Kraken
Financial Performance
Kraken Revenue & Financials
Revenue
$2.2B (FY2025)
Employees
2,600
What is Kraken's revenue?
Kraken had $2.2B in revenue for fiscal year 2025, up 46.7% from 2024.
- Latest revenue
- $2.2B (FY2025)
- Year-over-year
- +46.7%
- Growth rate (CAGR)
- 81.1% over 2 years
- Peak revenue
- $2.2B (FY2025)
- Years of data
- 3
- Employees
- 2,600
- How many employees does Kraken have?
- Kraken has about 2,600 employees.
Financial Analysis
Payward, Kraken's parent, reported adjusted revenue of $2.2 billion in 2025 (up 33%) and adjusted EBITDA of $531 million on $2.0 trillion of platform volume. Growth slowed in 2026: Q2 adjusted revenue rose 17% to $508 million while adjusted EBITDA fell to $23 million as spot volumes dropped. Kraken is one of the world's oldest and largest cryptocurrency exchanges, achieving a massive private market valuation estimated at over $10 billion.
Revenue Trend Analysis
YoY Change
+46.7%
2-Year CAGR
+81.1%
Peak Year
2025
Trend
Not enough comparable years
Kraken has 3 full fiscal year figures on this page, compounding at +81.1% annually over 2 years. The most recent year saw a 46.7% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $2.2B. Of 2 comparable year-over-year steps, 2 showed growth and 0 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | YoY Change | Source |
|---|---|---|---|
| FY2025 | $2.2B | +46.7% | Kraken financial highlights Calendar year 2025. Adjusted EBITDA 530.6 million dollars. |
| FY2024 | $1.5B | +123.5% | Kraken financial highlights Calendar year 2024, the first year Kraken published its financials. Adjusted EBITDA 421 million dollars. |
| FY2023 | $671M | — | The Information Reported annual revenue; Kraken's first public financial highlights showed 2024 revenue more than doubled from this level. |
Click any row to see year details.
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Kraken Revenue and Financial FAQ
What is Kraken's annual revenue?
Payward, Kraken's parent, reported adjusted revenue of $2.2 billion for 2025, up 33%, with adjusted EBITDA of $531 million. Q2 2026 adjusted revenue was $508 million, up 17% year over year.
What are Kraken's primary operating cost drivers?
Kraken's primary expenses include high-security infrastructure and server hosting, regulatory compliance and AML/KYC screening, customer support operations, banking and fiat payment processing partner fees, and top-tier cryptography talent compensation.
How does Kraken maintain balance sheet liquidity and capital reserves?
Kraken maintains substantial proprietary balance sheet cash reserves in fiat and core cryptocurrencies (Bitcoin, Ethereum), strictly separating 100% of client custodial assets from corporate operational capital in segregated accounts.
How does market volatility impact Kraken's financial performance?
Cryptocurrency market volatility dramatically surges Kraken's transaction fee revenue, as sharp price movements in Bitcoin, Ethereum, and altcoins drive record liquidations, margin volume, and retail trading activity.
Is Kraken profitable?
Yes on an adjusted basis. Adjusted EBITDA was $531 million in 2025, but it fell 71% to $23 million in Q2 2026 as spot trading volumes declined and acquisition costs rose.
What is Kraken's valuation?
Kraken was valued at about $21 billion in September 2026 when Nasdaq agreed to invest $100 million, after a $20 billion valuation in its late-2025 $800 million funding round.
Why did the SEC fine Kraken?
Kraken is massively profitable, but faces brutal regulatory costs. In 2023, the US SEC launched a massive attack on Kraken's highly lucrative "crypto staking" program (which paid users yield on their crypto). To avoid a massive, multi-year court battle, Kraken agreed to pay a staggering $30 million fine and entirely shut down its staking service for US customers.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Kraken Revenue & Financials." CorpDigest, https://corpdigest.com/company/kraken/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Kraken reported $2.2B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/kraken/financials" target="_blank" rel="noopener">CorpDigest — Kraken financials</a></div>Related Financial Audits
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