N° 24ATLAS · ANNUAL REPORT · FY 2025
The year, assembled.
Codex Capital closed FY 2025 at +24.8% net revenue retention on $4.62B in net revenue — particles of audited data streamed into one number our shareholders can stand on.
The numbers above stand on the same controls a regulator does — listed, audited, attested, reconciled.
- NYSE: CODXIn good standing
- PCAOB auditedUnqualified opinion
- SOC 2 Type IINo exceptions noted
- Big-Four reviewedReconciled to GAAP
Fiscal 2025 report · five chapters
The substance behind the cover.
Every chapter is reconciled to GAAP in the appendix and audited under PCAOB standards. Move with the arrow keys; figures are set in tabular columns so the asides read like statement pages.
A year of disciplined, compounding growth.
Fiscal 2025 was the year Codex Capital moved from momentum to durability. We grew total payment volume to $312B while holding take-rate steady and lifting free cash flow margin for the fourth consecutive year.
We did this without loosening underwriting. Loss rates stayed inside our long-run target band, and our reserve coverage strengthened heading into 2026. Growth that survives a credit cycle is the only growth we are interested in.
Reconciled to GAAP · Appendix A · Audited FY 2025
Revenue compounded while margins expanded.
Net revenue reached $4.62B, up 24.8% year over year, with the highest contribution from cross-border settlement and embedded treasury.
Adjusted operating margin expanded 410 basis points to 31.2% as platform leverage outpaced reinvestment. We returned $640M to shareholders through buybacks while keeping a fortress balance sheet.
Reconciled to GAAP · Appendix B · Audited FY 2025
Three engines, each carrying its weight.
Payments remains the cash engine, but Treasury and Risk are now material profit centers in their own right — diversifying revenue away from interchange.
Embedded Treasury crossed $1B in net revenue for the first time, growing 38% on rising deposit balances and FX corridors.
Reconciled to GAAP · Appendix C · Audited FY 2025
Guiding to durable double-digit growth.
We expect net revenue of $5.55B–$5.70B, representing 20–23% growth, with adjusted operating margin of 32–33% at the midpoint.
We will invest behind real-time settlement and the EU expansion while protecting our loss band. Guidance assumes no material change to the rate environment.
Reconciled to GAAP · Appendix D · Audited FY 2025
Independent oversight, audited rigor.
The Board is 73% independent, with separate Audit, Risk, and Compensation committees. Financial statements were audited under PCAOB standards with an unqualified opinion.
All figures in this report are reconciled to GAAP in the appendix. Non-GAAP measures are defined in the methodology note below.
Reconciled to GAAP · Appendix E · Audited FY 2025
Financial highlights · FY2025
Audited figures, plainly stated.
Every figure is audited under PCAOB standards with an unqualified opinion and reconciled to US GAAP in appendix A. The relative bars index each metric to its long-run target band — net revenue sets the ceiling.
As reported on the consolidated statement of operations, fiscal year ended December 31, 2025. Non-GAAP measures reconciled in appendix B.
Letter from the Chair & CEO
We are building the settlement layer for the next decade of commerce — and we intend to be solvent through every part of the cycle.
The proof, as audited
- FY2025 net revenue
- $4.62B +24.8% YoYFiled 14 Feb 2026
- Consecutive profitable years
- 7yrs since FY2019PCAOB audited
- Net charge-off rate
- 0.41% −6 bps YoYWithin loss band
Methodology & assurance
How these numbers were prepared.
Every figure in this report was prepared under US GAAP and audited by an independent registered public accounting firm under PCAOB standards. The opinion is unqualified; non-GAAP measures are defined and reconciled in the appendices.
Read alongside the consolidated statements and accompanying notes in Appendices A–C.
- Basis of preparation
- Consolidated under US GAAP on a going-concern basis; intercompany balances eliminated and prior periods conformed.
- Independent auditor
- Audited under PCAOB standards. The auditor expressed an unqualified opinion on the FY2025 financial statements and internal control over financial reporting.
- Non-GAAP measures
- Adjusted operating margin and free cash flow are supplemental; each is defined and reconciled to the nearest GAAP measure in the appendices.
Appendix A · ASC 606 · 100% audited
PCAOB · Opinion dated 04 Feb 2026
Appendix B · 6 reconciliations
Audit ref. CDX-FY25-002 · reconciled to GAAP throughout · figures stated in USD, tabular
Get the full report · FY 2025
The complete annual report, signed and filed.
Every figure in this report is reconciled to US GAAP in the appendices and audited under PCAOB standards with an unqualified opinion. Download the full filing, reach the investor-relations desk, or open the prior-year archive.
- Format
- PDF / A-1b
- File size
- 14.2 MB
- Pages
- 108
- Filed
- 14 Feb 2026
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