OneMain Financial - 10-Q quarterly report FY

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

OF 1934

For the quarterly period ended March 31, 2026

☐ 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, IN 47708

(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 April 21, 2026, there were 115,530,952 shares of OneMain Holdings, Inc’s common stock, $0.01 par value, outstanding.

At April 21, 2026, there were 10,160,021 shares of OneMain Finance Corporation’s common stock, $0.50 par value, outstanding.

TABLE OF CONTENTS



GLOSSARY		4

PART I — FINANCIAL INFORMATION

Item 1.	Financial Statements of OneMain Holdings, Inc. and Subsidiaries (Unaudited):
	Condensed Consolidated Balance Sheets	7
	Condensed Consolidated Statements of Operations	8
	Condensed Consolidated Statements of Comprehensive Income	9
	Condensed Consolidated Statements of Shareholders’ Equity	10
	Condensed Consolidated Statements of Cash Flows	11
	Financial Statements of OneMain Finance Corporation and Subsidiaries (Unaudited):
	Condensed Consolidated Balance Sheets	12
	Condensed Consolidated Statements of Operations	13
	Condensed Consolidated Statements of Comprehensive Income	14
	Condensed Consolidated Statements of Shareholder’s Equity	15
	Condensed Consolidated Statements of Cash Flows	16
	Notes to the Condensed Consolidated Financial Statements	17
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	40
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	58
Item 4.	Controls and Procedures	59
	Controls and Procedures of OneMain Holdings, Inc.	59
	Controls and Procedures of OneMain Finance Corporation	59

PART II — OTHER INFORMATION

Item 1.	Legal Proceedings	60
Item 1A.	Risk Factors	60
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	60
Item 3.	Defaults Upon Senior Securities	60
Item 4.	Mine Safety Disclosures	60
Item 5.	Other Information	60
Item 6.	Exhibit Index	61

SIGNATURES
	OneMain Holdings, Inc. Signature	62
	OneMain Finance Corporation Signature	63

Table of Contents

GLOSSARY

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



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
Net interest income						interest income less interest expense

ODART						OneMain Direct Auto Receivables Trust
OMFC						OneMain Finance Corporation

Table of Contents


Term or Abbreviation						Definition

OMFCT						OneMain Financial Credit Card Trust
OMFH						OneMain Financial Holdings, LLC
OMFIT						OneMain Financial Issuance Trust
OMH						OneMain Holdings, Inc.
OneMain						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.



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 receivables						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 $1.1 billion, payable and due on September 6, 2029

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Term or Abbreviation						Definition

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

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PART I - FINANCIAL INFORMATION


Item 1. Financial Statements.

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)




(dollars in millions, except par value amount)	March 31, 2026		December 31, 2025

Assets
Cash and cash equivalents	$	834	$	914
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.6 billion and $1.6 billion in 2026, respectively, and $1.5 billion and $1.6 billion in 2025, respectively)	1,614		1,590
Net finance receivables (includes loans of consolidated VIEs of $13.5 billion in 2026 and $13.4 billion in 2025)	24,447		24,833
Unearned insurance premium and claim reserves	(771)		(791)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.5 billion in 2026 and $1.6 billion in 2025)	(2,819)		(2,865)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses	20,857		21,177

Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $717 million in 2026 and $690 million in 2025)	728		699
Goodwill	1,474		1,474
Other intangible assets	281		282

Other assets	1,230		1,252
Total assets	$	27,018	$	27,388

Liabilities and Shareholders’ Equity
Long-term debt (includes debt of consolidated VIEs of $11.6 billion in 2026 and $11.5 billion in 2025)	$	22,396	$	22,694
Insurance claims and policyholder liabilities	566		576
Deferred and accrued taxes	55		35
Other liabilities (includes other liabilities of consolidated VIEs of $29 million in 2026 and $30 million in 2025)	624		682
Total liabilities	23,641		23,987
Contingencies (Note 12)

Shareholders’ equity:
Common stock, par value $0.01 per share; 2,000,000,000 shares authorized, 115,627,261 and 117,196,792 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	1		1
Additional paid-in capital	1,750		1,757
Accumulated other comprehensive loss	(53)		(41)
Retained earnings	2,680		2,579
Treasury stock, at cost; 20,397,289 and 18,514,904 shares at March 31, 2026 and December 31, 2025, respectively	(1,001)		(895)
Total shareholders’ equity	3,377		3,401
Total liabilities and shareholders’ equity	$	27,018	$	27,388

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

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ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)



	Three Months Ended March 31,
(dollars in millions, except per share amounts)	2026		2025

Interest income	$	1,387	$	1,308

Interest expense	322		312

Net interest income	1,065		996

Provision for finance receivable losses	465		456

Net interest income after provision for finance receivable losses	600		540

Other revenues:
Insurance	112		110
Investment	23		26
Gain on sales of finance receivables	16		16
Net loss on repurchases and repayments of debt	(3)		(5)

Other	49		41
Total other revenues	197		188

Other expenses:
Salaries and benefits	240		218
Other operating expenses	209		186
Insurance policy benefits and claims	52		49
Total other expenses	501		453

Income before income taxes	296		275

Income taxes	70		62

Net income	$	226	$	213

Share Data:
Weighted average number of shares outstanding:
Basic	116,724,709		119,399,008
Diluted	117,272,604		119,969,713
Earnings per share:
Basic	$	1.93	$	1.79
Diluted	$	1.93	$	1.78

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

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ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Unaudited)



	Three Months Ended March 31,
(dollars in millions)	2026		2025

Net income	$	226	$	213

Other comprehensive income (loss):
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities	(15)		21

Foreign currency translation adjustments	(2)		—
Changes in discount rate for insurance claims and policyholder liabilities	3		1
Other	(1)		(1)
Income tax effect:
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities	3		(5)


Foreign currency translation adjustments	1		—
Changes in discount rate for insurance claims and policyholder liabilities	(1)		—






Other comprehensive income (loss), net of tax	(12)		16

Comprehensive income	$	214	$	229

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

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ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)


	OneMain Holdings, Inc. Shareholders’ Equity
(dollars in millions)	Common Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Treasury Stock		Total Shareholders’ Equity


Three Months Ended March 31, 2026
Balance, January 1, 2026	$	1	$	1,757	$	(41)	$	2,579	$	(895)	$	3,401
Common stock repurchased	—		—		—		—		(107)		(107)
Treasury stock issued	—		—		—		—		1		1
Share-based compensation expense, net of forfeitures	—		11		—		—		—		11
Withholding tax on share-based compensation	—		(18)		—		—		—		(18)
Other comprehensive income	—		—		(12)		—		—		(12)
Cash dividends *	—		—		—		(125)		—		(125)
Net income	—		—		—		226		—		226
Balance, March 31, 2026	$	1	$	1,750	$	(53)	$	2,680	$	(1,001)	$	3,377

Three Months Ended March 31, 2025
Balance, January 1, 2025	$	1	$	1,734	$	(81)	$	2,296	$	(759)	$	3,191
Common stock repurchased	—		—		—		—		(16)		(16)
Treasury stock issued	—		—		—		—		1		1
Share-based compensation expense, net of forfeitures	—		10		—		—		—		10
Withholding tax on share-based compensation	—		(10)		—		—		—		(10)
Other comprehensive income	—		—		16		—		—		16
Cash dividends *	—		—		—		(125)		—		(125)
Net income	—		—		—		213		—		213
Balance, March 31, 2025	$	1	$	1,734	$	(65)	$	2,384	$	(774)	$	3,280

* Cash dividends declared were $1.05 per share and $1.04 per share during the three months ended March 31, 2026 and 2025, respectively.

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

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ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (Unaudited)



	Three Months Ended March 31,
(dollars in millions)	2026		2025

Cash flows from operating activities
Net income	$	226	$	213
Reconciling adjustments:
Provision for finance receivable losses	465		456
Depreciation and amortization	74		70
Deferred income tax charge	29		15
Net loss on repurchases and repayments of debt	3		5
Share-based compensation expense, net of forfeitures	11		10
Gain on sales of finance receivables	(16)		(16)
Other	(3)		(1)
Cash flows due to changes in other assets and other liabilities	(50)		(87)
Net cash provided by operating activities	739		665

Cash flows from investing activities
Net principal originations and purchases of finance receivables	(526)		(552)

Proceeds from sales of finance receivables	362		274

Available-for-sale securities purchased	(115)		(109)
Available-for-sale securities called, sold, and matured	74		74
Other securities purchased	(3)		(2)
Other securities called, sold, and matured	4		5
Other, net	(23)		(21)
Net cash used for investing activities	(227)		(331)

Cash flows from financing activities
Proceeds from issuance and borrowings of long-term debt, net of issuance costs	1,101		1,485
Repayments and repurchases of long-term debt	(1,412)		(1,447)
Cash dividends	(128)		(126)
Common stock repurchased	(107)		(16)
Treasury stock issued	1		1
Withholding tax on share-based compensation	(18)		(10)
Net cash used for financing activities	(563)		(113)



Net change in cash and cash equivalents and restricted cash and restricted cash equivalents	(51)		221
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	$	1,562	$	1,363






Supplemental cash flow information
Cash and cash equivalents	$	834	$	627
Restricted cash and restricted cash equivalents	728		736
Total cash and cash equivalents and restricted cash and restricted cash equivalents	$	1,562	$	1,363

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).

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ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)




(dollars in millions, except par value amount)	March 31, 2026		December 31, 2025

Assets
Cash and cash equivalents	$	793	$	898
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.6 billion and $1.6 billion in 2026, respectively, and $1.5 billion and $1.6 billion in 2025, respectively)	1,614		1,590
Net finance receivables (includes loans of consolidated VIEs of $13.5 billion in 2026 and $13.4 billion in 2025)	24,447		24,833
Unearned insurance premium and claim reserves	(771)		(791)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.5 billion in 2026 and $1.6 billion in 2025)	(2,819)		(2,865)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses	20,857		21,177


Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $717 million in 2026 and $690 million in 2025)	728		699
Goodwill	1,474		1,474
Other intangible assets	281		282

Other assets	1,230		1,252
Total assets	$	26,977	$	27,372

Liabilities and Shareholder’s Equity
Long-term debt (includes debt of consolidated VIEs of $11.6 billion in 2026 and $11.5 billion in 2025)	$	22,396	$	22,694
Insurance claims and policyholder liabilities	566		576
Deferred and accrued taxes	56		36
Other liabilities (includes other liabilities of consolidated VIEs of $29 million in 2026 and $30 million in 2025)	621		682
Total liabilities	23,639		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 March 31, 2026 and December 31, 2025	5		5
Additional paid-in capital	1,994		2,001
Accumulated other comprehensive loss	(53)		(41)
Retained earnings	1,392		1,419

Total shareholder’s equity	3,338		3,384
Total liabilities and shareholder’s equity	$	26,977	$	27,372

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

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ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)



	Three Months Ended March 31,
(dollars in millions)	2026		2025




Interest income	$	1,387	$	1,308

Interest expense	322		312

Net interest income	1,065		996

Provision for finance receivable losses	465		456

Net interest income after provision for finance receivable losses	600		540

Other revenues:
Insurance	112		110
Investment	23		26

Gain on sales of finance receivables	16		16
Net loss on repurchases and repayments of debt	(3)		(5)

Other	49		41
Total other revenues	197		188

Other expenses:
Salaries and benefits	240		218
Other operating expenses	209		186
Insurance policy benefits and claims	52		49
Total other expenses	501		453

Income before income taxes	296		275

Income taxes	70		62

Net income	$	226	$	213

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

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ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Unaudited)



	Three Months Ended March 31,
(dollars in millions)	2026		2025

Net income	$	226	$	213

Other comprehensive income (loss):
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities	(15)		21


Foreign currency translation adjustments	(2)		—

Changes in discount rate for insurance claims and policyholder liabilities	3		1
Other	(1)		(1)
Income tax effect:
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities	3		(5)


Foreign currency translation adjustments	1		—
Changes in discount rate for insurance claims and policyholder liabilities	(1)		—





Other comprehensive income (loss), net of tax	(12)		16

Comprehensive income	$	214	$	229

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

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ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Shareholder’s Equity (Unaudited)


	OneMain Finance Corporation Shareholder's Equity
(dollars in millions)	Common Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Total Shareholder’s Equity

Three Months Ended March 31, 2026
Balance, January 1, 2026	$	5	$	2,001	$	(41)	$	1,419	$	3,384
Share-based compensation expense, net of forfeitures	—		11		—		—		11
Withholding tax on share-based compensation	—		(18)		—		—		(18)
Other comprehensive income	—		—		(12)		—		(12)
Cash dividends	—		—		—		(253)		(253)
Net income	—		—		—		226		226
Balance, March 31, 2026	$	5	$	1,994	$	(53)	$	1,392	$	3,338

Three Months Ended March 31, 2025
Balance, January 1, 2025	$	5	$	1,978	$	(81)	$	1,253	$	3,155
Share-based compensation expense, net of forfeitures	—		10		—		—		10
Withholding tax on share-based compensation	—		(10)		—		—		(10)
Other comprehensive income	—		—		16		—		16
Cash dividends	—		—		—		(123)		(123)
Net income	—		—		—		213		213
Balance, March 31, 2025	$	5	$	1,978	$	(65)	$	1,343	$	3,261

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

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ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (Unaudited)



	Three Months Ended March 31,
(dollars in millions)	2026		2025

Cash flows from operating activities
Net income	$	226	$	213
Reconciling adjustments:
Provision for finance receivable losses	465		456
Depreciation and amortization	74		70
Deferred income tax charge	29		15
Net loss on repurchases and repayments of debt	3		5
Share-based compensation expense, net of forfeitures	11		10
Gain on sales of finance receivables	(16)		(16)
Other	(3)		(1)
Cash flows due to changes in other assets and other liabilities	(53)		(89)
Net cash provided by operating activities	736		663

Cash flows from investing activities
Net principal originations and purchases of finance receivables	(526)		(552)

Proceeds from sales of finance receivables	362		274

Available-for-sale securities purchased	(115)		(109)
Available-for-sale securities called, sold, and matured	74		74
Other securities purchased	(3)		(2)
Other securities called, sold, and matured	4		5
Other, net	(23)		(21)
Net cash used for investing activities	(227)		(331)

Cash flows from financing activities
Proceeds from issuance and borrowings of long-term debt, net of issuance costs	1,101		1,485
Repayments and repurchases of long-term debt	(1,412)		(1,447)
Cash dividends	(256)		(124)
Withholding tax on share-based compensation	(18)		(10)
Net cash used for financing activities	(585)		(96)





Net change in cash and cash equivalents and restricted cash and restricted cash equivalents	(76)		236
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	$	1,521	$	1,344





Supplemental cash flow information
Cash and cash equivalents	$	793	$	608
Restricted cash and restricted cash equivalents	728		736
Total cash and cash equivalents and restricted cash and restricted cash equivalents	$	1,521	$	1,344

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).

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ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements

March 31, 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.

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3. Finance Receivables

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

March 31, 2026
Gross finance receivables *	$	20,597	$	2,514	$	23,111	$	970	$	24,081
Unearned fees	(252)		(41)		(293)		—		(293)
Accrued finance charges and fees	358		27		385		—		385
Deferred origination costs	215		46		261		13		274
Total	$	20,918	$	2,546	$	23,464	$	983	$	24,447

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 $2.1 billion gross receivables of newly originated unsecured personal loans along with any associated accrued interest with a current term of less than three 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 $341 million and $255 million of gross finance receivables during the three months ended March 31, 2026 and 2025, respectively. The gain on the sales were $16 million during both the three months ended March 31, 2026 and 2025.

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.

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The following table below is a summary of finance charges on our consumer loans:


	Three Months Ended March 31,
	2026				2025
(dollars in millions)	Personal Loans		Auto Finance		Personal Loans		Auto Finance

Net accrued finance charges reversed	$	47	$	3	$	41	$	3
Finance charges recognized from the contractual interest portion of payments received on nonaccrual loans	6		—		6		—

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 March 31,
(dollars in millions)	2026		2025

Net accrued finance charges and fees reversed	$	23	$	17

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

March 31, 2026
Performing
Current	$	2,472	$	8,826	$	4,600	$	2,321	$	1,125	$	458	$	19,802
30-59 days past due	2		108		91		62		42		27		332
60-89 days past due	—		75		62		40		26		17		220
Total performing	2,474		9,009		4,753		2,423		1,193		502		20,354
Nonperforming (Nonaccrual)
90+ days past due	—		158		174		113		72		47		564


Total	$	2,474	$	9,167	$	4,927	$	2,536	$	1,265	$	549	$	20,918

Gross charge-offs *	$	—	$	105	$	179	$	125	$	73	$	41	$	523

* Represents gross charge-offs for the three months ended March 31, 2026.


(dollars in millions)	2025		2024		2023		2022		2021		Prior		Total

December 31, 2025
Performing
Current	$	10,149	$	5,335	$	2,759	$	1,372	$	439	$	146	$	20,200
30-59 days past due	101		120		85		60		29		12		407
60-89 days past due	63		82		53		36		17		7		258
Total performing	10,313		5,537		2,897		1,468		485		165		20,865
Nonperforming (Nonaccrual)
90+ days past due	99		191		135		86		38		16		565



Total	$	10,412	$	5,728	$	3,032	$	1,554	$	523	$	181	$	21,430

Gross charge-offs *	$	—	$	86	$	181	$	136	$	63	$	26	$	492

* Represents gross charge-offs for the three months ended March 31, 2025.

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The following tables below are a summary of our auto finance loans by the year of origination and number of days delinquent:


(dollars in millions)	2026		2025		2024		2023		2022		Prior		Total

March 31, 2026
Performing
Current	$	341	$	996	$	602	$	291	$	129	$	45	$	2,404
30-59 days past due	1		33		27		14		10		5		90
60-89 days past due	—		9		6		3		2		1		21
Total performing	342		1,038		635		308		141		51		2,515
Nonperforming (Nonaccrual)
90+ days past due	—		10		10		6		3		2		31


Total	$	342	$	1,048	$	645	$	314	$	144	$	53	$	2,546

Gross charge-offs *	$	—	$	13	$	15	$	8	$	5	$	2	$	43

* Represents gross charge-offs for the three months ended March 31, 2026.


(dollars in millions)	2025		2024		2023		2022		2021		Prior		Total

December 31, 2025
Performing
Current	$	1,095	$	667	$	329	$	152	$	48	$	9	$	2,300
30-59 days past due	34		34		21		13		6		1		109
60-89 days past due	8		10		5		3		1		—		27
Total performing	1,137		711		355		168		55		10		2,436
Nonperforming (Nonaccrual)
90+ days past due	8		12		6		3		2		—		31


Total	$	1,145	$	723	$	361	$	171	$	57	$	10	$	2,467

Gross charge-offs *	$	—	$	10	$	11	$	8	$	3	$	1	$	33

* Represents gross charge-offs for the three months ended March 31, 2025.

The following is a summary of credit cards by number of days delinquent:




(dollars in millions)	March 31, 2026		December 31, 2025

Current	$	868	$	820
30-59 days past due	24		26
60-89 days past due	23		24
90+ days past due	68		66

Total	$	983	$	936

There were no credit cards that were converted to term loans at March 31, 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 $619 million and $500 million at March 31, 2026 and December 31, 2025, respectively.

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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 March 31,
	2026						2025
(dollars in millions)	Personal Loans			Auto Finance			Personal Loans			Auto Finance

Interest rate reduction and term extension	$	106		$	8		$	95		$	7
Interest rate reduction and principal forgiveness	88			1			119			—
Total modifications to borrowers experiencing financial difficulties	$	194		$	9		$	214		$	7

Modifications as a percent of net finance receivables by class	0.93		%	0.34		%	1.04		%	0.33		%

The financial effect of modifications made during the period was as follows:


	Three Months Ended March 31,
	2026						2025
(dollars in millions)	Personal Loans			Auto Finance			Personal Loans			Auto Finance

Net finance receivables
Weighted-average interest rate reduction	21.02		%	14.50		%	16.14		%	12.98		%
Weighted-average term extension (months)	30			19			24			16
Principal/interest forgiveness	$	9		$	—		$	7		$	—

The performance of finance receivables modified within the previous 12 months by delinquency status was as follows:


	March 31, 2026 (a)				March 31, 2025 (b)
(dollars in millions)	Personal Loans		Auto Finance		Personal Loans		Auto Finance

Current	$	523	$	20	$	515	$	15
30-59 days past due	44		3		51		2
60-89 days past due	32		1		36		1
90+ days past due	74		2		79		1
Total	$	673	$	26	$	681	$	19

(a) Excludes $75 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 $99 million of personal loan receivables that were modified and subsequently charged off. Auto finance receivables that were modified and subsequently charged off were immaterial.

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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 March 31,
	2026				2025
(dollars in millions)	Personal Loans		Auto Finance		Personal Loans		Auto Finance

Interest rate reduction and term extension	$	35	$	2	$	31	$	1
Interest rate reduction and principal forgiveness	19		—		19		—
Total	$	54	$	2	$	50	$	1

Modifications made to credit cards were immaterial for the three months ended March 31, 2026 and 2025.

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4. Allowance for Finance Receivable Losses

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 March 31, 2026, our economic forecast used a reasonable and supportable period of 12 months. The decrease in our allowance for finance receivable losses for the three months ended March 31, 2026 was driven by a seasonal decline 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:


(dollars in millions)	Consumer Loans		Credit Cards		Total

Three Months Ended March 31, 2026
Balance at beginning of period	$	2,656	$	209	$	2,865
Provision for finance receivable losses	419		46		465
Charge-offs	(566)		(49)		(615)
Recoveries	98		6		104

Balance at end of period	$	2,607	$	212	$	2,819

Three Months Ended March 31, 2025
Balance at beginning of period	$	2,567	$	138	$	2,705

Provision for finance receivable losses	409		47		456
Charge-offs	(525)		(36)		(561)
Recoveries	85		3		88

Balance at end of period	$	2,536	$	152	$	2,688

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5. Investment Securities

AVAILABLE-FOR-SALE SECURITIES

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

March 31, 2026*
Fixed maturity available-for-sale securities:
U.S. government and government sponsored entities	$	13	$	—	$	—	$	13
Obligations of states, municipalities, and political subdivisions	58		—		(3)		55
Commercial paper	13		—		—		13
Non-U.S. government and government sponsored entities	150		1		(3)		148
Corporate debt	1,088		6		(47)		1,047
Mortgage-backed, asset-backed, and collateralized:
RMBS	207		1		(17)		191
CMBS	20		—		(2)		18
CDO/ABS	72		—		(2)		70
Total	$	1,621	$	8	$	(74)	$	1,555

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 March 31, 2026 and December 31, 2025 was immaterial.

Interest receivables reported in Other assets in our condensed consolidated balance sheets totaled $14 million as of March 31, 2026 and December 31, 2025. There were no material amounts reversed from investment revenue for available-for-sale securities for the three months ended March 31, 2026 and 2025.

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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

March 31, 2026
U.S. government and government sponsored entities	$	—	$	—	$	8	$	—	$	8	$	—
Obligations of states, municipalities, and political subdivisions	4		—		45		(3)		49		(3)

Non-U.S. government and government sponsored entities	50		—		34		(3)		84		(3)
Corporate debt	279		(4)		503		(43)		782		(47)
Mortgage-backed, asset-backed, and collateralized:
RMBS	27		—		121		(17)		148		(17)
CMBS	3		—		15		(2)		18		(2)
CDO/ABS	25		—		23		(2)		48		(2)
Total	$	388	$	(4)	$	749	$	(70)	$	1,137	$	(74)

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 1,563 and 1,355 investment securities in an unrealized loss position at March 31, 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 March 31, 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 March 31, 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 months ended March 31, 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 months ended March 31, 2026 and 2025.

The proceeds of available-for-sale securities sold or redeemed during the three months ended March 31, 2026 and 2025 totaled $38 million and $22 million, respectively. The net realized gains and losses were immaterial during the three months ended March 31, 2026 and 2025.

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Contractual maturities of fixed-maturity available-for-sale securities at March 31, 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	$	152	$	152
Due after 1 year through 5 years	606		624
Due after 5 years through 10 years	375		387
Due after 10 years	143		159
Mortgage-backed, asset-backed, and collateralized securities	279		299
Total	$	1,555	$	1,621

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 $510 million and $490 million at March 31, 2026 and December 31, 2025, respectively.

OTHER SECURITIES

The fair value of other securities by type was as follows:




(dollars in millions)	March 31, 2026		December 31, 2025


Fixed maturity other securities:







Bonds	$	4	$	6
Preferred stock	12		12
Common stock	43		40

Total	$	59	$	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 months ended March 31, 2026 and 2025. Net realized gains and losses on other securities sold or redeemed were immaterial for the three months ended March 31, 2026 and 2025.

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6. Long-term Debt

Principal maturities of long-term debt by type of debt at March 31, 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%		4.88%		4.80%		3.50%-7.88%		5.68		%

Remainder of 2026	$	—	$	—	$	—	$	—	$	—		$	—
2027	—		—		—		750		—			750
2028	—		—		—		1,350		—			1,350
2029	—		—		—		1,640		—			1,640
2030	—		—		—		2,292		—			2,292
2031-2067	—		—		—		4,700		350			5,050
Secured (c)	11,274		350		1		—		—			11,625


Total principal maturities	$	11,274	$	350	$	1	$	10,732	$	350		$	22,707

Total carrying amount	$	11,236	$	349	$	1	$	10,637	$	173		$	22,396
Debt issuance costs (d)	(36)		(1)		—		(92)		—			(129)

(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 March 31, 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 $34 million at March 31, 2026 and are reported in Other assets in our condensed consolidated balance sheets.

UNSECURED CORPORATE REVOLVER

At March 31, 2026, the total maximum borrowing capacity of our unsecured corporate revolver was $1.1 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.

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7. Variable Interest Entities

CONSOLIDATED VIES

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)	March 31, 2026		December 31, 2025

Assets
Cash and cash equivalents	$	5	$	5
Net finance receivables	13,526		13,418
Allowance for finance receivable losses	1,536		1,558
Restricted cash and restricted cash equivalents	717		690
Other assets	42		41

Liabilities
Long-term debt	$	11,586	$	11,464
Other liabilities	29		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 $146 million and $159 million during the three months ended March 31, 2026 and 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 March 31, 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 $500 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 four years as of March 31, 2026. Amounts drawn on these credit card revolving VFN facilities are secured and collateralized by our credit card gross finance receivables.

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PRIVATE SECURED TERM FUNDING

At March 31, 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 17 revolving conduit facilities with a total maximum borrowing capacity of $5.9 billion as of March 31, 2026. Our conduit 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 nine years as of March 31, 2026. Amounts drawn on these facilities are collateralized by our consumer loans.

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8. Insurance

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 Three Months Ended March 31,
(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	53		52
Prior years *	(2)		(6)
Total	51		46
Reductions for losses and loss adjustment expenses paid related to:
Current year	(17)		(17)
Prior years	(34)		(32)
Total	(51)		(49)

Net balance at end of period	95		96
Plus reinsurance recoverables	3		2

Balance at end of period	$	98	$	98

* At March 31, 2026, there were redundancies in the prior years’ net reserves due to favorable developments of credit life claims during the period. At March 31, 2025, there were redundancies in the prior years’ net reserves due to favorable developments 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 Three Months Ended March 31,

	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 actual variances from expected experience	(1)		(2)		(3)		—
Adjusted balance at beginning of period	134		26		172		33

Interest accretion	2		—		2		—
Net premiums collected	(6)		(1)		(6)		(1)

Ending balance at original discount rate	130		25		168		32
Effect of changes in discount rate assumptions	1		—		1		(1)
Balance at ending of period	$	131	$	25	$	169	$	31

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The present values of expected future policy benefits on long-duration insurance contracts were as follows:


	At or for the Three Months Ended March 31,

	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 actual variances from expected experience	(2)		(4)		(2)		(1)
Adjusted balance at beginning of period	318		87		371		97
Net issuances	1		—		1		—
Interest accretion	4		1		5		1
Benefit payments	(10)		(2)		(13)		(3)

Ending balance at original discount rate	313		86		364		95
Effect of changes in discount rate assumptions	4		(1)		3		(2)
Balance at ending of period	$	317	$	85	$	367	$	93

The net liabilities for future policy benefits on long-duration insurance contracts were as follows:


	At or for the Three Months Ended March 31,
	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	$	186	$	60	$	198	$	62

Deferred profit liability	12		43		11		47
Total net liability for future policy benefits	$	198	$	103	$	209	$	109

The weighted-average duration of the liability for future policy benefits was 7 years at March 31, 2026 and 8 years at March 31, 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 Three Months Ended March 31,
(dollars in millions)	2026		2025
Term and whole life	$	198	$	209
Accidental death and disability protection	103		109
Other*	265		249
Total insurance claims and policyholder liabilities	$	566	$	567

* Other primarily includes reserves for short-duration contracts that are payable to third-party beneficiaries.

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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 Three Months Ended March 31,

	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	$	273	$	96	$	352	$	119
Discounted	206		69		254		85
Expected future benefit payments:
Undiscounted	429		124		514		140
Discounted	317		85		367		93

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 Three Months Ended March 31,

	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	$	11	$	3	$	12	$	4

Interest accretion	$	2	$	1	$	3	$	1

The expected and actual experiences for mortality, morbidity, and lapses of the liability for future policy benefits were as follows:


	At or for the Three Months Ended March 31,

	2026				2025
	Term and Whole Life		Accidental Death and Disability Protection		Term and Whole Life		Accidental Death and Disability Protection
Mortality/Morbidity:
Expected	0.41	%	0.02	%	0.39	%	0.01	%
Actual	0.37	%	0.01	%	0.41	%	0.01	%



Lapses:
Expected	3.85	%	1.60	%	3.79	%	1.71	%
Actual	4.16	%	3.93	%	3.00	%	2.38	%

The weighted-average interest rates for the liability of future policy benefits for our long-duration insurance contracts were as follows:


	At or for the Three Months Ended March 31,

	2026				2025
	Term and Whole Life		Accidental Death and Disability Protection		Term and Whole Life		Accidental Death and Disability Protection
Interest accretion rate	5.28	%	4.85	%	5.29	%	4.86	%
Current discount rate	5.40	%	5.58	%	5.40	%	5.49	%

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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 March 31,
	2026	2025

Balance at beginning of period	117,196,792	119,360,509
Common stock issued	312,854	223,914
Common stock repurchased	(1,901,698)	(323,176)
Treasury stock issued	19,313	20,313

Balance at end of period	115,627,261	119,281,560

EARNINGS PER SHARE (OMH ONLY)

The computation of earnings per share was as follows:



	Three Months Ended March 31,
(dollars in millions, except per share data)	2026		2025

Numerator (basic and diluted):
Net income	$	226	$	213
Denominator:
Weighted average number of shares outstanding (basic)	116,724,709		119,399,008
Effect of dilutive securities *	547,895		570,705
Weighted average number of shares outstanding (diluted)	117,272,604		119,969,713
Earnings per share:
Basic	$	1.93	$	1.79
Diluted	$	1.93	$	1.78

* We have excluded weighted-average unvested restricted stock units totaling 494,273 and 777,055 for the three months ended March 31, 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.

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10. Accumulated Other Comprehensive Income (Loss)

Changes, net of tax, in Accumulated other comprehensive income (loss) were as follows:


(dollars in millions)	Unrealized Gains (Losses) Available-for-Sale Securities (a)		Retirement Plan Liabilities Adjustments		Foreign Currency Translation Adjustments		Changes in Discount Rate for Insurance Claims and Policyholder Liabilities		Other (b)		Total Accumulated Other Comprehensive Income (Loss)

Three Months Ended March 31, 2026
Balance at beginning of period	$	(41)	$	(2)	$	(7)	$	(3)	$	12	$	(41)
Other comprehensive income (loss) before reclassifications	(12)		—		(1)		2		(1)		(12)

Balance at end of period	$	(53)	$	(2)	$	(8)	$	(1)	$	11	$	(53)

Three Months Ended March 31, 2025
Balance at beginning of period	$	(81)	$	(3)	$	(13)	$	(1)	$	17	$	(81)
Other comprehensive income (loss) before reclassifications	16		—		—		1		(1)		16

Balance at end of period	$	(65)	$	(3)	$	(13)	$	—	$	16	$	(65)

(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 months ended March 31, 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 months ended March 31, 2026 and 2025.


11. Income Taxes

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 $438 million and $464 million at March 31, 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 $17 million and $14 million at March 31, 2026 and December 31, 2025, respectively.

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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.

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13. Segment Information

At March 31, 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 following tables present information about C&I and Other, as well as reconciliations to the condensed consolidated financial statement amounts.


(dollars in millions)	Consumer and Insurance		Other		Segment to GAAP Adjustment		Consolidated Total

Three Months Ended March 31, 2026
Interest income	$	1,383	$	1	$	3	$	1,387
Interest expense	322		—		—		322
Provision for finance receivable losses	465		—		—		465
Net interest income after provision for finance receivable losses	596		1		3		600
Other revenues	195		2		—		197
Salaries and benefits	239		1		—		240
Other operating expenses	207		2		—		209
Insurance policy benefits and claims	52		—		—		52
Income before income tax expense	$	293	$	—	$	3	$	296

Assets	$	25,869	$	6	$	1,143	$	27,018

Three Months Ended March 31, 2025
Interest income	$	1,301	$	1	$	6	$	1,308
Interest expense	311		—		1		312
Provision for finance receivable losses	456		—		—		456
Net interest income after provision for finance receivable losses	534		1		5		540
Other revenues	186		2		—		188
Salaries and benefits	217		1		—		218
Other operating expenses	184		1		1		186
Insurance policy benefits and claims	49		—		—		49
Income before income tax expense	$	270	$	1	$	4	$	275

Assets	$	24,889	$	11	$	1,129	$	26,029

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14. Fair Value Measurements

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

March 31, 2026
Assets
Cash and cash equivalents	$	819	$	15	$	—	$	834	$	834
Investment securities	59		1,551		4		1,614		1,614
Net finance receivables, less allowance for finance receivable losses	—		—		24,036		24,036		21,628
Restricted cash and restricted cash equivalents	728		—		—		728		728
Other assets *	—		—		31		31		17

Liabilities
Long-term debt	$	—	$	22,369	$	—	$	22,369	$	22,396


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 March 31, 2026 and December 31, 2025 primarily consists of finance receivables held for sale.

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FAIR VALUE MEASUREMENTS — RECURRING BASIS

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

March 31, 2026
Assets
Cash equivalents in mutual funds	$	68	$	—	$	—	$	68

Cash equivalents in securities	—		15		—		15
Investment securities:
Available-for-sale securities

U.S. government and government sponsored entities	—		13		—		13
Obligations of states, municipalities, and political subdivisions	—		55		—		55
Commercial paper	—		13		—		13
Non-U.S. government and government sponsored entities	—		148		—		148
Corporate debt	5		1,039		3		1,047
RMBS	—		191		—		191
CMBS	—		18		—		18
CDO/ABS	—		70		—		70




Total available-for-sale securities	5		1,547		3		1,555
Other securities

Bonds:


Corporate debt	—		3		—		3


CDO/ABS	—		1		—		1
Total bonds	—		4		—		4
Preferred stock	12		—		—		12
Common stock	42		—		1		43

Total other securities	54		4		1		59
Total investment securities	59		1,551		4		1,614

Restricted cash equivalents in mutual funds	612		—		—		612


Total	$	739	$	1,566	$	4	$	2,309

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	Fair Value Measurements Using						Total Carried At Fair Value
(dollars in millions)	Level 1		Level 2		Level 3

December 31, 2025
Assets
Cash equivalents in mutual funds	$	48	$	—	$	—	$	48
Cash equivalents in securities	—		53		—		53
Investment securities:
Available-for-sale securities

U.S. government and government sponsored entities	—		13		—		13
Obligations of states, municipalities, and political subdivisions	—		56		—		56

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 months ended March 31, 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 months ended March 31, 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.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

An index to our management’s discussion and analysis follows:

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Forward-Looking Statements

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.

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Overview

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 March 31, 2026, we had approximately 2.3 million personal loans totaling $20.9 billion of net finance receivables, of which 55% 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 March 31, 2026, we had approximately 152 thousand auto finance loans totaling $2.5 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 March 31, 2026, we had approximately 1.2 million open credit card customer accounts, totaling $983 million 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 March 31, 2026, Consumer and Insurance (“C&I”) is our only reportable segment, which includes consumer loans, credit cards, and optional products. At March 31, 2026, we had $26.1 billion of managed receivables due from approximately 3.8 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.

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Recent Developments and Outlook

RECENT DEVELOPMENTS

Issuances and Redemptions 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.

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.

Securitization Transactions Completed - ODART 2026-1

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.

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Results of Operations

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 March 31,
(dollars in millions, except per share amounts)	2026			2025

Interest income	$	1,387		$	1,308
Interest expense	322			312
Provision for finance receivable losses	465			456
Net interest income after provision for finance receivable losses	600			540

Other revenues	197			188
Other expenses	501			453
Income before income taxes	296			275
Income taxes	70			62
Net income	$	226		$	213



Share Data:



Earnings per share:

Diluted	$	1.93		$	1.78

Selected Financial Statistics *
Total finance receivables:
Net finance receivables	$	24,447		$	23,328
Average net receivables	$	24,626		$	23,453

Gross charge-off ratio	10.13		%	9.69		%
Recovery ratio	(1.72)		%	(1.53)		%
Net charge-off ratio	8.41		%	8.16		%

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	At or for the Three Months Ended March 31,
(dollars in millions, except per share amounts)	2026			2025

Selected Financial Statistics, continued *
Personal loans:

Net finance receivables	$	20,918		$	20,469

Origination volume	$	2,728		$	2,680
Number of accounts	2,345,154			2,327,426
Number of accounts originated	258,055			248,085


Auto finance:
Net finance receivables	$	2,546		$	2,183

Origination volume	$	376		$	342
Number of accounts	152,036			132,276
Number of accounts originated	17,088			15,757


Consumer loans:
Net finance receivables	$	23,464		$	22,652
Yield	22.60		%	22.54		%
Origination volume	$	3,104		$	3,022
Number of accounts	2,497,190			2,459,702
Number of accounts originated	275,143			263,842
Net charge-off ratio	8.02		%	7.82		%
30-89 Delinquency ratio	2.83		%	2.77		%
Credit cards:
Net finance receivables	$	983		$	676



Purchase volume	$	334		$	249
Number of open accounts	1,170,377			836,421



Debt balances:
Long-term debt balance	$	22,396		$	21,494
Average daily debt balance	$	22,157		$	21,675

* See “Glossary” at the beginning of this report for formulas and definitions of our key performance ratios.

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Comparison of Consolidated Results for Three Months Ended March 31, 2026 and 2025

Interest income increased $79 million or 6% in the three months ended March 31, 2026 when compared to the same period in 2025 due to growth in average net receivables.

Interest expense increased $10 million or 3% in the three months ended March 31, 2026 when compared to the same period in 2025 due to an increase in average debt to support our receivables growth.

Provision for finance receivable losses increased $9 million or 2% in the three months ended March 31, 2026 when compared to the same period in 2025 due to growth in receivables and higher net charge-offs.

Other revenues increased $9 million or 5% in the three months ended March 31, 2026 when compared to the same period in 2025 driven by increases in servicing revenue on loans serviced for others and credit card revenue from growth in new accounts.

Other expenses increased $48 million or 11% in the three months ended March 31, 2026 when compared to the same period in 2025 driven by increases in salaries and benefits expense and general operating expenses due to growth in receivables and our strategic investments in the business, as well as restructuring charges in the current period not present in the prior period.

Income taxes increased $8 million or 13% in the three months ended March 31, 2026 when compared to the same period in 2025 due to higher pretax income.

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NON-GAAP FINANCIAL MEASURES

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 gain or 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 March 31,
(dollars in millions)	2026		2025

Consumer and Insurance
Income before income taxes - Segment Accounting Basis	$	293	$	270
Adjustments:
Net loss on repurchases and repayments of debt	3		5
Restructuring charges	7		—



Other	2		—
Adjusted pretax income (non-GAAP)	305		275

Provision for finance receivable losses	465		456
Net charge-offs	(512)		(473)
Pretax capital generation (non-GAAP)	$	258	$	258

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Segment Results

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 March 31,
(dollars in millions)	2026			2025

Interest income	$	1,383		$	1,301
Interest expense	322			311
Provision for finance receivable losses	465			456
Net interest income after provision for finance receivable losses	596			534
Other revenues	198			191
Other expenses	489			450
Adjusted pretax income (non-GAAP)	$	305		$	275


Selected Financial Statistics *
Total finance receivables:
Net finance receivables	$	24,463		$	23,365

Average net receivables	$	24,645		$	23,494

Gross charge-off ratio	10.13		%	9.70		%
Recovery ratio	(1.72)		%	(1.53)		%
Net charge-off ratio	8.41		%	8.17		%

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	At or for the Three Months Ended March 31,
(dollars in millions)	2026			2025


Selected Financial Statistics, continued *
Personal loans:
Net finance receivables	$	20,918		$	20,469

Origination volume	$	2,728		$	2,680
Number of accounts	2,345,154			2,327,426
Number of accounts originated	258,055			248,085


Auto finance:
Net finance receivables	$	2,562		$	2,220

Origination volume	$	376		$	342
Number of accounts	152,036			132,276
Number of accounts originated	17,088			15,757


Consumer loans:
Net finance receivables	$	23,480		$	22,689
Yield	22.52		%	22.39		%
Origination volume	$	3,104		$	3,022
Number of accounts	2,497,190			2,459,702
Number of accounts originated	275,143			263,842
Net charge-off ratio	8.02		%	7.83		%
30-89 Delinquency ratio	2.84		%	2.77		%
Credit cards:
Net finance receivables	$	983		$	676



Purchase volume	$	334		$	249
Number of open accounts	1,170,377			836,421

* See “Glossary” at the beginning of this report for formulas and definitions of our key performance ratios.

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Comparison of Adjusted Pretax Income for Three Months Ended March 31, 2026 and 2025

Interest income increased $82 million or 6% in the three months ended March 31, 2026 when compared to the same period in 2025 due to growth in average net receivables.

Interest expense increased $11 million or 4% in the three months ended March 31, 2026 when compared to the same period in 2025 due to an increase in average debt to support our receivables growth.

Other revenues increased $7 million or 4% in the three months ended March 31, 2026 when compared to the same period in 2025 driven by increases in servicing revenue on loans serviced for others and credit card revenue from growth in new accounts.

Other expenses increased $39 million or 9% in the three months ended March 31, 2026 when compared to the same period in 2025 driven by increases in salaries and benefits expense and general operating expenses due to growth in receivables and our strategic investments in the business.

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Credit Quality

FINANCE RECEIVABLES

Our net finance receivables, consisting of consumer loans and credit cards, were $24.4 billion at March 31, 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:


	Consumer and Insurance
(dollars in millions)	Consumer Loans			Credit Cards
March 31, 2026
Current	$	22,220		$	868



30-89 days past due	666			47
90+ days past due	594			68
Total net finance receivables	$	23,480		$	983

Delinquency ratio
30-89 days past due	2.84		%	4.74		%
30+ days past due	5.37		%	11.69		%

90+ days past due	2.53		%	6.95		%

December 31, 2025
Current	$	22,518		$	820


30-89 days past due	803			50


90+ days past due	596			66
Total net finance receivables	$	23,917		$	936

Delinquency ratio
30-89 days past due	3.36		%	5.38		%
30+ days past due	5.85		%	12.43		%

90+ days past due	2.49		%	7.05		%

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ALLOWANCE FOR FINANCE RECEIVABLE LOSSES

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 March 31, 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:


(dollars in millions)	Consumer and Insurance						Segment to GAAP Adjustment		Consolidated Total
	Consumer Loans			Credit Cards

















Three Months Ended March 31, 2026
Balance at beginning of period	$	2,659		$	209		$	(3)	$	2,865
Provision for finance receivable losses	419			46			—		465
Charge-offs	(567)			(49)			1		(615)
Recoveries	98			6			—		104

Balance at end of period	$	2,609		$	212		$	(2)	$	2,819

Net finance receivables	$	23,480		$	983		$	(16)	$	24,447
Allowance ratio	11.11		%	21.54		%	N/A		11.53		%

Three Months Ended March 31, 2025
Balance at beginning of period	$	2,572		$	138		$	(5)	$	2,705
Provision for finance receivable losses	409			47			—		456
Charge-offs	(525)			(36)			—		(561)
Recoveries	85			3			—		88

Balance at end of period	$	2,541		$	152		$	(5)	$	2,688

Net finance receivables	$	22,689		$	676		$	(37)	$	23,328
Allowance ratio	11.20		%	22.50		%	N/A		11.52		%

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 remained consistent compared to the prior year period. 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.

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Liquidity and Capital Resources

SOURCES AND USES OF FUNDS

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 three months ended March 31, 2026, OMH generated net income of $226 million. OMH’s net cash inflow from operating and investing activities totaled $512 million for the three months ended March 31, 2026. At March 31, 2026, our scheduled interest payments for the remainder of 2026 totaled $472 million and there were no scheduled principal payments for 2026 on our existing unsecured debt. As of March 31, 2026, we had $11.4 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.

OMFC’s Unsecured Corporate Revolver

At March 31, 2026, the borrowing capacity of our corporate revolver was $1.1 billion.

Securitizations, Revolving Conduit Facilities, and Credit Card Revolving VFN Facilities

During the three months ended March 31, 2026, we completed one new consumer loan securitization (ODART 2026-1, see “Securitized Borrowings” below) and redeemed one consumer loan securitization (ODART 2021-1). At March 31, 2026, the borrowing capacity of our revolving conduit facilities was $5.9 billion. At March 31, 2026, we had $12.7 billion of consumer loan gross finance receivables pledged as collateral for our securitizations, revolving conduit facilities, and private secured term funding facility.

At March 31, 2026, the borrowing capacity of our credit card revolving VFN facilities was $500 million. At March 31, 2026, we had $643 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 March 31, 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.

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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 March 31, 2026

Rating

Outlook

S&P

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 three months ended March 31, 2026, OMH repurchased 1,901,698 shares of its common stock through its stock repurchase program for an aggregate total of $107 million, including commissions, fees and excise taxes. As of March 31, 2026, OMH held a total of 20,397,289 shares of treasury stock. To provide funding for the OMH stock repurchases, the OMFC Board of Directors authorized dividend payments in the amount of $130 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 March 31, 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



Total			$	1.05		$	123

To provide funding for the dividend, OMFC paid dividends of $121 million to OMH during the three months ended March 31, 2026.

On May 1, 2026, OMH declared a dividend of $1.05 per share payable on May 15, 2026 to record holders of OMH’s common stock as of the close of business on May 11, 2026. To provide funding for the OMH dividend, the OMFC Board of Directors authorized a dividend in the amount of up to $125 million payable on or after May 12, 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.

Whole Loan Sale Transactions

During the three months ended March 31, 2026, we sold a total of $341 million of gross finance receivables compared to $255 million during the three months ended March 31, 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.

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LIQUIDITY

OMH’s Operating Activities

Net cash provided by operations of $739 million for the three months ended March 31, 2026 reflected net income of $226 million, the impact of non-cash items including provision for finance receivable losses of $465 million, and an unfavorable change in working capital of $50 million. Net cash provided by operations of $665 million for the three months ended March 31, 2025 reflected net income of $213 million, the impact of non-cash items including provision for finance receivable losses of $456 million, and an unfavorable change in working capital of $87 million.

OMH’s Investing Activities

Net cash used for investing activities of $227 million for the three months ended March 31, 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 $331 million for the three months ended March 31, 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 used for financing activities of $563 million and $113 million for the three months ended March 31, 2026 and 2025, respectively, was due to repayments and repurchases of long-term debt, cash dividends paid, and common stock repurchased, partially offset by the issuances and borrowings of long-term debt.

OMH’s Cash and Investments

At March 31, 2026, we had $834 million of cash and cash equivalents, which included $155 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 March 31, 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 three months ended March 31, 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.

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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 March 31, 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	$	995	3.30	%	7 years
OMFIT 2019-A	789		892		750		892		3.78	%	7 years
OMFIT 2020-2	1,000		1,053		702		712		2.15	%	5 years
OMFIT 2021-1	850		904		850		904		2.43	%	5 years
OMFIT 2022-S1	600		652		298		328		4.49	%	3 years
OMFIT 2022-2	1,000		1,099		291		402		5.86	%	2 years
OMFIT 2022-3	979		1,090		176		484		6.22	%	2 years
OMFIT 2023-1	825		920		825		920		5.82	%	5 years
OMFIT 2023-2	1,400		1,566		1,400		1,566		5.90	%	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
ODART 2019-1	737		750		156		180		4.28	%	5 years

ODART 2022-1	600		632		180		183		5.26	%	2 years
ODART 2023-1	750		792		712		720		5.64	%	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 2022-2	215		233		16		36		7.09	%	N/A
FCRT 2023-1	182		199		32		49		6.60	%	N/A
FCRT 2023-2	200		208		60		63		6.90	%	N/A
FCRT 2024-1	210		214		76		78		6.59	%	N/A
Total securitizations	$	15,087	$	16,292	$	11,274	$	12,653

(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 March 31, 2026.

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Revolving Conduit Facilities

We had access to 17 revolving conduit facilities with a total borrowing capacity of $5.9 billion as of March 31, 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 Foursight Auto I, LLC	175		—
OneMain Foursight Auto II, LLC	175		—
OneMain Foursight Auto III, LLC	175		—
OneMain Financial Funding XI, LLC	150		—
Total	$	5,875	$	1

Credit Card Revolving VFN Facilities

We also had access to two credit card revolving VFN facilities with a total borrowing capacity of $500 million as of March 31, 2026:


(dollars in millions)	Advance Maximum Balance		Amount Drawn

OneMain Financial Credit Card Trust – Series 2024-VFN1	$	150	$	—
OneMain Financial Credit Card Trust – Series 2024-VFN2	350		—
Total	$	500	$	—

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 March 31, 2026 or December 31, 2025.

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Critical Accounting Policies and Estimates

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 three months ended March 31, 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.

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Item 4. Controls and Procedures.

CONTROLS AND PROCEDURES OF ONEMAIN HOLDINGS, INC.

Evaluation of Disclosure Controls and Procedures

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 March 31, 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 March 31, 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 first 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 March 31, 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 March 31, 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 first quarter of 2026 that have materially affected, or are reasonably likely to materially affect, OMFC’s internal control over financial reporting.

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PART II - OTHER INFORMATION


Item 1. Legal Proceedings.

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 March 31, 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)
January 1 - January 31	180,855	$	66.37	180,855	951,903,012
February 1 - February 28	628,008	58.12		628,008	915,403,607
March 1 - March 31	1,092,835	52.15		1,092,835	858,410,152
Total	1,901,698	$	55.47	1,901,698

(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 March 31, 2026, no director or officer of the Company adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” each as defined in Item 408(a) of Regulation S-K.

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Item 6. Exhibit Index.


Exhibit Number						Description





























































31.1						Rule 13a-14(a)/15d-14(a) Certifications of Principal Executive Officer of OneMain Holdings, Inc.

31.2						Rule 13a-14(a)/15d-14(a) Certifications of the Principal Financial Officer of OneMain Holdings, Inc.

31.3						Rule 13a-14(a)/15d-14(a) Certifications of the Principal Executive Officer of OneMain Finance Corporation

31.4						Rule 13a-14(a)/15d-14(a) Certifications of the Principal Financial Officer of OneMain Finance Corporation

32.1						Section 1350 Certifications of OneMain Holdings, Inc.

32.2						Section 1350 Certifications of OneMain Finance Corporation

101						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).

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OMH Signature

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:

May 1, 2026

By:

/s/ Jeannette E. Osterhout

Jeannette E. Osterhout

Executive Vice President and Chief Financial Officer

(Duly Authorized Officer and Principal Financial Officer)

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OMFC Signature

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:

May 1, 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)

OneMain Financial - 10-Q quarterly report FY

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Topic						Page

Forward-Looking Statements						41
Overview						42
Recent Developments and Outlook						43
Results of Operations						44
Segment Results						48
Credit Quality						51
Liquidity and Capital Resources						53

Critical Accounting Policies and Estimates						58
Recent Accounting Pronouncements						58
Seasonality						58