Consumer Portfolio Services (CPSS) grows 2025 revenue while earnings and credit stay steady
Rhea-AI Filing Summary
Consumer Portfolio Services, Inc. reported solid but modestly improved results for 2025. For the fourth quarter of 2025, the company earned net income of $5.0 million, or $0.21 per diluted share, on total revenue of $109.4 million, up 3.9% from the prior-year quarter.
For the full year 2025, total revenue rose 10.4% to $434.5 million, driven mainly by interest income of $422.7 million, a 16% increase from 2024. Full-year net income was $19.3 million, or $0.80 per diluted share, slightly above $19.2 million in 2024.
Credit metrics remained relatively stable. Net charge-offs were 7.76% of the average portfolio for 2025, compared with 7.62% in 2024, while delinquencies over 30 days including repossession inventory were 14.77% of the portfolio at December 31, 2025, versus 14.85% a year earlier. Year-end receivables totaled $3.779 billion.
Positive
- None.
Negative
- None.
Insights
Revenue grew and portfolio expanded, but earnings and credit metrics were essentially flat.
Consumer Portfolio Services increased 2025 revenue to
The receivables portfolio reached
Funding remains heavily reliant on securitization trust debt of
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON DC 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
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Item 2.02. Results of Operations and Financial Condition.
On March 10, 2026, the registrant announced its earnings for the three-month and twelve-month periods ended December 31, 2025. A copy of the announcement is attached as an exhibit to this report. As noted in the announcement, the registrant will hold a conference call on Wednesday, 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.
Item 9.01. Financial Statements and Exhibits.
Neither financial statements nor pro forma financial information are filed with this report.
(d) Exhibits
One exhibit is included with this report:
| 99.1 | News release re earnings. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| CONSUMER PORTFOLIO SERVICES, INC. | |
| Dated: March 10, 2026 | By: /s/ Denesh Bharwani |
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Denesh Bharwani Executive Vice President and Chief Financial Officer Signing on behalf of the registrant |
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Exhibit 99.1
NEWS RELEASE
CPS ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 EARNINGS
| § | Interest income increased to $422.7 million for 2025, a 16% 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 (GlobeNewswire) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) today announced earnings of $5.0 million, or $0.21 per diluted share, for its fourth quarter ended December 31, 2025.
Total revenues for the fourth quarter of 2025 were $109.4 million, an increase of $4.1 million, or 3.9%, compared to $105.3 million for the fourth quarter of 2024. Total operating expenses for the fourth quarter of 2025 were $102.2 million compared to $98.0 million for the 2024 period. Pretax income for the fourth quarter of 2025 was $7.2 million, compared to $7.4 million in the fourth quarter of 2024.
For the twelve months ended December 31, 2025, total revenues were $434.5 million, an increase of approximately $41.0 million, or 10.4% compared to $393.5 million for the twelve months ended December 31, 2024. The $41.0 million increase in total revenue was attributable to a $58.7 million increase in interest income, offset by lower marks on the receivables measured at fair value in the current year when compared to the prior year. Total operating expenses for the twelve months ended December 31, 2025, were $406.5 million, compared to $366.1 million for the twelve months ended December 31, 2024. Pretax income for the twelve months ended December 31, 2025, was $28.0 million, compared to $27.4 million for the twelve months ended December 31, 2024. Net income for the twelve months ended December 31, 2025, increased to $19.3 million from $19.2 million for the twelve months ended December 31, 2024.
For the twelve months ended, CPS purchased $1.638 billion of new contracts compared to $1.682 billion during the same period in 2024. The Company's receivables totaled $3.779 billion as of December 31, 2025, an increase from $3.760 billion as of September 30, 2025, and an increase from $3.491 billion as of December 31, 2024.
Net charge-offs for the twelve months of 2025 were 7.76% of the average portfolio as compared to 7.62% for the same period in 2024. Delinquencies greater than 30 days (including repossession inventory) were 14.77% of the total portfolio as of December 31, 2025, as compared to 14.85% as of December 31, 2024.
“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.”
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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
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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 | ||||||||||||
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Consumer Portfolio Services, Inc. and Subsidiaries
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 | |||||
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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 | |||||||||||||||||||||||||||||
| $(3) | %(4) | $(3) | %(4) | $(3) | %(4) | $(3) | %(4) | |||||||||||||||||||||||||
| Interest income | $ | 108.24 | 11.5% | $ | 98.15 | 11.4% | $ | 422.70 | 11.4% | $ | 363.96 | 11.3% | ||||||||||||||||||||
| Mark to finance receivables measured at fair value | – | 0.0% | 5.00 | 0.6% | 6.50 | 0.2% | 21.00 | 0.7% | ||||||||||||||||||||||||
| Other income | 1.17 | 0.1% | 2.15 | 0.2% | 5.27 | 0.1% | 8.54 | 0.3% | ||||||||||||||||||||||||
| Interest expense | (59.30 | ) | -6.3% | (52.52 | ) | -6.1% | (232.02 | ) | -6.3% | (191.26 | ) | -6.0% | ||||||||||||||||||||
| Net interest margin | 50.11 | 5.3% | 52.78 | 6.1% | 202.45 | 5.5% | 202.25 | 6.3% | ||||||||||||||||||||||||
| Provision for credit losses | 0.46 | 0.0% | 0.73 | 0.1% | 2.93 | 0.1% | 5.31 | 0.2% | ||||||||||||||||||||||||
| Risk adjusted margin | 50.57 | 5.4% | 53.51 | 6.2% | 205.38 | 5.6% | 207.56 | 6.5% | ||||||||||||||||||||||||
| Other operating expenses (5) | (43.35 | ) | -4.6% | (46.16 | ) | -5.4% | (177.38 | ) | -4.8% | (180.13 | ) | -5.6% | ||||||||||||||||||||
| Pre-tax income | $ | 7.22 | 0.8% | $ | 7.35 | 0.9% | $ | 28.00 | 0.8% | $ | 27.43 | 0.9% | ||||||||||||||||||||
(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.
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FAQ
How did Consumer Portfolio Services (CPSS) perform in Q4 2025?
What were Consumer Portfolio Services’ full-year 2025 earnings and revenue?
How did CPSS’s credit quality metrics change in 2025?
What was the size of Consumer Portfolio Services’ receivables portfolio at year-end 2025?
How much in new contracts did CPSS purchase and securitize in 2025?
What did CPSS’s CEO say about 2025 results and outlook?
Filing Exhibits & Attachments
4 documents