KLAR

MKT CAP:$5B

Klarna Group plc

Market Cap

$5B

Technology·Software - Infrastructure·🇬🇧 United Kingdom·NYSE

Technology·Software Infra·🇬🇧·NYSE

Stock Price

$15.38-$13.19 (-46.17%)

Apr 17, 2026

Company Details

Klarna Group plc operates as a technology-driven payments company in the United Kingdom, the United States, Germany, Sweden, and internationally. The company offers advertising and marketing solutions, consumer services, digital financial s...

CEO

Sebastian Marcin Siemiatkowski

IPO Date

Sep 10, 2025

Website

www.klarna.com/uk

Key Metrics TTM

Revenue

$3.2B

+62.4% YoY

Net Income

-$182M

EPS (Diluted)

-$0.38

Free Cash Flow

-$1.4B

Revenue / Share

$8.24

Gross Margin

45.6%

Operating Margin

-6.8%

Net Margin

-5.6%

FCF Margin

-44.6%

P/S

1.6x

P/E

—

Earnings Reports

FY 2025

Dec 30, 2025

$3.5BEPS -$0.79

Q4 2025

Dec 30, 2025

$1.1BEPS -$0.12

Q3 2025

Sep 29, 2025

$903MEPS -$0.26

Q4 2023

Dec 31, 2023

$681M-6.7%EPS $0.00

Q3 2023

Sep 30, 2023

$574M+38.4%EPS $0.00

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$268M	$190M	-$35M
Q3 20	$334M	$241M	-$49M
Q4 20	$364M	$262M	-$54M
Q1 21	$392M	$267M	-$99M
Q2 21	$400M	$272M	-$101M
Q3 21	$445M	$263M	-$278M
Q4 21	$431M	$254M	-$269M
Q1 22	$406M	$239M	-$337M
Q2 22	$373M	$220M	-$310M
Q3 22	$414M	$267M	-$186M
Q4 22	$731M	-$169M	-$173M
Q1 23	$477M	$212M	-$114M
Q3 23	$574M	$446M	-$58M
Q4 23	$681M	-$92M	-$68M
Q3 25	$903M	$507M	-$83M
Q4 25	$1.1B	$617M	-$11M

Valuation

Quarter	P/S	P/E
Q2 20	17.3x	—
Q3 20	15.5x	—
Q4 20	13.8x	—
Q1 21	12.3x	—
Q2 21	11.2x	—
Q3 21	10.5x	—
Q4 21	10.0x	—
Q1 22	10.0x	—
Q2 22	10.1x	—
Q3 22	10.3x	—
Q4 22	8.7x	—
Q1 23	8.4x	—
Q3 23	7.6x	—
Q4 23	6.8x	—
Q3 25	5.4x	—
Q4 25	3.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$133M	$130M
Q3 20	-$47M	-$47M
Q4 20	-$51M	-$52M
Q1 21	-$375M	-$379M
Q2 21	-$382M	-$386M
Q3 21	$185M	$175M
Q4 21	$179M	$169M
Q1 22	-$124M	-$130M
Q2 22	-$114M	-$119M
Q3 22	$212M	$211M
Q4 22	$334M	$334M
Q1 23	$0	$0
Q3 23	$559M	$558M
Q4 23	$565M	$564M
Q3 25	$472M	$472M
Q4 25	-$3.0B	-$3.0B

Capital Expenditures

Quarter	CapEx
Q2 20	$3M
Q3 20	$159.6K
Q4 20	$173.8K
Q1 21	$4M
Q2 21	$4M
Q3 21	$10M
Q4 21	$10M
Q1 22	$5M
Q2 22	$5M
Q3 22	$946.0K
Q4 22	$591.4K
Q1 23	$0
Q3 23	$137.3K
Q4 23	$453.1K
Q3 25	$0
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 20	+35.3%	+50.3%
Q3 20	+53.5%	+43.4%
Q4 20	+59.0%	+48.6%
Q1 21	+55.7%	+72.5%
Q2 21	+49.7%	+65.8%
Q3 21	+33.3%	+88.6%
Q4 21	+18.4%	+67.6%
Q1 22	+3.4%	+51.2%
Q2 22	-6.9%	+36.2%
Q3 22	-6.9%	-16.9%
Q4 22	+69.6%	+29.2%
Q1 23	+17.5%	-20.5%
Q3 23	+53.8%	-7.5%
Q4 23	+64.4%	+24.8%
Q3 25	+23.6%	+9.1%
Q4 25	+126.9%	+85.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$59.0K	0.0%
Q3 20	$5M	1.5%
Q4 20	$5M	1.5%
Q1 21	$8M	2.0%
Q2 21	$8M	2.0%
Q3 21	$22M	5.0%
Q4 21	$22M	5.0%
Q1 22	$18M	4.4%
Q2 22	$16M	4.4%
Q3 22	$28M	6.7%
Q4 22	-$6M	-0.8%
Q1 23	$10M	2.1%
Q3 23	$12M	2.1%
Q4 23	$3M	0.4%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 20	—	$206M	—	—
Q3 20	$8M	$271M	—	—
Q4 20	$8M	$295M	—	—
Q1 21	—	$343M	—	—
Q2 21	—	$350M	—	—
Q3 21	—	$523M	—	—
Q4 21	—	$506M	—	—
Q1 22	—	$551M	—	—
Q2 22	—	$506M	—	—
Q3 22	—	$426M	—	—
Q4 22	$430M	$1.1B	$531M	—
Q1 23	$71M	$91M	$67M	—
Q3 23	—	$422M	—	—
Q4 23	$389M	$1.0B	$381M	—
Q3 25	—	—	—	$590M
Q4 25	—	—	—	$628M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q2 20	35.3%	-4.6%	30.7
Q3 20	53.5%	-9.4%	44.1
Q4 20	59.0%	-10.1%	48.9
Q1 21	55.7%	-16.4%	39.3
Q2 21	49.7%	-16.4%	33.3
Q3 21	33.3%	-55.5%	-22.2
Q4 21	18.4%	-55.5%	-37.1
Q1 22	3.4%	-68.3%	-64.9
Q2 22	-6.9%	-68.3%	-75.2
Q3 22	-6.9%	-33.5%	-40.4
Q4 22	69.6%	-4.6%	65.0
Q1 23	17.5%	-13.9%	3.7
Q3 23	53.8%	12.1%	65.9
Q4 23	64.4%	10.6%	75.0
Q3 25	23.6%	-6.9%	16.7
Q4 25	126.9%	1.1%	128.0

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 21	$732M	$1.0B	$1.7B
Q2 21	$747M	$1.0B	$1.8B
Q3 21	$1.8B	$1.1B	$2.9B
Q4 21	$1.7B	$1.1B	$2.8B
Q1 22	$706M	$1.3B	$2.0B
Q2 22	$649M	$1.2B	$1.8B
Q3 22	$1.4B	$965M	$2.4B
Q4 22	$1.5B	$1.0B	$2.6B
Q1 23	$0	$0	$0
Q3 23	$2.0B	$665M	$2.7B
Q4 23	$2.4B	$724M	$3.1B
Q1 24	$0	$0	$0
Q1 25	$4.1B	$0	$4.1B
Q2 25	$5.5B	$607M	$6.1B
Q3 25	$6.8B	$0	$6.8B
Q4 25	$3.8B	$0	$3.8B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	0	—	—
Q3 20	0	—	—
Q4 20	0	—	—
Q1 21	0	—	—
Q2 21	0	—	—
Q3 21	0	—	—
Q4 21	0	—	—
Q1 22	0	—	—
Q2 22	0	—	—
Q3 22	0	—	—
Q4 22	0	—	—
Q1 23	0	—	—
Q3 23	0	—	—
Q4 23	0	—	—
Q3 25	372M	—	—
Q4 25	393M	+5.8%	—

Shares Outstanding