Abacus Global Management (ABL) Q4 2025 earnings summary

Executive summary

• Achieved record revenue and profitability in Q4 and FY 2025, with 11 consecutive quarters of outperformance, tripling adjusted net income and EBITDA, and expanding margins from 48% to 60%, with asset base reaching nearly $3.6B.

• Uplisted to NYSE, completed strategic acquisitions including AccuQuote and a minority stake in Manning & Napier, and launched new fund structures and products.

• Business model is mortality-driven, uncorrelated to macro markets, leveraging proprietary data and AI, with assets backed by A-rated insurance carriers and self-liquidating structures.

• Four integrated verticals: Life Solutions (origination), Asset Group (AUM growth), Data & Technology (recurring revenue), and Wealth Advisors (distribution), each reinforcing the others.

• Long-term targets: $450M EBITDA, $50B AUM by 2030, and recurring revenue to reach 70% of total revenue.

Financial highlights

• Q4 2025 revenue grew 116% YoY to $71.9M; full year revenue up 110% to $235.2M.

• Adjusted net income for Q4 up 71% YoY to $23M; full year adjusted net income up 84% to $85.7M.

• Adjusted EBITDA for Q4 up 132% YoY to $38.6M (54% margin); full year adjusted EBITDA up 115% to $132.6M (56% margin).

• GAAP net income for FY 2025 was $36.5M, reversing a prior-year loss.

• Capital deployed in FY 2025 was $580.8M, up 53% YoY.

Outlook and guidance

• 2026 adjusted net income guidance: $96M–$104M, up to 22% growth over 2025.

• Targeting $5B in fee-paying AUM by end of 2026, up from $3.3B at year-end 2025.

• Recurring revenue expected to grow from 16% to 70% of total revenue over five years.

• Securitization channel expected to expand, with next deal targeted at $100M or larger in H1 2026.

• Long-term strategic growth targets include scaling to $450M adjusted EBITDA.