Payoneer Global (PAYO) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 revenue surpassing $1.1 billion, with 14% revenue ex-interest growth and 26% adjusted EBITDA margin, driven by strong B2B and enterprise performance and a 19% CAGR over three years.

• B2B revenue grew 28% year-over-year, now representing 30% of revenue ex-interest, with upmarket strategy accelerating and large customers ($600K+ annual volume) driving 60% of overall growth.

• Significant investments in AI, stablecoin capabilities, and global expansion, including new offerings and compliance hubs in Mexico, Indonesia, India, and China.

• Repurchased $175 million in shares in 2025 (8% of outstanding shares), with $388 million returned to shareholders over three years and plans to continue buybacks in 2026.

• Strategic focus for 2026 includes upmarket expansion, high-margin growth, and AI-driven platform enhancements.

Financial highlights

• Full-year 2025 revenue: $1,052.8 million, up 8% year-over-year; Q4 revenue: $274.7 million, up 5% year-over-year.

• Adjusted EBITDA for 2025: $272 million (26% margin), nearly triple 2024, with sustained 25%+ margins in recent years.

• Free cash flow for 2025 was $146 million, nearly 200% of net income.

• Net income for 2025: $73.2 million; Q4 net income: $19 million; EPS $0.05, flat year-over-year.

• Customer funds held reached $7.9 billion, up 13% year-over-year.

Outlook and guidance

• 2026 revenue guidance: $1,090–$1,130 million; revenue ex-interest $900–$940 million (12% growth midpoint); adjusted EBITDA: $275–285 million.

• Core Adjusted EBITDA ex-interest expected to more than double to $90 million midpoint.

• Expect high single-digit revenue growth in H1 2026, accelerating to mid-teens by year-end.

• B2B volume growth guided to high teens; enterprise payout volume mid-teens; SMB marketplace volume mid-single digits.

• Transaction costs expected to decline to ~15% of revenue.