KLAR Klarna (KLAR) Q1 FY26 earnings call
Klarna delivered a strong first quarter, achieving significant year-over-year growth in revenue and transaction margin dollars, alongside a notable turnaround to profitability. The company's strategy of expanding its global default PSP network, focusing on spend-centric offerings, and leveraging its deposit-funded growth model is driving operating leverage. While Q2 guidance suggests a seasonal moderation, management remains confident in achieving its full-year targets, emphasizing healthy credit quality and the compounding effect of its network.
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KLAR operating KPIs by quarter
| KPI | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Active accounts Klarna card | 5M+Third, the Klarna card crossed 5 million active users globally this quarter.Source: earnings call transcript | 6.5MThe Klarna card reached 6.5 million active users across 16 countries, up from 1.3 million a year ago.Source: earnings call transcript | — |
| Payments volume | $33.7BGMV came in at $33.7 billion, revenue at just over $1 billion and transaction margin dollars at $389 million, all accelerated quarter-on-quarter.Source: earnings call transcript | $36.6BTotal GMV in the second quarter was $36.6 billion, up 18% year-over-year.Source: earnings call transcript | +8.6% |
| Payments volume US | $7.1BBy geography, the US grew 39% to $7.1 billion, representing 21% of the total GMV.Source: earnings call transcript | $7.9BThe US delivered GMV of $7.9 billion, up 27% year-on-year and was our fastest-growing large region.Source: earnings call transcript | +11.3% |
| Payments volume Global ex US | $26.6BOur global ex US business grew 31% to $26.6 billion.Source: earnings call transcript | $28.8BGlobal ex US GMV was $28.8 billion, up 15% or 12% on a like-for-like basis.Source: earnings call transcript | +8.3% |
| Payments volume Fair Financing | $4.1BFair Financing, our point-of-sale installment product is scaling rapidly at $4.1 billion, up 138% year-over-year as more merchants adopt it.Source: earnings call transcript | $4.7BThese are fixed term installments, and it's our fastest-growing product, up 82% year-over-year to $4.7 billion, offered by 256,000 merchants now, up from 151,000 when we first spoke to you in November.Source: earnings call transcript | +14.6% |
| Active accounts Fair Financing merchants | 225K225,000 merchants now offer Fair Financing, up from 103,000 a year ago.Source: earnings call transcript | 256KThese are fixed term installments, and it's our fastest-growing product, up 82% year-over-year to $4.7 billion, offered by 256,000 merchants now, up from 151,000 when we first spoke to you in November.Source: earnings call transcript | +13.8% |
| Payments volume Pay in Full | $3.5BPay in Full, our everyday spending product contributed to $3.5 billion.Source: earnings call transcript | $3.6BPay in full contributed $3.6 billion of volume this quarter and subscriptions reached 2 million subscribers.Source: earnings call transcript | +2.9% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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