Shift4 Payments, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Shift4 Payments, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	561	731	767	1,368	1,994	2,565	3,331	4,180
Cost of revenue	420	558	589	1,089	1,523	1,877	2,358	2,752
Gross profit	141	173	178	278	470	688	973	1,428
Research and development	1.6	1.6	1.2	1.8	0.5	1	4	6
Selling and marketing	6.1	6.3	4	28.9	14.9	15	22	32
General and administrative	79.8	117	187	220	267	329	459	682
Operating expenses	154	178	235	328
Operating income	-13.1	-4.4	-57.6	-49.2	94.7	115	247	351
Interest expense	47	51.5	40.2	28	32.5	32.1	62	190
Interest income			0	0	10.8	32	34	59
Other non-operating income	0.6	1	0.6	0.1	0.5	-4	2	-9
Pre-tax income	-59.5	-54.9	-114	-77.1	86.9	120	-1	195
Income tax	-4.1	1.7	-2.4	-3.1	0.2	-3	-296	48
Net income to minority interests			-93	-25.8	11.6	37	65	28
Net income	-55.4	-56.6	-18.4	-48.2	75.1	86	230	119
EBITDA	57.7	58.2	26.6	55.2	244	330	544	783
Shares, basic (weighted)					3.86	1.94	1.67	1.33
Shares, diluted (weighted)					3.86	1.94	1.67	1.33

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents		3.7	928	1,232	703	455	1,212	964
Receivables		78.6	92.7	206	195	257	349	742
Inventory		8.5	1.5	3.5	4.8	3.4	8.9
Other current assets		0.2	1	0.5	1.3	32.5	51	125
Total current assets		106	1,034	1,454	992	1,153	1,910	2,181
Property, plant and equipment		15.4	15.1	18.4	22.3	28.6
Lease right-of-use assets			0	18.5	19.5	22.8	37	67
Goodwill	392	421	477	538	735	1,111	1,456	2,704
Intangible assets		209	186	189	647	830	981	3,010
Other non-current assets		1.4	0.6	1.9	10.9	80.9	31	85
Total assets		784	1,779	2,343	2,554	3,388	5,041	8,713
Accounts payable		58.1	60.6	121	167	205	248	679
Accrued liabilities		9.2	3.6	4.8	4.9
Deferred revenue		5.6	7.8	15	16.3	20.6	16	13
Short-term debt		5.3	0.9	0		0	687	10
Total current liabilities		130	99.4	184	268	704	1,379	1,314
Long-term debt		635	1,005	1,739	1,742	1,750	2,154	4,536
Lease liabilities			0	17.9	18.1	18.8	29	53
Other non-current liabilities		4.8	1.7	2.4	26.5	14	39	36
Total liabilities		774	1,109	1,943	2,073	2,519	4,023	6,756
Total debt		657	1,028	1,739	1,773	1,750	2,841	4,546
Paid-in capital			738	619	703	986	1,063	889
Retained earnings	-119	-182	-279	-325	-364	-347	-228	-467
Treasury stock			0	-21.1	0
Other comprehensive income				0	8.3	14.1	-28	47
Shareholders' equity		-32.9	460	273	347	653	807	1,442
Minority interests			210	127	133	215	211	505
Total equity	35.9	-32.9	670	400	481	869	1,018	1,947
Total liabilities and equity		784	1,779	2,343	2,554	3,388	5,041	8,713
Shares outstanding			80.6

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-55.4	-56.6	-111	-74	86.7	123	295	147
Depreciation and amortization	70.8	62.6	84.2	104	149	215	297	432
Stock-based compensation		0	66.2	40.8	49.6	57	65	82
Deferred income tax	-4.1	0.2	-1.3	-2.5	-2.1	-8	-322	7
Change in receivables	-16.6	-18.6	-19.3	-121	4.1	-53	-75	5
Change in inventory	-1.8	-1.7	1.2	1.8	2.8	7.2	8.3
Change in payables	11.1	12.3	-2	56.5	37.3	15	25	4
Cash from operations	25.5	8	4	3	275	346	500	634
Capital expenditures	-1.6	-8.2	-4.8	-8.2	-8	-14	-7	-10
Acquisitions	-1.5	-60.2	-49.8	-54.5	-135	-170	-555	-2,745
Purchases of investments		0	0	-30.5	-1.5	0	0	-3
Sales and maturities of investments				0	0	15	126	3
Cash from investing	-41.4	-80.1	-82.7	-171	-517	-302	-691	-2,998
Debt issued		90	1,140	633	0	0	1,100	2,832
Stock issued						0	0	88
Share buybacks		0	0	-19.5	-186	-105	-146	-453
Cash from financing	11.3	71	1,003	471	-215	-110	929	2,055
Exchange rate effect			0	0	1	11	-21	55
Net change in cash	-4.6	-1.1	924	304	-455	-55	717	-254
Free cash flow	23.9	-0.2	-0.8	-5.2	267	332	493	624
Interest paid	35.9	47.2	39.2	20.9	24.4	24	24	165
Income taxes paid	0.5	0.2	0.8	0.4	0.7	5	14	63

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $38.45 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	35.9%	Gross profit / revenue.
Operating margin	8.1%	Operating income / revenue.
EBITDA margin	19.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.2%	Pre-tax income / revenue.
Net margin	2.2%	Net income / revenue.
FCF margin	12.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.4%	Cash from operations / revenue.
Effective tax rate	19.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.2%	Net income / average total assets.
Return on invested capital (ROIC)	5.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.4%	Capital expenditures / revenue.
D&A / revenue	11.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	25.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	28.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	40.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	46.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	44.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	51.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	42.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	54.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	43.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	47.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	96.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-48.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	16.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	26.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	32.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	175.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	26.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	32.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	78.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	60.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	25.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	72.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	50.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	37.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-20.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-29.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.21x	Current assets / current liabilities.
Quick ratio	0.68x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.21x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.79x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	51.9%	Total debt / total assets.
Liabilities / assets	80.0%	Total liabilities / total assets.
Net debt	$4.16B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.51x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.54x	Operating income / interest expense.
Working capital	$361.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	64.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$4.00B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.55x	Revenue / average total assets.
Receivables turnover	5.91x	Revenue / average receivables.
Days sales outstanding	62 days	365 x average receivables / revenue.
Days payables	75 days	365 x average accounts payable / cost of revenue.
FCF conversion	545.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Buybacks / FCF	109.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.04B	Share price x shares outstanding.
Enterprise value	$7.19B	Market cap + total debt - cash - short-term investments.
P/E	28.9x	Market cap / net income. Only when net income is positive.
P/S	0.63x	Market cap / revenue.
P/B	1.88x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	5.30x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.12x	Market cap / cash from operations, when positive.
EV/Sales	1.50x	Enterprise value / revenue.
EV/EBIT	18.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.81x	Enterprise value / EBITDA, when both are positive.
EV/FCF	12.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	18.9%	Free cash flow / market cap.
Earnings yield	3.5%	Net income / market cap (the inverse of P/E).
Shareholder yield	20.6%	(Dividends paid + share buybacks) / market cap.

What was Shift4 Payments, Inc.'s revenue in fiscal 2025?

Shift4 Payments, Inc. reported revenue of $4.18B for fiscal 2025, 25.5% higher than the year before.

Was Shift4 Payments, Inc. profitable in fiscal 2025?

Yes. Net income was $119.0M, a net margin of 2.8%.

How much free cash flow did Shift4 Payments, Inc. generate in fiscal 2025?

Cash from operations of $634.0M minus capital expenditures of $10.0M left free cash flow of $624.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Shift4 Payments, Inc.