Enova posts third-quarter revenue of $1.01 billion as credit improves
Key Facts
Enova reported revenue of $1.01 billion in the third quarter of 2026, according to its earnings release issued on October 22, as its financing portfolio reached a record and credit metrics improved. The company posted adjusted earnings per share of $4.48 for the period, alongside the lending and financing results presented in the release. Companywide loan and financing originations totaled $2.6 billion during the quarter, spanning its services for small businesses and consumers. The combined balance of loans and finance receivables reached a record $5.9 billion at the end of the period, according to figures released by the company. Enova provides online financial services, targeting small businesses and consumers whose financing needs are underserved by traditional banks, according to its business description on its investor relations website.
On profitability and credit quality, Enova's net revenue margin rose to 61% in the third quarter of 2026, according to the earnings release. The margin was 57% in the same quarter of 2025, marking a year-over-year improvement as the balance of loans and finance receivables reached its record level. The combined net loan charge-off ratio fell to 8.1% during the third quarter, another credit metric the company included in its results for the period. That compared with 8.5% in the same quarter a year earlier, according to the comparison in the release. Chief Executive Steve Cunningham said the results were underpinned by healthy demand, also citing "stable credit performance" among the drivers of the company's performance during the quarter.
The results follow Enova's withdrawal in September of its regulatory applications related to the proposed acquisition of Grasshopper Bancorp, according to a separate company statement on the move. Cunningham said in that statement: "Our future growth and success do not depend on becoming a bank," outlining the company's position on the link between its future trajectory and obtaining bank status. On its prior performance, adjusted earnings per share for the full year 2025 were $12.96, compared with $9.15 in 2024, according to the earnings release filed with the U.S. Securities and Exchange Commission. That represented year-over-year growth of 42% in adjusted earnings per share during 2025, the year preceding the period covered by the current results. In the fourth quarter of 2025, adjusted earnings per share were $3.46, according to the same release.
For the full year 2026, Enova reaffirmed in its September statement its forecast for year-over-year revenue growth of between 20% and 25%. In the same statement, it also reaffirmed its forecast for annual adjusted earnings per share growth of between 30% and 35%, as part of its full-year targets. At the end of September 2026, liquidity totaled $1.3 billion, including cash, marketable securities and available facility capacity, according to the third-quarter earnings release. During the same quarter, the company repurchased $46 million of common stock, as part of the buybacks it disclosed with the results. Enova entered the fourth quarter of 2026 with $252 million of available share repurchase capacity, according to the release.