CMC Markets has delivered a strong set of preliminary FY2026 results, with growth in revenue, profit and dividends, plus a confident outlook for FY2027. For retail investors, the big takeaway is that this is no longer being pitched as just a classic retail trading platform. Management wants the market to see CMC as a broader financial technology and infrastructure business, and this update gives that story a fair bit more substance.
The numbers are good. Net operating income rose 15% to £392.6 million, while profit before tax climbed 20% to £101.3 million. Better still, the company says FY2027 net operating income should rise by at least 17% to between £460 million and £480 million, which is a punchy bit of guidance.
One important footnote – these results are unaudited. CMC says it expects to publish its audited Annual Report and Accounts no later than 19 June 2026.
CMC Markets FY2026 results: the key numbers investors need to know
| Metric | FY2026 | FY2025 | Change |
|---|---|---|---|
| Net operating income | £392.6 million | £340.1 million | 15% |
| EBITDA | £117.8 million | £103.4 million | 14% |
| Profit before tax | £101.3 million | £84.5 million | 20% |
| Profit after tax | £73.7 million | £62.2 million | 19% |
| Basic EPS | 27.5p | 22.6p | 22% |
| Full-year dividend | 13.8p | 11.4p | 21% |
| Profit before tax margin | 25.8% | 24.8% | 1.0 percentage point |
Why CMC Markets profit growth matters more than the headline 20%
The standout feature here is quality of growth. CMC did not just scrape out a higher profit because markets were lively for a few months. It improved margin too, with profit before tax margin rising to 25.8% from 24.8%.
That matters because margin expansion usually tells you the business model is scaling. In plain English, as revenue grows, more of it is dropping through to profit. That is what investors want to see from a platform business.
Net trading revenue rose 16% to £289.5 million, and net investing revenue jumped 30% to £57.8 million. The investing side is still smaller, but it is growing faster, which helps diversify the business away from pure trading activity.
Institutional and B2B partnerships are becoming the real CMC Markets growth engine
This is the strategic heart of the announcement. B2B means business-to-business, where CMC provides the plumbing – pricing, execution, liquidity and platform technology – to partners rather than relying only on direct retail customers.
Management is making a big point that institutional and B2B income is scaling quickly. The neobank API partnership delivered “exceptional growth” in account openings and trading activity, although the partner name was not disclosed. That is slightly frustrating, but the commercial momentum is clearly there.
In Australia, the stockbroking business had a record year, with net operating income of A$140.3 million, up 32% from A$106.3 million. That is a serious number and shows CMC is getting real traction outside its traditional leveraged trading base.
The Westpac partnership is the eye-catcher. CMC says Westpac has around A$39 billion of assets under administration across half a million share-trading accounts. If that launch lands cleanly, it could materially increase the scale of the investing platform. ASB Bank in New Zealand is also on track for launch within the next 12 months.
CMC Markets Australia, investing growth and platform rollout support the bull case
The bullish case is not hard to see. CMC is broadening its product set, broadening distribution and broadening geography at the same time. That is usually a healthier formula than relying on one market, one product and one customer type.
The company has begun rolling out a multi-asset platform, including 24/5 US equities and 24/7 crypto and bullion. Multi-asset simply means customers can trade and invest across several types of financial products in one ecosystem. Management says this is laying the groundwork for its planned Super App.
There is also progress in Invest UK, where CMC continued work on a Tier 1 institutional partnership with a major international bank, although the bank was not disclosed. The company also signed a partnership agreement with Currys, which is unusual enough to be interesting, but financial details were not disclosed.
What could go wrong: higher costs, Australian issues and execution risk
It is not all clean sailing. Operating expenses rose 15% to £288.8 million, driven by investment in technology, partnerships and strategic programmes. Some of that is good spending, but investors should still keep an eye on whether costs stay under control as the business expands.
There was also a £5.2 million Australian remediation charge linked to an industry-wide margin netting matter. Remediation means compensating or correcting issues for customers. CMC still grew profit strongly despite that hit, which is reassuring, but it is a reminder that regulated financial businesses can get stung by historic issues.
Another risk sits in the background. One Australian operating entity remains subject to class action proceedings related to CFDs and binary products. The financial effect was not disclosed because CMC says it cannot currently estimate the outcome. That does not mean disaster, but it does mean uncertainty remains.
There is execution risk too. The company is trying to launch large partnerships, expand into certificates and warrants in Europe, build digital asset infrastructure and develop a Super App more or less at the same time. Ambition is great. Doing all of it without operational wobble is the harder bit.
CMC Markets balance sheet strength and capital position look reassuring
The balance sheet gives investors a degree of comfort. Total equity rose 9% to £457.2 million, and the CET1 ratio hit 292% versus 272% a year earlier. CET1 is a core regulatory capital measure, and that is a very chunky buffer.
Liquidity also looks solid. Total unencumbered liquid assets were £300.1 million, up from £293.6 million. CMC also has a £55.0 million committed facility available if needed.
That said, liabilities rose sharply to £549.7 million from £314.0 million, reflecting higher client-related balances, secured borrowings and use of the Commercial Paper Programme. I would not panic about that on its own, because a lot of it is linked to higher activity levels and treasury operations, but it is worth monitoring in a volatile market environment.
CMC Markets FY2027 guidance looks strong – and the market will focus on delivery
The outlook is one of the strongest parts of this RNS. Management says FY2027 net operating income should be between £460 million and £480 million, versus £392.6 million in FY2026. That implies growth of at least 17%.
It also guided to operating costs, excluding variable remuneration, of around £280 million. That wording matters. Excluding variable remuneration means bonus-related costs can still move around depending on performance, so investors should not treat £280 million as the full cost line.
Still, the message is clear enough: CMC expects growth to continue, and it sounds confident that major launches will begin converting into revenue. If Westpac, ASB and the neobank expansion all land well, FY2027 could be a meaningful step-up year.
My take on the CMC Markets preliminary results
This is a positive update. Revenue growth was strong, profits rose faster than revenue, the dividend increased 21%, and the FY2027 guidance is confidently ahead. For me, the most encouraging bit is the mix shift towards institutional and B2B income, because that should make earnings less dependent on the mood swings of retail traders.
The negative side is mostly about execution and complexity. CMC is building a lot at once, there is still an unresolved Australian class action, and cost discipline will matter if market conditions cool down. The company talks a big game about becoming a multi-asset financial platform, and now it has to prove it can deliver that without overstretching.
Overall, though, this looks like a strong set of numbers with a credible growth story behind them. If CMC follows through on the partnership launches and keeps margins healthy, investors may start valuing it less like a traditional CFD provider and more like a scalable financial infrastructure business. That rerating is the prize.
