Klarna trimmed its FY2026 outlook in the August 18 report: GMV and revenue guidance were cut, transaction margin dollars were raised and adjusted operating income was held. The stock still de-rated roughly 19% on the day.

Revised range (Aug 18, 2026) Prior floor, May 2026 outlook (> value, no upper bound) GMV, revenue and transaction margin dollars in $ billions; adjusted operating income in $ millions

GMV

$B cut

gross merchandise value

prior >155
149–151
145 150 155 160

Revenue

$B cut

total revenue

prior >4.34
4.08–4.16
4.0 4.1 4.2 4.3 4.4

TMD

$B raised

transaction margin dollars

prior >1.61
1.62–1.65
1.58 1.62 1.66 1.70

AOI

$M held

adjusted operating income

prior >299
280–300
275 285 295 305