Online lender Enova noticed its income exceed $1 billion throughout 1 / 4 for the primary time in its historical past within the third quarter, with robust development throughout its portfolio, CEO Steve Cunningham mentioned Thursday (Oct. 22) throughout an earnings name.
“We are pleased to report another quarter of healthy growth and credit as originations, receivables, revenue and adjusted [earnings per share] all grew 25% or more year over year,” Cunningham mentioned.
Enova’s originations rose 31%; complete firm mixed loans and finance receivables, 30%; income, 26%; and adjusted earnings per share, 33%, in comparison with the third quarter of 2025, in keeping with a Thursday press launch.
Over the identical interval, Enova’s consolidated internet charge-off ratio decreased to eight.1%, down from 8.5.%, signaling continued power in credit score efficiency, per the discharge.
Enova’s originations development was robust throughout each client and small enterprise, Cunningham mentioned in the course of the name.
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At the tip of the quarter, Enova’s consolidated portfolio had reached $5.9 billion, a determine that was 30% greater than a yr in the past. Small enterprise merchandise account for 68% of the portfolio and client merchandise, 32%, Cunningham mentioned.
“Our results for the third quarter reflect a resilient macroeconomic environment, despite ongoing concerns about inflation and potential impacts on future interest rates and economic growth,” Cunningham mentioned.
Enova expects to shut 2026 with robust fourth quarter monetary outcomes, Cunningham mentioned.
“As we’ve moved into the fourth quarter, we continue to see stable growth and credit across both our consumer and [small and medium-sized business] businesses,” Cunningham mentioned.
Enova introduced in the course of the third quarter, on Sept. 14, that it withdrew its financial institution regulatory purposes associated to its proposed acquisition of Grasshopper Bancorp. Enova had introduced in December 2025 that it deliberate to purchase that firm and its wholly owned subsidiary Grasshopper Bank for $369 million.
When asserting Enova’s withdrawal of its purposes in September, Cunningham mentioned in a press launch that the corporate decided that this was the perfect choice for it and its shareholders, and that financial institution regulatory tips haven’t saved tempo with the realities of assembly the credit score wants of customers and small companies who’re underserved by conventional banks.
During Thursday’s earnings name, Cunningham mentioned the withdrawal of the purposes didn’t diminish Enova’s skill to develop and generate income.
“In fact, our planning over the past year brought to light new product, operational and risk management insights that will support meaningful long-term growth by defending and extending our competitive positions and allowing us to leverage our technology and analytics capabilities to continue to take share in existing markets and thoughtfully expand into adjacent markets, either directly or with partners,” Cunningham mentioned.
