PRA Group Inc earnings beat by $1.15, revenue topped estimates

PRA Group’s Q4 2025 print was a very strong headline beat on both EPS and revenue versus consensus.

Headline numbers versus consensus

• GAAP diluted EPS: $1.46$ vs consensus $0.31$, a beat of $1.15$.

• Net income: about $56.5$ million vs $18.5$ million a year ago.

• Revenue (total portfolio revenue / reported revenue proxy): $333.39$ million vs consensus $296.16$ million, ~13% beat.

Operating and portfolio trends

• Total cash collections: $531.7$ million, +13.6% year over year, reflecting stronger recoveries on recent vintages.

• Portfolio income: $262.8$ million in Q4 2025, +14.4% year over year.

• Total portfolio revenue: $326.7$ million in Q4 2025, +14.6% year over year.​

• Cash efficiency ratio: 61.4% in Q4, indicating improved operating leverage on higher collections.

• ERC: record $8.6$ billion, supported by $314.8$ million of Q4 purchases and about $1.2$ billion of purchases for full‑year 2025.

Full-year 2025 context

• Full‑year cash collections: about $2.1$ billion, +12.8% year over year.

• Adjusted EBITDA: roughly $1.3$ billion, +16% year over year.

• Reported net loss attributable: $-305.1$ million, driven primarily by a non‑cash goodwill impairment of about $413$ million in Q3 2025; adjusted net income for the year was about $73$ million.

Quick comp: Q4 2025 vs Q4 2024