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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 $1.194 billion, robust free cash flow, and above Rule of 40 performance at 44.5%, driven by disciplined capital allocation and execution of strategic priorities.
Completed the Melio acquisition, accelerating U.S. business scale, payments capabilities, and integration of bill pay solutions.
Continued investment in AI and product innovation, including partnerships with OpenAI, rollout of new analytics, mobile features, and the launch of JAX, an AI financial superagent.
Subscriber base grew 10% to nearly 4.6 million, with international markets contributing 54% of net new additions.
Financial highlights
Operating revenue reached $1.194 billion, up 20% year-over-year (18% in constant currency); subscription revenue up 18%, other operating revenue up 44%.
Adjusted EBITDA was $351 million, up 12% year-over-year; adjusted EBITDA margin at 29.4%.
Net profit after tax increased 42% to $135 million; basic EPS rose to $0.84 from $0.62.
Free cash flow margin improved to 26.9%, with $321 million generated in the half, up 54%.
Gross profit margin remained high at 88.5%, down 0.4pp due to ongoing platform investment.
Outlook and guidance
FY26 operating expense to revenue ratio expected to be around 70.5%, improved from previous guidance, with further reduction expected in H2.
Combined business expected to more than double FY25 group revenue by FY28, before synergies, with Rule of 40 outcomes anticipated to remain above 40% at group level.
H2 FY26 OPEX ratio anticipated to be lower than H1, with revenue expected to be higher in H2 following typical seasonality.
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
How does MEO Bill Pay integration impact US growth?
AI monetization approach: Tiering or core price?
OpEx efficiency drivers: Long-term profitability?
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H2 202614 May, 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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