CPS Announces Fourth Quarter and Full Year 2025 Earnings
Rhea-AI Summary
Consumer Portfolio Services (Nasdaq: CPSS) reported fourth-quarter 2025 net income of $4.98 million ($0.21 diluted) and full-year 2025 net income of $19.33 million ($0.80 diluted). Total revenues for 2025 were $434.5 million, up 10.4% year-over-year, driven by interest income of $422.7 million (up 16%). The company purchased $1.638 billion of new contracts in 2025 and reported a total portfolio balance of $3.779 billion as of December 31, 2025. Operating expenses rose to $406.5 million, and annualized net charge-offs were 7.76% of average portfolio for 2025.
Positive
- Total revenue +10.4% YoY to $434.5M for 2025
- Interest income +16% YoY to $422.7M, primary revenue driver
- Record annual revenue and portfolio increased to $3.779B at year-end
Negative
- Operating expenses +11.1% YoY to $406.5M for 2025
- Annualized net charge-offs 7.76% of average portfolio, indicating credit loss pressure
News Market Reaction – CPSS
In the Mar 11 session, CPSS declined 2.07%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 10 | Q3 2025 earnings | Positive | -8.3% | Revenue grew to $108.4M but stock fell despite steady net income. |
| Aug 11 | Q2 2025 earnings | Positive | +0.4% | Strong revenue growth of 14.5% and higher net income supported a small gain. |
| May 12 | Q1 2025 earnings | Positive | +0.5% | Revenue up 16.6% and record $3.615B portfolio led to a mild rise. |
| Feb 25 | FY 2024 earnings | Neutral | -1.3% | Record $393.5M revenue but higher expenses and credit losses weighed on shares. |
| Oct 31 | Q3 2024 earnings | Neutral | +0.0% | Revenue and portfolio grew, but margin pressure kept the reaction flat. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have produced modest, slightly negative average moves of -1.74%, with occasional sharp downside despite fundamentally improving revenues and portfolio size.
Over the past year, CPS has reported steadily growing revenues and portfolio balances. Q1–Q3 2025 earnings showed rising revenues (e.g., Q1 revenue up 16.6% to $106.9 million) with net income around $4.7–4.9 million per quarter and record portfolio levels above $3.6 billion. However, higher operating expenses and elevated delinquencies and charge-offs have tempered investor responses. The latest 2025 Q4 and full-year report extends this pattern with record full-year revenue of $434.5 million and stable net income of $19.3 million, fitting the trajectory of growth balanced by credit and cost pressures.
Key Terms
securitization financial
asset-backed notes financial
over-collateralization financial
residual interests financial
subordinated renewable notes financial
provision for credit losses financial
forward-looking statements regulatory
delinquencies financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Interest income increased to
$422.7 million for 2025, a16% increase from prior year - New contract purchases of
$1.638 billion for the full year 2025 - Net income of
$19.3 million , or$0.80 per diluted share for 2025
LAS VEGAS, NV, March 10, 2026 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) today announced earnings of
Total revenues for the fourth quarter of 2025 were
For the twelve months ended December 31, 2025, total revenues were
For the twelve months ended, CPS purchased
Net charge-offs for the twelve months of 2025 were
“We finished 2025 with the highest recorded revenue in company history,” said Charles E. Bradley, Chief Executive Officer. “After a strong year of origination volume and improvements in operating efficiencies, we are well positioned going into 2026.”
Conference Call
CPS announced that it will hold a conference call on March 11, 2026, at 1:00 p.m. ET to discuss its fourth quarter 2025 operating results.
Those wishing to participate can pre-register for the conference call at the following link https://register-conf.media-server.com/register/BI939b54a85b184d6b8c4cb82440102b17. Registered participants will receive an email containing conference call details for dial-in options. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the schedule start time. A replay will be available beginning two hours after conclusion of the call for 12 months via the Company’s website at https://ir.consumerportfolio.com/investor-relations.
About Consumer Portfolio Services, Inc.
Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the contracts over their lives.
Forward-looking statements in this news release include the Company's recorded figures representing allowances for remaining expected lifetime credit losses, its estimates of fair value (most significantly for its receivables accounted for at fair value), its provision for credit losses, its entries offsetting the preceding, and figures derived from any of the preceding. In each case, such figures are forward-looking statements because they are dependent on the Company’s estimates of losses to be incurred in the future. The accuracy of such estimates may be adversely affected by various factors, which include the following: possible increased delinquencies; repossessions and losses on retail installment contracts; incorrect prepayment speed and/or discount rate assumptions; possible unavailability of qualified personnel, which could adversely affect the Company’s ability to service its portfolio; possible increases in the rate of consumer bankruptcy filings, which could adversely affect the Company’s rights to collect payments from its portfolio; other changes in government regulations affecting consumer credit; possible declines in the market price for used vehicles, which could adversely affect the Company’s realization upon repossessed vehicles; and economic conditions in geographic areas in which the Company's business is concentrated. Any or all of such factors also may affect the Company’s future financial results, as to which there can be no assurance. Any implication that the results of the most recently completed quarter are indicative of future results is disclaimed, and the reader should draw no such inference. Factors such as those identified above in relation to losses to be incurred in the future may affect future performance.
Investor Relations Contact
Danny Bharwani, Chief Financial Officer
949-753-6811
| Consumer Portfolio Services, Inc. and Subsidiaries | ||||||||||||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
| Three months ended | Twelve months ended | |||||||||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||
| Interest income | $ | 108,236 | $ | 98,150 | $ | 422,698 | $ | 363,962 | ||||||||||||||||||
| Mark to finance receivables measured at fair value | - | 5,000 | 6,500 | 21,000 | ||||||||||||||||||||||
| Other income | 1,174 | 2,153 | 5,272 | 8,544 | ||||||||||||||||||||||
| 109,410 | 105,303 | 434,470 | 393,506 | |||||||||||||||||||||||
| Expenses: | ||||||||||||||||||||||||||
| Employee costs | 23,509 | 23,889 | 95,369 | 96,192 | ||||||||||||||||||||||
| General and administrative | 12,723 | 14,422 | 52,870 | 54,710 | ||||||||||||||||||||||
| Interest | 59,304 | 52,522 | 232,024 | 191,257 | ||||||||||||||||||||||
| Provision for credit losses | (462 | ) | (728 | ) | (2,934 | ) | (5,307 | ) | ||||||||||||||||||
| Other expenses | 7,119 | 7,847 | 29,138 | 29,223 | ||||||||||||||||||||||
| 102,193 | 97,952 | 406,467 | 366,075 | |||||||||||||||||||||||
| Income before income taxes | 7,217 | 7,351 | 28,003 | 27,431 | ||||||||||||||||||||||
| Income tax expense | 2,236 | 2,206 | 8,678 | 8,228 | ||||||||||||||||||||||
| Net income | $ | 4,981 | $ | 5,145 | $ | 19,325 | $ | 19,203 | ||||||||||||||||||
| Earnings per share: | ||||||||||||||||||||||||||
| Basic | $ | 0.23 | $ | 0.24 | $ | 0.88 | $ | 0.90 | ||||||||||||||||||
| Diluted | $ | 0.21 | $ | 0.21 | $ | 0.80 | $ | 0.79 | ||||||||||||||||||
| Number of shares used in computing earnings | ||||||||||||||||||||||||||
| per share: | ||||||||||||||||||||||||||
| Basic | 21,998 | 21,412 | 21,889 | 21,292 | ||||||||||||||||||||||
| Diluted | 23,764 | 24,274 | 24,081 | 24,325 | ||||||||||||||||||||||
| Condensed Consolidated Balance Sheets | |||||||||
| (In thousands) | |||||||||
| (Unaudited) | |||||||||
| December 31, | December 31, | ||||||||
| 2025 | 2024 | ||||||||
| Assets: | |||||||||
| Cash and cash equivalents | $ | 6,322 | $ | 11,713 | |||||
| Restricted cash and equivalents | 165,885 | 125,684 | |||||||
| Finance receivables measured at fair value | 3,655,855 | 3,313,767 | |||||||
| Finance receivables, net | 520 | 4,987 | |||||||
| Other assets | 29,611 | 37,717 | |||||||
| $ | 3,858,193 | $ | 3,493,868 | ||||||
| Liabilities and Shareholders' Equity: | |||||||||
| Accounts payable and accrued expenses | $ | 65,244 | $ | 70,151 | |||||
| Warehouse lines of credit | 324,871 | 410,898 | |||||||
| Residual interest financing | 142,982 | 99,176 | |||||||
| Securitization trust debt | 2,986,574 | 2,594,384 | |||||||
| Subordinated renewable notes | 28,986 | 26,489 | |||||||
| 3,548,657 | 3,201,098 | ||||||||
| Shareholders' equity | 309,536 | 292,770 | |||||||
| $ | 3,858,193 | $ | 3,493,868 | ||||||
| Operating and Performance Data ($ in millions) | |||||||||||||||||
| At and for the | At and for the | ||||||||||||||||
| Three months ended | Twelve months ended | ||||||||||||||||
| December 31, | December 31, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Contracts purchased | $ | 363.03 | $ | 457.81 | $ | 1,638.33 | $ | 1,681.94 | |||||||||
| Contracts securitized | $ | 392.46 | $ | 436.00 | 1,727.78 | 1,533.85 | |||||||||||
| Total portfolio balance (1) | $ | 3,778.65 | $ | 3,490.96 | $ | 3,778.65 | $ | 3,490.96 | |||||||||
| Average portfolio balance (1) | $ | 3,774.26 | $ | 3,445.52 | 3,693.80 | 3,209.99 | |||||||||||
| Delinquencies (1) | |||||||||||||||||
| 31+ Days | 11.83 | % | 12.11 | % | |||||||||||||
| Repossession Inventory | 2.94 | % | 2.74 | % | |||||||||||||
| Total Delinquencies and Repo. Inventory | 14.77 | % | 14.85 | % | |||||||||||||
| Annualized Net Charge-offs as % of Average Portfolio (1) | 8.04 | % | 8.02 | % | 7.76 | % | 7.62 | % | |||||||||
| Recovery rates (1), (2) | 28.5 | % | 27.2 | % | 28.8 | % | 30.1 | % | |||||||||
| For the | For the | |||||||||||||||||||
| Three months ended | Twelve months ended | |||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| % (4) | % (4) | % (4) | % (4) | |||||||||||||||||
| Interest income | $ | 108.24 | $ | 98.15 | $ | 422.70 | $ | 363.96 | ||||||||||||
| Mark to finance receivables measured at fair value | - | 5.00 | 6.50 | 21.00 | ||||||||||||||||
| Other income | 1.17 | 2.15 | 5.27 | 8.54 | ||||||||||||||||
| Interest expense | (59.30 | ) | - | (52.52 | ) | - | (232.02 | ) | - | (191.26 | ) | - | ||||||||
| Net interest margin | 50.11 | 52.78 | 202.45 | 202.25 | ||||||||||||||||
| Provision for credit losses | 0.46 | 0.73 | 2.93 | 5.31 | ||||||||||||||||
| Risk adjusted margin | 50.57 | 53.51 | 205.38 | 207.56 | ||||||||||||||||
| Other operating expenses (5) | (43.35 | ) | - | (46.16 | ) | - | (177.38 | ) | - | (180.13 | ) | - | ||||||||
| Pre-tax income | $ | 7.22 | $ | 7.35 | $ | 28.00 | $ | 27.43 | ||||||||||||
| (1) Excludes third party portfolios. | ||||||||||||||||||||
| (2) Wholesale auction liquidation amounts (net of expenses) as a percentage of the account balance at the time of sale. | ||||||||||||||||||||
| (3) Numbers may not add due to rounding. | ||||||||||||||||||||
| (4) Annualized percentage of the average portfolio balance. Percentages may not add due to rounding. | ||||||||||||||||||||
| (5) Total pre-tax expenses less provision for credit losses and interest expense. | ||||||||||||||||||||
