Shift4 Payments (FOUR) Q2 2026 earnings summary

Executive summary

• Delivered record Q2 2026 results, exceeding all guided metrics, with gross revenue rising 34% year-over-year to $1.30 billion, driven by strong payments-based revenue, international expansion, and recent acquisitions such as Global Blue and Bambora.

• Demonstrated resilience amid ongoing travel disruptions, particularly from the Middle East conflict, offset by robust U.S. to Europe travel and strong Asia performance.

• Continued diversification across the experience economy, including restaurants, hotels, sports, entertainment, and luxury retail, driving durable growth.

• Net income for Q2 2026 was $24 million, down from $41 million in Q2 2025, reflecting higher operating expenses and interest costs.

• Signed a definitive agreement in August 2026 to acquire an account-to-account payments company for up to $316 million.

Financial highlights

• Gross revenue reached $1.30 billion, up 34% year-over-year, surpassing guidance.

• Gross revenue less network fees (GRLNF) grew 51% year-over-year to $624 million; organic GRLNF up 11%.

• Adjusted EBITDA for Q2 2026 was $284 million, up from $205 million in Q2 2025, with a 46% margin.

• Adjusted free cash flow was $21 million, exceeding the $10 million guide.

• Payments-based revenue increased 24% year-over-year to $1.07 billion in Q2 2026, with volume up 22%.

• TFS revenue contributed $117 million in Q2 2026, reflecting the Global Blue acquisition.

• Non-GAAP EPS was $1.32 per share; diluted EPS was $0.08, compared to $0.32 in Q2 2025.

• Debt outstanding as of June 30, 2026 was $4.55 billion; cash and cash equivalents were $356 million.

Outlook and guidance

• Q3 2026 guidance: GRLNF ~$650 million (includes $25 million travel disruption impact), adjusted EBITDA $310 million, adjusted free cash flow $180 million.

• Q4 2026 guidance: GRLNF $661–$711 million, adjusted EBITDA $327–$352 million, adjusted free cash flow $176–$186 million.

• Full-year 2026 guidance: GRLNF $2.48–$2.53 billion (up 25–28% YoY), adjusted EBITDA $1.15–$1.18 billion (up 19–22% YoY), adjusted free cash flow $465–$475 million (40% conversion), non-GAAP EPS $5.15–$5.35.

• FX-neutral GRLNF growth guidance revised to 24–27% YoY.

• Management expects sufficient liquidity to fund operations, capital expenditures, and debt service for at least the next twelve months.

• The pending acquisition is expected to close in the second half of 2026, subject to regulatory approvals.