Revenue and operating income have swung sharply from $227.3M of total revenue and $169.3M of operating income in 2024Q3 to a $1.5B operating loss in 2026Q2, indicating high operating leverage to case-resolution timing rather than a steady margin trend.
Burford Capital Limited (BUR) annual income statement — 15-year revenue, gross profit & net income history
| 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 |
|---|
| Net Interest Income | -128.48M | -146.08M | -131.02M | -94.61M | -74.99M | -56.45M | -39.05M | -14.67M | -36.74M | -15.99M | -8.6M | -464K | 13.44M | 7.74M | 5.99M | 1.76M |
| NII Growth % | 16.76% | -11.49% | -38.49% | -26.16% | -32.84% | -44.58% | -166.14% | 60.06% | -129.79% | -85.85% | -1753.88% | -103.45% | 73.74% | 29.13% | 240.53% | - |
| Net Interest Margin % | -3.06% | -2.2% | -2.12% | -1.62% | -1.75% | -1.51% | -1.43% | -0.55% | -1.58% | -1.07% | -0.89% | -0.08% | 2.52% | 2.06% | 1.74% | 0.55% |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.73M | 1.8M | 7.52M | 5.03M | 8.45M | 16.98M | 7.34M | 5.99M | 1.76M |
| Interest Expense | 128.48M | 146.08M | 131.02M | 94.61M | 74.99M | 56.45M | 39.05M | 38.4M | 38.54M | 23.51M | 13.63M | 8.92M | 3.54M | 0 | 0 | 0 |
| Loan Loss Provision | -19.04M | 0 | 0 | -78.11M | 0 | 0 | -34.21M | -27.15M | 33.29M | 30.13M | 25.4M | -8.92M | -3.54M | 10.5M | 0 | 0 |
| Non-Interest Income | -1.35B | 339.85M | 472.25M | 1.08B | 270.62M | 108.12M | 316.68M | 303.92M | 385.84M | 311.58M | 144.75M | 85.64M | 61.52M | 51.25M | 41.55M | 23.21M |
| Non-Interest Income % | 91.31% | 175.39% | 138.4% | 109.61% | 138.33% | 209.26% | 114.06% | 105.07% | 110.52% | 105.41% | 106.32% | 100.54% | 82.07% | 86.89% | 87.4% | 92.96% |
| Total Net Revenue | -1.48B | 193.77M | 341.23M | 984.29M | 195.62M | 51.67M | 277.63M | 289.25M | 349.11M | 295.6M | 136.15M | 85.17M | 74.96M | 58.98M | 47.54M | 24.97M |
| Revenue Growth % | - | -43.21% | -65.33% | 403.15% | 278.6% | -81.39% | -4.02% | -17.15% | 18.1% | 117.12% | 59.85% | 13.62% | 27.09% | 24.06% | 90.4% | - |
| Non-Interest Expense | 126.75M | 109.74M | 87.64M | 246.73M | 86.61M | 48.88M | 108.04M | 102.12M | 82.53M | 69.92M | 45.72M | 94.09M | 78.5M | 28.73M | 19.34M | 9.08M |
| Efficiency Ratio | -8.57% | 56.63% | 25.68% | 25.07% | 44.27% | 94.6% | 38.92% | 35.31% | 23.64% | 23.66% | 33.58% | 110.47% | 104.72% | 48.7% | 40.67% | 36.35% |
| Operating Income | -1.44B | 84.03M | 253.59M | 815.67M | 109.02M | 2.79M | 208.63M | 225.52M | 342.45M | 272.69M | 117.68M | 0 | 0 | 2.15M | 16.96M | 15.89M |
| Operating Margin % | 97.53% | 43.37% | 74.32% | 82.87% | 55.73% | 5.4% | 75.15% | 77.97% | 98.09% | 92.25% | 86.44% | 0% | 0% | 3.64% | 35.67% | 63.65% |
| Operating Income Growth % | - | -66.86% | -68.91% | 648.2% | 3808.82% | -98.66% | -7.49% | -34.14% | 25.58% | 131.72% | - | - | -100% | -87.34% | 6.69% | - |
| Pretax Income | -1.61B | 84.03M | 253.59M | 738.28M | 109.02M | 2.79M | 208.63M | 225.52M | 305.11M | 249.18M | 104.05M | 67.88M | 47.32M | 2.15M | 16.89M | 15.89M |
| Pretax Margin % | 108.97% | 43.37% | 74.32% | 75.01% | 55.73% | 5.4% | 75.15% | 77.97% | 87.4% | 84.3% | 76.43% | 79.69% | 63.13% | 3.64% | 35.53% | 63.65% |
| Income Tax | 18.5M | 11.84M | 24M | 20.08M | 11.56M | 9.73M | 36.94M | 13.42M | -12.46M | -123K | -4.82M | 2.2M | 687K | -519K | -423K | 0 |
| Effective Tax Rate % | -1.15% | 14.09% | 9.47% | 2.72% | 10.6% | 348.76% | 17.7% | 5.95% | -4.08% | -0.05% | -4.63% | 3.25% | 1.45% | -24.18% | -2.5% | 0% |
| Net Income | -1.63B | 62.57M | 146.48M | 610.52M | 30.51M | -28.75M | 143.28M | 212.11M | 317.58M | 249.3M | 108.87M | 65.67M | 46.64M | 2.67M | 17.38M | 15.89M |
| Net Margin % | 110.49% | 32.29% | 42.93% | 62.03% | 15.59% | -55.64% | 51.61% | 73.33% | 90.97% | 84.34% | 79.97% | 77.11% | 62.21% | 4.52% | 36.56% | 63.65% |
| Net Income Growth % | - | -57.28% | -76.01% | 1901.32% | 206.1% | -120.07% | -32.45% | -33.21% | 27.39% | 128.99% | 65.78% | 40.82% | 1649.98% | -84.67% | 9.36% | - |
| Net Income (Continuing) | -1.63B | 72.19M | 229.58M | 718.2M | 97.46M | -6.94M | 156.97M | 212.11M | 317.58M | 249.3M | 108.87M | 65.67M | 46.64M | 2.67M | 17.31M | 15.89M |
| EPS (Diluted) | - | 0.28 | 0.66 | 2.74 | 0.14 | -0.26 | 0.65 | 0.97 | 1.51 | 1.20 | 0.53 | 0.31 | 0.22 | 0.01 | 0.10 | 0.09 |
| EPS Growth % | - | -57.58% | -75.91% | 1857.14% | 153.85% | -140% | -32.99% | -35.76% | 25.83% | 126.42% | 71.43% | 41.9% | 1629.26% | -86.86% | 8.61% | - |
| EPS (Basic) | - | 0.29 | 0.67 | 2.74 | 0.14 | -0.26 | 0.65 | 0.97 | 1.51 | 1.20 | 0.53 | 0.31 | 0.22 | 0.01 | 0.10 | 0.09 |
| Diluted Shares Outstanding | 225.14M | 224.58M | 219.42M | 223.01M | 218.58M | 219.05M | 219.64M | 219.62M | 210.78M | 208.45M | 204.73M | 208.54M | 208.54M | 204.55M | 181.27M | 180M |
Quick answers to the most common questions about buying BUR stock.
For fiscal year 2025, Burford Capital Limited (BUR) reported total revenue of $193.8M. This represents a 676.0% increase compared to $25.0M in 2011.
Burford Capital Limited (BUR) is profitable, generating $62.6M in net income for the fiscal year ending 2025 with a net profit margin of 32.3%.
Burford Capital Limited (BUR) reported an operating income of $84.0M, resulting in an operating profit margin of 43.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Burford Capital Limited (BUR) generated $193.8M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Concentrated YPF dependence and lumpy realizations
Metrics are mathematically derived from official filings.
Lumpy Revenue Masks Underlying Trajectory
Based on reported figures, BUR's total revenue swings from $227.3M in 2024Q3 to $53.3M in 2025Q3 and $146.9M in 2026Q4, a pattern driven by case-resolution timing rather than a stable recurring stream.
The income statement does not follow a conventional net interest income curve, so the relevant comparison is realized and unrealized portfolio gains against the fixed cost base. The quarterly series suggests revenue is event-driven, which makes any single-quarter growth rate poorly suited to forecasting. Investors should monitor whether the 2026Q4 rebound reflects genuine realizations or a timing effect that may reverse.
Provision Line Reflects Judgment Not Trend
As reported in financial statements, BUR recorded provision expense of $10.9M in 2026Q4 against near-zero provisions across most prior quarters, so the reserve signal is sparse and hard to read.
Provision expense is largely absent from the series, which appears consistent with a business where loss recognition runs through fair value rather than a traditional allowance for loan losses. The single recent provision charge may indicate a reassessment of specific exposures, but the data is insufficient to infer a credit cycle. Analysts should treat the provision line as an indicator of judgment changes rather than a conventional credit-cost trend.
Operating Leverage Turns Sharply Negative
Based on EDBL's reported figures, BUR's operating income moved from $169.3M in 2024Q3 to losses of $53.7M in 2025Q4 and $1.5B in 2026Q2, indicating high operating leverage to revenue timing.
The efficiency ratio is largely unavailable for most periods, so operating leverage must be inferred from the gap between revenue and operating income. The fixed cost base appears to absorb revenue troughs, amplifying losses when realizations stall. This pattern suggests earnings are highly sensitive to case outcomes relative to overhead.
Fee Income Share Fluctuates Widely
According to recent SEC filings, BUR's fee income share ranged from 5.0% in 2024Q1 to 145.5% in 2025Q1, with the figure exceeding 100% in several quarters, reflecting non-interest income dominance over a negative NII base.
Because NII is consistently negative, the fee share metric exceeds 100% in multiple periods and is not a conventional measure of diversification. Non-interest income is effectively the entire revenue base, which concentrates earnings quality in portfolio realizations. This dependency suggests investors should weigh the timing and recurrence of those gains heavily.
Net Income Quality Depends on Fair Value
Based on reported figures, BUR posted net income of $135.6M in 2024Q3 yet a net loss of $1.6B in 2026Q2, a swing that implies earnings are heavily influenced by non-cash fair value marks.
The strongest challenge to earnings quality is that reported profits may reflect unrealized fair value gains on Level 3 litigation assets that have not converted to cash. The 2026Q2 loss of roughly $1.6B against a modest revenue line indicates write-down risk is material. Investors should weigh realized cash returns more heavily than headline net income until conversion is demonstrated.