ATLC earnings analysis
What we found in ATLC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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%.
- EPS Growth
- Diluted EPS rose to $1.67 in Q1 2026 compared to $1.07 in Q1 2025.
- Significant Increase in Receivables
- Total managed receivables reached $6.72 billion by March 31, 2026, up from $2.71 billion a year earlier.
- Improved Cash Flow
- Operating cash flow improved to $286.3 million in Q1 2026 from $131.6 million in Q1 2025.
- Strategic Mercury Acquisition Benefits
- The acquisition added $3.08 billion in receivables as of March 31, 2026, enhancing revenue streams.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.67
- Segment
- CaaS Segment
- Segment
- Auto Finance Segment
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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