Revolut Hits $1.2bn Annual Profit As Crypto Trading And Card Volumes Drive Record Year

Revolut reported full-year pre-tax profit of $1.2 billion for 2025, up roughly 90% on the prior year and confirming the London-based digital-banking group's transition from breakeven to durably profitable scale, with crypto-trading revenues, card-interchange volumes, and the wealth-products franchise all contributing materially to the lift.

Total revenue of $4.6 billion grew 51% year-on-year, with the most striking contribution coming from the wealth-and-trading segment — which now includes equities, crypto, savings vaults, and the recently-launched private-credit fund-investment platform. That segment alone contributed roughly $1.1 billion of revenue, more than tripling its 2024 contribution, and now represents the company's most-watched revenue line as it works toward an eventual public listing.

The customer base reached 65 million active customers across the group, a 42% year-on-year increase, with the largest absolute net additions coming from the United States, Brazil, and India. The US business, which Revolut has been investing in heavily for three years, is now profitable on a standalone basis for the first time — a meaningful inflection given how much capital the segment has consumed and how protracted the credibility argument with US-side regulators has been.

The UK banking-licence application, the longest-running regulatory file in the company's history, remains in restricted-mobilisation status with the PRA. CEO Nik Storonsky flagged on the earnings briefing that the company expects formal authorisation to operate as a UK bank within the next six months — language that several previous earnings briefings have used, but with notably more conviction this time. The licence is the principal precondition for the company's stated 2026 ambition to launch UK mortgage products and broader credit offerings.

The IPO question is now the principal forward focus. Revolut has been positioning publicly for a listing and the financial profile it is now reporting — profitability, growth, customer base, credit-products optionality — is comfortably the strongest of any private fintech in the Western market. London versus New York remains the open question, and the recent UK listing-rules reforms have meaningfully shifted the calculation. With Klarna having filed in London at $18 billion last week, the pressure on Revolut to confirm its venue choice is now visibly stronger than it has been at any prior IPO-window cycle.