ENCORE CAPITAL GROUP INC

Listed Company

ECPGCIK 0001084961NasdaqLarge AcceleratedShort-Term Business Credit InstitutionsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.77B

Net Income

$256.83M

Total Assets

$5.34B

Equity

$976.75M

Shares Out

21.41M

Op. Cash Flow

$153.20M

Business

ENCORE CAPITAL GROUP INC is an international specialty finance company that purchases and manages defaulted consumer receivables and provides debt recovery solutions. It offers portfolio purchasing of charged-off receivables, debt servicing, collections and portfolio management services, along with digital collection platforms, call center operations, legal placements and third-party collection relationships. Its primary business segments are Midland Credit Management (U.S. portfolio purchasing and recovery) and Cabot Credit Management (European credit management and servicing), with additional LAAP investments. Encore operates mainly in the United States and Europe (including the United Kingdom), services accounts through domestic and international call centers and digital channels, and acquires portfolios from banks, credit unions, finance companies, retailers and government agencies.

Summary from filing dated 2025-02-26

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
Portfolio revenue	1,456	1,303	1,204	1,202	—
Changes in recoveries	209	−90	−83	93	199
Total debt purchasing revenue	1,665	1,213	1,122	1,296	1,487
Servicing revenue	88	85	83	95	121
Other revenues	16	19	18	8	7
Total revenues	1,769	1,316	1,223	1,398	1,614
Salaries and employee benefits	458	423	392	375	385
Cost of legal collections	315	259	224	218	254
General and administrative expenses	166	164	145	146	138
Other operating expenses	144	131	111	111	107
Collection agency commissions	29	31	36	36	47
Depreciation and amortization	29	32	42	46	50
Goodwill impairment	0	101	238	0	0
Impairment of assets	0	19	19	4	0
Total operating expenses	1,142	1,159	1,206	936	981
Income from operations	627	157	17	462	633
Interest expense	−294	−253	−202	−153	—
Loss on extinguishment of debt	−2	−8	0	0	−9
Other income	5	7	5	2	−18
Total other expense	−290	−254	−197	−151	−197
Income (loss) before income taxes	336	−96	−180	311	437
Provision for income taxes	−79	−43	−26	−116	−85
Net income (loss)	257	−139	−206	195	351
Basic (USD per share)	11.05	−5.83	−8.72	8.06	11.64
Diluted (USD per share)	10.91	−5.83	−8.72	7.46	11.26
Basic (shares)	23	24	24	24	30
Diluted (shares)	24	24	24	26	31

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	157	200	158	144	190
Receivable portfolios, net	4,372	3,776	3,468	3,088	3,066
Property and equipment, net	82	81	104	114	120
Other assets	193	225	293	341	335
Goodwill	536	508	606	821	898
Total assets	5,340	4,790	4,630	4,508	4,608
Accounts payable and accrued liabilities	230	234	190	198	230
Borrowings	4,001	3,673	3,318	2,899	2,997
Other liabilities	131	116	186	232	196
Total liabilities	4,363	4,022	3,694	3,329	3,423
Commitments and contingencies (Note 13)	—	—	—	—	—
Convertible preferred stock, $0.01 par value, 5,000 shares authorized, no shares issued and outstanding	0	0	0	0	0
Common stock, $0.01 par value, 75,000 shares authorized, 21,688 shares and 23,691 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	217,000	237,000	235,000	233,000	245,000
Additional paid-in capital	0	19	11	0	0
Accumulated earnings	1,105	910	1,049	1,278	1,239
Accumulated other comprehensive loss	−128	−162	−124	−99	−54
Total stockholders equity	977	767	937	1,180	1,185
Total liabilities and stockholders equity	5,340	4,790	4,630	4,508	4,608

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 and amortization	29	32	42	46	50
Other non-cash interest expense, net	14	16	17	16	18
Stock-based compensation expense	18	14	14	15	18
Deferred income taxes	30	−22	−56	46	35
Tangible asset impairment charges	0	19	19	4	—
Other, net	8	18	−2	19	26
Other assets	10	−28	16	−7	39
Accounts payable, accrued liabilities and other liabilities	−4	56	−10	−31	−36
Net cash provided by operating activities	153	156	153	211	303
Purchases of receivable portfolios, net of put-backs	−1,389	−1,336	−1,060	−791	−657
Collections applied to receivable portfolios	1,137	860	658	709	1,020
Purchases of real estate owned	0	−212,000	−27	−39	−17
Purchases of property and equipment	−26	−29	−25	−37	−33
Proceeds from sale of real estate owned	38	56	53	28	31
Other, net	−2	9	−793,000	0	−3
Net cash used in investing activities	−243	−440	−402	−130	340
Payment of loan and debt refinancing costs	−10	−21	−14	−2	−12
Proceeds from credit facilities	1,273	2,031	1,196	780	822
Repayment of credit facilities	−1,359	−1,868	−990	−516	−896
Proceeds from senior secured notes	500	1,000	104	0	354
Repayment of senior secured notes	−116	−789	−39	−39	−359
Proceeds from issuance of convertible senior notes	0	0	230	0	0
Repayment of convertible senior notes	−106	0	−212	−221	−161
Repayment of other debt	−42	−22	−13	—	—
Payments to settle derivative instruments	0	−40	0	0	—
Repurchase and retirement of common stock	−90	0	0	−87	−391
Other, net	−4	27	6	−22	−12
Net cash provided by financing activities	45	318	268	−107	−656
Net (decrease) increase in cash and cash equivalents	−45	34	19	−27	−13
Effect of exchange rate changes on cash and cash equivalents	1	8	−5	−19	13
Cash paid for interest	260	211	164	131	132
Cash paid for income taxes, net of refunds	55	67	69	71	42
Receivable portfolios transferred to real estate owned	4	6	8	2	768,000

Filings

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