Sezzle Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2025, disclosing $133.1 million in net income and a nearly 40% subscriber increase over the course of the year.

Key Highlights

  • Net income: $133.1 million for fiscal year 2025, a 70% increase year-over-year, according to the filing.
  • Cash from operations: $209.9 million generated during 2025, as reported in the annual letter included in the filing.
  • Subscriber growth: Subscribers grew from a low of 481,000 in the first quarter to nearly 670,000 by year-end, representing a nearly 40% increase.
  • App engagement: Monthly app sessions grew 51% year-over-year in December, the filing disclosed.
  • Earn Tab revenue: The Earn Tab is generating approximately $1 million in monthly revenue, according to the filing.
  • Capital return: The company executed a 6-for-1 stock split, completed a $50 million share repurchase program, and announced a new $100 million share repurchase authorization in 2025.
  • Bank charter pursuit: The company disclosed it is pursuing a national bank charter, subject to regulatory approval.

Sezzle's Fiscal 2025 Results: Subscription Model Pivot and Operational Performance

Sezzle Inc. (NASDAQ:SEZL), headquartered at 700 Nicollet Mall, Suite 640, Minneapolis, Minnesota, filed its Form 10-K for the fiscal year ended December 31, 2025. The filing describes 2025 as the company's tenth year of operation and the first full year of operating under its bank sponsorship model. According to the filing, that model helped unify the company's product nationally and enabled the launch of its On-Demand offering.

The filing reports that after studying lifetime value data from the On-Demand product, Sezzle shifted focus back toward subscription growth. The company disclosed that subscribers grew from a low of 481,000 in the first quarter to nearly 670,000 by year-end. The filing states that On-Demand users grew at a similar pace over the same period and that "the pivot did not come at the expense of total engagement." Beyond checkout, the filing notes that consumer engagement deepened through the Earn Tab, Product Marketplace, Price Comparison tool, and Browser Extension, with the Earn Tab generating approximately $1 million in monthly revenue.

On the capital allocation front, the filing discloses that in 2025 the company executed a 6-for-1 stock split, completed its $50 million share repurchase program, and announced a new $100 million share repurchase authorization. Looking ahead, the filing states the company is pursuing a national bank charter as "an important step in our long-term strategy," subject to regulatory approval, and has launched new products including SezzleCash and Sezzle Send. The filing notes that updated financial guidance for 2026 "does not include the contribution from SezzleCash and Sezzle Send, which we recently launched."

What Was Disclosed

Sezzle filed a Form 10-K for fiscal year ended December 31, 2025, disclosing $133.1 million in net income, $209.9 million in cash from operations, subscriber growth to nearly 670,000, a completed $50 million share repurchase, a new $100 million repurchase authorization, and plans to pursue a national bank charter.