FirstCash delivered another record quarter in Q2 2026, with consolidated revenue of $1,074.7M (+29% year over year), GAAP diluted EPS of $2.12 (+58%), and adjusted EPS of $2.50 (+40%), comfortably ahead of the trajectory implied by full-year guidance. Pawn receivables reached $898M, up 63% in total and 22% on a same-store basis, marking the twelfth consecutive quarter of double-digit same-store receivable growth and signaling that the consumer credit-constrained cohort the company serves remains structurally active. The combined U.S., Latin America, and U.K. pawn segments now contribute roughly 90% of net revenue, with pawn segment income up 59% year over year in the quarter, evidence that the international rollout is converting scale into earnings rather than just into store count.
The single most important forward variable is the closing of the Ramsdens acquisition. On July 16, 2026, FirstCash agreed to revised terms of 675 pence per share plus a 9 pence permitted dividend, lifting the equity value to roughly £232M (about $308M) and adding 174 U.K. stores, which would push the network past 3,500 locations. The company continues to underwrite the H&T integration, which added nearly 300 stores in August 2025, and is already leveraging its proprietary FirstPawn point-of-sale system across the U.K. platform. The strongest counterargument is that AFF, the retail point-of-sale payment solutions business, faces a second year of merchant partner bankruptcies, with Q2 gross transaction volume down 14% and management now guiding 2026 net revenue down 20% to 25%.
At $228.16, FCFS trades at 26.7x trailing earnings, 17.4x forward earnings, and 15.8x trailing EV/EBITDA, with a market capitalization of $9.9B and an enterprise value of $12.5B. The shares sit near their 52-week high of $238.93 and just above the consensus mean price target of $249.25, with only four analysts covering the stock. Net debt to adjusted EBITDA of 2.7x at quarter-end is inside the company's 2.0-3.0x target range, and the recent $750M senior unsecured note offering at 6.125% gives the balance sheet room to absorb Ramsdens while still returning capital, with a fresh $150M repurchase authorization and a $0.42 quarterly dividend ($1.68 annualized) supported by trailing-twelve-month adjusted free cash flow of $309M.