Shift4 Payments Reports $4.18 Billion Revenue for Fiscal Year 2025 Amid Leadership Changes

**Shift4 Payments, Inc. Reports Fiscal Year 2025 Results, Navigates Leadership Transition**

Shift4 Payments, Inc. (NYSE: FOUR) released its 10-K filing, detailing its financial performance for the fiscal year ended December 31, 2025. The company reported gross revenue of $4.18 billion, an increase of $849 million compared to $3.331 billion in 2024. This growth was primarily driven by a $481 million increase in payments-based revenue, reaching $3.471 billion, and the addition of $255 million in tax-free shopping (TFS) revenue following the acquisition of Global Blue. Subscription and other revenues also contributed, increasing by $113 million to $454 million. Net income attributable to Shift4 Payments, Inc. was $119 million, compared to $230 million in the prior year.

The company's cost of sales, excluding certain depreciation and amortization, increased by $394 million to $2.752 billion, primarily due to higher network fees and incremental residual commissions associated with revenue growth. General and administrative expenses rose by $223 million to $682 million, reflecting expenses associated with the company's growth and recent acquisitions. Depreciation and amortization expense increased by $90 million to $290 million, driven by amortization of intangible assets from acquisitions and increased equipment under lease. Interest expense also saw a significant increase of $128 million, reaching $190 million, due to the issuance of new senior notes and a term loan facility.

Operationally, Shift4 reported a 27% increase in payment volume, reaching $44 billion, although this growth outpaced payments-based revenue growth due to onboarding larger merchants with lower unit pricing. The company also highlighted its focus on converting gateway-only customers to its end-to-end payments offering and expanding into international markets. Key strategic developments included the acquisition of Global Blue and Smartpay, as well as entering into exclusive negotiations to acquire Worldline’s North American subsidiaries. The company repurchased 4,349,592 shares of its Class A common stock for $304 million, with $695 million remaining available under its repurchase program.

The filing also noted significant leadership transitions, with Taylor Lauber succeeding Jared Isaacman as Chief Executive Officer and Chairman of the Board, and Christopher Cruz replacing Nancy Disman as Chief Financial Officer. Isaacman's appointment as the 15th Administrator of NASA led to the execution of Simplification Transactions, including the collapse of the company's Up-C structure and the assignment of Rook's rights under the Tax Receivable Agreement (TRA) to Shift4. As of December 31, 2025, the company employed approximately 6,300 employees, with 33% based in the United States and 67% internationally.