Revolut: The Rival Whose Wealth Arm Alone Out-Earns XTBThin moat

XTB (XTB) — moat facet

When trading is a seventh of your revenue you can price it at nothing forever, and XTB has no answer to that.

1. ReportedRevolut reported 2025 revenue of 6,0 billion US dollars, up 46 per cent, with pre-tax profit of 2,3 billion and more than seventy million retail customers.
   Revolut Group Holdings Ltd annual report 2025 - group revenues up 46% to 6,0 billion US dollars from 4,0 billion, with profit before tax of 2,3 billion, up 57%; more than 70 million retail customers and around 0,8 million businesses, up 30% and 33% respectively; Wealth revenue, which includes equities and cryptocurrency trading, up 31% to 876 million dollars from 647 million and 14,7% of total revenue; total customer balances up 66% to 67,5 billion dollars from 38 billion; eleven product lines each exceeding approximately 135 million dollars of revenue, with subscriptions turnover of 936 million, card payments up 45% to 1,3 billion and foreign exchange up 43% to 800 million — FY2025 · publ. 2026 · source ↗
2. ReportedIts wealth division — equities and cryptocurrency trading — produced 876 million dollars, up 31 per cent, and 14,7 per cent of the group.
   XTB results presentation for the first half of 2026, activities and products - the Cash ISA for United Kingdom residents launched in Q1 2026 with flexible tax-free interest compounding, a GBP 20 000 annual contribution limit, the option to withdraw and re-deposit funds without losing the allowance, fee-free transactions and FSCS protection up to GBP 120 000; spot crypto trading launched for clients in Cyprus based on a CySEC licence and MiCA standards and expanded to Chile with access to 46 of the most popular cryptocurrencies; extended trading hours for nearly 1 000 key European stocks and ETFs from 7:30 AM to 10:00 PM; an AI module for analyzing media sentiment; self-selection and closing of individual stock and ETF positions as an alternative to the automatic FIFO rule; full access to and management of IKE and IKZE retirement accounts from desktop computers; additional regulatory licences in the United Arab Emirates; the incorporation of XTB Lithuania UAB in Vilnius on 1 June 2026; a securities agent licence for the Chilean subsidiary; a global partnership with the International Basketball Federation (FIBA) as official sponsor of the men's and women's World Cups and title sponsor of the European Qualifiers; a partnership with SSC Napoli, XTB's first with a football club from Europe's top five leagues, running to the end of the 2026/2027 season and aimed at the Italian market; tennis player sponsorships at Roland Garros and Wimbledon; and a product roadmap with cryptoassets, an OKI account for clients in Poland, long-term investment products and margin trading in progress, and options, expansion of the pension account offering in other European countries and Investment Plans 2,0 planned — H1 2026 · publ. 28 August 2026 · source ↗
3. ReportedCustomer balances were 67,5 billion dollars.
   Revolut Group Holdings Ltd annual report 2025 - group revenues up 46% to 6,0 billion US dollars from 4,0 billion, with profit before tax of 2,3 billion, up 57%; more than 70 million retail customers and around 0,8 million businesses, up 30% and 33% respectively; Wealth revenue, which includes equities and cryptocurrency trading, up 31% to 876 million dollars from 647 million and 14,7% of total revenue; total customer balances up 66% to 67,5 billion dollars from 38 billion; eleven product lines each exceeding approximately 135 million dollars of revenue, with subscriptions turnover of 936 million, card payments up 45% to 1,3 billion and foreign exchange up 43% to 800 million — FY2025 · publ. 2026 · source ↗
4. ReportedThe first is that Revolut's trading business alone earned more in 2025 than the whole of XTB.
   Revolut Group Holdings Ltd annual report 2025 - group revenues up 46% to 6,0 billion US dollars from 4,0 billion, with profit before tax of 2,3 billion, up 57%; more than 70 million retail customers and around 0,8 million businesses, up 30% and 33% respectively; Wealth revenue, which includes equities and cryptocurrency trading, up 31% to 876 million dollars from 647 million and 14,7% of total revenue; total customer balances up 66% to 67,5 billion dollars from 38 billion; eleven product lines each exceeding approximately 135 million dollars of revenue, with subscriptions turnover of 936 million, card payments up 45% to 1,3 billion and foreign exchange up 43% to 800 million — FY2025 · publ. 2026 · source ↗
5. ReportedThe second is that it was a seventh of the company, which means Revolut can price share dealing at zero for as long as it likes and lose nothing that matters, because the money is made on cards, foreign exchange, subscriptions and the current account.
   Revolut Group Holdings Ltd annual report 2025 - group revenues up 46% to 6,0 billion US dollars from 4,0 billion, with profit before tax of 2,3 billion, up 57%; more than 70 million retail customers and around 0,8 million businesses, up 30% and 33% respectively; Wealth revenue, which includes equities and cryptocurrency trading, up 31% to 876 million dollars from 647 million and 14,7% of total revenue; total customer balances up 66% to 67,5 billion dollars from 38 billion; eleven product lines each exceeding approximately 135 million dollars of revenue, with subscriptions turnover of 936 million, card payments up 45% to 1,3 billion and foreign exchange up 43% to 800 million — FY2025 · publ. 2026 · source ↗
6. ReportedRevolut acquires the customer for a different product, holds the salary, and offers investing as a tab in an application the customer already opens daily.
   Revolut Group Holdings Ltd annual report 2025 - group revenues up 46% to 6,0 billion US dollars from 4,0 billion, with profit before tax of 2,3 billion, up 57%; more than 70 million retail customers and around 0,8 million businesses, up 30% and 33% respectively; Wealth revenue, which includes equities and cryptocurrency trading, up 31% to 876 million dollars from 647 million and 14,7% of total revenue; total customer balances up 66% to 67,5 billion dollars from 38 billion; eleven product lines each exceeding approximately 135 million dollars of revenue, with subscriptions turnover of 936 million, card payments up 45% to 1,3 billion and foreign exchange up 43% to 800 million — FY2025 · publ. 2026 · source ↗
7. ReportedXTB has to buy each customer with advertising — 585 million złoty in 2025 — for a product that is the entire reason the relationship exists.
   XTB Group consolidated financial statements for 2025, comprehensive income statement and revenue notes - total operating income 2 146 056 against 1 873 436; income from fees and charges 20 287 against 12 291; other income 3 198; marketing (584 898) against (344 808); salaries and employee benefits (413 019) against (311 574); commission expenses (107 415) against (97 289); other external services (132 846) against (79 226); amortisation and depreciation (25 405) against (19 905); taxes and fees (15 955) against (13 109); costs of maintenance and lease of buildings (10 559) against (7 999); other costs (23 580) against (12 791); total operating expenses (1 313 677) against (886 701); profit on operating activities 832 379 against 986 735; finance income 39 603 against 62 845 including interest income on financial instruments at amortized cost 26 538 and income on bonds 12 744 against 26 138 and foreign exchange gains of nil against 10 307; finance costs (94 594) against (1 129), of which foreign exchange losses (93 125) against nil, relating to unrealised differences on the measurement of balance sheet items denominated in a currency other than the functional currency; profit before tax 777 388 against 1 048 451; income tax (133 189) against (191 595); net profit 644 199 against 856 856; basic earnings per share 5,48 against 7,29. Result of operations in financial instruments by class for 2025 and 2024: Commodity CFDs 923 714 and 896 672; Index CFDs 760 736 and 622 728; Currency CFDs 290 408 and 272 276; Stock and ETP CFDs 60 047 and 44 762; Bond CFDs 101 and 735; total CFDs 2 035 006 and 1 837 173; Stocks and ETPs 78 310 and 30 654; gross gain on transactions in financial instruments 2 113 316 and 1 867 827; bonuses and discounts paid to customers (17 328) and (12 629); commission paid to cooperating brokers (51 406) and (54 623); net gain on transactions in financial instruments 2 044 582 and 1 800 575; interest income on client funds 140 129 and interest paid to clients (62 140), giving net interest income of 77 989 and 58 989 — FY2025 · publ. March 2026 · source ↗
8. Third-party estimateTrade Republic and Scalable Capital, the other two fintechs XTB names, run narrower versions of the same idea; Trade Republic passed ten million customers and 150 billion euros of assets across eighteen European markets.
   Trade Republic customer and asset figures as reported by Finance Magnates and Business Wire - the Berlin broker surpassed 10 million customers across 18 European markets with more than 150 billion euros in assets under management as of September 2025, having reported 8 million customers and 100 billion euros across 17 countries in January 2025; the company reported a valuation of 12,5 billion euros after a secondary share sale in December 2025 — 2025 · publ. 2025 · source ↗
9. ReportedXTB has paid 600 to 700 złoty for each client, four years running.
   XTB Group Management Board report on activities in 2025, synthetic summary of data for 2019-2025 (values for 2025, 2024, 2023, 2022, 2021, 2020 and 2019 in that order): market value of the Company's shares at period end 71,8, 70,4, 37,8, 31,0, 16,8, 17,9 and 4,0 złoty; earnings per share 5,5, 7,3, 6,7, 6,5, 2,0, 3,4 and 0,5; equity 2 000,5, 2 003,6, 1 734,7, 1 506,1, 915,6, 888,3 and 490,7 million złoty; group total capital ratio 186,0, 192,3, 188,7, 218,1, 200,1, 200,1 and 165,8 per cent; EBITDA 857,8, 1 006,6, 941,4, 897,7, 285,7, 523,5 and 72,2 million złoty; EBITDA margin 40,0, 53,7, 58,2, 62,2, 45,7, 65,6 and 30,2 per cent; net profit margin 30,0, 45,7, 48,9, 53,0, 38,0, 50,4 and 24,1 per cent; return on equity 32,2, 45,8, 48,8, 63,3, 26,4, 58,3 and 12,2 per cent; return on assets 8,2, 15,1, 18,0, 21,1, 8,8, 23,5 and 5,5 per cent; new clients 864,3, 498,4, 312,0, 196,9, 189,2, 112,0 and 36,6 thousand; total clients 2 164,9, 1 361,6, 897,6, 614,9, 429,2, 255,8 and 149,3 thousand; active clients 1 189,4, 701,1, 418,4, 270,6, 193,2, 108,3 and 49,6 thousand; net deposits 14 672,3, 8 607,3, 3 793,7, 3 423,2, 2 933,4, 1 961,2 and 409,4 million złoty; average operating revenue per active client 1,8, 2,7, 3,9, 5,4, 3,2, 7,4 and 5,1 thousand złoty; average client acquisition cost 0,7, 0,7, 0,8, 1,1, 0,6, 0,8 and 1,0 thousand złoty; turnover in CFD derivative instruments 8 866,4, 6 274,2, 6 779,8, 6 592,9, 4 045,9, 3 113,4 and 1 638,6 thousand lots; profitability per lot 215, 275, 227, 212, 144, 249 and 140 złoty; stock and ETF volume in nominal value 21 812,5, 9 574,1, 4 512,7, 3 336,3, 4 437,3, 1 643,3 and 178,8 million dollars; turnover in CFD derivatives in notional value 4 805,7, 2 626,6, 2 285,9, 2 259,6, 1 737,4, 1 021,8 and 541,5 million dollars; standalone operating income 1 908,4 and net profit 638,9 million złoty; balance sheet total 9 086,7 million złoty — FY2019-FY2025 · publ. March 2026 · source ↗
10. ReportedRevolut's marginal cost of offering an existing customer a share is close to zero, and no amount of product work changes that arithmetic.
    Revolut Group Holdings Ltd annual report 2025 - group revenues up 46% to 6,0 billion US dollars from 4,0 billion, with profit before tax of 2,3 billion, up 57%; more than 70 million retail customers and around 0,8 million businesses, up 30% and 33% respectively; Wealth revenue, which includes equities and cryptocurrency trading, up 31% to 876 million dollars from 647 million and 14,7% of total revenue; total customer balances up 66% to 67,5 billion dollars from 38 billion; eleven product lines each exceeding approximately 135 million dollars of revenue, with subscriptions turnover of 936 million, card payments up 45% to 1,3 billion and foreign exchange up 43% to 800 million — FY2025 · publ. 2026 · source ↗

• XTB Group consolidated annual report for 2025
• Revolut Group Holdings Ltd annual report 2025