Payoneer Global (PAYO) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 2% YoY to $276.9M; revenue excluding interest income increased 5% to $222.2M as higher SMB and enterprise revenue was partly offset by lower customer-balance interest income.

• Q3 processed volume increased 13% YoY to $25.3B, led by B2B volume growth of 59% and continued momentum among larger customers.

• Pending Nuvei merger offers $7.40 cash per share; shareholders approved the deal and the U.S. HSR waiting period ended, with other closing conditions outstanding.

Financial highlights

• Q3 operating income fell 31% to $25.1M; net income was $14.9M versus $14.1M YoY.

• 9M revenue increased 4% to $812.8M; operating income declined 25% to $72.0M and net income fell 41% to $32.0M.

• Q3 Adjusted EBITDA was $68.3M versus $71.3M; Adjusted EBITDA excluding interest income rose 16% to $13.6M.

• Q3 transaction costs declined 2% YoY to $41.6M and were 15.0% of revenue, down 70 bps.

• 9M operating cash flow was $180.4M versus $171.9M; financing used $474.7M, mainly reflecting a $357.5M decrease in customer balances.

Outlook and guidance

• Nuvei transaction is targeted to close in mid-2027, subject to regulatory approvals and other closing conditions.

• Existing cash and operating cash flows are expected to cover working capital, capital advances and capital expenditures for at least the next 12 months.

• Plans include continued investment in the global platform, new products, regulatory reach, automation and customer growth.

• Merger covenants restrict certain strategic, financing and capital actions until completion or termination.