XTX Markets generated £3.93 billion in combined net revenue across its three main UK operating entities in 2025, up from £2.74 billion the prior year, according to annual reports filed with Companies House. Combined net profit for the three entities reached £1.71 billion, compared with £1.28 billion in 2024, building on the more than 50% earnings jump the firm reported for the previous year.
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XTX Technologies Entity Drives the Gains
XTX Markets Technologies Limited, the group's UK intellectual property and services arm, accounted for the vast majority of the consolidated result. Its net revenue climbed to £3.02 billion in 2025 from £2.04 billion in 2024, a 48% rise, while profit after tax reached £1.69 billion, according to the filing.
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The entity, registered under Companies House number 12300034, develops, enhances and provides intellectual property to affiliated trading companies within the wider XTX Holdings group, generating income through service fee arrangements.
Administrative expenses at the entity rose sharply, to £766 million in 2025 from £382 million the prior year, though profit margins remained strong, with a net profit after tax margin of 56%, down slightly from 61% in 2024, according to the filing. The return on opening net assets stood at 289%, up from 248% the year before.
Trading Arms Post Mixed Numbers
The group's two FCA-regulated trading entities, both operating as proprietary electronic firms under MIFIDPRU, reported divergent results for the year. XTX Markets Trading Limited, which trades across equity, fixed income and commodity markets, posted net revenue of £849 million in 2025, up from £636 million in 2024, per its filing. Its profit after tax, however, slipped to £21 million from £23 million, as variable costs scaled closely with revenues and administrative expenses rose to £823 million.
XTX Markets Limited, the group's original trading entity with a focus on equity and FX markets, reported net revenue of £62 million, roughly in line with £61 million the prior year. Profit after tax fell to £791,000 from £9.2 million in 2024, the filing shows, a result the directors attributed largely to the impact of revenue-geared variable costs and certain discretionary expenses.
XTX Markets - Key Financial KPIs by Entity, 2025 (£m)
KPI | Technologies | Trading Ltd | Markets Ltd | Combined |
Net Revenue | 3,022.4 | 849.2 | 62.0 | 3,933.6 |
Admin Expenses | 765.6 | 822.5 | 59.9 | 1,648.1 |
Profit Before Tax | 2,277.1 | 26.2 | 3.4 | 2,306.7 |
Tax | 589.6 | 5.1 | 2.6 | 597.3 |
Profit After Tax | 1,687.5 | 21.1 | 0.8 | 1,709.4 |
Dividends Flow North to Cayman Islands
XTX Markets Technologies Limited paid £1.78 billion in interim dividends during 2025 to its immediate holding company, XTX Holdings Limited, incorporated in the Cayman Islands and UK tax resident. That compares with £1.17 billion paid the year before. Following the close of the reporting period, the entity paid a further £331 million in January 2026 and £261 million in March 2026, according to the filing.
XTX's founder and ultimate controlling party, Alex Gerko, owns approximately 75% of the group and has emerged as one of Britain's wealthiest individuals. In mid-2025, Gerko challenged a £22.5 million tax bill at the UK's Supreme Court, contesting how British authorities tax certain complex financial arrangements connected to the group.
Headcount and Pay at the Core Entity
XTX Markets Technologies Limited employed 127 people at year-end 2025, up from 113 in 2024. Total wages and salaries at the entity reached £58 million, giving an average of approximately £457,000 per employee, compared with roughly £436,000 the year prior. The firm's director remuneration totaled £1.31 million across three directors, with the highest-paid director receiving £0.8 million, according to the filing.
Capital expenditure at XTX Markets Technologies Limited reached £16.3 million in 2025, up from £6.4 million in 2024, covering new IT trading equipment, office infrastructure and a newly capitalised intangible asset. Total energy consumption at the entity rose 11% year-on-year, though all UK energy consumption came from renewable sources, giving a zero gross carbon footprint for the period, per the filing.
XTX announced plans earlier in 2025 to invest €1 billion in a data center complex in Kajaani, Finland, with the first 22.5-megawatt facility scheduled for completion in 2026. The site spans 478 acres and is designed to accommodate the firm's growing GPU infrastructure.
Founded in 2015, XTX now handles approximately $250 billion in daily trading volume across 35 countries. Its UK profit first crossed the £1 billion threshold in 2022, a level it has exceeded substantially in each year since.
