Shift4 Payments, Inc. (FOUR) reported its third‑quarter 2025 results on November 6, 2025, posting a gross revenue of $1.177 billion and an adjusted earnings per share of $1.47, a slight beat over the consensus estimate of $1.46. The company also announced a $1 billion stock‑buyback program, underscoring its confidence in long‑term value creation.
Gross revenue rose 29% year‑over‑year to $1.177 billion, slightly exceeding the consensus estimate of $1.169 billion. Adjusted revenue of $589.2 million beat the Zacks consensus of $580.6 million, reflecting a 61% increase from the prior year and driven by strong performance in the restaurant and hotel verticals, as well as new geographic expansion.
Adjusted EPS of $1.47 surpassed the consensus of $1.46 by $0.01, a 0.68% beat, largely due to disciplined cost management and a favorable mix shift toward higher‑margin payment solutions. GAAP diluted EPS, however, fell to $0.17, missing the consensus of $0.82, as one‑time restructuring charges weighed on the bottom line.
Operating margin contracted to 50% from 51% in the prior year, a 100‑basis‑point decline driven by increased network fees and higher operating expenses associated with the acquisition of Global Blue. Gross margin remained stable at 50%, indicating that pricing power in core payment services offset the impact of higher cost inputs.
Management reaffirmed its full‑year 2025 guidance, projecting gross revenue (excluding network fees) of $1.980 billion to $2.020 billion, up from the previous range of $1.965 billion to $2.035 billion. End‑to‑end payment volume is expected to reach $207 billion to $210 billion, a modest lift from the prior forecast of $200 billion to $220 billion, while adjusted EBITDA is guided at $970 million to $985 million, unchanged from the prior range of $965 million to $990 million.
CEO Taylor Lauber noted that while same‑store sales in the restaurant and hotel segments softened modestly, new verticals and geographic markets contributed positively to volume growth. He emphasized the company’s focus on cost discipline and strategic investments in high‑return verticals to sustain profitability amid a complex economic backdrop.
Investors responded favorably to the results, citing the robust payment volume growth and the announcement of the $1 billion buyback program as key drivers of the positive market reaction.
The quarter also marked the completion of the Global Blue acquisition, expected to add $330 million in revenue and $125 million in adjusted EBITDA for the remainder of the year, and the announcement of plans to acquire Worldline’s North American subsidiaries, positioning Shift4 to broaden its footprint in the payment services market.
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