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Specialty business services · Industrials · Fiscal year ends Dec 31
Paymentus reported revenue of $1.2B in the fiscal year ended Dec 2025, up 37.3% from the year before. Operating income was $76M, an operating margin of 6.3%, and net income was $67M. Operating cash flow of $162M less capital expenditure of $361,000 left free cash flow of $162M.
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 | 396 | 497 | 614 | 872 | 1,197 |
| Cost of revenue | 274 | 347 | 432 | 634 | 900 |
| Gross profit | 121 | 150 | 182 | 238 | 296 |
| Research & development | 34.1 | 41.2 | 44.2 | 51.3 | 61.5 |
| Selling, general & admin | 76.9 | 111 | 120 | 142 | 159 |
| Operating income | 10.4 | −3.0 | 18.1 | 44.9 | 75.5 |
| Pre-tax income | 10.4 | −1.3 | 25.1 | 53.9 | 85.3 |
| Income tax | 1.1 | −0.8 | 2.8 | 9.8 | 18.3 |
| Net income | 9.3 | −0.5 | 22.3 | 44.2 | 66.9 |
| Diluted EPS | 0.06 | 0.00 | 0.18 | 0.35 | 0.52 |
| Diluted shares | 119 | 122 | 125 | 128 | 129 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 168 | 147 | 179 | 206 | 321 |
| Receivables | 43.9 | 67.8 | 76.4 | 120 | 102 |
| Current assets | 256 | 229 | 270 | 346 | 441 |
| Net PP&E | 2.0 | 1.8 | 1.6 | 1.2 | 0.9 |
| Goodwill | 129 | 132 | 132 | 132 | 132 |
| Total assets | 473 | 462 | 505 | 576 | 668 |
| Payables | 24.7 | 29.2 | 35.2 | 49.9 | 64.0 |
| Deferred revenue | 2.2 | 4.4 | 4.1 | 2.9 | 3.5 |
| Current liabilities | 74.4 | 51.5 | 62.8 | 81.6 | 98.8 |
| Total liabilities | 86.8 | 64.4 | 75.2 | 90.7 | 107 |
| Shareholders' equity | 386 | 397 | 430 | 486 | 560 |
| Backlog (remaining obligations) | 3.9 | 7.2 | 6.8 | 5.7 | 6.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 19.5 | 19.9 | 68.8 | 63.6 | 162 |
| Capital expenditure | 1.0 | 1.3 | 0.6 | 0.5 | 0.4 |
| Free cash flow | 18.5 | 18.6 | 68.2 | 63.2 | 162 |
| Depreciation & amortisation | 13.3 | 24.1 | 30.6 | 36.5 | 41.1 |
| Stock-based compensation | 3.1 | 6.7 | 9.4 | 11.0 | 18.6 |
| Acquisitions | 57.4 | 3.3 | 0.0 | 0.0 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 25.7% | 23.6% | 41.9% | 37.3% |
| Operating income growth (YoY) | – | −128.7% | – | 147.9% | 68.4% |
| EPS growth (YoY) | – | −100.0% | – | 94.4% | 48.6% |
| Gross margin | 30.7% | 30.1% | 29.7% | 27.3% | 24.8% |
| Operating margin | 2.6% | −0.6% | 2.9% | 5.1% | 6.3% |
| Net margin | 2.4% | −0.1% | 3.6% | 5.1% | 5.6% |
| Return on equityBlank when equity is negative | 2.4% | −0.1% | 5.2% | 9.1% | 11.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 2.6% | −0.7% | 4.1% | 9.1% | 13.3% |
| Free cash flow margin | 4.7% | 3.7% | 11.1% | 7.2% | 13.5% |
| Cash conversion (CFO ÷ net income) | 2.10x | −38.7x | 3.08x | 1.44x | 2.42x |
| Receivable days | 41 | 50 | 45 | 50 | 31 |
| Payable days | 33 | 31 | 30 | 29 | 26 |
| Current ratio | 3.45x | 4.45x | 4.31x | 4.24x | 4.46x |
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.