Zip (ZIP) H1 2026 earnings summary

Executive summary

• Achieved record cash EBTDA of $124.3 million, up 85.6% year-over-year, with operating margin expanding to 18.7% from 13.0%, and net profit after tax of $52.4 million, more than doubling year-on-year.

• Total transaction volume (TTV) reached $8.4 billion, up 34.1% year-over-year, with the US market now representing 75% of TTV and driving growth.

• Active customers increased 4.1% to 6.6 million, and merchant partners grew 10.5% to 90.6k.

• Achieved 10 consecutive quarters of group profitability, with strong performance in both US and ANZ markets.

• Completed $100 million on-market share buyback and submitted a confidential draft registration statement to the US SEC for potential dual listing.

Financial highlights

• Total income grew 29.2% year-over-year to $664.0 million, with US revenue up 47.0% to $445.3 million and ANZ revenue up 3.1% to $212.8 million.

• Cash gross profit increased 33.5% to $314.3 million; cash EBTDA reached $124.3 million, up from $67.0 million.

• Net bad debts were 1.7% of TTV, within management targets, and provision for expected credit losses as % of receivables decreased to 6.3%.

• Cash net transaction margin held at 3.8%, with interest expense as a percentage of TTV improving to 1.3%.

• Cash, cash equivalents, and restricted cash increased 37.1% to $537.0 million.

Outlook and guidance

• Upgraded FY26 guidance: group operating margin now expected to be above 18%, group cash EBTDA as a % of TTV above 1.4%, and US TTV growth for FY26 expected to exceed 40% in USD.

• Revenue margin targeted at circa 8% of TTV, cash NTM at 3.8–4.2%, and 2H26 group cash EBTDA expected to be broadly in line with 1H26.

• Focus remains on sustainable growth and profitability in core markets, with continued investment in product innovation and risk management.