BUR earnings analysis
What we found in BUR'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
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- EPS Declines to -7.45
- Diluted earnings per share fell to -$7.45 in Q1 2026, compared to $0.14 in Q1 2025.
- Cash Position Improved by 24%
- Cash and cash equivalents increased to $702.6 million, up 24% from $566.4 million at year-end 2025.
- 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.
- 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.
- Operational Cash Flow Decline
- Operating cash flow was -$136.6 million in Q1 2026, contrasting with $155.2 million in the prior year.
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.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-7.45
- Segment
- Principal Finance
- Segment
- Asset Management and Other Services
What they said about what is next.
Management anticipates continued volatility in capital provision income due to broader economic uncertainties and has deferred specific numeric guidance.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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