Jefferson Capital, Inc. / DE Segments Disclosure
14.Segment Reporting
The Company’s operating segments are based on the Company’s geographies, which is how management monitors and assesses performance. The Company’s geographies are the United States, the United Kingdom, Canada, and Latin America. The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. Assets are not reported by operating segment to the CODM.
For the Company’s operating segments, the CODM uses net operating income to allocate resources (including employees, property, and financial or capital resources). Additionally, the Company prepares an annual budget at the segment level. The CODM considers budget-to-actual variances on a monthly basis for the profit or loss measure when making decisions about allocating capital and personnel to the segments. The CODM also uses segment operating income to assess the
performance for each segment by comparing the results of each segment with one another and for determining the compensation of certain employees.
The following table provides segment measure of profit and loss, Net operating income, by each operating segment (in thousands) and is the measure that the CODM utilizes to determine resource and investment allocations:
| For the Year Ended December 31, | ||||||||||||||
2025 | |||||||||||||||
| United | | United | | | Latin | | ||||||||
States | Kingdom | Canada | America | Total | |||||||||||
Total portfolio revenue | $ | 435,064 | $ | 25,355 | $ | 65,588 | $ | 40,410 | $ | 566,417 | |||||
Credit card revenue |
| 2,627 |
| — |
| 4,569 |
| — |
| 7,196 | |||||
Servicing revenue |
| 12,650 |
| 25,388 |
| 1,638 |
| — |
| 39,676 | |||||
Total Revenue | $ | 450,341 | $ | 50,743 | $ | 71,795 | $ | 40,410 | $ | 613,289 | |||||
Provision for credit losses | $ | 1,578 | $ | — | $ | 782 | $ | — |
| ||||||
Salaries and benefits | $ | 42,841 | $ | 15,841 | $ | 5,196 | $ | 706 |
| ||||||
Servicing expenses |
| 143,722 |
| 19,220 |
| 10,163 |
| 14,096 |
| ||||||
Depreciation and amortization |
| 3,676 | 355 | 1,193 | 30 |
| |||||||||
Professional fees |
| 16,090 |
| 1,014 |
| 513 |
| 1,024 |
| ||||||
Canaccede exit incentive |
| 1,446 |
| — |
| — |
| — |
| ||||||
Other selling, general and administrative |
| 12,851 |
| 2,565 |
| 1,297 |
| 595 |
| ||||||
Net operating income | $ | 228,137 | $ | 11,748 | $ | 52,651 | $ | 23,959 | $ | 316,495 | |||||
Other Income / (Expense): |
|
| |
| |
| |
| | ||||||
Interest expense |
| |
| |
| | $ | (105,784) | |||||||
Foreign exchange and other income / (expense) |
|
| |
| |
| |
| 7,725 | ||||||
Total other expense |
|
| |
| |
| |
| (98,059) | ||||||
Income Before Income Taxes | $ | 218,436 | |||||||||||||
| For the Year Ended December 31, | ||||||||||||||
2024 | |||||||||||||||
| United | | United | | | Latin | | ||||||||
States | Kingdom | Canada | America | Total | |||||||||||
Total portfolio revenue | $ | 287,924 | $ | 28,534 | $ | 48,232 | $ | 31,195 | $ | 395,885 | |||||
Credit card revenue |
| 2,776 |
| — |
| 5,562 |
| — |
| 8,338 | |||||
Servicing revenue |
| 4,999 |
| 23,758 |
| 361 |
| — |
| 29,118 | |||||
Total Revenue | $ | 295,699 | $ | 52,292 | $ | 54,155 | $ | 31,195 | $ | 433,341 | |||||
Provision for credit losses | $ | 1,876 | $ | — | $ | 1,621 | $ | — |
| ||||||
Salaries and benefits | $ | 28,342 | $ | 14,127 | $ | 5,253 | $ | 390 |
| ||||||
Servicing expenses |
| 95,599 |
| 15,131 |
| 10,036 |
| 10,123 |
| ||||||
Depreciation and amortization |
| 1,067 |
| 322 |
| 1,194 |
| 25 |
| ||||||
Professional fees |
| 9,258 |
| 911 |
| 370 |
| 857 |
| ||||||
Other selling, general and administrative |
| 12,547 |
| 2,432 |
| 1,154 |
| 439 |
| ||||||
Net Operating Income | $ | 147,010 | $ | 19,369 | $ | 34,527 | $ | 19,361 | $ | 220,267 | |||||
Other Income / (Expense): |
| |
| |
| |
| |
| | |||||
Interest expense |
| |
| |
| | $ | (77,239) | |||||||
Foreign exchange and other expense |
| |
| |
| |
| (5,474) | |||||||
Total other expense |
| |
| |
| |
| (82,713) | |||||||
Income Before Income Taxes |
| |
| |
| | $ | 137,554 | |||||||
| For the Year Ended December 31, | ||||||||||||||
2023 | |||||||||||||||
| United | | United | | | Latin | | ||||||||
States | Kingdom | Canada | America | Total | |||||||||||
Total portfolio revenue | $ | 207,005 | $ | 24,177 | $ | 44,870 | $ | 17,522 | $ | 293,574 | |||||
Credit card revenue |
| 3,113 |
| — |
| 5,707 |
| — |
| 8,820 | |||||
Servicing revenue |
| 4,004 |
| 16,481 |
| 193 |
| — |
| 20,678 | |||||
Total Revenue | $ | 214,122 | $ | 40,658 | $ | 50,770 | $ | 17,522 | $ | 323,072 | |||||
Provision for credit losses | $ | 2,106 | $ | — | $ | 1,418 | $ | — |
| ||||||
Salaries and benefits | $ | 20,014 | $ | 11,752 | $ | 5,299 | $ | 121 |
| ||||||
Servicing expenses |
| 70,397 |
| 14,138 |
| 8,177 |
| 8,984 |
| ||||||
Depreciation and amortization |
| 1,330 |
| 288 |
| 742 |
| 12 |
| ||||||
Professional fees |
| 4,534 |
| 866 |
| 561 |
| 872 |
| ||||||
Other selling, general and administrative |
| 3,145 |
| 2,056 |
| 1,919 |
| 290 |
| ||||||
Net Operating Income | $ | 112,596 | $ | 11,558 | $ | 32,654 | $ | 7,243 | $ | 164,051 | |||||
Other Income / (Expense): |
| |
| |
| |
| |
| | |||||
Interest expense |
| |
| |
| | $ | (48,108) | |||||||
Foreign exchange and other expense |
| |
| |
| |
| 4,641 | |||||||
Total other expense |
| |
| |
| |
| (43,467) | |||||||
Income Before Income Taxes |
| |
| |
| | $ | 120,584 | |||||||
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About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.