Cobbs Allen Capital Holdings closed 2025 with a much deeper loss, as revenue rose but expenses surged sharply.
Revenue increased 6% to $299.2 million from $282.0 million in 2024. Operating expenses jumped to $735.4 million from $370.9 million, led by commissions, salaries and benefits, which more than doubled to $670.3 million from $320.5 million. Other operating expense, net, also climbed to $57.6 million from $42.8 million.
That pushed operating loss to $436.2 million, compared with a loss of $88.9 million a year earlier. Below the operating line, other expenses widened to $50.8 million from $15.8 million, including $40.5 million of other expense, net versus $4.2 million in 2024. The company posted a loss before income taxes of $487.0 million, compared with a loss of $104.6 million in 2024.
Net loss widened to $478.6 million from $108.7 million. Loss attributable to Cobbs Allen Capital Holdings, LLC increased to $475.0 million from $112.2 million.
On the balance sheet, total assets fell to $373.6 million from $422.5 million. Cash and cash equivalents dropped to $13.7 million from $43.4 million, while fiduciary cash declined to $88.8 million from $119.9 million. Commissions and fees receivable edged down to $43.9 million from $45.2 million, while fiduciary receivables rose to $122.2 million from $97.8 million.
Current liabilities rose sharply to $1.42 billion from $299.6 million, driven by a current portion of long-term debt of $137.2 million versus $19.0 million a year earlier and current stock-based compensation of $983.2 million, which was nil in 2024. Long-term debt fell to zero from $124.6 million, and accrued stock-based compensation moved off the long-term balance sheet from $613.8 million at year-end 2024.
Cash used in operations widened to $46.2 million from $35.9 million. Investing cash flow swung to a use of $0.8 million from inflow of $3.6 million, while financing cash flow flipped to a use of $14.0 million from inflow of $70.0 million. Member contributions increased to $30.6 million from $2.8 million, but repayments of long-term debt rose to $47.9 million from $13.6 million.
Redeemable members’ interests moved further negative to $(1.06) billion from $(649.6) million, while noncontrolling interests slipped to $(198,000) from $2.8 million. Total liabilities, redeemable members’ interests, redeemable noncontrolling interests, and noncontrolling interests remained $373.6 million, matching total assets.
The company also disclosed that it entered into a definitive agreement on Dec. 2, 2025 to sell the business, with the transaction closing on Jan. 1, 2026. Following these announcements, the company's shares moved 0.06%, and are now trading at a price of $31.87. If you want to know more, read the company's complete 8-K report here.
