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 sturdy development throughout its portfolio, CEO Steve Cunningham mentioned Thursday (Oct. 22) throughout an earnings call.
“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 line with a Thursday press release.
Over the identical interval, Enova’s consolidated internet charge-off ratio decreased to eight.1%, down from 8.5.%, signaling continued energy in credit score efficiency, per the discharge.
Enova’s originations development was sturdy throughout each shopper and small enterprise, Cunningham mentioned throughout 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% larger than a 12 months in the past. Small enterprise merchandise account for 68% of the portfolio and shopper 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 sturdy 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 throughout the third quarter, on Sept. 14, that it withdrew its bank regulatory applications associated to its proposed acquisition of Grasshopper Bancorp. Enova had introduced in December 2025 that it deliberate to acquire that firm and its wholly owned subsidiary Grasshopper Bank for $369 million.
When saying Enova’s withdrawal of its functions in September, Cunningham mentioned in a press launch that the corporate decided that this was the most effective choice for it and its shareholders, and that financial institution regulatory pointers haven’t saved tempo with the realities of assembly the credit score wants of shoppers and small companies who’re underserved by conventional banks.
During Thursday’s earnings name, Cunningham mentioned the withdrawal of the functions 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.
