Paysafe (PSFE) Q4 2025 earnings summary

Executive summary

• Achieved third consecutive year of organic revenue growth in 2025, with $1.7 billion in revenue, up 5–6% organically, despite flat total revenue due to business disposals.

• Strong e-commerce and iGaming growth, with digital wallet users reaching 7.8 million, the highest in three years.

• Significant management restructuring, reducing senior leadership by over 30% since 2022 and adding new board members.

• Renewed focus on innovation, with a vitality index reaching double digits and successful new product launches, including PaysafeWallet.

• Platform modernization and embedded AI improved operational efficiency, reducing FTEs by 20% and accelerating product development.

Financial highlights

• Q4 2025 revenue was $438.4 million, up 4% year-over-year; full-year organic revenue growth was 5%.

• Adjusted EBITDA for 2025 was $428.8–$429 million, down 5% year-over-year, with a margin of 25.2%.

• Adjusted EPS for 2025 was $1.95, down 9% year-over-year.

• Generated $297.8–$298 million in unlevered free cash flow for the year, with cash conversion at 69%.

• Repurchased 9.5 million shares for $92 million in 2025, buying back 16% of outstanding shares.

Outlook and guidance

• 2026 revenue guidance: $1.79–$1.83 billion, representing 5–8% growth; organic growth of 5–7%.

• Adjusted EBITDA guidance for 2026 is $449–$464 million, with margins expected to remain flat year-over-year.

• Adjusted EPS projected at $2.12–$2.32, aiming for double-digit growth.

• Focus on reducing net leverage ratio below 5x by year-end 2026.