Plus500 Reports $203.2 Million in Third-Quarter Revenue, Expects to Beat 2026 Estimates
Key Facts
In its trading update issued on October 26, Plus500 reported third-quarter 2026 revenue of $203.2 million, up 11% from $182.7 million in the same period last year. The company said strong trading income offset lower interest income amid falling global interest rates. For the financial year, it forecast that 2026 revenue and EBITDA would exceed current market expectations. The analyst consensus cited by the company is $837.6 million for revenue and $358.0 million for EBITDA. The forecast therefore applies specifically to revenue and EBITDA; it does not mean the company raised previous numerical guidance or expects to beat market expectations across all financial results.
For the first nine months of the year, revenue rose 11% to $666.1 million, compared with $597.8 million in the same period of 2025. Trading income was $634.0 million, versus $547.1 million a year earlier, while interest income fell to $32.1 million from $50.7 million. These figures reflect diverging trends in the two main sources of revenue during the period. The company said strong trading income more than offset the impact of lower interest income, which it linked to falling global interest rates. The nine-month figures provide broader context for the quarter’s result and support the company’s explanation of the source of revenue growth.
On quarterly profitability, third-quarter EBITDA rose 7% to $88.4 million from $82.7 million a year earlier, with a margin of 44%. The company recorded 28,747 new customers during the period, up 27% from 22,644 in the third quarter of 2025. Active customers rose 4% to 119,528 from 115,327. On customer acquisition efficiency and returns, average user acquisition cost fell 14% to $1,150 from $1,344, while average revenue per user rose 7% to $1,700 from $1,584. The metrics show growth in new and active customers alongside lower user acquisition costs and higher average revenue per user.
Customer income rose 19% in the first nine months to $641.1 million from $536.7 million in the same period of 2025. Third-quarter customer income was $180.3 million, up 9% from $165.2 million a year earlier. Meanwhile, customer deposits reached a quarterly record of $1.9 billion, compared with $1.7 billion in the third quarter last year. Average deposits per active customer increased 7% to about $15,800. Chief Executive David Zruia said segregated client funds exceeded $1 billion at the period-end, linking this to customer confidence and a foundation for generating future revenue.
The company continues to expand beyond its over-the-counter trading products, with this activity accounting for about 16% of group revenue and about 31% of new customers in the first nine months of 2026. The activity includes futures, prediction markets and share dealing. During the third quarter, Plus500 launched 24-hour share and ETF trading five days a week. After the period-end, it expanded the service to include around-the-clock trading in gold, silver, oil and natural gas, and added daily options contracts. As part of its U.S. expansion, the company is targeting a first-quarter 2027 launch for a unified app combining futures and options, prediction markets, shares, options and ETFs on one platform.
The company had cash balances of more than $775 million on September 30, 2026, after paying dividends of $87.4 million and buying back about $63.5 million of shares during the third quarter. The company said its balance sheet was debt-free. In morning trading in London on October 26, the shares rose 4.1% to 3,424 pence, according to an AJ Bell report published on the announcement date. Another report said the shares were up 3.6% by 08:25 GMT that day. The share move followed the results and outlook announcement, while the company set the first quarter of 2027 as the planned launch date for its unified U.S. app.