Revenue and profitability have collapsed, with total revenue swinging from $227.3M in 2024Q3 to -$1.6B in 2026Q2, reflecting extreme fair value volatility and a negative NIM of -1.1%.
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 | -162.46M | -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 % | -96.82% | -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 % | -3.8% | -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 | 162.46M | 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 | -29.89M | 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 | -1.37B | 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 % | 89.4% | 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 | -1.53B | 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 % | -520.55% | -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 | 109.38M | 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 | -7.14% | 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 | -1.47B | 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 % | 95.77% | 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 | -1.58B | 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 % | 103.25% | 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 | 6.34M | 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 % | -0.4% | 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 | -1.6B | 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 % | 104.31% | 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 % | -870.78% | -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) | -1.59B | 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) | -7.10 | 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 % | -84.98% | -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 | 225.09M | 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 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.
Key Metrics
Top Statement Risk
YPF concentration and revenue volatility
Metrics are mathematically derived from official filings.
Negative Carry on Litigation Assets
Burford's net interest income has been consistently negative, widening to -$48.0M in 2026Q2, reflecting the cost of funding long-duration legal assets, as reported in the latest quarterly data.
The negative NII is not a traditional bank's interest margin but rather the net cost of debt used to fund litigation portfolios. The trend from -$23.9M in 2023Q4 to -$48.0M in 2026Q2 indicates rising funding costs or increased leverage, which may compress returns if case resolutions do not accelerate. Investors should monitor the trajectory of funding costs relative to the expected yields on legal assets.
Negative NIM Reflects Asset Illiquidity
Burford's net interest margin has remained negative, at -1.1% in 2026Q2, indicating that funding costs exceed interest income on its balance sheet, a structural feature of its litigation finance model.
The negative NIM is atypical for a financial firm and underscores that Burford's profitability hinges on realized gains from case outcomes rather than recurring interest income. The slight widening of the negative NIM from -0.4% to -1.1% suggests a growing drag from debt costs, which may pressure overall returns if not offset by higher success fees. This metric should be viewed alongside the efficiency ratio, which has swung wildly due to revenue volatility.
Efficiency Ratio Distorted by Revenue Lumps
Burford's efficiency ratio has been highly volatile, ranging from -151.1% in 2024Q4 to 55.5% in 2025Q3, reflecting the lumpy nature of litigation revenue and fixed cost base, as per quarterly disclosures.
The efficiency ratio is not a reliable indicator of operational leverage for Burford because revenue is driven by unpredictable case resolutions. The negative ratio in 2024Q4 indicates that non-interest expenses exceeded total revenue, while the 55.5% in 2025Q3 suggests a more normalized cost structure. The fixed cost base, primarily compensation, means that periods with low realizations will show poor efficiency, but this may not reflect long-term cost discipline.
No Provision Expense, But Implicit Credit Risk
Burford reported zero provision for loan losses across all quarters, yet the negative revenue and net income in 2026Q2 suggest that fair value losses on litigation assets are effectively credit costs, as per financial statements.
The absence of a provision line is consistent with a model where losses are recognized through fair value adjustments rather than traditional loan loss provisioning. The -$1.6B non-interest income in 2026Q2 likely includes significant downward fair value adjustments, which serve as the equivalent of credit costs. This implies that the portfolio's performance is deteriorating or that management is marking down expectations, warranting close scrutiny of the underlying case valuations.
Fee Income Dominates, But Quality Varies
Non-interest income constitutes 100% of total revenue in most quarters, but its composition swings from $227.3M in 2024Q3 to -$1.6B in 2026Q2, indicating heavy reliance on volatile fair value gains, as reported.
The fee income line is not traditional asset management fees but includes realized and unrealized gains from litigation investments. The extreme volatility—from positive $227.3M to negative $1.6B—highlights the project-based nature of earnings and the subjectivity of fair value estimates. Investors should distinguish between cash realizations and non-cash mark-to-market movements, as the latter can obscure the underlying cash generation.
2026Q2 Marks a Sharp Downturn
The 2026Q2 quarter stands out with a -$1.6B total revenue and -$1.6B net income, a dramatic reversal from prior quarters, likely driven by fair value losses on major cases, as per the latest data.
This quarter represents a significant inflection point, as the company swung from a $135.6M net income in 2024Q3 to a massive loss. The negative revenue suggests that the portfolio's fair value declined substantially, possibly due to adverse case outcomes or changes in discount rates. This underscores the binary nature of litigation finance and the concentration risk in cases like YPF. The sustainability of the business model depends on whether this is a one-time markdown or a trend.
Earnings Quality Under Fair Value Scrutiny
Burford's earnings quality is questionable due to heavy reliance on Level 3 fair value estimates, with non-cash adjustments causing a -$1.6B revenue swing in 2026Q2, as per reported figures.
The transition to US GAAP has increased the prominence of fair value accounting, making reported earnings highly sensitive to management's subjective valuations of ongoing litigation. The sharp negative revenue in 2026Q2 may reflect conservative markdowns, but it also raises concerns about the reliability of prior period gains. Investors should adjust for non-cash fair value movements to assess cash-on-cash returns, and monitor the realization of YPF and other large cases to validate the portfolio's true worth.