Encore Capital Group (ECPG) FY2025 results: revenue $1.8 billion, up 34.4% on the year
Encore Capital Group Inc. (ECPG) reported revenue of $1.8 billion for fiscal 2025, the year ended 31 December 2025, up 34.4% on the year before. Net income was $257 million, and diluted earnings per share $10.91. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
Revenue
$1.8 billion
+34.4% on the year
FY2018FY2025
Operating margin
35.4%
12.0% a year earlier
FY2018FY2025
Net income
$257 million
FY2018FY2025
Diluted EPS
$10.91
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 3 new.
Net income turned to a profit: Full-year 2025 net income was $256.8 million, or $10.91 per share, against a 2024 net loss of $139.2 million, or $(5.83) per share.
Fourth-quarter profit against a loss: Q4 net income was $76.7 million, or $3.37 per share, against a Q4 2024 loss of $225.3 million, which included a $100.6 million goodwill impairment and $18.5 million of asset impairments.
Adjusted EBITDA rose to $677.0 million: Adjusted EBITDA was $677.0 million for 2025, against $332.9 million, and $187.5 million in Q4, against $0.9 million. Collections applied to principal balance were $953.5 million, against $1,004.2 million.
U.S. purchases and collections reached records: MCM, the U.S. business, raised full-year U.S. purchases 18% and reported record collections up 24%. Management credited execution, continued purchasing, new technologies and digital capabilities.
U.S. purchasing market described as favorable: Management described the 2025 U.S. purchasing environment as favorable, citing near-record revolving consumer credit and a charge-off rate of more than 4%.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
153
156
153
-1.9%
Capital expenditure
26.3
29.0
24.8
-9.4%
Free cash flow
127
127
128
-0.2%
Free cash flow margin
7.2%
9.7%
10.5%
Cash from investing
-243
-440
-402
Cash from financing
44.9
318
268
-85.9%
Depreciation and amortisation
28.8
32.4
41.7
-11.3%
Share-based compensation
18.3
14.0
13.9
+30.4%
Buybacks
90.4
0.0
0.0
Diluted shares, weighted
24m
24m
24m
-1.4%
Shares outstanding at period end
22m
24m
24m
-8.5%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
977
767
937
+27.3%
Debt
4,033
3,710
3,359
+8.7%
Other liabilities
330
312
335
+5.5%
Total liabilities and equity
5,340
4,790
4,630
+11.5%
Fixed assets
82.1
80.6
104
+1.8%
Goodwill
536
508
606
+5.6%
Intangible assets
n/a
0.0
0.0
Cash and equivalents
157
200
158
-21.6%
Other assets
4,565
4,001
3,762
+14.1%
Total assets
5,340
4,790
4,630
+11.5%
10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.