PRA Group, Inc. (PRAA) reported a net loss of $305 million for 2025, largely driven by a $413 million goodwill impairment charge that was non‑cash and unrelated to operational performance. After adjusting for the impairment, the company earned $73 million in net income, reflecting a solid underlying earnings platform. Cash collections rose 13.6% year‑over‑year to $531.7 million in the fourth quarter and 12.8% to $2.1 billion for the full year, underscoring the resilience of its portfolio‑buying and collection model. The estimated remaining collections (ERC) reached a record $8.6 billion, and the cash‑efficiency ratio improved to 61% from 59% in 2024, indicating stronger operating leverage.
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