Enova International Q3 2026: Record Loan Book and a Bank Charter Deal

Enova's third quarter of 2026 extended a beat streak running back at least eight consecutive quarters, with adjusted EPS of $4.48 clearing expectations. Revenue rose 25.7% year-over-year, and reported EPS has climbed from $2.61 in Q4 2024.

Total loans and finance receivables surged 30% to a record $5.9 billion, and credit quality held up through the expansion. The net charge-off ratio improved to 8.1% from 8.5% a year earlier.

GAAP net income rose 34% to $107.3 million, and Enova entered Q4 with $252 million of remaining share repurchase capacity after buying back stock during the quarter.

The planned acquisition of Grasshopper Bancorp and its subsidiary Grasshopper Bank is the strategic subplot investors will be tracking closely: a bank charter gives Enova access to deposit funding, which is cheaper than the wholesale debt it relies on today. Long-term debt stood at $5.4 billion at quarter end, up from $4.1 billion a year earlier, so the funding-cost question is not a small one.

The delinquency rate for loans more than 30 days past due rose to 8.0% from 7.2% a year ago, and marketing expenses nearly doubled year-over-year. Whether those trends stay contained as the loan book scales will shape how investors read the next several quarters.