Shift4 Payments (FOUR) Q3 2026 earnings summary

Executive summary

• Q3 gross revenue rose 12% YoY to $1.319B; GRLNF increased 10% to $648M and Adjusted EBITDA reached $310M.

• Nine-month gross revenue rose 25% to $3.735B and Adjusted EBITDA increased to $828M; net income declined to $76M from $94M, partly reflecting higher interest expense.

Financial highlights

• Q3 payments-based revenue rose 16% YoY to $1.073B; Tax-Free Shopping revenue increased 7% to $139M, while subscription and other revenue fell 10% to $107M.

• Payments-based revenue less network fees was $402M, up 18% YoY, or 14% organic; gross revenue less network fees was $648M, up 10%.

• Adjusted Free Cash Flow reached a quarterly record of $200M, up 42%, with 65% conversion from Adjusted EBITDA; Q3 included a ~$20M working-capital timing benefit from Q4.

• Q3 net income was $40M; net income attributable to common stockholders was $38M, with basic and diluted EPS of $0.38 and $0.37.

• Nine-month operating cash flow was $418M; cash and cash equivalents were $1.242B at September 30, excluding settlement cash.

Outlook and guidance

• Q4 guidance: GRLNF $625M-$640M, Adjusted EBITDA $285M-$300M and Adjusted Free Cash Flow $155M-$165M; guidance excludes Paramount Commerce.

• FY 2026 guidance: volume $240B-$250B, GRLNF $2.45B-$2.46B, Adjusted EBITDA $1.11B-$1.13B, Adjusted Free Cash Flow $465M-$475M and non-GAAP EPS $5.05-$5.15.

• FY 2026 Adjusted EBITDA margin is expected at 45%-46%, ~100 bps below the original outlook; Adjusted Free Cash Flow guidance is unchanged, with 42% full-year conversion expected.

• The 2027 planning framework is mid-to-high single-digit organic GRLNF growth; same-store sales are assumed neutral, with formal guidance expected alongside Q4 results.

• Q4 guidance reflects $20M-$25M from travel disruption, ~$6M from FX and $25M-$30M of GRLNF variance from revenue mix and deferred European initiatives; these items are not expected to be annualized.