UBS Group AG (UBS)

Business

UBS is a Swiss-headquartered global bank whose core business is managing money for wealthy individuals worldwide. It calls itself "the world's only truly global wealth manager and the leading bank in Switzerland", and it adds asset management and a focused investment bank to those two pillars. It earns money in three main ways: recurring fees charged on the assets clients entrust to it, net interest income on client loans and deposits, and transaction and trading revenue from client activity. At the end of 2025 its invested assets exceeded $7 trillion ($7,005 billion), and 2025 total revenues were $49.57 billion. The asset-gathering businesses produce close to 60% of revenues, excluding Non-core and Legacy, while using about 39% of risk-weighted assets (RWA). Roughly another third of RWA sits in Swiss personal and corporate banking. The Investment Bank is capped at 25% of Group RWA.

The Group reports five business divisions. Support and control functions charge almost all of their costs out to the divisions; what remains is reported as Group Items.

• Global Wealth Management (GWM) serves high and ultra high net worth individuals and some institutional clients, organized in five regions: the US, Latin America, Asia Pacific, EMEA and Switzerland. Of $4.8 trillion in invested assets at end-2025, $2.1 trillion were fee-generating discretionary and advisory mandates, which earn recurring portfolio-management, fund, custody and administration fees. GWM also earns transaction income from brokerage, trading and foreign exchange, and net interest income on a $327 billion loan book (mostly securities-based lending and mortgages) and $479 billion of deposits. Around half of the invested assets of UBS's wealth management clients are booked in the Americas. UBS describes itself as by far the largest wealth manager in Asia Pacific, where invested assets passed $1 trillion in 2025. Its main competitors are Morgan Stanley, JPMorgan Chase, Bank of America and Wells Fargo in the US, and Julius Baer, BNP Paribas, Deutsche Bank and HSBC internationally. GWM was the largest 2025 profit contributor, with $5.21 billion of reported pre-tax profit on $25.96 billion of revenue.
• Personal & Corporate Banking (P&C) is UBS's Swiss universal bank. It has around 190 branches, serves more than one-third of Swiss households and more than 90% of large Swiss companies, and has pledged a lending volume commitment of about CHF 350 billion ($441.03 billion) to the Swiss economy. Net interest income on mortgages, corporate loans and deposits makes up more than half of its revenue. Transaction income from payments, cards, trade finance and foreign exchange makes up about a quarter. Its competitors are the Swiss cantonal banks, Raiffeisen, PostFinance and digital entrants. 2025 reported pre-tax profit was $2.50 billion on $9.15 billion of revenue.
• Asset Management is a global, multi-asset manager with over $2 trillion of invested assets. Its capabilities include active equities and fixed income, multi-asset, passive and ETFs (it is the largest Europe-based manager of indexed investments), real assets, and Unified Global Alternatives, a $330 billion manager-selection platform it shares with GWM. Revenue depends mainly on management fees as a percentage of invested assets, plus some performance fees. 2025 reported pre-tax profit was $719 million on $3.16 billion of revenue.
• Investment Bank has two parts. Global Banking covers M&A advisory and capital markets. Global Markets is organized as Execution Services, Derivatives & Solutions, and Financing, which includes prime brokerage. Both are supported by Global Research. Its traditional strengths are equities, foreign exchange, precious metals, research, advisory and capital markets. It competes with Morgan Stanley, Goldman Sachs, Bank of America, Barclays, Citigroup, BNP Paribas, Deutsche Bank, Wells Fargo and JPMorgan Chase. 2025 reported pre-tax profit was $2.82 billion on $12.34 billion of revenue.
• Non-core and Legacy holds the former Credit Suisse assets and businesses that UBS is running down. It reported a 2025 pre-tax loss of $1.20 billion.

The present shape of the Group follows UBS's acquisition of Credit Suisse Group on 12 June 2023. The deal was made at the request of the Swiss Federal Department of Finance, the Swiss National Bank and FINMA to stabilize the Swiss banking system. Since then UBS has merged the main legal entities: UBS AG with Credit Suisse AG in May 2024, the two Swiss banks in July 2024, and the US holding companies in 2025. It has also sold Credit Suisse's US mortgage servicer, Select Portfolio Servicing, for a $97 million gain in March 2025, and sold its 50% stake in Swisscard to American Express in January 2026. The bank expects to complete the integration substantially by the end of 2026.

Targets. UBS's exit-rate targets for end-2026 are an underlying return on CET1 capital of about 15% and an underlying cost/income ratio below 70%. For 2028 it aims for a reported return on CET1 capital of about 18% and a reported cost/income ratio of about 67%. Its capital guidance is a CET1 capital ratio of about 14% and a CET1 leverage ratio above 4.0%. Division ambitions include more than $5.5 trillion of GWM invested assets by end-2028 and more than $200 billion a year of GWM net new assets from 2028.

Risk factors

UBS's filed risk factors come in four groups: strategy, management and operational; market, credit and macroeconomic; regulatory and legal; and liquidity and funding. These are the ones that matter most for the investment case:

• Swiss capital regulation. Switzerland's rules for its big banks are among the strictest of any major financial center, and they are being tightened after Credit Suisse failed. The Federal Council's proposed capital measures, if adopted as proposed, would require significant additional capital at UBS AG and a higher capital ratio at Group level. That would weigh on returns and on capital distributed to shareholders, and would leave UBS at a disadvantage to peers held to lower requirements. FINMA has also said UBS's Swiss emergency plan needs further development, and resolution rules give FINMA broad powers, including writing down equity and debt, if the bank gets into severe difficulty.
• The Credit Suisse acquisition. UBS took on all of Credit Suisse's liabilities, including its litigation and regulatory matters. Former Credit Suisse shareholders are challenging the merger consideration. Holders of the written-down Credit Suisse AT1 bonds won a partial ruling from the Swiss Federal Administrative Court that FINMA's write-down order was unlawful, which FINMA and UBS have appealed to the Swiss Federal Supreme Court. UBS says a final adverse decision could be material. The integration itself depends on migrating clients, decommissioning IT, cutting costs on schedule, retaining deposits and invested assets, and running down Non-core and Legacy. UBS may also face material future Swiss tax liabilities if prior Credit Suisse impairments of its subsidiaries reverse.
• Litigation and conduct. Exposure is material and could substantially exceed provisions. The filing cites the French cross-border case, resolved in September 2025 with UBS AG paying a fine of EUR 730 million ($856.65 million) and EUR 105 million ($123.22 million) in civil damages. A guilty plea or conviction, for example if Credit Suisse's 2021 Mozambique deferred prosecution agreement were terminated, could put licenses and US regulatory waivers at risk.
• Reputation and operations. Reputation drives client and asset flows. The integration, the push into AI and automation, cyberattacks (including state-backed attacks linked to the Russia–Ukraine war and AI-enabled phishing), data-protection rules, and anti-money-laundering and sanctions compliance all carry operational and legal risk.
• Markets and macro. Market downturns reduce fee income tied to invested assets and transaction revenue in GWM and the Investment Bank. UBS is more concentrated in Asia than many peers, and its Investment Bank leans toward Europe, Asia and structured products for wealth clients. Geopolitical risks named include US–China tensions, the Middle East conflict and the Russia–Ukraine war.
• Credit risk. Swiss mortgages and corporate loans make up a large part of the loan book, which exposes UBS to Swiss property prices, the strength of the franc and Switzerland–EU relations. Its prime brokerage, securities finance and Lombard lending extend substantial credit against collateral whose value can fall quickly.
• Interest rates and currency. The Swiss National Bank's return to a zero policy rate in 2025 has hurt, and UBS expects it to keep hurting, net interest income. Higher rates can push deposits into higher-yielding products. Because UBS hedges its CET1 ratio, CET1 capital stays exposed to currency moves. The dollar's fall in 2025 inflated the leverage ratio denominator.
• Capital, tax and funding. Losses, RWA inflation or methodology changes could limit the planned progressive dividend and share buybacks. The effective tax rate is sensitive to how deferred tax assets are valued, especially in the US. Funding depends on credit ratings: Fitch cut UBS Group AG to "A" from "A+" when the acquisition closed.
• Holding-company structure. UBS Group AG's dividends, buybacks and debt service depend on distributions from subsidiaries, which local capital and liquidity rules can restrict.

Management's discussion: full year 2025

Results. Reported net profit attributable to shareholders rose 53% to $7.77 billion (diluted EPS $2.36, against $1.52), and pre-tax profit rose 30% to $8.85 billion. Total revenues grew 2% to $49.57 billion. Net fee and commission income rose $1.77 billion to $27.91 billion: portfolio-management and fund fees climbed $1.47 billion to $19.56 billion on higher fee-generating assets in GWM, and brokerage fees rose $870 million on Investment Bank cash-equities volumes and GWM client activity. Other income turned negative ($96 million loss) because of a $457 million net loss on repurchasing legacy Credit Suisse debt and a $230 million loss on an associate. Operating expenses fell 3% to $40.20 billion. The main reason was an $821 million increase in net releases of litigation provisions and contingent liabilities, as Credit Suisse's US residential mortgage-backed securities settlement obligations were completed and the French cross-border matter was resolved. Credit loss expense was $524 million.

Divisional drivers. Investment Bank revenues from net interest and trading rose $1.37 billion, driven by volatility and client activity in Derivatives & Solutions and higher prime brokerage balances. P&C's net interest income fell $328 million on lower central bank rates. GWM's net interest income fell $340 million, mainly on reduced accretion of purchase-price-allocation (PPA) adjustments. Non-core and Legacy revenues swung from $1.16 billion in 2024 to a $24 million loss as position-exit gains dried up.

Underlying view. Excluding PPA effects, integration costs and the Swisscard items, underlying pre-tax profit was $11.73 billion (2024: $8.83 billion). The underlying cost/income ratio was 74.4% (reported: 81.1%), and the underlying return on CET1 capital was 13.7% (reported: 10.8%). Net integration-related expenses were $5.01 billion. Cumulative gross cost savings reached $10.7 billion by end-2025, and UBS raised its end-2026 exit-rate savings ambition to about $13.5 billion.

Tax, capital and returns. The effective tax rate was 11.9%, helped by a $747 million net upward revaluation of deferred tax assets; UBS guided to about 23% for 2026. The CET1 ratio was 14.4% and the CET1 leverage ratio 4.4%. RWA fell $5.1 billion to $493.4 billion, while the leverage ratio denominator rose $103 billion, mostly on currency effects. Capital returns in 2025 totalled $6.4 billion, of which $3.4 billion was dividends. For 2025 the Board proposed a dividend of $1.10 per share, up 22%. For 2026 UBS said it would accrue for a mid-teens percentage dividend increase and buy back $3 billion of shares, with the aim of doing more depending on Swiss regulation. Internal headcount fell by 5,471 to 103,177 full-time equivalents.

Rate sensitivity. A +100 basis-point parallel shift would add about $1.4 billion to annual banking-book net interest income, about $1.1 billion of it from Swiss franc rates.

Current quarter: third quarter 2026

From the first quarter of 2026, UBS's first- and third-quarter reports no longer contain IAS 34 interim financial statements; full IAS 34 statements are published at the half year. The third-quarter consolidated financial information is presented for the nine months to 30 September 2026.

Headline results. Reported net profit attributable to shareholders was $2.69 billion, up 8% from $2.48 billion a year earlier, with diluted EPS of $0.85 (third quarter 2025: $0.76). Pre-tax profit rose 27% to $3.59 billion. Total revenues rose 5% to $13.35 billion, and operating expenses fell 2% to $9.65 billion. Underlying pre-tax profit rose $487 million to $4.08 billion, from $3.59 billion in the third quarter of 2025. The reported cost/income ratio was 72.3% (underlying: 68.7%), and the annualized return on CET1 capital was 14.8% (underlying: 16.7%). The tax rate rose to 24.7% from 12.0%. For the nine months, net profit attributable to shareholders was $8.53 billion and diluted EPS $2.66 (nine months 2025: $6.57 billion and $1.99).

Two one-off items shaped the quarter, partly offsetting each other:

• Legal settlements. UBS resolved certain legacy legal matters in Non-core and Legacy for a net gain of $697 million, booked in other income and included in underlying results. The same division also took $275 million of net litigation expense.
• Debt buyback. In September 2026 UBS repurchased $9.8 billion principal of legacy Credit Suisse senior debt for about $9.9 billion. It recorded a $346 million net loss in Group Items, which includes a $241 million release of PPA adjustments and is excluded from underlying results. UBS expects lower interest expense in future periods to offset the loss.

Group-wide litigation, regulatory and similar matters cost a net $336 million in expenses, against net releases of $668 million a year earlier. That swing is why general and administrative expenses rose 22% even as personnel costs fell 7% with a smaller workforce.

Divisions (reported, third quarter 2026 against third quarter 2025):

• GWM: pre-tax profit up 42% to $1.92 billion on revenue up 7% to $7.00 billion. Recurring fees rose 9% on higher fee-generating assets, and net interest income rose 5% on deposit pricing and loan growth. Net new assets were $55.1 billion, a 4.5% annualized growth rate, with $17.9 billion from Asia Pacific, $16.7 billion from the Americas, $12.1 billion from Switzerland and $8.7 billion from EMEA. Invested assets were $4.98 trillion.
• P&C: pre-tax profit up 77% to $1.12 billion on revenue of $2.36 billion; in Swiss francs, profit was up 80% to CHF 915 million. Costs fell 25% as integration expenses dropped and synergies came through. Underlying net interest income rose 2% in francs despite lower central bank rates.
• Asset Management: pre-tax profit up 24% to $271 million, although revenue fell 7% to $780 million. Performance fees fell 82% after the exit from the O'Connor hedge-fund business, which was sold to Cantor Fitzgerald. The division had net new money outflows of $5 billion in the quarter, and invested assets were $2.20 trillion.
• Investment Bank: pre-tax profit down 7% to $838 million. The year-ago quarter included a $128 million gain on selling a stake in Credit Suisse Securities (China), so underlying profit rose 9%. Global Markets revenue rose 16% to $2.55 billion, led by Financing (prime brokerage, up 32%) and Asia-Pacific cash equities. Global Banking fell 34% to $692 million as Advisory dropped 44% on lower M&A revenue.
• Non-core and Legacy: pre-tax profit of $183 million, against a $102 million loss, driven by the legal-settlement gain. RWA were $27.3 billion.
• Group Items: pre-tax loss of $740 million, due to the debt-repurchase loss and mark-to-market losses on hedges and callable own debt as US dollar rates rose sharply.

Integration progress. About 98% of in-scope legacy Credit Suisse applications were no longer in use and about 90% had been fully decommissioned. Gross cost savings reached $13.2 billion cumulatively, after $0.6 billion more in the quarter. UBS now expects about $13.7 billion by end-2026, above its $13.5 billion ambition. Cumulative integration expenses were $14.6 billion, heading to about $15.1 billion. Non-core and Legacy has cut underlying operating expenses (excluding litigation) by 91% against the 2022 baseline, and its credit and market risk RWA, at $3 billion, are already below the year-end target of about $4 billion.

Capital. The CET1 ratio rose to 14.7% from 14.4% at the end of June, as RWA fell $7.8 billion to $496.1 billion and CET1 capital rose $0.7 billion to $73.1 billion. The CET1 leverage ratio was 4.6%. UBS bought back $1.81 billion of shares in the quarter. That did not reduce CET1 capital, because the capital reserve already set aside for buybacks was reduced by the same amount. UBS expects to complete its current $3 billion program by the time it publishes fourth-quarter 2026 results.

Swiss regulation, the main open question. In September 2026 the Council of States, the upper house of the Swiss Parliament, backed a proposal requiring systemically important banks to deduct 90% of the carrying value of foreign subsidiaries from CET1 capital. The National Council must still deliberate. If enacted in that form, with phase-in from 2028 at the earliest, UBS AG would need about $16 billion of additional CET1 capital. That comes on top of about $2 billion from this year's ordinance-level measures and about $15 billion already required since the acquisition, for a total of about $33 billion of incremental CET1 capital. UBS puts the total annual capital-related cost of the acquisition at about $2.5 billion. In August 2026 the Federal Council also opened consultations on recovery and resolution, emergency liquidity borrowing capacity, a Senior Managers Regime and broader FINMA powers. The consultations run until November 2026, and a final legislative proposal to Parliament is expected in the first half of 2027. These measures are expected to take effect no earlier than 2029.

Outlook (management, for the fourth quarter of 2026). Management expects:

• a more typical seasonal slowdown in transaction volumes;
• a tougher year-on-year comparison in Global Markets, because the prior-year quarter included a gain on disposal;
• Global Banking revenue to rise from the third quarter if markets are constructive;
• GWM net interest income to rise by a low-single-digit percentage sequentially, and P&C's to rise slightly in Swiss francs;
• a 2026 tax rate of about 23%;
• a year-end CET1 ratio at or very close to about 14%, possibly including an accrual for the first part of intended 2027 buybacks.

The pace of buybacks remains tied to the outcome of the Swiss parliamentary debate.

Subsequent events

UBS disclosed the following events after 30 September 2026:

• Fund administration transfer to Northern Trust (agreed October 2026). UBS agreed to extend its fund administration relationship with Northern Trust and to transfer to it the former Credit Suisse traditional and alternatives fund administration businesses in Luxembourg and Switzerland. UBS's Swiss and Luxembourg management companies will also add funds that UBS currently services to the existing agreement. The deal needs regulatory approval and is expected to close in the second quarter of 2027. No price was disclosed, and UBS does not expect a material profit or loss.
• 360 ONE WAM stake (22 October 2026). UBS exercised all of the warrants it subscribed for in 2025 under its agreement with 360 ONE WAM Ltd, one of India's largest independent wealth and asset managers. It now holds 20.5 million shares, about 4.8% of the company. The exercise price was not disclosed, and the transaction produced no material profit or loss.
• Credit Suisse mortgage-securities litigation (October 2026). The parties agreed to resolve all remaining repurchase actions brought by trusts holding Credit Suisse residential mortgage-backed securities. These include Asset Backed Securities Corporation Home Equity Loan Trust Series 2006-HE7, Home Equity Asset Trust 2006-8, Home Equity Asset Trust 2007-2 and CSMC Asset-Backed Trust 2007-NC1. The resolutions still require conditions to be met, including court approval, and no amount was disclosed.

The quarterly report discloses no other acquisition or divestiture after the quarter end. At 30 September 2026, UBS estimated possible litigation losses not covered by provisions at $0 to $1.1 billion. Provisions for litigation, regulatory and similar matters stood at $2.11 billion.

Filings that contain financial statements

• Form 6-K filed 28 October 2026, accession 0001610520-26-000106: the Third Quarter 2026 Report of UBS Group AG. It holds the Group income statement and statement of comprehensive income on a nine-month basis (30 September 2026 against 30 September 2025), the balance sheet at 30 September 2026 against 31 December 2025, and quarterly results tables for the three months ended 30 September 2026, 30 June 2026 and 30 September 2025. From 2026 UBS prepares its first- and third-quarter consolidated information under its own IFRS-consistent accounting policies rather than IAS 34, without all the explanatory notes; this report states that it is not an IAS 34 interim financial report. It contains no cash flow statement.
• Form 6-K filed 29 July 2026, accession 0001610520-26-000082: UBS Group interim report for the six months ended 30 June 2026, prepared under IAS 34. It holds the income statement, balance sheet, statement of changes in equity and statement of cash flows.
• Form 6-K filed 29 July 2026, accession 0001610520-26-000084: UBS Group AG standalone interim financial information for the six months ended 30 June 2026 (income statement and balance sheet of the parent company alone, not the consolidated Group).
• Form 6-K filed 29 July 2026, accession 0001610520-26-000085: UBS Switzerland AG standalone interim financial information for the six months ended 30 June 2026 (income statement, balance sheet and statement of changes in equity of that subsidiary alone).
• Form 6-K filed 28 October 2026, accession 0001610520-26-000108: capitalization table of UBS Group AG at 30 September 2026 for use in securities offerings; it is not a set of financial statements.
• Form 6-K filed 28 October 2026, accession 0001610520-26-000111: third quarter 2026 results presentation slides; summary figures only.
• Form 6-K filed 28 October 2026, accession 0001610520-26-000109 (capital instruments and TLAC-eligible debt) and 0001610520-26-000112 (Pillar 3 Report at 30 September 2026) carry regulatory capital disclosures, not financial statements.

Third quarter 2026 results (6-K filed 28 October 2026, accession 0001610520-26-000106)

• Total revenues were $13,350 million in the third quarter, against $13,700 million in the second quarter of 2026 and $12,760 million in the third quarter of 2025. Operating expenses were $9,648 million, and operating profit before tax was $3,587 million (second quarter $3,594 million; a year earlier $2,828 million). Net profit attributable to shareholders was $2,690 million, with diluted earnings per share of $0.85 (second quarter $0.87; a year earlier $0.76). Underlying operating profit before tax was $4,077 million.
• Nine-month net profit attributable to shareholders was $8,530 million against $6,568 million a year earlier; diluted earnings per share were $2.66 against $1.99.
• The common equity tier 1 (CET1) capital ratio was 14.7% at 30 September 2026 (14.4% at 30 June 2026); the CET1 leverage ratio was 4.6%. Risk-weighted assets were $496,111 million, and total assets were $1,655,168 million.
• Underlying return on CET1 capital was 16.7% and the underlying cost/income ratio was 68.7%.

Items that moved the third quarter

• Repurchase of legacy Credit Suisse debt (September 2026). UBS repurchased $9.8 billion aggregate principal amount of legacy Credit Suisse senior debt instruments at an acquisition cost of around $9.9 billion. It recognized a net loss of $346 million in Other income in the third quarter, including the release of $241 million of purchase price allocation adjustments, and expects lower ongoing interest expense to offset the loss in future periods. This is a completed transaction.
• Settlement of legacy legal matters. In the third quarter UBS resolved and settled certain legacy matters recorded in Non-core and Legacy, for a net gain of $697 million recorded in Other income and included in underlying results.
• Integration of Credit Suisse. UBS says it is on track for substantial completion by year-end 2026. Cumulative gross cost savings reached $13.2 billion at the end of September 2026 (including $0.6 billion added in the quarter), and UBS now expects about $13.7 billion by the end of 2026, above its prior ambition of about $13.5 billion. Cumulative integration-related expenses were $14.6 billion, with about $15.1 billion expected by year-end (previously about $15 billion), at constant 2023 exchange rates.

Capital returns

• UBS repurchased $1,807 million of shares in the third quarter of 2026. It expects to complete its current $3 billion share repurchase program by the time it publishes fourth-quarter 2026 results. The pace remains subject to performance, a CET1 ratio of around 14%, and visibility on the Swiss Parliament's deliberations on capitalization of foreign subsidiaries (accession 0001610520-26-000106).
• In the second quarter report (6-K filed 29 July 2026, accession 0001610520-26-000082), UBS said it completed its previous buyback program in July 2026 and began the $3 billion program, to be completed by the end of the second quarter of 2027.
• 2025 dividend (paid April 2026). The 2025 ordinary cash dividend of USD 1.10 per share, up from USD 0.90 for 2024 (about 22%), was approved at the 2026 Annual General Meeting and paid in April 2026, with distributions to shareholders of USD 3,404 million. The same meeting approved cancellation of 63,776,550 shares repurchased under the 2024 program (accession 0001610520-26-000082, 6-K filed 29 July 2026). For 2026, UBS says it is accruing for a mid-teen percentage increase in dividend per share (accession 0001610520-26-000023).

Regulatory and capital developments

• Swiss capital rules. In September 2026 the Swiss Council of States supported a proposal requiring systemically important banks to deduct 90% of the carrying value of foreign participations from regulatory capital, entirely from CET1. The proposal still goes to the National Council. If enacted as supported, it would phase in from 2028 at the earliest and require UBS AG to hold about $16 billion of additional CET1 capital, on top of about $2 billion from ordinance-level measures announced earlier in 2026 and about $15 billion already required under existing rules following the Credit Suisse acquisition. UBS says that would total about $33 billion of incremental CET1 capital since the acquisition, partly offset by an estimated $4 billion that the ordinance-level changes would release at Group level, for annual capital-related costs of about $2.5 billion. This is a proposal, not enacted law (accession 0001610520-26-000106).
• Too-big-to-fail consultations. In August 2026 the Swiss Federal Council opened two consultations: one on legislative measures (recovery and resolution requirements, central bank liquidity access, a Senior Managers Regime and wider FINMA powers) and one on amendments to the Liquidity Ordinance. Both run to November 2026. A final proposal to Parliament is expected in the first half of 2027, with entry into force no earlier than the beginning of 2029 (accession 0001610520-26-000106).

Other transactions

• Fund administration (October 2026). UBS agreed to extend its relationship with Northern Trust and to transfer its former Credit Suisse traditional and alternatives fund administration businesses in Luxembourg and Switzerland to Northern Trust. This is signed, not closed: it is subject to regulatory approvals and expected to close in the second quarter of 2027, with no material profit or loss expected (accession 0001610520-26-000106).
• Swisscard (January 2026). UBS completed the sale of its 50% interest in Swisscard AECS GmbH to American Express. This is closed. The first six months of 2026 included a USD 163 million gain related to the Swisscard transactions, of which USD 128 million was excluded from underlying revenues (accessions 0001610520-26-000023 and 0001610520-26-000082).
• 360 ONE WAM Ltd (22 October 2026). UBS exercised all of its warrants in the Indian wealth manager, which it had subscribed for under a second-quarter 2025 agreement. It now holds 20.5 million shares, about 4.8% of the company, with no material profit or loss (accession 0001610520-26-000106).

Earlier 2026 filings

• 6-K filed 29 July 2026 (accession 0001610520-26-000082, second quarter): total revenues of $13,700 million and net profit attributable to shareholders of $2,800 million, as shown in the third quarter report's comparatives. Related furnished material: earnings presentation (0001610520-26-000083), capital instruments and TLAC debt (0001610520-26-000086), capitalization table (0001610520-26-000087), earnings call transcript filed 30 July 2026 (0001610520-26-000089), and the 30 June 2026 Pillar 3 Report filed 14 August 2026 (0001610520-26-000104).
• 6-K filed 5 May 2026 (accession 0001610520-26-000056): newly registered Articles of Association of UBS Group AG dated 15 April 2026.
• 6-K filed 30 April 2026 (accession 0001610520-26-000053): transcript of the first quarter 2026 earnings call, in which management cited a 17% return on CET1 capital and a 70% cost/income ratio.

About this file

UBS annual income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

• Basis, FY2025, FY2024. Consolidated income statement, statement of cash flows, share information and earnings per share, and UBS Group key figures in the 2025 annual report on Form 20-F; balance sheet from the consolidated balance sheet.
• Basis, FY2023. Consolidated income statement, statement of cash flows, share information and earnings per share, and UBS Group key figures in the 2025 annual report on Form 20-F; total assets and equity attributable to shareholders from UBS Group key figures. The 20-F balance sheet presents two year-ends and prints no balance sheet at this date.

UBS quarterly income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

• Basis, 3Q26. Income statement lines from the Group performance income statement for the quarter; earnings per share and share counts from Share information and earnings per share; balance sheet from the interim consolidated balance sheet at 30 September 2026; ratios from UBS Group key figures.
• Basis, 2Q26, 3Q25. Income statement lines from the Group performance income statement (comparative quarter column); earnings per share and share counts from Share information and earnings per share; total assets, equity attributable to shareholders and ratios from UBS Group key figures. The report prints no full balance sheet at this date.
• Basis, 4Q25. Headline lines only, from the quarter-ended 31 December 2025 column of UBS Group key figures in the third quarter 2026 report; the report prints no full income statement or balance sheet for this quarter.

UBS year-to-date income statement and cash flow

Taken from the SEC filings and normalized to actual dollars.

• Basis, 9M26. Interim consolidated income statement (year-to-date) and Share information and earnings per share; return and cost ratios from the year-to-date columns of UBS Group key figures.
• Basis, 9M25. Comparative year-to-date column of the same tables in the third quarter 2026 report.

UBS trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

• Basis. derived: nine months to 30 September 2026 plus full year 2025 less nine months to 30 September 2025

Adjustments

Notes

• Template: bank. UBS Group AG reports under IFRS Accounting Standards in US dollars, so no currency conversion was needed. Revenue is shown the way UBS presents it: net interest income, other net income from financial instruments measured at fair value through profit or loss, net fee and commission income and other income, summing to total revenues. Gross revenue, cost of revenue and capital expenditure are not meaningful frames for a bank and are not presented.
• Annual figures (FY2025, FY2024, FY2023) come from the UBS Group AG 2025 annual report on Form 20-F (accession 0001610520-26-000023). Quarterly, nine-month and 30 September 2026 balance sheet figures come from the UBS Group third quarter 2026 report furnished on Form 6-K (accession 0001610520-26-000106).
• Per-share figures are per UBS ordinary share. The ordinary shares are listed directly on the New York Stock Exchange, so no depositary-share ratio applies, and no share split falls within these periods.
• UBS states that the third quarter 2026 report's financial information is unaudited and does not constitute an interim financial report under IAS 34. Its consolidated income statement is presented on a nine-month basis; the three-month figures come from the Group performance income statement in the same report, which prints the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025.
• The quarter ended 31 December 2025 carries only the headline lines printed in the key figures table (total revenues, credit loss expense, operating expenses, operating profit before tax, net profit attributable to shareholders, diluted earnings per share) and UBS's ratios for that quarter. These agree, within USD 1 million of rounding, with full-year 2025 less the first nine months of 2025.
• The quarter ended 31 March 2026 is not printed in the third quarter 2026 report and is not included.
• The third quarter 2026 report prints the balance sheet only at 30 September 2026 and 31 December 2025. For 30 June 2026 and 30 September 2025, only total assets and equity attributable to shareholders are shown, taken from the key figures table. The 31 December 2025 comparative in the third quarter report matches the 20-F balance sheet line for line.
• The 20-F balance sheet presents two year-ends, so for 31 December 2023 only total assets and equity attributable to shareholders are shown, taken from the 20-F key figures table, which prints three year-ends; FY2023 capital, liquidity, return and book-value figures come from the same table.
• The third quarter 2026 report contains no statement of cash flows, so no quarterly or nine-month cash flow figures are presented. Annual cash flow figures are from the 20-F statement of cash flows; for a bank, operating cash flow largely reflects balance sheet movements, so no free cash flow is derived.
• The trailing-twelve-month figures to 30 September 2026 are derived, not printed: nine months to 30 September 2026 plus full-year 2025, less nine months to 30 September 2025. Because each input is rounded to USD 1 million, the derived components can differ from the derived totals by USD 1 million.
• FY2023 includes negative goodwill of USD 27,264 million in the income statement, relating to UBS's acquisition of the Credit Suisse Group on 12 June 2023 (Note 28 of the 20-F), which is why FY2023 net profit and returns are far above other years.
• Signs follow the filing: lines UBS prints in parentheses (interest expense, fee and commission expense, treasury shares, cash outflows, and FY2025 other income of USD -96 million) are stored as negative numbers. Credit loss expense, operating expenses and tax expense are stored as the positive expense amounts UBS prints.
• The key_metrics figures are UBS's own reported measures: returns, cost/income ratios, cost of credit risk and book value per share are alternative performance measures as defined by UBS, and the 'underlying' measures exclude items UBS identifies, such as purchase price allocation effects and integration-related items. Capital ratios follow the Swiss systemically relevant bank framework. In the third quarter 2026 report, UBS states that the liquidity coverage ratio is an average for each quarter presented. Invested assets are printed in USD billions and stored in dollars.
• Shares outstanding are shares issued less treasury shares at each period end, as printed by UBS. At 31 December 2025 the 20-F cover reports 3,341,581,714 ordinary shares issued, including 249,882,523 treasury shares.

Uncertainties

• The quarterly income statement lines come from the Group performance table rather than a full IFRS interim income statement for the quarter, because the third quarter 2026 report presents its consolidated income statement only on a nine-month basis. The quarterly lines sum to the reported totals within USD 1 million of rounding.
• Net stable funding ratio figures are shown as printed in the key figures tables; whether they are period-end or averaged values is not stated alongside them in those tables.

Company details

Fiscal period

Source filings