Following a fairly strong first half of the year in which it saw its best period in three years, Geneva based Retail FX and CFDs broker Dukascopy saw a dramatic downturn in both revenue and profitability during the second half of 2025, leading to the company’s first semi-annual net loss since 2018.

Dukascopy 2025 results

Revenues at Dukascopy dropped by a dramatic 49% in H2 2025, coming in at just CHF 7.1 million (USD $9.0 million), versus CHF 14.0 million in the first half of the year. For the full year 2025 Dukascopy brought in revenues of CHF 21.1 million, which (despite the second half collapse) was up by 11% from 2024’s CHF 18.9 million.

And after operating at near-breakeven for most of 2023 and 2024, and then earning net profit of CHF 3.3 million in the first half of 2025, Dukascopy posted a consolidated net loss of CHF 2.2 million ($2.8 million) in H2 2025. Full year 2025 net profit was thus CHF 1.1 million, versus CHF 331K in 2024.

We would also contrast Dukascopy’s results with those of its (much larger) Switzerland based online banking and brokerage rival Swissquote, which reported best-ever top and bottom line results in the second half of 2025.

There are three components to revenue at Dukascopy: 1) net interest income, 2) commission income, and 3) trading activities, i.e. brokerage services for trading accounts. While interest income and commissions basically kept up in H2 2025 with first-half-of-the-year levels, Dukascopy saw a sharp drop-off in brokerage income in the second half of 2025, to just CHF 5.1 million from CHF 11.7 million in the first six months of the year.

There was some good news as far as the long term goes at Dukascopy, with total client deposits rising during the year by 16% from CHF 163.1 million in 2024 to CHF 188.6 million as at year end 2025.

Dukascopy Group

Both the Bank and securities houses of Dukascopy Group are regulated across Switzerland, Latvia and Japan. The Latvian entity, Dukascopy Europe is licensed to operate in the European Union. The Group offers multi-product online and mobile trading platforms for FX, bullion, CFD, binary options, together with an expanding range of other financial services for individuals and institutions. These include current accounts, guarantees, classic banking payments, innovative instant payments via smartphones, payment cards and its own crypto-currency.

Dukascopy Europe’s net profit for 2025 was CHF 7.9 thousand. The Company remained profitable. Operating expenses decreased by 1.9% compared to 2024. The outsourcing agreements with the Bank play an important role in stabilising a positive financial result.

Dukascopy Japan’s net loss for 2025 was CHF 196.1 thousand. The Company remains stable due to the implementation of a new marketing policy and MT4 / MT5 platform. A new IB program is being implemented that will help attract clients.

Founded in 2004, Dukascopy is controlled by its founders Andrey and Veronika Duka, who serve as co-CEOs of the company.

Dukascopy financials

Dukascopy’s 2025 consolidated income statement and balance sheet follow below.