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Re:

Revolut Reported £790 Million Profit in 2024; $45B Was a Private-Sale Valuation

Revolut’s 2024 annual results showed £790 million in net profit and £3.1 billion in revenue. Its $45 billion valuation came from a private secondary share sale, not an IPO or public-market price.
From TheFinanceBase Team2 min to read
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Revolut reported £790 million in net profit for the year ended 31 December 2024—about $1 billion in the company’s announcement. It also reported £3.1 billion in revenue. The separate $45 billion figure was an implied valuation from a 2024 secondary share sale, not a public-market value or an IPO valuation. Revolut announced the results on 24 April 2025; its later 2025 annual report has since updated the company’s performance and valuation context.

What Revolut reported for 2024

These are group-level results for Revolut Group Holdings Ltd, not figures for an individual subsidiary. Revolut’s announcement covered the year ended 31 December 2024.

Measure 2024 result What it means
Revenue £3.1 billion (approximately $4.0 billion) Income before expenses; not profit.
Net profit £790 million (approximately $1.0 billion) Profit after expenses and other applicable deductions.
Profit before tax £1.1 billion (approximately $1.4 billion) A pre-tax measure, distinct from net profit.
Net profit margin 26%, compared with 19% in 2023 Net profit as a share of revenue.
Customers 52.5 million, up 38% during 2024 Revolut’s reported customer base.

The figures are from Revolut Group Holdings Ltd’s 2024 annual report and Revolut’s 24 April 2025 results announcement. The announcement gives rounded dollar equivalents; the reported results are in pounds.

Why the $45 billion figure is not profit or a public-market value

The $45 billion figure was the implied company valuation in a secondary share sale completed in 2024. A secondary sale involves existing shares changing hands; the valuation is inferred from the transaction price. It is not revenue, profit, an IPO valuation, or a stock-market capitalization. Revolut was not being valued through a public-market share price in that transaction.

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What Revolut said drove growth

Revolut attributed its growth to adding customers, deeper customer engagement, and broader use of retail and business products. The company said revenue increased across all its revenue streams. These are Revolut’s explanations of its results, rather than independently established causal findings.

CEO Nik Storonsky said in the 24 April 2025 announcement: “2024 was a landmark year for Revolut. We not only accelerated our customer growth, welcoming nearly 15 million new users globally, but critically, we also saw customers engaging more deeply by adopting a wider range of our services across both our retail offering and Revolut Business.”

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How the picture changed in 2025

Revolut’s 2025 annual report, published after the 2024 results, reports £4.5 billion in revenue and £1.7 billion in profit before tax for 2025. It also describes a subsequent fundraising process at an implied $75 billion valuation. The profit figures are different measures—2025 profit before tax and 2024 net profit—so they should not be compared as if they were the same metric. The $75 billion figure likewise reflects a later fundraising process, not the 2024 secondary sale. See Revolut Group Holdings Ltd’s 2025 annual report.

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Which Revolut accounts these figures describe

The headline figures are consolidated group results for Revolut Group Holdings Ltd. They should not be confused with the accounts of separate legal entities such as Revolut Ltd or Revolut Bank UK Ltd. Companies House lists filings for individual Revolut entities in its filing history; those subsidiary filings are not a substitute for the group’s consolidated annual results.

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