Enova's Q2 2025: Record $1.2 Billion in SMB Originations and Strong Financial Performance

Enova International (NYSE: ENVA) has announced a robust second quarter for 2025, showcasing significant year-over-year growth in originations, revenue, and adjusted earnings per share. The financial services company, powered by machine learning and analytics, reported an impressive 22% increase in total revenue and a 46% rise in adjusted earnings per share compared to the second quarter of 2024. This marks the fifth consecutive quarter of greater than 20% year-over-year growth across these key metrics.

A major driver of this success is the substantial surge in Enova's small business loans, as Main Street firms increasingly look to non-bank lenders for capital. Enova's small business lending, including business units OnDeck and Headway Capital, has reached a new record, with small and medium-sized business (SMB) offerings constituting approximately two-thirds of the company's loan portfolio. SMB revenue alone increased by 30% year-over-year to a record $326 million, and SMB originations hit a record $1.2 billion in Q2.

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Key Financial Highlights from Q2 2025:

• Total Revenue: $764 million, up 22% from $628 million in Q2 2024.

• Net Income: $76 million, or $2.86 per diluted share, a 41% increase from $54 million, or $1.93 per diluted share, in Q2 2024.

• Adjusted Earnings Per Share: $3.23, up 46% from $2.21 per diluted share in Q2 2024.

• Total Company Originations: $1.8 billion, a 28% increase from Q2 2024.

• Total Loans and Finance Receivables: Reached a record $4.3 billion, a 20% increase from the end of Q2 2024.

• Net Charge-Off Ratio: Remained strong at 8.1%.

• Liquidity: Totaled $1.1 billion as of June 30th, including cash, marketable securities, and available capacity on facilities.

• Share Repurchases: Enova repurchased $54 million of common stock during the quarter.

Despite a slight increase in defaults, Enova has proactively tightened its credit underwriting, reflecting a stable credit outlook. The company's diversified business model, robust competitive position, advanced technology, and analytics platform are believed to position it well for continued sustainable and profitable growth.

Leadership Transition Announced

Enova also announced planned key senior leadership changes as part of its long-term transition strategy:

• David Fisher, current Chairman and CEO, will transition to Executive Chairman of the Board of Directors, effective January 1, 2026.

• Steve Cunningham, current CFO, will succeed David Fisher as CEO, effective January 1, 2026. Cunningham has also joined the Board of Directors, effective immediately.

• Scott Cornelis, current Treasurer and VP of Finance, will succeed Steve Cunningham as CFO, effective January 1, 2026.

These leadership changes are set to provide stability and continuity as the company continues to execute its focused growth strategy and deliver long-term shareholder value.

Enova's strong performance underscores the growing reliance of small businesses on non-traditional lenders, with surveys indicating that over 90% of small business owners anticipate growth and 76% now prefer non-bank lenders for their speed and convenience. The company remains committed to prudently managing its business to ensure continued success.

For more details, you can refer to the official earnings press release and supplemental financial information on the Enova Investor Relations website.