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Zip Co (ZIP) investor relations material
Zip Co H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record financial performance with cash earnings up 147% year-over-year to $170.3M, total income surpassing $1B, and operating margin nearly doubling to 15.8%, driven by disciplined execution and strong customer engagement.
U.S. business delivered over 100% cash earnings growth, now representing over 80% of divisional cash earnings, with TTV up 43.9% and cash EBTDA up 105.3% year-over-year.
ANZ returned to TTV growth, launched new products, and maintained strong credit performance.
Customer base grew to 6.3M, with transaction volume up 30.3% to $13.1B and average spend and transactions per customer increasing.
Considering a dual listing on NASDAQ to support growth and investor interest in the U.S.
Financial highlights
TTV reached $13.1B (+30.3% YoY), total income $1,081.1M (+23.5% YoY), and cash gross profit $509M (+34% YoY).
Revenue margin was 8.3%, with U.S. now representing 71% of TTV; margin decreased 45bps YoY due to higher U.S. contribution.
Net bad debts improved to 1.5% of TTV, the lowest in two years, and cash net transaction margin increased by 11bps to 3.9%.
Statutory net profit after tax was £79.9M; underlying net profit after tax was $49.7M after adjusting for one-off items.
Interest expense reduced to 1.6% of TTV.
Outlook and guidance
FY26 revenue as a percentage of TTV expected to be around 8%, with U.S. TTV growth of at least 35% in USD terms.
Cash net transaction margin guidance increased to 3.8–4.2% for FY26.
Upgraded operating margin expectations to 16–19% for FY26.
Cash EBITDA as a percentage of TTV expected to exceed FY25's 1.3%.
Continued investment in innovation, AI, and new product launches, with measured opex and capital management.
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