Plus500 Posts $792M Revenue as Long-Term Customers Drive Growth
What Drove Plus500’s Stronger-Than-Expected Results?
Plus500 closed the year to 31 December 2025 with results ahead of market expectations, assisted by steady revenues, wider margins, and continued progress across its strategic priorities. The multi-asset fintech group reported revenue of about $792 million for the year, alongside EBITDA of roughly $348 million.
On a constant currency basis, EBITDA rose by about 8% year on year, even as trading conditions became more normal later than the elevated volatility of earlier periods. The outcome points to a business that is generating more profit from a relatively stable revenue base, rather than relying on short-term spikes in market activity.
The balance sheet remained a central strength. Plus500 ended the year with no debt and cash of around $800 million, despite returning close to $380 million to shareholders. Management described the financial position as “robust”, noting it gives the group room to invest while continuing to reward shareholders.
Investor Takeaway
Why Is Customer Quality Becoming More significant Than Growth?
New customer additions eased during the year, with Plus500 onboarding about 104,500 customers in FY 2025, down from 118,010 a year earlier. The company played down the decline, arguing that the focus has moved from headline growth to customer value and longevity.
That view is supported by lower acquisition costs. Average user acquisition spending fell by more than 10%, pointing to better efficiency across the group’s in-house, multi-channel marketing platform. Active customers edged down to roughly 242,000 from 254,138, but the revenue mix changed in a more favorable way.
Around half of OTC revenue during the year came from customers who have been trading with Plus500 for more than five years. Three years ago, that figure stood at just 24%. The shift shows that long-standing clients are contributing a much larger share of and revenue, reducing reliance on newer, less predictable users.
Management said deeper engagement, broader product coverage, and retention initiatives are encouraging customers to stay active for longer. The company believes this trend supports more consistent earnings, even when market conditions cool.
How Is Plus500 Expanding Beyond Its Core OTC Business?
A major theme in FY 2025 was the continued build-out of Plus500’s US futures and business-to-business operations. The company announced two partnerships that extend its reach well beyond retail OTC trading.
The most high-profile agreement saw Plus500 appointed as the clearing partner for a new prediction and event-based contracts platform launched by CME Group in partnership with FanDuel. The platform, which went live last month, brings futures-style structures into event-driven markets and adds a new use case for regulated derivatives infrastructure.
Plus500’s role builds on its existing status as a clearing member of CME Group platforms and the Kalshi platform. The appointment places the company closer to the markets, where technology, compliance, and clearing capabilities matter as much as customer acquisition.
A second partnership, announced in October, linked Plus500 with Topstep, a US-based . Under the deal, Plus500 supplies clearing and technology services to Topstep Brokerage and related entities. The arrangement further embeds the group in the US futures ecosystem and diversifies revenue away from retail trading flows.
Investor Takeaway
What Role Does Regulation and Geography Play in the Growth Plan?
Alongside product expansion, Plus500 made progress on geographic reach. During the year, it secured new licences in the United Arab Emirates and Canada, and received to open a representative office. The Colombia approval marks the group’s first formal step into Latin America.
The company now holds 16 regulatory licences globally. Management views this regulatory footprint as a competitive advantage, allowing Plus500 to enter new markets and introduce additional products without begining from scratch each time.
Capital discipline remained consistent. Total shareholder returns for the year reached $365 million, including $200 million in share purchasebacks. Plus500 said it remains the best-performing stock in the FTSE All-Share Index on a total return basis since its IPO in 2013.
What Does Plus500 Expect in 2026?
Looking ahead, Plus500 said it expects to benefit from a mix of near-term market activity and longer-term growth across its addressable markets. The strategy rests on continuing to scale its core OTC business while building out non-OTC revenue streams such as futures, clearing, and .
The board said it remains confident about the outlook for 2026, supported by a strong balance sheet, loyal customer base, and widening product set. Preliminary results for FY 2025 are scheduled for release on Monday, 9 February 2026.
