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Burford Capital (BUR) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Burford Capital (BUR) Q3 2026 earnings results →
Q3 2026 Revenue up 110% year over year to $147M · 16¢ of every $1 of revenue kept as net profit · operating margin 66.6%
Burford Capital made $147M in Q3 2026 (+110% Y/Y). Operating margin 66.6%, net earnings $23.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $146.9M in Q3 2026, up 110% year over year and up 33% from the previous quarter.
Operating profit was $97.8M, a 66.6% margin (up 31.1 points year over year). Of the extra revenue versus Q3 2025, 95% reached operating profit, above the 36% margin then. Total costs grew 9% against revenue growth of 110%. The fastest-growing cost line was Other operating costs (+16%). Net earnings were $23.4M. The effective tax rate was 20.6%.
Operating cash flow was −$127.0M. Non-cash charges added back $2.9M of share-based compensation. Working capital and other items used $164.1M. Capital expenditures of $4K exceeded it, leaving free cash flow of −$127.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $147M | +110% | 66.6% | $23.4M | −$127M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $111M | -42% | 57.1% | $2.2M | $52.0M |
| Q4 2025 | 10-K | Feb 26, 2026 | $33.4M | -64% | -37.9% | −$49.6M | −$79.9M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $69.8M | -72% | 35.5% | −$20.3M | −$20.1M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $191M | +20% | 74.3% | $88.3M | −$84.2M |
| Q1 2025 | 10-Q | May 7, 2025 | $119M | +168% | 65.4% | $30.9M | $155M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Burford Capital
Burford is the world’s largest dedicated provider of capital, based on portfolio size, against the underlying value of litigation and legal assets, which we colloquially call legal finance. We are a global firm that serves the legal industry by providing an array of financial products and services. Our largest business is providing capital to clients engaged in ongoing legal disputes, which they can use both to pay the legal fees and expenses associated with disputes and to monetize the expected future value of disputes. Our focus is on large, complex disputes, not on small-scale litigation typically pursued by consumers or small businesses. We rarely engage in transactions in which we are providing less than $5.0 million in capital, and we frequently provide multiples of that amount up to hundreds of millions of dollars.
In its own words, from its 10-K, filed Feb 26, 2026.
Burford Capital against its Finance Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +110% against the peers' median +18%. Operating margin: 66.6% against the peers' median 15.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| BUR Burford Capital | Q3 2026 | $147M | +110% | 66.6% |
| AXP American Express | Q3 2026 | $20.1B | +9% | 22.6% |
| BTGO Bitgo Holdings | Q2 FY27 | $4.3B | +80% | -0.4% |
| General Motors Financial Company | Q3 2026 | $4.3B | -0.6% | 15.3% |
| SOFI SoFi Technologies | Q3 2026 | $1.4B | +44% | 22.9% |
| COIN Coinbase Global | Q3 2026 | $1.2B | -35% | 5.1% |
| CRCL Circle Internet Group | Q3 2026 | $865M | +17% | 24.1% |
| CHYM Chime Financial | Q3 2026 | $718M | +32% | 4.8% |
| GDOT Green DOT | Q2 2026 | $596M | +18% | -0.1% |
Source: Burford Capital 10-Q on SEC EDGAR · CIK 1714174 · Finance Services
Guidance and outlook
More on BUR
History
Every quarter: Q3 2026 results · Q2 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results