Plus500 registers 11% Y/Y increase in revenue in Q3 2026
Online brokerage Plus500 Ltd (LON:PLUS) today provided a trading update for the three-month period ended 30 September 2026.
Revenue for the first nine months of 2026 increased by 11% to $666.1m (YTD 2025: $597.8m), comprising trading income of $634.0m (YTD 2025: $547.1m) and interest income of $32.1m (YTD 2025: $50.7m), including revenue of $203.2m in Q3 2026, representing an increase of 11% YoY (Q3 2025: $182.7m). The Group’s revenue growth was positively driven by strong trading income, which outweighed a decline in interest income as global interest rates fell.
Customer Income, a key measure of the Group’s underlying performance, increased by 19% to $641.1m (YTD 2025: $536.7m), including $180.3m in Q3 2026 representing an increase of 9% YoY (Q3 2025: $165.2m).
Customer Trading Performance was ($7.1m) for the first nine months of 2026 (YTD 2025: $10.4m) and $11.9m in Q3 2026 (Q3 2025: ($3.6m)). The Group continues to expect that this will remain broadly neutral over time.
EBITDA for YTD 2026 was $275.9m (YTD 2025: $267.8m), representing growth of 3%. This reflects the Group’s deliberate investment in marketing technology to support high value customer acquisition, together with the natural scaling of costs associated with the continued expansion of the Group’s operations. EBITDA in Q3 2026 was $88.4m, representing growth of 7% YoY (Q3 2025: $82.7m) and an EBITDA margin for the period of 44%.
The Group maintained a robust, debt-free balance sheet, with cash balances exceeding $775m as of 30 September 2026, following a dividend payment of $87.4m and share buybacks of c.$63.5m in Q3 2026.
The Group’s continued focus on attracting higher value customers drove a 20% increase in New Customers to 94,470 for YTD 2026 (YTD 2025: 78,809), including a 27% increase in Q3 2026 to 28,747 (Q3 2025: 22,644), supported by the Group’s sophisticated, technology-led marketing capabilities.
Active Customers increased by 10% to 230,287 for the first nine months of the year (YTD 2025: 209,842), including 119,528 in Q3 2026 (Q3 2025: 115,327).
Total customer deposits reached a quarterly record high of $1.9bn in Q3 2026 (Q3 2025: $1.7bn), with average deposit per Active Customer increasing YoY by 7% in Q3 2026 to c.$15,800 (Q3 2025: c.$14,700). Total customer deposits for the first nine months of the year were $5.3bn (YTD 2025: $4.8bn), equating to an average deposit per Active Customer of c.$23,000 (YTD 2025: c.$22,850).
As of 30 September 2026, the Company held 43,980,450 ordinary shares in treasury, representing approximately 38% of the Company’s issued share capital. Since the commencement of its share buyback programmes in 2017, the Company has repurchased a total of 51,113,187 ordinary shares at an average price of £17.70 per share. This total reflects purchased ordinary shares, excluding shares issued from treasury in respect of equity share-based compensation plans. Ordinary shares repurchased under the buyback programmes are held in treasury and are not entitled to dividends and have no voting rights.
Reflecting the strong financial performance and meaningful strategic progress in the first nine months of 2026, the Board expects that FY 2026 revenue and EBITDA will be ahead of current market expectations.
The Group’s non-OTC business continued to perform strongly, securing two new international B2B partnerships with Wealthsimple and Nelogica, alongside introducing new products, including CFTC-regulated sports and non-sports prediction market contracts and single stock futures, further expanding its target markets. Reflecting this accelerating progress, the non-OTC business accounted for c.16% of Group revenue and c.31% of New Customers for YTD 2026.
The recently announced acquisitions of two broker-dealers unlock exciting new opportunities for Plus500. In the US, Hedge will complement the Group’s established CFTC-regulated operations, expanding them into SEC-regulated markets, and support the delivery of a seamless, holistic trading experience through a new US ‘super-app’ including futures, options on futures, prediction markets, stocks, options, ETFs and more. In Brazil, Guru’s regulated status will establish Plus500’s first local operations in Brazil, enabling the Group to begin onboarding local customers and extend its presence across Latin America, delivering further geographic and product diversification.