CPS Announces Fourth Quarter and Full Year 2025 Earnings

• Interest income increased to $422.7 million for 2025, a 16% increase from prior year
• New contract purchases of $1.638 billion for the full year 2025
• Net income of $19.3 million, or $0.80 per diluted share for 2025
  
  

LAS VEGAS, NV, March 10, 2026 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) today announced earnings of $5.0 million, or $0.21 per diluted share, for its fourth quarter ended December 31, 2025.

Total revenues for the fourth quarter of 2025 were $109.4 million, an increase of $4.1 million, or 3.9%, compared to $105.3 million for the fourth quarter of 2024. Total operating expenses for the fourth quarter of 2025 were $102.2 million compared to $98.0 million for the 2024 period. Pretax income for the fourth quarter of 2025 was $7.2 million, compared to $7.4 million in the fourth quarter of 2024.

For the twelve months ended December 31, 2025, total revenues were $434.5 million, an increase of approximately $41.0 million, or 10.4% compared to $393.5 million for the twelve months ended December 31, 2024. The $41.0 million increase in total revenue was attributable to a $58.7 million increase in interest income, offset by lower marks on the receivables measured at fair value in the current year when compared to the prior year. Total operating expenses for the twelve months ended December 31, 2025, were $406.5 million, compared to $366.1 million for the twelve months ended December 31, 2024. Pretax income for the twelve months ended December 31, 2025, was $28.0 million, compared to $27.4 million for the twelve months ended December 31, 2024. Net income for the twelve months ended December 31, 2025, increased to $19.3 million from $19.2 million for the twelve months ended December 31, 2024.

For the twelve months ended, CPS purchased $1.638 billion of new contracts compared to $1.682 billion during the same period in 2024. The Company's receivables totaled $3.779 billion as of December 31, 2025, an increase from $3.760 billion as of September 30, 2025, and an increase from $3.491 billion as of December 31, 2024.

Net charge-offs for the twelve months of 2025 were 7.76% of the average portfolio as compared to 7.62% for the same period in 2024. Delinquencies greater than 30 days (including repossession inventory) were 14.77% of the total portfolio as of December 31, 2025, as compared to 14.85% as of December 31, 2024.

“We finished 2025 with the highest recorded revenue in company history,” said Charles E. Bradley, Chief Executive Officer. “After a strong year of origination volume and improvements in operating efficiencies, we are well positioned going into 2026.”

Conference Call

CPS announced that it will hold a conference call on March 11, 2026, at 1:00 p.m. ET to discuss its fourth quarter 2025 operating results.

Those wishing to participate can pre-register for the conference call at the following link. Registered participants will receive an email containing conference call details for dial-in options. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the schedule start time. A replay will be available beginning two hours after conclusion of the call for 12 months via the Company’s website.

About Consumer Portfolio Services, Inc.

Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the contracts over their lives.

Consumer Portfolio Services, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
			Three months ended												Twelve months ended
			December 31,												December 31,
				2025						2024						2025						2024
Revenues:
Interest income			$	108,236					$	98,150						$	422,698					$	363,962
Mark to finance receivables measured at fair value				-						5,000						6,500						21,000
Other income				1,174						2,153						5,272						8,544
				109,410						105,303						434,470						393,506
Expenses:
Employee costs				23,509						23,889						95,369						96,192
General and administrative				12,723						14,422						52,870						54,710
Interest				59,304						52,522						232,024						191,257
Provision for credit losses				(462	)					(728	)					(2,934	)					(5,307	)
Other expenses				7,119						7,847						29,138						29,223
				102,193						97,952						406,467						366,075
Income before income taxes				7,217						7,351						28,003						27,431
Income tax expense				2,236						2,206						8,678						8,228
Net income			$	4,981					$	5,145					$	19,325					$	19,203
Earnings per share:
Basic			$	0.23					$	0.24					$	0.88					$	0.90
Diluted			$	0.21					$	0.21					$	0.80					$	0.79
Number of shares used in computing earnings
per share:
Basic				21,998						21,412						21,889						21,292
Diluted				23,764						24,274						24,081						24,325

Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
			December 31,				December 31,
			2025				2024
Assets:
Cash and cash equivalents			$	6,322			$	11,713
Restricted cash and equivalents			165,885				125,684
Finance receivables measured at fair value			3,655,855				3,313,767
Finance receivables, net			520				4,987
Other assets			29,611				37,717
			$	3,858,193			$	3,493,868
Liabilities and Shareholders' Equity:
Accounts payable and accrued expenses			$	65,244			$	70,151
Warehouse lines of credit			324,871				410,898
Residual interest financing			142,982				99,176
Securitization trust debt			2,986,574				2,594,384
Subordinated renewable notes			28,986				26,489
			3,548,657				3,201,098
Shareholders' equity			309,536				292,770
			$	3,858,193			$	3,493,868

Operating and Performance Data ($ in millions)
			At and for the								At and for the
			Three months ended								Twelve months ended
			December 31,								December 31,
			2025				2024				2025				2024
Contracts purchased			$	363.03			$	457.81			$	1,638.33			$	1,681.94
Contracts securitized			$	392.46			$	436.00			1,727.78				1,533.85
Total portfolio balance (1)			$	3,778.65			$	3,490.96			$	3,778.65			$	3,490.96
Average portfolio balance (1)			$	3,774.26			$	3,445.52			3,693.80				3,209.99
Delinquencies (1)
31+ Days				11.83	%			12.11	%
Repossession Inventory				2.94	%			2.74	%
Total Delinquencies and Repo. Inventory				14.77	%			14.85	%
Annualized Net Charge-offs as % of Average Portfolio (1)				8.04	%			8.02	%			7.76	%			7.62	%
Recovery rates (1), (2)				28.5	%			27.2	%			28.8	%			30.1	%

			For the									For the
			Three months ended									Twelve months ended
			December 31,									December 31,
			2025				2024					2025					2024
			$ (3)		% (4)		$ (3)			% (4)		$ (3)			% (4)		$ (3)			% (4)
Interest income		$	108.24		11.5%		$	98.15		11.4%		$	422.70		11.4%		$	363.96		11.3%
Mark to finance receivables measured at fair value			-		0.0%		5.00			0.6%		6.50			0.2%		21.00			0.7%
Other income			1.17		0.1%		2.15			0.2%		5.27			0.1%		8.54			0.3%
Interest expense			(59.30	)	-6.3%		(52.52		)	-6.1%		(232.02		)	-6.3%		(191.26		)	-6.0%
Net interest margin			50.11		5.3%		52.78			6.1%		202.45			5.5%		202.25			6.3%
Provision for credit losses			0.46		0.0%		0.73			0.1%		2.93			0.1%		5.31			0.2%
Risk adjusted margin			50.57		5.4%		53.51			6.2%		205.38			5.6%		207.56			6.5%
Other operating expenses (5)			(43.35	)	-4.6%		(46.16		)	-5.4%		(177.38		)	-4.8%		(180.13		)	-5.6%
Pre-tax income		$	7.22		0.8%		$	7.35		0.9%		$	28.00		0.8%		$	27.43		0.9%
(1)  Excludes third party portfolios.
(2)  Wholesale auction liquidation amounts (net of expenses) as a percentage of the account balance at the time of sale.
(3)  Numbers may not add due to rounding.
(4)  Annualized percentage of the average portfolio balance.  Percentages may not add due to rounding.
(5)  Total pre-tax expenses less provision for credit losses and interest expense.