Wise Reports Strong FY2026 Results: Revenue Up 19% to $2.5 Billion, Customer Growth Accelerates

That matters because a deeper relationship usually means better retention, more revenue streams, and less dependence on any single product. Wise said almost 50% of net revenue now comes from non-cross-border revenue, including net interest income, card and other revenue. That is a useful sign of diversification.

The platform side also keeps moving forward. New Wise Platform partners included UniCredit, Raiffeisen Bank, MBSB Bank and, in April 2026, Capitec. Those deals matter because they help Wise grow through banks and partners without needing to win every customer directly itself.

Wise infrastructure expansion in Brazil, Japan, South Africa, UAE and Thailand boosts the moat

Management highlighted two new direct connections to domestic payment systems in Brazil and Japan. That may sound technical, but it is important. Direct connections can reduce third-party costs, improve speed and give Wise more control over the customer experience.

Wise also gained new licence approvals in South Africa, the UAE and Thailand. Again, that is not flashy, but it is the sort of groundwork that lets fintechs expand safely and legally. In this business, licences and payment rails are part of the moat.

On service speed, 75% of Q4 payments globally were completed in under 20 seconds. That is a good operational metric because the customer does not care about the plumbing – they care whether the money arrives quickly and cheaply.

Profitability was still strong, but statutory profit did move the wrong way

Now for the bit investors should not gloss over. Net revenue rose 19%, but income before tax fell to $660.4 million from $717.5 million. Net income also slipped to $498.7 million from $550.3 million, and diluted earnings per share fell to 48.43 cents from 52.63 cents.

So yes, this was a strong growth year, but not a clean “everything went up” year. Operating income dropped to $590.7 million from $728.2 million as costs rose across the board, including technology and development, servicing, marketing and sales, and general and administrative expenses.

The good news is the business still delivered an income before tax margin of 26%, which is slightly above Wise’s guided medium-term range. That is healthy by most standards. The less good news is that profit growth did not keep pace with customer and revenue growth this year.

Where the cost pressure showed up

• Technology and development expenses rose to $434.3 million from $314.1 million.
• Servicing costs increased to $396.6 million from $287.5 million.
• Marketing and sales climbed to $171.8 million from $106.1 million.
• General and administrative expenses rose to $381.9 million from $273.4 million.

That does not automatically spell trouble. A lot of this looks like Wise investing in product, compliance, global expansion and customer growth. But it does mean investors should watch whether margins stay firm if interest rates soften or growth slows.

Wise FY2027 guidance looks confident and the share purchase plan is shareholder-friendly

Wise expects FY2027 net revenue growth around the middle of its 15-20% medium-term target range on a constant currency basis. It also expects income before tax margin around the top of the 20-25% range.

That reads as confident guidance. Management is basically saying growth should continue at a strong clip and profitability should remain robust, assuming no material change in interest paid to customers and no material changes in central bank rates.

There is also a capital return angle here. Wise allocated $470 million in FY2026 to buy 35.9 million shares into its Employee Share Trust, mainly to eliminate dilution from historic share options. It is now planning a new share purchase programme expected to be over $500 million, with around 40% going to the recurring Employee Share Trust programme.

That matters because share-based pay can quietly dilute shareholders over time. Wise is effectively saying it wants to soak up that dilution rather than leave investors carrying the can.

What retail investors should make of Wise’s FY2026 results

My take is fairly straightforward. This is a positive update overall.

The bullish case is easy to see: customer numbers are rising fast, transfer volumes are surging, customer balances and card usage are growing strongly, and Wise keeps expanding its infrastructure and regulatory footprint. It is also cutting its take rate while still growing revenue at 19%, which is the sort of thing market leaders can do.

The caution flag is profit direction. Revenue was excellent, but statutory profit and earnings per share fell, and the cost base moved up sharply. If rates fall or competition bites harder, investors may start paying closer attention to margin quality rather than just growth.

Still, based on this RNS alone, Wise looks like a company strengthening its network, deepening customer usage and guiding confidently into FY2027. That does not make it risk-free. But it does suggest the business is still moving in the right direction, and at considerable speed.