Revenue growth decelerated to 21.8% YoY in 2026Q2, while gross margin volatility, ranging from 45.0% to 56.6%, underscores the direct impact of variable chargeback payouts on profitability.
Riskified Ltd. (RSKD) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 368.15M | 344.64M | 327.52M | 297.61M | 261.25M | 229.14M | 169.74M | 130.56M |
| Revenue Growth % | 9.63% | 5.23% | 10.05% | 13.92% | 14.01% | 35% | 30.01% | - |
| Cost of Goods Sold | 181.13M | 168.66M | 156.58M | 145.09M | 126.15M | 106.17M | 76.92M | 64.87M |
| COGS % of Revenue | - | 48.94% | 47.81% | 48.75% | 48.29% | 46.33% | 45.31% | 49.69% |
| Gross Profit | 187.02M | 175.98M | 170.94M | 152.52M | 135.1M | 122.97M | 92.82M | 65.69M |
| Gross Margin % | 50.8% | 51.06% | 52.19% | 51.25% | 51.71% | 53.67% | 54.69% | 50.31% |
| Gross Profit Growth % | - | 2.95% | 12.08% | 12.89% | 9.86% | 32.48% | 41.31% | - |
| Operating Expenses | 204.01M | 205.03M | 218.79M | 229.37M | 244.45M | 178.91M | 99.63M | 79.56M |
| OpEx % of Revenue | - | 59.49% | 66.8% | 77.07% | 93.57% | 78.08% | 58.7% | 60.94% |
| Selling, General & Admin | 135.8M | 137.65M | 150.73M | 157.79M | 172.43M | 123.61M | 62.99M | 54.52M |
| SG&A % of Revenue | - | 39.94% | 46.02% | 53.02% | 66% | 53.95% | 37.11% | 41.76% |
| Research & Development | 68.54M | 67.38M | 68.06M | 71.58M | 72.01M | 55.3M | 36.64M | 25.04M |
| R&D % of Revenue | - | 19.55% | 20.78% | 24.05% | 27.57% | 24.13% | 21.59% | 19.18% |
| Other Operating Expenses | -328K | 0 | 0 | 0 | 4K | 0 | 0 | 0 |
| Operating Income | -16.99M | -29.05M | -47.85M | -76.85M | -109.35M | -55.94M | -6.81M | -13.88M |
| Operating Margin % | -4.61% | -8.43% | -14.61% | -25.82% | -41.86% | -24.41% | -4.01% | -10.63% |
| Operating Income Growth % | - | 39.29% | 37.73% | 29.72% | -95.46% | -721.72% | 50.93% | - |
| EBITDA | -4.72M | -13.46M | -42.97M | -71.75M | -105.07M | -53.51M | -5.45M | -13.16M |
| EBITDA Margin % | -1.28% | -3.91% | -13.12% | -24.11% | -40.22% | -23.35% | -3.21% | -10.08% |
| EBITDA Growth % | 89.17% | 68.67% | 40.11% | 31.72% | -96.37% | -882.14% | 58.6% | - |
| D&A (Non-Cash Add-back) | 12.26M | 15.59M | 4.88M | 5.1M | 4.27M | 2.44M | 1.36M | 715K |
| EBIT | -10.13M | -21.21M | -28.5M | -53.24M | -98.66M | -177.87M | -6.81M | -13.88M |
| Net Interest Income | 10.58M | 13.46M | 20.17M | 22.77M | 10.18M | 591K | 145K | 53K |
| Interest Income | 10.58M | 13.46M | 20.17M | 22.77M | 10.18M | 591K | 145K | 53K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 7.17M | 7.84M | 19.35M | 23.61M | 10.69M | -121.93M | -3.46M | 175K |
| Pretax Income | -9.82M | -21.21M | -28.5M | -53.24M | -98.66M | -177.87M | -10.27M | -13.7M |
| Pretax Margin % | -2.67% | -6.15% | -8.7% | -17.89% | -37.77% | -77.63% | -6.05% | -10.49% |
| Income Tax | 5.75M | 6.36M | 6.42M | 5.8M | 6.04M | 1.56M | 1.07M | 475K |
| Effective Tax Rate % | -58.59% | -29.98% | -22.52% | -10.89% | -6.12% | -0.88% | -10.47% | -3.47% |
| Net Income | -15.58M | -27.57M | -34.92M | -59.03M | -104.7M | -179.43M | -11.35M | -14.18M |
| Net Margin % | -4.23% | -8% | -10.66% | -19.84% | -40.08% | -78.31% | -6.68% | -10.86% |
| Net Income Growth % | 60.36% | 21.07% | 40.85% | 43.62% | 41.65% | -1481.3% | 19.95% | - |
| Net Income (Continuing) | -15.58M | -27.57M | -34.92M | -59.03M | -104.7M | -179.43M | -11.35M | -14.18M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.11 | -0.18 | -0.20 | -0.33 | -0.62 | -2.34 | -0.13 | -0.16 |
| EPS Growth % | 54.78% | 10% | 39.39% | 46.77% | 73.5% | -1700% | 18.75% | - |
| EPS (Basic) | - | -0.18 | -0.20 | -0.33 | -0.62 | -2.34 | -0.13 | -0.16 |
| Diluted Shares Outstanding | 139.31M | 157.46M | 170.91M | 176.77M | 167.67M | 76.46M | 88.72M | 88.72M |
| Basic Shares Outstanding | 139.31M | 157.46M | 170.91M | 176.77M | 167.67M | 76.46M | 88.72M | 88.72M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying RSKD stock.
For fiscal year 2025, Riskified Ltd. (RSKD) reported total revenue of $344.6M. This represents a 164.0% increase compared to $130.6M in 2019.
Riskified Ltd. (RSKD) reported a net loss of $27.6M for the fiscal year ending 2025.
Riskified Ltd. (RSKD) reported an operating income of $-29.1M, resulting in an operating profit margin of -8.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Riskified Ltd. (RSKD) generated $176.0M in gross profit for the year, representing a gross profit margin of 51.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Structural margin compression
Growth Deceleration Amidst Seasonal Volatility
Revenue growth has decelerated to 21.8% YoY in 2026Q2, a significant slowdown from the 10.9% growth seen in 2024Q1, suggesting the company's expansion is cooling despite a strong Q4 seasonal peak.
The quarterly revenue trajectory shows pronounced seasonality, with Q4 consistently representing the peak, but the year-over-year growth rate has trended downward from double digits to the low-to-mid single digits in recent quarters. This deceleration, as reported in financial statements, implies the company may be facing saturation in its core enterprise segment or increased competitive pressure, making the sustainability of its transactional revenue model a key concern.
Gross Margin Volatility Reflects Liability Model
Gross margin has been volatile, ranging from 45.0% in 2026Q2 to 56.6% in 2025Q4, a fluctuation directly tied to the variable cost of chargeback payouts inherent in its guarantee model.
The structural gross margin driver is the provision for chargeback expenses, which are netted within COGS. The significant quarter-to-quarter swings, such as the 11.6 percentage point drop from 2025Q4 to 2026Q2, suggest that margin performance is highly sensitive to the accuracy of fraud detection models and the underlying fraud environment. This volatility challenges the classification of RSKD as a typical high-margin SaaS business.
Operating Leverage Remains Elusive
Despite revenue growing from $76.4M to $98.7M over the period, operating losses have persisted, with the operating margin only improving from -20.8% to -7.5%, indicating limited operating leverage.
The data shows that SG&A expenses have remained relatively fixed in absolute terms, hovering around $34M-$39M per quarter, while R&D has been stable near $17M. This suggests that the company's cost structure is not yet scaling efficiently with revenue growth. The path to profitability appears dependent on significant revenue expansion or a fundamental shift in the cost of revenue, rather than simple overhead leverage.
Chargeback Costs Dominate the Cost Structure
The primary cost line item is the variable chargeback expense embedded in COGS, which at $54.3M in 2026Q2 represents over 55% of revenue and is the key determinant of gross profit.
Management's expense discipline appears focused on controlling the fixed cost base of R&D and SG&A, which have been held relatively steady. However, the dominant and volatile cost of revenue, driven by the guarantee model, means that overall profitability is less a function of traditional SaaS cost control and more a function of the efficacy of the core machine learning risk models.
Adverse Selection and Margin Cap Risk
The strongest challenge to the narrative is the potential for adverse selection, where merchants may only send the riskiest, lowest-approval-rate transactions to Riskified, structurally capping gross margins and limiting operating leverage.
As merchants improve their own basic fraud filters, the 'quality' of the transaction pool sent to Riskified could degrade over time. This would force the platform to approve more borderline cases to deliver value, increasing the chargeback payout cost per approved transaction. The persistent negative operating margin despite over $300M in TTM revenue, as reported in recent SEC filings, may indicate this dynamic is already at play, preventing the scale-driven margin expansion investors typically expect from software platforms.