Credit results are trending in a positive direction and we continue to make good progress on our strategic initiatives to position OneMain for success in the years to come. Capital generation was $211 million and C&I adjusted earnings were $1.26 per share this quarter, both up significantly from last quarter.
— Doug Shulman
03Detailed Report
OMF
Company OMF
Period
Q3 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 15, 2026
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Executive Summary
OneMain Holdings delivered a solid Q3 2024 with revenue of $1.465 billion and GAAP net income of $157 million ($1.31 per diluted share). Management highlighted improving credit trends, continued growth in originations, and a diversified product mix (auto finance and credit cards) as key drivers of revenue and capital generation. The company reinforced its disciplined underwriting posture, tight pricing discipline, and a fortress balance sheet, supported by the August 750 million unsecured social bond and a robust funding program. As the front book continues to migrate toward newer vintages, OneMain expects continued earnings visibility and capital generation into 2025, aided by favorable macro trends if they persist. The company maintained its 2024 guidance and signaled that 2025 will benefit from further improvement in delinquency trends and front-book performance, while remaining mindful of macroeconomic risk and competitive dynamics in consumer finance.
Key Performance Indicators
Revenue
Increasing
1.47B
QoQ: 4.27% | YoY: 35.02%
Gross Profit
Increasing
1.06B
72.63% margin
QoQ: -9.98% | YoY: 51.14%
Operating Income
Increasing
1.09B
QoQ: 11.89% | YoY: 343.90%
Net Income
Decreasing
157.00M
QoQ: 121.13% | YoY: -19.07%
EPS
Decreasing
1.31
QoQ: 122.03% | YoY: -18.63%
Revenue Trend
Margin Analysis
Financial Highlights
- Revenue: $1.465B in Q3 2024, up about 8% YoY per management commentary; GAAP net income: $157M; C&I adjusted net income: $1.26 per diluted share.
- Managed receivables: $24.3B at quarter end, up 11% YoY; organic growth ex-Foresight: $1.1B, +5% YoY.
- Originations: $3.7B in Q3, +13% YoY; consumer loan originations APR: 26.8% (up ~40 bps QoQ); consumer loan yield: 22.1% (up ~15 bps QoQ).
- Delinquencies: 30–89 day delinquency at 3.01% (down 27 bps YoY, up 4 bps QoQ).
- Net charge-offs: 7.5% of average net receivables; consumer loan net charge-offs 7.3%.
- Loan loss reserve: $2.7B, reserve coverage steady at 11.5%.
- Operating expenses: $396M, OpEx ratio 6.5%; guidance for 2024 OpEx around 6.7%.
- Capital allocation: dividend $4.16 annual; share repurchase ~$19M (420k shares) in the quarter.
- Liquidity and leverage: net leverage 5.7x; no unsecured maturities until March 2026; unsecured social bond issuance of $750M at 7.18%.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
1.47B
35.02%
4.27%
Gross Profit
1.06B
51.14%
-9.98%
Operating Income
1.09B
343.90%
11.89%
Net Income
157.00M
-19.07%
121.13%
EPS
1.31
-18.63%
122.03%
Key Financial Ratios
Gross Profit Margin
Excellent
72.60%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
Operating Profit Margin
Excellent
74.50%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Good
10.70%
Net profit margin is healthy and competitive within industry standards
Return on Assets
Weak
0.61%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
4.89%
Return on equity suggests inefficient capital allocation
Debt to Equity
High Risk
6.59
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Value
8.97x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Fair Value
1.76x
Price-to-book ratio reasonable for profitable companies
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