Detailed financial statements for Klarna Group plc (KLAR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Klarna Group plc operates as a technology-driven payments provider, extending its services across the United Kingdom, United States, Germany, Sweden, and globally. The company offers a wide array of solutions, including advertising and marketing, various consumer-centric provisions, advanced digital financial products, and assistance with personal shopping and money management.
Analysis Summary
Klarna Group plc reported revenue of $3.51B in the most recent fiscal year, growing at a 5-year CAGR of 21.4%.
Trailing-twelve-month margins: gross margin 61.8%, operating margin 3.0%, net margin -3.4%.
At the current price of $14.00, KLAR has negative trailing earnings (P/E not meaningful) and an ROE of -11.73%. Market capitalisation stands at $5.3B.
Balance sheet quality for KLAR: current ratio of 1.1, net cash position of $2.38B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $389.6M | $547.5M | $677.7M | $849.5M | $1.33B | $1.62B | $1.89B | $2.20B | $2.67B | $3.51B |
| Cost of Revenue | $63.0M | $86.1M | $117.3M | $251.5M | $377.4M | $595.7M | $520.0M | $541.0M | $596.0M | $1.60B |
| Gross Profit | $326.6M | $461.4M | $560.4M | $598.0M | $955.9M | $1.02B | $1.37B | $1.66B | $2.07B | $1.91B |
| Research & Development | $7.1M | $9.2M | $8.5M | $11.2M | $16.6M | 0 | $430.0M | $389.0M | $444.0M | $486.0M |
| Selling, General & Admin | $283.8M | $357.7M | $491.0M | $649.7M | $1.06B | $1.67B | $851.0M | $651.0M | $609.0M | $720.0M |
| Operating Expenses | $308.1M | $397.7M | $542.5M | $709.6M | $1.14B | $1.75B | $2.35B | $1.98B | $2.19B | $1.47B |
| Operating Income | $18.5M | $63.7M | $17.9M | -$111.5M | -$187.0M | -$729.1M | -$980.0M | -$323.0M | -$121.0M | $439.0M |
| EBITDA | $37.0M | $95.9M | $61.6M | -$70.2M | -$116.2M | -$602.3M | -$687.0M | $126.0M | $427.0M | $551.0M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | $147.0M | $297.0M | $503.0M | $667.0M |
| Pre-tax Income | $18.5M | $63.7M | $17.9M | -$111.5M | -$187.0M | -$729.1M | -$1.04B | -$304.0M | $33.0M | -$241.0M |
| Income Tax | $6.0M | $21.7M | $6.2M | $18.9M | -$28.3M | $58.4M | -$3.0M | -$60.0M | $12.0M | $32.0M |
| Net Income | $12.4M | $42.0M | $11.6M | -$92.4M | -$153.9M | -$775.7M | -$1.04B | -$249.0M | $3.0M | -$294.0M |
| EPS | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-3.09 | $-0.69 | $0.01 | $-0.79 |
| EPS (Diluted) | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-3.09 | $-0.69 | $0.01 | $-0.79 |
| Shares Outstanding (Diluted) | 0 | 0 | 0 | 0 | 0 | 0 | $335.6M | $362.1M | $364.4M | $372.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $903.0M | $1.08B | $1.01B | $1.04B |
| Gross Profit | $507.0M | $617.0M | $746.0M | $626.0M |
| Operating Income | -$83.0M | -$11.0M | $188.0M | $27.0M |
| EBITDA | -$29.0M | $12.0M | $187.0M | $54.0M |
| Net Income | -$95.0M | -$47.0M | -$5.0M | $9.0M |
| EPS | $-0.26 | $-0.12 | $-0.01 | $0.01 |
| EPS (Diluted) | $-0.26 | $-0.12 | $-0.01 | $0.01 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4391 | $4388 | $37345 | $11.4M | $609.5M | $1.75B | $1.54B | $2.39B | $3.24B | $3.80B |
| Short-term Investments | $103.4M | $225.2M | $348.0M | $268.1M | $634.4M | $1.08B | $1.03B | 0 | $347.0M | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | $7.30B | $9.00B | $7.52B | $11.82B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.19B | $2.09B | $2.94B | $3.70B | $6.82B | $10.59B | $10.44B | $11.46B | $11.21B | $15.63B |
| Property, Plant & Equipment | $6.0M | $7.5M | $9.1M | $95.3M | $122.0M | $211.8M | $196.1M | $122.0M | $85.0M | $60.0M |
| Goodwill | $98.6M | $155.5M | $149.8M | $144.6M | $173.7M | $507.0M | $657.6M | $667.0M | $613.0M | $685.0M |
| Intangible Assets | $15.2M | $37.7M | $38.6M | $41.8M | $42.4M | $106.9M | $344.0M | $533.0M | $376.0M | $383.0M |
| Total Assets | $1.33B | $2.32B | $3.18B | $4.26B | $7.51B | $11.81B | $12.01B | $13.75B | $13.80B | $18.80B |
| Accounts Payable | $7.9M | $16.5M | $2.8M | $16.3M | $28.9M | $20.6M | $17.7M | $1.45B | $1.27B | $1.39B |
| Short-term Debt | $29.0M | $36.8M | $2.7M | $703.9M | $609.1M | $697.3M | $345.4M | $252.0M | $234.0M | $84.0M |
| Total Current Liabilities | $558.3M | $963.5M | $1.43B | $1.99B | $3.77B | $5.66B | $6.73B | $10.12B | $9.25B | $14.58B |
| Long-term Debt | $86.4M | $291.0M | $450.0M | $483.5M | $265.7M | $423.3M | $124.0M | $86.0M | $464.0M | $1.26B |
| Total Liabilities | $1.02B | $1.80B | $2.64B | $3.23B | $5.77B | $9.10B | $9.69B | $11.55B | $11.55B | $16.11B |
| Retained Earnings | $60.0M | $108.0M | $103.9M | $2.4M | -$155.3M | -$958.0M | -$1.80B | -$2.16B | -$2.08B | $2.17B |
| Total Equity | $306.5M | $517.1M | $539.8M | $1.02B | $1.73B | $2.70B | $2.32B | $2.19B | $2.09B | $2.51B |
| Total Debt | $115.5M | $327.8M | $452.7M | $1.26B | $967.6M | $1.28B | $637.9M | $472.0M | $791.0M | $1.43B |
| Net Debt | $12.1M | $102.6M | $104.7M | $976.5M | -$276.4M | -$1.54B | -$1.93B | -$1.92B | -$2.80B | -$2.38B |
| Working Capital | $627.0M | $1.13B | $1.51B | $1.71B | $3.05B | $4.93B | $3.71B | $1.33B | $1.96B | $1.05B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $6.79B | $3.80B | $2.81B | $2.67B |
| Total Assets | $20.78B | $18.80B | $17.99B | $17.77B |
| Total Liabilities | $18.16B | $16.11B | $15.35B | $15.10B |
| Total Equity | $2.45B | $2.51B | $2.46B | $2.44B |
| Total Debt | $2.62B | $1.36B | $1.36B | $1.69B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $12.4M | $42.0M | $11.6M | -$92.4M | -$153.9M | -$775.7M | -$1.04B | -$304.0M | $33.0M | -$241.0M |
| Depreciation & Amortization | $12.4M | $15.5M | $16.1M | $31.9M | $48.7M | $82.5M | $162.0M | $227.0M | $189.0M | $125.0M |
| Stock-based Compensation | $2.3M | -$63633 | $868751 | $511268 | $10.9M | $58.5M | $56.0M | $43.0M | $92.0M | $157.0M |
| Change in Working Capital | $2.6M | -$425.8M | $24.5M | -$877.6M | $273.7M | $36.1M | $88.0M | $367.0M | -$165.0M | -$2.49B |
| Operating Cash Flow | $47.6M | -$316.5M | $81.7M | -$902.9M | $198.2M | -$365.5M | $336.0M | $808.0M | $587.0M | -$1.03B |
| Capital Expenditure | -$2.7M | -$4.0M | -$6.0M | -$19.9M | -$7.8M | -$27.1M | -$105.0M | -$85.0M | -$45.0M | -$3.0M |
| Acquisitions | 0 | -$48.8M | -$5641 | -$104.5M | -$17.3M | -$245.2M | -$354.0M | 0 | $199.0M | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $44.9M | -$320.5M | $75.7M | -$922.8M | $190.5M | -$392.6M | $231.0M | $723.0M | $542.0M | -$1.03B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $472.0M | -$3.04B | -$952.0M | -$261.0M |
| Capital Expenditure | -$8.0M | -$2.0M | -$8.0M | 0 |
| Free Cash Flow | $464.0M | -$3.04B | -$960.0M | -$261.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $39.0M | 0 | $29.0M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +40.5% | +23.8% | +25.4% | +56.9% | +21.4% | +16.6% | +16.6% | +21.2% | +31.6% | |
| Net Income Growth (YoY) | +237.9% | -72.3% | -894.5% | -66.6% | -403.9% | -33.8% | +76.0% | +101.2% | -9900.0% | |
| EPS Growth (YoY) | +77.8% | +101.0% | -11954.7% | |||||||
| Shares Change (YoY) | +7.9% | +0.6% | +2.1% | |||||||
| FCF Growth (YoY) | -813.6% | +123.6% | -1319.3% | +120.6% | -306.1% | +158.8% | +213.0% | -25.0% | -291.0% | |
| Gross Margin | 83.8% | 84.3% | 82.7% | 70.4% | 71.7% | 63.2% | 72.5% | 75.4% | 77.7% | 54.3% |
| Operating Margin | 4.7% | 11.6% | 2.6% | -13.1% | -14.0% | -45.0% | -51.9% | -14.7% | -4.5% | 12.5% |
| EBITDA Margin | 9.5% | 17.5% | 9.1% | -8.3% | -8.7% | -37.2% | -36.4% | 5.7% | 16.0% | 15.7% |
| Net Margin | 3.2% | 7.7% | 1.7% | -10.9% | -11.5% | -47.9% | -55.0% | -11.3% | 0.1% | -8.4% |
| FCF Margin | 11.5% | -58.5% | 11.2% | -108.6% | 14.3% | -24.2% | 12.2% | 32.8% | 20.3% | -29.5% |
| Effective Tax Rate | 32.6% | 34.1% | 34.8% | -16.9% | 15.2% | -8.0% | 0.3% | 19.7% | 36.4% | -13.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.69 | $2.00 | $1.49 | $-2.78 | ||||||
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| Shares Outstanding (Basic) | 0 | 0 | 0 | 0 | 0 | 0 | $335.6M | $362.1M | $364.0M | $372.2M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | -11.73% |
| Return on Invested Capital | 10.14% |
| Return on Assets | -1.56% |
| Gross Margin | 61.80% |
| Operating Margin | 3.00% |
| Net Margin | -3.42% |
Financial Health
| Debt / Equity | 0.69 |
| Current Ratio | 0.86 |
| Piotroski F-Score | 1 |
| Altman Z-Score | 0.89 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -14.82 | -66.84 | 6875.75 | -36.59 |
| P/B | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6.64 | 7.57 | 8.00 | 4.29 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 8.14 | 7.54 | 6.25 | 3.07 |
| Gross Margin | 83.8% | 84.3% | 82.7% | 70.4% | 71.7% | 63.2% | 72.5% | 75.4% | 77.7% | 54.3% |
| Operating Margin | 4.7% | 11.6% | 2.6% | -13.1% | -14.0% | -45.0% | -51.9% | -14.7% | -4.5% | 12.5% |
| Net Margin | 3.2% | 7.7% | 1.7% | -10.9% | -11.5% | -47.9% | -55.0% | -11.3% | 0.1% | -8.4% |
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Explore sector: Financial Services · Financial - Credit Services
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