Jefferson Capital Reports Fourth Quarter and Full Year 2025 Results

Rhea-AI Summary

Jefferson Capital (NYSE: JCAP) reported record fourth-quarter and full-year 2025 results driven by strong collections, deployments and estimated remaining collections (ERC). Fourth-quarter collections rose 41% to $245.3M, revenue grew 30% to $154.8M, and ERC reached $3.38B. The board declared a $0.24 quarterly dividend payable April 2, 2026.

Leverage improved to 1.82x, adjusted pre-tax income increased 15% for the quarter to $51.1M, and the company completed a Bluestem portfolio purchase and a secondary equity offering in January 2026.

Positive

• Collections +41% Q/Q to $245.3 million
• ERC +23% to $3.38 billion
• Revenue +30% to $154.8 million
• Leverage improved to 1.82x from 2.72x
• Declared dividend $0.24 per share payable April 2, 2026

Negative

• Operating expenses +29.8% to $83.6 million
• Servicing and court costs increased materially driving expense growth
• Stock-based compensation $8.4 million added to salaries and benefits

Key Figures

Q4 2025 Collections: $245.3M Q4 2025 Revenue: $154.8M Q4 2025 EPS: $0.58 +5 more

8 metrics

Q4 2025 Collections $245.3M Record quarterly collections, up 41% vs Q4 2024

Q4 2025 Revenue $154.8M Record revenue, up 30% vs Q4 2024

Q4 2025 EPS $0.58 Net income of $37.7M in the quarter

Q4 2025 Adjusted EPS $0.69 Adjusted net income of $44.7M in the quarter

FY 2025 Collections $998.7M Full-year collections up 71% vs 2024

FY 2025 Revenue $613.3M Full-year revenue up 42% vs 2024

Leverage Ratio 1.82x Improved from 2.72x at December 31, 2024

Quarterly Dividend $0.24/share Cash dividend payable April 2, 2026

Market Reality Check

Price: $19.82 Vol: Volume 149,627 vs 20-day ...

low vol

$19.82 Last Close

Volume Volume 149,627 vs 20-day average 267,572, indicating lighter-than-typical trading interest ahead of and around the release. low

Technical Shares at $20.78 are trading above the 200-day MA of $19.40, keeping the longer-term trend constructive despite the -1% move today.

Peers on Argus

JCAP slipped 1% while peers were mixed: NAVI up 0.25%, ATLC down 1.41%, ECPG dow...

JCAP slipped 1% while peers were mixed: NAVI up 0.25%, ATLC down 1.41%, ECPG down 0.34%, EZPW down 0.34%, LX down 1.85%. The pattern points to a stock-specific reaction rather than a coordinated sector move.

Previous Earnings Reports

2 past events · Latest: Nov 13 (Positive)

Same Type Pattern 2 events

Date	Event	Sentiment	Move	Catalyst
Nov 13	Quarterly earnings	Positive	+6.6%	Strong Q3 2025 growth in collections, ERC, revenue and improved leverage.
Aug 14	Quarterly earnings	Positive	-1.3%	Q2 2025 showed sharp revenue, collections and income gains with high efficiency.

Pattern Detected

Earnings releases have been fundamentally strong but produced mixed stock reactions, with one positive and one negative move on prior quarterly reports.

Recent Company History

Over recent quarters, Jefferson Capital has repeatedly reported strong growth in collections, revenue and earnings. Q2 and Q3 2025 earnings highlighted double‑digit revenue growth, rising Estimated Remaining Collections near or above $2.9B, and improving leverage ratios alongside a consistent quarterly dividend of $0.24 per share. Today’s Q4 and full‑year 2025 report continues this theme with record collections, deployments and ERC, plus higher pre‑tax income and EPS, positioning the release as another step in the same growth trajectory.

Historical Comparison

+2.7% avg move · In the last two earnings releases, JCAP moved an average of 2.66% on the day after results. Today’s ...

earnings

+2.7%

Average Historical Move earnings

In the last two earnings releases, JCAP moved an average of 2.66% on the day after results. Today’s modest -1% move sits within that historical range despite another strong operational update.

Sequential 2025 earnings reports show sustained growth in collections, revenue, ERC and profitability, with leverage improving and a steady $0.24 quarterly dividend maintained.

Market Pulse Summary

This announcement details another period of strong expansion, with Q4 2025 collections reaching $245...

Analysis

This announcement details another period of strong expansion, with Q4 2025 collections reaching $245.3M, full‑year revenue of $613.3M, and leverage improving to 1.82x. The Bluestem and Conn’s portfolio contributions, higher ERC of about $3.38B, and a maintained $0.24 dividend reinforce a growth‑plus‑capital‑return story. Investors may watch future earnings for collection sustainability, deployment discipline and the impact of the enlarged float after recent secondary transactions.

Key Terms

estimated remaining collections, leverage ratio, revolving credit facility, non-gaap financial measures, +3 more

7 terms

estimated remaining collections financial

"we finished the year with record collections, deployments and estimated remaining collections, or ERC"

Estimated remaining collections is the amount of money a company expects to still receive from its customers for goods or services already provided. It helps investors understand how much income is still expected to come in from current sales, similar to predicting how much money is left to collect from a partially paid bill. This figure provides insight into the company's future cash flow and financial health.

leverage ratio financial

"Leverage ratio* improved to 1.82x as compared to 2.72x"

Leverage ratio measures how much a company relies on borrowed money compared with its own funds or assets, typically expressed as debt relative to equity or total assets. Like a homeowner with a mortgage, higher leverage can amplify returns when business is strong but also raises the chance of big losses or default if revenue falls, so investors use it to judge financial risk and resilience.

revolving credit facility financial

"completed an amendment of its Revolving Credit Facility (“RCF”) achieving a number of important funding structure objectives"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

non-gaap financial measures financial

"This press release contains references to non-GAAP financial measures, including Leverage, Adjusted Pre-Tax Income, Adjusted Net Income, and Adjusted EPS"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

adjusted eps financial

"Adjusted Net Income* of $44.7 million, and Adjusted EPS of $0.69"

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

senior unsecured debt financial

"The $300 million 2026 maturity was pre-funded with a $500 million unsecured debt offering in May 2025"

A senior unsecured debt is a loan or bond that a company must repay before other unsecured obligations but is not backed by specific assets as collateral. Think of it as being earlier in line for repayment, like a preferred ticket in a queue, but without a guarantee you’ll get property if the company fails; that priority reduces risk compared with junior debt and affects expected interest rates and recovery prospects for investors.

underwritten public offering financial

"announced the pricing of the underwritten public offering of 10,000,000 shares of common stock"

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

AI-generated analysis. Not financial advice.

Record Quarterly Collections Grow 41% to $245.3 Million and Record Deployments Grow 6% to $380.5 Million
Fourth Quarter Pre-tax Income up 50% to $44.1 Million with Net Income of $37.7 Million and EPS of $0.58
Fourth Quarter Adjusted Pre-tax Income up 15% to $51.1 Million with Adjusted Net Income of $44.7 Million and Adjusted EPS of $0.69
Board of Directors Declares Quarterly Cash Dividend of $0.24 per Share

MINNEAPOLIS, March 12, 2026 (GLOBE NEWSWIRE) -- Jefferson Capital, Inc. (“Jefferson Capital”), a leading analytically driven purchaser and manager of charged-off, insolvency and active consumer accounts, today announced its fourth quarter and full year 2025 financial results.

“We finished the year with record collections, deployments and estimated remaining collections, or ERC - exceptional performance across all key operating aspects of the business,” said David Burton, Chairman and Chief Executive Officer. “We feel confident in our momentum going into 2026 as we continue to focus on driving profitable growth and maximizing shareholder value.”

“The Bluestem portfolio purchase closed on December 4th, and we believe the transaction solidifies our leadership position as a strategic acquirer of a wide spectrum of dislocated consumer credit assets. We are pleased with portfolio performance to date and expect Bluestem to be a meaningful contributor to our financial results in 2026.”

“Following quarter end, we executed a follow-on equity offering, which reduced the ownership of J.C. Flowers to 53% and substantially increased our float and liquidity. The company repurchased $58.9 million of stock to support that transaction.”

Fourth Quarter 2025 Highlights (vs. Fourth Quarter 2024)

• Record collections grew 41% to $245.3 million
• Record deployments up 6% to $380.5 million
• Record ERC rose 23% reaching $3.4 billion
• Record revenue up 30% to $154.8 million
• Sector-leading Cash Efficiency Ratio of 71.0%
• Leverage ratio* improved to 1.82x as compared to 2.72x
• Pre-tax Income up 50% to $44.1 million with Net Income of $37.7 million and EPS of $0.58
• Adjusted Pre-tax Income* increased 15% to $51.1 million
• Adjusted Net Income* of $44.7 million, and Adjusted EPS of $0.69
  

Full Year 2025 Highlights (vs. Full Year 2024)

• Collections grew 71% to $998.7 million
• Deployments up 15% to $832.1 million
• Strong revenue growth of 42% to $613.3 million
• Sector-leading Cash Efficiency Ratio of 74.0%
• Net Operating Income up 44% to $316.5 million
• Pre-tax Income up 59% to $218.4 million
• Adjusted Pre-tax Income* up 44% to $233.1 million
  

Collections
The following table summarizes total collections by geographic area:

	Three Months Ended
	December 31,						Increase			%
(in Millions)	2025			2024			(Decrease)			Change
United States	$	186.4		$	131.8		$	54.6		41.4	%
Canada		30.6			21.8			8.8		40.4	%
United Kingdom		10.5			10.2			0.3		2.9	%
Latin America		17.8			10.5			7.3		69.5	%
Total Collections	$	245.3		$	174.3		$	71.0		40.7	%

• Collections from purchased receivables increased 40.7% or $70.9 million to $245.3 million during the fourth quarter of 2025 versus $174.3 million during the same quarter in 2024
• Collections in the United States included $36.3 million from the Conn’s portfolio purchase and $14.3 million from the Bluestem portfolio purchase which closed in the fourth quarter of 2025

Estimated Remaining Collections
The following table summarizes total ERC by geographic area:

	December 31,						Increase			%
(in Millions)	2025			2024			(Decrease)			Change
United States	$	2,530.7		$	2,114.0		$	416.7		19.7	%
Canada		392.2			266.1			126.0		47.4	%
United Kingdom		190.3			151.8			38.5		25.3	%
Latin America		266.7			212.6			54.1		25.5	%
Total	$	3,379.8		$	2,744.5		$	635.3		23.1	%

• ERC in the United States included $139.9 million from the Conn’s portfolio purchase and $295.6 million from the Bluestem portfolio purchase which closed December 4, 2025
  

Deployments
The following table summarizes the total deployments by geographic area:

	Three Months Ended
	December 31,						Increase				%
(in Millions)	2025			2024			(Decrease)				Change
United States	$	317.4		$	321.6		$	(4.2	)		(1.3	)%
Canada		32.2			20.6			11.6			56.6	%
United Kingdom		21.3			6.7			14.6			217.1	%
Latin America		9.6			9.0			0.6			6.9	%
Total Purchases	$	380.5		$	357.9		$	22.6			6.3	%

• The Company invested $380.5 million during the quarter to acquire receivable portfolios, up 6.3% compared to $357.9 million in the fourth quarter 2024
• $274.5 million of deployments locked in through forward flows at year end of which $224.8 million are for the next twelve months

Revenues

• Total revenues increased $35.8 million for the quarter, or 30.1%, to $154.8 million compared to $119.0 million for the fourth quarter 2024. The growth is primarily a result of strong deployments in prior periods and higher net yields.
  

Operating Expenses

• Total operating expenses increased $19.2 million, or 29.8% to $83.6 million compared to $64.4 million for the fourth quarter 2024 primarily due to increases of $10.0 million in servicing expenses due to increased collections, $8.2 million in court costs due to increased legal channel volume as well as $8.8 million in salaries and benefits driven by $8.4 million in non-cash stock-based compensation expense
  
• For the fourth quarter 2025, the Company recognized portfolio revenue of $15.5 million, servicing revenue of $1.3 million and net operating income of $10.7 million related to the Conn’s portfolio purchase
  
• For the fourth quarter 2025, the Company recognized portfolio revenue of $5.4 million and net operating income of $2.5 million related to the Bluestem portfolio purchase
  

Leverage, Liquidity and Capital Resources

• Leverage* improved to 1.82x at December 31, 2025 compared to 2.72x at December 31, 2024 as a result of strong growth in portfolio cashflow
• On October 27, 2025 Jefferson Capital completed an amendment of its Revolving Credit Facility (“RCF”) achieving a number of important funding structure objectives:
  • Increased commitments by $175 million to an aggregate amount of $1 billion
  • Extended maturity to October 27, 2030
  • Reduced pricing by 50 bps across the pricing grid, eliminated any credit spread adjustments and removed the SOFR floor
  • Reduced the non-use fee rate for unutilized commitments by 5 bps
  • Implemented a handful of ‘housekeeping’ borrower-friendly changes to reflect public company status
• At December 31, 2025, the Company had $232 million drawn under the RCF
• The $300 million 2026 maturity was pre-funded with a $500 million unsecured debt offering in May 2025, which paid down the RCF. The company has segregated $300 million of capacity to repay the maturity in May 2026
  

Dividend
The Board of Directors declared a quarterly cash dividend of $0.24 per share on its outstanding common stock, payable on April 2, 2026, to shareholders of record as of the close of business on March 24, 2026.

Recent Developments
On January 7, 2026, the Company announced the pricing of the underwritten public offering of 10,000,000 shares of common stock by certain of its existing stockholders at a price to the public of $20.50 per share. In addition, the underwriters purchased from the selling stockholders 1,500,000 additional shares of common stock at the public offering price, less underwriting discounts and commissions. The selling stockholders received all the net proceeds from this offering. As part of the secondary offering, the Company concurrently repurchased and retired 3,000,000 shares of its common stock from the underwriters at a per-share purchase price equal to the price payable by the underwriters to the selling stockholders in the offering. The offering and the concurrent share repurchase closed on January 9, 2026.

*Leverage Ratio, Adjusted Pre-Tax Income, Adjusted Net Income and Adjusted EPS are non-GAAP financial measures. For a reconciliation of historical Leverage, Adjusted Pre-Tax Income and Adjusted Net Income, to the most directly comparable U.S. GAAP financial measures, please refer to the “Non-GAAP Financial Measures” section of this press-release.

Webcast
A webcast to discuss the Company’s fourth quarter 2025 financial results is scheduled for today, March 12, 2026 at 5:00 p.m. ET. The live webcast and archived replay can be accessed in the investor relations section of the Company's website at https://investors.jcap.com/news-events/events.

Use of Non-GAAP Financial Measures
This press release contains references to non-GAAP financial measures, including Leverage, Adjusted Pre-Tax Income, Adjusted Net Income, and Adjusted EPS, which are financial measures that are not prepared in conformity with United States generally accepted accounting principles (U.S. GAAP). These non-GAAP measures are used by management as a supplemental measure, have certain limitations, and should not be construed as alternatives to financial measures determined in accordance with GAAP. Our management believes Leverage, Adjusted Pre-Tax Income, Adjusted Net Income and Adjusted EPS help us provide enhanced period-to-period comparability of operations and financial performance and are useful to investors as other companies in our industry report similar financial measures. The non-GAAP measures as defined by us may not be comparable to similar non-GAAP financial measures presented by other companies, which could limit such measures’ usefulness as comparative measures. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by other unusual or non-recurring items. Detailed reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables following this release.

About Jefferson Capital, Inc.
Founded in 2002, Jefferson Capital is an analytically driven purchaser and manager of charged-off, insolvency and active consumer accounts with operations in the United States, Canada, the United Kingdom and Latin America. It purchases and services both secured and unsecured assets, and its growing client base includes Fortune 500 creditors, banks, fintech origination platforms, telecommunications providers, credit card issuers and auto finance companies. Jefferson Capital is headquartered in Minneapolis, Minnesota with additional offices and operations located in Sartell, Minnesota, Denver, Colorado and San Antonio, Texas (United States); Basingstoke, England; London, England and Paisley, Scotland (United Kingdom); London, Ontario and Toronto, Ontario (Canada); as well as Bogota (Colombia).

Contacts:
Investor Relations
IR@jcap.com

Media Relations
Doug.Donsky@icrinc.com

Disclosure Regarding Forward Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and in the U.S. Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements concerning our anticipated financial performance, execution of our business strategies, the favorability of the investment environment, the benefits of the transaction with Bluestem, and our ability to continue paying quarterly cash dividends. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: a deterioration in the economic or inflationary environment in the United States, Canada, the United Kingdom or Latin America, including the interest rate environment; our ability to replace our portfolios of nonperforming loans with additional portfolios sufficient to operate efficiently and profitably; our ability to collect sufficient amounts on our nonperforming loans to fund our operations; the possibility that third parties we rely on to conduct collection and other activities fail to perform their services; the possibility that we could recognize significant decreases in our estimate of future recoveries on nonperforming loans; changes in, or interpretations of, federal, state, local, or international laws, including bankruptcy and collection laws, or changes in the administrative practices of various bankruptcy courts, which could negatively impact our business or our ability to collect on nonperforming loans; goodwill impairment charges that could negatively impact our net income and stockholders’ equity; our ability to comply with existing and new regulations of the collection industry, the failure of which could result in penalties, fines, litigation, damage to our reputation, or the suspension or termination of or required modification to our ability to conduct our business; adverse outcomes in pending or future litigation or administrative proceedings; the possibility that class action suits and other litigation could divert management’s attention and increase our expenses; investigations, reviews, or enforcement actions by governmental authorities, including the Consumer Financial Protection Bureau, which could result in changes to our business practices, negatively impact our deployment volume, make collection of account balances more difficult, or expose us to the risk of fines, penalties, restitution payments, and litigation; the possibility that compliance with complex and evolving international and United States laws and regulations that apply to our international operations could increase our cost of doing business in international jurisdictions; our ability to comply with data privacy regulations such as the General Data Protection Regulation; our ability to retain, expand, renegotiate or replace our credit facility and our ability to comply with the covenants under our financing arrangements; our ability to refinance our indebtedness; our ability to service our outstanding indebtedness; changes in interest or exchange rates, which could reduce our net income, and the possibility that future hedging strategies may not be successful; and the possibility that we could incur business or technology disruptions or cybersecurity incidents. These and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 to be filed with the SEC, and our other filings with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

FINANCIAL TABLES FOLLOW

Jefferson Capital, Inc. Combined and Consolidated Balance Sheets As of December 31, 2025 and 2024 (Amounts in Thousands)
	2025				2024
Assets
Cash and cash equivalents	$	23,231			$	35,506
Restricted cash		24,320				2,737
Accounts receivable		12,245				16,532
Other assets		16,273				14,390
Investments in receivables, net		1,928,742				1,497,748
Credit card receivables (net of allowance for		16,312				17,176
credit losses of $1,784 and $1,907)
Property, plant and equipment, net		1,695				2,274
Other intangible assets, net		6,541				10,237
Goodwill		58,014				57,683
Total Assets	$	2,087,373			$	1,654,283
Liabilities
Accounts payable and accrued expenses	$	95,208			$	69,975
Other liabilities		4,179				4,860
Current tax liabilities		855				—
Deferred tax liabilities		101,957				2,193
Notes payable, net		1,409,039				1,194,726
Total Liabilities	$	1,611,238			$	1,271,754
Stockholders' Equity
Common Stock par value $0.0001 per share; 330,000,000 shares and 0 shares authorized as of December 31, 2025 and December 31, 2024 and 58,298,923 and 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024	$	6			$	—
Additional paid-in capital		(49,549	)			—
Retained earnings		522,632				398,122
Accumulated other comprehensive income (loss)		3,046				(15,593	)
Total stockholders' equity	$	476,135			$	382,529
Total Liabilities and Stockholders' Equity	$	2,087,373			$	1,654,283

Jefferson Capital, Inc. Combined and Consolidated Statements of Operations and Comprehensive Income For the periods ended December 31, 2025 and 2024 (Amounts in Thousands, except Earnings Per Share amounts)
		(unaudited)
	For the Three Months Ended December 31,								For the Year Ended December 31,
	2025				2024				2025				2024				2023
Revenues
Total portfolio income	$	143,667			$	110,942			$	560,416			$	396,304			$	306,529
Changes in recoveries		331				(1,985	)			6,001				(419	)			(12,955	)
Total portfolio revenue		143,998				108,957				566,417				395,885				293,574
Credit card revenue		1,746				1,986				7,196				8,338				8,820
Servicing revenue		9,055				8,035				39,676				29,118				20,678
Total Revenues		154,799				118,978				613,289				433,341				323,072
Provision for credit losses		690				859				2,360				3,497				3,524
Operating Expenses
Salaries and benefits		20,993				12,140				64,584				48,112				36,527
Servicing expenses		53,253				35,015				187,201				130,889				101,696
Depreciation and amortization		1,047				930				5,254				2,608				2,372
Professional fees		3,288				5,465				18,641				11,396				6,833
Other selling, general and administrative		4,971				10,803				18,754				16,572				8,069
Total Operating Expenses		83,552				64,353				294,434				209,577				155,497
Net Operating Income		70,557				53,766				316,495				220,267				164,051
Other Income (Expense)
Interest expense		(28,599	)			(22,050	)			(105,784	)			(77,239	)			(48,108	)
Foreign exchange and other income (expense)		2,161				(2,292	)			7,725				(5,474	)			4,641
Total other expense		(26,438	)			(24,342	)			(98,059	)			(82,713	)			(43,467	)
Income Before Income Taxes		44,119				29,424				218,436				137,554				120,584
Provision for income taxes		(6,385	)			(2,469	)			(30,471	)			(8,663	)			(9,045	)
Net Income		37,734				26,955				187,965				128,891				111,539
Net income attributable to noncontrolling interest		—				—				—				—				(20	)
Net income attributable to Jefferson Capital, Inc.		37,734				26,955			$	187,965			$	128,891			$	111,519
Foreign currency translation gain / (loss)		5,728				(12,906	)			18,639				(13,951	)			8,261
Comprehensive Income	$	43,462			$	14,049			$	206,604			$	114,940			$	119,780
Earnings per share
Basic	$	0.58			$	—			$	5.64			$	—			$	—
Diluted		0.58				—				5.64				—				—
Weighted average common shares outstanding
Basic		58,271				—				30,015				—				—
Diluted		58,271				—				30,015				—				—

Jefferson Capital, Inc. Combined and Consolidated Statements of Cash Flows For the years ended December 31, 2025, 2024 and 2023 (Amounts in Thousands)
	2025				2024				2023
Cash flows from operating activities
Net income	$	187,965			$	128,891			$	111,539
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Depreciation and amortization		5,254				2,608				2,372
Amortization of debt issuance costs		6,223				4,253				2,911
Provision for credit losses		2,360				3,497				3,524
Stock-based compensation		17,224				—				—
Deferred income tax		21,465				(527	)			(754	)
Changes in assets and liabilities:
Other assets		(1,754	)			(435	)			(26,230	)
Accounts receivable		4,594				(7,326	)			17,861
Accounts payable and accrued expenses		25,482				37,248				8,996
Net cash provided by operating activities		268,813				168,209				120,219
Cash flows from investing activities
Purchases of receivables, net		(832,077	)			(723,253	)			(530,873	)
Purchases of credit card receivables		(26,703	)			(30,750	)			(35,434	)
Collections applied to investments in receivables, net		432,265				188,675				137,400
Collections applied to credit card receivables		25,657				29,174				32,319
Acquisition, net of cash acquired		—				—				(5,596	)
Purchases of property and equipment, net		(1,085	)			(6,211	)			(1,227	)
Net cash used in investing activities		(401,943	)			(542,365	)			(403,411	)
Cash flow from financing activities
Proceeds from notes payable		1,187,797				1,082,484				654,734
Payments on notes payable		(969,295	)			(650,398	)			(328,413	)
Payment of debt issuance costs		(15,348	)			(7,266	)			(5,898	)
Dividends paid to stockholders		(63,455	)			(36,000	)			(30,564	)
Proceeds from issuance of common stock		10,000				—				—
Net cash (used in) / provided by financing activities		149,699				388,820				289,859
Exchange rate effects on cash balances held in foreign currencies		(7,261	)			2,975				(1,220	)
Net (decrease) increase in cash and cash equivalents and restricted cash		9,308				17,639				5,447
Cash and cash equivalents and restricted cash, beginning of period		38,243				20,604				15,157
Cash and cash equivalents and restricted cash, end of period	$	47,551			$	38,243			$	20,604

Jefferson Capital, Inc. Supplemental Financial Information Reconciliation of Non-GAAP Metrics
Cash Efficiency Ratio
	Three Months Ended
	December 31,
($in Millions)	2025				2024
Collections	$	245.3			$	174.3
Credit card revenue		1.7				2.0
Servicing revenue		9.1				8.0
Cash Receipts (A)	$	256.1			$	184.3
Operating Expenses	$	83.6			$	64.4
Stock compensation		(8.4	)			(0.5	)
Canaccede exit incentive		(0.4	)			(7.7	)
Merger and acquisition and initial public offering expenses		(0.4	)			(4.5	)
Adjusted Operating Expenses (B)	$	74.4			$	51.7
Cash Efficiency Ratio (A-B) / A		71.0	%			71.9	%

Adjusted Pre-tax Income

	Three Months Ended
	December 31,
($in Millions)	2025				2024
Pre-tax Income	$	44.1			$	29.4
Foreign exchange and other income (expense)		(2.2	)			2.3
Stock Compensation		8.4				0.5
Canaccede exit incentive		0.4				7.7
Merger and acquisition and initial public offering expenses		0.4				4.5
Adjusted Pre-tax Income	$	51.1			$	44.4

Jefferson Capital, Inc. Supplemental Financial Information Reconciliation of Non-GAAP Metrics (Continued)
Adjusted Net Income and Adjusted EPS
	Three Months Ended								Increase			%
	December 31,								(Decrease)			Change
(in Millions, Except Adjusted EPS amounts)	2025				2024
Net Income	$	37.7			$	27.0		$	10.7			39.8	%
Foreign exchange and other income (expense)		(2.2	)			2.3			(4.5	)		(194.3	)
Stock compensation		8.4				0.5			7.9			1,574.6
Canaccede exit incentive		0.4				7.7			(7.3	)		—
Merger and acquisition and initial public offering expenses		0.4				4.5			(4.1	)		(91.0	)
Adjusted Net Income	$	44.7			$	42.0		$	2.7			6.5	%
Weighted average diluted common shares outstanding (in millions)		58.3
Expected vesting of non-vested restricted stock		6.3
Adjusted weighted average diluted common shares outstanding		64.6
Adjusted EPS	$	0.69

Leverage

	Trailing Twelve Months Ended
	December 31,
($in Millions)	2025				2024
Net cash provided by operating activities	$	268.8			$	168.2
Changes in prepaid expenses		(0.5	)			7.8
Changes in accounts payable and accrued expenses		(46.9	)			(36.7	)
Provision for credit losses		(2.4	)			(3.5	)
Foreign exchange and other income (expense)		(7.7	)			5.5
Cash interest paid		95.5				73.0
Provision for income taxes		30.5				8.7
Total portfolio revenue		(566.4	)			(395.9	)
Gross collections		998.7				584.5
Stock compensation		(7.9	)			4.5
Canaccede exit consideration		1.4				7.7
Merger and acquisition and initial public offering expenses		10.5				7.0
Adjusted Cash EBITDA (A)	$	773.6			$	430.8

	As of December 31,
	2025				2024
Borrowings, as reported	$	1,409.0			$	1,194.7
Unamortized issuance costs		22.5				13.4
Unrestricted cash		(23.2	)			(35.5	)
Net Debt (B)	$	1,408.4			$	1,172.6
Leverage (B / A)		1.82	x			2.72	x

FAQ

What were Jefferson Capital (JCAP) fourth-quarter 2025 collections and revenue?

Fourth-quarter 2025 collections were $245.3 million and revenue was $154.8 million. According to the company, collections grew 41% year-over-year and revenue rose 30% versus fourth-quarter 2024, driven by stronger deployments and higher net yields.

How did Jefferson Capital (JCAP) change its leverage and liquidity in 2025?

Leverage improved to 1.82x at December 31, 2025 from 2.72x a year earlier. According to the company, stronger portfolio cashflow and a revised revolving credit facility supported improved leverage and increased committed capacity.

What is Jefferson Capital's (JCAP) declared dividend and payment date?

The board declared a quarterly cash dividend of $0.24 per share, payable April 2, 2026. According to the company, shareholders of record as of March 24, 2026 will be eligible to receive the dividend.

What impact did the Bluestem and Conn's portfolio purchases have on JCAP results?

Bluestem and Conn's contributed material collections and ERC increases in Q4 2025. According to the company, Conn's added $36.3M of collections and Bluestem added $14.3M of collections, with significant ERC attribution to both portfolios.

Did Jefferson Capital (JCAP) complete any equity or share transactions in early 2026?

Yes. The company executed a secondary offering and repurchase in January 2026, reducing an owner's stake to 53% and repurchasing 3,000,000 shares. According to the company, selling stockholders received proceeds and the company retired repurchased shares.