Shift4 Payments (FOUR) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, driven by transformative M&A, global expansion, and diversification across verticals in the experience economy.

• Integrated Global Blue, entered new markets (Australia, New Zealand), and expanded presence to over 75 countries.

• Focused on cross-selling, product innovation, and leveraging AI for operational efficiency and merchant insights.

• Simplified capital structure by collapsing B and C shares, ending controlled company status, and eliminating $440M in future TRA payments.

Financial highlights

• Full-year 2025 gross revenue reached $4.18B, above guidance; volume was $209B, near the high end of guidance.

• Gross Revenue Less Network Fees (GRLNF) was $1.98B, up 46% year-over-year; Adjusted EBITDA was $970M (49% margin), up 43% year-over-year.

• Q4 gross revenue grew 34% year-over-year to $1.189B; Q4 GRLNF grew 51% to $610M.

• Adjusted free cash flow for 2025 was $500M; Q4 adjusted free cash flow was $171M, up 28% year-over-year.

• Blended spreads for 2025 were 61 bps, exceeding guidance; Q4 blended spreads were 57 bps due to enterprise mix.

Outlook and guidance

• 2026 volume guidance: $240B–$260B (15%–24% year-over-year growth); GRLNF: $2.5B–$2.6B (26%–31% growth).

• Adjusted EBITDA guidance: $1.165B–$1.215B (20%–25% growth, ~47% margin); non-GAAP EPS: $5.50–$5.70; adjusted free cash flow: $490M–$510M.

• Q1 2026 guidance: GRLNF $548M, Adjusted EBITDA $233M, adjusted free cash flow $70M, gross revenue $1.05B.

• Free cash flow conversion expected to moderate to ~42% in 2026 due to higher interest expense, lower interest income, and Global Blue integration costs.

• Blended spreads expected to remain above 60 bps in 2026.