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Dec 31, 2025
Shift4 Q4 2025 Earnings Report
Shift4 reported record Q4 2025 results with strong volume growth, higher gross profit, and expanding profitability on gross revenue less network fees.
Key Takeaways
In Q4 2025, Shift4 generated $1189000000 of gross revenue and $53000000 of net income, driven by $59000000000 of end-to-end payment volume and $610000000 of gross revenue less network fees. Adjusted EBITDA rose to $304000000 with a 50% adjusted EBITDA margin, and adjusted free cash flow was $171000000.
End-to-end payment volume reached $59000000000, up 23% year over year.
Gross revenue less network fees was $610000000, up 51% year over year.
Adjusted EBITDA was $304000000 with a 50% adjusted EBITDA margin.
Adjusted free cash flow was $171000000 and free cash flow was $156000000.
Forward Guidance
Shift4 introduced full-year 2026 guidance calling for 26% to 31% gross revenue less network fees growth and provided Q1 2026 guidance across volume, GRLNF, adjusted EBITDA, and adjusted free cash flow.
Positive Outlook
- Full-year 2026 gross revenue less network fees growth guidance of 26% to 31%.
- Full-year 2026 volume guidance of $240000000000 to $260000000000.
- Full-year 2026 adjusted EBITDA guidance of $1165000000 to $1215000000.
- Full-year 2026 adjusted free cash flow guidance of $675000000 with 42% adjusted free cash flow conversion.
- Management cited a steady merchant volume backlog of over $32000000000 and expectations for stable spreads in 2026.
Challenges Ahead
- Management noted tax-free shopping can be volatile and subject to its own seasonality and working-capital dynamics.
- Global Blue integration and investment were cited as ongoing focus areas that can affect near-term margins and cash conversion.
- Interest income was expected to be lower due to a lower average cash balance versus prior periods.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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