Wise (WISE) H1 2026 earnings summary

Executive summary

• Active customers grew 18% year-over-year to 13.4 million in H1 FY26, with cross-border volume up 24% to £84.9bn and customer holdings exceeding £25bn, reflecting increased trust and engagement.

• Strategic investments in infrastructure, product, and marketing have driven both customer acquisition and retention, with continued expansion in regulatory approvals and direct payment integrations.

• Wise Platform partnerships expanded, now representing 5% of cross-border volume, with new partners and strong momentum from both new and existing relationships.

• Non-cross-border revenue now represents 41% of total underlying income, reflecting successful diversification.

• Underlying income increased 13% year-over-year to £750m, with a 16% CAGR over recent periods.

Financial highlights

• Underlying income rose 13% year-over-year to £750m, with underlying profit before tax margin at 16.3%, at the top of the 13%-16% target range.

• Cross-border take rate decreased by 10 basis points to 0.52%, while cross-border revenue increased 5% year-over-year.

• Card spend exceeded £15.4bn, generating £131.7m in revenue, up 28% year-over-year.

• Interest income on customer balances grew 42% to £297.4m, with an average yield of 3.02%.

• Free cash flow of £249.8m, with FCF conversion at 98.2% of reported PBT.

Outlook and guidance

• Full-year 2026 underlying income growth expected within 15%-20% midterm range on a constant currency basis.

• Underlying profit before tax margin guided at around 16% for 2026, excluding up to £35m in one-off dual-listing expenses.

• Administrative expenses for FY26 expected to be ~£1bn, including dual-listing costs.

• Dual US/UK listing on track for Q2 2026.

• Continued disciplined investment in growth, with a focus on maintaining profitability within the 13%-16% margin range.