Burford Capital Ltd

burfordcapital.com

What Do They Do?

Provides financing to businesses and law firms involved in large legal disputes, and manages legal-finance investments for outside investors.

How Do They Make Money?

Management fees for managing third-party legal-finance assets are earned over time; Burford also earns performance fees and fees for other legal-industry services.

revenue

Segment	Share	Revenue	How money arrives
Management Fee Income Recurring	81% FY2022: 80%		Recurring
Performance fee income Recurring	19% FY2022: 20%		Recurring

Who Are Their Customers?

Businesses involved in disputes and law firms receive financing; Burford also manages legal-finance assets for third-party investors.

Do Revenues Turn Into Profits?

Yes. It kept 15 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$29.3M.

Operating income, FY2025

56% of revenue

▼ −41% vs FY2024 ($390.6M, 72%)

Net income, FY2025

15% of revenue

▼ −57% vs FY2024 ($146.5M, 27%)

Free cash flow, FY2025

−7% of revenue

▼ Now a loss vs FY2024 ($216.1M, 40%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −42%; vs $191.3M in Q2 FY2025
Net income: ▼ −98%; vs $88.3M in Q2 FY2025

Management Fee Income share of revenue vs 100.0% in Q2 FY2025

Mar 27, 2026 Appeals court reversed judgment in the YPF matter Burford expected a partial write-down and said its amount would be assessed in first-quarter reporting.

Growing. Revenue grew 90% in 4 years, from $217.3M in FY2021 to $413.4M in FY2025, about 17% a year.

Revenue over time

Management Fee Income Performance fee income Asset management income

$200M$100M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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