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Credit services · Financial Services · Fiscal year ends Dec 31
Sezzle reported revenue of $236M in the fiscal year ended Dec 2025, up 69.2% from the year before. Operating income was $177M, an operating margin of 74.9%, and net income was $133M. Operating cash flow of $210M less capital expenditure of $655,000 left free cash flow of $209M.
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 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 115 | 12.0 | 60.6 | 139 | 236 |
| Selling, general & admin | 15.8 | 16.4 | 8.6 | 11.4 | – |
| Operating income | −68.7 | −28.4 | 22.2 | 82.2 | 177 |
| Interest expense | 5.3 | 8.6 | 16.0 | 13.8 | 14.0 |
| Pre-tax income | −75.1 | −38.0 | 7.7 | 67.3 | 163 |
| Income tax | 0.1 | 0.1 | 0.6 | −11.2 | 29.8 |
| Net income | −75.2 | −38.1 | 7.1 | 78.5 | 133 |
| Diluted EPS | −0.38 | −7.00 | 1.25 | 2.19 | 3.72 |
| Diluted shares | 200 | 5.4 | 5.7 | 35.9 | 35.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 77.0 | 68.3 | 67.6 | 73.2 | 64.1 |
| Current assets | 221 | 170 | 209 | 258 | 352 |
| Net PP&E | 0.7 | 0.3 | – | – | – |
| Total assets | 223 | 173 | 213 | 298 | 400 |
| Payables | 96.5 | 83.0 | 74.1 | 69.0 | 56.4 |
| Deferred revenue | 0.0 | 1.5 | 2.6 | 4.2 | 5.4 |
| Current liabilities | 108 | 99.2 | 187 | 106 | 89.8 |
| Total liabilities | 186 | 164 | 191 | 211 | 230 |
| Shareholders' equity | 37.8 | 8.8 | 22.1 | 87.8 | 170 |
| Backlog (remaining obligations) | 0.0 | 1.5 | 2.6 | 4.2 | 5.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −72.1 | 8.5 | −25.7 | 131 | 210 |
| Capital expenditure | 0.7 | 0.1 | 0.1 | 0.1 | 0.7 |
| Free cash flow | −72.8 | 8.5 | −25.8 | 131 | 209 |
| Depreciation & amortisation | 0.7 | 0.8 | 0.9 | 1.0 | 1.4 |
| Stock-based compensation | 14.2 | 10.3 | 6.9 | 5.2 | 6.5 |
| Share buybacks | 2.7 | 0.4 | 1.7 | 23.6 | 64.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −89.6% | 406.9% | 129.9% | 69.2% |
| Operating income growth (YoY) | – | – | – | 270.5% | 115.0% |
| EPS growth (YoY) | – | – | – | 75.2% | 69.9% |
| Operating margin | −59.8% | −237.8% | 36.6% | 59.0% | 74.9% |
| Net margin | −65.5% | −318.5% | 11.7% | 56.3% | 56.4% |
| Return on equityBlank when equity is negative | −198.9% | −430.8% | 32.1% | 89.4% | 78.4% |
| ROCEEBIT ÷ (assets − current liabilities) | −59.3% | −38.7% | 87.5% | 42.7% | 56.9% |
| Free cash flow margin | −63.4% | 70.7% | −42.5% | 93.7% | 88.7% |
| Cash conversion (CFO ÷ net income) | 0.96x | −0.22x | −3.62x | 1.66x | 1.58x |
| Interest cover | −13.0x | −3.31x | 1.39x | 5.98x | 12.6x |
| Current ratio | 2.06x | 1.72x | 1.12x | 2.44x | 3.92x |
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.