Klarna’s stock cratered after the Swedish fintech posted fourth-quarter results that managed to be simultaneously record-breaking and deeply disappointing. It was everything underneath it: a $26 million net loss, credit provisions that ballooned 59% year over year, and forward guidance that landed below what Wall Street was expecting. For a company that IPO’d at $40 per share just months ago, the math is getting uncomfortable. Record revenue, record anxiety Klarna’s Q4 2025 numbers tell a story of a company growing fast into a headwind. Germany’s retail slump adds pressure Part of what’s weighing on Klarna is geographic.