UBS Group AG Revenue in 2025

UBS Group AG reported $47.7B in revenue for fiscal year 2025. This represents a growth of 12.7% compared to the 2024 figure of $42.3B.

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.