CREDIT ACCEPTANCE CORP

Listed Company

CACCCIK 0000885550NasdaqLarge AcceleratedPersonal Credit InstitutionsMichiganFY ends Dec 31

Period

FY 2025

Revenue

$2.32B

Net Income

$423.90M

Total Assets

$8.63B

Equity

$1.52B

Shares Out

10.75M

Op. Cash Flow

$1.05B

Business

CREDIT ACCEPTANCE CORP provides vehicle financing solutions that enable automobile dealers to sell vehicles to consumers regardless of their credit history. The company’s primary offerings include two dealer-facing programs — the Portfolio Program (advances to dealers with servicing rights) and the Purchase Program (one-time purchase of consumer loans) — along with ancillary products such as vehicle service contracts, GAP, and reinsurance through its VSC Re subsidiary. It reports one operating segment and organizes team members across servicing, originations, engineering/analytics/marketing/product management, and support functions. Credit Acceptance distributes its programs nationwide through a network of independent and franchised automobile dealers supported by market area managers and its CAPS credit approval processing system.

Summary from filing dated 2025-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Finance Charges Revenue	2,142	1,993	1,755	1,686	1,743
Premiums earned	96	96	80	63	60
Other Income	80	74	67	83	53
Total revenue	2,317	2,162	1,902	1,832	1,856
Salaries and wages	337	309	280	262	218
General and administrative	161	98	87	89	100
Sales and marketing	101	94	92	76	65
Operating Expenses	600	502	459	426	384
Provision for Credit Losses on Forecast Changes	338	494	414	138	—
Provision for credit losses	278	321	323	344	—
Financing Receivable, Credit Loss, Expense (Reversal)	616	815	736	481	—
Interest	463	420	267	167	164
Provision for claims	72	74	71	46	39
Loss on extinguishment of debt	1	0	2	0	0
Loss on sale of building	0	24	0	0	—
Total costs and expenses	1,752	1,833	1,534	1,121	595
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total	565	330	368	712	1,261
Effective tax rate, amount	142	82	82	176	303
Net income	424	248	286	536	958
Basic (in usd per share)	37.02	20.12	22.09	39.5	59.57
Diluted (in usd per share)	36.38	19.88	21.99	39.32	59.52
Basic (in shares)	11	12	13	14	16
Diluted (in shares)	12	12	13	14	16

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	23	344	13	8	23
Restricted cash and cash equivalents	478	501	458	410	411
Debt Securities, Available-for-sale, Restricted	106	106	93	72	62
Loans receivable	11,512	11,289	10,020	—	—
Allowance for credit losses	−3,602	−3,439	−3,065	—	—
Loans receivable, net	7,909	7,850	6,955	6,298	6,336
Property and equipment, net	13	15	47	51	57
Income taxes receivable	67	4	4	9	109
Other assets	36	34	40	57	52
Total Assets	8,632	8,855	7,610	6,905	7,051
Accounts payable and accrued liabilities	400	316	319	261	175
Revolving secured line of credit	107	100,000	79	31	3
Secured financing	5,159	5,362	3,991	3,756	3,812
Senior notes	1,088	991	989	795	793
Deferred income taxes, net	354	319	389	427	435
Income taxes payable	0	117	81	3	200,000
Total Liabilities	7,108	7,105	5,857	5,281	5,227
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued	0	0	0	0	0
Common stock, $.01 par value, 80,000,000 shares authorized, 10,680,143 and 12,048,151 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	100,000	100,000	100,000	100,000	100,000
Paid-in capital	403	335	279	246	197
Retained earnings	1,119	1,415	1,476	1,381	1,627
Accumulated other comprehensive loss	1	−300,000	−1	−3	200,000
Total Shareholders' Equity	1,524	1,750	1,754	1,624	1,824
Total Liabilities and Shareholders' Equity	8,632	8,855	7,610	6,905	7,051
Preferred stock, par value	0.01	0.01	0.01	0.01	0.01
Preferred stock, shares authorized	1	1	1	1	1
Preferred stock, shares issued	0	0	0	0	0
Common stock, par value	0.01	0.01	0.01	0.01	0.01
Common stock, shares authorized	80	80	80	80	80
Common stock, shares issued	11	12	13	13	14
Common stock, shares outstanding	11	12	13	13	14

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	4	7	9	9	10
Amortization	23	21	18	17	17
Increase (Decrease) in Deferred Income Taxes	35	−70	−38	−8	45
Stock-based compensation	51	45	39	37	25
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Other Item	−200,000	800,000	600,000	300,000	−400,000
Increase in accounts payable and accrued liabilities	83	7	50	68	−11
Increase in income taxes receivable	−63	100,000	4	101	38
Increase (decrease) in income taxes payable	−117	36	79	2	0
Increase in other assets	−1	5	19	−4	−20
Net cash provided by operating activities	1,055	1,138	1,204	1,239	1,069
Purchases of restricted securities available for sale	−43	−59	−43	−50	−39
Proceeds from Sale of Debt Securities, Available-for-sale	33	37	16	11	22
Maturities of restricted securities available for sale	12	9	9	24	18
Principal collected on Loans receivable	3,412	3,209	3,037	3,413	3,809
Advances to Dealers	−2,765	−3,578	−2,934	−2,530	−2,059
Purchases of Consumer Loans	−1,091	−1,040	−1,214	−1,095	−1,109
Accelerated payments of Dealer Holdback	−51	−59	−47	−44	−44
Payments of Dealer Holdback	−180	−241	−236	−187	−153
Purchases of property and equipment	−2	−2	−4	−3	−8
Proceeds from Sale of Buildings	0	3	0	0	—
Net cash used in investing activities	−674	−1,721	−1,417	−461	437
Borrowings under revolving secured line of credit	2,121	6,126	7,432	6,623	1,563
Repayments under revolving secured line of credit	−2,014	−6,205	−7,384	−6,594	−1,656
Proceeds from secured financing	1,402	3,619	2,762	1,542	1,831
Repayments of secured financing	−1,613	−2,247	−2,520	−1,599	−1,729
Proceeds from issuance of senior notes	500	0	600	0	0
Repayments of senior notes	−400	0	−400	0	0
Payments of debt issuance costs and debt issuance costs	−20	−22	−33	−13	−16
Repurchase of common stock	−725	−313	−203	−785	−1,472
Proceeds from Issuance of Common Stock	24	16	5	15	12
Other financing activities	1	−17	6	16	−800,000
Net cash provided by financing activities	−725	957	266	−795	−1,469
Net increase in cash and cash equivalents and restricted cash and cash equivalents	−344	374	53	−17	38
Cash paid during the period for interest	438	393	242	147	149
Cash paid during the period for income taxes	279	104	32	73	213

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