“Shift4 Payments delivered a strong finish to 2025 with record financial performance, including $59 billion in payment volume for Q4 and nearly $2 billion in full-year Gross Revenue Less Network Fees, up 46% year-over-year. The company highlighted successful integration of transformative acquisitions like Global Blue, ongoing international momentum, and 2026 guidance projecting continued robust growth in volumes, revenue metrics, and profitability, despite softer same-store sales in certain U.S. small business segments and a cautious macroeconomic environment.”
Shift4 Payments Q4 Earnings Call Highlights
Shift4 Payments executives described 2025 as a pivotal year marked by record results, transformative mergers and acquisitions, and meaningful diversification within the “experience economy” verticals. CEO Taylor Lauber emphasized the company’s focus on high-demand, in-person commerce environments—such as hospitality, sports, events, and luxury retail—where competition remains limited, often one or fewer strong rivals per segment. This targeted approach has enabled consistent outperformance in complex payment scenarios requiring integrated software and hardware solutions.
The fourth quarter capped a year of exceptional growth. Payment volumes reached $59 billion in Q4, reflecting a 23% increase from the prior year’s comparable period and demonstrating sustained momentum from earlier quarters. Full-year volumes supported the company’s trajectory toward larger scale in both domestic and international markets.
Key financial metrics for Q4 underscored operational strength:
Gross revenue totaled $1.189 billion, up 34% year-over-year.
Gross profit climbed to $429 million, a 58% increase.
Gross Revenue Less Network Fees (GRLNF) hit $610 million, surging 51%—broken down into payments-based revenue less network fees of $340 million, tax-free shopping contributions of $125 million, and subscription and other revenue of $145 million.
Adjusted EBITDA reached $304 million, with a robust 50% margin.
Non-GAAP EPS stood at $1.60, aligning with or slightly exceeding consensus expectations in various reports.
Net income was $53 million, with non-GAAP net income at $156 million.
Adjusted free cash flow was $171 million.
For the full year 2025, Shift4 achieved landmark figures that highlighted its financial resilience and execution:
Gross Revenue Less Network Fees approached $2.0 billion, up 46% year-over-year.
Adjusted EBITDA totaled $970 million, reflecting a 49% margin and a 43% increase.
Adjusted free cash flow reached $500 million.
These results were bolstered by ongoing investments in technology, vertical-specific solutions, and global capabilities, even as management noted a dynamic macro backdrop impacting same-store sales trends, particularly in parts of the Americas small-to-medium business (SMB) base.
A major strategic highlight was the progress on the Global Blue acquisition. Integration efforts remain on track, with pilots underway for an all-in-one terminal combining payments, dynamic currency conversion (DCC), and tax-free shopping features. Plans call for a broader rollout across 15 countries in 2026, enabling cross-selling opportunities into luxury retail and additional SMB segments internationally. Executives pointed to over 80,000 merchants already outside the Americas at year-end—prior to deeper Global Blue synergies—as evidence of accelerating global footprint.
Management addressed corporate structure enhancements completed during the year, including the collapse of founder Class B and C shares into Class A, the transfer of future tax receivable agreement benefits valued at approximately $440 million back to the company, and share repurchases totaling 7.7 million shares to date, with $500 million remaining under the authorized buyback program.
Looking ahead, guidance for 2026 reflects confidence in sustained expansion:
Payment volumes projected at $240–260 billion.
Gross Revenue Less Network Fees targeted at $2.5–2.6 billion.
Adjusted EBITDA expected in the range of $1.165–1.215 billion, maintaining margins around 47%.
These targets indicate continued volume leverage, international acceleration, and disciplined margin retention amid investments in growth initiatives.
Executives acknowledged headwinds, including softer consumer spending patterns in select U.S. markets, but reiterated optimism tied to the company’s differentiated positioning in resilient verticals like hospitality, live events, and experiential retail. The blend of organic growth, strategic M&A integration, and capital return actions positions Shift4 for further value creation in the evolving payments landscape.
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