Pra Group Inc (PRAA) · Nov 5, 2026 · Earnings

PRA Group Q3 earnings miss as portfolio revenue falls 8%

Miss — adj. diluted EPS $0.39 vs ~$0.80 consensus; revenue $286.3M vs ~$307.4M

PRA Group’s Q3 earnings missed expectations as revenue and collections softened, though cost cuts and operating efficiency continued to improve.

PRA Group is in the middle of its PRA 3.0 turnaround: shifting toward a more technology-enabled debt buyer while cutting costs, investing in legal collections, and rebuilding returns. The prior-quarter story was improving collections, higher earnings, and roughly $8.9 billion of estimated remaining collections, but the business was still proving that efficiency gains could translate into durable growth.

The quarter missed the market’s earnings bar by a wide margin. Diluted EPS was $0.39 versus published expectations around $0.80, while revenue was $286.3 million versus roughly $307.4 million expected. That makes this a clear earnings miss, even though the comparison is against a difficult prior year distorted by a goodwill impairment.

Metric	Q3 2026	Q3 2025	Consensus
Diluted EPS (Income Statement)	$0.39	$(10.43)	~$0.80
Total revenues (Income Statement)	$286.3M	$311.1M	~$307.4M
Total cash collections (Cash Collection Source)	$535.6M	$542.2M
Total portfolio revenue (Portfolio revenue)	$285.1M	$309.9M
Adjusted operating expenses (Cash efficiency reconciliation)	$200.4M	$214.1M
Adjusted EBITDA, LTM (Adjusted EBITDA reconciliation)	$1,377.8M	$1,315.5M

The core operating trend was weaker than management’s headline framing. Cash collections slipped about 1% year over year to $536 million, and portfolio revenue fell 8% to $285 million; the main drag was a much smaller benefit from changes in expected recoveries, $14 million versus $51 million last year. The company says it had already enhanced its collection projections, including a $349 million increase in Europe estimated remaining collections during the second quarter.

Cost control is real, but it did not offset the revenue shortfall. Adjusted operating expenses fell $14 million to $200 million, primarily because compensation costs declined after workforce reductions and organizational simplification. That helped lift adjusted EBITDA to $1.38 billion on a trailing basis, but the quarter’s lower collections and portfolio revenue still left reported earnings well below expectations.

Capital deployment remained active, but not aggressive. PRA bought $229 million of portfolios, below the $297 million purchased in the prior quarter and $255 million a year earlier, while maintaining $438 million of estimated forward-flow commitments over the next 12 months. That supports the long-term turnaround pipeline, but it does not yet show a major acceleration in growth.

The post-quarter debt issuance improves funding flexibility but adds little to the earnings read. PRA disclosed $400 million of senior notes due 2033 issued shortly after quarter-end, extending maturities and supporting portfolio purchases, but it also reinforces that the strategy remains funding-intensive.

Bottom line: PRA’s turnaround is producing genuine cost and efficiency gains, but Q3 did not convert them into the revenue or earnings performance the market expected. The story is still moving forward operationally, just more slowly and unevenly than this quarter’s consensus assumed.

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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PRA Group Q3 earnings miss as portfolio revenue falls 8%

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