10-K · February 26, 2026
Burford describes itself as a specialist legal finance business operating two reportable segments — Principal Finance and Asset Management and Other Services — deploying capital into litigation-related assets and…
Earnings analysis · 10-Q
BUR earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
Burford Capital Limited reported a significant decrease in total revenues and an increased net loss for Q1 2026, primarily driven by the YPF Judgment Reversal, which led to a capital provision loss of $2.5 billion.…
Read full summary
Burford Capital Limited reported a significant decrease in total revenues and an increased net loss for Q1 2026, primarily driven by the YPF Judgment Reversal, which led to a capital provision loss of $2.5 billion. Management highlights a challenging operating environment influenced by geopolitical tensions while also indicating capital provision assets have seen a notable decline, prompting strategic adjustments going forward.
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
- $-7.45
- Segment
- Principal Finance
- Segment
- Asset Management and Other Services
What stood out
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Revenue Drop of 1.7 Billion
Total revenues plunged to -$1.7 billion in Q1 2026, down from $118.9 million in Q1 2025, primarily due to the YPF Judgment Reversal.
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EPS Declines to -7.45
Diluted earnings per share fell to -$7.45 in Q1 2026, compared to $0.14 in Q1 2025.
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Cash Position Improved by 24%
Cash and cash equivalents increased to $702.6 million, up 24% from $566.4 million at year-end 2025.
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Operating Expenses Reduced by 191 Million
Total operating expenses decreased to $150.1 million, down from $41.1 million, with significant contribution from reduced incentives.
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Capital Provision Decrease of 44%
Capital provision assets decreased to $3.1 billion, down 44% reflecting the impact of the YPF-related assets' fair value adjustment.
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Operational Cash Flow Decline
Operating cash flow was -$136.6 million in Q1 2026, contrasting with $155.2 million in the prior year.
What to watch
-
YPF Judgment Reversal Risks
The reversal of the YPF judgment led to a massive capital loss, significantly impacting fair value and leading to a loss of $2.5 billion in capital provision income.
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Declining Capital Provision Income
Capital provision income fell sharply, totaling -$2.5 billion in 2026 versus a positive $131.5 million in 2025, due to valuation adjustments.
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Ongoing Cash Flow Challenges
The company experienced a severe drop in cash receipts, which were down 65% to $89.8 million, raising concerns about future liquidity.
Management's outlook
Management anticipates continued volatility in capital provision income due to broader economic uncertainties and has deferred specific numeric guidance.
Earlier filings 3
10-Q · November 5, 2025
Burford reported a weak Q3: revenue fell to $69,803,000 (from $249,114,000 a year ago) and diluted EPS was ($0.09) vs $0.61 in Q3 2024, driven by a sharp drop in capital provision income. Operating income declined to…
10-Q · August 7, 2025
Burford reported a strong quarter with revenue of $191.286M and diluted EPS of $0.39, both materially higher than the year-ago quarter. Operating income was $142.221M (operating margin ~74.4%), driven by capital…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.