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Shift4 Payments, Inc.
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
8.4%Operating margin3
2.8%Net margin3
25.5%Revenue growth, 20253
8.3%Return on equity3
3.15×Debt to equity3
$624.0MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Payments Based Revenue brought in 83% of the revenue Shift4 Payments, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Payments Based Revenue | $2.4B | $3.0B | $3.5B |
| Subscription And Other Revenues | $179.0M | $341.0M | $454.0M |
| TFS Revenue | $0 | $0 | $255.0M |
Regions
United States brought in 79% of the revenue Shift4 Payments, Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| United States | $2.5B | $2.9B | $3.3B |
| Outside the United States | $101.0M | $420.0M | $868.0M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Research and development0¢$6.0M
- Other costs96¢$4.0B
- Income tax1¢$48.0M
- Profit3¢$119.0M
Out of $4.2B in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Capital spending2¢$10.0M
- Share buybacks71¢$453.0M
- Kept or used elsewhere27¢$171.0M
Out of $634.0M of cash from operations.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Gross revenue | $4.2B | $3.3B | $2.6B |
| Cost of sales (exclusive of certain depreciation and amortization expense shown separately below) | -$2.8B | -$2.4B | -$1.9B |
| General and administrative expenses | -$682.0M | -$459.0M | -$329.0M |
| Revaluation of contingent liabilities | $4.0M | -$4.0M | -$23.0M |
| Depreciation and amortization expense | -$290.0M | -$200.0M | -$154.0M |
| Professional expenses | -$87.0M | -$41.0M | -$33.0M |
| Advertising and marketing expenses | -$32.0M | -$22.0M | -$15.0M |
| Gain on sale of subsidiaries | $19.0M | $0 | $0 |
| Impairment of intangible assets | -$9.0M | $0 | -$19.0M |
| Income from operations | $351.0M | $247.0M | $115.0M |
| Loss on extinguishment of debt | -$12.0M | $0 | $0 |
| Interest income | $59.0M | $34.0M | $32.0M |
| Other income (expense), net | -$9.0M | $2.0M | -$4.0M |
| Gain on investments in securities | $0 | $67.0M | $12.0M |
| Change in TRA liability | -$4.0M | -$289.0M | -$3.0M |
| Interest expense | -$190.0M | -$62.0M | -$32.0M |
| Income (loss) before income taxes | $195.0M | -$1.0M | $120.0M |
| Income tax benefit (expense) | -$48.0M | $296.0M | $3.0M |
| Net income | $147.0M | $295.0M | $123.0M |
| Less: Net income attributable to noncontrolling interests | -$28.0M | -$65.0M | -$37.0M |
| Net income attributable to Shift4 Payments, Inc. | $119.0M | $230.0M | $86.0M |
| Less: Dividends on Preferred Stock and redeemable noncontrolling interests | -$40.0M | $0 | $0 |
| Net income attributable to common stockholders | $79.0M | $230.0M | $86.0M |
| Weighted average common stock outstanding - basic (in shares) | 1.3M shares | 1.7M shares | 1.9M shares |
| Weighted average common stock outstanding - diluted (in shares) | 1.3M shares | 1.7M shares | 1.9M shares |
| Depreciation and amortization expenses of equipment | $74.0M | $54.0M | $35.0M |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $964.0M | $1.2B | |
| Settlement assets | $350.0M | $298.0M | |
| Accounts receivable, net | $742.0M | $349.0M | |
| Prepaid expenses and other current assets | $125.0M | $51.0M | |
| Total current assets | $2.2B | $1.9B | |
| Equipment for lease, net | $233.0M | $165.0M | |
| Property, plant and equipment, net | $42.0M | $27.0M | |
| Right-of-use assets | $67.0M | $37.0M | |
| Collateral held by the card networks | $42.0M | $38.0M | |
| Goodwill | $2.7B | $1.5B | |
| Other intangible assets, net | $3.0B | ||
| Deferred tax assets | $391.0M | $397.0M | |
| Other noncurrent assets | $43.0M | $31.0M | |
| Total assets | $8.7B | $5.0B | |
| Current portion of debt | $10.0M | $687.0M | |
| Settlement liabilities | $343.0M | $293.0M | |
| Accounts payable | $679.0M | $248.0M | |
| Accrued expenses and other current liabilities | $229.0M | $120.0M | |
| Current portion of TRA liability | $23.0M | $4.0M | |
| Deferred revenue | $13.0M | $16.0M | |
| Current lease liabilities | $17.0M | $11.0M | |
| Total current liabilities | $1.3B | $1.4B | |
| Long-term debt | $4.5B | $2.2B | |
| Noncurrent portion of TRA liability | $346.0M | $361.0M | |
| Deferred tax liabilities | $471.0M | $61.0M | |
| Noncurrent lease liabilities | $53.0M | $29.0M | |
| Other noncurrent liabilities | $36.0M | $39.0M | |
| Total liabilities | $6.8B | $4.0B | |
| Redeemable noncontrolling interests | $10.0M | $0 | |
| Additional paid-in capital | $889.0M | $1.1B | |
| Accumulated other comprehensive income (loss) | $47.0M | -$28.0M | |
| Retained deficit | -$467.0M | -$228.0M | |
| Total stockholders' equity attributable to Shift4 Payments, Inc. | $1.4B | $807.0M | |
| Non-redeemable noncontrolling interests | $505.0M | $211.0M | |
| Total stockholders' equity | $1.9B | $1.0B | $869.0M |
| Total liabilities and stockholders' equity | $8.7B | $5.0B |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $147.0M | $295.0M | $123.0M |
| Depreciation and amortization | $432.0M | $297.0M | $215.0M |
| Equity-based compensation expense | $82.0M | $65.0M | $57.0M |
| Revaluation of contingent liabilities | -$4.0M | $4.0M | $23.0M |
| Impairment of intangible assets | $9.0M | $0 | $19.0M |
| Gain on investments in securities | $0 | -$67.0M | -$12.0M |
| Change in TRA liability | $4.0M | $289.0M | $3.0M |
| Amortization of capitalized financing costs, net of premium accretion | $15.0M | $9.0M | $8.0M |
| Loss on extinguishment of debt | $12.0M | $0 | $0 |
| Gain on sale of subsidiaries | -$19.0M | $0 | $0 |
| Provision for bad debts | $16.0M | $7.0M | $9.0M |
| Deferred income taxes | $7.0M | -$322.0M | -$8.0M |
| Unrealized foreign exchange losses | $5.0M | $0 | $3.0M |
| Other noncash items | $0 | -$1.0M | $2.0M |
| Accounts receivable | $5.0M | -$75.0M | -$53.0M |
| Prepaid expenses and other assets | -$5.0M | -$2.0M | $0 |
| Capitalized customer acquisition costs | -$61.0M | -$39.0M | -$34.0M |
| Accounts payable | $4.0M | $25.0M | $15.0M |
| Accrued expenses and other liabilities | -$4.0M | $42.0M | $2.0M |
| Payments on contingent liabilities in excess of initial fair value | -$1.0M | -$11.0M | -$18.0M |
| Right-of-use assets and lease liabilities, net | -$4.0M | -$1.0M | $0 |
| Deferred revenue | -$6.0M | -$15.0M | -$8.0M |
| Net cash provided by operating activities | $634.0M | $500.0M | $346.0M |
| Acquisitions, net of cash acquired | -$2.7B | -$555.0M | -$170.0M |
| Acquisition of equipment to be leased | -$125.0M | -$101.0M | -$78.0M |
| Capitalized software development costs | -$99.0M | -$65.0M | -$44.0M |
| Acquisition of property, plant and equipment | -$10.0M | -$7.0M | -$14.0M |
| Deposits with sponsor bank, net | -$16.0M | -$73.0M | $0 |
| Residual commission buyouts | -$27.0M | -$16.0M | -$9.0M |
| Proceeds from sale of subsidiaries | $24.0M | $0 | $0 |
| Purchase of intangible assets | $0 | $0 | -$2.0M |
| Proceeds from sale of investments in securities | $3.0M | $126.0M | $15.0M |
| Investments in securities | -$3.0M | $0 | $0 |
| Net cash used in investing activities | -$3.0B | -$691.0M | -$302.0M |
| Proceeds from long-term debt | $2.8B | $1.1B | $0 |
| Proceeds from preferred stock | $1.0B | $0 | $0 |
| Repayment of debt | -$1.1B | $0 | $0 |
| Deferred financing costs | -$79.0M | -$18.0M | $0 |
| Settlement line of credit | $16.0M | $73.0M | $0 |
| Settlement activity, net | -$36.0M | $55.0M | $42.0M |
| Proceeds from common stock | $88.0M | $0 | $0 |
| Acquisition of noncontrolling interests | -$71.0M | $0 | $0 |
| Repurchases of Class A common stock | -$453.0M | -$146.0M | -$105.0M |
| Payments for withholding tax related to vesting of restricted stock units | -$34.0M | -$33.0M | -$28.0M |
| Payments of preferred dividends | -$30.0M | $0 | $0 |
| Payments on contingent liabilities | -$15.0M | -$6.0M | -$15.0M |
| Distributions to noncontrolling interests | -$19.0M | -$20.0M | -$3.0M |
| Net change in bank deposits | $0 | -$71.0M | -$1.0M |
| Other financing activities | -$1.0M | -$5.0M | $0 |
| Net cash provided by (used in) financing activities | $2.1B | $929.0M | -$110.0M |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | $55.0M | -$21.0M | $11.0M |
| Change in cash and cash equivalents and restricted cash | -$254.0M | $717.0M | -$55.0M |
| Cash paid for interest | $165.0M | $24.0M | $24.0M |
| Cash paid for income taxes, net of refunds | $63.0M | $14.0M | $5.0M |
Recent filings
- Aug 14, 2026SCHEDULE 13G/A
- Aug 7, 20264
- Aug 6, 20268-K
- Aug 6, 202610-Q
- Aug 6, 2026S-8
- Jul 30, 2026SCHEDULE 13G/A
- Jul 17, 2026SCHEDULE 13G/A
- Jul 13, 20268-K
- Jun 17, 20268-K
- Jun 17, 20264
- Jun 17, 20264
- Jun 17, 20264
- Jun 17, 20264
- Jun 17, 20264
- Jun 17, 20264
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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