Revenue has expanded steadily to $580.0 million as of 2026Q1, though operating margins remain volatile, fluctuating between a negative 7.2% in 2024Q2 and a peak of 52.9% in 2025Q4 due to credit provision sensitivity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 2.31B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 1.28B | 2.29B | 1.33B | 1.26B | 1.35B | 1.43B | 1.25B | 1.06B | 929.6M | 824.2M | 715M | 598M | 525.1M | 485.8M | 428.1M | 372.8M | 308M | 259.91M | 192.43M | 140.5M | 149.83M | 145.49M | 117.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 55.5% | 98.75% | 62.41% | 67.16% | 73.94% | 77.25% | 74.99% | 71.64% | 72.63% | 74.44% | 74.08% | 72.61% | 72.73% | 71.56% | 70.35% | 71.23% | 69.92% | 68.67% | 62.63% | 60.4% | 69.88% | 73.31% | 71.43% | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 71.77% | 5.52% | -6.35% | -5.72% | 14.49% | 17.83% | 14.01% | 12.79% | 15.27% | 19.57% | 13.88% | 8.09% | 13.48% | 14.83% | 21.04% | 18.5% | 35.07% | 36.96% | -6.23% | 2.98% | 23.93% | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 865.3M | 1.18B | 1.01B | 915.1M | 645.7M | 174M | 1.25B | 211.7M | 180.3M | 243.2M | 187.8M | 125.2M | 83.9M | 90.8M | 85.7M | 78.2M | 56.1M | 33.03M | 85.39M | 57.38M | 59.18M | 38.94M | 32.71M | -43.49M | -48.58M | -41.24M | -35.99M | 18.74M | -37.6M | -1.3M | -63.6M |
| OpEx % of Revenue | - | 51.12% | 47.18% | 48.68% | 35.42% | 9.4% | 74.99% | 14.31% | 14.09% | 21.97% | 19.46% | 15.2% | 11.62% | 13.37% | 14.08% | 14.94% | 12.74% | 8.73% | 27.79% | 24.67% | 27.6% | 19.62% | 19.91% | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 185.5M | 0 | 192.3M | 178.9M | 164.3M | 165.6M | 139.1M | 135.3M | 123.4M | 113.9M | 97.6M | 83.7M | 71.1M | 68.9M | 61.7M | 49.2M | 46.1M | 45.2M | 44.31M | 44.7M | 53.11M | 35.11M | 32.64M | 28.53M | 66.33M | 59.82M | 52.92M | 56.1M | 59M | 45.9M | 30.6M |
| SG&A % of Revenue | - | - | 9.01% | 9.52% | 9.01% | 8.95% | 8.35% | 9.15% | 9.64% | 10.29% | 10.11% | 10.16% | 9.85% | 10.15% | 10.14% | 9.4% | 10.47% | 11.94% | 14.42% | 19.22% | 24.77% | 17.69% | 19.86% | - | - | - | - | - | - | - | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 559.1M | 1.1B | 325.1M | 347.3M | 702.3M | 1.26B | 0 | 848.1M | 749.3M | 581M | 527.2M | 472.8M | 441.2M | 395M | 342.4M | 294.6M | 251.9M | 226.87M | 107.04M | 83.11M | 90.65M | 106.54M | 84.68M | 43.49M | 48.58M | 41.24M | 35.99M | -18.74M | 37.6M | 1.3M | 63.6M |
| Operating Margin % | 24.18% | 47.63% | 15.23% | 18.48% | 38.52% | 67.85% | - | 57.33% | 58.54% | 52.47% | 54.62% | 57.41% | 61.11% | 58.18% | 56.27% | 56.29% | 57.18% | 59.94% | 34.84% | 35.73% | 42.28% | 53.68% | 51.52% | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 239.5% | -6.39% | -50.55% | -44.08% | - | -100% | 13.19% | 28.97% | 10.2% | 11.51% | 7.16% | 11.7% | 15.36% | 16.23% | 16.95% | 11.03% | 111.96% | 28.79% | -8.31% | -14.92% | 25.83% | 94.7% | -10.48% | 17.81% | 14.58% | 292.07% | -149.83% | 2792.31% | -97.96% | 39.78% |
| EBITDA | 579.4M | 1.13B | 352.9M | 373.9M | 727.9M | 1.28B | 576.6M | 870.5M | 768.8M | 597.4M | 542.5M | 487M | 454.4M | 408.2M | 354.6M | 304.6M | 262.9M | 236.53M | 116.64M | 87.22M | 95.27M | 111.75M | 90.46M | 52.17M | 53.3M | 58.37M | 39.72M | -15.63M | 40.4M | 3.9M | 65M |
| EBITDA Margin % | 25.06% | 48.88% | 16.53% | 19.89% | 39.93% | 69.27% | 34.63% | 58.84% | 60.06% | 53.96% | 56.21% | 59.13% | 62.94% | 60.13% | 58.27% | 58.2% | 59.68% | 62.49% | 37.96% | 37.5% | 44.44% | 56.31% | 55.04% | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 42.46% | 220.97% | -5.62% | -48.63% | -43.23% | 122.36% | -33.76% | 13.23% | 28.69% | 10.12% | 11.4% | 7.17% | 11.32% | 15.12% | 16.41% | 15.86% | 11.15% | 102.78% | 33.74% | -8.45% | -14.75% | 23.54% | 73.39% | -2.12% | -8.7% | 46.98% | 354.17% | -138.68% | 935.9% | -94% | 40.09% |
| D&A (Non-Cash Add-back) | 20.3M | 29M | 27.8M | 26.6M | 25.6M | 26.3M | 23.8M | 22.4M | 19.5M | 16.4M | 15.3M | 14.2M | 13.2M | 13.2M | 12.2M | 10M | 11M | 9.66M | 9.61M | 4.11M | 4.62M | 5.21M | 5.78M | 8.68M | 4.72M | 17.14M | 3.73M | 3.11M | 2.8M | 2.6M | 1.4M |
| EBIT | 523.3M | 1.03B | 325.1M | 347.3M | 702.3M | 1.26B | 552.8M | 848.1M | 749.3M | 581M | 527.2M | 472.8M | 441.2M | 395M | 342.4M | 294.6M | 251.9M | 226.87M | 102.09M | 75.86M | 85.71M | 103.74M | 76.95M | 46.26M | 48.58M | 41.28M | 36M | -48.11M | 136.9M | 226M | 126.5M |
| Net Interest Income | 440.3M | 1.71B | 26.2M | 19.7M | 6.6M | 1.2M | 2.9M | -187.7M | -151.6M | -118M | -96M | -76M | -56.7M | -65M | -63.4M | -57.24M | -47.64M | -32.01M | 2.02M | 3.02M | 1.8M | 763K | 247K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 554.1M | 2.17B | 26.2M | 19.7M | 6.6M | 1.2M | 2.9M | 8.5M | 5M | 2.2M | 1.7M | 0 | 0 | 0 | 0 | 0 | 108K | 394K | 2.02M | 3.02M | 1.8M | 763K | 247K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 113.8M | 462.9M | 0 | 0 | 0 | 0 | 0 | 196.2M | 156.6M | 120.2M | 97.7M | 76M | 56.7M | 65M | 63.4M | 57.24M | 47.75M | 32.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 598.7M | 565.4M | 329.5M | 367.6M | 711.7M | 1.26B | 549.5M | 855.9M | 755.1M | 583.8M | 531.2M | 474.5M | 420.9M | 398.2M | 343.1M | 296.4M | 253.5M | 229.04M | 107.01M | 83.18M | 90.64M | 108.36M | 86.33M | 43.49M | 48.58M | 41.24M | 35.99M | -18.74M | 37.6M | 1.3M | 63.6M |
| Pretax Margin % | 25.9% | 24.4% | 15.44% | 19.56% | 39.04% | 68.12% | 33% | 57.85% | 58.99% | 52.73% | 55.04% | 57.61% | 58.3% | 58.65% | 56.38% | 56.63% | 57.55% | 60.51% | 34.83% | 35.76% | 42.28% | 54.6% | 52.53% | - | - | - | - | - | - | - | - |
| Income Tax | 145.3M | 141.5M | 81.6M | 81.5M | 175.9M | 302.6M | 128.5M | 199.8M | 181.1M | 113.6M | 198.4M | 174.8M | 154.7M | 145.1M | 123.4M | 108.4M | 83.4M | 82.99M | 39.94M | 29.57M | 31.79M | 40.16M | 30.07M | 15.31M | 18.88M | 19.17M | 12.34M | -5.04M | 12.6M | -200K | 22.1M |
| Effective Tax Rate % | 24.27% | 25.03% | 24.76% | 22.17% | 24.72% | 24% | 23.38% | 23.34% | 23.98% | 19.46% | 37.35% | 36.84% | 36.75% | 36.44% | 35.97% | 36.57% | 32.9% | 36.24% | 37.33% | 35.55% | 35.08% | 37.06% | 34.84% | 35.2% | 38.86% | 46.5% | 34.29% | 26.9% | 33.51% | -15.38% | 34.75% |
| Net Income | 453.4M | 423.9M | 247.9M | 286.1M | 535.8M | 958.3M | 421M | 656.1M | 574M | 470.2M | 332.8M | 299.7M | 266.2M | 253.1M | 219.7M | 188M | 170.1M | 146.25M | 67.18M | 54.92M | 58.64M | 72.6M | 57.33M | 28.18M | 29.7M | 24.67M | 23.65M | -12.65M | 25M | 1.5M | 41.5M |
| Net Margin % | 19.61% | 18.29% | 11.62% | 15.22% | 29.39% | 51.77% | 25.28% | 44.35% | 44.84% | 42.47% | 34.48% | 36.39% | 36.87% | 37.28% | 36.11% | 35.92% | 38.62% | 38.64% | 21.86% | 23.61% | 27.35% | 36.58% | 34.88% | - | - | - | - | - | - | - | - |
| Net Income Growth % | 56.4% | 71% | -13.35% | -46.6% | -44.09% | 127.62% | -35.83% | 14.3% | 22.08% | 41.29% | 11.04% | 12.58% | 5.18% | 15.2% | 16.86% | 10.52% | 16.3% | 117.72% | 22.33% | -6.35% | -19.23% | 26.65% | 103.42% | -5.12% | 20.39% | 4.32% | 287.02% | -150.58% | 1566.67% | -96.39% | 40.2% |
| Net Income (Continuing) | 453.4M | 423.9M | 247.9M | 286.1M | 535.8M | 958.3M | 421M | 656.1M | 574M | 470.2M | 332.8M | 299.7M | 266.2M | 253.1M | 219.7M | 188M | 170.1M | 146.05M | 67.07M | 53.61M | 58.85M | 68.2M | 56.25M | 28.18M | 29.7M | 29.2M | 23.65M | -10.69M | 25M | 1.5M | 41.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -30K | 209K | 0 | 0 | 0 | 4.4M | 1.07M | -6.56M | 5.79M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.02B | 3.49B | 2.8B | 2.36B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 41.39 | 37.55 | 19.88 | 21.99 | 39.32 | 59.52 | 23.47 | 34.57 | 29.39 | 24.04 | 16.31 | 14.28 | 11.92 | 10.54 | 8.58 | 7.07 | 5.67 | 4.62 | 2.16 | 1.76 | 1.66 | 1.85 | 1.40 | 0.65 | 0.68 | 0.57 | 0.53 | -0.23 | 0.53 | 0.03 | 0.89 |
| EPS Growth % | 71.67% | 88.88% | -9.6% | -44.07% | -33.94% | 153.6% | -32.11% | 17.63% | 22.25% | 47.39% | 14.22% | 19.8% | 13.09% | 22.84% | 21.36% | 24.69% | 22.73% | 113.89% | 22.73% | 6.02% | -10.27% | 32.14% | 115.38% | -4.41% | 19.3% | 7.55% | 330.43% | -143.4% | 1666.67% | -96.63% | 30.88% |
| EPS (Basic) | - | 38.26 | 20.12 | 22.09 | 39.50 | 59.57 | 23.57 | 34.71 | 29.52 | 24.12 | 16.37 | 14.35 | 11.96 | 10.61 | 8.65 | 7.15 | 5.79 | 4.78 | 2.22 | 1.83 | 1.78 | 1.96 | 1.48 | 0.67 | 0.70 | 0.59 | 0.54 | -0.23 | 0.54 | 0.03 | 0.91 |
| Diluted Shares Outstanding | 10.95M | 11.29M | 12.47M | 13.01M | 13.63M | 16.1M | 17.94M | 18.98M | 19.53M | 19.56M | 20.41M | 20.98M | 22.33M | 24.01M | 25.6M | 26.6M | 29.98M | 31.67M | 31.11M | 31.15M | 35.28M | 39.21M | 41.02M | 43.41M | 43.36M | 43.15M | 44.22M | 46.22M | 47.17M | 50M | 46.63M |
| Basic Shares Outstanding | 10.74M | 11.08M | 12.32M | 12.95M | 13.56M | 16.09M | 17.86M | 18.9M | 19.45M | 19.5M | 20.33M | 20.89M | 22.26M | 23.85M | 25.41M | 26.3M | 29.39M | 30.59M | 30.25M | 30.05M | 33.04M | 36.99M | 38.62M | 42.2M | 42.44M | 42.14M | 43.88M | 46.22M | 46.3M | 50M | 45.6M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Credit provision volatility
As reported in financial statements, CACC has demonstrated consistent top-line expansion, with quarterly revenue climbing from $485.4 million in 2023Q4 to $580.0 million by 2026Q1, reflecting the recurring nature of its finance charge model despite the inherent volatility of subprime loan portfolio performance.
The steady upward trajectory in revenue suggests that the company's dealer-participation model continues to capture market share within the subprime segment. Investors should monitor whether this growth is sustainable given the potential for tightening credit conditions to impact the volume of new loan originations.
Based on the provided income statement data, CACC's operating margins have exhibited significant fluctuations, ranging from a negative 7.2% in 2024Q2 to a peak of 52.9% in 2025Q4, highlighting the company's extreme sensitivity to periodic adjustments in credit loss provisions.
The wide variance in operating margins suggests that the company's profitability is heavily dictated by the accuracy of its initial loan loss estimates under CECL accounting. This volatility warrants further investigation into whether recent margin expansion is driven by improved underwriting or merely favorable adjustments to prior-period loss expectations.
According to recent SEC filings, CACC's net income has shown notable inconsistency, with quarterly figures swinging from a $47.1 million loss in 2024Q2 to $135.8 million in 2026Q1, largely driven by the non-cash impact of credit loss provisions and the company's unique revenue recognition methodology.
The disparity between operating income and net income suggests that non-operating items and tax rate fluctuations may be masking the underlying operational performance. Analysts should be cautious of relying on headline EPS, as the company's reliance on internal rate of return estimates can lead to significant earnings revisions.
As indicated by the reported figures, CACC maintains a lean SG&A profile, with quarterly expenses generally fluctuating between $44 million and $71.8 million, suggesting that management prioritizes expense discipline while allowing credit-related costs to scale dynamically with the size of the loan portfolio.
The lack of traditional COGS in the income statement underscores the company's role as a capital-intensive lender rather than a manufacturer. Investors should monitor whether the recent uptick in SG&A spending reflects necessary investment in compliance or an inability to maintain operational efficiency as the business scales.
Based on the provided data, the sharp swings in quarterly profitability, particularly the 2024Q2 loss, suggest that CACC's business model remains highly vulnerable to systemic credit shocks and increasing regulatory scrutiny that could force fundamental changes to its dealer-participation structure.
Short-sellers may focus on the potential for the dealer-participation model to face legal challenges, which could impair the company's ability to shift credit risk effectively. The reliance on ABS markets for funding also presents a structural risk if liquidity tightens, potentially forcing the company to deleverage at unfavorable terms.
Quick answers to the most common questions about buying CACC stock.
Credit Acceptance Corporation (CACC) is profitable, generating $423.9M in net income for the fiscal year ending 2025 with a net profit margin of 18.3%.
Credit Acceptance Corporation (CACC) reported an operating income of $1.10B, resulting in an operating profit margin of 47.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Credit Acceptance Corporation (CACC) generated $2.29B in gross profit for the year, representing a gross profit margin of 98.7%. This demonstrates the company's core pricing power and production efficiency.