SYDNEY, June 29, 2026, 08:03 AEST
- Zip’s most recent buyback filing puts spending at A$47.7 million out of a A$50 million limit, with 23.95 million shares repurchased as of June 25.
- Shares finished at A$2.88 on June 26, slipping 1.7% for the session. The S&P/ASX 200 added 0.18%.
- The next thing to watch is if U.S. growth keeps covering higher credit losses, as group net bad debts for Q3 climbed to 1.93% of transaction volume.
Zip Co Ltd ASX:ZIP starts Monday’s ASX session with most of its buyback cash nearly spent. The on-market bid is close to running dry.
Zip’s June 26 daily notice showed 23,954,546 shares repurchased so far, with A$47.69 million paid or to be paid, according to the latest buyback update on its investor page as of the dateline. The current buyback is capped at A$50 million and is set to continue until March 5, 2027. The table here does not include any shares bought on June 26, since no June 29 daily notice was posted on Zip’s investor page by the dateline.
| Buyback line | Figure | Market read |
|---|---|---|
| Authorised cash cap | A$50.00 mln | Cap holds unless lifted |
| Cash used through June 25 | A$47.69 mln | 95.4% of cash done |
| Cash left | A$2.31 mln | Not much left |
| Shares bought back | 23.95 mln | 1.89% of issued shares |
| Maximum shares proposed | 92.16 mln | Only 26% done by count |
| Shares left by count | 68.21 mln | Count less telling than cash |
| Capacity at A$2.88 close | about 0.80 mln shares | 5.2% of Friday’s volume |
That’s the difference. Zip has almost spent all the buyback money, even though the approved share count is still high. At Friday’s close, the leftover cash would cover about 802,000 shares, with 15.32 million traded that day. For investors, the real buyback buffer is now a lot smaller than the headline figure.
Recent filings indicate the buyback is ongoing, but it’s not big enough to drive daily trading.
| Trading day bought | Shares bought back | Consideration | Avg paid | ZIP volume | Buyback/volume |
|---|---|---|---|---|---|
| June 23 | 748,974 | A$2.12 mln | A$2.83 | 11.32 mln | 6.6% |
| June 24 | 847,424 | A$2.41 mln | A$2.84 | 14.59 mln | 5.8% |
| June 25 | 851,762 | A$2.48 mln | A$2.91 | 15.16 mln | 5.6% |
Zip finished Friday at A$2.88, down 1.71%, after moving between A$2.79 and A$2.94 during the day. The shares ended the week 1.4% lower from last Friday. Over the same week, the S&P/ASX 200 dropped 0.7%. The index added 0.18% on Friday, closing at 8,764.20.
| Measure | Zip | S&P/ASX 200 |
|---|---|---|
| June 26 close | A$2.88 | 8,764.20 |
| June 26 move | down 1.71% | up 0.18% |
| June 19-June 26 move | down 1.4% | down 0.7% |
The market is still dealing with the fallout from February’s drop. Zip shares fell 34.4% on Feb. 19 after the company’s first-half cash operating earnings came in below Visible Alpha estimates and it said second-half group cash earnings would be roughly the same as the first. “Guidance for flat growth in the second half caught investors off guard,” Marc Jocum, senior product and investment strategist at Global X ETFs, told Reuters at the time. Reuters
Zip’s third-quarter numbers set a new base case for the stock. The company posted record cash EBTDA at A$65.1 million, a jump of 41.5% from last year. Total transaction volume reached A$3.99 billion, up 22.4%. Total income came in at A$335.2 million, up 20.2%. Zip also lifted its FY26 group cash EBTDA forecast, now guiding to at least A$260 million. “Record cash earnings of $65.1m, up 41.5% year on year,” Chief Executive Cynthia Scott said.
| Operating metric | 3Q26 | vs 3Q25 | vs 2Q26 |
|---|---|---|---|
| TTV | A$3.99 bln | up 22.4% | down 10.9% |
| Transactions | 27.4 mln | rose 20.3% | fell 5.4% |
| Active customers | 6.5 mln | gained 3.5% | off 1.8% |
| U.S. revenue | US$155.5 mln | jumped 43.3% | up 1.8% |
| U.S. TTV | US$2.12 bln | added 43.1% | slipped 4.4% |
| Group net bad debts/TTV | 1.93% | was at 1.64% in 3Q25 | stood at 1.80% in 2Q26 |
Credit risk is the main concern. Group net bad debts were 1.93% of TTV in Q3, higher than 1.64% last year and up from 1.80% in Q2. U.S. TTV climbed in dollar terms, though group bad debts also climbed. ANZ active customers dropped 7.4% year-on-year. So the June quarter is shaping up as a test on loss rates and customer repeat use, not just transaction growth.
Zip will report its FY26 results on Aug. 20. According to the trading schedule, ASX cash-market normal trading kicks off at 09:59:45 Sydney time.
