Shift4 Payments (FOUR) Investor Day 2025 summary

Strategic vision and business evolution

• Achieved significant global expansion, now operating on six continents with major wins in hospitality, sports, and unified commerce verticals, and diversified well beyond initial restaurant focus.

• Maintains a disciplined, capital-efficient growth model, prioritizing high-return customer acquisition, product investment, and M&A, with a proven track record of integrating acquisitions and deleting redundant parts.

• Leadership transition underway, with the founder stepping down and a new CEO taking over, ensuring continuity and confidence in future execution.

• New board member Seth Dallaire, EVP and Chief Growth Officer at Walmart U.S., brings significant growth and technology experience.

• Direct distribution and strategic acquisitions have driven efficient customer acquisition and expanded the cross-sell funnel.

Business performance and financial outlook

• Achieved 3.5x growth in end-to-end payment volume from $47B in 2021 to $165B in 2024, with a 52% CAGR.

• Gross revenue less network fees rose from $529M to $1.35B, and adjusted EBITDA increased from $167M to $677M over three years.

• Delivered 26% organic revenue growth in 2024, with EBITDA margins expanding over 400 basis points and free cash flow conversion exceeding 50%.

• Net revenue retention remained strong across verticals: 103% in unified commerce, 99% in restaurants, and 115% in hospitality.

• Proven track record of deleveraging, with net leverage expected to fall to ~3.3x by end of 2025.

Financial guidance and performance outlook

• 2025 guidance includes $200B–$220B in volume (21%–33% growth), $1.65B–$1.72B in gross revenue less network fees (22%–27% growth), and $830M–$855M in Adjusted EBITDA (23%–26% growth).

• Medium-term (2025–2027) targets: 25–30%+ CAGR in gross revenue less network fees and adjusted EBITDA, with 300bps margin expansion.

• Targeting $1B in free cash flow by 2027, driven by automation, AI, and continued margin expansion.

• Acquisition expected to deliver $80M+ run-rate revenue synergies and $70M+ EBITDA contribution by 2027.

• International expansion is accelerating, with non-U.S. card present applications rising from a rounding error to a third of new applications in recent months.