Revolut (REVOLUT) Q4 2024 earnings summary

Executive summary

• Achieved record revenue of £3.1B in 2024, up 72% year-over-year, with net profit rising to £790M and a net profit margin of 26%.

• Retail customer base grew 38% to 52.5M; business customer base up 56%.

• Total customer balances increased 66% to £30.2B.

• Received UK banking license (with restrictions), expanded to 30 licensed countries, and launched new products and markets.

• Completed a record secondary share sale at a $45B valuation, welcoming new investors and providing liquidity to employees and early shareholders.

Financial highlights

• Revenue grew 72% year-over-year to £3.1B; profit before tax exceeded £1B.

• Net profit increased 130% to £790M compared to £344M in 2023.

• Monthly transactions reached 940M, up from 590M in 2023.

• Total customer balances rose from £18.2B to £30.2B.

• Adjusted EBITDA reached £1,287M; gross profit margin improved to 81%.

Outlook and guidance

• Confident in continued exponential growth, aiming for 100M daily active customers across 100 countries.

• UK bank expected to become fully operational in 2025, enabling new product launches.

• Plans to expand lending, launch mortgages, and deepen market penetration in Europe and new regions.

• Ongoing investment in technology, compliance, and customer experience.