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Credit services · Financial Services · Fiscal year ends Dec 31
Klarna reported revenue of $3.5B in the fiscal year ended Dec 2025, up 24.8% from the year before. Operating income was −$230M, an operating margin of −6.6%, and net income was −$273M. Operating cash flow of −$1B less capital expenditure of $3M left free cash flow of −$1B.
Ranks among the 35 credit services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 2,276 | 2,811 | 3,509 |
| Operating income | −323 | −121 | −230 |
| Interest expense | 297 | 503 | 667 |
| Pre-tax income | −304 | 33.0 | −241 |
| Income tax | −60.0 | 12.0 | 32.0 |
| Net income | −244 | 21.0 | −273 |
| Diluted EPS | −0.69 | 0.01 | −0.79 |
| Diluted shares | 362 | 364 | 371 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 2,391 | 3,243 | 3,803 |
| Goodwill | – | 613 | 685 |
| Total assets | – | 13,804 | 18,797 |
| Total liabilities | – | 11,547 | 16,113 |
| Shareholders' equity | 2,197 | 2,086 | 2,507 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | 808 | 587 | −1,032 |
| Capital expenditure | 1.0 | 1.0 | 3.0 |
| Free cash flow | 807 | 586 | −1,035 |
| Stock-based compensation | 43.0 | 92.0 | 157 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 23.5% | 24.8% |
| EPS growth (YoY) | – | – | −8000.0% |
| Operating margin | −14.2% | −4.3% | −6.6% |
| Net margin | −10.7% | 0.7% | −7.8% |
| Return on equityBlank when equity is negative | −11.1% | 1.0% | −10.9% |
| Free cash flow margin | 35.5% | 20.8% | −29.5% |
| Cash conversion (CFO ÷ net income) | −3.31x | 28.0x | 3.78x |
| Interest cover | −1.09x | −0.24x | −0.34x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.