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Specialty business services · Industrials · Fiscal year ends Dec 31
Shift4 Payments reported revenue of $4.2B in the fiscal year ended Dec 2025, up 25.5% from the year before. Operating income was $351M, an operating margin of 8.4%, and net income was $119M. Operating cash flow of $634M less capital expenditure of $10M left free cash flow of $624M. Net debt was $3.6B.
Ranks among the 21 specialty business services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,368 | 1,994 | 2,565 | 3,331 | 4,180 |
| Cost of revenue | 1,089 | 1,523 | 1,877 | 2,358 | 2,752 |
| Gross profit | 278 | 470 | 688 | 973 | 1,428 |
| Research & development | 1.8 | 0.5 | 1.0 | 4.0 | 6.0 |
| Operating income | −49.2 | 94.7 | 115 | 247 | 351 |
| Interest expense | 28.0 | 32.5 | 32.1 | 62.0 | 190 |
| Pre-tax income | −77.1 | 86.9 | 120 | −1.0 | 195 |
| Income tax | −3.1 | 0.2 | −3.0 | −296 | 48.0 |
| Net income | −48.2 | 75.1 | 86.0 | 230 | 119 |
| Diluted shares | – | 3.9 | 1.9 | 1.7 | 1.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,232 | 703 | 455 | 1,212 | 964 |
| Receivables | 206 | 195 | 257 | 349 | 742 |
| Inventory | 3.5 | 4.8 | 3.4 | 8.9 | – |
| Current assets | 1,454 | 992 | 1,153 | 1,910 | 2,181 |
| Net PP&E | 18.4 | 22.3 | 28.6 | – | – |
| Goodwill | 538 | 735 | 1,111 | 1,456 | 2,704 |
| Total assets | 2,343 | 2,554 | 3,388 | 5,041 | 8,713 |
| Payables | 121 | 167 | 205 | 248 | 679 |
| Deferred revenue | 15.0 | 16.3 | 20.6 | 16.0 | 13.0 |
| Current liabilities | 184 | 268 | 704 | 1,379 | 1,314 |
| Short-term debt | 0.0 | – | 0.0 | 687 | 10.0 |
| Long-term debt | 1,739 | 1,742 | 1,750 | 2,154 | 4,536 |
| DepositsBanks | – | 0.0 | 72.3 | – | – |
| Total liabilities | 1,943 | 2,073 | 2,519 | 4,023 | 6,756 |
| Shareholders' equity | 273 | 347 | 653 | 807 | 1,442 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 3.0 | 275 | 346 | 500 | 634 |
| Capital expenditure | 8.2 | 8.0 | 14.0 | 7.0 | 10.0 |
| Free cash flow | −5.2 | 267 | 332 | 493 | 624 |
| Depreciation & amortisation | 104 | 149 | 215 | 297 | 432 |
| Stock-based compensation | 40.8 | 49.6 | 57.0 | 65.0 | 82.0 |
| Acquisitions | 54.5 | 135 | 170 | 555 | 2,745 |
| Share buybacks | 19.5 | 186 | 105 | 146 | 453 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 45.8% | 28.7% | 29.9% | 25.5% |
| Operating income growth (YoY) | – | – | 21.4% | 114.8% | 42.1% |
| Gross margin | 20.4% | 23.6% | 26.8% | 29.2% | 34.2% |
| Operating margin | −3.6% | 4.8% | 4.5% | 7.4% | 8.4% |
| Net margin | −3.5% | 3.8% | 3.4% | 6.9% | 2.8% |
| Return on equityBlank when equity is negative | −17.7% | 21.6% | 13.2% | 28.5% | 8.3% |
| ROCEEBIT ÷ (assets − current liabilities) | −2.3% | 4.1% | 4.3% | 6.7% | 4.7% |
| Free cash flow margin | −0.4% | 13.4% | 12.9% | 14.8% | 14.9% |
| Cash conversion (CFO ÷ net income) | −0.06x | 3.67x | 4.02x | 2.17x | 5.33x |
| Receivable days | 55 | 36 | 37 | 38 | 65 |
| Inventory days | 1 | 1 | 1 | 1 | – |
| Payable days | 41 | 40 | 40 | 38 | 90 |
| Interest cover | −1.76x | 2.91x | 3.58x | 3.98x | 1.85x |
| Debt ÷ equity | 6.37x | 5.02x | 2.68x | 3.52x | 3.15x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 507 | 1,039 | 1,295 | 1,629 | 3,582 |
| Current ratio | 7.91x | 3.70x | 1.64x | 1.39x | 1.66x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.