Shift4 Payments, Inc. Earnings Recaps
Q3 2026
Nov 6, 2026
Shift4 shares fell 4.4% after earnings, with investors likely focused on ongoing travel disruption in Tax-Free Shopping, a softening in restaurant same-store sales, and the company’s expectation that travel disruption will persist through year-end. Q3 growth was in line with guidance, but Adjusted EBITDA growth of 6% trailed growth in gross revenue less network fees.
Key takeaways
- Gross revenue rose 12% year over year; gross revenue less network fees increased 10%, or 9% on an organic constant-currency basis.
- Adjusted EBITDA grew 6% year over year, while Adjusted Free Cash Flow reached a record $200 million.
- Management said travel disruption continued to weigh on Tax-Free Shopping and is expected to remain a headwind through year-end.
- Restaurant same-store sales softened modestly relative to other verticals, particularly toward the end of the quarter.
- Payments-based revenue remained in line with or ahead of the company’s growth algorithm year to date, and the company said it achieved its country-expansion target ahead of schedule.
Q3 2025
Nov 6, 2025
Shift4's Q3 2025 results demonstrated robust growth, with gross revenue less network fees rising 61% year-over-year to $589 million and adjusted EBITDA increasing by 56% to $292 million, underscoring strong operational execution and successful integration of recent acquisitions.
Key takeaways
- Organic growth, excluding Global Blue's impact, was 18% year-over-year.
- Payment volumes met expectations at approximately $55 billion, with stable blended spreads at 62 basis points.
- Global Blue integration is progressing well, with sales in-store up 5% since the acquisition, highlighting significant synergy potential in luxury retail.
- Expansion into new markets and verticals is ongoing, with notable client wins in hospitality, sports, and nonprofits, reinforcing growth diversification.
- Adjusted free cash flow is on track to exceed the $1 billion target, indicating strong financial health moving forward.