Burford Capital (BUR) financial statements
Burford Capital reported revenue of $413M in fiscal 2025, down 0.4% a year over 7 years.
Net income was $63M and the operating margin 56.2%, against 80.9% in 2018.
Free cash flow was -$29M, and the company returned $15M in net buybacks.
The diluted share count rose 40388% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Burford Capital's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $425M | $379M | $359M | $152M | $319M | $1.1B | $546M | $413M |
| Selling, general and admin | — | $22M | $21M | $30M | $30M | $34M | $31M | $38M |
| Operating income | $344M | $396M | $209M | $69M | $195M | $816M | $391M | $232M |
| Interest expense | $39M | $39M | $39M | $59M | $78M | $99M | $136M | $151M |
| Pre-tax income | $305M | $360M | $180M | $3M | $109M | $738M | $254M | $84M |
| Income tax | -$12M | $32M | $24M | $10M | $12M | $20M | $24M | $12M |
| Net income | $318M | $301M | $143M | -$29M | $31M | $611M | $146M | $63M |
| EPS (diluted) | $150.30 | $1.37 | $0.65 | -$0.13 | $0.14 | $2.74 | $0.66 | $0.28 |
| Diluted shares | 1M | 219M | 220M | 219M | 222M | 223M | 223M | 225M |
| Operating margin | 80.9% | 104.5% | 58.1% | 45.1% | 61.1% | 75.0% | 71.5% | 56.2% |
| Net margin | 74.7% | 79.3% | 39.9% | -18.9% | 9.6% | 56.2% | 26.8% | 15.1% |
Balance sheet
Fiscal years, from Burford Capital's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $266M | $178M | $327M | $202M | $109M | $234M | $790M | $944M |
| Property, plant and equipment | $2M | $20M | $3M | $2M | $1M | $4M | $3M | $3M |
| Goodwill | $134M | $134M | $134M | $134M | $134M | $134M | $134M | $134M |
| Total assets | $2.5B | $3.0B | $3.3B | $3.7B | $4.3B | $5.8B | $6.2B | $6.6B |
| Total liabilities | $1.2B | $1.5B | $1.2B | $1.6B | $1.9B | $2.6B | $2.9B | $3.5B |
| Shareholders' equity | $1.4B | $1.9B | $1.8B | $2.1B | $2.4B | $2.3B | $2.4B | $2.4B |
| Net debt | -$266M | -$178M | -$322M | -$180M | -$108M | -$221M | -$470M | -$566M |
Cash flow
Fiscal years, from Burford Capital's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$233M | -$274M | $54M | -$585M | -$466M | -$275M | $217M | -$29M |
| Capital spending | $104,000 | $3M | $360,000 | $285,000 | $407,000 | $3M | $661,000 | $284,000 |
| Free cash flow | -$233M | -$277M | $53M | -$586M | -$467M | -$278M | $216M | -$29M |
| Stock-based compensation | — | $5M | $5M | $9M | $8M | $9M | $9M | $14M |
| Dividends paid | $25M | $28M | — | $41M | $28M | $27M | — | — |
| Share buybacks (net) | — | — | — | — | -$4M | -$4M | -$5M | -$15M |
| Net borrowing | $180M | — | -$5M | $366M | $277M | $264M | $285M | $500M |
| Free cash flow margin | -54.9% | -73.0% | 14.9% | -384.9% | -146.1% | -25.6% | 39.6% | -7.1% |
| Dividends per share | $44.31 | $0.13 | — | $0.19 | $0.12 | $0.12 | — | — |
Questions
What was Burford Capital's revenue in 2025?
$413M in fiscal 2025, from its 10-K filing.
How much free cash flow does Burford Capital generate?
-$29M in fiscal 2025 (operating cash flow minus capital spending).
From Burford Capital's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.