Wise plc Revenue in 2025

Wise plc reported $1.2B in revenue for fiscal year 2025. This represents a growth of 15.2% compared to the 2024 figure of $1.1B.

Revenue grew from $846 million in fiscal 2023 to $1.052 billion in fiscal 2024 and $1.212 billion in fiscal 2025, with a total of $1.54 billion when interest income is fully consolidated. Net income of $416.7 million on $1.54 billion in revenue implies a net margin of approximately 27 percent — exceptional for a payments company and a direct reflection of the operating leverage in the infrastructure model. The $8.25 billion market capitalization against $1.54 billion in total revenue implies a price-to-sales multiple of about 5.4 — reasonable for a profitable fintech growing revenue at 40-plus percent, though below the multiples that pure-SaaS businesses command. Free cash flow conversion reached 117.9 percent of underlying profit before tax in fiscal 2025, elevated by a change in payment terms with a key partner that reduced receivables outstanding. Management expects this to normalize in fiscal 2026, meaning the reported free cash flow figure was temporarily higher than sustainable. The interest income framework — structurally tied to central bank rates — creates earnings sensitivity that pure fee-based payment companies don't carry. The $754.8 million in fiscal 2025 interest income would compress substantially if rates declined to the near-zero levels of 2020-2021. Wise has $27.3 billion in customer holdings as of fiscal 2025 year-end, up 5.7 times since the 2021 IPO — a deposit base that generates meaningful income at current rates but would require volume growth to offset in a low-rate environment.