billion in 2022. Another report indicates a value of $2.14 billion in 2025, expected to reach $4.02 billion by 2035. The Mexico Gems and Jewellery market is forecast to exceed $5.80 billion by 2031.
• Global Used Jewelry Resale Service Market: This market is forecasted to be worth $2.7 billion in 2026, expected to achieve $6.76 billion by 2035.

Scrap Jewelry Melting and Precious Metals Sales

• Global Scrap Gold Recycling Market: The scrap gold recycling market size was valued at $13.50 billion in 2023 and is projected to reach $14.73 billion by 2031. This market size grew to $15.58 billion in 2025 and is expected to reach $16.88 billion in 2026.
• Global Precious Metal Recycling Market: The broader precious metal recycling market was valued at $551.9 billion in 2023 and is projected to reach $767.9 billion by 2031, covering gold, silver, platinum, and palladium. The Precious Metal Melting and Recycling market is estimated to be valued at $18.5 billion in 2026 and is expected to reach $30.7 billion by 2033.
• Global Precious Metals E-Waste Recovery Market: This market, which involves recovering metals like gold and silver from electronic waste, was estimated at $5.92 billion in 2023 and is projected to reach $8.75 billion by 2030. Gold held the dominant market value of $4.1 billion in 2023 within this segment.

FirstCash (FCFS) is expected to experience future revenue growth driven by several key factors over the next 2-3 years:

1. Continued Growth in Core Pawn Operations: The company anticipates robust demand for pawn loans and strong retail merchandise sales in both its U.S. and Latin American pawn segments. Management expects low double-digit revenue growth in U.S. pawn fees and 8–10% growth in merchandise sales for 2026. Similarly, mid-teen growth in pawn fees and high single-digit retail sales growth are projected for Latin America, with stable margins.
2. Strategic Acquisitions and Store Expansion: FirstCash has a proven strategy of expanding its retail footprint through both acquisitions and new store openings. In 2025, the company added 344 pawn locations, including a significant acquisition in the U.K.. This expansion into new markets, such as the U.K. with the H&T acquisition, and continued growth in existing territories, is expected to lay the groundwork for future revenue and earnings growth.
3. Favorable Macroeconomic Environment Driving Pawn Demand: Ongoing economic conditions, including inflationary pressures and tightening credit for consumers, are expected to continue driving demand for pawn services. These factors lead more individuals to seek immediate cash solutions through pawn loans, particularly for consumers with small, immediate cash needs.
4. Growth in American First Finance (AFF) Point-of-Sale (POS) Payment Solutions: The American First Finance (AFF) segment, which provides lease-to-own and retail finance payment solutions, is expected to contribute to revenue growth. While there may be some fluctuations, the outlook for the AFF segment shows anticipated mid-single-digit growth in segment income, and improved projections for full-year net revenue, indicating a positive trajectory for this business line.

Share Repurchases

• On October 30, 2025, FirstCash's board of directors authorized a new $150 million share repurchase plan.
• During the third quarter of 2025, the company repurchased $30 million of its common stock, contributing to year-to-date buybacks totaling $90 million as of September 30, 2025.
• As of March 31, 2025, $55 million remained available under a $200 million share repurchase program that was authorized in July 2023. In the first quarter of 2025, the company repurchased $60 million of common stock.

Share Issuance

• FirstCash Holdings' shares outstanding have shown a net decline over the past few years, from 0.047 billion in Q4 2022 to 0.045 billion in Q4 2025, indicating net share repurchases rather than significant share issuances.

Outbound Investments

• FirstCash completed the acquisition of H&T Group plc, the largest pawnbroker in the United Kingdom with 286 locations, on August 14, 2025, for an equity value of approximately $383 million and assumed net debt of about $85 million.
• In the first quarter of 2025, FirstCash acquired 38 pawn stores for a combined purchase price of $103 million.
• Since 2016, the company has made significant acquisition investments, including 298 pawn stores in the U.S. and 764 pawn stores in Latin America, in addition to the H&T acquisition in the U.K.

Capital Expenditures

• For the twelve months ended March 31, 2025, FirstCash invested $19 million in fixed assets and working capital to open 53 new pawn stores.
• During the same period, the company spent $82 million to purchase the underlying real estate at 56 of its existing pawn stores.
• Capital expenditures for the latest 12-month period reported (around March 2026) were approximately $54.91 million, primarily focused on expanding and improving the pawn store platform.