Revolut Pretax Profit Climbs 57% as Customer Base Tops 68 Million

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).

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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.

"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%.

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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.

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.