Sezzle Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Sezzle Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	58.8	115	126	159	271	450
Selling, general and administrative	7.21	15.8	16.4	8.59	11.4
Selling and marketing	4.27	9.25	19	12	9.74	32.2
General and administrative					11.4	16.8
Operating income	-27.9	-68.7	-28.4	22.2	82.2	177
Interest expense	4.3	5.27	8.6	16	13.8	14
Other non-operating income	-0.13	-0.07	-0.23	1.93	0.35	0.12
Pre-tax income	-32.4	-75.1	-38	7.71	67.3	163
Income tax	0.03	0.06	0.07	0.61	-11.2	29.8
Net income	-32.4	-75.2	-38.1	7.1	78.5	133
EBITDA	-27.5	-67.9	-27.6	23.1	83.2	178
EPS, basic	-1.10	-2.46	-1.17	0.21	2.33	3.93
EPS, diluted	-1.10	-2.46	-1.17	0.21	2.19	3.72
Shares, basic (weighted)	28.8	30.9	32.6	33.6	33.7	33.9
Shares, diluted (weighted)	28.8	30.9	32.6	34	35.9	35.7

Balance sheet

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	84.3	77	68.3	67.6	73.2	64.1
Other current assets	1.71	3.35	4.74	6.22	11.4	24.5
Total current assets	173	221	170	209	258	352
Property, plant and equipment	0.38	0.66	0.28
Lease right-of-use assets	0.15	0.29	0.09	0.99	0.8	0.67
Intangible assets	0.54	0.91	1.32	1.9	2.44	3.33
Other non-current assets	0.03	0.23	1.02	0.63	0.33	4.62
Total assets	174	223	173	213	298	400
Accounts payable	60.9	96.5	83	74.1	69	56.4
Accrued liabilities	6.68	8	10.4	10.8	25	21.1
Deferred revenue		0	1.52	2.64	4.23	5.43
Total current liabilities	68.4	108	99.2	187	106	89.8
Lease liabilities	0	0.09	0	0.98	0.82	0.66
Other non-current liabilities	4.48	0	0	1.08	0.05	0
Total liabilities	114	186	164	191	211	230
Paid-in capital	113	168	179	186	189
Retained earnings	-52.2	-127	-165	-158	-89.8	-0.32
Treasury stock	-0.88	-3.69	-4.07	-5.76	-9.39	-24.1
Other comprehensive income	0.49	0.56	-0.64	-0.65	-1.59	-0.68
Shareholders' equity	60	37.8	8.84	22.1	87.8	170
Total equity	60	37.8	8.84	22.1	87.8	170
Total liabilities and equity	174	223	173	213	298	400
Shares outstanding	30.4	31.5	32.8	34.2	33.7	33.8

Cash flow statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-32.4	-75.2	-38.1	7.1	78.5	133
Depreciation and amortization	0.43	0.75	0.85	0.86	0.97	1.36
Stock-based compensation	7.01	14.2	10.3	6.93	5.19	6.52
Deferred income tax				0	-16.9	3.29
Change in payables	47.5	35.7	-12.9	-9.12	-4.35	-13
Cash from operations	-24.8	-72.1	8.51	-25.7	131	210
Capital expenditures	-0.41	-0.69	-0.05	-0.08	-0.07	-0.66
Cash from investing	-0.73	-1.42	-1.01	-1.37	-91.2	-182
Stock issued	60.5	30	0	0.03	3.92	3.73
Share buybacks	-0.61	-2.65	-0.38	-1.68	-23.6	-64.7
Cash from financing	77.6	63.2	-15.7	28.2	-10.4	-25.4
Exchange rate effect	0.46	0.1	-1.18	0.02	-1.46	1.37
Net change in cash	52	-10.3	-8.18	1.16	29.1	2.93
Free cash flow	-25.2	-72.8	8.46	-25.8	131	209
Interest paid	3.77	4.82	7.79	16.4	14	15.3
Income taxes paid	0.01	0.06	0.07	0.45	4.77	28.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $111.38 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	40.4%	Operating income / revenue.
EBITDA margin	40.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	37.8%	Pre-tax income / revenue.
Net margin	30.4%	Net income / revenue.
FCF margin	51.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	51.8%	Cash from operations / revenue.
Effective tax rate	19.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	69.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	35.4%	Net income / average total assets.
Return on invested capital (ROIC)	112.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.2%	Capital expenditures / revenue.
D&A / revenue	0.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	66.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	53.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	50.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	115.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	114.1%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	69.5%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	69.9%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	60.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	191.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	60.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	191.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	93.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	167.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	23.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	34.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	32.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	18.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.02x	Current assets / current liabilities.
Quick ratio	0.78x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.78x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	49.0%	Total liabilities / total assets.
Interest coverage	15.5x	Operating income / interest expense.
Working capital	$306.7M	Current assets - current liabilities.
Tangible book value	$233.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.17x	Revenue / average total assets.
FCF conversion	170.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.65	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$15.32	Revenue / diluted weighted shares.
FCF per share	$7.91	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.94	Cash from operations / diluted weighted shares.
Book value per share	$6.92	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.92	Tangible book value / shares outstanding.
Cash per share	$2.37	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	24.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.75B	Share price x shares outstanding.
Enterprise value	$3.67B	Market cap + total debt - cash - short-term investments.
P/E	23.2x	Market cap / net income. Only when net income is positive.
P/S	7.05x	Market cap / revenue.
P/B	16.1x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	16.1x	Market cap / tangible book value, when positive.
P/FCF	13.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.6x	Market cap / cash from operations, when positive.
EV/Sales	6.90x	Enterprise value / revenue.
EV/EBIT	17.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	13.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.3%	Free cash flow / market cap.
Earnings yield	4.3%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.8%	(Dividends paid + share buybacks) / market cap.

What was Sezzle Inc.'s revenue in fiscal 2025?

Sezzle Inc. reported revenue of $450.3M for fiscal 2025, 66.1% higher than the year before.

Was Sezzle Inc. profitable in fiscal 2025?

Yes. Net income was $133.1M, a net margin of 29.6%.

How much free cash flow did Sezzle Inc. generate in fiscal 2025?

Cash from operations of $209.9M minus capital expenditures of $655.0K left free cash flow of $209.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Sezzle Inc.