The Revenue LinesThin moat

XTB (XTB) — moat facet

Which market clients trade decides what the house earns: commodities were 44% of gross gain in 2025 and 75% in the first half of 2026.

XTB reports what it earns from clients' trading by instrument class, and the class that matters changes with the market. In 2025 gross gain on transactions in financial instruments was 2 113,3 million złoty: commodity CFDs 923,7 million, index CFDs 760,7 million, currency CFDs 290,4 million, stock, ETF and bond CFDs 60,1 million, and cash stocks and ETFs 78,3 million 1. Contracts for difference were 96,3% of it 2.

Commodity CFDs' share of gross gain (%)48,0%202443,7%202533,1%H1 202575,3%H1 2026XTB 2025 annual report note 5,1 and H1 2026 report note 6,1
One instrument class went from a third of the house's gain to three-quarters in a year.

These are not revenue lines in the ordinary sense. XTB is the counterparty to most client trades, so gross gain is the house's result on them: what clients lose, plus spreads, less what they win 3. It becomes revenue after bonuses to clients and commission to introducing brokers, and after net interest on client cash and fees are added 4.

The first half of 2026 shows how much the mix can move. Gross gain was 2 065,1 million złoty, against 1 148,2 million a year earlier, and commodity CFDs alone were 1 555,0 million, 75,3% of it 5. Index CFDs fell to 287,0 million from 532,3 million, and currency CFDs to 104,1 million from 178,9 million 6.

XTB reports no cost or profit by class; costs are shared across the whole platform. The leaves follow the chart's five bands. The test for the five together is the largest class's share of gross gain, 75,3% in the first half of 2026 against 33,1% a year earlier 7: the more one market decides the result, the less the result is a business rather than a position.

Moat trajectory: Holding steady

Commodity CFDs rose to 75,3% of gross gain in H1 2026 from 33,1%, while cash stocks and ETFs rose to 4,0%.

The number that tests this moat
Moat Explorer calc
Largest instrument class's share of gross gain, first half
commodity CFDs 75,3% in H1 2026, from 33,1% a year earlier

The more one market decides the result, the less the result is a business rather than a position.

How it's calculated: Commodity CFD gross gain / total gross gain: 1 555,0 / 2 065,1 and 379,9 / 1 148,2
Source: XTB half-year report, H1 2026 ↗
Dig deeper
DIG DEEPER 01
Commodity CFDs
Gold and commodity volatility turned one class into three-quarters of the business in six months.
DIG DEEPER 02
Index CFDs
The steadiest class for two years, then about 23 million złoty in a whole quarter.
DIG DEEPER 03
Currency CFDs
The currency book shrank 42% in a year and is now a twentieth of gross gain.
DIG DEEPER 04
Other CFDs (stock, ETF, bond)
Leveraged contracts on single shares, growing fast and now outearned by the cash shares they mirror.
DIG DEEPER 05
Stocks and ETFs
The business XTB brands itself on: 4% of gross gain on more than 43 billion złoty of client assets.
References
  1. ReportedIn 2025 gross gain on transactions in financial instruments was 2 113,3 million złoty: commodity CFDs 923,7 million, index CFDs 760,7 million, currency CFDs 290,4 million, stock, ETF and bond CFDs 60,1 million, and cash stocks and ETFs 78,3 million .
    XTB Group consolidated annual report 2025 - note 5,1 result of operations in financial instruments by class (2025, 2024); segment statement by instrument class (retail, institutional); revenue build-up — FY2024-FY2025 · publ. March 2026 · source ↗
  2. Moat Explorer calcContracts for difference were 96,3% of it .
    Moat Explorer calculation from XTB's note 5,1 (2025) and note 6,1 (H1 2026): shares of gross gain by class, Q1 2026 as H1 less Q2, growth rates — FY2025-H1 2026 · publ. 2026-09-23 · source ↗
  3. ReportedXTB is the counterparty to most client trades, so gross gain is the house's result on them: what clients lose, plus spreads, less what they win .
    XTB Group consolidated annual report 2025 - note 5,1 result of operations in financial instruments by class (2025, 2024); segment statement by instrument class (retail, institutional); revenue build-up — FY2024-FY2025 · publ. March 2026 · source ↗
  4. ReportedIt becomes revenue after bonuses to clients and commission to introducing brokers, and after net interest on client cash and fees are added .
    XTB Group consolidated annual report 2025 - note 5,1 result of operations in financial instruments by class (2025, 2024); segment statement by instrument class (retail, institutional); revenue build-up — FY2024-FY2025 · publ. March 2026 · source ↗
  5. ReportedGross gain was 2 065,1 million złoty, against 1 148,2 million a year earlier, and commodity CFDs alone were 1 555,0 million, 75,3% of it .
    XTB Group half-year report for the first half of 2026 - note 6,1 result of operations in financial instruments by class for Q2 and H1 2026 and 2025 — H1 2026 · publ. August 2026 · source ↗
  6. ReportedIndex CFDs fell to 287,0 million from 532,3 million, and currency CFDs to 104,1 million from 178,9 million .
    XTB Group half-year report for the first half of 2026 - note 6,1 result of operations in financial instruments by class for Q2 and H1 2026 and 2025 — H1 2026 · publ. August 2026 · source ↗
  7. Moat Explorer calcThe test for the five together is the largest class's share of gross gain, 75,3% in the first half of 2026 against 33,1% a year earlier : the more one market decides the result, the less the result is a business rather than a position.
    Moat Explorer calculation from XTB's note 5,1 (2025) and note 6,1 (H1 2026): shares of gross gain by class, Q1 2026 as H1 less Q2, growth rates — FY2025-H1 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 24, 2026