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Xero (XRO) investor relations material
Xero H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary13 Nov, 2025
Executive summary
Achieved strong H1 FY26 results with 20% year-over-year revenue growth to $1.194b, robust profitability, and free cash flow, exceeding Rule of 40 with a 44.5% outcome.
Subscriber base grew 10% to nearly 4.6 million, with ARPU up 15% to $49.63; international markets contributed 54% of net new additions.
Completed Melio acquisition, expanding US scale and payments capabilities, and integrating bill pay solutions.
Continued investment in AI and product innovation, including rollout of JAX financial super agent and enhanced analytics.
Strategic focus on disciplined capital allocation and execution of growth priorities.
Financial highlights
Operating revenue reached $1,194m, up 20% year-over-year (18% in constant currency); subscription revenue up 18%, other operating revenue up 44%.
Adjusted EBITDA was $351m, up 12% year-over-year; margin at 29.4%.
Net profit after tax grew 42% to $135m; basic EPS rose to $0.84 from $0.62.
Free cash flow increased 54% to $321m, with a margin of 26.9%.
Gross profit margin at 88.5%, slightly down by 0.4pp due to customer experience and platform investments.
Outlook and guidance
FY26 operating expense to revenue ratio expected to be around 70.5%, improved from previous guidance.
Ratio expected to be lower in H2 FY26 versus H1 FY26, with Melio integration providing additional efficiencies.
Combined business aims to more than double FY25 group revenue by FY28, targeting Rule of 40 outcomes.
Anticipates interim dilution to Rule of 40 as Melio is integrated and scales.
Melio's impact on Rule of 40 before FY28
Drivers of FY26 OPEX ratio improvement
Explain the LTV/CAC ratio decline
Melio's path to profitability and margin expansion
Back book ARPU growth drivers and timeline
AI's role in driving future operating leverage
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AGM 20262 Feb, 2026
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Frequently asked questions
Xero Limited provides online accounting software for small and medium-sized businesses. Its flagship product is Xero, a subscription-based accounting software platform that provides a range of functionalities, including invoicing, bookkeeping, bank reconciliation, accounts payable and receivable, inventory, payroll processing, and project management. The company also offers Xero Mobile app to enable small business owners to do their business banking tasks on the go; and Xero HQ app to provide real-time information about individual client portfolios.
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