$CEFD

UBS AG

CIK:0001114446|SEC Filings

Consolidated Income Statement - USD ($) $ in Millions	12 Months Ended
Consolidated Income Statement - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Line Items]
Interest income from financial instruments measured at amortized cost and fair value through other comprehensive income	$ 26,507	$ 28,967	$ 22,444
Interest expense from financial instruments measured at amortized cost	(26,477)	(29,745)	(19,643)
Net interest income from financial instruments measured at fair value through profit or loss and other	6,323	5,455	1,765
Net interest income	6,354	4,678	4,566
Other net income from financial instruments measured at fair value through profit or loss	13,952	12,959	9,934
Fee and commission income	30,069	25,806	20,399
Fee and commission expense	(2,669)	(2,369)	(1,790)
Net fee and commission income	27,400	23,438	18,610
Other income	(17)	1,248	566
Total revenues	47,688	42,323	33,675
Credit loss expense / (release)	549	544	143
Personnel expenses	22,702	19,958	15,655
General and administrative expenses	17,481	16,548	11,118
Depreciation, amortization and impairment of non-financial assets	2,856	2,840	2,238
Operating expenses	43,038	39,346	29,011
Operating profit / (loss) before tax	4,101	2,433	4,521
Tax expense / (benefit)	534	900	1,206
Net profit / (loss)	3,566	1,533	3,315
Net profit / (loss) attributable to non-controlling interests	26	51	25
Net profit / (loss) attributable to shareholders	$ 3,541	$ 1,481	$ 3,290

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flow from / (used in) operating activities
Net profit / (loss)	$ 3,566	$ 1,533	$ 3,315
Non-cash items included in net profit and other adjustments:
Depreciation, amortization and impairment of non-financial assets	2,856	2,840	2,238
Credit loss expense / (release)	549	544	143
Share of net (profit) / loss of associates and joint ventures and impairment related to associates	(77)	(73)	163
Deferred tax expense / (benefit)	(703)	(1,106)	(222)
Net loss / (gain) from investing activities	(346)	207	(225)
Net loss / (gain) from financing activities	17,687	(3,643)	4,919
Other net adjustments	(27,927)	14,292	(10,383)
Net change in operating assets and liabilities:
Amounts due from banks and amounts due to banks	(154)	(708)	(10,093)
Receivables from securities financing transactions measured at amortized cost	40,505	(19,580)	(4,993)
Payables from securities financing transactions measured at amortized cost	810	471	1,543
Cash collateral on derivative instruments	1,183	(6,132)	1,162
Loans and advances to customers	(12,523)	21,240	3,707
Customer deposits	(9,259)	(13,407)	6,521
Financial assets and liabilities at fair value held for trading and derivative financial instruments	24,867	(27,623)	(16,017)
Brokerage receivables and payables	2,928	1,842	(6,101)
Financial assets at fair value not held for trading and other financial assets and liabilities	(12,965)	2,272	(4,661)
Provisions and other non-financial assets and liabilities	(4,590)	1,465	2,325
Income taxes paid, net of refunds	(1,844)	(1,500)	(1,541)
Net cash flow from / (used in) operating activities	24,562	(27,065)	(28,202)
Cash flow from / (used in) investing activities
Purchase of subsidiaries, business, associates and intangible assets	(17)	(64)	(4)
Disposal of subsidiaries, business, associates and intangible assets	653	233	109
Purchase of property, equipment and software	(1,859)	(1,512)	(1,283)
Disposal of property, equipment and software	209	71	33
Purchase of financial assets measured at fair value	(16,717)	(4,638)	(4,157)
Disposal and redemption of financial assets measured at fair value	5,210	4,635	4,187
Purchase of debt securities measured at amortized cost	(21,569)	(5,962)	(14,244)
Disposal and redemption of debt securities measured at amortized cost	11,791	8,384	10,435
Net cash flow from / (used in) investing activities	(22,299)	122,406	(4,924)
Cash flow from / (used in) financing activities
Repayment of Swiss National Bank funding		(10,304)
Net issuance (repayment) of short-term debt measured at amortized cost	1,692	(6,163)	7,181
Distributions paid on UBS AG shares	(13,000)	(3,000)	(6,000)
Issuance of debt designated at fair value and long-term debt measured at amortized cost	131,936	102,997	104,551
Repayment of debt designated at fair value and long-term debt measured at amortized cost	(153,038)	(118,286)	(85,541)
Inflows from securities financing transactions measured at amortized cost	2,319	6,273
Outflows from securities financing transactions measured at amortized cost	(2,734)	(2,688)
Net cash flows from other financing activities	(935)	(965)	(501)
Net cash flow from / (used in) financing activities	(33,760)	(32,137)	19,690
Total cash flow
Cash and cash equivalents at the beginning of the year	243,359	190,469	195,200
Net cash flow from / (used in) operating, investing and financing activities	(31,497)	63,205	(13,435)
Effects of exchange rate differences on cash and cash equivalents	19,103	(10,315)	8,704
Cash and cash equivalents at the end of the year	230,965	243,359	190,469
of which: cash and balances at central banks	209,858	223,329	171,723
of which: amounts due from banks	17,882	16,654	12,078
of which: money market paper	3,224	3,115	6,668
Net cash flow from / (used in) operating activities includes:
Interest received in cash	42,714	48,253	32,576
Interest paid in cash	37,874	41,454	26,711
Dividends on equity investments, investment funds and associates received in cash	$ 3,204	2,780	$ 2,241
Merger with Credit Suisse AG
Cash flow from / (used in) investing activities
Cash and cash equivalents obtained due to the merger of UBS AG and Credit Suisse AG		$ 121,258

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and balances at central banks	$ 209,858	$ 223,329
Amounts due from banks	19,243	18,111
Receivables from securities financing transactions measured at amortized cost	83,656	118,302
Cash collateral receivables on derivative instruments	41,552	43,959
Loans and advances to customers	658,760	587,347
Other financial assets measured at amortized cost	72,025	59,279
Total financial assets measured at amortized cost	1,085,094	1,050,326
Financial assets at fair value held for trading	174,854	159,223
of which: assets pledged as collateral that may be sold or repledged by counterparties	44,627	38,532
Derivative financial instruments	148,325	186,435
Brokerage receivables	35,579	25,858
Financial assets at fair value not held for trading	107,293	95,203
Total financial assets measured at fair value through profit or loss	466,051	466,719
Financial assets measured at fair value through other comprehensive income	13,868	2,195
Investments in associates	2,331	2,306
Property, equipment and software	12,125	12,091
Goodwill and intangible assets	6,734	6,661
Deferred tax assets	11,085	10,481
Other non-financial assets	19,884	17,282
Total assets	1,617,173	1,568,060
Liabilities
Amounts due to banks	24,434	23,347
Payables from securities financing transactions measured at amortized cost	16,225	14,824
Cash collateral payables on derivative instruments	34,742	36,366
Customer deposits	796,330	749,476
Funding from UBS Group AG measured at amortized cost	110,614	107,918
Debt issued measured at amortized cost	100,207	101,104
Other financial liabilities measured at amortized cost	16,617	21,762
Total financial liabilities measured at amortized cost	1,099,169	1,054,796
Financial liabilities at fair value held for trading	53,700	35,247
Derivative financial instruments	156,267	180,678
Brokerage payables designated at fair value	62,202	49,023
Debt issued designated at fair value	107,544	102,567
Other financial liabilities designated at fair value	35,287	34,041
Total financial liabilities measured at fair value through profit or loss	415,001	401,555
Provisions	3,564	5,131
Other non-financial liabilities	10,260	11,911
Total liabilities	1,527,994	1,473,394
Equity
Share capital	386	386
Share premium	84,849	84,777
Retained earnings	(2,147)	7,838
Other comprehensive income recognized directly in equity, net of tax	5,757	1,002
Equity attributable to shareholders	88,845	94,003
Equity attributable to non-controlling interests	334	662
Total equity	89,179	94,666
Total liabilities and equity	$ 1,617,173	$ 1,568,060