Revenue reached a record $679.6 million in 2026Q1, yet net margins compressed significantly to 6.5% compared to historical averages exceeding 20%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 1.25B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 937.79M | 396.36M | 283.03M | 254.19M | 291.31M | 363.34M | 197.55M | 108.71M | 54.43M | 4.57M | 24.08M | 84.26M | 78.29M | 55.44M | 25.77M | 115.86M | 554.14M | -322.27M | 355.78M | 711.27M | 770.78M | 773.95M | 492.74M | 453.82M | 208.82M | 153.9M | 242.06M | 148.8M | 58.1M |
| Gross Margin % | 75.06% | 56.26% | 61.59% | 69.51% | 77.8% | 80.04% | 50.42% | 26.66% | 28.32% | 4.55% | 31.72% | 93.29% | 61.01% | 44.87% | 15.73% | 38.59% | 85.49% | 147.6% | 74.23% | 40.41% | 57.7% | 81.59% | 88.08% | 98.58% | 96.5% | 99.79% | 100% | 100% | 98.98% |
| Gross Profit Growth % | - | 40.04% | 11.35% | -12.75% | -19.82% | 83.93% | 81.72% | 99.72% | 1091.59% | -81.03% | -71.43% | 7.63% | 41.23% | 115.13% | -77.76% | -79.09% | 271.95% | -190.58% | -49.98% | -7.72% | -0.41% | 57.07% | 8.58% | 117.33% | 35.68% | -36.42% | 62.67% | 156.11% | - |
| Operating Expenses | 637.33M | 236.65M | 144.46M | 125.63M | 142.04M | 143.77M | 83.16M | 76.95M | 50.95M | 51.82M | 36.43M | 80.73M | 105.6M | 78.22M | 69.6M | 117.91M | 661.9M | 422.48M | 557.33M | 753.53M | 602.85M | 504.11M | 335.67M | 265.11M | 199.79M | 149.49M | 117.91M | 55.5M | 17.2M |
| OpEx % of Revenue | - | 33.59% | 31.43% | 34.35% | 37.94% | 31.67% | 21.22% | 18.87% | 26.51% | 51.6% | 48% | 89.38% | 82.29% | 63.31% | 42.49% | 39.27% | 102.11% | -193.5% | 116.29% | 42.81% | 45.13% | 53.14% | 60% | 57.59% | 92.32% | 96.93% | 48.71% | 37.3% | 29.3% |
| Selling, General & Admin | 110.53M | 182.84M | 106.33M | 96.33M | 105.47M | 90.66M | 64.09M | 62.62M | 35.55M | 35.82M | 28.93M | 22.06M | 22.16M | 26.55M | 21.31M | 24.64M | 132.93M | 257.74M | 393.3M | 216.83M | 50.21M | 129.09M | 64.36M | 30.81M | 30.42M | 12.16M | 5.83M | 3.1M | 1.2M |
| SG&A % of Revenue | - | 25.95% | 23.14% | 26.34% | 28.17% | 19.97% | 16.36% | 15.35% | 18.5% | 35.67% | 38.11% | 24.42% | 17.27% | 21.49% | 13.01% | 8.21% | 20.51% | -118.05% | 82.06% | 12.32% | 3.76% | 13.61% | 11.5% | 6.69% | 14.06% | 7.89% | 2.41% | 2.08% | 2.04% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 300.45M | 159.71M | 138.58M | 128.56M | 149.27M | 219.57M | 114.39M | 31.76M | 3.48M | -47.25M | -12.36M | 3.54M | -27.3M | -22.78M | -43.83M | -2.05M | -107.76M | -744.74M | -201.55M | -42.26M | 167.93M | 269.84M | 157.07M | 188.71M | 9.03M | 4.41M | 124.16M | 93.3M | 40.9M |
| Operating Margin % | 24.05% | 22.67% | 30.15% | 35.16% | 39.87% | 48.37% | 29.2% | 7.79% | 1.81% | -47.05% | -16.28% | 3.91% | -21.28% | -18.44% | -26.76% | -0.68% | -16.62% | 341.11% | -42.05% | -2.4% | 12.57% | 28.45% | 28.08% | 40.99% | 4.17% | 2.86% | 51.29% | 62.7% | 69.68% |
| Operating Income Growth % | - | 15.25% | 7.79% | -13.88% | -32.02% | 91.95% | 260.14% | 812.21% | 107.37% | -282.41% | -449.53% | 112.95% | -19.87% | 48.03% | -2042.28% | 98.1% | 85.53% | -269.5% | -376.9% | -125.17% | -37.77% | 71.8% | -16.77% | 1989.35% | 104.71% | -96.45% | 33.07% | 128.12% | - |
| EBITDA | 312.34M | 169.61M | 143.76M | 132.6M | 154.12M | 222.07M | 122.34M | 39.46M | 4.47M | -46.23M | -4.88M | 44.1M | 40.77M | -5.08M | -41.26M | 4.14M | -94.2M | -722.87M | -165.18M | 9.86M | 205.79M | 291.84M | 174.35M | 177.88M | 41.45M | 22.53M | 133.36M | 96.5M | 42.2M |
| EBITDA Margin % | 25% | 24.08% | 31.28% | 36.26% | 41.16% | 48.92% | 31.22% | 9.67% | 2.33% | -46.04% | -6.43% | 48.82% | 31.77% | -4.11% | -25.19% | 1.38% | -14.53% | 331.09% | -34.47% | 0.56% | 15.41% | 30.77% | 31.17% | 38.64% | 19.16% | 14.61% | 55.1% | 64.85% | 71.89% |
| EBITDA Growth % | 105.27% | 17.98% | 8.42% | -13.96% | -30.6% | 81.51% | 210.07% | 782.88% | 109.67% | -847.51% | -111.06% | 8.17% | 902.56% | 87.69% | -1096.31% | 104.4% | 86.97% | -337.62% | -1775.97% | -95.21% | -29.48% | 67.38% | -1.98% | 329.11% | 83.97% | -83.1% | 38.2% | 128.67% | - |
| D&A (Non-Cash Add-back) | 11.88M | 9.9M | 5.19M | 4.04M | 4.85M | 2.49M | 7.95M | 7.69M | 987K | 1.02M | 7.48M | 40.56M | 68.08M | 17.7M | 2.57M | 6.19M | 13.56M | 21.87M | 36.37M | 52.12M | 37.86M | 21.99M | 17.28M | -10.83M | 32.42M | 18.12M | 9.21M | 3.2M | 1.3M |
| EBIT | 300.45M | 159.71M | 138.58M | 128.56M | 149.27M | 219.57M | 114.39M | 31.76M | 3.48M | -47.25M | -12.36M | 3.54M | -27.3M | -22.78M | -43.83M | -2.05M | -107.76M | -744.74M | -201.55M | -42.26M | 167.93M | 269.84M | 157.07M | 188.71M | 9.03M | 4.41M | 124.16M | 93.3M | 40.9M |
| Net Interest Income | 1.31B | 1.1B | 819.64M | 769.78M | 704.38M | 464.66M | 359.07M | 210.49M | 124.27M | 87.01M | 68.42M | 51.59M | 49.62M | 45.65M | 55.69M | 101.69M | 205.19M | 34.87M | 45.11M | 381.27M | 245.66M | 91.64M | 35.95M | 4.66M | -5.08M | 2.03M | 7.09M | 2.1M | -300K |
| Interest Income | 1.69B | 1.4B | 979.81M | 879.12M | 786.24M | 518.78M | 410.62M | 261.22M | 161.17M | 114.71M | 88.62M | 69.92M | 73.68M | 69.52M | 86.81M | 145.52M | 263.82M | 76.74M | 97.99M | 462.79M | 298.14M | 125.61M | 40.68M | 11.19M | 2.49M | 2.35M | 7.09M | 2.1M | 300K |
| Interest Expense | 377.13M | 301.9M | 160.17M | 109.34M | 81.85M | 54.13M | 51.55M | 50.73M | 36.9M | 27.7M | 20.21M | 18.33M | 24.05M | 23.87M | 31.12M | 43.83M | 58.63M | 41.87M | 52.88M | 81.52M | 52.47M | 33.97M | 4.73M | 6.53M | 7.58M | 317K | 0 | 0 | 600K |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 177.69M | 159.71M | 138.58M | 128.56M | 149.27M | 219.57M | 114.39M | 31.76M | 3.48M | -47.25M | -12.36M | 3.54M | -27.3M | -22.78M | -43.83M | -2.05M | -107.76M | -744.74M | -201.55M | -42.26M | 167.93M | 269.84M | 157.07M | 188.71M | 9.03M | 4.41M | 124.16M | 93.3M | 40.9M |
| Pretax Margin % | 14.22% | 22.67% | 30.15% | 35.16% | 39.87% | 48.37% | 29.2% | 7.79% | 1.81% | -47.05% | -16.28% | 3.91% | -21.28% | -18.44% | -26.76% | -0.68% | -16.62% | 341.11% | -42.05% | -2.4% | 12.57% | 28.45% | 28.08% | 40.99% | 4.17% | 2.86% | 51.29% | 62.7% | 69.68% |
| Income Tax | 43.63M | 39.1M | 28.47M | 26.6M | 14.66M | 41.78M | 20.47M | 5.55M | -4.13M | -6.38M | -6.01M | 1.83M | -34.63M | -5.11M | -15.61M | -994K | -1.91M | -183.98M | -65.82M | -11.84M | 60.45M | 98.49M | 56.35M | 66.99M | 3.16M | 1.54M | 41.78M | 34.3M | 15.5M |
| Effective Tax Rate % | 24.55% | 24.48% | 20.55% | 20.69% | 9.82% | 19.03% | 17.9% | 17.48% | -118.61% | 13.5% | 48.68% | 51.74% | 126.83% | 22.45% | 35.61% | 48.58% | 1.77% | 24.7% | 32.66% | 28.01% | 36% | 36.5% | 35.88% | 35.5% | 35% | 35.02% | 33.65% | 36.76% | 37.9% |
| Net Income | 134.86M | 122.2M | 111.3M | 102.84M | 135.6M | 177.9M | 94.12M | 26.44M | 7.86M | -40.78M | -6.33M | 1.71M | 7.18M | -17.74M | 24.45M | 134.02M | -97.5M | -540.89M | -139.47M | -51M | 107.47M | 171.35M | 100.72M | 121.72M | 5.87M | 2.87M | 82.37M | 59M | 25.4M |
| Net Margin % | 10.79% | 17.35% | 24.22% | 28.12% | 36.22% | 39.19% | 24.02% | 6.48% | 4.09% | -40.61% | -8.35% | 1.9% | 5.59% | -14.36% | 14.93% | 44.63% | -15.04% | 247.74% | -29.1% | -2.9% | 8.05% | 18.06% | 18% | 26.44% | 2.71% | 1.86% | 34.03% | 39.65% | 43.27% |
| Net Income Growth % | 15.61% | 9.8% | 8.22% | -24.15% | -23.78% | 89.02% | 255.94% | 236.6% | 119.26% | -543.74% | -469.82% | -76.13% | 140.45% | -172.56% | -81.76% | 237.45% | 81.97% | -287.81% | -173.5% | -147.45% | -37.28% | 70.13% | -17.25% | 1973.21% | 104.78% | -96.52% | 39.62% | 132.28% | - |
| Net Income (Continuing) | 134.06M | 120.61M | 110.11M | 101.95M | 134.61M | 177.79M | 93.92M | 26.21M | 7.61M | -40.87M | -6.34M | 1.71M | 7.33M | -17.66M | -28.22M | -1.05M | -105.85M | -560.77M | -135.73M | -30.43M | 107.47M | 171.35M | 100.72M | 121.72M | 5.87M | 2.87M | 82.37M | 59M | 25.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 52.35M | 136.12M | 10.91M | 9.42M | -5.89M | -20.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -4.46M | -4.87M | -3.54M | -2.26M | -1.37M | -500K | -774K | -571K | -338K | -94K | -10K | -8K | 1K | -6K | -108K | 211K | 18.98M | 18.4M | 24.88M | 32.73M | 40.57M | 45.44M | 54.31M | 52.58M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.03 | 5.96 | 4.77 | 4.24 | 5.83 | 7.56 | 3.95 | 1.66 | 0.56 | -2.93 | -0.45 | 0.12 | 0.51 | -1.29 | 1.26 | 5.19 | -2.44 | -11.33 | -2.17 | -1.05 | 2.14 | 3.34 | 1.93 | 2.34 | 0.04 | 0.06 | 1.79 | 1.61 | 0.65 |
| EPS Growth % | 29.01% | 24.95% | 12.5% | -27.27% | -22.88% | 91.39% | 137.95% | 196.43% | 119.11% | -551.11% | -475% | -76.47% | 139.53% | -202.38% | -75.72% | 312.7% | 78.46% | -422.12% | -106.67% | -149.07% | -35.93% | 73.06% | -17.52% | 5750% | -33.33% | -96.65% | 11.18% | 147.69% | - |
| EPS (Basic) | - | 7.39 | 5.93 | 5.35 | 7.55 | 10.32 | 5.32 | 1.74 | 0.56 | -2.93 | -0.46 | 0.12 | 0.51 | -1.29 | 1.27 | 5.21 | -2.45 | -11.34 | -2.17 | -1.05 | 2.21 | 3.46 | 1.97 | 2.38 | 0.04 | 0.06 | 1.80 | 1.61 | 0.71 |
| Diluted Shares Outstanding | 19.19M | 19.19M | 18.8M | 18.88M | 19.38M | 20.9M | 20.1M | 15.27M | 14M | 13.94M | 13.94M | 13.96M | 13.98M | 13.77M | 19.31M | 25.82M | 40M | 47.73M | 46.81M | 48.72M | 50.22M | 51.3M | 49.9M | 50.19M | 42.58M | 45.38M | 46.02M | 36.65M | 36.31M |
| Basic Shares Outstanding | 15.12M | 15.12M | 14.75M | 14.5M | 14.63M | 15.07M | 14.49M | 14.5M | 13.93M | 13.93M | 13.87M | 13.91M | 13.91M | 13.75M | 19.27M | 25.73M | 39.79M | 47.68M | 46.81M | 48.72M | 48.63M | 49.52M | 48.89M | 49.34M | 42.58M | 45.38M | 45.76M | 36.65M | 33.16M |
| Dividend Payout Ratio | - | - | 23.13% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 12.96% | - | - | - | 5.02% | 1.01% | - | - |
Credit loss provision volatility
According to the most recent quarterly financial data, Atlanticus Holdings reported a significant revenue spike to $679.6 million in 2026Q1, representing a substantial departure from the historical quarterly run rate, which warrants further investigation into whether this growth is sustainable or driven by one-time accounting adjustments.
The sudden jump in top-line performance suggests a potential shift in business scale or a change in the consolidation of managed receivables. Investors should monitor whether this trajectory reflects organic expansion in the CaaS segment or if it is a byproduct of volatile fair-value accounting practices.
As reported in the company's income statement, the net margin contracted to 6.5% in 2026Q1 from a historical average exceeding 20%, suggesting that the recent revenue growth may be coming at the expense of profitability or reflecting higher-than-anticipated credit loss provisions within the loan portfolio.
The sharp decline in net profitability despite top-line expansion implies that the cost of acquiring or servicing these new assets is rising disproportionately. This trend suggests that the company's current pricing power may be insufficient to offset the increased risk profile of its expanded borrower base.
Based on the provided financial figures, the operating margin fell to 26.7% in 2026Q1, indicating that the company is struggling to maintain historical operating leverage as it scales, likely due to the rising costs associated with managing a larger and potentially riskier subprime credit portfolio.
The inability of operating income to keep pace with revenue growth suggests that the company's overhead, including risk management and compliance, is becoming more burdensome. This may indicate that the platform is reaching a point of diminishing returns regarding its current operational infrastructure.
Analysis of the income statement reveals that the 2026Q1 net income of $44.2 million appears disconnected from the historical trend of consistent margin performance, raising concerns that the current earnings quality may be inflated by non-operating items or aggressive fair-value adjustments on loan assets.
Short-sellers would likely focus on the divergence between the massive revenue growth and the compressed net margin, which may signal hidden credit deterioration. The lack of clarity regarding the drivers of this recent performance warrants a cautious approach until the sustainability of these earnings is proven.
Quick answers to the most common questions about buying ATLC stock.
Atlanticus Holdings Corporation (ATLC) is profitable, generating $122.2M in net income for the fiscal year ending 2025 with a net profit margin of 17.3%.
Atlanticus Holdings Corporation (ATLC) reported an operating income of $159.7M, resulting in an operating profit margin of 22.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Atlanticus Holdings Corporation (ATLC) generated $396.4M in gross profit for the year, representing a gross profit margin of 56.3%. This demonstrates the company's core pricing power and production efficiency.