Klarna Posts $1.082B Q4 Revenue, $38.7B GMV, 101% Banking User Growth
Klarna delivered $1.082 billion in Q4 2025 revenue, up 38% year-over-year, driven by a record $38.7 billion GMV and a 101% increase in banking consumers to 15.8 million. US revenue climbed 58%, and Fair Financing segment sales jumped 165%, while active Klarna Card users almost doubled to 4.2 million.
1. Q4 2025 Record Revenue and Growth
Klarna achieved its first billion-dollar revenue quarter in Q4 2025, reporting $1.082 billion in sales for a 38% year-over-year increase. This performance was underpinned by a record Gross Merchandise Volume of $38.7 billion.
2. Banking Consumer and US Market Expansion
Banking consumers surged 101% year-over-year to 15.8 million, with the US market driving a 58% revenue gain and expanding to 29 million domestic users. The Fair Financing segment grew 165% as users shifted from revolving credit, and Klarna Card active users rose to 4.2 million.
3. Operational Leverage and Efficiency Gains
Since 2022, Klarna has doubled revenue while reducing operating expenses by 8% and cutting headcount by 49%, lifting revenue per employee to $1.24 million through AI-driven efficiencies and disciplined underwriting.