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Credit services · Financial Services · Fiscal year ends Dec 31
Encore Capital reported revenue of $88M in the fiscal year ended Dec 2025, up 4.3% from the year before. Operating income was $627M, an operating margin of 709.0%, and net income was $257M. Operating cash flow of $153M less capital expenditure of $26M left free cash flow of $127M. Net debt was $3.9B.
Ranks among the 35 credit services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 121 | 94.9 | 83.1 | 84.8 | 88.4 |
| Operating income | 633 | 462 | 16.5 | 157 | 627 |
| Interest expense | 170 | 153 | 202 | 253 | 294 |
| Pre-tax income | 437 | 311 | −180 | −96.2 | 336 |
| Income tax | 85.3 | 116 | 26.2 | 43.0 | 79.3 |
| Net income | 351 | 195 | −206 | −139 | 257 |
| Diluted EPS | 11.26 | 7.46 | −8.72 | −5.83 | 10.91 |
| Diluted shares | 31.2 | 26.1 | 23.7 | 23.9 | 23.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 190 | 144 | 158 | 200 | 157 |
| Net PP&E | 120 | 114 | 104 | 80.6 | 82.1 |
| Goodwill | 898 | 821 | 606 | 508 | 536 |
| Total assets | 4,608 | 4,508 | 4,630 | 4,790 | 5,340 |
| Long-term debt | 3,056 | 2,941 | 3,359 | 3,710 | 4,033 |
| Total liabilities | 3,423 | 3,329 | 3,694 | 4,022 | 4,363 |
| Shareholders' equity | 1,185 | 1,180 | 937 | 767 | 977 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 303 | 211 | 153 | 156 | 153 |
| Capital expenditure | 33.4 | 37.2 | 24.8 | 29.0 | 26.3 |
| Free cash flow | 270 | 173 | 128 | 127 | 127 |
| Depreciation & amortisation | 50.1 | 46.4 | 41.7 | 32.4 | 28.8 |
| Stock-based compensation | 18.3 | 15.4 | 13.9 | 14.0 | 18.3 |
| Share buybacks | 391 | 87.0 | 0.0 | 0.0 | 90.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −21.4% | −12.4% | 2.0% | 4.3% |
| Operating income growth (YoY) | – | −27.0% | −96.4% | 851.5% | 298.3% |
| EPS growth (YoY) | – | −33.7% | −216.9% | – | – |
| Operating margin | 524.3% | 486.9% | 19.9% | 185.6% | 709.0% |
| Net margin | 290.4% | 205.0% | −248.4% | −164.2% | 290.6% |
| Return on equityBlank when equity is negative | 29.6% | 16.5% | −22.0% | −18.1% | 26.3% |
| Free cash flow margin | 223.3% | 182.7% | 154.2% | 150.0% | 143.6% |
| Cash conversion (CFO ÷ net income) | 0.86x | 1.08x | −0.74x | −1.12x | 0.60x |
| Interest cover | 3.73x | 3.01x | 0.08x | 0.62x | 2.13x |
| Debt ÷ equity | 2.58x | 2.49x | 3.59x | 4.83x | 4.13x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,866 | 2,797 | 3,200 | 3,510 | 3,877 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.