H1 FY27
Filed Nov 13, 2026Wise H1 FY27: net revenue up 23% to $1,453.1 million and active customers up 21% to over 16 million, while income before tax rose 9% to $334.9 million
Net revenue grew 23%, cross-border volume grew 24% and customer holdings grew 28%, but total operating expenses rose 28%, so income before tax grew 9% and net income grew 6%.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Active customers (millions), H1 FY27other | 16.2M | – | 21 % |
| Personal active customers (thousand), H1 FY27other | 15,452 | – | 21 % |
| Business active customers (thousand), H1 FY27other | 769 | – | 25 % |
| Cross-border volume, H1 FY27other | $141B | – | 24 % |
| Personal cross-border volume, H1 FY27other | $97.5B | – | 19 % |
| Business cross-border volume, H1 FY27other | $43.6B | – | 35 % |
| Customer holdings, H1 FY27other | $43.5B | – | 28 % |
| Customer balances, H1 FY27other | $32.1B | – | 22 % |
| Assets under custody, H1 FY27other | $11.4B | – | 52 % |
| Cross-border take rate, H1 FY27other | 0.50 % | – | -2 bps |
| Personal take rate, H1 FY27other | 0.55 % | – | -2.0 bps |
| Business take rate, H1 FY27other | 0.38 % | – | -1.0 bps |
| Transaction revenue, H1 FY27GAAP | $1.1B | – | 25 % |
| Cross-border revenue, H1 FY27GAAP | $705M | – | 19 % |
| Card and other revenue, H1 FY27GAAP | $397.2M | – | 36 % |
| Card revenue, H1 FY27GAAP | $252M | – | 43 % |
| Other revenue, H1 FY27GAAP | $145.2M | – | 27 % |
| Card spend volume, H1 FY27other | $27.2B | – | 33 % |
| Interest income on customer balances, H1 FY27GAAP | $463.6M | – | 16 % |
| Interest expense on customer liabilities, H1 FY27GAAP | −$112.7M | – | 15 % |
| Net revenue, H1 FY27GAAP | $1.45B | – | 23 % |
| Net revenue on a constant currency basis, H1 FY27non-GAAP | $1.44B | – | 22 % |
| Total operating expenses, H1 FY27GAAP | −$1.15B | – | 28 % |
| Transaction expenses, H1 FY27GAAP | −$229.7M | – | (12)% |
| Transaction and credit losses, H1 FY27GAAP | −$9.4M | – | 52 % |
| Technology and development, H1 FY27GAAP | −$292.2M | – | 51 % |
| Servicing, H1 FY27GAAP | −$250.6M | – | 40 % |
| Marketing and sales, H1 FY27GAAP | −$111.7M | – | 46 % |
| General and administrative, H1 FY27GAAP | −$256.7M | – | 41 % |
| Other income, net, H1 FY27GAAP | $32.1M | – | 47 % |
| Income before tax, H1 FY27GAAP | $334.9M | – | 9 % |
| Income before tax margin, H1 FY27non-GAAP | 23% | – | – |
| Net income, H1 FY27GAAP | $249.2M | – | 6 % |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Cross-border revenueThe filing attributes growth to strong volume growth, partly offset by a 2 bps reduction in cross-border take rate, which the company describes as proactive investment of part of its operating leverage in lower prices for customers. | $705M | – | 19 % |
| Card revenueThe filing attributes growth to card spend volume up 33% YoY to $27.2 billion and higher interchange fees on average, from higher business adoption and use of the Wise Card, mainly in the U.S. | $252M | – | 43 % |
| Other revenueThe filing states that more customers use and trust Wise for more aspects of their daily financial lives. | $145.2M | – | 27 % |
| Interest income on customer balancesThe filing states growth was driven by customer balances up 22% YoY, partly offset by lower gross yield in H1 FY27 compared to the prior year. | $463.6M | – | 16 % |
FY27 outlook
- RevenueNet revenue growth in the upper half (17.5-20%) of the 15-20% medium-term target range, on a constant currency basis (non-GAAP)
- NoteIncome before tax margin around the top of the 20-25% range (non-GAAP, calculated as income before tax divided by net revenue)
- NoteNet revenue guidance assumes no material change in the proportion of interest paid to customers
- NoteNet revenue guidance omits any further income or expense that may result from further changes in central bank rates
- NoteGuidance stated as of November 12, 2026
Capital returns
- New share repurchase program commenced in July 2026, expected to be over $500 million, of which c.40% is expected to be allocated to the recurring EST share purchase program.
- To date the company has purchased almost 50% of the expected total amount, as stated in the filing. The dollar amount purchased to date is not printed.
What drove it
- Cross-border volume growth of 24% YoY, mainly driven by strong growth in the U.S. and Asia Pacific, per the filing.
- Card revenue growth of 43% YoY, attributed to higher card spend volume and higher interchange fees from business adoption, mainly in the U.S.
- Interest income on customer balances up 16% YoY, with customer balance growth of 22% partly offset by lower gross yield, per the filing.
- Technology and development up 51% YoY, which the filing attributes to new product launches, infrastructure maintenance including cloud services, and a second site for redundancy.
- General and administrative up 41% YoY, which the filing attributes to headcount growth in corporate functions, including compliance with US listing requirements, and approximately $(15) million of listing expenses.
- Transaction expenses down 12% YoY, which the filing attributes to efficiencies and improved supplier terms. The prior period included a non-comparable FX impact of $(28) million related to US GAAP treatment of available-for-sale debt securities.
- Other income, net up 47% YoY, which the filing attributes to increased interest earned on corporate investments, partly offset by other factors including interest expense on the corporate bond.
- Ninth direct integration added in Malaysia, which the CEO says reduces reliance on intermediaries.
- 78% of transfers are instant and the average customer fee was 50 bps in the period, as printed.
Concerns
- Total operating expenses rose 28% YoY to $(1,150.3) million, faster than net revenue growth of 23%.
- Cross-border take rate declined 2 bps to 0.50%, which the company describes as deliberate investment in lower prices.
- Income before tax grew 9% and net income grew 6%, below the 23% growth in net revenue.
- Interest income growth of 16% was partly offset by lower gross yield, per the filing.
- Listing expenses of approximately $(15) million and new compliance teams add to G&A in the period.
- The filing discloses a Belgian subsidiary matter that has been settled with no admission of wrongdoing; the release does not print any financial amount for the settlement.
What to watch
- Whether operating expense growth moderates toward net revenue growth, given technology and development up 51% and servicing up 40%.
- The guided FY27 net revenue growth of 17.5-20% on a constant currency basis and income before tax margin around the top of the 20-25% range.
- Cross-border take rate trend, as the company states it is reinvesting operating leverage in lower customer prices.
- Interest income trajectory, given the filing notes lower gross yield and that the guidance omits future central bank rate changes.
- Pace of the share repurchase program, which is expected to exceed $500 million and was almost 50% completed to date.
- Wise Platform partner launches, including OakNorth, Vivid and the two North American banks described as silent launches.
Balance sheet and cash flow
- Customer holdings of $43.5 billion as of September 30, 2026, including $11.4 billion held in Assets under custody.
- The filing references a corporate bond, and states interest expenses on it are included in other income, net. No bond principal or coupon figure is printed in the release.
- The filing states the company aims to maintain robust cash balances, but no cash balance is printed in the release text.
Analysis
For the six months ended September 30, 2026, Wise reported net revenue of $1,453.1 million, up 23% YoY, or 22% on a constant currency basis, which the company presents as a non-GAAP measure. The company attributes the 24% growth in cross-border volume to strong growth in the U.S. and Asia Pacific. Customer holdings rose 28% to $43.5 billion, and active customers rose 21% to over 16 million, with 4.1 million new active customers in the period. Demand indicators therefore grew across customers, volume and balances.
Revenue mix shifted toward card and other revenue. Cross-border revenue rose 19% to $705.0 million, while card and other revenue rose 36% to $397.2 million, with card revenue up 43% to $252.0 million and other revenue up 27% to $145.2 million. The company attributes card growth to a 33% increase in card spend to $27.2 billion and higher interchange fees from business adoption. The cross-border take rate fell 2 bps to 0.50%, which the company describes as proactive investment of part of its operating leverage in lower prices for customers.
Costs grew faster than revenue. Total operating expenses rose 28% to $(1,150.3) million. Technology and development rose 51% to $(292.2) million, servicing rose 40% to $(250.6) million, marketing and sales rose 46% to $(111.7) million, and general and administrative rose 41% to $(256.7) million, which includes approximately $(15) million of listing expenses. Transaction expenses fell 12% to $(229.7) million, which the company attributes to efficiencies and better supplier terms. Income before tax rose 9% to $334.9 million, a 23% margin, and net income rose 6% to $249.2 million. The gap between 23% net revenue growth and 9% income before tax growth is the central point for a reader of this period.
Net interest economics were a mixed contributor. Interest income on customer balances rose 16% to $463.6 million, which the filing says was partly offset by lower gross yield, and interest expense on customer liabilities rose 15% to $(112.7) million. Other income, net rose 47% to $32.1 million, which the filing attributes to higher interest earned on corporate investments, partly offset by interest expense on the corporate bond.
For FY27, the company expects net revenue growth in the upper half of its 15-20% medium-term target range, meaning 17.5-20%, on a constant currency basis, and an income before tax margin around the top of its 20-25% range. Both are non-GAAP and the net revenue guidance excludes the effects of future central bank rate changes and assumes no material change in the proportion of interest paid to customers. No prior outlook was supplied for comparison. Capital allocation includes a new repurchase program expected to exceed $500 million, started in July 2026, of which almost 50% has been purchased to date. Governance and listing events in the period include the May dual listing on Nasdaq and LSE, and the appointment of Barak Eilam as Chair Designate after the period end.
Management, verbatim
More than 16 million people and businesses used Wise in the past six months. These customers moved $141 billion across borders, up 24% year on year.
Kristo Käärmann, Co-founder and Chief Executive Officer
78% of transfers are now instant, while customers paid an average fee of only 50 bps to move money around the world in the period.
Kristo Käärmann, Co-founder and Chief Executive Officer
Not in the filing
stated, not guessed- Prior-year figure for total operating expenses, transaction revenue, card spend volume, card revenue and other revenue (only growth percentages printed).
- Prior-year figure for income before tax margin.
- Prior-year and quarterly figures for all lines: the release reports only the six-month period, with no quarterly breakdown.
- Diluted and basic EPS (GAAP and non-GAAP): not printed in the release text.
- Gross margin and cost of sales: not printed as line items.
- Operating cash flow and free cash flow: not printed.
- Cash and cash equivalents balance: not printed in the release text.
- Total assets and total equity: not printed.
- Corporate bond principal, coupon and maturity: referenced but not quantified.
- Dollar amount of share repurchases completed to date: only the percentage (almost 50%) is printed.
- Dollar amount of the Belgian settlement: not printed.
- Prior guidance: no previous outlook was provided, so no comparison is made.
- Revenue growth by geography: U.S. and Asia Pacific are named as drivers without printed figures.
- Stock price reaction and analyst consensus: not in the documents.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.