• Revenue up 23.5% YoY, driven by 30.3% growth in TTV
• Cash EBTDA up 147.0% YoY, with operating margin expanding to 15.8%
• Strong credit performance, with net bad debts down to 1.5% of TTV

Zip Co Ltd has reported outstanding FY25 results, with significant growth in the US market driving a 23.5% increase in revenue to $1,081.1 million and a 147.0% jump in cash EBTDA to $170.3 million. The company's two-sided business model, with deep customer, merchant and channel partnerships, underpinned sustainable, profitable growth. The US business, which now accounts for over 80% of divisional cash earnings, continued its high-growth trajectory, with US TTV up 43.0% year-on-year. The leading, profitable ANZ business also delivered a strong performance, with TTV up 5.5% and cash EBTDA up 5.9%. Zip maintained disciplined credit management, with net bad debts reducing to 1.5% of TTV. This, combined with cost discipline, delivered significant operating leverage, with the operating margin expanding from 7.9% to 15.8%.The company also made progress on its strategic priorities, including strengthening its core platforms and balance sheet to support scale, unlocking new customer and market segments for growth, and delivering on its ESG commitments.

Zip expects to maintain its strong financial performance in FY26, with continued growth in TTV, revenue, and cash EBTDA across both the US and ANZ markets.

Zip is well-positioned for continued growth, with a focus on driving customer engagement, operational excellence, and product innovation. The company is also considering a dual listing on the Nasdaq to support its significant growth opportunity in the US market.