Enova International, Inc.

What they do

Enova provides online financial services to consumers and small businesses that have limited access to traditional bank credit, using proprietary technology, analytics and customer service to evaluate, underwrite and fund loans. In 2025 the company extended approximately $7.8 billion in credit or financing, offered or arranged consumer loans or lines of credit in 37 U.S. states and Brazil, and offered or arranged small business financing in 49 states plus Washington D.C. The consumer product set includes installment loans, and since its 2004 online launch it has completed approximately 69.3 million customer transactions and collected more than 95 terabytes of customer behavior data.

Revenue drivers

• Consumer installment lending — The core consumer product set includes installment loans offered online in 37 U.S. states and Brazil; the company does not break out dollar revenue by product in the excerpts provided.
• Small business financing — Offered or arranged in 49 U.S. states and Washington D.C. as of December 31, 2025; the excerpts do not quantify its share of total revenue.
• Lines of credit — Draws on lines of credit are among the consumer products offered or arranged in the 37 U.S. states and Brazil; no separate revenue figure is given in the excerpts.
• Total company loan portfolio — Revenue is generated from a combined loans and finance receivables portfolio that reached a record $5.5 billion at June 30, 2026, up 28% from a year earlier, with $2.3 billion of originations in the second quarter of 2026.

Recent performance

Second quarter 2026 total revenue was $929 million, up 22% from $764 million a year earlier, with originations up 27%. Net income was $105 million, or $4.00 per diluted share, up 38% from $76 million, or $2.86 per diluted share, in the second quarter of 2025. Adjusted EBITDA was $256 million, up 26%, and adjusted EPS was $4.31, up 33% from $3.23. The consolidated net charge-off ratio fell to 7.3% and the net revenue margin improved to 61% from 58%. Management said this was the eighth consecutive quarter of year-over-year adjusted EPS growth of 30% or more.

Strategy

Enova is pursuing the planned acquisition of Grasshopper Bancorp, Inc. and Grasshopper Bank, which would add insured bank functionality; CEO Steve Cunningham said the company remains in constructive dialogue with regulators and looks to close later this year. Management cites the deal as a way to begin delivering significant transaction synergies shortly after closing. Operationally, the company highlights its machine learning and analytics capabilities, diversified product offerings and scalable operating model as sources of growth. It also returned capital in the quarter, repurchasing $19 million of common stock under its share repurchase program.

Risks

• Regulatory and legal restrictions — Laws or regulations targeting Enova's industry, or changes in their interpretation or enforcement, could directly or indirectly prohibit or render its operations unprofitable or impractical.
• CFPB oversight — Enova is subject to the regulatory and examination authority of the Consumer Financial Protection Bureau with respect to providers of consumer financial products and services in the United States.
• Grasshopper acquisition and integration — Consummating the pending acquisition of Grasshopper Bancorp, Inc. and Grasshopper Bank and integrating insured bank functionality would expose Enova to new regulatory requirements, and the anticipated benefits and synergies may not be realized when expected or at all.
• ACH processing and third-party dependence — Enova's ability to process or collect loans and finance receivables through the Automated Clearing House system, and the actions of third parties who provide, acquire or offer products and services to it, could be disrupted.

Outlook

Management raised its full-year outlook based on second quarter results that exceeded expectations on both the top and bottom line. CFO Scott Cornelis said the company remains focused on generating sustainable and profitable growth and on long-term shareholder value. The company continues to work through the regulatory review of the Grasshopper acquisition and expects to close later this year. It also reported sequential stability in the consolidated 30+ day delinquency ratio and fair value premium, which it views as reflecting stable credit performance and outlook.