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How Ezcorp (EZPW) makes money

Ezcorp (EZPW) made $419M of revenue in the third quarter fiscal 2026 (Q3 FY26), +35% from a year earlier. Merchandise sales brought in $210M (50%); Pawn service charges brought in $152M (36%); Jewelry scrap sales brought in $56.6M (14%). Of every dollar of revenue, 59¢ was left as gross profit, 13¢ was left as operating profit, 9¢ was left as net earnings.

Drawing the Sankey…

Ezcorp revenue by segment, Q3 FY26Ezcorp revenue by segment, Q3 FY26Merchandise sales$210MPawn service charges$152MJewelry scrap sales$56.6MOther revenues$43K
Ezcorp: revenue by line, Q4 FY24 to Q3 FY26Ezcorp: revenue by line, Q4 FY24 to Q3 FY26Merchandise salesPawn service chargesJewelry scrap salesJewelry scrapping sal…Other revenuesMerchandise sales: $210M latest$210MPawn service charges: $152M latest$152MJewelry scrap sales: $56.6M latest$56.6MJewelry scrapping sales: $0 latestOther revenues: $43K latestQ4 FY24Q2 FY25Q3 FY25Q1 FY26Q2 FY26Q3 FY26
Merchandise sales went from 55% of revenue in Q4 FY24 to 50% in Q3 FY26, the largest shift in the mix.
Ezcorp revenue by quarterEzcorp revenue by quarter$295MQ4 FY24$306MQ2 FY25$311MQ3 FY25$337MQ4 FY25$382MQ1 FY26$447MQ2 FY26$419MQ3 FY26
Ezcorp: where each dollar of revenue goesEzcorp: where each dollar of revenue goesCost of revenue41¢Gross profit59¢Operating expenses46¢Operating profit13¢Income tax3¢Net earnings9¢Operating cash flow10¢Free cash flow8¢

Revenue by segment, Q3 FY26

SegmentRevenueShareQ/QY/Y
Merchandise sales$210M50.1%-2%+24%
Pawn service charges$152M36.4%+0.9%+32%
Jewelry scrap sales$56.6M13.5%-30%+110%
Other revenues$43K0.0%-10%-10%

Where each dollar of revenue goes

LineQ3 FY26% of revenue
Revenue$419M100.0%
Cost of revenue$173M41.2%
Gross profit$246M58.8%
Operating expenses$191M45.7%
Operating profit$54.8M13.1%
Income tax$13.5M3.2%
Net earnings$38.2M9.1%
Operating cash flow$42.8M10.2%
Free cash flow$32.9M7.9%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 FY26$419M+35%
Q2 FY26$447M+46%
Q1 FY26$382M+19%
Q4 FY25$337M+14%
Q3 FY25$311M+10%
Q2 FY25$306M+7%
Q4 FY24$295M+9%

From Ezcorp's 10-Q filed Aug 5, 2026 (on EDGAR).

Questions

How does Ezcorp make money?

Ezcorp (EZPW) made $419M of revenue in the third quarter fiscal 2026 (Q3 FY26), +35% from a year earlier. Merchandise sales brought in $210M (50%); Pawn service charges brought in $152M (36%); Jewelry scrap sales brought in $56.6M (14%). Of every dollar of revenue, 59¢ was left as gross profit, 13¢ was left as operating profit, 9¢ was left as net earnings.

What is Ezcorp's biggest business?

Merchandise sales: $210M in the third quarter fiscal 2026, 50% of revenue, +24% from a year earlier.

What is Ezcorp's profit margin?

Net earnings were $38.2M, 9.1% of revenue, in the third quarter fiscal 2026; the operating margin was 13.1%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.