Record Customer Deposits and Higher-Value Customers
Total customer deposits reached a record ~$6.5 billion in FY2025 (≈$27,000 per active customer). Average deposit per active customer has grown by over 400% since 2021, reflecting success in attracting higher-value customers.
Revenue, EBITDA and Constant-Currency Improvement
Group revenue was $792 million in FY2025, up 3% year‑on‑year; EBITDA was $348 million, up 2% YoY, and EBITDA on a constant currency basis was approximately 8% higher than 2024.
Earnings Per Share and ARPU Gains
Basic EPS rose to $3.93, up 10% YoY. Average revenue per customer increased by 8% YoY while spend per customer fell by 13%, indicating improved monetization and marketing efficiency.
Very Strong Cash Position and Cash Generation
Cash and cash equivalents were approximately $800 million with no debt. Cash generated from operations was about $265 million in 2025 and average operating cash conversion since IPO is ~98%.
Rapid Growth and Strategic Positioning in Futures / Non-OTC
Non-OTC revenues accounted for ~14% of group revenue (~>$100 million). Customer segregated funds in futures grew to >$900 million at Dec 2025 vs ~ $350 million at end-2024 (>2.5x). The group secured multiple clearing memberships (ICE Clear U.S./Europe, Kalshi Klear, CME membership access) and completed the Mehta Equities acquisition in India to expand derivatives access.
Major Strategic Partnerships and New Product Expansion
Appointed clearing partner for the FanDuel/CME prediction markets JV and entered an exclusive clearing/tech partnership with Topstep. Launched prediction markets (B2B and B2C), expanding the product suite and institutional collaboration.
Improved Customer Retention and Longevity
Retention metrics strengthened: 87% of OTC revenue from customers >1 year, 67% from customers >3 years, and 50% from customers >5 years (the >5 years share has more than doubled since 2022), highlighting higher lifetime value.
Technology and Mobile Leadership
Proprietary tech supports >2,500 instruments across 60+ countries and 30 languages. Mobile/tablet accounted for 89% of OTC revenue and 85% of OTC trades in 2025, underscoring a strong mobile-first customer experience.
Disciplined Capital Allocation and Shareholder Returns
Announced additional shareholder returns of $187.5 million (including $100 million buybacks and $87.5 million dividends) on top of ~$365 million returned in 2025. Since IPO, ~ $2.9 billion returned to shareholders and cumulative TSR >8,700%.
Cost Efficiency and Flexible Cost Base
Selling & marketing expenses reduced by 2% YoY and technology & marketing costs decreased significantly. 70% of operating costs are variable, providing flexibility across market cycles.