Revolut Reports Record Profit of $2.3bn for 2025 as Revenue Surges to $6bn

WHY THIS MATTERS: This report marks a decisive shift for the global challenger landscape, moving the narrative from perpetual growth to proven, scaled profitability. With profit before tax soaring to £1.7 billion and margins expanding to 38%, Revolut provides the definitive case study that the digital banking model works—and can sustain world-class returns. Investors and incumbents alike should view this as validation that the technology-driven operating structure offers genuine competitive leverage. Furthermore, the commitment to securing global licenses, most notably the UK exit from mobilisation and the formal filing for a U.S. national bank charter, signals the critical fintech trend of regulatory convergence. The future of global finance belongs to platforms that can combine fintech agility with the security and yield opportunities of a fully licensed commercial bank. This framework will now define success for every major neobank aiming for global relevance.

Today, Revolut released its Annual Report for the year ending 31 December 2025. Ten years after its launch, the Group is delivering record profitability and global scale as it transitions into a truly global bank.

Nik Storonsky, Co-Founder and CEO of Revolut, said: “2025 was another landmark year. We have built a diversified, resilient business that is profitable at scale, providing the foundation for our next phase of growth. As we transition into a truly global bank, we are proving that our technology-driven operating model continues to drive rapid expansion and record profitability. A decade into this journey, we have only just begun to show what is possible.”

Victor Stinga, CFO of Revolut, commented: “Our 2025 results further demonstrate the strength of our diversified model, as we continue to deliver rapid expansion alongside increasing profitability. Our 38% profit before tax margin is a result of disciplined financial steering and our ability to scale efficiently while continuing to invest in our people and infrastructure. With 11 different product lines now exceeding £100 million in annual revenue, our multi-engine platform provides the structural resilience to navigate any environment. We enter our second decade from a position of strength, uniquely placed to continue incubating the new bets that will redefine banking.”

2025 Key Financial and Operational Results

Note: Revenue components shown represent the primary business lines and do not sum to Total Group Revenue. USD figures are provided for illustrative context. FY2024 USD figures represent the actuals as reported in the 2024 results announcement. FY2025 USD figures are converted using the average exchange rate for P&L items and the period-end spot rate for Balance Sheet items. All percentage growth figures are calculated based on GBP results.

2025 Performance Highlights

Record profitability driven by a resilient, diversified model

Revolut achieved its strongest results to date by balancing rapid growth with structural margin expansion and deep revenue diversification.

• Revenue growth & diversification: Group revenue increased by 46% to $6.0bn (£4.5bn), up from $4.0bn (£3.1bn) in 2024. This performance was underpinned by Revolut Business, which now accounts for 16% of total income. The Group now tracks 11 different product lines that each exceeded c.$135m (£100m) in revenue.

• Subscriptions turnover reached $936m (£708m), a 67% YoY increase from $541m (£423m).

• Card Payments grew 45% YoY to $1.3bn (£1.0bn), compared to $887m (£694m) in 2024. 

• Wealth increased 31% to $876m (£663m), up from $647m (£506m).

• FX increased 43% to $800m (£606m), up from $540m (£422m).

• Customer balances & lending: Total customer balances expanded 66% to $67.5bn (£50.2bn), up from $38bn (£30bn) in 2024.

• Revolut maintained a prudent approach to balance sheet management, holding 90% of assets in cash and cash equivalents and Treasury Investments.

• Customer lending portfolio grew by 120% YoY to $2.9bn (£2.2 billion), consisting primarily of Unsecured Personal Loans, Credit Cards, and a nascent portfolio of mortgages.

• This contributed to a 23% YoY increase in interest income of $1.3bn (£974m), compared to $1.0bn (£790m) in 2024.

• Record profitability: Top-line growth translated into a fifth consecutive year of net profitability.

• Profit before tax was $2.3bn (£1.7bn), up 57% from $1.4bn (£1.1bn) in 2024.

• PBT margin expanded to 38%, up from 35% in 2024, reflecting the strong operating leverage of the business model.

• Net profit grew to $1.7bn (£1.3bn), up from $1.0bn (£790m) in 2024.

Deepening daily engagement and growing share of wallet

2025 was a record year of customer acquisition matched by a significant increase in how often users and businesses rely on Revolut for their core financial activities.

• Record customer acquisition: Revolut welcomed 16m new retail customers globally, bringing the total to 68.3m by year-end (a 30% increase). Similarly, Business Customers increased by 33% to 767K. 

• Market leadership & reach: Growth momentum was strong across Europe, where 1 in 5 working-age adults now use Revolut. Revolut is the most downloaded app in the Finance category, ranking first in 15 countries and securing a spot in the top three in 26 countries across the continent. 

• Customer activity surged: Total transaction volumes rose 65% YoY to $1.7 trillion (£1.3 trillion) as the platform handled record levels of activity across its retail and business segments.

• The number of transactions per customer grew by 24% compared to 2024.

• Revolut Business accounted for $365bn (£277bn) of the total transaction volume. Growth was particularly strong in expansion markets – including Singapore, Australia, and the US – where Revolut Business grew by over 140% year on year.

• Deepening engagement: Use of value-added services grew significantly.

• Paid plan adoption increased by 42% YoY.

• RevPoints adopted by 17m users across 36 markets, up from 6.6m at year-end 2024. 

• Efficient growth engine: Strong organic growth continued, with over 63% of new retail customers joining via word-of-mouth or referrals. 

Strengthening the ecosystem through product innovation

Revolut accelerated its product roadmap in 2025, launching high-impact services across wealth, connectivity, and lending to deepen its daily utility for users.

• Wealth & investing evolution: Expanded the investment suite with the rollout of zero-commission ETF investment plans in the EEA and Switzerland, as well as CFD trading to 29 countries. These enhancements contributed to a 24% increase in average equities balances per customer.

• Expansion into secured lending: Marking a strategic entry into the mortgage market, Revolut launched mortgage refinancing in Lithuania, providing a fully digital application process and real-time updates within the app.

• Next-generation connectivity: Launched Revolut Mobile in the UK and Poland, becoming the first large-scale financial institution to offer a dedicated mobile network service. This was complemented by the launch of Travel Mode, hyper-localising the app experience with spend maps and connectivity tools for users abroad.

• Loyalty and premium services: Scaled the RevPoints loyalty programme to 17m participants across 36 countries. In the B2B segment, the Group launched the waitlist for Titan, its first ultra-premium corporate card, designed for global enterprises.

• Security & safety innovations: Introduced Street Mode and in-app calling to enhance account protection. The integration of advanced AI models across the Customer Protection Platform allowed for a 10x increase in the volume of potential fraud cases reviewed daily.

2026 Outlook 

Revolut is operationalising its global banking network at an accelerated pace, transitioning from a European leader to becoming the world’s first truly global bank.

• Global licensing momentum: The Group entered 2026 with significant regulatory breakthroughs. Following the January 2026 launch of full banking in Mexico, March 2026 marked the successful exit from mobilisation in the UK. This allows Revolut to provide banking services for its 13 million UK customers and provides a template for the formal application for a U.S. national bank charter filed in March.

• Strategic investment for scale: Revolut has committed to a £10bn ($13bn) investment over the next five years to fuel international growth and innovation. This includes the creation of 1,000 high-skilled roles at the new London Global HQ and significant capital allocation to accelerate operations in the US and Western Europe.

• Path to 100 million customers: Revolut remains focused on its strategic milestone of reaching 100m customers by mid-2027, supported by a resilient, diversified business model that decouples growth from market cycles.

The 2025 Annual Report can be viewed online or downloaded in PDF format here

FF NEWS TAKE: This move drastically moves the needle, transforming the company from a European scale-up into a true global financial titan. Revolut has validated the multi-product, multi-engine thesis, proving that diversification is the shield against market volatility. The immediate watch area is the next stage of global licensing. The path to 100 million users hinges entirely on execution in the US, where securing a national bank charter is the key to unlocking the full potential of their lending and treasury products.