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UBS

UBS Group AG

UBS

UBS Group AG • NYSE
$38.60 ▲ 1.45% (+0.55)
Market Cap $122.79 B
52w High $42.56
52w Low $25.75
Dividend Yield 0.89%
P/E 17.39
Volume 1.04M
Outstanding Shares 3.18B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $18.523B ▲ $9.008B ▼ $2.481B ▲ 13.394% ▲ $0.11 ▼ $3.732B ▲
Q2-2025 $18.315B ▼ $9.143B ▼ $2.395B ▲ 13.077% ▲ $0.75 ▲ $3.091B ▲
Q1-2025 $18.689B ▼ $9.509B ▼ $1.692B ▲ 9.053% ▲ $0.53 ▲ $2.993B ▲
Q4-2024 $18.944B ▼ $9.784B ▲ $770M ▼ 4.065% ▼ $0.24 ▼ $2.041B ▼
Q3-2024 $20.486B $9.414B $1.425B 6.956% $0.45 $2.935B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $231.213B ▼ $1.632T ▼ $1.542T ▼ $89.899B ▲
Q2-2025 $245.655B ▲ $1.67T ▲ $1.58T ▲ $89.277B ▲
Q1-2025 $237.043B ▼ $1.543T ▼ $1.456T ▼ $87.185B ▲
Q4-2024 $384.589B ▲ $1.565T ▼ $1.479T ▼ $85.079B ▼
Q3-2024 $366.316B $1.624T $1.536T $87.025B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.487B ▲ $-3.913B ▼ $-4.217B ▲ $-9.634B ▲ $-19.349B ▼ $-4.502B ▼
Q2-2025 $2.403B ▲ $5.512B ▼ $-6.987B ▲ $-9.811B ▼ $4.662B ▼ $4.961B ▼
Q1-2025 $1.702B ▼ $15.377B ▲ $-7.163B ▼ $-2.958B ▲ $10.3B ▲ $14.819B ▲
Q4-2024 $5.146B ▲ $-12.682B ▼ $-1.098B ▼ $-4.092B ▲ $-31.32B ▼ $-13.22B ▼
Q3-2024 $1.427B $4.103B $-742M $-18.157B $-3.554B $3.546B

Five-Year Company Overview

Income Statement

Income Statement UBS’s income statement over the last few years tells a story of a stable core business disrupted by a very large acquisition and one‑off effects. Before the Credit Suisse deal, revenue and profits grew steadily but not spectacularly. In 2023, reported profits shot up to unusually high levels, likely helped by accounting gains and special items linked to the takeover. In 2024, revenue jumped sharply again as the combined bank shows up for a full year, but profitability dropped back down and actually sits closer to – or even below – pre‑deal levels. This points to integration costs, restructuring charges, and other transition issues weighing on earnings. Overall, UBS now has a much larger revenue base, but profit margins are currently under pressure, and recent results are unusually volatile rather than smooth and predictable.

Balance Sheet

Balance Sheet The balance sheet has expanded dramatically, reflecting the absorption of Credit Suisse. Total assets and debt both stepped up significantly, while cash balances also rose and then eased back as the integration progressed. Equity has grown, but not in proportion to the surge in total assets, which implies higher leverage and a more complex risk profile than before. In 2024, there is a small step down in total assets versus 2023, suggesting UBS is already trimming non‑core books and rationalizing the combined balance sheet. The picture is of a much bigger institution that is still in the early stages of reshaping and simplifying what it bought.

Cash Flow

Cash Flow Cash flow has been choppy, which is common around a major bank merger. Operating cash flow was relatively healthy but not spectacular before the deal, then spiked to an extraordinarily high level in 2023, likely driven by large balance sheet moves, funding shifts, and one‑off items. In 2024, operating cash flow falls back to a low level compared with both the prior year and the size of the firm, reflecting working‑capital swings, integration outflows, and restructuring costs. Free cash flow stays positive through the period and capital spending remains modest, which fits an asset‑light, service‑heavy model. Still, recent cash figures are not “steady‑state” and should be viewed as transition‑phase numbers rather than a new normal.

Competitive Edge

Competitive Edge UBS holds a leading global position in wealth management, and that remains its core strategic strength. The Credit Suisse acquisition has made UBS even more dominant in serving wealthy and ultra‑wealthy clients, with a larger client base, broader product shelf, and an expanded footprint in key markets. The brand is associated with stability, cross‑border expertise, and discretion, all of which matter greatly to high‑net‑worth clients and family offices. Its scale in advisory and asset‑gathering gives it a durable fee stream that is less volatile than pure trading or investment banking revenue. At the same time, the enlarged group is more complex, more systemically important, and more exposed to regulatory and political scrutiny. Execution risk around fully integrating Credit Suisse, retaining top talent and clients, and harvesting cost savings without service disruption is a central competitive question over the next few years.

Innovation and R&D

Innovation and R&D UBS is leaning heavily into technology and data as differentiators rather than relying solely on traditional banking strengths. The push to become an “AI‑enabled institution” is visible in its use of machine learning to personalize client advice, automate internal processes, and support risk management. UBS Evidence Lab is a distinctive asset: it combines proprietary data, alternative data sources, and advanced analytics to give clients differentiated insights, which is hard for smaller rivals to match. The bank is also experimenting at the frontier of digital assets, for example by issuing tokenized products on public blockchains and building internal tokenization infrastructure. On the client side, platforms focused on sustainable investing and digital communities like UBS Circle deepen engagement beyond standard banking. These initiatives suggest a mindset of continuous innovation, but they also come with execution, cybersecurity, and regulatory risks, especially in AI and blockchain.

Summary

UBS today is a much larger and more complex organization than it was a few years ago, with global leadership in wealth management reinforced by the acquisition of Credit Suisse. The income statement shows a move from steady, moderate growth to a period of sharp swings in revenue and profit, driven by one‑off acquisition effects and ongoing integration costs. The balance sheet and cash flows bear the same imprint: a step‑change in size, leverage, and transaction‑related volatility rather than a smooth trend. Strategically, UBS enjoys a strong competitive moat in high‑net‑worth wealth management, a powerful brand, and a broad global network, while also pushing hard into AI, data‑driven research, digital assets, and sustainable investing to differentiate its offering. The main opportunities lie in fully realizing cost and revenue synergies from the merger and monetizing its technology edge; the main risks center on integration execution, regulatory demands, and managing the enlarged risk footprint of a global banking giant.

NEWS

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