UBS Group AG
Diversified Financial ServicesFounded 1998- Updated July 2025
Reviewed by Swet Parvadiya
Last reviewed: July 2025
CorpDigest
UBS Group AG
Financial Performance
Last reviewed: July 2025 · By Swet Parvadiya
Revenue
$47.7B
Market Cap
$155.0B
Net Income
$3.5B
Employees
105,236
UBS's fiscal 2025 revenue of $47.69 billion represents the full impact of the Credit Suisse acquisition on the combined revenue base, compared to $42.32 billion in fiscal 2024 and $18.63 billion in fiscal 2023 before the integration was substantially complete. The revenue step-up is large; the net income of $3.54 billion reflects $5.05 billion in integration costs absorbed in fiscal 2025 alone. The CET1 capital ratio of 14.9% as of December 2024 — with total loss-absorbing capacity of 36.7% — demonstrates that the combined institution is adequately capitalized against regulatory requirements, which is the foundational requirement for continued private banking operations. Clients keep assets with institutions they trust are financially sound; the capital ratios provide the mathematical evidence that UBS can absorb losses without threatening client assets. The 90.2% cost-to-income ratio in fiscal 2025 is unsustainably high and reflects integration expenses rather than normalized operating efficiency. UBS's management has committed to reducing the ratio as integration costs burn off and Credit Suisse headcount rationalization completes. The underlying business generating $47 billion in revenue with a 90% cost-to-income ratio produces thin margins; the same business at a 65% cost-to-income ratio produces economics consistent with well-run global private banking peers. The recurring net fee income growing 13% year-over-year in fiscal 2025 is the most encouraging financial signal in the current period. Fee income tied to assets under management does not require client transactions or market volatility — it arrives every quarter as a percentage of the AUM base. With $6.99 trillion in AUM, even modest improvement in fee revenue margins would contribute billions to earnings. As integration costs normalize over fiscal 2026 and 2027, the earnings power implied by that AUM base should become visible in reported net income.
Revenue Trend Analysis
YoY Change
+12.7%
2-Year CAGR
+159891.9%
Peak Year
2025
Trend
Consistent Growth
UBS Group AG has reported revenue across 3 fiscal years, compounding at +159891.9% annually over 2 years. The most recent year saw a 12.7% increase versus the prior year. Revenue peaked in 2025 at $47.7B. Out of 2 reported periods, 2 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $47.7B | $3.5B | +12.7% |
| FY2024 | $42.3B | — | +227176496.9% |
| FY2023 | $18,630 | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
UBS reported 2024 full year underlying profit before tax of approximately $6.9 billion and net profit attributable to shareholders of $5.1 billion, the first clean year after the Credit Suisse integration distortions of 2023. Total revenues reached approximately $48.6 billion, up from $40.8 billion in 2023, reflecting a full year of combined operations versus a partial year previously. The cost-income ratio was 83 percent, elevated by integration costs of $4.6 billion in 2024, with management targeting roughly 70 percent on an underlying basis by 2026. Common Equity Tier 1 capital ratio ended at 14.3 percent, well above the 13 percent regulatory minimum but below the pre-CS levels of around 15 percent. Total invested assets reached approximately $5.7 trillion across Global Wealth Management and Asset Management, the largest in the world. Net new fee-generating assets in Global Wealth Management totaled approximately $97 billion. UBS announced approximately $3 billion of capital returns for 2024, including $2 billion of share buybacks of which $1 billion was executed in the second half and $1 billion planned for the first half of 2025, plus a proposed dividend of $0.90 per share, a 29 percent increase over 2023.
UBS announced at the time of the March 2023 Credit Suisse rescue a target of approximately $10 billion in gross annual cost savings by end of 2026, primarily from headcount reduction, IT consolidation, real estate rationalization, and elimination of duplicated functions. The combined workforce of roughly 122,000 at deal close in June 2023 was reduced to approximately 109,000 by end of 2024, a 13,000 job reduction primarily through layoffs in the legacy Credit Suisse investment bank and corporate centers, plus attrition. By end of 2024 UBS reported it had achieved approximately $7.5 billion of run-rate gross savings, with the remaining $2.5 billion expected by end of 2026. Integration costs hit approximately $4.6 billion in 2024 alone, with cumulative integration costs since 2023 reaching roughly $9 billion of the total $13 billion expected through 2026. Risk-weighted assets in the Non-core and Legacy unit were reduced from $77 billion at deal close to roughly $54 billion at end of 2024 through asset sales and run-off, freeing capital for the buyback program. Management has publicly held to the 2026 timeline despite skepticism about IT integration complexity.
UBS Group AG trades on the SIX Swiss Exchange and the New York Stock Exchange under the ticker UBS, with a market capitalization of approximately $100 billion in early 2025, up from roughly $60 billion at the start of 2023 before the Credit Suisse deal. Shares peaked above CHF 70 in 2006 before the financial crisis collapsed the price to a low near CHF 9 in March 2009. The stock recovered slowly under Ermotti's first tenure from 2011 to 2020, reaching the mid CHF 16 to 18 range. The 2020 COVID drawdown brought shares below CHF 9 briefly. Performance accelerated in 2021 to 2022 on rising rates and wealth management strength. The Credit Suisse acquisition initially pressured the stock as investors digested integration risk but UBS more than doubled from CHF 15 in March 2023 to above CHF 30 by early 2025 as integration progressed and the negative goodwill gain bolstered capital. Total shareholder return since the 1998 merger has been positive but trailed Morgan Stanley and JPMorgan, reflecting the 2008 crisis damage that took over a decade to repair, partially closed by the Credit Suisse deal.
UBS plans substantial capital returns to shareholders as Credit Suisse integration progresses. For 2024 results announced in February 2025, UBS proposed a dividend of $0.90 per share, a 29 percent increase versus 2023, plus up to $3 billion of share buybacks across 2025, of which $1 billion was authorized for the first half. Cumulative shareholder returns since the Credit Suisse deal closed in June 2023 have totaled over $5 billion through early 2025. The bank had paused buybacks for several quarters in 2023 to preserve capital during integration but resumed buybacks in the second half of 2024 after Common Equity Tier 1 ratio stabilized at 14.3 percent. Management has guided to progressively increasing payouts through 2026 as integration costs roll off and the Non-core and Legacy unit releases capital. UBS targets a CET1 ratio of approximately 14 percent on a steady-state basis, with excess capital above that threshold to be returned to shareholders through buybacks and a progressive dividend policy. The framework supports a total payout ratio approaching 100 percent of underlying earnings by 2026 in management's plan, conditioned on macro and regulatory stability.
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CorpDigest. "UBS Group AG Revenue & Financials." CorpDigest, https://corpdigest.com/company/ubs/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>UBS Group AG reported $48B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/ubs/financials" target="_blank" rel="noopener">CorpDigest — UBS Group AG financials</a></div>