Sezzle (SEZL) Q4 2025 earnings summary

Executive summary

• Achieved record financial performance in 2025, with total revenue up 66.1% year-over-year to $450.3 million and net income reaching $133.1 million, up 69.5% year-over-year.

• Gross Merchandise Volume (GMV) increased 55.1% year-over-year to $3.94 billion, with Q4 GMV at $1.16 billion, up 35.3%.

• Adjusted EBITDA reached $187.7 million for FY2025, with a margin of 41.7%, and Q4 margin at 44.9%.

• Monthly On-Demand & Subscribers grew by 211,000 year-over-year to 918,000, with app sessions up 51% year-over-year in December.

• Focused on product innovation, operational efficiency, and disciplined capital allocation, including a shift toward higher-margin subscription products and AI-driven efficiencies.

Financial highlights

• Q4 revenue grew 32.2% year-over-year to $129.9 million; full-year revenue reached $450.3 million, up 66.1%.

• Net income for Q4 was $42.7 million; full-year net income was $133.1 million.

• Adjusted Net Income nearly doubled to $128.4 million for the year.

• Adjusted EBITDA margin improved to 41.7% for FY2025 and 44.9% in Q4.

• Gross margin for 2025 reached $281 million, or 62.4% of total revenue.

Outlook and guidance

• FY2026 adjusted net income per diluted share guidance raised to $4.70 from $4.35.

• Projecting 25%-30% total revenue growth and $170 million adjusted net income for 2026.

• Guidance does not include potential contributions from new products like Sezzle Mobile and AI-powered shopping assistant.