FirstCash Holdings
32 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.
Customers
Furniture retail vertical
concentrated in · 23%named as a riskA significant portion of AFF’s gross transaction volumes have historically been concentrated with certain large merchant partners, many of which were also concentrated within the furniture vertical.Business (Item 1)
Conn’s Appliances, Inc.
earns fromnamed as a riskCertain of AFF’s larger furniture-focused merchant partners have experienced lagging sales, store closures and, in some instances, including Conn’s Appliances, Inc. (“Conn’s”) and American Freight, Inc. (“A-Freight”), bankruptcies, which has and is expected to continue to negatively impact AFF’s originations.Risk factors (Item 1A)
American Freight, Inc.
earns fromnamed as a riskCertain of AFF’s larger furniture-focused merchant partners have experienced lagging sales, store closures and, in some instances, including Conn’s Appliances, Inc. (“Conn’s”) and American Freight, Inc. (“A-Freight”), bankruptcies, which has and is expected to continue to negatively impact AFF’s originations.Risk factors (Item 1A)
Partners and platforms
Utah state-chartered bank partner (the Bank)
depends on · 6% of the Company’s consolidated net revenuesnamed as a riskLoans originated through the Bank’s programs accounted for 6% of the Company’s consolidated net revenues during 2025.Risk factors (Item 1A)
Utah state-chartered bank partner (the Bank)
depends on · 45% of AFF’s gross transaction volumesnamed as a riskBank-originated installment loan products accounted for 45% of AFF’s gross transaction volumes during 2025.Business (Item 1)
Automated Clearing House (ACH) system
depends onnamed as a riskRegulators and payment processors are scrutinizing certain consumer finance companies’ access to the Automated Clearing House (“ACH”) system to disburse and collect proceeds and repayments for consumer finance products, and any interruption or limitation on the Company’s ability to access this critical system would materially adversely affect its business.Risk factors (Item 1A)
Western Union Payment Services GB Limited
depends onThe Company is also registered with the FCA as a “PSD Agent” to carry out payment services in connection with its FCA regulated payment service provider, Western Union Payment Services GB Limited.Business (Item 1)
Competitors
Mexican government-sponsored pawn foundations
competes withnamed as a riskIn Mexico, the Company’s pawn stores also compete directly with government-sponsored or affiliated non-profit foundations operating pawn stores.Risk factors (Item 1A)
Places
Mexico
operates in · 1,732 stores in 32 states in Mexiconamed as a riskAs the Company derives significant revenue, earnings and cash flow from operations in Latin America, primarily in Mexico, there are some inherent risks regarding the overall stability of the trading relationship between Mexico and the U.S. and the burdens imposed thereon by any changes to (or the adoption of new) regulations, tariffs or other federal or state legislation.Business (Item 1)
Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more
United Kingdom
operates in · 286 stores in the U.K.named as a riskThe Company completed the acquisition of H&T, the leading pawn operator in the United Kingdom with 286 store locations, on August 14, 2025, the date which the balance sheet and operating results of H&T were included in the Company’s consolidated financial results.Business (Item 1)
Also named by AGX, AJG, AMP, BAC, BF/B, BGC, BRO, C and 59 more
Texas
concentrated in · 490As of December 31, 2025, the Company operated 3,330 pawn store locations composed of 1,207 stores in 29 U.S. states and the District of Columbia, 1,732 stores in 32 states in Mexico, 75 stores in Guatemala, 18 stores in El Salvador, 12 stores in Colombia and 286 stores in the U.K.Business (Item 1)
Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more
Dominican Republic
depends onnamed as a riskIn addition, AFF owns customer service call centers operating in Jamaica and Mexico and utilizes third-party call center services located in the Dominican Republic.Risk factors (Item 1A)
Jamaica
operates innamed as a riskIn addition, AFF owns customer service call centers operating in Jamaica and Mexico and utilizes third-party call center services located in the Dominican Republic.Risk factors (Item 1A)
Commodities and inputs
SOFR
exposed to its price · $613.5 million outstanding under its revolving lines of creditnamed as a riskBased on the $613.5 million in outstanding borrowings at December 31, 2025, a 1% (100 basis points) increase in interest rates would have increased the Company’s annual interest expense by approximately $6.1 million for 2025.Market risk (Item 7A)
Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more
Mexican peso
exposed to its price · approximately $4.4 millionnamed as a riskA one-point change in the average Mexican peso to the U.S. dollar exchange rate would have impacted 2025 annual earnings by approximately $4.4 million.Market risk (Item 7A)
Also named by AYI, AZO, BAX, CCK, CDRE, CP, DCH, EZPW and 14 more
Gold
exposed to its price · approximately $623.6 million, or 75%, of total pawn loansnamed as a riskIn addition, approximately $623.6 million, or 75%, of total pawn loans were collateralized by jewelry, which was also primarily gold.Market risk (Item 7A)
Also named by AMKR, APH, BLK, CDE, DC, EZPW, FCX, HL and 10 more
Gold
exposed to its price · $302.1 million in jewelry inventories, which were primarily gold, representing 62% of total inventorynamed as a riskAt December 31, 2025, the Company held approximately $302.1 million in jewelry inventories, which were primarily gold, representing 62% of total inventory.Market risk (Item 7A)
Also named by AMKR, APH, BLK, CDE, DC, EZPW, FCX, HL and 10 more
British pound sterling
exposed to its pricenamed as a riskThe majority of foreign revenues and expenses are denominated in currencies other than the U.S. dollar, and the Company, therefore, has foreign currency risk related to these currencies, which are primarily the Mexican peso and British pound sterling, and, to a much lesser extent, the Guatemalan quetzal and Colombian peso.Market risk (Item 7A)
Also named by AMG, BGC, BKNG, CBRE, CTRE, FDS, FIS, FSK and 31 more
Regulators
Consumer Financial Protection Bureau (CFPB)
subject tonamed as a riskThe FTC and the CFPB have regulatory, supervisory and enforcement powers over providers of consumer financial products and services in the U.S., and each could exercise its enforcement powers in ways that could have a material adverse effect on the Company’s business and financial results.Risk factors (Item 1A)
Also named by ABNB, AFRM, ALLY, AN, AUB, AXP, BAC, CASH and 61 more
Federal Trade Commission (FTC)
subject tonamed as a riskThe FTC is charged with preventing unfair or deceptive acts or practices and false or misleading advertisements, and the CFPB is charged with preventing unfair, deceptive or abusive acts or practices with respect to consumer financial goods and services.Risk factors (Item 1A)
Also named by AMZN, AN, AVGO, BJ, CART, CELH, CHD, CHE and 56 more
Federal Deposit Insurance Corporation (FDIC)
subject tonamed as a riskIf the FDIC or the Utah Department of Financial Institutions considers any aspect of the Bank-originated products to be inconsistent with its guidance, the Bank may be required to alter or discontinue the product.Risk factors (Item 1A)
Also named by AFRM, BAC, BNY, CASH, CFG, CFR, COF, FCNCA and 27 more
Financial Conduct Authority (FCA)
subject tonamed as a riskFailure to comply with the Consumer Duty could result in regulatory enforcement actions, customer-redress obligations, financial penalties, or operational restrictions.Business (Item 1)
Also named by AFRM, AJG, AMG, AMP, BGC, BRO, CBOE, COF and 17 more
Utah Department of Financial Institutions
subject tonamed as a riskIf the FDIC or the Utah Department of Financial Institutions considers any aspect of the Bank-originated products to be inconsistent with its guidance, the Bank may be required to alter or discontinue the product.Risk factors (Item 1A)
PROFECO (Procuraduria Federal del Consumidor)
subject tonamed as a riskThere are significant fines and sanctions, including license revocation and operating suspensions, for failure to register and/or comply with PROFECO’s rules and regulations.Business (Item 1)
Laws and programs
Military Lending Act
subject to · 36% military annual percentage ratenamed as a riskCompliance with the MLA is complex, increases compliance risks and related costs and limits the potential customer base of the Company.Business (Item 1)
UK GDPR / Data Protection Act 2018
subject to · fines of up to the greater of £20.0 million or 4% of annual worldwide revenuenamed as a riskNon-compliance with the GDPR may result in significant regulatory investigations, enforcement actions, and monetary penalties, including fines of up to the greater of £20.0 million or 4% of annual worldwide revenue, as well as potential civil claims by affected individuals.Business (Item 1)
California Consumer Privacy Act
subject tonamed as a riskThe Company and its bank partner may incur material expenses and encounter material difficulties in complying with the CCPA and related regulations.Business (Item 1)
Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BAC, BBSI and 69 more
United States-Mexico-Canada Agreement
subject tonamed as a riskSpecifically, the Company has significant exposure to fluctuations and devaluations of the Mexican peso and the health of the Mexican economy, which, in each case, may be negatively impacted by changes in U.S. trade treaties, including the United States-Mexico-Canada Agreement and corporate tax policy.Business (Item 1)
Also named by AYI, BMI, BWA, CLF, CMI, CP, CW, DCH and 29 more
Telephone Consumer Protection Act
subject tonamed as a riskWhile the Company maintains policies and procedures reasonably designed to comply with the TCPA, the Company has been subject, and may continue to be subject, to legal actions alleging violations of the TCPA.Business (Item 1)
Also named by ADP, AFL, BBW, CART, COMP, CRM, CSGP, GDDY and 9 more
CFPB Small-Dollar Lending Rule
subject tonamed as a riskTraditional possessory, non-recourse pawn loans are not covered under the SDL Rule but some of the RISA transactions that AFF purchases and some of the bank loans that AFF sub-services are covered under the rule.Business (Item 1)
Brady Handgun Violence Prevention Act
subject tonamed as a riskU.S. pawn store locations that handle pawned firearms or buy and sell firearms must comply with the Brady Act.Business (Item 1)
Mexico judicial reform
subject tonamed as a riskThere is no guarantee as to the impact these reforms may have on our Mexican operations if at all.Risk factors (Item 1A)