Revenue: As of FY2025, the actual value is USD 1.968 B.

EPS: As of FY2025, the actual value is USD 5.96.

EBIT: As of FY2025, the actual value is USD 461.62 M.

Consolidated Financial Performance (Year Ended December 31, 2025 vs. 2024)

• Total Operating Revenue and Other Income: Increased to $1,968,360 thousand in 2025 from $1,309,955 thousand in 2024, marking an increase of $658,405 thousand .
• Other Non-Operating Income: Decreased to $39 thousand in 2025 from $1,489 thousand in 2024, a decrease of $1,450 thousand .
• Interest Expense: Increased to - $301,903 thousand in 2025 from - $160,173 thousand in 2024, an increase of $141,730 thousand .
• Provision for Credit Losses: Decreased to - $6,235 thousand in 2025 from - $16,368 thousand in 2024, representing a decrease of - $10,133 thousand .
• Changes in Fair Value of Loans at Fair Value: Increased to - $1,103,055 thousand in 2025 from - $733,471 thousand in 2024, an increase of $369,584 thousand .
• Net Margin: Increased to $557,206 thousand in 2025 from $401,432 thousand in 2024, an increase of $155,774 thousand .
• Total Operating Expenses: Increased to - $397,493 thousand in 2025 from - $262,855 thousand in 2024, an increase of $134,638 thousand .
  • Salaries and Benefits: Increased to - $69,572 thousand in 2025 from - $50,143 thousand in 2024, an increase of $19,429 thousand .
  • Card and Loan Servicing: Increased to - $160,846 thousand in 2025 from - $118,400 thousand in 2024, an increase of $42,446 thousand .
  • Marketing and Solicitation: Increased to - $113,265 thousand in 2025 from - $56,186 thousand in 2024, an increase of $57,079 thousand .
  • Depreciation and Amortization: Increased to - $5,808 thousand in 2025 from - $2,715 thousand in 2024, an increase of $3,093 thousand .
  • Other Operating Expenses: Increased to - $48,002 thousand in 2025 from - $35,411 thousand in 2024, an increase of $12,591 thousand .
• Net Income: Increased to $120,609 thousand in 2025 from $110,106 thousand in 2024, an increase of $10,503 thousand .
• Net Income Attributable to Common Shareholders: Increased to $111,796 thousand in 2025 from $87,368 thousand in 2024, an increase of $24,428 thousand .

CaaS Segment Financial and Operational Metrics (Year Ended December 31, 2025 vs. 2024)

• Managed Receivables: Increased to $6,953.4 million as of December 31, 2025, from $2,724.8 million as of December 31, 2024 . This growth includes $3.2 billion in gross credit card receivables and 1.3 million customers from the Mercury acquisition . Excluding Mercury, total active accounts increased by over 1.0 million .
• Merchant Fees (new private label receivable acquisitions): Increased by $52.8 million for the year ended December 31, 2025, compared to the same period in 2024 .
• Finance and Fee Income (general purpose credit card receivables): Increased by $558.2 million for the year ended December 31, 2025, compared to the same period in 2024 .
• Delinquency Rates (as of December 31, 2025 vs. 2024):
  • 30-59 days past due: 3.0% in 2025, down from 3.8% in 2024 .
  • 60-89 days past due: 2.7% in 2025, down from 3.6% in 2024 .
  • 90 or more days past due: 6.4% in 2025, down from 9.3% in 2024 .
• Total Managed Yield Ratio, Annualized: 35.1% as of December 31, 2025, down from 40.0% as of December 31, 2024 .
• Combined Principal Net Charge-off Ratio, Annualized: 15.6% as of December 31, 2025, down from 22.0% as of December 31, 2024 .
• Interest Expense Ratio, Annualized: 7.4% as of December 31, 2025, up from 6.5% as of December 31, 2024 .
• Net Interest Margin Ratio, Annualized: 12.1% as of December 31, 2025, up from 11.5% as of December 31, 2024 .
• Average APR (Private Label Credit): 9.6% as of December 31, 2025, down from 12.9% as of December 31, 2024 .
• Average APR (General Purpose Credit Card): 28.2% as of December 31, 2025, down from 28.6% as of December 31, 2024 .
• Receivables Purchased During Period: Totaled $4,436.2 million for the year ended December 31, 2025, compared to $2,628.9 million for the year ended December 31, 2024 .

Auto Finance Segment Financial and Operational Metrics (Year Ended December 31, 2025 vs. 2024)

• Period-end Managed Receivables: $107,093 thousand as of December 31, 2025, down from $108,982 thousand as of December 31, 2024 .
• Delinquency Rates (as of December 31, 2025 vs. 2024):
  • 30-59 days past due: 8.5% in 2025, up from 7.0% in 2024 .
  • 60-89 days past due: 3.0% in 2025, unchanged from 3.0% in 2024 .
  • 90 or more days past due: 2.8% in 2025, down from 4.3% in 2024 .
• Total Managed Yield Ratio, Annualized: 38.5% as of December 31, 2025, up from 35.7% as of December 31, 2024 .
• Combined Principal Net Charge-off Ratio, Annualized: 5.5% as of December 31, 2025, up from 3.3% as of December 31, 2024 .
• Recovery Ratio, Annualized: 2.6% as of December 31, 2025, up from 2.2% as of December 31, 2024 .

Cash Flow (Year Ended December 31, 2025 vs. 2024)

• Cash Flows from Operations: Generated $638.0 million in 2025, compared to $469.4 million in 2024 .
• Cash Used in Investing Activities: Used $1,511.9 million in 2025, compared to $747.0 million in 2024 .
• Cash Flows from Financing Activities: Generated $1,141.7 million in 2025, compared to $393.6 million in 2024 .

Unique Metrics and Events

• Mercury Acquisition: On September 11, 2025, Atlanticus acquired Mercury for approximately $166.5 million in cash, adding $3.2 billion in gross credit card receivables and 1.3 million customers .
• Fintiv Inc. Litigation: Fintiv Inc., in which Atlanticus believes it will own over 10% on a diluted basis, has sued Apple, Inc. and Walmart, Inc. for patent infringement, with claimed losses potentially in the billions of dollars .
• Indebtedness: As of December 31, 2025, total recourse indebtedness was $934.9 million, and non-recourse indebtedness under warehouse facilities and asset-backed securities was $5,629.6 million . Short-term refinancing needs (within 12 months) totaled $215.6 million, and long-term refinancing needs (in excess of 12 months) totaled $319.2 million .

Outlook / Guidance

Atlanticus anticipates continued growth in general purpose credit card receivables . Quarterly interest expense is expected to increase throughout 2026 due to additional debt financing and the Mercury acquisition . The company projects minimal improvements in combined principal net charge-off ratios for 2026, aiming for consistent net interest margin year-over-year .