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Shift4

FOUR NYSE Transaction & Payment Processing Services Financials FY2018–FY2025

Shift4's revenue rose 25.5% to $4.2 billion in fiscal 2025. Its operating margin was 8.4%, up from 7.4% a year earlier. Free cash flow was $624 million, up 26.6%. It paid out $453 million in dividends and buybacks, 73% of free cash flow. The diluted share count fell 20.1%.

Last close · Oct 23, 2026

$38.79

3.4%
Value it Compare
Revenue Total sales reported in the income statement.
$4.2B
25.5% vs prior year
Operating margin Operating income as a share of revenue.
8.4%
1.0 pts
Net income Profit after all expenses, interest and tax.
$119M
48.3%
Free cash flow Cash from operations minus capital spending.
$624M
26.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
6.5%
1.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$50.4M
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Shift4 does

No business description yet.

Legal name
SHIFT4 PAYMENTS, INC.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001794669-26-000010
0001794669

Revenue and margins

Shift4 had $4.2B of revenue in fiscal 2025, up 25.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $624M in fiscal 2025, 14.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Shift4 returned $453M to shareholders in fiscal 2025, 73% of free cash flow. The diluted share count fell 20.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Shift4 yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$3.6B and divides by 1.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Shift4 can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.2B$703M$455M$1.2B$964M
Debt incl. finance leases $1.7B$1.8B$1.8B$2.8B$4.5B
Net debt / EBITDA 9.2x4.4x3.9x3.0x4.6x
Debt / equity 6.4x5.1x2.7x3.5x3.2x
Interest coverage −1.8x2.9x3.6x4.0x1.9x
Current ratio 7.9x3.7x1.6x1.4x1.7x
Quick ratio 7.9x3.7x1.6x1.4x1.7x
Total assets $2.3B$2.6B$3.4B$5.0B$8.7B
Total liabilities $1.9B$2.1B$2.5B$4.0B$6.8B
Shareholders' equity $273M$347M$653M$807M$1.4B
Net debt (− = net cash) $507M$1.1B$1.3B$1.6B$3.6B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$33.6M

1 insider

Sold, 12 months

$1.3M

3 insiders

Of sales under plans

100%

$1.3M

DateInsiderTradeSharesPriceValueFiling
May 12, 2026 Jared Isaacman10% owner Bought 193,000 $40.66 $7.8M Form 4
May 11, 2026 Jared Isaacman10% owner Bought 195,500 $41.41 $8.1M Form 4
Mar 10, 2026 Jared Isaacman10% owner Bought 43,827 $45.75 $2.0M Form 4
Mar 2, 2026 Jared Isaacman10% owner Bought 45,693 $43.83 $2.0M Form 4
Feb 27, 2026 Jared Isaacman10% owner Bought 159,244 $44.15 $7.0M Form 4
Feb 26, 2026 Jared Isaacman10% owner Bought 136,993 $48.38 $6.6M Form 4
Dec 11, 2025 David Taylor LauberChief Executive Officer, Director Sold plan 12,000 $69.00 $0.8M Form 4
Dec 11, 2025 Nancy DismanDirector Sold plan 5,000 $69.50 $0.3M Form 4
Nov 12, 2025 James J. WhalenSee Remarks Sold plan 1,438 $71.50 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✕
F-score 7 / 85 / 86 / 8
Accruals ratio −8.8%−6.4%−7.5%
Altman Z'' 1.131.141.05

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Shift4 FOUR $50.4M 25.5% 8.4% 14.9% 6.5% — 6
Euronet Worldwide EEFT $3.0B 6.4% 12.5% 10.2% 29.9% 10.4x 7 Compare →
Affirm AFRM $24.4B 32.2% 9.8% 23.3% — 12.7x — Compare →
Western Union WU $2.0B −3.8% 18.7% 12.5% 24.0% 5.2x — Compare →
Corpay CPAY $27.1B 13.9% 44.0% 28.7% 11.5% 24.9x 5 Compare →

8 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $561M $731M $767M $1.4B $2.0B $2.6B $3.3B $4.2B
Gross profit $141M $173M $178M $278M — — — —
Research and development $1.6M $1.6M $1.2M $1.8M $0.5M $1.0M $4.0M $6.0M
Operating income −$13.1M −$4.4M −$57.6M −$49.2M $94.7M $115M $247M $351M
Interest expense $47.0M $51.5M $40.2M $28.0M $32.5M $32.1M $62.0M $190M
Pretax income −$59.5M −$54.9M −$114M −$77.1M $86.9M $120M −$1.0M $195M
Income tax −$4.1M $1.7M −$2.4M −$3.1M $0.2M −$3.0M −$296M $48.0M
Net income −$55.4M −$56.6M −$18.4M −$48.2M $75.1M $86.0M $230M $119M
Diluted shares — — — — 0.00B 0.00B 0.00B 0.00B
Cash flow
Cash from operations $25.5M $8.0M $4.0M $3.0M $275M $346M $500M $634M
Capital expenditure $1.6M $8.2M $4.8M $8.2M $8.0M $14.0M $7.0M $10.0M
Free cash flow $23.9M −$0.2M −$0.8M −$5.2M $267M $332M $493M $624M
Depreciation and amortization $70.8M $62.6M $84.2M $104M $149M $215M $297M $432M
Stock-based compensation — $0.0M $66.2M $40.8M $49.6M $57.0M $65.0M $82.0M
Acquisitions $1.5M $60.2M $49.8M $54.5M $135M $170M $555M $2.7B
Share buybacks $0.0M $0.0M $0.0M $19.5M $186M $105M $146M $453M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $19.5M $186M $105M $146M $453M
Balance sheet
Cash and short-term investments — $3.7M $928M $1.2B $703M $455M $1.2B $964M
Total debt — $657M $1.0B $1.7B $1.8B $1.8B $2.8B $4.5B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets — $106M $1.0B $1.5B $992M $1.2B $1.9B $2.2B
Current liabilities — $130M $99.4M $184M $268M $704M $1.4B $1.3B
Inventory $0.0M $8.5M $1.5M $3.5M $4.8M $3.4M $8.9M $0.0M
Property and equipment, net — $15.4M $15.1M $18.4M $22.3M $28.6M — —
Total assets — $784M $1.8B $2.3B $2.6B $3.4B $5.0B $8.7B
Total liabilities — $774M $1.1B $1.9B $2.1B $2.5B $4.0B $6.8B
Shareholders' equity $35.9M −$32.9M $460M $273M $347M $653M $807M $1.4B
Margins
Gross margin 25.1% 23.7% 23.2% 20.4% — — — —
Operating margin −2.3% −0.6% −7.5% −3.6% 4.8% 4.5% 7.4% 8.4%
EBITDA margin 10.3% 8.0% 3.5% 4.0% 12.2% 12.9% 16.3% 18.7%
Net margin −9.9% −7.7% −2.4% −3.5% 3.8% 3.4% 6.9% 2.9%
FCF margin 4.3% −0.0% −0.1% −0.4% 13.4% 12.9% 14.8% 14.9%
Returns
Return on capital — — −6.6% −4.6% 7.7% 6.2% 8.1% 6.5%
Return on capital employed — — −4.9% −2.6% 4.3% 4.6% 7.8% 6.4%
Return on equity — — −8.6% −13.2% 24.2% 17.2% 31.5% 10.6%
Return on assets — — −1.4% −2.3% 3.1% 2.9% 5.5% 1.7%
Growth
Revenue growth — 30.5% 4.9% 78.3% 45.8% 28.7% 29.9% 25.5%
Net income growth — — — — — 14.5% 167.4% −48.3%
FCF growth — −100.8% — — — 24.2% 48.5% 26.6%
Share count change — — — — — −49.8% −14.1% −20.1%
Financial health
Net debt / EBITDA — 11.2x 3.8x 9.2x 4.4x 3.9x 3.0x 4.6x
Debt / equity — — 2.2x 6.4x 5.1x 2.7x 3.5x 3.2x
Interest coverage −0.3x −0.1x −1.4x −1.8x 2.9x 3.6x 4.0x 1.9x
Current ratio — 0.8x 10.4x 7.9x 3.7x 1.6x 1.4x 1.7x
Quick ratio — 0.8x 10.4x 7.9x 3.7x 1.6x 1.4x 1.7x
Capital allocation
Capex / revenue 0.3% 1.1% 0.6% 0.6% 0.4% 0.6% 0.2% 0.2%
Stock comp / revenue — 0.0% 8.6% 3.0% 2.5% 2.2% 2.0% 2.0%
Payouts / FCF 0.0% — — — 69.5% 31.6% 29.6% 72.6%
Quality scores
Piotroski F-score — — — — — 7.0 5.0 6.0
Altman Z'' — −1.0 3.4 3.2 1.9 1.1 1.1 1.1
Accruals ratio — — −1.8% −2.5% −8.2% −8.8% −6.4% −7.5%

Source: SEC EDGAR XBRL filings (CIK 0001794669). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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