Klarna (KLAR) Q2 2026 Earnings Call: Margin Outlook Raised Despite Lower GMV Guidance
Source Tradingkey
Key Takeaways
- Q2 2026 revenue rose 27% year over year to $1.042 billion, ahead of 18% GMV growth, as Klarna’s product mix shifted toward higher-yielding offerings.
- Transaction margin dollars increased 42% to $446 million, representing 42.8% of revenue, while adjusted operating income reached $91 million and net income was $9 million.
- Fair Financing GMV grew 82% to $4.7 billion and reached 13% of total volume. The product was available through 256,000 merchants, up from 151,000 in November.
- U.S. GMV increased 27% to $7.9 billion. U.S. transaction margin dollars rose 126% to $88 million, lifting the regional transaction margin to 23% of revenue from 14% one year earlier.
- Klarna lowered its 2026 GMV and revenue outlook due mainly to weaker German consumer spending, foreign-exchange movements and an IFRS 9 presentation change. However, management raised full-year transaction margin dollar guidance to $1.62 billion-$1.65 billion.
- Management expects adjusted operating income of $280 million-$300 million in 2026, compared with $65 million delivered for full-year 2025.
Key Financial Data
| Metric | Q2 2026 | Year-over-year change | Commentary |
|---|---|---|---|
| GMV | $36.6 billion | +18% | Like-for-like growth was 15% |
| Revenue | $1.042 billion | +27% | Growth exceeded volume growth |
| Transaction and service revenue | $707 million | +17% | Membership revenue grew more than 600% |
| Interest income | $266 million | +21% | Driven by new and prior-period Fair Financing originations |
| Gain on sale | $69 million | — | Included U.S. forward flows and German back-book sales |
| Transaction costs | $596 million | +17% | Grew more slowly than revenue |
| Credit-loss provisions | $192 million | — | Declined to 0.52% of GMV from 0.55% in Q1 |
| Transaction margin dollars | $446 million | +42% | Equal to 42.8% of revenue and 1.22% of GMV |
| Non-transaction operating expenses | $419 million | +16% | Included peak-season and U.S. World Cup investment |
| Operating income | $27 million | +$73 million | Improved from an operating loss in the prior-year period |
| Adjusted operating income | $91 million | +$62 million | Approximately $0.56 of each incremental transaction margin dollar reached the operating line |
| Net income | $9 million | — | Basic and diluted EPS was $0.01 versus negative $0.14 |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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