Klarna Q2 2026: profit returns but full-year GMV guidance cut on softer German spending

Klarna reported Q2 2026 GMV of $36.6bn (+18%), revenue of $1.042bn (+27%) and adjusted operating income of $91m (+214%), with over 120m consumers and 1.2m+ merchants. It cut full-year GMV guidance to $149-151bn from above $155bn, citing currency effects and a more measured view of German volumes, its largest market; shares fell about 19%.

Germany is Klarna's biggest market by volume and the guidance cut ties the downgrade to weaker German retail, a demand-side signal that reaches every acquirer and BNPL competitor exposed to the same consumer. Outside the US, transaction margin already reaches 54% of revenue, so Europe carries the profitability Klarna is now leaning on.

Whether German BNPL volumes stabilise into the second half, how the FCA's new UK BNPL regime affects Klarna's largest regulated market, and if the softness spreads to card-based checkout volumes at the same merchants.

• investors.klarna.com