10-K · March 12, 2026
Atlanticus completed the Mercury acquisition (≈$166.5M cash) which added ~1.3 million accounts and ~$3.2 billion of gross credit card receivables, driving a sharp revenue and free cash flow increase in 2025. Revenue…
Earnings analysis · 10-Q
ATLC earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Atlanticus reported significant revenue growth driven by its acquisition of Mercury. Total revenue for Q1 2026 stood at $679.5 million, a substantial increase compared to $344.9 million in Q1 2025, reflecting increased…
Read full summary
Atlanticus reported significant revenue growth driven by its acquisition of Mercury. Total revenue for Q1 2026 stood at $679.5 million, a substantial increase compared to $344.9 million in Q1 2025, reflecting increased receivables due to Mercury's integration. However, increased interest expenses and changes in fair value indicate ongoing challenges in sustaining profitability amid rising costs.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.67
- Segment
- CaaS Segment
- Segment
- Auto Finance Segment
What stood out
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Substantial Revenue Growth
Total operating revenue increased to $679.5 million in Q1 2026 from $344.9 million in Q1 2025, a rise of 96.8%.
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EPS Growth
Diluted EPS rose to $1.67 in Q1 2026 compared to $1.07 in Q1 2025.
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Significant Increase in Receivables
Total managed receivables reached $6.72 billion by March 31, 2026, up from $2.71 billion a year earlier.
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Improved Cash Flow
Operating cash flow improved to $286.3 million in Q1 2026 from $131.6 million in Q1 2025.
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Strategic Mercury Acquisition Benefits
The acquisition added $3.08 billion in receivables as of March 31, 2026, enhancing revenue streams.
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Net Income Growth
Net income attributable to common shareholders increased to $41.87 million in Q1 2026, up from $27.95 million in Q1 2025.
What to watch
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Increasing Interest Expense
Interest expense grew by $75.2 million year-over-year, now totaling $122.8 million due to new borrowings and increased costs.
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Challenges in Managing Delinquency Rates
The net charge-offs rose to $406.4 million in Q1 2026 from $233.5 million in Q1 2025, raising concerns about credit quality.
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Fair Value Changes
Losses in changes in fair value of loans increased to $365.5 million in Q1 2026 from $178.3 million in Q1 2025, indicating potential risk in asset valuation.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · May 8, 2025
Atlanticus reported Q1 2025 total operating revenue of $344,873,000, up $54,699,000 (+18.9%) versus Q1 2024, and diluted EPS of $1.49, up $0.40 (+36.7%) year-over-year. Profitability expanded with a net margin of…
10-K · March 13, 2025
Atlanticus positions itself as a fintech program manager that leverages data, analytics and machine learning to enable private-label and general-purpose credit for underserved consumers. The filing highlights scale —…
10-Q · August 8, 2024
Atlanticus reported Q2 total revenue of $316,023,000, up $25,185,000 (8.7%) versus Q2 2023, while diluted EPS was $0.99, down $0.03 from $1.02 a year ago. Operating income (income before taxes) decreased to $28,603,000…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.