Enova International (ENVA) Q4 2025 earnings summary

Executive summary

• 2025 marked a record year with strong originations, revenue, and adjusted EPS growth, driven by a balanced growth strategy and robust credit performance.

• Achieved $3.2B in revenue for 2025, serving over 14 million customers since inception and originating $67B+ in loans.

• Leadership transitioned smoothly, with Steve Cunningham as CEO and Scott Cornelis as CFO, focusing on continued growth and innovation.

• Announced a definitive agreement to acquire Grasshopper Bancorp, expected to close in H2 2026, to expand digital banking capabilities, simplify regulatory structure, and provide new funding sources.

• Demonstrated strong long-term shareholder returns, outperforming key indices over the past decade.

Financial highlights

• Full-year 2025 originations grew 27%, revenue rose to $3.2B (+19%), and adjusted EPS increased 42% to $12.96 year-over-year.

• Q4 2025 originations up 32% year-over-year to $2.3B; portfolio reached $4.9B.

• Q4 revenue grew 15% year-over-year to $839M; adjusted EPS up 33% to $3.46; adjusted EBITDA up 21% to $211M.

• FY 2025 adjusted EBITDA was $821M with a margin of 26%.

• Net income for 2025 was $308M, up 47% from 2024.

Outlook and guidance

• 2026 originations expected to grow ~15% year-over-year, with similar revenue growth and adjusted EPS growth of at least 20%.

• Q1 2026 revenue expected to be flat to slightly higher sequentially; adjusted EPS projected to be 20%-25% higher than Q1 2025.

• Grasshopper acquisition expected to close in H2 2026, with anticipated adjusted EPS accretion of 15%+ in the first year and 25%+ post-synergies.

• Revenue synergies from the acquisition projected at $175M–$230M within two years post-closing.

• No contribution from Grasshopper Bank included in 2026 guidance; acquisition expected to close in H2 2026.