Filing Flows › Burford Capital (BUR) › Q4 2025
Burford Capital (BUR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Burford Capital (BUR) reported revenue of $33.4M for the fourth quarter 2025 (Q4 2025), -64% from a year earlier and -52% from the quarter before. Operating margin was -37.9%, net loss $49.6M (148.5% of revenue).
Burford Capital, Q4 2025: revenue $33.4M (-64% year over year), operating margin -37.9%, net loss $49.6M, operating cash flow −$79.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $33.4M | -52% | -64% |
| Operating profit | −$12.7M | -151% | — |
| Net earnings | −$49.6M | — | — |
| Operating cash flow | −$79.9M | — | — |
What changed
Revenue was $33.4M in Q4 2025, down 64% year over year and down 52% from the previous quarter.
Operating costs exceeded revenue by $12.7M, an operating margin of -37.9%. Total costs grew 14% against a revenue fall of 64%. The fastest-growing cost line was General & admin (+51%). The quarter ended with a net loss of $49.6M, wider than the previous quarter's $20.3M loss. Minority interests bore $12.1M of it: to shareholders the quarter was a loss of $37.5M. Net interest and other expense of $41.0M was the main reason.
Operating cash flow was −$79.9M. Working capital and other items used $30.3M. Capital expenditures of $99K exceeded it, leaving free cash flow of −$80.0M.
Questions
What was Burford Capital's revenue in the fourth quarter 2025?
Burford Capital (BUR) reported revenue of $33.4M for the fourth quarter 2025 (Q4 2025), -64% from a year earlier and -52% from the quarter before.
Was Burford Capital profitable in the fourth quarter 2025?
Operating loss was $12.7M (-37.9% of revenue) and net loss $49.6M.
Source: Burford Capital 10-K on SEC EDGAR.