Revenue performance remains mixed as the firm relies heavily on non-interest fee income, which reached a peak of 54.5% of total revenue in 2025Q4.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Net Interest Income | 6.14B | 6.45B | 6.24B | 6.12B | 6.13B | 5.18B | 4.42B | 12.49B | 12.53B | 14.27B | 13.23B | 12.55B | 13.54B | 16.47B | 17.91B | 18.98B | 23.48B | 66.97B | 117.09B | 87.55B | 59.37B | 39.11B | 42.7B | 46.16B | 50.76B | 51.77B | 35.65B |
| NII Growth % | -4.77% | 3.38% | 1.96% | -0.11% | 18.41% | 17.18% | -64.64% | -0.29% | -12.26% | 7.92% | 5.35% | -7.26% | -17.82% | -8.03% | -5.65% | -19.13% | -64.94% | -42.81% | 33.75% | 47.46% | 51.82% | -8.42% | -7.49% | -9.06% | -1.96% | 45.24% | - |
| Net Interest Margin % | 0.38% | 0.41% | 0.36% | 0.55% | 0.55% | 0.46% | 0.45% | 1.3% | 1.33% | 1.55% | 1.39% | 1.17% | 1.3% | 1.19% | 1.19% | 1.35% | 1.75% | 3.56% | 5.83% | 4.55% | 3.79% | 2.57% | 3.82% | 5.4% | 6.71% | 7.68% | 6.33% |
| Interest Income | 27.2B | 39.08B | 30.38B | 12.19B | 9.11B | 8.93B | 11.47B | 12.49B | 12.53B | 14.27B | 13.23B | 12.55B | 13.54B | 16.47B | 17.91B | 18.98B | 23.48B | 66.97B | 117.09B | 87.55B | 59.37B | 39.11B | 42.7B | 46.16B | 50.76B | 51.77B | 35.65B |
| Interest Expense | 21.05B | 32.63B | 24.14B | 6.07B | 2.98B | 3.75B | 7.05B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Loan Loss Provision | 7.3B | 500.17M | 887.09M | 26.81M | -135.28M | 612.79M | 76.5M | 115.16M | 129.17M | 38.86M | 117.44M | 74.23M | 51.52M | 121.73M | 83.73M | 66.39M | 1.83B | 3.05B | 255.42M | -156.26M | -374.99M | -240.25M | 123.93M | 237.68M | 484.27M | -130.8M | 956.77M |
| Non-Interest Income | 46.64B | 35.13B | 27B | 24.63B | 25.92B | 23.15B | 24B | 24.36B | 23.25B | 22.64B | 23.27B | 20.26B | 22.2B | 19.97B | 20.86B | 25.5B | 17.56B | -2.25B | 37.61B | 40.76B | 31.3B | 24.7B | 23.17B | 27.47B | 28.71B | 28.16B | 23.5B |
| Non-Interest Income % | 63.17% | 47.34% | 47.06% | 66.9% | 74% | 72.17% | 67.66% | 66.11% | 64.99% | 61.33% | 63.75% | 61.74% | 62.12% | 54.79% | 53.8% | 57.33% | 42.79% | -3.47% | 24.31% | 31.77% | 34.52% | 38.71% | 35.17% | 37.31% | 36.13% | 35.23% | 39.73% |
| Total Revenue | 73.84B | 74.22B | 57.38B | 36.82B | 35.03B | 32.07B | 35.47B | 36.85B | 35.78B | 36.91B | 36.49B | 32.81B | 35.74B | 36.44B | 38.77B | 44.49B | 41.04B | 64.72B | 154.7B | 128.31B | 90.67B | 63.8B | 65.87B | 73.63B | 79.47B | 79.93B | 59.15B |
| Revenue Growth % | -0.51% | 29.34% | 55.83% | 5.12% | 9.21% | -9.59% | -3.73% | 2.99% | -3.08% | 1.16% | 11.22% | -8.19% | -1.92% | -6.01% | -12.86% | 8.41% | -36.59% | -58.16% | 20.57% | 41.51% | 42.11% | -3.14% | -10.54% | -7.35% | -0.58% | 35.13% | - |
| Non-Interest Expense | 47.29B | 34.9B | 8.18B | 21.85B | 23.51B | 20.51B | 22.87B | 36.73B | 35.65B | 36.88B | 36.37B | 32.74B | 35.69B | 36.32B | 38.69B | 44.42B | 39.21B | 61.67B | 154.45B | 128.46B | 91.04B | 64.04B | 65.75B | 73.39B | 78.99B | 80.06B | 58.19B |
| Efficiency Ratio | 64.05% | 47.02% | 14.26% | 59.34% | 67.13% | 63.94% | 64.48% | 99.69% | 99.64% | 99.89% | 99.68% | 99.77% | 99.86% | 99.67% | 99.78% | 99.85% | 95.53% | 95.28% | 99.83% | 100.12% | 100.41% | 100.38% | 99.81% | 99.68% | 99.39% | 100.16% | 98.38% |
| Operating Income | 9.27B | 6.19B | 24.17B | 8.88B | 8.67B | 7.2B | 5.47B | 5.95B | 0 | 0 | 0 | 2.33B | 0 | 0 | 5.32B | 0 | 0 | -28.47B | -3.77B | 14.66B | 12.9B | 10.14B | 0 | 0 | 0 | 0 | 0 |
| Operating Margin % | 12.56% | 8.34% | 42.12% | 24.11% | 24.75% | 22.45% | 15.42% | 16.14% | 0% | 0% | 0% | 7.1% | 0% | 0% | 13.73% | 0% | 0% | -43.99% | -2.44% | 11.42% | 14.23% | 15.89% | 0% | 0% | 0% | 0% | 0% |
| Operating Income Growth % | 49.78% | -74.38% | 172.26% | 2.41% | 20.39% | 31.65% | -8.03% | - | - | - | -100% | - | - | -100% | - | - | 100% | -655.58% | -125.71% | 13.59% | 27.27% | - | - | - | - | - | - |
| Pretax Income | 8.85B | 6.19B | 24.17B | 8.88B | 8.67B | 7.2B | 5.47B | 5.42B | 0 | 0 | 0 | 2.24B | 0 | 0 | 5.37B | 7.52B | 0 | 0 | -3.77B | 14.66B | 13.03B | 10.28B | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | 11.99% | 8.34% | 42.12% | 24.11% | 24.75% | 22.45% | 15.42% | 14.72% | 0% | 0% | 0% | 6.83% | 0% | 0% | 13.84% | 16.9% | 0% | 0% | -2.44% | 11.42% | 14.37% | 16.11% | 0% | 0% | 0% | 0% | 0% |
| Income Tax | 1.06B | 1.52B | 746.79M | 1.8B | 1.83B | 1.4B | 1.24B | 1.46B | 0 | 0 | 0 | -1.12B | 0 | 0 | 903.83M | -384.35M | 0 | -7.01B | 1.38B | 2.79B | 2.54B | 2.22B | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 11.93% | 24.56% | 3.09% | 20.22% | 21.07% | 19.41% | 22.72% | 26.88% | - | - | - | -49.81% | - | - | 16.84% | -5.11% | - | - | -36.58% | 19.02% | 19.53% | 21.62% | - | - | - | - | - |
| Net Income | 7.77B | 4.62B | 23.41B | 7.05B | 6.82B | 5.79B | 4.22B | 4.48B | 0 | 0 | 0 | 3.42B | 0 | 0 | 0 | 0 | 0 | 0 | -5.69B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Margin % | 10.52% | 6.22% | 40.8% | 19.15% | 19.46% | 18.05% | 11.9% | 12.17% | 0% | 0% | 0% | 10.41% | 0% | 0% | 0% | 0% | 0% | 0% | -3.68% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income Growth % | 68.23% | -80.28% | 231.95% | 3.46% | 17.73% | 37.16% | -5.85% | - | - | - | -100% | - | - | - | - | - | - | 100% | - | - | - | - | - | - | - | - | - |
| Net Income (Continuing) | 7.8B | 5.15B | 23.42B | 7.66B | 7.49B | 6.57B | 4.23B | 3.97B | 0 | 0 | 0 | 3.36B | 0 | 0 | 4.46B | 7.9B | 0 | -21.46B | -5.15B | 11.87B | 10.48B | 8.06B | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.36 | 1.52 | 8.30 | 2.25 | 2.06 | 1.77 | 1.14 | 1.17 | 0.25 | 0.88 | 1.66 | 0.87 | 0.94 | -0.73 | 1.08 | 2.08 | -0.72 | -7.89 | -2.34 | 4.87 | 5.07 | 3.09 | 2.15 | 0.99 | 1.13 | 1.89 | 1.55 |
| EPS Growth % | 55.26% | -81.69% | 268.89% | 9.22% | 16.38% | 55.26% | -2.56% | 368% | -71.59% | -46.99% | 90.8% | -7.45% | 228.77% | -167.59% | -48.08% | 388.89% | 90.87% | -237.18% | -148.05% | -3.94% | 64.08% | 43.72% | 117.17% | -12.39% | -40.21% | 21.94% | - |
| EPS (Basic) | 2.46 | 1.59 | 8.68 | 2.34 | 2.14 | 1.83 | 1.17 | 1.20 | 0.26 | 0.90 | 1.70 | 0.88 | 0.95 | -0.73 | 1.17 | 2.00 | -0.72 | -7.89 | -2.34 | 5.08 | 5.29 | 3.25 | 2.20 | 1.01 | 1.13 | 1.90 | 1.56 |
| Diluted Shares Outstanding | 3.31B | 3.35B | 3.3B | 3.4B | 3.63B | 3.71B | 3.77B | 3.84B | 3.84B | 3.82B | 3.78B | 3.81B | 3.84B | 3.75B | 3.84B | 3.84B | 3.66B | 2.79B | 2.18B | 2.06B | 2.1B | 2.3B | 2.42B | 2.6B | 2.63B | 2.56B | 2.49B |
Credit Suisse integration complexity
According to the provided quarterly data, UBS experienced significant NII fluctuations, ranging from a high of $1.9B in 2023Q3 to a low of $1.4B in 2024Q2, suggesting that the firm's interest-earning capacity remains sensitive to the ongoing structural shifts following the Credit Suisse acquisition.
The inconsistent NII trajectory reflects the challenges of managing a combined balance sheet with disparate funding costs and asset compositions. Investors should monitor whether the recent stabilization near $1.7B indicates a successful alignment of the firm's deposit base with its new, larger loan portfolio.
As reported in financial statements, the efficiency ratio fluctuated between 43.7% and 56.2% over the last ten quarters, indicating that the firm is currently grappling with the substantial operational overhead and personnel costs inherent in merging two global systemically important banks into a single, cohesive entity.
The elevated efficiency ratio in recent periods suggests that cost synergies have yet to fully materialize, potentially masking the underlying profitability of the wealth management franchise. Sustained pressure on this metric may imply that the firm's cost-to-income targets are overly optimistic given the current regulatory and compliance environment.
Based on the reported figures, non-interest fee income consistently accounted for over 50% of total revenue in recent quarters, peaking at 54.5% in 2025Q4, which highlights the firm's strategic reliance on recurring wealth management advisory fees to offset the inherent volatility of its investment banking operations.
This high dependency on fee-based revenue suggests that UBS is successfully transitioning toward a capital-light model, though it leaves the firm vulnerable to market-driven declines in Assets under Management. The ability to maintain these fee levels during periods of market turbulence will be a critical indicator of client retention.
Data from the firm's income statements shows provision expenses for loan losses reached a peak of $219.1M in 2023Q3, followed by a more moderate $126.1M in 2025Q4, suggesting that management is actively adjusting its credit risk appetite in response to the evolving macroeconomic landscape and integration-related exposures.
The variability in provision expenses warrants further investigation into the quality of the acquired loan book and potential legacy credit issues. Investors should monitor whether these provisions are sufficient to cover potential defaults or if they represent a conservative buffer against future economic uncertainty.
Quick answers to the most common questions about buying UBS stock.
UBS Group AG (UBS) is profitable, generating $7.77B in net income for the fiscal year ending 2025 with a net profit margin of 10.5%.
UBS Group AG (UBS) reported an operating income of $9.27B, resulting in an operating profit margin of 12.6%. This margin reflects the operational efficiency of the business before interest and taxes.
UBS Group AG (UBS) generated $49.01B in gross profit for the year, representing a gross profit margin of 66.4%. This demonstrates the company's core pricing power and production efficiency.