OppFi’s Q1 2026: Revenue Hits a Record, Buybacks Return, and the Bank-Charter Puzzle Lingers

The numbers that matter (and a few that keep the math honest)

OppFi Inc. posted a three months ended March 31, 2026 that looked, at first glance, like a straightforward revenue win. Total revenue reached $151.881 million, up 8.3% year over year from $140.268 million. GAAP net income totaled $54.038 million, versus $20.390 million one year earlier, with net income attributable to OppFi Inc. of $28.401 million (vs. $-11.372 million in the prior year), reflecting the ongoing profitability push in the quarter.

Adjusted net income came in at $30.045 million, or Adjusted EPS of $0.35 per share, down 11.2% from $33.817 million and $0.38 in the prior year. GAAP Basic EPS was $1.06 and Diluted EPS was $0.56, illustrating the mix between core operations and the impact of capital structure on per-share metrics. Management emphasizes the non-GAAP reconciliation below and cautions that diluted EPS excludes certain dilutive securities where inclusion would have an antidilutive effect.

On the balance sheet side, ending receivables stood at $444.922 million, with total net originations of $175.975 million and total retained net originations of $151.449 million. Net charge-offs as a percentage of total revenue ran at 42.5% (2026) versus 34.6% (2025), and as a percentage of average receivables, annualized, were 55.5% (vs. 47.0% prior year). The implied yield objective remains high, with an average yield, annualized, of 130.7%. The auto-approval rate stayed at a robust 79%.

In a nod to the capital plan, OppFi repurchased 1,040,699 shares of Class A Common Stock for $9.9 million at an average price of $9.54 per share during the quarter. As of March 31, 2026, about $11.0 million of the prior repurchase authorization remained available. On May 6, 2026, the Board approved a new share repurchase program permitting up to $40 million of Class A Common Stock repurchases. The new program replaces the prior program and preserves flexibility in timing, method (open market, private transactions, or other means), and adherence to securities laws. There is no guaranteed dollar amount or share count, and management may extend, modify, suspend, or discontinue the program at any time.

Management’s commentary frames the quarter as a healthy operational start to 2026, underscoring the “transformative” potential of combining OppFi's digital-first platform with BNC’s national bank charter. The press release emphasizes ongoing investments to drive growth and product diversification, while also noting that the corporate‑structure simplification to integrate regulatory supervision by the OCC and Federal Reserve occurred after the quarter and is not reflected in the reported results.

Capital allocation and what it signals

Capital returns are front and center. The $9.9 million buyback in the quarter, followed by a fresh $40 million authorization, suggests governance is confident in OppFi’s long-run value and is aiming to offset dilution from equity-based compensation and stock-based incentives. The pace and size of repurchases will matter to investors watching per-share metrics (EPS, especially diluted EPS) compress or expand as the share count declines.

From a shareholder optics perspective, the new program’s flexibility is notable. It signals that management is not anchoring the stock to a single path; rather, it’s willing to deploy capital when the market price aligns with its view of intrinsic value. This could be persuasive to peers watching balance-sheet discipline amid growth investments and regulatory costs tied to a bank‑charter strategy.

The revenue line remains the focal point for growth-oriented readers. The company posted a record quarterly revenue level, reinforcing the thesis that OppFi’s platform-enabled lending approach is scaling. Yet the Adjusted Net Income trajectory and Adjusted EPS trend remind us that the cost structure and the non-GAAP adjustments matter for margin and earnings quality discussions—especially when talking to EPS consensus estimates and any potential earnings surprise signals investors expect to see.

Regulatory context: a bank charter, a footprint, and a path forward

The filing sketches a strategic arc around OppFi’s partnership with Bitty Holdings and a broader regulatory plan tied to BNCCORP. Management describes the ultimate alignment under unified OCC and Federal Reserve supervision as a mechanism to simplify compliance and risk management—an infrastructure play with potential scalability benefits. The press release notes that a proposed transaction with BNCCORP will involve a SEC registration statement, with “Important Additional Information” to be filed with the SEC. While these are forward-looking in nature, they carry material implications for capital adequacy, funding costs, and product breadth if the combination accelerates, or if regulatory timing proves favorable.

On the corporate structure, OppFi characterizes the post-transaction landscape as a long-term evolution rather than a near-term reform. The Up-C simplification mentioned in the filing occurs after the quarter, and thus the reported metrics don’t yet reflect that regulatory and structural consolidation. Investors should watch how the “unified regulatory supervision” and potential changes in leverage and funding costs could affect the cost of capital and the velocity of loan originations across the platform ecosystem.

What this could mean for OppFi and sector peers

The Q1 print underscores a growth engine that is real in revenue terms, but the margin tale remains a work in progress. A healthy top line paired with a sizable non-GAAP adjustment readout raises questions about what portion of profitability is being driven by core lending operations versus one‑off adjustments or operational costs tied to growth initiatives. For EPS consensus watchers, the divergence between GAAP and adjusted metrics will be a point of focus in upcoming quarter comms.

From a broader industry lens, OppFi’s progress on platform scale and the potential bank-charter pathway could invite peers to reexamine the cost of regulatory complexity versus strategic scale. The focus on originations, end-to-end receivable management, and charge-off dynamics will be a common thread for lenders leveraging fintech rails. If OppFi can translate the regulatory and platform advantages into steadier funding economics and lower cost of capital, the company may become a reference point for how tech-enabled finance navigates traditional regulatory boundaries while expanding product lines.

In the near term, investors will parse whether the strong revenue trajectory can translate into durable earnings power, given the current mix of GAAP vs non-GAAP results and the ongoing investment cadence. The new buyback program adds a counterpoint to growth investments, implying a balanced approach to capital allocation—that is, pushing forward the growth lever while also supporting the stock if the market price wobbles around the intrinsic value thesis. The “earnings surprise” question remains about how this quarter compares to EPS consensus figures and whether any forward-looking revenue forecast will be articulated with greater precision in the next report.

Bottom line

OppFi’s first quarter of 2026 presents a compelling narrative: record revenue, meaningful net income expansion, and a renewed commitment to returning capital to shareholders via an updated repurchase program. The regulatory and structural moves toward a unified bank charter framework hint at a longer horizon where financing efficiency and product breadth could improve. For OPFI’s sector peers, the takeaway is twofold: execution on growth metrics matters as much as capital discipline, and strategic regulatory alignment can be a meaningful accelerant—if the timing and implementation align with market realities.

As always, the devil is in the disclosures. The company emphasizes non-GAAP reconciliations for Adjusted net income and Adjusted EPS, along with the caveats around diluted earnings, making the EPS figures a conversation among GAAP realities, capital structure, and the impact of the new program. Investors watching the ticker OPFI should keep a close eye on how the BNCCORP transaction progresses, how regulatory oversight evolves in a world of digital finance, and whether the revenue forecast for the upcoming quarters proves durable enough to sustain both earnings surprises and a steady path to profitability.