☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended September 30, 2026
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
Commission file number
001-36129 (OneMain Holdings, Inc.)
001-06155 (OneMain Finance Corporation)
ONEMAIN HOLDINGS, INC.
ONEMAIN FINANCE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware (OneMain Holdings, Inc.)
27-3379612
Indiana (OneMain Finance Corporation)
35-0416090
(State of incorporation)
(I.R.S. Employer Identification No.)
601 N.W. Second Street, Evansville, IN47708
(Address of principal executive offices) (Zip code)
(812) 424-8031
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
OneMain Holdings, Inc.:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, par value $0.01 per share
OMF
New York Stock Exchange
OneMain Finance Corporation: None
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
OneMain Holdings, Inc. Yes ☑ No ☐
OneMain Finance Corporation Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
OneMain Holdings, Inc. Yes ☑ No ☐
OneMain Finance Corporation Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
OneMain Holdings, Inc.:
Large accelerated filer
☑
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
OneMain Finance Corporation:
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☑
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
OneMain Holdings, Inc. ☐
OneMain Finance Corporation ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
OneMain Holdings, Inc. Yes ☐ No ☑
OneMain Finance Corporation Yes ☐ No ☑
At October 20, 2026, there were 114,461,628 shares of OneMain Holdings, Inc’s common stock, $0.01 par value, outstanding.
At October 20, 2026, there were 10,160,021 shares of OneMain Finance Corporation’s common stock, $0.50 par value, outstanding.
Terms and abbreviations used in this report are defined below.
Term or Abbreviation
Definition
30-89 Delinquency ratio
net finance receivables 30-89 days past due as a percentage of net finance receivables
ABS
asset-backed securities
Adjusted pretax income (loss)
a non-GAAP financial measure used by management as a key performance measure of our segment
AETR
annual effective tax rate
AHL
American Health and Life Insurance Company, an insurance subsidiary of OneMain Financial Holdings, LLC
Annual Report
the Annual Report on Form 10-K of OMH and OMFC for the fiscal year ended December 31, 2025, filed with the SEC on February 6, 2026
ASC
Accounting Standards Codification
ASU
Accounting Standards Update
Auto finance
financing at the point of purchase through a network of auto dealerships
Average daily debt balance
average of debt for each day in the period
Average net receivables
average of net finance receivables for each day in the period
Base Indenture
indenture, dated as of December 3, 2014, by and between OMFC and Wilmington Trust, National Association, as trustee, and guaranteed by OMH
Board
the OMH Board of Directors
C&I
Consumer and Insurance
CDO
collateralized debt obligations
CMBS
commercial mortgage-backed securities
Consumer loans
consist of Personal loans and Auto finance
Exchange Act
Securities Exchange Act of 1934, as amended
FASB
Financial Accounting Standards Board
FCRT
Foursight Capital Automobile Receivables Trust
Finance receivables serviced for others
unpaid principal balance plus accrued interest of loans sold as part of our whole loan sale program plus auto finance loans originated by third parties
GAAP
generally accepted accounting principles in the United States of America
GAP
guaranteed asset protection
Gross charge-off ratio
annualized gross charge-offs as a percentage of average net receivables
Gross finance receivables
the unpaid principal balance of our consumer loans, net of unamortized discount or premium. For precompute personal loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges. Credit card gross finance receivables equal the unpaid principal balance, interest, and fees
Indenture
the Base Indenture, together with all subsequent Supplemental Indentures
Junior Subordinated Debenture
$350 million aggregate principal amount of 60-year junior subordinated debt issued by OMFC under an indenture dated January 22, 2007, by and between OMFC and Deutsche Bank Trust Company, as trustee, and guaranteed by OMH
KBRA
Kroll Bond Rating Agency, Inc.
Managed receivables
consist of our C&I net finance receivables, finance receivables serviced for our whole loan sale partners and auto finance loans originated by third parties
Modified finance receivables
finance receivable contractually modified as a result of the borrower’s financial difficulties
Moody’s
Moody’s Investors Service, Inc.
Net charge-off ratio
annualized net charge-offs as a percentage of average net receivables
Net finance receivables
gross finance receivables plus deferred origination costs. Consumer loans also include accrued finance charges and fees and exclude unearned fees
OneMain Holdings, Inc. and OneMain Finance Corporation, collectively with their subsidiaries
Open accounts
consist of all credit card accounts, except for charged-off accounts and closed accounts with a zero balance as of period end
Origination volume
loans originated during the period, including those originated and sold to our whole loan sale partners that we continue to service
Other securities
primarily consist of equity securities and those securities for which the fair value option was elected. Other securities recognize unrealized gains and losses in investment revenues
Personal loans
loans secured by automobiles, other collateral, or are unsecured and offered through our branch network, central operations, or digital platform
Pretax capital generation
a non-GAAP financial measure used by management as a key performance measure of our segment, defined as C&I adjusted pretax income (loss) excluding the change in C&I allowance for finance receivable losses in the period while still considering the C&I net charge-offs incurred during the period
Private Secured Term Funding
$350 million borrowing capacity issued on April 25, 2022
Purchase volume
consists of credit card purchase transactions in the period, including cash advances, net of returns
Recovery ratio
annualized recoveries on net charge-offs as a percentage of average net receivables
RMBS
residential mortgage-backed securities
S&P
S&P Global Ratings
SEC
U.S. Securities and Exchange Commission
Securities Act
Securities Act of 1933, as amended
Segment Accounting Basis
a basis used to report the operating results of our C&I segment and our Other components, which reflects our allocation methodologies for certain costs and excludes the impact of applying purchase accounting
SpringCastle Portfolio
loans the Company previously owned and now services on behalf of a third party
Supplemental Indentures
collectively, the following supplements to the Base Indenture: Eighth Supplemental Indenture, dated as of May 9, 2019; Ninth Supplemental Indenture, dated as of November 7, 2019; Eleventh Supplemental Indenture, dated as of December 17, 2020; Twelfth Supplemental Indenture, dated as of June 22, 2021; Thirteenth Supplemental Indenture, dated as of August 11, 2021; Fourteenth Supplemental Indenture, dated June 20, 2023; Sixteenth Supplemental Indenture, dated as of December 13, 2023; Seventeenth Supplemental Indenture, dated May 22, 2024; Eighteenth Supplemental Indenture, dated August 19, 2024; Nineteenth Supplemental Indenture, dated November 4, 2024; Twentieth Supplemental Indenture, dated March 13, 2025; Twenty-First Supplemental Indenture, dated June 11, 2025; Twenty-Second Supplemental Indenture, dated August 12, 2025; Twenty-Third Supplemental Indenture, dated September 17, 2025; Twenty-Fourth Supplemental Indenture, dated December 18, 2025; Twenty-Fifth Supplemental Indenture, dated August 20, 2026.
Triton
Triton Insurance Company, an insurance subsidiary of OneMain Financial Holdings, LLC
Unearned finance charges
the amount of interest that is capitalized at time of origination on a precompute loan that will be earned over the remaining contractual life of the loan
unencumbered unpaid principal balance of our consumer loans and credit cards. For precompute personal loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges. Credit card receivables include those in the trust that exceed the minimum for securing advances under credit card variable funding note facilities, which the Company can remove from the trust under the terms of such facilities, and exclude interest, fees, and closed accounts with balances
Unsecured corporate revolver
unsecured revolver with a maximum borrowing capacity of $1.0 billion, payable and due on September 6, 2029
Unsecured Notes
the notes, on a senior unsecured basis, issued by OMFC and guaranteed by OMH
VIEs
variable interest entities
VFN
variable funding note
Weighted average interest rate
annualized interest expense as a percentage of average debt
XBRL
eXtensible Business Reporting Language
Yield
annualized finance charges as a percentage of average net receivables
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.5 billion and $1.6 billion in 2026, respectively, and $1.5 billion and $1.6 billion in 2025, respectively)
1,550
1,590
Net finance receivables (includes loans of consolidated VIEs of $14.7 billion in 2026 and $13.4 billion in 2025)
26,273
24,833
Unearned insurance premium and claim reserves
(825)
(791)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.7 billion in 2026 and $1.6 billion in 2025)
(3,069)
(2,865)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses
22,379
21,177
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $729 million in 2026 and $690 million in 2025)
751
699
Goodwill
1,474
1,474
Other intangible assets
278
282
Other assets
1,349
1,252
Total assets
$
28,717
$
27,388
Liabilities and Shareholders’ Equity
Long-term debt (includes debt of consolidated VIEs of $12.7 billion in 2026 and $11.5 billion in 2025)
$
24,074
$
22,694
Insurance claims and policyholder liabilities
530
576
Deferred and accrued taxes
18
35
Other liabilities (includes other liabilities of consolidated VIEs of $32 million in 2026 and $30 million in 2025)
704
682
Total liabilities
25,326
23,987
Contingencies (Note 12)
Shareholders’ equity:
Common stock, par value $0.01 per share; 2,000,000,000 shares authorized, 114,575,373 and 117,196,792 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively
1
1
Additional paid-in capital
1,768
1,757
Accumulated other comprehensive loss
(86)
(41)
Retained earnings
2,773
2,579
Treasury stock, at cost; 21,475,215 and 18,514,904 shares at September 30, 2026 and December 31, 2025, respectively
(1,065)
(895)
Total shareholders’ equity
3,391
3,401
Total liabilities and shareholders’ equity
$
28,717
$
27,388
See Notes to the Condensed Consolidated Financial Statements (Unaudited).
Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended September 30,
(dollars in millions)
2026
2025
Cash flows from operating activities
Net income
$
563
$
579
Reconciling adjustments:
Provision for finance receivable losses
1,689
1,454
Depreciation and amortization
228
214
Deferred income tax charge (benefit)
(23)
10
Net loss on repurchases and repayments of debt
5
65
Share-based compensation expense, net of forfeitures
30
28
Gain on sales of finance receivables
(49)
(50)
Other
(5)
(3)
Cash flows due to changes in other assets and other liabilities
(91)
(30)
Net cash provided by operating activities
2,347
2,267
Cash flows from investing activities
Net principal originations and purchases of finance receivables
(4,086)
(3,125)
Proceeds from sales of finance receivables
1,118
830
Available-for-sale securities purchased
(236)
(248)
Available-for-sale securities called, sold, and matured
216
245
Other securities purchased
(12)
(6)
Other securities called, sold, and matured
14
17
Other, net
(70)
(67)
Net cash used for investing activities
(3,056)
(2,354)
Cash flows from financing activities
Proceeds from issuance and borrowings of long-term debt, net of issuance costs
5,724
6,298
Repayments and repurchases of long-term debt
(4,381)
(5,492)
Cash dividends
(371)
(376)
Common stock repurchased
(173)
(70)
Treasury stock issued
3
3
Withholding tax on share-based compensation
(19)
(12)
Net cash provided by financing activities
783
351
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents
74
264
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period
1,613
1,142
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period
$
1,687
$
1,406
Supplemental cash flow information
Cash and cash equivalents
$
936
$
658
Restricted cash and restricted cash equivalents
751
748
Total cash and cash equivalents and restricted cash and restricted cash equivalents
$
1,687
$
1,406
Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.
See Notes to the Condensed Consolidated Financial Statements (Unaudited).
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.5 billion and $1.6 billion in 2026, respectively, and $1.5 billion and $1.6 billion in 2025, respectively)
1,550
1,590
Net finance receivables (includes loans of consolidated VIEs of $14.7 billion in 2026 and $13.4 billion in 2025)
26,273
24,833
Unearned insurance premium and claim reserves
(825)
(791)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.7 billion in 2026 and $1.6 billion in 2025)
(3,069)
(2,865)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses
22,379
21,177
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash
equivalents of consolidated VIEs of $729 million in 2026 and $690 million in 2025)
751
699
Goodwill
1,474
1,474
Other intangible assets
278
282
Other assets
1,349
1,252
Total assets
$
28,671
$
27,372
Liabilities and Shareholder’s Equity
Long-term debt (includes debt of consolidated VIEs of $12.7 billion in 2026 and $11.5 billion in 2025)
$
24,074
$
22,694
Insurance claims and policyholder liabilities
530
576
Deferred and accrued taxes
19
36
Other liabilities (includes other liabilities of consolidated VIEs of $32 million in 2026 and $30 million in 2025)
700
682
Total liabilities
25,323
23,988
Contingencies (Note 12)
Shareholder’s equity:
Common stock, par value $0.50 per share; 25,000,000 shares authorized, 10,160,021 shares issued
and outstanding at September 30, 2026 and December 31, 2025
5
5
Additional paid-in capital
2,012
2,001
Accumulated other comprehensive loss
(86)
(41)
Retained earnings
1,417
1,419
Total shareholder’s equity
3,348
3,384
Total liabilities and shareholder’s equity
$
28,671
$
27,372
See Notes to the Condensed Consolidated Financial Statements (Unaudited).
Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended September 30,
(dollars in millions)
2026
2025
Cash flows from operating activities
Net income
$
563
$
579
Reconciling adjustments:
Provision for finance receivable losses
1,689
1,454
Depreciation and amortization
228
214
Deferred income tax charge (benefit)
(23)
10
Net loss on repurchases and repayments of debt
5
65
Share-based compensation expense, net of forfeitures
30
28
Gain on sales of finance receivables
(49)
(50)
Other
(5)
(3)
Cash flows due to changes in other assets and other liabilities
(94)
(33)
Net cash provided by operating activities
2,344
2,264
Cash flows from investing activities
Net principal originations and purchases of finance receivables
(4,086)
(3,125)
Proceeds from sales of finance receivables
1,118
830
Available-for-sale securities purchased
(236)
(248)
Available-for-sale securities called, sold, and matured
216
245
Other securities purchased
(12)
(6)
Other securities called, sold, and matured
14
17
Other, net
(70)
(67)
Net cash used for investing activities
(3,056)
(2,354)
Cash flows from financing activities
Proceeds from issuance and borrowings of long-term debt, net of issuance costs
5,724
6,298
Repayments and repurchases of long-term debt
(4,381)
(5,492)
Cash dividends
(568)
(432)
Withholding tax on share-based compensation
(19)
(12)
Net cash provided by financing activities
756
362
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents
44
272
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period
1,597
1,108
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period
$
1,641
$
1,380
Supplemental cash flow information
Cash and cash equivalents
$
890
$
632
Restricted cash and restricted cash equivalents
751
748
Total cash and cash equivalents and restricted cash and restricted cash equivalents
$
1,641
$
1,380
Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.
See Notes to the Condensed Consolidated Financial Statements (Unaudited).
Notes to the Condensed Consolidated Financial Statements
September 30, 2026
1. Business and Basis of Presentation
OneMain Holdings, Inc. (“OMH”), and its wholly-owned direct subsidiary, OneMain Finance Corporation (“OMFC”) are financial services holding companies whose subsidiaries engage in the consumer finance and insurance businesses.
The results of OMFC are consolidated into the results of OMH. Due to the nominal differences between OMFC and OMH, content throughout this filing relates to both OMH and OMFC, except where otherwise indicated. OMH and OMFC are referred to in this report, collectively with their subsidiaries, whether directly or indirectly owned, as “the Company,” “OneMain,” “we,” “us,” or “our.”
BASIS OF PRESENTATION
We prepared our condensed consolidated financial statements using generally accepted accounting principles in the United States of America (“GAAP”). These statements are unaudited. The year-end condensed consolidated balance sheet data was derived from our audited financial statements but does not include all disclosures required by GAAP.The statements include the accounts of OMH, its wholly-owned subsidiaries, and variable interest entities (“VIEs”) in which we hold a controlling financial interest and for which we are considered to be the primary beneficiary as of the financial statement date.
We eliminated all material intercompany accounts and transactions.We made judgments, estimates, and assumptions that affect amounts reported in our condensed consolidated financial statements and disclosures of contingent assets and liabilities. In management’s opinion, the condensed consolidated financial statements include the normal, recurring adjustments necessary for a fair statement of results. Actual results could differ from our estimates. We evaluated the effects of and the need to disclose events that occurred subsequent to the balance sheet date.
The condensed consolidated financial statements in this report should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K of OMH and OMFC for the fiscal year ended December 31, 2025, filed with the SEC on February 6, 2026 (“Annual Report”). We follow the same significant accounting policies for our interim reporting.
2. Recent Accounting Pronouncements
ACCOUNTING PRONOUNCEMENTS TO BE ADOPTED
Expense Disaggregation Disclosures
In December of 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure of certain costs and expenses in the notes to the financial statements. The amendments in this ASU will become effective for fiscal years beginning after December 15, 2026, and will be effective for interim periods with fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments should be applied on a prospective basis, with retrospective application allowed. While the standard will not impact our consolidated financial results, we are currently evaluating the impact of the expanded disclosures.
We do not believe that any other accounting pronouncements issued, but not yet effective, are applicable or would have a material impact on our consolidated financial statements or disclosures, if adopted.
Our finance receivables consist of consumer loans and credit cards. Consumer loans include personal loans and auto finance. Personal loans are non-revolving, with a fixed rate, have fixed terms generally between three and six years, and are secured by automobiles, other collateral, or are unsecured. Auto finance loans are non-revolving, with a fixed rate, have fixed terms generally between three and six years, and are secured by automobiles at the point of purchase through our dealership network. Credit cards are open-ended, revolving, with a fixed rate, and are unsecured.
Components of our net finance receivables were as follows:
Consumer Loans
(dollars in millions)
Personal Loans
Auto Finance
Total Consumer Loans
Credit Cards
Total
September 30, 2026
Gross finance receivables *
$
21,735
$
2,765
$
24,500
$
1,363
$
25,863
Unearned fees
(275)
(39)
(314)
—
(314)
Accrued finance charges and fees
379
31
410
—
410
Deferred origination costs
240
54
294
20
314
Total
$
22,079
$
2,811
$
24,890
$
1,383
$
26,273
December 31, 2025
Gross finance receivables *
$
21,086
$
2,438
$
23,524
$
925
$
24,449
Unearned fees
(258)
(42)
(300)
—
(300)
Accrued finance charges and fees
382
28
410
—
410
Deferred origination costs
220
43
263
11
274
Total
$
21,430
$
2,467
$
23,897
$
936
$
24,833
* Consumer loan gross finance receivables equal the unpaid principal balance net of unamortized discount or premium. For precompute personal loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges. Credit card gross finance receivables equal the unpaid principal balance, interest, and fees.
WHOLE LOAN SALE TRANSACTIONS
We have whole loan sale flow agreements with third parties. The Company is committed to sell a remaining total of $1.5 billion gross receivables of newly originated unsecured personal loans along with any associated accrued interest with a current term of approximately two years. Loans sold are derecognized from our balance sheet at the time of sale. We service the loans sold and are entitled to a servicing fee and other fees commensurate with the services performed as part of the agreements. The gain on sales and servicing fees are recorded in Other revenues in our condensed consolidated statements of operations.
We sold $361 million and $1.1 billion of gross finance receivables during the three and nine months ended September 30, 2026, respectively, and $258 million and $773 million of gross finance receivables during the three and nine months ended September 30, 2025, respectively. The gain on the sales were $16 million and $49 million during the three and nine months ended September 30, 2026, respectively, and $17 million and $50 million during the three and nine months ended September 30, 2025, respectively.
CREDIT QUALITY INDICATOR
We consider the delinquency status of our finance receivables as our key credit quality indicator. We monitor the delinquency of our finance receivable portfolio, including the migration between the delinquency buckets and changes in the delinquency trends to manage our exposure to credit risk in the portfolio.
When consumer loans are 60 days contractually past due, we consider these accounts to be at an increased risk for loss and move collection of these accounts to our central collection operations. We consider our consumer loans to be nonperforming at
90 days or more contractually past due, at which point we stop accruing finance charges and reverse finance charges previously accrued. All consumer loans in nonaccrual status are considered in our estimate of allowance for finance receivable losses.
The following table below is a summary of finance charges on our consumer loans:
Three Months Ended September 30,
2026
2025
(dollars in millions)
Personal Loans
Auto
Finance
Personal Loans
Auto
Finance
Net accrued finance charges reversed
$
45
$
4
$
42
$
3
Finance charges recognized from the contractual interest portion of payments received on nonaccrual loans
5
—
5
—
Nine Months Ended September 30,
2026
2025
(dollars in millions)
Personal Loans
Auto
Finance
Personal Loans
Auto
Finance
Net accrued finance charges reversed
$
132
$
10
$
120
$
8
Finance charges recognized from the contractual interest portion of payments received on nonaccrual loans
17
1
15
1
We accrue finance charges and fees on credit cards until charge-off at 180 days contractually past due, at which point we reverse finance charges and fees previously accrued.
Net accrued finance charges and fees reversed on credit cards were as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
(dollars in millions)
2026
2025
2026
2025
Net accrued finance charges and fees reversed
$
21
$
17
$
67
$
51
The following tables below are a summary of our personal loans by the year of origination and number of days delinquent:
(dollars in millions)
2026
2025
2024
2023
2022
Prior
Total
September 30, 2026
Performing
Current
$
8,812
$
6,329
$
3,256
$
1,540
$
701
$
275
$
20,913
30-59 days past due
62
132
89
57
38
23
401
60-89 days past due
31
84
54
35
21
13
238
Total performing
8,905
6,545
3,399
1,632
760
311
21,552
Nonperforming (Nonaccrual)
90+ days past due
38
192
130
83
53
31
527
Total
$
8,943
$
6,737
$
3,529
$
1,715
$
813
$
342
$
22,079
Gross charge-offs *
$
17
$
440
$
475
$
318
$
181
$
101
$
1,532
* Represents gross charge-offs for the nine months ended September 30, 2026.
The following is a summary of credit cards by number of days delinquent:
(dollars in millions)
September 30, 2026
December 31, 2025
Current
$
1,237
$
820
30-59 days past due
38
26
60-89 days past due
32
24
90+ days past due
76
66
Total
$
1,383
$
936
There were no credit cards that were converted to term loans at September 30, 2026 or December 31, 2025.
UNFUNDED LENDING COMMITMENTS
Our unfunded lending commitments consist of the unused credit card lines, which are unconditionally cancellable. We do not anticipate that all of our customers will access their entire available line at any given point in time. The unused credit card lines totaled $821 million and $500 million at September 30, 2026 and December 31, 2025, respectively.
MODIFIED FINANCE RECEIVABLES TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY
We make modifications to our finance receivables to assist borrowers who are experiencing financial difficulty. When we modify the contractual terms for economic or other reasons related to the borrower’s financial difficulties, we classify that receivable as a modified finance receivable.
The period-end carrying value of net finance receivables modified during the period was as follows:
Three Months Ended September 30,
2026
2025
(dollars in millions)
Personal Loans
Auto
Finance
Personal Loans
Auto
Finance
Interest rate reduction and term extension
$
96
$
13
$
89
$
9
Interest rate reduction and principal forgiveness
120
1
116
1
Total modifications to borrowers experiencing financial difficulties
$
216
$
14
$
205
$
10
Modifications as a percent of net finance receivables by class
0.98
%
0.47
%
0.96
%
0.40
%
Nine Months Ended September 30,
2026
2025
(dollars in millions)
Personal Loans
Auto
Finance
Personal Loans
Auto
Finance
Interest rate reduction and term extension
$
278
$
28
$
248
$
19
Interest rate reduction and principal forgiveness
274
2
317
1
Total modifications to borrowers experiencing financial difficulties
$
552
$
30
$
565
$
20
Modifications as a percent of net finance receivables by class
The financial effect of modifications made during the period was as follows:
Three Months Ended September 30,
2026
2025
(dollars in millions)
Personal Loans
Auto
Finance
Personal Loans
Auto
Finance
Net finance receivables
Weighted-average interest rate reduction
22.07
%
13.17
%
19.35
%
12.24
%
Weighted-average term extension (months)
29
15
23
13
Principal/interest forgiveness
$
12
$
—
$
11
$
—
Nine Months Ended September 30,
2026
2025
(dollars in millions)
Personal Loans
Auto
Finance
Personal Loans
Auto
Finance
Net finance receivables
Weighted-average interest rate reduction
21.55
%
13.61
%
17.95
%
12.79
%
Weighted-average term extension (months)
29
17
24
15
Principal/interest forgiveness
$
31
$
1
$
28
$
1
The performance of finance receivables modified within the previous 12 months by delinquency status was as follows:
September 30, 2026 (a)
September 30, 2025 (b)
(dollars in millions)
Personal Loans
Auto
Finance
Personal Loans
Auto
Finance
Current
$
520
$
26
$
507
$
18
30-59 days past due
53
4
60
3
60-89 days past due
36
2
45
2
90+ days past due
80
3
87
2
Total
$
689
$
35
$
699
$
25
(a) Excludes $65 million of personal loan receivables that were modified and subsequently charged off within the previous 12 months. Auto finance receivables that were modified and subsequently charged off within the previous 12 months were immaterial.
(b) Excludes $86 million of personal loan receivables that were modified and subsequently charged off within the previous 12 months. Auto finance receivables that were modified and subsequently charged off within the previous 12 months were immaterial.
The period-end carrying value of finance receivables that defaulted during the period to cause the receivable to be considered nonperforming (90 days or more contractually past due) and had been modified within the 12 months preceding the default was as follows:
Three Months Ended September 30,
2026
2025
(dollars in millions)
Personal
Loans
Auto
Finance
Personal Loans
Auto
Finance
Interest rate reduction and term extension
$
37
$
2
$
37
$
2
Interest rate reduction and principal forgiveness
16
—
20
—
Total
$
53
$
2
$
57
$
2
Nine Months Ended September 30,
2026
2025
(dollars in millions)
Personal
Loans
Auto
Finance
Personal Loans
Auto
Finance
Interest rate reduction and term extension
$
55
$
4
$
55
$
2
Interest rate reduction and principal forgiveness
23
—
26
—
Total
$
78
$
4
$
81
$
2
Modifications made to credit cards were immaterial for the three and nine months ended September 30, 2026 and 2025.
We establish an allowance for finance receivable losses through the provision for finance receivable losses. We evaluate our finance receivable portfolio by the level of contractual delinquency in the portfolio, specifically in the late-stage delinquency buckets and inclusive of the migration of the finance receivables through the delinquency buckets. We estimate and record an allowance for finance receivable losses to cover the expected lifetime credit losses on our finance receivables. Our allowance for finance receivable losses may fluctuate based upon changes in portfolio growth, credit quality, and economic conditions.
Our methodology to estimate expected credit losses uses recent macroeconomic forecasts, which include forecasts for unemployment. We leverage projections from various industry leading providers. We also consider inflationary pressures, consumer confidence levels, and elevated interest rates that may continue to impact the economic outlook. At September 30, 2026, our economic forecast used a reasonable and supportable period of 12 months. The increase in our allowance for finance receivable losses for the three and nine months ended September 30, 2026 was driven by growth in net finance receivables. We may experience further changes to the macroeconomic assumptions within our forecast, as well as changes to our loan loss performance outlook, both of which could lead to further changes in our allowance for finance receivable losses, allowance ratio, and provision for finance receivable losses.
Changes in the allowance for finance receivable losses were as follows:
Cost/amortized cost, allowance for credit losses, unrealized gains and losses, and fair value of fixed maturity available-for-sale securities by type were as follows:
(dollars in millions)
Cost/ Amortized Cost
Unrealized Gains
Unrealized Losses
Fair Value
September 30, 2026 *
Fixed maturity available-for-sale securities:
U.S. government and government sponsored entities
$
13
$
—
$
—
$
13
Obligations of states, municipalities, and political subdivisions
55
—
(4)
51
Commercial paper
42
—
—
42
Non-U.S. government and government sponsored entities
133
—
(5)
128
Corporate debt
1,070
2
(72)
1,000
Mortgage-backed, asset-backed, and collateralized:
RMBS
207
—
(27)
180
CMBS
19
—
(2)
17
CDO/ABS
62
—
(3)
59
Total
$
1,601
$
2
$
(113)
$
1,490
December 31, 2025 *
Fixed maturity available-for-sale securities:
U.S. government and government sponsored entities
$
13
$
—
$
—
$
13
Obligations of states, municipalities, and political subdivisions
59
—
(3)
56
Commercial paper
—
—
—
—
Non-U.S. government and government sponsored entities
159
1
(3)
157
Corporate debt
1,057
11
(38)
1,030
Mortgage-backed, asset-backed, and collateralized:
RMBS
206
1
(17)
190
CMBS
24
—
(2)
22
CDO/ABS
66
—
(2)
64
Total
$
1,584
$
13
$
(65)
$
1,532
* The allowance for credit losses related to our investment securities as of September 30, 2026 and December 31, 2025 was immaterial.
Interest receivables reported in Other assets in our condensed consolidated balance sheets totaled $14 million as of September 30, 2026 and December 31, 2025. There were no material amounts reversed from investment revenue for available-for-sale securities for the three and nine months ended September 30, 2026 and 2025.
Fair value and unrealized losses on available-for-sale securities by type and length of time in a continuous unrealized loss position without an allowance for credit losses were as follows:
Less Than 12 Months
12 Months or Longer
Total
(dollars in millions)
Fair Value
Unrealized
Losses
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
September 30, 2026
U.S. government and government sponsored entities
$
8
$
—
$
5
$
—
$
13
$
—
Obligations of states, municipalities, and political subdivisions
10
—
41
(4)
51
(4)
Non-U.S. government and government sponsored entities
84
(2)
28
(3)
112
(5)
Corporate debt
415
(18)
471
(54)
886
(72)
Mortgage-backed, asset-backed, and collateralized:
RMBS
66
(3)
106
(24)
172
(27)
CMBS
2
—
14
(2)
16
(2)
CDO/ABS
37
(1)
19
(2)
56
(3)
Total
$
622
$
(24)
$
684
$
(89)
$
1,306
$
(113)
December 31, 2025
U.S. government and government sponsored entities
$
—
$
—
$
8
$
—
$
8
$
—
Obligations of states, municipalities, and political subdivisions
1
—
48
(3)
49
(3)
Non-U.S. government and government sponsored entities
23
—
37
(3)
60
(3)
Corporate debt
73
—
545
(38)
618
(38)
Mortgage-backed, asset-backed, and collateralized:
RMBS
6
—
124
(17)
130
(17)
CMBS
1
—
19
(2)
20
(2)
CDO/ABS
6
—
28
(2)
34
(2)
Total
$
110
$
—
$
809
$
(65)
$
919
$
(65)
On a lot basis, we had 1,854 and 1,355 investment securities in an unrealized loss position at September 30, 2026 and December 31, 2025, respectively. We do not consider the unrealized losses to be credit-related, as these unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase. Additionally, as of September 30, 2026, there were no credit impairments on investment securities that we intend to sell. We do not have plans to sell any of the remaining investment securities with unrealized losses as of September 30, 2026, and we believe it is more likely than not that we would not be required to sell such investment securities before recovery of their amortized cost.
We continue to monitor unrealized loss positions for potential credit impairments. During the three and nine months ended September 30, 2026 and 2025, there were no material credit impairments related to our investment securities. Therefore, there were no material additions or reductions in the allowance for credit losses (impairments recognized or reversed in earnings) on credit impaired available-for-sale securities for the three and nine months ended September 30, 2026 and 2025.
The proceeds of available-for-sale securities sold or redeemed during the three and nine months ended September 30, 2026 totaled $21 million and $83 million, respectively. The proceeds of available-for-sale securities sold or redeemed during the three and nine months ended September 30, 2025 totaled $41 million and $83 million, respectively. The net realized gains and losses were immaterial during the three and nine months ended September 30, 2026 and 2025.
Contractual maturities of fixed-maturity available-for-sale securities at September 30, 2026 were as follows:
(dollars in millions)
Fair Value
Amortized Cost
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:
Due in 1 year or less
$
202
$
203
Due after 1 year through 5 years
570
600
Due after 5 years through 10 years
334
358
Due after 10 years
128
152
Mortgage-backed, asset-backed, and collateralized securities
256
288
Total
$
1,490
$
1,601
Actual maturities may differ from contractual maturities since issuers and borrowers may have the right to call or prepay obligations. We may sell investment securities before maturity for general corporate and working capital purposes and to achieve certain investment strategies.
The fair value of securities on deposit with third parties totaled $400 million and $490 million at September 30, 2026 and December 31, 2025, respectively.
OTHER SECURITIES
The fair value of other securities by type was as follows:
(dollars in millions)
September 30, 2026
December 31, 2025
Fixed maturity other securities:
Bonds
$
3
$
6
Preferred stock
11
12
Common stock
46
40
Total
$
60
$
58
Other securities primarily consist of equity securities and those securities for which the fair value option was elected. We report net unrealized and realized gains and losses on other securities held, sold, or redeemed in Other revenue - investment. Net unrealized gains and losses on other securities held were immaterial for the three and nine months ended September 30, 2026 and 2025. Net realized gains and losses on other securities sold or redeemed were immaterial for the three and nine months ended September 30, 2026 and 2025.
Principal maturities of long-term debt by type of debt at September 30, 2026 were as follows:
Senior Debt
(dollars in millions)
Securitizations
Private Secured Term Funding
Revolving Conduit Facilities
Unsecured Notes (a)
Junior Subordinated Debt (a)
Total
Interest rates (b)
1.55%-10.98%
4.97%
4.82%
3.50%-7.88%
5.76
%
Remainder of 2026
$
—
$
—
$
—
$
—
$
—
$
—
2027
—
—
—
750
—
750
2028
—
—
—
1,350
—
1,350
2029
—
—
—
1,640
—
1,640
2030
—
—
—
2,292
—
2,292
2031-2067
—
—
—
5,300
350
5,650
Secured (c)
12,358
350
1
—
—
12,709
Total principal maturities
$
12,358
$
350
$
1
$
11,332
$
350
$
24,391
Total carrying amount
$
12,311
$
349
$
1
$
11,240
$
173
$
24,074
Debt issuance costs (d)
(46)
(1)
—
(90)
—
(137)
(a) Pursuant to the Base Indenture, the Supplemental Indentures, and the Guaranty Agreements, OMH agreed to fully and unconditionally guarantee, on a senior unsecured basis, payments of principal, premium and interest on the Unsecured Notes and Junior Subordinated Debenture. The OMH guarantees of OMFC’s long-term debt are subject to customary release provisions.
(b) The interest rates shown are the range of contractual rates in effect at September 30, 2026.
(c) Securitizations, private secured term funding, and borrowings under the revolving conduit facilities are not included in the above maturities by period due to their variable monthly repayments, which may result in pay-off prior to the stated maturity date. See Note 7 for further information on our long-term debt associated with securitizations, private secured term funding, and revolving conduit facilities.
(d) Debt issuance costs are reported as a direct reduction from long-term debt, with the exception of debt issuance costs associated with our revolving conduit facilities, credit card revolving variable funding note (“VFN”) facilities, and the unsecured corporate revolver, which totaled $36 million at September 30, 2026 and are reported in Other assets in our condensed consolidated balance sheets.
UNSECURED CORPORATE REVOLVER
At September 30, 2026, the total maximum borrowing capacity of our unsecured corporate revolver was $1.0 billion. The corporate revolver has a five-year term, during which draws and repayments may occur. Any outstanding principal balance is due and payable on September 6, 2029.
We have transferred finance receivables to VIEs for asset-backed financing transactions and include the assets and liabilities in our condensed consolidated financial statements because we are the primary beneficiary of each VIE. We account for these asset-backed debt obligations as securitized borrowings.
See Note 2 and Note 10 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for more detail regarding VIEs.
We parenthetically disclose on our condensed consolidated balance sheets the VIEs’ assets that can only be used to settle the VIEs’ obligations and liabilities when their creditors have no recourse against the primary beneficiary’s general credit. The carrying amounts of consolidated VIE assets and liabilities associated with our securitization trusts, private secured term funding, revolving conduit facilities, and credit card revolving VFN facilities were as follows:
(dollars in millions)
September 30, 2026
December 31, 2025
Assets
Cash and cash equivalents
$
6
$
5
Net finance receivables
14,652
13,418
Allowance for finance receivable losses
1,723
1,558
Restricted cash and restricted cash equivalents
729
690
Other assets
44
41
Liabilities
Long-term debt
$
12,661
$
11,464
Other liabilities
32
30
Other than the retained subordinate and residual interests in our consolidated VIEs, we are under no further obligation than is otherwise noted herein, either contractually or implicitly, to provide financial support to these entities. Consolidated interest expense related to our VIEs totaled $165 million and $461 million during the three and nine months ended September 30, 2026, respectively, compared to $161 million and $477 million during the three and nine months ended September 30, 2025, respectively.
SECURITIZED BORROWINGS
Our outstanding OneMain Financial Issuance Trust (“OMFIT”) and OneMain Direct Auto Receivables Trust (“ODART”) securitizations contain a revolving period ranging from two to seven years during which no principal payments are required to be made on the related asset-backed notes. The indentures governing our OMFIT and ODART securitized borrowings contain early amortization events and events of default, that, if triggered, may result in the acceleration of the obligation to pay principal and interest on the related asset-backed notes. Our Foursight Capital Automobile Receivables Trust ("FCRT") securitizations are amortizing.
CREDIT CARD REVOLVING VFN FACILITIES
We have transferred credit card gross finance receivables to a master trust, OneMain Financial Credit Card Trust (“OMFCT”), and we continue to service and administer the credit cards. As of September 30, 2026, OMFCT was the issuing entity for two credit card revolving VFN facilities by way of certain indenture supplements and note purchase agreements with a total maximum borrowing capacity of $700 million. Each credit card revolving VFN facility has a revolving period during which no principal payments are required, but may be made without penalty, followed by a subsequent amortization period. Principal balances of outstanding notes, if any, are due and payable in full over periods ranging up to six years as of September 30, 2026. Amounts drawn on these credit card revolving VFN facilities are secured and collateralized by our credit card gross finance receivables.
At September 30, 2026, the maximum borrowing capacity of $350 million was outstanding under a private secured term funding facility. Principal payments on any outstanding balances are not required until after October 2027, followed by a subsequent amortization period, which upon expiration the outstanding principal is due and payable.
REVOLVING CONDUIT FACILITIES
We had access to 16 revolving conduit facilities with a total maximum borrowing capacity of $5.8 billion as of September 30, 2026. Ourconduit facilities contain revolving periods during which no principal payments are required, but may be made without penalty, followed by a subsequent amortization period. Principal balances of outstanding loans, if any, are due and payable in full over periods ranging up to approximately eight years as of September 30, 2026. Amounts drawn on these facilities are collateralized by our consumer loans.
Changes in the reserve for unpaid claims and loss adjustment expenses (net of reinsurance recoverables) on our short-duration insurance contracts were as follows:
At or for the Nine Months Ended September 30,
(dollars in millions)
2026
2025
Balance at beginning of period
$
98
$
102
Less reinsurance recoverables
(3)
(3)
Net balance at beginning of period
95
99
Additions for losses and loss adjustment expenses incurred to:
Current year
155
148
Prior years *
(3)
(8)
Total
152
140
Reductions for losses and loss adjustment expenses paid related to:
Current year
(91)
(87)
Prior years
(58)
(56)
Total
(149)
(143)
Net balance at end of period
98
96
Plus reinsurance recoverables
3
3
Balance at end of period
$
101
$
99
* At September 30, 2026, there were redundancies in the prior years’ net reserves due to favorable development of credit life claims during the period. At September 30, 2025, there were redundancies in the prior years’ net reserves due to favorable development of credit disability claims during the period.
LIABILITY FOR FUTURE POLICY BENEFITS
The present values of expected net premiums on long-duration insurance contracts were as follows:
At or for the Nine Months Ended September 30,
2026
2025
(dollars in millions)
Term and Whole Life
Accidental Death and Disability Protection
Term and Whole Life
Accidental Death and Disability Protection
Balance at beginning of period
$
138
$
28
$
177
$
33
Effect of cumulative changes in discount rate assumptions (beginning of period)
(3)
—
(2)
—
Beginning balance at original discount rate
135
28
175
33
Effect of changes in cash flow assumptions
8
(1)
(20)
—
Effect of actual variances from expected experience
The present values of expected future policy benefits on long-duration insurance contracts were as follows:
At or for the Nine Months Ended September 30,
2026
2025
(dollars in millions)
Term and Whole Life
Accidental Death and Disability Protection
Term and Whole Life
Accidental Death and Disability Protection
Balance at beginning of period
$
329
$
90
$
378
$
96
Effect of cumulative changes in discount rate assumptions (beginning of period)
(9)
1
(5)
2
Beginning balance at original discount rate
320
91
373
98
Effect of changes in cash flow assumptions
(4)
(1)
(23)
—
Effect of actual variances from expected experience
(6)
(7)
(5)
3
Adjusted balance at beginning of period
310
83
345
101
Net issuances
3
2
3
1
Interest accretion
12
3
14
4
Benefit payments
(33)
(8)
(36)
(9)
Ending balance at original discount rate
292
80
326
97
Effect of changes in discount rate assumptions
(5)
(4)
13
—
Balance at ending of period
$
287
$
76
$
339
$
97
The net liabilities for future policy benefits on long-duration insurance contracts were as follows:
At or for the Nine Months Ended September 30,
2026
2025
(dollars in millions)
Term and Whole Life
Accidental Death and Disability Protection
Term and Whole Life
Accidental Death and Disability Protection
Net liability for future policy benefits
$
164
$
55
$
195
$
65
Deferred profit liability
12
41
11
45
Total net liability for future policy benefits
$
176
$
96
$
206
$
110
The weighted-average duration of the liability for future policy benefits was 7 years at September 30, 2026 and 2025.
The following table reconciles the net liability for future policy benefits to Insurance claims and policyholder liabilities in the condensed consolidated balance sheets:
At or for the Nine Months Ended September 30,
(dollars in millions)
2026
2025
Term and whole life
$
176
$
206
Accidental death and disability protection
96
110
Other *
258
262
Total insurance claims and policyholder liabilities
$
530
$
578
* Other primarily includes reserves for short-duration contracts that are payable to third-party beneficiaries.
The undiscounted and discounted expected future gross premiums and expected future benefits and expenses for our long-duration insurance contracts were as follows:
At or for the Nine Months Ended September 30,
2026
2025
(dollars in millions)
Term and Whole Life
Accidental Death and Disability Protection
Term and Whole Life
Accidental Death and Disability Protection
Expected future gross premiums:
Undiscounted
$
290
$
90
$
292
$
112
Discounted
206
63
224
82
Expected future benefit payments:
Undiscounted
404
114
449
140
Discounted
287
76
339
97
The revenue and interest accretion related to our long-duration insurance contracts recognized in the condensed consolidated statements of operations were as follows:
At or for the Nine Months Ended September 30,
2026
2025
(dollars in millions)
Term and Whole Life
Accidental Death and Disability Protection
Term and Whole Life
Accidental Death and Disability Protection
Gross premiums or assessments
$
33
$
10
$
36
$
12
Interest accretion
$
7
$
2
$
8
$
2
The expected and actual experiences for mortality, morbidity, and lapses of the liability for future policy benefits were as follows:
At or for the Nine Months Ended September 30,
2026
2025
Term and Whole Life
Accidental Death and Disability Protection
Term and Whole Life
Accidental Death and Disability Protection
Mortality/Morbidity:
Expected
0.38
%
0.02
%
0.39
%
0.01
%
Actual
0.37
%
0.01
%
0.40
%
0.01
%
Lapses:
Expected
3.75
%
1.60
%
3.33
%
1.70
%
Actual
3.98
%
2.92
%
3.56
%
2.18
%
The weighted-average interest rates for the liability of future policy benefits for our long-duration insurance contracts were as follows:
9. Capital Stock and Earnings Per Share (OMH Only)
CAPITAL STOCK
OMH has two classes of authorized capital stock: preferred stock and common stock. OMFC has two classes of authorized capital stock: special stock and common stock. OMH and OMFC may issue preferred stock and special stock, respectively, in one or more series. The OMH Board of Directors and the OMFC Board of Directors determine the dividend, liquidation, redemption, conversion, voting, and other rights prior to issuance.
Changes in OMH shares of common stock issued and outstanding were as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Balance at beginning of period
115,082,807
118,856,988
117,196,792
119,360,509
Common stock issued
13,207
43,863
338,892
283,247
Common stock repurchased
(538,483)
(539,574)
(3,016,350)
(1,322,347)
Treasury stock issued
17,842
17,696
56,039
57,564
Balance at end of period
114,575,373
118,378,973
114,575,373
118,378,973
EARNINGS PER SHARE (OMH ONLY)
The computation of earnings per share was as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
(dollars in millions, except per share data)
2026
2025
2026
2025
Numerator (basic and diluted):
Net income
$
185
$
199
$
563
$
579
Denominator:
Weighted average number of shares outstanding (basic)
114,864,912
118,759,941
115,643,942
119,037,486
Effect of dilutive securities *
618,883
660,103
526,611
556,706
Weighted average number of shares outstanding (diluted)
115,483,795
119,420,044
116,170,553
119,594,192
Earnings per share:
Basic
$
1.61
$
1.67
$
4.87
$
4.86
Diluted
$
1.60
$
1.67
$
4.85
$
4.84
* We have excluded weighted-average unvested restricted stock units totaling 450,017 and 472,402 for the three months ended September 30, 2026 and 2025, respectively, and 466,154 and 498,509 for the nine months ended September 30, 2026 and 2025, respectively, from the fully-diluted earnings per share calculations as these shares would be anti-dilutive, which could impact the earnings per share calculation in the future.
Basic earnings per share is computed by dividing net income by the weighted-average number of shares outstanding during each period. Diluted earnings per share is computed based on the weighted-average number of shares outstanding plus the effect of potentially dilutive shares outstanding during the period using the treasury stock method. The potentially dilutive shares represent outstanding unvested restricted stock units.
Changes in Discount Rate for Insurance Claims and Policyholder Liabilities
Other (b)
Total Accumulated Other Comprehensive Income (Loss)
Three Months Ended September 30, 2026
Balance at beginning of period
$
(51)
$
(2)
$
(10)
$
(1)
$
10
$
(54)
Other comprehensive income (loss) before reclassifications
(36)
—
(1)
6
(1)
(32)
Balance at end of period
$
(87)
$
(2)
$
(11)
$
5
$
9
$
(86)
Three Months Ended September 30, 2025
Balance at beginning of period
$
(57)
$
(3)
$
(6)
$
—
$
15
$
(51)
Other comprehensive income (loss) before reclassifications
14
—
(3)
(6)
(1)
4
Balance at end of period
$
(43)
$
(3)
$
(9)
$
(6)
$
14
$
(47)
Nine Months Ended September 30, 2026
Balance at beginning of period
$
(41)
$
(2)
$
(7)
$
(3)
$
12
$
(41)
Other comprehensive income (loss) before reclassifications
(46)
—
(4)
8
(3)
(45)
Balance at end of period
$
(87)
$
(2)
$
(11)
$
5
$
9
$
(86)
Nine Months Ended September 30, 2025
Balance at beginning of period
$
(81)
$
(3)
$
(13)
$
(1)
$
17
$
(81)
Other comprehensive income (loss) before reclassifications
38
—
4
(5)
(3)
34
Balance at end of period
$
(43)
$
(3)
$
(9)
$
(6)
$
14
$
(47)
(a) There were no material amounts related to available-for-sale debt securities for which an allowance for credit losses was recorded during the three and nine months ended September 30, 2026 and 2025.
(b) Other primarily includes changes in the fair value of our mark-to-market derivative instruments that have been designated as cash flow hedges.
Reclassification adjustments from Accumulated other comprehensive income (loss) to the applicable line item on our condensed consolidated statements of operations were immaterial for the three and nine months ended September 30, 2026 and 2025.
We follow the guidance of ASC 740, Income Taxes, for interim reporting of income taxes under which we calculate an estimated annual effective tax rate (“AETR”) and apply the AETR to our year-to-date income (loss) before income taxes. In addition, we recognize any discrete items as they occur.
We had a net deferred tax asset of $500 million and $464 million at September 30, 2026 and December 31, 2025, respectively, reported in Other assets in our condensed consolidated balance sheets.
Our gross unrecognized tax benefits, including related interest and penalties, totaled $14 million at September 30, 2026 and December 31, 2025.
12. Contingencies
LEGAL CONTINGENCIES
In the normal course of business, we have been named, from time to time, as defendants in various legal actions, including arbitrations, class actions, and other litigation arising in connection with our activities. Some of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. Additionally, we are, from time to time, in the normal course of business, subject to inquiries and investigations by federal, state, and local governmental authorities regarding our products and our operations. These inquiries and investigations may result in fines, restitution, or other penalties, including injunctive relief that may result in restrictions on our business. While we will continue to evaluate legal actions to determine whether a loss is reasonably possible or probable and is reasonably estimable, there can be no assurance that material losses will not be incurred from pending, threatened or future litigation, investigations, examinations, or other claims.
We contest liability and/or the amount of damages, as appropriate, in each pending matter. Where available information indicates that it is probable that a liability had been incurred at the date of the condensed consolidated financial statements and we can reasonably estimate the amount of that loss, we accrue the estimated loss by a charge to income. In many actions, however, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to estimate the amount of any loss. In addition, even where loss is reasonably possible or an exposure to loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, it is not always possible to reasonably estimate the size of the possible loss or range of loss.
For certain legal actions, we cannot reasonably estimate such losses, particularly for actions that are in their early stages of development or where plaintiffs seek substantial or indeterminate damages. Numerous issues may need to be resolved, including through potentially lengthy discovery and determination of important factual matters, and by addressing novel or unsettled legal questions relevant to the actions in question, before a loss or additional loss or range of loss or range of additional loss can be reasonably estimated for any given action.
For certain other legal actions, we can estimate reasonably possible losses, additional losses, ranges of loss or ranges of additional loss in excess of amounts accrued, but do not believe, based on current knowledge and after consultation with counsel, that such losses will have a material adverse effect on our condensed consolidated financial statements as a whole.
At September 30, 2026, Consumer and Insurance (“C&I”) is our only reportable segment. The remaining components (which we refer to as “Other”) consist of our liquidating SpringCastle Portfolio servicing activity and our non-originating legacy operations, which primarily include our liquidating real estate loans.
The accounting policies of the C&I segment are the same as those disclosed in Note 2 and Note 18 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report.
We have identified the following significant segment expenses: Interest expense, Provision for finance receivable losses, Salaries and benefits expense, Other operating expenses, and Insurance policy benefits and claims expense. Based on our identified significant segment expenses, there are no other segment items.
Our chief operating decision maker (“CODM”) is our Chief Executive Officer (“CEO”). The CODM uses Income (loss) before income tax expense (benefit) to assess the performance of the C&I segment, allocate resources, and make strategic operating decisions.
The accounting policies of our fair value measurements are the same as those disclosed in Note 2 and Note 19 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report.
The following table presents the carrying amounts and estimated fair values of our financial instruments and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:
Fair Value Measurements Using
Total Fair Value
Total Carrying Value
(dollars in millions)
Level 1
Level 2
Level 3
September 30, 2026
Assets
Cash and cash equivalents
$
835
$
101
$
—
$
936
$
936
Investment securities
61
1,486
3
1,550
1,550
Net finance receivables, less allowance for finance receivable losses
—
—
25,830
25,830
23,204
Restricted cash and restricted cash equivalents
751
—
—
751
751
Other assets *
—
—
31
31
16
Liabilities
Long-term debt
$
—
$
23,745
$
—
$
23,745
$
24,074
December 31, 2025
Assets
Cash and cash equivalents
$
860
$
54
$
—
$
914
$
914
Investment securities
57
1,530
3
1,590
1,590
Net finance receivables, less allowance for finance receivable losses
—
—
24,440
24,440
21,968
Restricted cash and restricted cash equivalents
699
—
—
699
699
Other assets *
—
—
31
31
18
Liabilities
Long-term debt
$
—
$
23,204
$
—
$
23,204
$
22,694
*Other assets at September 30, 2026 and December 31, 2025 primarily consists of finance receivables held for sale.
The following tables present information about our assets measured at fair value on a recurring basis and indicate the fair value hierarchy based on the levels of inputs we utilized to determine such fair value:
Fair Value Measurements Using
Total Carried At Fair Value
(dollars in millions)
Level 1
Level 2
Level 3
September 30, 2026
Assets
Cash equivalents in mutual funds
$
54
$
—
$
—
$
54
Cash equivalents in securities
—
101
—
101
Investment securities:
Available-for-sale securities
U.S. government and government sponsored entities
—
13
—
13
Obligations of states, municipalities, and political subdivisions
—
51
—
51
Commercial paper
—
42
—
42
Non-U.S. government and government sponsored entities
Obligations of states, municipalities, and political subdivisions
—
56
—
56
Commercial paper
—
—
—
—
Non-U.S. government and government sponsored entities
—
157
—
157
Corporate debt
6
1,022
2
1,030
RMBS
—
190
—
190
CMBS
—
22
—
22
CDO/ABS
—
64
—
64
Total available-for-sale securities
6
1,524
2
1,532
Other securities
Bonds:
Corporate debt
—
3
—
3
CDO/ABS
—
3
—
3
Total bonds
—
6
—
6
Preferred stock
12
—
—
12
Common stock
39
—
1
40
Total other securities
51
6
1
58
Total investment securities
57
1,530
3
1,590
Restricted cash equivalents in mutual funds
620
—
—
620
Total
$
725
$
1,583
$
3
$
2,311
Due to the insignificant activity within the Level 3 assets during the three and nine months ended September 30, 2026 and 2025, we have omitted the additional disclosures relating to the changes in Level 3 assets measured at fair value on a recurring basis and the quantitative information about Level 3 unobservable inputs.
FAIR VALUE MEASUREMENTS — NON-RECURRING BASIS
We measure the fair value of certain assets on a non-recurring basis when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Net impairment charges recorded on assets measured at fair value on a non-recurring basis were immaterial during the three and nine months ended September 30, 2026 and 2025.
FAIR VALUE MEASUREMENTS — VALUATION METHODOLOGIES AND ASSUMPTIONS
See Note 19 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for information regarding our methods and assumptions used to estimate fair value.
This report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead represent only management’s current beliefs regarding future events. By their nature, forward-looking statements are subject to risks, uncertainties, assumptions, and other important factors that may cause actual results, performance, or achievements to differ materially from those expressed in or implied by such forward-looking statements. We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. We do not undertake any obligation to update or revise these forward-looking statements to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events or the non-occurrence of anticipated events, whether as a result of new information, future developments, or otherwise, except as required by law. Forward-looking statements include, without limitation, statements concerning future plans, objectives, goals, projections, strategies, events, or performance, and underlying assumptions and other statements related thereto. Statements preceded by, followed by or that otherwise include the words “anticipates,” “appears,” “assumes,” “believes,” “can,” “continues,” “could,” “estimates,” “expects,” “forecasts,” “foresees,” “goals,” “intends,” “likely,” “objective,” “plans,” “projects,” “target,” “trend,” “remains,” and similar expressions or future or conditional verbs such as “could,” “may,” “might,” “should,” “will,” or “would” are intended to identify forward-looking statements, but these words are not the exclusive means of identifying forward-looking statements. Important factors that could cause actual results, performance, or achievements to differ materially from those expressed in or implied by forward-looking statements include, without limitation, the following:
•adverse changes and volatility in general economic conditions, including the interest rate environment and the financial markets;
•the sufficiency of our allowance for finance receivable losses;
•increased levels of unemployment and personal bankruptcies;
•the current inflationary environment and related trends affecting our customers;
•natural or accidental events such as earthquakes, hurricanes, pandemics, floods, or wildfires affecting our customers, collateral, or our facilities;
•a failure in or breach of our information, operational or security systems, or infrastructure or those of third parties, including as a result of cyber incidents, war, or other disruptions;
•the adequacy of our credit risk scoring models;
•geopolitical risks, including recent geopolitical actions;
•adverse changes in our ability to attract and retain employees or key executives;
•increased competition or adverse changes in customer responsiveness to our distribution channels or products;
•changes in federal, state, or local laws, regulations, or regulatory policies and practices or increased regulatory scrutiny of our business or industry;
•risks associated with our insurance operations;
•the costs and effects of any actual or alleged violations of any federal, state, or local laws, rules or regulations;
•the costs and effects of any fines, penalties, judgments, decrees, orders, inquiries, investigations, subpoenas, or enforcement or other proceedings of any governmental or quasi-governmental agency or authority;
•our substantial indebtedness and our continued ability to access the capital markets and maintain adequate current sources of funds to satisfy our cash flow requirements;
•our ability to comply with all of our covenants; and
•the effects of any downgrade of our debt ratings by credit rating agencies.
We also direct readers to the other risks and uncertainties discussed in Part I - Item 1A. “Risk Factors” included in our Annual Report and in other documents we file with the SEC.
If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. You should specifically consider the factors identified in this report and in the documents we file with the SEC that could cause actual results to differ before making an investment decision to purchase our securities and should not place undue reliance on any of our forward-looking statements. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us.
We offer consumer loans, which consist of personal loans and auto finance, credit cards, and other products to help customers meet everyday needs and take steps to improve their financial well-being. We service the loans that we retain on our balance sheet, as well as loans owned by third parties. Additionally, our insurance subsidiaries offer optional credit and non-credit insurance and other optional products. We also offer credit cards under our BrightWay brand which are designed to offer a highly digital customer experience while also rewarding customers for responsible credit activity. Our resources allow us to operate in 48 states and provide a seamless experience through our customers’ preferred channels, including in person, online or over the phone, using our digital platforms, distribution partnerships, or working with our expert team members at more than 1,300 locations.
OUR PRODUCTS
Our product offerings include:
•Personal Loans — We offer personal loans through our branch network, central operations, direct mail, digital affiliates, and our website, www.onemainfinancial.com, to customers who need timely access to cash. Our personal loans are non-revolving, with a fixed rate, have fixed terms generally between three and six years, and are secured by automobiles, other collateral, or are unsecured. At September 30, 2026, we had approximately 2.4 million personal loans totaling $22.1 billion of net finance receivables, of which 57% were secured by titled property, compared to approximately 2.4 million personal loans totaling $21.4 billion of net finance receivables, of which 53% were secured by titled property at December 31, 2025. We also service personal loans for our whole loan sale partners.
•Auto Finance — We offer secured auto financing originated at the point of purchase through a growing network of franchise and independent dealerships. The loans are non-revolving, with a fixed rate, and have fixed terms generally between three and six years. At September 30, 2026, we had approximately 163 thousand auto finance loans totaling $2.8 billion of net finance receivables, compared to approximately 148 thousand auto finance loans totaling $2.5 billion of net finance receivables at December 31, 2025. We also service auto finance loans for our whole loan sale partners and loans originated by third parties.
•Credit Cards — BrightWay credit cards are originated through a third-party bank partner from which we purchase the receivable balances. The credit cards are offered across our branch network, as well as through direct mail, our digital affiliates, and our website. Credit cards are open-ended, revolving, with a fixed rate, and are unsecured. At September 30, 2026, we had approximately 1.5 million open credit card customer accounts, totaling $1.4 billion of net finance receivables, compared to approximately 1.1 million open credit card customer accounts, totaling $936 million of net finance receivables at December 31, 2025.
•Optional Products — We offer our customers optional credit insurance products (life, disability, and involuntary unemployment insurance) and optional non-credit insurance products through both our branch network and our central operations. Credit insurance and non-credit insurance products are provided by our affiliated insurance companies. We offer Guaranteed Asset Protection (“GAP”) coverage as a waiver product or insurance. We also offer optional membership plans from an unaffiliated company.
OUR SEGMENT
At September 30, 2026, Consumer and Insurance (“C&I”) is our only reportable segment, which includes consumer loans, credit cards, and optional products. At September 30, 2026, we had $28.1 billion of managed receivables due from approximately 4.3 million customer accounts, compared to $26.3 billion of managed receivables due from approximately 3.8 million customer accounts at December 31, 2025.
The remaining components (which we refer to as “Other”) consist of our liquidating SpringCastle Portfolio servicing activity and our non-originating legacy operations, which primarily include our liquidating real estate loans held for sale and reported in Other assets in our condensed consolidated balance sheets. See Note 13 of the Notes to the Condensed Consolidated Financial Statements included in this report for more information about our segment.
On January 15, 2026, OMFC paid a net aggregate amount of $436 million, inclusive of accrued interest and premium, to complete the redemption of its 7.125% Senior Notes due 2026.
On August 20, 2026, OMFC issued a total of $600 million aggregate principal amount of 7.125% Senior Notes due 2034.
For information about the issuances and redemptions of our unsecured debt, see “Liquidity and Capital Resources” under Management’s Discussion and Analysis of Financial Condition and Results of Operations in this report.
For information regarding the issuances of our secured debt, see “Liquidity and Capital Resources” under Management’s
Discussion and Analysis of Financial Condition and Results of Operations in this report.
Cash Dividends to OMH’s Common Stockholders
For information regarding the quarterly dividends declared by OMH, see “Liquidity and Capital Resources” under Management’s Discussion and Analysis of Financial Condition and Results of Operations in this report.
OUTLOOK
We actively monitor the current macroeconomic environment and remain prepared for any developments that may impact our business. Our financial condition and results of operations could be affected by macroeconomic conditions, including changes in unemployment, inflation, interest rates, consumer confidence, and geopolitical actions. We incorporate updates to our macroeconomic assumptions, as necessary, which could lead to adjustments in our allowance for finance receivable losses, allowance ratio, and provision for finance receivable losses.
Our experienced management team remains focused on maintaining a strong balance sheet with a long liquidity runway and adequate capital while maintaining a conservative and disciplined underwriting model. We believe we are well positioned to serve our customers and execute on our strategic priorities, including:
•striving to be the lender of choice for nonprime consumers and improve their financial well-being;
•continuing to expand our product offerings and grow our receivables;
•maintaining a rigorous focus on maximizing returns while minimizing credit risk;
•leveraging our scale and cost discipline across the Company to deliver improved operating leverage; and
•maintaining a strong liquidity level with diversified funding sources.
We believe our commitment to closely monitor the macroeconomic environment, retain disciplined underwriting, drive strategic growth initiatives, and attract and retain top talent strengthens our ability to navigate challenges and seize opportunities. With a robust balance sheet and a focus on our key initiatives, we are confident in our ability to increase shareholder value and remain resilient and adaptable to navigate an ever-evolving economic, social, political, and regulatory landscape.
The results of OMFC are consolidated into the results of OMH. Due to the nominal differences between OMFC and OMH, content throughout this section relates only to OMH. See Note 1 of the Notes to the Condensed Consolidated Financial Statements included in this report for further information.
OMH’S CONSOLIDATED RESULTS
The following table below presents OMH’s consolidated operating results and selected financial statistics. A further discussion of OMH’s operating results for our operating segment is provided under “Segment Results” below.
At or for the Three Months Ended September 30,
At or for the Nine Months Ended September 30,
(dollars in millions, except per share amounts)
2026
2025
2026
2025
Interest income
$
1,491
$
1,392
$
4,294
$
4,039
Interest expense
345
320
993
949
Provision for finance receivable losses
615
488
1,689
1,454
Net interest income after provision for finance receivable losses
Comparison of Consolidated Results for Three and Nine Months Ended September 30, 2026 and 2025
Interest income increased $99 million or 7% in the three months ended September 30, 2026 when compared to the same period in 2025 due to growth in average net receivables.
Interest income increased $255 million or 6% in the nine months ended September 30, 2026 when compared to the same period in 2025 due to growth in average net receivables and an increase in yield.
Interest expense increased $25 million or 8% and $44 million or 5% in the three and nine months ended September 30, 2026 when compared to the same period in 2025 due to an increase in average debt to support our receivables growth and a higher average cost of funds.
Provision for finance receivable losses increased $127 million or 26% and $235 million or 16% in the three and nine months ended September 30, 2026 when compared to the same period in 2025 due to growth in receivables and higher net charge-offs.
Other revenues increased $49 million or 30% and $90 million or 17% in the three and nine months ended September 30, 2026 when compared to the same period in 2025 driven by lower losses on repurchases and repayments of debt in the current period, as well as increases in credit card revenue from growth in the number of accounts and increases in servicing revenues driven by growth in finance receivables serviced for others.
Other expenses increased $26 million or 5% in the three months ended September 30, 2026 when compared to the same period in 2025 driven by increases in general operating expenses and salaries and benefits expense due to growth in receivables and our strategic investments in the business.
Other expenses increased $93 million or 7% in the nine months ended September 30, 2026 when compared to the same period in 2025 driven by increases in general operating expenses and salaries and benefits expense due to growth in receivables and our strategic investments in the business, as well as an increase in restructuring charges.
Income taxes decreased $16 million or 25% and $11 million or 7% in the three and nine months ended September 30, 2026 when compared to the same period in 2025 due to lower pretax income and an increase in tax benefits from the purchase of transferable federal tax credits.
Management uses C&I adjusted pretax income (loss), a non-GAAP financial measure, as a key performance measure of our segment. C&I adjusted pretax income (loss) represents income (loss) before income taxes on a Segment Accounting Basis and excludes net loss resulting from repurchases and repayments of debt, restructuring charges, and other items and strategic activities. Management believes C&I adjusted pretax income (loss) is useful in assessing the profitability of our segment.
Management also uses pretax capital generation, a non-GAAP financial measure, as a key performance measure of our segment. This measure represents C&I adjusted pretax income as discussed above and excludes the change in our C&I allowance for finance receivable losses in the period while still considering the C&I net charge-offs incurred during the period. Management believes that pretax capital generation is useful in assessing the capital created in the period impacting the overall capital adequacy of the Company. Management believes that the Company’s reserves, combined with its equity, represent the Company’s loss absorption capacity.
Management utilizes both C&I adjusted pretax income (loss) and pretax capital generation in evaluating our performance. Additionally, both of these non-GAAP measures are consistent with the performance goals established in OMH’s executive compensation program. C&I adjusted pretax income (loss) and pretax capital generation are non-GAAP financial measures and should be considered supplemental to, but not as a substitute for or superior to, income (loss) before income taxes, net income, or other measures of financial performance prepared in accordance with GAAP.
OMH’s reconciliations of Income before income tax expense on a Segment Accounting Basis to C&I adjusted pretax income (non-GAAP) and pretax capital generation (non-GAAP) were as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
(dollars in millions)
2026
2025
2026
2025
Consumer and Insurance
Income before income taxes - Segment Accounting Basis
The results of OMFC are consolidated into the results of OMH. Due to the nominal differences between OMFC and OMH, content throughout this section relates only to OMH. See Note 1 of the Notes to the Condensed Consolidated Financial Statements included in this report for further information.
See Note 13 of the Notes to the Condensed Consolidated Financial Statements included in this report for a description of our segment and methodologies used to allocate revenues and expenses to our C&I segment and for reconciliations of segment total to condensed consolidated financial statement amounts.
CONSUMER AND INSURANCE
The following table below presents OMH’s adjusted pretax income and selected financial statistics for C&I on an adjusted Segment Accounting Basis.
At or for the Three Months Ended September 30,
At or for the Nine Months Ended September 30,
(dollars in millions)
2026
2025
2026
2025
Interest income
$
1,487
$
1,386
$
4,283
$
4,021
Interest expense
345
320
993
947
Provision for finance receivable losses
615
488
1,690
1,456
Net interest income after provision for finance receivable losses
Comparison of Adjusted Pretax Income for Three and Nine Months Ended September 30, 2026 and 2025
Interest income increased $101 million or 7% in the three months ended September 30, 2026 when compared to the same period in 2025 due to growth in average net receivables.
Interest income increased $262 million or 7% in the nine months ended September 30, 2026 when compared to the same period in 2025 due to growth in average net receivables and an increase in yield.
Interest expense increased $25 million or 8% and $46 million or 5% in the three and nine months ended September 30, 2026 when compared to the same period in 2025 due to an increase in average debt to support our receivables growth and a higher average cost of funds.
Provision for finance receivable losses increased $127 million or 26% and $234 million or 16% in the three and nine months ended September 30, 2026 when compared to the same period in 2025 due to growth in receivables and higher net charge-offs.
Other revenues increased $11 million or 5% and $30 million or 5% in the three and nine months ended September 30, 2026 when compared to the same period in 2025 driven by increases in credit card revenue from growth in the number of accounts and increases in servicing revenues driven by growth in finance receivables serviced for others.
Other expenses increased $31 million or 6% and $83 million or 6% in the three and nine months ended September 30, 2026 when compared to the same period in 2025 driven by increases in general operating expenses and salaries and benefits expense due to growth in receivables and our strategic investments in the business.
Our net finance receivables, consisting of consumer loans and credit cards, were $26.3 billion at September 30, 2026 and $24.8 billion at December 31, 2025. We consider the delinquency status of our finance receivables as our key credit quality indicator. We monitor the delinquency of our finance receivable portfolio, including the migration between the delinquency buckets and changes in the delinquency trends to manage our exposure to credit risk in the portfolio. Our branch and central operation team members work closely with customers as necessary and offer a variety of borrower assistance programs to help support our customers.
DELINQUENCY
We monitor delinquency trends to evaluate the risk of future credit losses and employ advanced analytical tools to manage performance. Team members are actively engaged in collection activities throughout the early stages of delinquency. We closely track and report the percentage of receivables that are contractually 30-89 days past due as a benchmark of portfolio quality, collections effectiveness, and as a strong indicator of losses in coming quarters.
When consumer loans are contractually 60 days past due, we consider these accounts to be at an increased risk for loss and move collection of these accounts to our central collection operations. Use of our central operations teams for managing late-stage delinquency allows us to apply more advanced collection techniques and tools to drive credit performance and operational efficiencies.
We consider our consumer loans to be nonperforming at 90 days contractually past due, at which point we stop accruing finance charges and reverse finance charges previously accrued. For credit cards, we accrue finance charges and fees until charge-off at 180 days contractually past due, at which point we reverse finance charges and fees previously accrued.
The delinquency information for net finance receivables on a Segment Accounting Basis was as follows:
We estimate and record an allowance for finance receivable losses to cover the expected lifetime credit losses on our finance receivables. Our allowance for finance receivable losses may fluctuate based upon changes in portfolio growth, credit quality, and economic conditions.
Our methodology to estimate expected credit losses uses recent macroeconomic forecasts, which include forecasts for unemployment. We leverage projections from various industry leading providers. We also consider inflationary pressures, consumer confidence levels, and elevated interest rates that may continue to impact the economic outlook. At September 30, 2026, our economic forecast used a reasonable and supportable period of 12 months. We may experience further changes to the macroeconomic assumptions within our forecast, as well as changes to our loan loss performance outlook, both of which could lead to further changes in our allowance for finance receivable losses, allowance ratio, and provision for finance receivable losses.
Changes in our allowance for finance receivable losses were as follows:
The current delinquency status of our finance receivable portfolio, inclusive of recent borrower performance and loss performance, volume of our modified finance receivable activity, level and recoverability of collateral securing our finance receivable portfolio, portfolio mix, and the reasonable and supportable forecast of economic conditions are the primary drivers that can cause fluctuations in our allowance ratio from period to period. We monitor the allowance ratio to ensure we have a sufficient level of allowance for finance receivable losses based on the estimated lifetime expected credit losses in our finance receivable portfolio. The allowance for finance receivable losses as a percentage of net finance receivables increased compared to the prior year period due to change in the portfolio mix. See Note 4 of the Notes to the Condensed Consolidated Financial Statements included in this report for more information about the changes in the allowance for finance receivable losses.
We finance the majority of our operating liquidity and capital needs through a combination of cash flows from operations, secured debt, unsecured debt, borrowings from revolving conduit facilities, credit card revolving VFN facilities, the unsecured corporate revolver, whole loan sales, and equity. We may also utilize other sources in the future. As a holding company, all of the funds generated from our operations are earned by our operating subsidiaries. Our operating subsidiaries’ primary cash needs relate to funding our lending activities, our debt service obligations, our operating expenses, payment of insurance claims, and supporting strategic initiatives.
We have previously purchased portions of our unsecured indebtedness, and we may elect to purchase additional portions of our unsecured indebtedness or securitized borrowings in the future. Future purchases may be made through the open market, privately negotiated transactions with third parties, or pursuant to one or more tender or exchange offers, all of which are subject to terms, prices, and consideration we may determine at our discretion.
During the nine months ended September 30, 2026, OMH generated net income of $563 million. OMH’s net cash outflow from operating and investing activities totaled $709 million for the nine months ended September 30, 2026. At September 30, 2026, our scheduled interest payments for the remainder of 2026 totaled $133 million and there were no scheduled principal payments for 2026 on our existing unsecured debt. As of September 30, 2026, we had $12.3 billion of unencumbered receivables.
Based on our estimates and considering the risks and uncertainties of our plans, we believe that we will have adequate liquidity to finance and operate our businesses and repay our obligations as they become due.
OMFC’s Issuances, Redemptions, and Repurchases of Unsecured Debt
On January 15, 2026, OMFC paid a net aggregate amount of $436 million, inclusive of accrued interest and premium, to complete the redemption of its 7.125% Senior Notes due 2026.
On August 20, 2026, OMFC issued a total of $600 million aggregate principal amount of 7.125% Senior Notes due 2034 under the Base Indenture, as supplemented by the Twenty-Fifth Supplemental Indenture, pursuant to which OMH provided a guarantee on an unsecured basis.
OMFC’s Unsecured Corporate Revolver
At September 30, 2026, the borrowing capacity of our corporate revolver was $1.0 billion.
Securitizations, Revolving Conduit Facilities, and Credit Card Revolving VFN Facilities
During the nine months ended September 30, 2026, we completed four new consumer loan securitizations (ODART 2026-1, OMFIT 2026-1, OMFIT 2026-2 and OMFIT 2026-3, see “Securitized Borrowings” below) and redeemed six consumer loan securitizations (ODART 2021-1, ODART 2019-1, FCRT 2022-2, OMFIT 2022-2, ODART 2022-1, and OMFIT 2022-3). At September 30, 2026, the borrowing capacity of our revolving conduit facilities was $5.8 billion. At September 30, 2026, we had $13.6 billion of consumer loan gross finance receivables pledged as collateral for our securitizations, revolving conduit facilities, and private secured term funding facility.
At September 30, 2026, the borrowing capacity of our credit card revolving VFN facilities was $700 million. At September 30, 2026, we had $842 million of credit card principal balances held in OneMain Financial Credit Card Trust (“OMFCT”) for our credit card revolving VFN facilities.
Private Secured Term Funding
At September 30, 2026, the maximum borrowing capacity of $350 million was outstanding under the remaining private secured term funding facility. Principal payments on any outstanding balances are not required until after October 2027 followed by a
subsequent amortization period, which upon expiration the outstanding principal is due and payable.
See Notes 6 and 7 of the Notes to the Condensed Consolidated Financial Statements included in this report for further information on our long-term debt, securitization transactions, private secured term funding facility, revolving conduit facilities, and credit card revolving VFN facilities.
Credit Ratings
Our credit ratings impact our ability to access capital markets and our borrowing costs. Rating agencies base their ratings on numerous factors, including liquidity, capital adequacy, asset quality, quality of earnings, and the probability of systemic support. Significant changes in these factors could result in different ratings.
The table below outlines OMFC’s long-term corporate debt ratings and outlook by rating agencies:
As of September 30, 2026
Rating
Outlook
S&P
BB
Stable
Moody’s
Ba2
Stable
KBRA
BB+
Stable
Currently, no other entity has a corporate debt rating, though they may be rated in the future.
Stock Repurchased
During the nine months ended September 30, 2026, OMH repurchased 3,016,350 shares of its common stock through its stock repurchase program for an aggregate total of $173 million, including commissions, fees and excise taxes. As of September 30, 2026, OMH held a total of 21,475,215 shares of treasury stock. To provide funding for the OMH stock repurchases, the OMFC Board of Directors authorized dividend payments in the amount of $200 million.
For additional information regarding the shares repurchased, see Item 2. Unregistered Sales of Equity Securities and Use of Proceeds of Part II included in this report.
Cash Dividend to OMH’s Common Stockholders
As of September 30, 2026, the dividend declarations for the current year by the Board were as follows:
Declaration Date
Record Date
Payment Date
Dividend Per Share
Amount Paid
(in millions)
February 5, 2026
February 17, 2026
February 23, 2026
$
1.05
$
123
May 1, 2026
May 11, 2026
May 15, 2026
1.05
121
July 29, 2026
August 10, 2026
August 14, 2026
1.05
121
Total
$
3.15
$
365
To provide funding for the dividend, OMFC paid dividends of $360 million to OMH during the nine months ended September 30, 2026.
On October 30, 2026, OMH declared a dividend of $1.05 per share payable on November 13, 2026 to record holders of OMH’s common stock as of the close of business on November 9, 2026. To provide funding for the OMH dividend, the OMFC Board of Directors authorized a dividend in the amount of up to $123 million payable on or after November 10, 2026.
While OMH intends to pay its minimum quarterly dividend, currently $1.05 per share, for the foreseeable future, all subsequent dividends will be reviewed and declared at the discretion of the Board and will depend on many factors, including our financial condition, earnings, cash flows, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends, and other considerations that the Board deems relevant. OMH’s dividend payments may change from time to time, and the Board may choose not to continue to declare dividends in the future. See our “Dividend Policy” in Part II - Item 5 included in our Annual Report for further information.
We have whole loan sale flow agreements with third parties. The Company is committed to sell a remaining total of $1.5 billion gross receivables of newly originated unsecured personal loans along with any associated accrued interestwith a current term of approximately two years.
During the three and nine months ended September 30, 2026, we sold a total of $361 million and $1.1 billion of gross finance receivables, respectively, compared to $258 million and $773 million during the same periods in 2025. See Note 3 of the Notes to the Condensed Consolidated Financial Statements included in this report for further information on the whole loan sale transactions.
LIQUIDITY
OMH’s Operating Activities
Net cash provided by operations of $2.3 billion for the nine months ended September 30, 2026 reflected net income of $563 million, the impact of non-cash items including provision for finance receivable losses of $1.7 billion, and an unfavorable change in working capital of $91 million. Net cash provided by operations of $2.3 billion for the nine months ended September 30, 2025 reflected net income of $579 million, the impact of non-cash items including provision for finance receivable losses of $1.5 billion, and an unfavorable change in working capital of $30 million.
OMH’s Investing Activities
Net cash used for investing activities of $3.1 billion for the nine months ended September 30, 2026 was due to net principal originations and purchases of finance receivables and purchases of available-for-sale securities, offset by the proceeds from sales of finance receivables and calls, sales, and maturities of available-for-sale securities. Net cash used for investing activities of $2.4 billion for the nine months ended September 30, 2025 was due to net principal originations and purchases of finance receivables and purchases of available-for-sale and other securities, offset by the proceeds from sales of finance receivables and calls, sales, and maturities of available-for-sale and other securities.
OMH’s Financing Activities
Net cash provided by financing activities of $783 million for the nine months ended September 30, 2026 was due to the issuances and borrowings of long-term debt, partially offset by repayments and repurchases of long-term debt, cash dividends paid and common stock repurchased. Net cash provided by financing activities of $351 million for the nine months ended September 30, 2025 was due to the issuances and borrowings of long-term debt, partially offset by repayments and repurchases of long-term debt, cash dividends paid, and common stock repurchased.
OMH’s Cash and Investments
At September 30, 2026, we had $936 million of cash and cash equivalents, which included $268 million of cash and cash equivalents held at our regulated insurance subsidiaries or for other operating activities that is unavailable for general corporate purposes.
At September 30, 2026, we had $1.6 billion of investment securities, which are all held as part of our insurance operations and are unavailable for general corporate purposes.
Liquidity Risks and Strategies
OMFC’s credit ratings are non-investment grade, which may have a significant impact on our cost and could potentially impact our access to capital. This, in turn, can negatively affect our ability to manage our liquidity and our ability or cost to refinance our indebtedness. There are numerous risks to our financial results, liquidity, capital raising, and debt refinancing plans, some of which may not be quantified in our current liquidity forecasts. These risks are further described in our “Liquidity and Capital Resources” of Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II - Item 7 included in our Annual Report.
The principal factors that could decrease our liquidity are customer delinquencies and defaults, a decline in customer prepayments, rising interest rates, or a prolonged inability to adequately access capital market funding. We intend to support
our liquidity position by utilizing strategies that are further described in our “Liquidity and Capital Resources” of Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II - Item 7 included in our Annual Report. However, it is possible that the actual outcome of one or more of our plans could be materially different than expected or that one or more of our significant judgments or estimates could prove to be materially incorrect.
OUR INSURANCE SUBSIDIARIES
Our insurance subsidiaries are subject to state regulations that limit their ability to pay dividends. AHL and Triton did not pay dividends during the nine months ended September 30, 2026 and 2025. See Note 11 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for further information on these state restrictions and the dividends paid by our insurance subsidiaries.
OUR DEBT AGREEMENTS
The debt agreements which OMFC and its subsidiaries are a party to include customary terms and conditions, including covenants and representations and warranties. See Note 9 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for more information on the restrictive covenants under OMFC’s debt agreements, as well as the guarantees of OMFC’s long-term debt.
Securitized Borrowings
We execute private securitizations under Rule 144A of the Securities Act of 1933, as amended. As of September 30, 2026, our structured financings consisted of the following:
(dollars in millions)
Issue Amount (a)
Initial Collateral Balance
Current Note Amounts Outstanding (a)
Current Collateral Balance (b)
Current Weighted Average Interest Rate
Original Revolving Period
OMFIT 2019-2
$
900
$
947
$
900
$
967
3.30
%
7 years
OMFIT 2019-A
789
892
685
783
3.82
%
7 years
OMFIT 2020-2
1,000
1,053
474
498
2.34
%
5 years
OMFIT 2021-1
850
904
686
702
2.40
%
5 years
OMFIT 2022-S1
600
652
182
220
4.71
%
3 years
OMFIT 2023-1
825
920
825
920
5.82
%
5 years
OMFIT 2023-2
1,400
1,566
1,354
1,443
5.91
%
3 years
OMFIT 2024-1
1,100
1,222
1,100
1,222
5.99
%
7 years
OMFIT 2025-1
1,000
1,124
1,000
1,124
4.97
%
3 years
OMFIT 2026-1
1,100
1,231
1,100
1,231
5.14
%
3 years
OMFIT 2026-2
1,000
1,111
1,000
1,111
5.15
%
2 years
OMFIT 2026-3 (c)
700
781
680
781
5.47
%
5 years
ODART 2023-1
750
792
502
512
5.74
%
3 years
ODART 2025-1
900
926
900
926
5.48
%
5 years
ODART 2026-1
850
869
850
869
4.63
%
3 years
FCRT 2023-1
182
199
18
35
7.27
%
N/A
FCRT 2023-2
200
208
45
47
7.18
%
N/A
FCRT 2024-1
210
214
57
59
6.95
%
N/A
Total securitizations
$
14,356
$
15,611
$
12,358
$
13,450
(a) Issue Amount includes the retained interest amounts as applicable and the Current Note Amounts Outstanding balances reflect pay-downs subsequent to note issuance and exclude retained interest amounts.
(b) Inclusive of in-process replenishments of collateral for securitized borrowings in a revolving status as of September 30, 2026.
(c) On August 13, 2026, we issued $700 million of notes backed by personal loans and retained a portion of the Class D notes in the amount of $20 million. The notes mature in January 2041.
We had access to 16 revolving conduit facilities with a total borrowing capacity of $5.8 billion as of September 30, 2026:
(dollars in millions)
Advance Maximum Balance
Amount Drawn
OneMain Financial Funding VII, LLC
$
600
$
—
OneMain Financial Auto Funding I, LLC
550
—
Hudson River Funding, LLC
500
—
River Thames Funding, LLC
400
—
OneMain Financial Funding X, LLC
400
—
OneMain Financial Funding XII, LLC
400
—
OneMain Financial Funding XIII, LLC
400
—
Mystic River Funding, LLC
350
—
Thayer Brook Funding, LLC
350
1
Columbia River Funding, LLC
350
—
Hubbard River Funding, LLC
350
—
New River Funding Trust
300
—
St. Lawrence River Funding, LLC
250
—
OneMain Auto I, LLC
250
—
OneMain Foursight Auto II, LLC
175
—
OneMain Foursight Auto III, LLC
175
—
Total
$
5,800
$
1
Credit Card Revolving VFN Facilities
We also had access to two credit card revolving VFN facilities with a total borrowing capacity of $700 million as of September 30, 2026:
(dollars in millions)
Advance Maximum Balance
Amount Drawn
OneMain Financial Credit Card Trust – Series 2024-VFN1
$
350
$
—
OneMain Financial Credit Card Trust – Series 2024-VFN2
350
—
Total
$
700
$
—
OFF-BALANCE SHEET ARRANGEMENTS
We have no material off-balance sheet arrangements as defined by SEC rules, and we had no material off-balance sheet exposure to losses associated with unconsolidated VIEs at September 30, 2026 or December 31, 2025.
We describe our significant accounting policies used in the preparation of our condensed consolidated financial statements in Note 2 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report. We consider the allowance for finance receivable losses to be a critical accounting policy because it involves critical accounting estimates and a significant degree of management judgment.
There have been no material changes to our critical accounting policies or to our methodologies for deriving critical accounting estimates during the nine months ended September 30, 2026.
Recent Accounting Pronouncements
See Note 2 of the Notes to the Condensed Consolidated Financial Statements included in this report for discussion of recently issued accounting pronouncements.
Seasonality
Our consumer loan and credit card volume and demand are generally lowest during the first quarter of the year following the holiday season and as a result of tax refunds, and then increases through the end of the year. Delinquencies follow similar trends, being generally lower during the first quarter of the year and rising throughout the remainder of the year. These seasonal trends contribute to fluctuations in our operating results and cash needs throughout the year.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
There have been no material changes to our market risk previously disclosed in Part II - Item 7A included in our Annual Report.
Disclosure controls and procedures are designed to provide reasonable assurance that the information OMH is required to disclose in reports that OMH files or submits under the Exchange Act, is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
As of September 30, 2026, OMH carried out an evaluation of the effectiveness of its disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. This evaluation was conducted under the supervision of, and with the participation of OMH’s management, including the Chief Executive Officer and the Chief Financial Officer. Based on the evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that OMH’s disclosure controls and procedures were effective as of September 30, 2026 to provide the reasonable assurance described above.
Changes in Internal Control over Financial Reporting
There were no changes in OMH’s internal control over financial reporting during the third quarter of 2026 that have materially affected, or are reasonably likely to materially affect, OMH’s internal control over financial reporting.
CONTROLS AND PROCEDURES OF ONEMAIN FINANCE CORPORATION
Evaluation of Disclosure Controls and Procedures
Disclosure controls and procedures are designed to provide reasonable assurance that the information OMFC is required to disclose in reports that OMFC files or submits under the Exchange Act, is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
As of September 30, 2026, OMFC carried out an evaluation of the effectiveness of its disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. This evaluation was conducted under the supervision of, and with the participation of OMFC’s management, including the Chief Executive Officer and the Chief Financial Officer. Based on the evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that OMFC’s disclosure controls and procedures were effective as of September 30, 2026 to provide the reasonable assurance described above.
Changes in Internal Control over Financial Reporting
There were no changes in OMFC’s internal control over financial reporting during the third quarter of 2026 that have materially affected, or are reasonably likely to materially affect, OMFC’s internal control over financial reporting.
See Note 12 of the Notes to the Condensed Consolidated Financial Statements included in this report.
Item 1A. Risk Factors.
In addition to the other information set forth in this report, you should consider the factors discussed in Part I - Item 1A. “Risk Factors” in our Annual Report, which could materially affect our business, financial condition, or future results.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
There were no unregistered sales of our common stock during the period covered by this Quarterly Report on Form 10-Q.
Issuer Purchases of Equity Securities
The following table presents information regarding repurchases of our common stock, excluding commissions, fees and excise taxes, during the quarter ended September 30, 2026, based on settlement date:
Period
Total Number of Shares Purchased
Average Price paid per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a)
Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (a)
July 1- July 31
69,840
$
59.88
69,840
822,525,858
August 1 - August 31
273,067
63.96
273,067
805,061,620
September 1 - September 30
195,576
61.23
195,576
793,087,293
Total
538,483
$
62.44
538,483
(a) On October 23, 2025, the Board authorized a stock repurchase program that replaces and supersedes our previous share repurchase program, which allows us to repurchase up to $1.0 billion of OMH’s outstanding common stock excluding commissions, fees, excise taxes, and other expenses related to the repurchases. The authorization expires on December 31, 2028. The timing, number and share price of any additional shares repurchased will be determined by OMH based on its evaluation of market conditions and other factors and will be made in accordance with applicable securities laws in either the open market or in privately negotiated transactions. OMH is not obligated to purchase any shares under the program, which may be modified, suspended or discontinued at any time.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
None.
Item 5. Other Information.
During the quarter ended September 30, 2026, the Company’s directors and Section 16 reporting officers adopted the following stock trading plans, each of which was designed to comply with Rule 10b5-1(c) under the Exchange Act:
On August 7, 2026, Micah R. Conrad, Executive Vice President and Chief Operating Officer, entered into a stock trading plan under which he may sell up to 10,000 shares of common stock over a period of time ending on November 5, 2027.
Other than as described above, during the quarter ended September 30, 2026, none of the Company’s directors or Section 16 reporting officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as such terms are defined in Item 408(a) of Regulation S-K.
Interactive data files pursuant to Rule 405 of Regulation S-T, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Shareholder’s Equity, (v) Condensed Consolidated Statements of Cash Flows, and (vi) Notes to the Condensed Consolidated Financial Statements.
104
Cover Page Interactive Data File in Inline XBRL format (Included in Exhibit 101).
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
ONEMAIN HOLDINGS, INC.
(Registrant)
Date:
October 30, 2026
By:
/s/ Jeannette E. Osterhout
Jeannette E. Osterhout
Executive Vice President and Chief Financial Officer
(Duly Authorized Officer and Principal Financial Officer)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
ONEMAIN FINANCE CORPORATION
(Registrant)
Date:
October 30, 2026
By:
/s/ Matthew W. Vaughan
Matthew W. Vaughan
Vice President - Senior Managing Director and Chief Financial Officer
(Duly Authorized Officer and Principal Financial Officer)