XTB review: Balance sheet remains strong at end of 2025
XTB, one of Europe’s largest listed online brokers, reported record operating revenue in 2025 while profits fell sharply as rising costs and weaker unit profitability offset booming client growth. The company said it completed the aggregation of full-year financial data on Jan. 29, 2026 and released preliminary consolidated results ahead of its annual report, scheduled for March 20, 2026.
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Record revenue, but profit declines as costs climb
XTB said total operating income rose 14.6% year-on-year to PLN 2.15 billion, supported by a surge in trading activity and a rapidly expanding client base. Fourth-quarter operating income climbed to PLN 610.1 million, a period the company said was shaped by strong client interest in commodity instruments and U.S. indices, with precious metals drawing particular attention.
Despite the top-line growth, net profit fell 24.9% to PLN 643.8 million. The company pointed to a decline in profitability per lot to PLN 215 from PLN 275 a year earlier, alongside a steep increase in operating expenses. Full-year operating costs rose to PLN 1.31 billion, including PLN 585.0 million in marketing spend and PLN 412.8 million in salaries and benefits.
Client growth accelerates, deposits and activity hit records
XTB added 864,286 new clients in 2025, taking total clients to 2.16 million. The number of active clients rose to 1.19 million, reflecting higher engagement across its trading and investing products. Net deposits reached PLN 14.67 billion, while CFD derivatives trading increased to 8.87 million lots.
In revenue mix, commodity-based CFDs remained the largest contributor at 43.7%, followed by index CFDs at 36.0%. The company also reported strong growth in shares and ETFs activity, with turnover of USD 21.81 billion in 2025.
Investment-app strategy and 2026 spending plans
XTB continues positioning itself as an “all-in-one” investment application, expanding beyond its historical CFD focus with products such as multi-currency wallet services and tax-advantaged investing accounts in select markets. The group ended 2025 with PLN 1.99 billion in own cash and a 190.4% total capital ratio, underscoring a strong capital buffer.
Looking ahead, the board said 2026 operating expenses could rise by about 30%, with marketing potentially up about 50% versus 2025, as XTB targets average quarterly client acquisition of 250,000 to 290,000. Early momentum appears strong: the company reported 117,300 new clients in the first 28 days of January 2026.
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