Revolut Posts Record $2.3B Profit in 2025: Financial Breakdown and Pre-IPO Investment Case

Revolut reported a record profit before tax of £1.7 billion ($2.3 billion) for 2025 in its annual report, published on 24 March 2026. Revenue rose 46% to £4.5 billion ($6.0 billion), the pre-tax margin reached 38%, and the retail customer base grew to 68.3 million. It was the London-based fintech's fifth consecutive year of net profit.

What did Revolut report for 2025?

Profit grew faster than revenue: revenue rose 46%, profit before tax 57%. Revolut reports in pounds; the dollar figures in its press release are conversions, and the company calculates all growth rates in pounds.

The figures come from the 2025 annual report of Revolut Group Holdings Ltd. Exact amounts in the income statement: revenue £4,516 million, profit before tax £1,713 million and net profit £1,305 million, against £790 million a year earlier. Customer balances include money held with partner institutions.

Where does Revolut's revenue come from?

No single stream dominates. The largest, card payments, brought in 22% of revenue, and fees of all kinds made up 76% of the total, according to the annual report.

Revolut says 11 product lines each earned more than £100 million (about $135 million) in 2025. Subscriptions grew fastest, and adoption of paid plans rose 42%. Interest income grew more slowly than fees, so its share of revenue fell.

Revolut Business accounted for 16% of revenue. Business customers moved £277 billion ($365 billion) through the platform, and in expansion markets such as Singapore, Australia and the US the business segment grew by more than 140%.

How fast is Revolut's customer base growing?

Revolut added 16 million retail customers in 2025, more than in any previous year, and ended it with 68.3 million.

• Reach in Europe. One in five working-age adults in Europe uses Revolut. The company says its app ranked first in the Finance category by downloads in 15 European countries and in the top three in 26.
• Acquisition. Over 63% of new retail customers joined through word of mouth or referrals, according to Revolut.
• Activity. Transaction volumes rose 65% to £1.3 trillion ($1.7 trillion), and transactions per customer grew 24%.
• Loyalty. The RevPoints programme reached 17 million users in 36 markets, up from 6.6 million at the end of 2024.
• Savings. Savings balances more than doubled to £20.4 billion.

How strong is Revolut's balance sheet?

The balance sheet consists mostly of cash and high-quality debt securities, and loans are small compared with deposits.

Total assets grew 66% to £43 billion. Cash, cash equivalents and treasury investments, including government and supranational debt, made up 90% of assets, and the loan-to-deposit ratio was 6.2%. Loans to customers reached £2.2 billion, mostly unsecured personal loans and credit cards, with a small mortgage book.

Credit losses on lending products doubled to £61 million from £30 million as the loan book more than doubled; expected credit loss coverage stayed at 4.1%. Capital resources rose to £4.9 billion from £2.6 billion, all of it Common Equity Tier 1 (CET1), the highest-quality form of bank capital.

Which products and licences did Revolut add?

In 2025 Revolut pushed further into lending, investing and services beyond finance, and in early 2026 it reached two banking milestones.

• Lending. Revolut entered secured lending with fully digital mortgage refinancing in Lithuania.
• Investing. It launched zero-commission ETF investment plans in the European Economic Area and Switzerland and expanded CFD trading to 29 countries.
• Mobile. Revolut Mobile launched in the UK and Poland; Revolut says it is the first large-scale financial institution with its own mobile network service.
• Fraud prevention. AI models let Revolut review about ten times more potential fraud cases per day.
• Licences. Revolut operates as a licensed bank in over 30 of its 40 markets. It launched full banking in Mexico in January 2026, completed the mobilisation of its UK bank in March 2026 and filed for a US national bank charter the same month.

What do the results mean for pre-IPO investors?

They describe a private company that is already large and profitable, but its shares still change hands only in private deals at negotiated prices.

In 2025 Revolut completed a share sale at an implied valuation of $75 billion, led by Coatue, Greenoaks, Dragoneer and Fidelity, according to the annual report; in 2024 it had been valued at $45 billion. At $75 billion, Revolut was priced at about 33 times its 2025 profit before tax and about 44 times net profit in dollar terms, based on the press-release conversions. Which metrics to check before such an investment is explained in how to evaluate a pre-IPO company.

AMCH, which publishes this blog, runs an investment platform where a pre-IPO position in Revolut is offered to investors.

What are the risks?

The main risks come from markets, credit, regulation and the illiquidity of private shares.

• Market-sensitive revenue. Interest income, 21.6% of revenue, depends on interest rates, while wealth and FX revenue depend on trading activity. The annual report lists changes in interest rates, crypto prices and exchange rates among market risks.
• Credit. The loan book more than doubled in 2025, and credit losses on it doubled too.
• Regulation and compliance. Revolut names regulatory compliance and financial crime among its principal risks; its risk and compliance headcount grew 42% in 2025.
• Liquidity. There is no exchange for Revolut shares. Exits depend on secondary sales, tender offers or a future IPO, as described in how to exit a pre-IPO investment.

Update (October 2026): In July 2026 Revolut confirmed a secondary share sale; Bloomberg reported a price of $2,017 per share, valuing the company at about $115 billion (tech.eu; see Revolut's $115 billion valuation). In April chief executive Nik Storonsky told Bloomberg that an IPO was about two years away (Yahoo Finance), and in October he said he would favour a primary listing in the US (Reuters); earlier reports on its IPO ambitions are covered in Revolut's tender offer and IPO target.