Revolut
reported pretax profit of £1.7 billion for the full year 2025, up 57% from
£1.09 billion the prior year, as the London-based fintech expanded its customer
base and diversified revenue streams across an increasingly broad product
lineup, the company said today (Tuesday).
Revenue
reached £4.5 billion ($6 billion), a 46% increase from £3.1 billion in 2024 and
ahead of the £4.2 billion average estimate compiled by Bloomberg analysts. The
results mark the firm’s fifth consecutive profitable year, with net profit
rising to £1.3 billion from £0.8 billion in 2024.
Nikolay Storonsky, CEO of Revolut, seems to be aiming for wide-ranging European expansion (Revolut).
“We
have built a diversified, resilient business that is profitable at scale,
providing the foundation for our next phase of growth,” Chief Executive
Nik Storonsky said in a statement accompanying the results. “A decade into
this journey, we have only just begun to show what is possible.”
Revolut’s Customers Drive
Fee Engine
The
expansion of Revolut’s retail base remained the primary engine of top-line
growth. The company added 15.8 million customers during the year, bringing its
total retail customer count to 68.3 million, a 30% year-on-year increase.
Business customers grew 33% to 767,000.
Fee-based
revenue continued to dominate the income mix, accounting for 76% of total
turnover, the annual report shows. Card payments represented the largest single
revenue line at 22.2% of total, followed by interest income at 21.6%,
subscriptions at 15.7%, wealth products at 14.7%, and foreign exchange at
13.4%. Subscriptions rose 67% over the year, the company said, while paid plan
adoption increased 42%.
Business
banking contributed 16% of total group revenue, with Revolut Business
generating £708 million, up from £463 million a year earlier. Transaction
volumes across the business segment reached £277 billion, a 56% increase,
driven by what the company described as particularly strong demand in
Singapore, Australia, and the United States, where business banking grew by
more than 140% year on year.
Lending Portfolio More
Than Doubles
Revolut’s
loan book grew 120% to £2.2 billion from approximately £1 billion at the end of
2024, consisting primarily of unsecured personal loans and credit cards, with
mortgages described in the report as “nascent.” The
loan-to-customer-deposit ratio stood at 6.2%, up from 4.6% the prior year,
indicating that the firm remains heavily weighted toward deposit gathering
relative to lending, a profile more typical of a payments business than a
traditional retail bank.
Total
customer balances, including funds held with partner institutions, climbed 66%
to £50.2 billion. Savings balances more than doubled to £20.4 billion. The
company said its balance sheet grew to £43 billion in 2025, with 90% of assets
held in cash equivalents and high-quality treasury investments.
Revolut’s
plans for building out its lending and mortgage offering were foreshadowed in
late 2024, as the
firm signaled intentions to move further into territory traditionally held by
retail banks.
|
KPI |
2024 |
2025 |
YoY Change |
|
Revenue |
£3.1bn |
£4.5bn |
+46% |
|
Profit Before Tax |
£1.1bn |
£1.7bn |
+57% |
|
Net Profit |
£0.8bn |
£1.3bn |
+63% |
|
Retail Customers |
52.5M |
68.3M |
+30% |
|
Loan Book |
£1.0bn |
£2.2bn |
+120% |
UK License Opens Deposit
Competition
The results
come days after Revolut’s UK banking subsidiary, Revolut Bank UK Ltd, formally
exited its mobilization phase, unlocking the ability to offer Financial Services Compensation
Scheme-protected deposit accounts to its 13 million UK customers. The
Prudential Regulation Authority granted initial authorization with restrictions
in July 2024, following a three-year regulatory process, but the full
operational launch had remained pending since then.
The cleared
license puts Revolut in more direct competition with incumbent retail banks for
deposit balances. According to a Bloomberg Intelligence report cited in the
company’s annual filing, Revolut’s ability to compete for deposits could put
pressure on accounts representing 25% to 30% of deposits at Lloyds Banking
Group and NatWest Group.
That
competitive pressure on UK high street banks had been building well before the
licence was granted,
as Revolut accelerated its effort to position itself as customers’ primary
account.
US Charter Application
Filed
Beyond the
UK, Revolut said it filed an application for a US national bank charter with
the Office of the Comptroller of the Currency and the Federal Deposit Insurance
Corporation in March 2026. The application is for an entity to be called
Revolut Bank US, N.A. The company launched full banking operations in Mexico in
January 2026, which it described as its first bank outside of Europe.
Revolut’s
ambitions in the US date back several years, with the company previously exploring the
acquisition of a US banking institution as a potential route to accelerate its
market entry. The OCC filing marks a shift toward building a chartered entity
from the ground up, a process that typically takes several years to complete.
Margin Improves Despite
Heavy Investment
The
company’s profit before tax margin widened to 38% from 35% in 2024, even as
Revolut increased its sales and marketing budget by 47% year on year. Total
staff costs reached £922 million, while advertising and marketing spend stood
at £529 million. Headcount grew 10% on average during the year, with the
company saying it prioritized investment in product development and global
expansion teams, which grew 26% and 35% respectively.
Adjusted
EBITDA, which excludes share-based payments alongside standard adjustments,
reached £1.9 billion, compared with £1.3 billion a year earlier. Total capital
resources stood at £4.9 billion at year-end, all classified as Common Equity
Tier 1, up from £2.6 billion at the end of 2024.
Revolut
completed a secondary share sale in 2025 at an implied valuation of $75
billion, which the company said cemented its position as Europe’s most valuable
private technology company.
Revolut
reported pretax profit of £1.7 billion for the full year 2025, up 57% from
£1.09 billion the prior year, as the London-based fintech expanded its customer
base and diversified revenue streams across an increasingly broad product
lineup, the company said today (Tuesday).
Revenue
reached £4.5 billion ($6 billion), a 46% increase from £3.1 billion in 2024 and
ahead of the £4.2 billion average estimate compiled by Bloomberg analysts. The
results mark the firm’s fifth consecutive profitable year, with net profit
rising to £1.3 billion from £0.8 billion in 2024.
Nikolay Storonsky, CEO of Revolut, seems to be aiming for wide-ranging European expansion (Revolut).
“We
have built a diversified, resilient business that is profitable at scale,
providing the foundation for our next phase of growth,” Chief Executive
Nik Storonsky said in a statement accompanying the results. “A decade into
this journey, we have only just begun to show what is possible.”
Revolut’s Customers Drive
Fee Engine
The
expansion of Revolut’s retail base remained the primary engine of top-line
growth. The company added 15.8 million customers during the year, bringing its
total retail customer count to 68.3 million, a 30% year-on-year increase.
Business customers grew 33% to 767,000.
Fee-based
revenue continued to dominate the income mix, accounting for 76% of total
turnover, the annual report shows. Card payments represented the largest single
revenue line at 22.2% of total, followed by interest income at 21.6%,
subscriptions at 15.7%, wealth products at 14.7%, and foreign exchange at
13.4%. Subscriptions rose 67% over the year, the company said, while paid plan
adoption increased 42%.
Business
banking contributed 16% of total group revenue, with Revolut Business
generating £708 million, up from £463 million a year earlier. Transaction
volumes across the business segment reached £277 billion, a 56% increase,
driven by what the company described as particularly strong demand in
Singapore, Australia, and the United States, where business banking grew by
more than 140% year on year.
Lending Portfolio More
Than Doubles
Revolut’s
loan book grew 120% to £2.2 billion from approximately £1 billion at the end of
2024, consisting primarily of unsecured personal loans and credit cards, with
mortgages described in the report as “nascent.” The
loan-to-customer-deposit ratio stood at 6.2%, up from 4.6% the prior year,
indicating that the firm remains heavily weighted toward deposit gathering
relative to lending, a profile more typical of a payments business than a
traditional retail bank.
Total
customer balances, including funds held with partner institutions, climbed 66%
to £50.2 billion. Savings balances more than doubled to £20.4 billion. The
company said its balance sheet grew to £43 billion in 2025, with 90% of assets
held in cash equivalents and high-quality treasury investments.
Revolut’s
plans for building out its lending and mortgage offering were foreshadowed in
late 2024, as the
firm signaled intentions to move further into territory traditionally held by
retail banks.
|
KPI |
2024 |
2025 |
YoY Change |
|
Revenue |
£3.1bn |
£4.5bn |
+46% |
|
Profit Before Tax |
£1.1bn |
£1.7bn |
+57% |
|
Net Profit |
£0.8bn |
£1.3bn |
+63% |
|
Retail Customers |
52.5M |
68.3M |
+30% |
|
Loan Book |
£1.0bn |
£2.2bn |
+120% |
UK License Opens Deposit
Competition
The results
come days after Revolut’s UK banking subsidiary, Revolut Bank UK Ltd, formally
exited its mobilization phase, unlocking the ability to offer Financial Services Compensation
Scheme-protected deposit accounts to its 13 million UK customers. The
Prudential Regulation Authority granted initial authorization with restrictions
in July 2024, following a three-year regulatory process, but the full
operational launch had remained pending since then.
The cleared
license puts Revolut in more direct competition with incumbent retail banks for
deposit balances. According to a Bloomberg Intelligence report cited in the
company’s annual filing, Revolut’s ability to compete for deposits could put
pressure on accounts representing 25% to 30% of deposits at Lloyds Banking
Group and NatWest Group.
That
competitive pressure on UK high street banks had been building well before the
licence was granted,
as Revolut accelerated its effort to position itself as customers’ primary
account.
US Charter Application
Filed
Beyond the
UK, Revolut said it filed an application for a US national bank charter with
the Office of the Comptroller of the Currency and the Federal Deposit Insurance
Corporation in March 2026. The application is for an entity to be called
Revolut Bank US, N.A. The company launched full banking operations in Mexico in
January 2026, which it described as its first bank outside of Europe.
Revolut’s
ambitions in the US date back several years, with the company previously exploring the
acquisition of a US banking institution as a potential route to accelerate its
market entry. The OCC filing marks a shift toward building a chartered entity
from the ground up, a process that typically takes several years to complete.
Margin Improves Despite
Heavy Investment
The
company’s profit before tax margin widened to 38% from 35% in 2024, even as
Revolut increased its sales and marketing budget by 47% year on year. Total
staff costs reached £922 million, while advertising and marketing spend stood
at £529 million. Headcount grew 10% on average during the year, with the
company saying it prioritized investment in product development and global
expansion teams, which grew 26% and 35% respectively.
Adjusted
EBITDA, which excludes share-based payments alongside standard adjustments,
reached £1.9 billion, compared with £1.3 billion a year earlier. Total capital
resources stood at £4.9 billion at year-end, all classified as Common Equity
Tier 1, up from £2.6 billion at the end of 2024.
Revolut
completed a secondary share sale in 2025 at an implied valuation of $75
billion, which the company said cemented its position as Europe’s most valuable
private technology company.
