Boku reported annual revenue of $128.5 million for 2025, exceeding analyst estimates and representing 29% growth from the prior year's $99.3 million, according to a trading update released today (Wednesday).
The payments network posted adjusted EBITDA of $41 million, up 31% year-over-year and ahead of the $39.8 million consensus estimate. The company's EBITDA margin reached 32%, compared to 31.6% in 2024.
Cash on the company's balance sheet grew 39% to $246 million at year-end, even after Boku repurchased 5.8 million shares during 2025 at a cost of $12.3 million. The company's own cash, which excludes merchant funds in transit, increased 28% to $103 million.
- Boku Inc. Soars High with 26% Revenue Boost amid CEO's Exit
- Boku Posts 23% Revenue Jump, Names Ex-Natwest Executive as CFO
CEO Stuart Neal said in the release that performance was "broad-based across merchants, Local Payment Methods, products and geographies." He added that the company expects to deliver medium-term organic revenue growth above 20% on a compound annual growth rate basis with EBITDA margins above 30%.
Digital Wallets Drive Revenue Mix Shift
Digital wallets and account-to-account payment schemes posted 66% growth during the year, while the company's bundling product - which helps merchants package subscription offers - climbed 71%. Together, these two segments now account for 45% of total revenue, up from roughly 35% at mid-year.
Boku's digital wallet business had already shown momentum in the first half of 2025, when that segment posted 89% revenue growth. The company has been pushing to diversify beyond its traditional direct carrier billing roots, which still grew 9% for the full year.
Metric | FY 2025 | FY 2024 | Growth |
Total Revenue | $128.5m | $99.3m | +29% |
Adjusted EBITDA | $41m | $31.4m | +31% |
EBITDA Margin | 32% | 31.6% | +40 bps |
Total Payment Volume | $15.5bn | $12.4bn | +27% |
Monthly Active Users | 115m | 87.1m | +32% |
Direct carrier billing allows consumers to charge digital purchases directly to their mobile phone bills, a payment method that remains popular in markets with lower banking penetration. The company now separates bundling from DCB in its reporting, reflecting what it calls "increased scale and broader application" of the product.
Platform Volumes and Users Expand
Total payment volume processed through Boku's network reached $15.5 billion, up 27% from $12.4 billion in 2024, or 25% on a constant currency basis. Monthly active users hit 115 million in December, a 32% increase from 87.1 million a year earlier.
The company added several high-profile clients during the year, including what it described as a leading digital design platform and a global entertainment company, though it did not name the merchants. When Boku reported first-half results in July, revenue growth included $3 million from temporary launch-phase pricing that the company said would not continue.
The company trades on London's AIM market under the ticker BOKU.
