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Repay Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary9 Mar, 2026
Executive summary
Achieved strong normalized growth and free cash flow in Q4 2025, with Consumer Payments and Business Payments segments both showing robust performance despite reported revenue being flat due to lapping political media impacts.
Strengthened operations, go-to-market strategy, and leadership throughout 2025, positioning for continued momentum in 2026.
Focused on enhancing client digital payment flows, expanding software partnerships and integrations, and growing the AP supplier network by 67% year-over-year to over 602,000.
Consumer Payments segment showed resilient trends and continued enterprise client wins, while Business Payments saw strong pipeline growth in key verticals.
Financial highlights
Q4 2025 revenue was $78.6 million (flat year-over-year); normalized revenue grew 10%; gross profit was $58.3 million (up 9% normalized, down 2% reported).
Q4 2025 Adjusted EBITDA was $32.4 million (41% margin); free cash flow was $13.8 million (43% conversion).
Q4 2025 net loss was $148.3 million, primarily due to a $138.9 million non-cash goodwill impairment in Consumer Payments.
Full year 2025 revenue was $309.3 million (down 1%); gross profit was $232.0 million (down 4%); Adjusted EBITDA was $128.6 million; free cash flow was $49.1 million (38% FCF conversion).
As of December 31, 2025, cash balance was $116 million; pro forma cash after debt repayment is $79 million, with $398 million in pro forma debt.
Outlook and guidance
2026 revenue expected between $340 million and $346 million, representing 10%-12% reported growth and 7%-9% normalized growth.
Adjusted EBITDA guidance is $136.5 million to $141.5 million (approx. 40% margin); free cash flow conversion target above 45%.
Interest expense for 2026 expected to be about $15 million.
Q1 2026 growth to be lower due to timing of client implementations, with stronger growth expected in the second half.
Political media contributions expected to add $8-$10 million to revenue in 2026.
Consumer Payments segment strategy post-impairment
Drivers of Business Payments normalized growth
Operational improvements supporting 2026 outlook
Drivers of Consumer Payments GP margin compression
Rationale for prioritizing AP over AR in Business
Liquidity impact of Feb 2026 debt settlement
Repay Voice: What's the 2026 rollout plan?
What's the sustainable B2B growth rate?
How will capital allocation balance debt and M&A?
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Next Repay earnings date
Q1 202611 May, 2026
Repay
Next Repay earnings date
Q1 202611 May, 2026
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