Sezzle (SEZL) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Sezzle published the results on November 4, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Sezzle reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted Net Income per Diluted Share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Sezzle reports in thousands of dollars; figures here are converted to millions. Its one reportable segment is split here into the two revenue categories its 10-Q uses: lending-based income and revenue from contracts with customers.
• Beginning in Q3 2026 Sezzle reports Total Transaction Volume (TTV), which adds SezzleCash cash advances and Sezzle Send peer-to-peer payments to gross merchandise volume. Prior periods were recast. The year-ago adjusted EPS of $0.70 is on Sezzle's restated basis, which includes the income tax effect of non-GAAP adjustments.

Source: Sezzle Q3 2026 results, November 4, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Sezzle splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Sezzle's Lending-based income revenue was $73.5 million in Q3 2026, up 24% from $59.3 million in Q3 2025, 44% of total revenue.
• Sezzle's Revenue from contracts with customers revenue was $93.0 million in Q3 2026, up 62% from $57.5 million in Q3 2025, 56% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Sezzle said:

“We are raising FY2026 guidance for the fourth time, with Total Revenue growth now expected to reach approximately 42.5%, Adjusted Net Income of $190 million, and Adjusted Net Income per Diluted Share of $5.45-$5.50.”

“We are also introducing preliminary FY2027 guidance of $7.20 in Adjusted Net Income per Diluted Share.”

Source: Sezzle Q3 2026 release, Nov 4, 2026.

This is the company's own guidance as of Nov 4, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the SEZL forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenue and net income per diluted share, each as first reported in that quarter's release. All five quarters are after Sezzle's 6-for-1 stock split of March 28, 2025. Adjusted EPS is left out because Sezzle restated it to include the income tax effect of non-GAAP adjustments (Q3 2025 was $0.71 as first reported and $0.70 restated).

We do not hold a confirmed date for Sezzle's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 4, 2026

Sezzle earns its revenue from buy now, pay later transactions and subscriptions. In Q3 2026 total revenue of $166.5 million split into lending-based income of $73.5 million (merchant processing fees on orders that become financing receivables, delinquency fees and other consumer fees) and revenue from contracts with customers of $93.0 million, which includes subscriptions and virtual card interchange. (Sezzle Form 10-Q, Q3 2026, Nov 5, 2026)

Subscriptions are Sezzle's fastest-growing source. Subscription revenue was $41.3 million in Q3 2026, up from $24.3 million a year earlier, and Active Subscribers to Sezzle Premium or Sezzle Anywhere rose 68.1% to 955,000. The 10-Q attributes approximately $17.1 million of the increase in consumer-derived revenue from contracts with customers to more consumers subscribing. (Sezzle Form 10-Q, Q3 2026, Nov 5, 2026; Sezzle Q3 2026 release, Nov 4, 2026)

Total Transaction Volume rose 34.9% to $1.4 billion, and revenue grew faster, 42.6%, because total revenue as a share of TTV expanded to 11.9% from 11.3%. Average quarterly transaction frequency reached 7.8x, against 6.5x a year earlier. Sezzle credited part of the volume to SezzleCash, launched in June, and Sezzle Send. (Sezzle Q3 2026 release, Nov 4, 2026)

Consumers are the main payers. Consumer-derived lending-based income was $62.1 million and consumer-derived revenue from contracts with customers $62.6 million in the quarter, while merchant- and partner-derived income was $11.5 million in lending-based income and $30.4 million in revenue from contracts with customers. (Sezzle Form 10-Q, Q3 2026, Nov 5, 2026)

Sezzle's GAAP net income rose 79.3% to $47.8 million, or $1.38 per diluted share, from $0.75. Operating expenses grew 25.9%, more slowly than revenue: the provision for credit losses fell to 2.7% of TTV from 3.1%, and transaction expense fell to 1.3% of TTV from 1.7%, helped by a $3.7 million payment network incentive. Marketing expenses rose to $15.9 million from $8.8 million. (Sezzle Q3 2026 release, Nov 4, 2026)

Adjusted net income per diluted share was $1.37, slightly below GAAP, because Sezzle's adjusted measure removes a $2.0 million discrete tax benefit and adds back $2.4 million of corporate strategic project costs, which Sezzle said were professional services for its antitrust suit and national bank charter application. (Sezzle Q3 2026 release, Nov 4, 2026)

The effective income tax rate rose to 22.1% from 15.7%. Diluted weighted-average shares fell to 34,753 thousand from 35,675 thousand; Sezzle repurchased 55 thousand shares for $6.6 million in the quarter. (Sezzle Form 10-Q, Q3 2026, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Sezzle gives full-year guidance in its release and raised it for the fourth time in 2026: total revenue growth of approximately 42.5%, adjusted net income of $190.0 million and adjusted net income per diluted share of $5.45 to $5.50, against $4.35 when first issued in November 2025. It also introduced preliminary 2027 guidance of $7.20 adjusted net income per diluted share. (Sezzle Q3 2026 release, Nov 4, 2026)

Sezzle's FY2026 target for the provision for credit losses is now approximately 2.5% of TTV, against a prior range of 2.5% to 3.0%. In October 2026 it filed applications with the OCC and FDIC to establish Sezzle Bank, N.A. (Sezzle Q3 2026 release, Nov 4, 2026)

A consensus figure is the average of the models published by the analysts who cover Sezzle, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Sezzle's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning SEZL is on is SEZL a buy or a sell?, what analysts expect next is on the SEZL forecast, and what the company does is on the Sezzle (SEZL) stock page.

Every number on this page can be traced to a document Sezzle published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.