Enova Q1 Originations Rise 33% to $2.3B; Revenue Up 17% to $875M
Enova reported first‐quarter revenue of $875 million, up 17% year-over-year, and diluted EPS of $3.46, a 29% increase. Total originations jumped 33% to $2.3 billion, credit performance remained strong with a net charge-off ratio at 7.6%, and liquidity totaled $1.1 billion.
1. First Quarter Financial Highlights
Enova reported first‐quarter revenue of $875 million, up 17% from Q1 2025, with net income of $91 million. Diluted earnings per share increased 29% to $3.46, adjusted EBITDA rose 20% to $227 million and adjusted EPS climbed 30% to $3.87.
2. Loan Growth and Credit Metrics
Total originations jumped 33% to $2.3 billion, driving combined loans and finance receivables up 28% to $5.3 billion. Credit performance remained strong, with the net charge-off ratio improving to 7.6%, a 60% net revenue margin and stable 30+ day delinquency rates and fair value premiums.
3. Liquidity and Capital Allocation
Liquidity, comprising cash, marketable securities and available facility capacity, totaled $1.1 billion at March 31. The company repurchased $16 million of common stock, underscoring balance sheet strength and disciplined capital return.
4. Grasshopper Bank Acquisition Outlook
Enova expects to close its acquisition of Grasshopper Bank in the second half of 2026 as regulatory reviews progress. Integration planning is underway to capture synergies from geographic expansion of existing products and lower funding costs through deposit operations.