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Top analysts & firms
All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions
What does “challenging” mean?
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Most active analysts
Analyst
Firm
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Klarna's first quarter of 2026 marked a clean profitability inflection. Revenue grew 44% year over year to $1.012 billion (36% like-for-like) and Klarna delivered above the high end of every guided line, as adjusted operating income reached $68 million, up $65 million, and net income turned positive. Operating leverage was the story: transaction margin dollars rose 44% to $389 million while non-transaction operating expenses grew just 3%. Growth was broad, with U.S. revenue up 67% to $399 million, Fair Financing up 138% to $4.1 billion across 225,000 merchants, and the Klarna Card crossing 5 million active users. Credit quality improved, with provisions at 55 basis points of GMV, and management reiterated its full-year 2026 guidance.
Key themes
7
positive📊 company
Beat Across The Board And Turned Profitable
Klarna delivered above the high end of every line, with revenue up 44% to $1.012 billion, adjusted operating profit of $68 million against $3 million a year ago, and net income turned positive.
Corporate events
Filed after the FY2026 Q1 call day (May 14, 2026) through the next call day (Aug 18, 2026)From SEC 8-K filings
No 8-K events recorded for this window.
Revenue GrowthMargin
positive📊 company
Structural Operating Leverage
Transaction margin dollars reached $389 million, up 44%, while non-transaction operating expenses were up just 3%, so transaction margin dollars are growing more than 14x faster than the cost base.
MarginCost Pressure
positive📊 company
U.S. Revenue And Take-Rate Acceleration
U.S. revenue grew 67% to $399 million, significantly outpacing U.S. GMV growth of 39%, with U.S. transaction margin dollars of $106 million at a 26.6% margin, up 58% year-over-year.
Revenue GrowthGeographic Expansion
positive📊 company
Fair Financing Scaling Rapidly
Fair Financing scaled to $4.1 billion, up 138% year-over-year, offered by 225,000 merchants now, up from 103,000 a year ago.
Product LaunchRevenue Growth
positive📊 company
Klarna Card And Membership Monetization
The Klarna card crossed 5 million active users globally this quarter, with membership fees up over 600% and a card user showing about 3x the frequency of a non-card user.
Product LaunchSubscriber Growth
positive📊 company
Credit Quality Improving
Provision for credit losses was $186 million or 55 basis points of GMV, a sequential decline from Q4, with Fair Financing 30-plus and 60-plus day past dues declining quarter-over-quarter.
Credit
neutral📊 company
Enhanced Disclosure And Reiterated Guidance
Klarna published an enhanced supplementary data pack and reiterated its full year 2026 guidance of GMV greater than $155 billion and adjusted operating income greater than 6.9% of revenue.
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters
14%company-level, not the selected quarter
GAAP revenue YoY +51.3% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
▸How this score was built
Base8Base 8GAAP revenue YoY +51.3% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue YoY is 51.27% (revenue $1.012 billion vs $669 million prior), which maps to base 8. Management stated reported revenue growth of 44% (36% like-for-like); the difference is a revenue-recognition/basis nuance (gain on sale, FX) and both land in base 8, so scoring.revenue YoY uses the GAAP value verbatim per the cross-check. Klarna is not in the closed Sector Rules Table, so no Tier 2; GAAP revenue is clean. transcript_adjustment = 0.+
How this score was built
Base8Base 8GAAP revenue YoY +51.3% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue YoY is 51.27% (revenue $1.012 billion vs $669 million prior), which maps to base 8. Management stated reported revenue growth of 44% (36% like-for-like); the difference is a revenue-recognition/basis nuance (gain on sale, FX) and both land in base 8, so scoring.revenue YoY uses the GAAP value verbatim per the cross-check. Klarna is not in the closed Sector Rules Table, so no Tier 2; GAAP revenue is clean. transcript_adjustment = 0.
Share price · trailing year
daily closes, last 12 months — not scoped to the selected quarter · dots mark earnings calls, colored by that quarter’s score
Sources.Tellvest earnings-call sentiment score for Klarna Group plc (KLAR), FY2026 Q1: 8/10. Scores: Klarna Group plc’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: KLAR daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Key financials
FY2026 Q1 selectedReported GAAP figures from SEC filings
The table scrolls sideways. Swipe it, or select it and use the arrow keys.
Quarter
Revenue
Rev YoY
EPS
EPS YoY
Net margin
FY2025 Q1
$701M
—
$-0.26
—
-14.4%
FY2025 Q2
$823M
—
$-0.14
—
-6.3%
FY2025 Q3
$903M
+27.9%
$-0.25
-600.0%
-10.5%
FY2025 Q4
$1.08B
+38.5%
—
—
-4.3%
FY2026 Q1Selected
$1.01B
+44.4%
$-0.01
+96.2%
-0.5%
FY2026 Q2
$1.04B
+26.6%
$0.01
+107.1%
0.4%
As stated by management
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
EPS
“earnings per share improved by $0.25 from a negative $0.26 to negative $0.01, effectively breakeven”
Revenue
“Revenue in the first quarter grew 44% year-over-year to just over $1 billion with a like-for-like growth of 36%”
Guidance
“Our full year 2026 guidance is unchanged.”
Key metric
“Adjusted operating income was $68 million, a $65 million improvement year-over-year”
EPS0EPS 0GAAP EPS is negative in BOTH the current and prior-year quarter (-$0.26 -> -$0.0132), so per the loss-making rule the YoY is mathematically meaningless and the EPS adjustment is skipped (0). EPS did not change sign, so the turnaround rule does not apply. Klarna is a no-OI-subtotal IFRS filer, so operating_income is a vendor reconstruction (it shows $188 million versus management's stated GAAP operating income of $17 million) and cannot serve as a reliable OI cross-check; scoring.oi_yoy is left null. Management-stated GAAP figures do show a strong operating inflection (operating income turned to +$17 million from a -$90 million loss, net income to ~+$1 million, adjusted operating income $68 million up $65 million), but with EPS negative in both periods and OI untrusted, the loss-making skip governs -> EPS adjustment = 0.
+
Guidance0Guidance 0Full-year 2026 guidance was reiterated unchanged (GMV greater than $155 billion, revenue greater than 2.8% of GMV, TMD greater than 1.04% of GMV, adjusted operating income greater than 6.9% of revenue). Q2 guidance provided is next-quarter only. Reiterated -> 0.
=
Final8
+
EPS0EPS 0GAAP EPS is negative in BOTH the current and prior-year quarter (-$0.26 -> -$0.0132), so per the loss-making rule the YoY is mathematically meaningless and the EPS adjustment is skipped (0). EPS did not change sign, so the turnaround rule does not apply. Klarna is a no-OI-subtotal IFRS filer, so operating_income is a vendor reconstruction (it shows $188 million versus management's stated GAAP operating income of $17 million) and cannot serve as a reliable OI cross-check; scoring.oi_yoy is left null. Management-stated GAAP figures do show a strong operating inflection (operating income turned to +$17 million from a -$90 million loss, net income to ~+$1 million, adjusted operating income $68 million up $65 million), but with EPS negative in both periods and OI untrusted, the loss-making skip governs -> EPS adjustment = 0.
+
Guidance0Guidance 0Full-year 2026 guidance was reiterated unchanged (GMV greater than $155 billion, revenue greater than 2.8% of GMV, TMD greater than 1.04% of GMV, adjusted operating income greater than 6.9% of revenue). Q2 guidance provided is next-quarter only. Reiterated -> 0.
=
Final8
Mentions
Calendar Q1 2026
What KLAR said about other companies on its FY2026 Q1 call, and what other companies said about KLAR on their calls covering the same calendar quarter (Q1 2026). Each company's own fiscal quarter is shown next to its name. Extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“JPMorgan Payments and Worldpay are signed, launching later this year.”
Klarna says JPMorgan Payments is a signed distribution partner launching later in the year, a signal for JPMorgan's merchant-acquiring platform adding Klarna.
Affirm posted GAAP revenue up 32.64% year over year in a quarter Max called another one for the record books, with GAAP EPS of $0.30 and operating income swinging to $202.2M from an $8.4M loss a year earlier, evidencing powerful operating leverage (left GAAP EPS YoY undefined given the near-zero prior-year base)
Net interest income grew 4% to $4.6 billion with EPS of $2.27 growing 20% as record Q1 purchase volume was achieved with all five platforms growing or flat
Affirm posted GAAP revenue up 32.64% year over year in a quarter Max called another one for the record books, with GAAP EPS of $0.30 and operating income swinging to $202.2M from an $8.4M loss a year earlier, evidencing powerful operating leverage (left GAAP EPS YoY undefined given the near-zero prior-year base)
Net interest income grew 4% to $4.6 billion with EPS of $2.27 growing 20% as record Q1 purchase volume was achieved with all five platforms growing or flat