Zip (ZIP) Q2 2025 TU earnings summary

Executive summary

• Achieved record Total Transaction Volume (TTV) of $3.4b, revenue of $269.4m, and cash EBTDA of $35.3m for 2Q25, driven by strong holiday trading.

• US operations delivered exceptional growth, with TTV up 38.3% and revenue up 41.0% year-over-year.

• ANZ region returned to TTV growth, supported by increased transaction numbers and product innovation.

Financial highlights

• Revenue rose 20.5% year-over-year to $269.4m; TTV increased 24.8% to $3.4b; cash EBTDA up 50.2% to $35.3m.

• Revenue margin was 7.9% (vs 8.2% in 2Q24); cash transaction margin improved to 3.6% (vs 3.5%).

• Net bad debts reduced to 1.5% of TTV from 1.7% in 2Q24.

• Active customers reached 6.3m, up 1.5% year-over-year; merchants on platform increased 7.6% to 81.9k.

Outlook and guidance

• Focus remains on growth, engagement, product innovation, and operational excellence for FY25.

• Additional marketing spend and product rollouts planned in 2H FY25 to drive further profitable growth.