Revenue volatility is extreme, evidenced by a swing from $227.3 million in 2024Q3 to just $5.9 million in 2025Q4, which directly caused gross margins to collapse from 85.4% to -5.8% over the same period.
| Metric | 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 |
|---|
| Sales/Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 193.77M | 341.23M | 1.06B | 195.62M | 51.67M | 311.83M | 316.4M | 315.81M | 265.46M | 110.75M | 0 | 0 | 48.09M | 47.54M | 24.97M |
| Gross Margin % | 57.02% | 72.26% | 98.47% | 72.29% | 47.79% | 98.47% | 96.57% | 81.47% | 83.19% | 73.94% | - | - | 82.08% | 100% | 100% |
| Gross Profit Growth % | -43.21% | -67.88% | 443.08% | 278.6% | -83.43% | -1.44% | 0.19% | 18.97% | 139.7% | - | - | -100% | 1.14% | 90.4% | - |
| Operating Expenses | 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 |
| OpEx % of Revenue | 32.29% | 18.56% | 22.87% | 32% | 45.21% | 34.12% | 31.17% | 21.29% | 21.91% | 30.53% | 100% | 100% | 49.04% | 40.67% | 36.35% |
| Selling, General & Admin | 53.01M | 31.83M | 254.74M | 37.93M | 46.69M | 99.34M | 9.6M | 415K | 348K | 315K | 348K | 381K | 359K | 335K | 8.64M |
| SG&A % of Revenue | 15.6% | 6.74% | 23.61% | 14.01% | 43.18% | 31.37% | 2.93% | 0.11% | 0.11% | 0.21% | 0.37% | 0.49% | 0.61% | 0.7% | 34.61% |
| Research & Development | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 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 % | 24.73% | 53.7% | 75.6% | 40.28% | 2.58% | 65.88% | 68.83% | 88.34% | 85.45% | 78.57% | - | - | 3.66% | 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% | - |
| EBITDA | 84.03M | 253.59M | 829.2M | 113.38M | 5.98M | 219.32M | 238.13M | 352.56M | 284.84M | 118.26M | 0 | 0 | 13.59M | 28.1M | 15.89M |
| EBITDA Margin % | 24.73% | 53.7% | 76.86% | 41.9% | 5.53% | 69.26% | 72.68% | 90.95% | 89.26% | 78.96% | - | - | 23.19% | 59.11% | 63.65% |
| EBITDA Growth % | -66.86% | -69.42% | 631.35% | 1795.34% | -97.27% | -7.9% | -32.46% | 23.78% | 140.86% | - | - | -100% | -51.66% | 76.82% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 13.54M | 4.36M | 3.19M | 10.69M | 12.6M | 10.11M | 12.15M | 578K | 241K | 9.72M | 11.44M | 11.14M | 0 |
| EBIT | 84.03M | 253.59M | 807.65M | 109.02M | 2.79M | 208.24M | -12.6M | 345.11M | 271.79M | 123.86M | -241K | -9.72M | -11.44M | -11.14M | 0 |
| Net Interest Income | -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 |
| Interest Income | 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 | 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 |
| Other Income/Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 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 % | 24.73% | 53.7% | 68.43% | 40.28% | 2.58% | 65.88% | 68.83% | 78.71% | 78.09% | 69.47% | 72.14% | 60.29% | 3.66% | 35.53% | 63.65% |
| Income Tax | 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 % | 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 | 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 % | 18.41% | 31.02% | 56.59% | 11.27% | -26.59% | 45.24% | 64.74% | 81.93% | 78.13% | 72.69% | 69.8% | 59.41% | 4.55% | 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) | 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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 679.71M | 837.4M | 916.92M | 644.49M | 412.14M | 260.35M | 0 | 0 | 0 | 0 | -138K | -138K | 1K | 0 | 0 |
| 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 | 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 |
| Basic Shares Outstanding | 219.15M | 219.23M | 222.82M | 218.58M | 219.05M | 218.92M | 218.65M | 210.78M | 208.24M | 204.73M | 208.24M | 208.24M | 204.55M | 181.27M | 180M |
| Dividend Payout Ratio | 43.77% | 18.66% | 4.5% | 90.69% | - | - | 13.4% | 7.74% | 7.96% | 15.67% | 23.64% | 30.57% | 372.42% | 37.91% | 41.45% |
Lumpy litigation settlement timing
As evidenced by the quarterly income statement data, Burford's revenue exhibits extreme volatility, swinging from a high of $227.3 million in 2024Q3 to a low of $5.9 million in 2025Q4, illustrating the inherent unpredictability of relying on the timing of major legal settlements for top-line growth.
The revenue trajectory is fundamentally tied to the resolution of idiosyncratic litigation rather than recurring operational demand. This lumpy profile suggests that investors should avoid extrapolating short-term revenue trends, as the business model is structurally dependent on the binary outcomes of complex, multi-year legal proceedings.
According to the provided financial data, gross margins have fluctuated wildly, ranging from a peak of 85.4% in 2024Q3 to a negative 62.3% in 2024Q4, which highlights the high sensitivity of profitability to the success or failure of individual high-stakes litigation investments.
The wide variance in gross margins indicates that the company's profitability is not a function of operational efficiency but rather the net outcome of its legal portfolio. Investors should monitor whether the recent margin compression in late 2025 represents a structural shift in underwriting quality or merely a temporary period of unfavorable case resolutions.
Based on reported figures, Burford's operating income has demonstrated significant instability, swinging from a $169.3 million profit in 2024Q3 to a $53.7 million loss in 2025Q4, suggesting that the company's fixed cost base provides little protection during periods of low litigation realization activity.
While SG&A expenses have remained relatively contained, the lack of consistent revenue makes it difficult to assess true operating leverage. The data suggests that the company's cost structure is not sufficiently flexible to offset the sharp declines in revenue, leading to significant operating losses when major case wins are absent.
As reported in financial statements, the company's net income is highly susceptible to non-cash fair value adjustments, as evidenced by the sharp transition from a $135.6 million profit in 2024Q3 to a $37.5 million loss in 2025Q4, complicating the assessment of underlying cash-on-cash profitability.
The reliance on fair value accounting for ongoing litigation creates a disconnect between reported earnings and actual cash generation. Analysts should exercise caution, as these subjective valuations can mask the underlying performance of the portfolio and may not accurately reflect the ultimate cash recovery potential of the legal assets.
Analysis of the income statement history suggests that Burford's financial performance is overly tethered to a small number of mega-cases, such as the YPF litigation, which creates a binary risk profile that could lead to sustained earnings pressure if major legal outcomes turn unfavorable.
The extreme swings in quarterly net income indicate that the company's valuation is highly sensitive to single-case outcomes rather than a diversified portfolio of smaller claims. This concentration risk warrants further investigation, as it suggests that the company's long-term viability may be more fragile than a traditional asset management firm.
Quick answers to the most common questions about buying BUR stock.
Burford Capital Limited (BUR) is profitable, generating $62.6M in net income for the fiscal year ending 2025 with a net profit margin of 18.4%.
Burford Capital Limited (BUR) reported an operating income of $84.0M, resulting in an operating profit margin of 24.7%. 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 57.0%. This demonstrates the company's core pricing power and production efficiency.