Shift4 Payments (FOUR) financial statements
Shift4 Payments reported revenue of $4.2B in fiscal 2025, up 33.2% a year over 7 years.
Net income was $119M and the operating margin 8.4%, against -2.3% in 2018.
Free cash flow was $624M, and the company returned $453M in net buybacks.
The diluted share count fell 65% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Shift4 Payments's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $561M | $731M | $767M | $1.4B | $2.0B | $2.6B | $3.3B | $4.2B |
| Cost of revenue | $420M | $558M | $589M | $1.1B | $1.5B | $1.9B | $2.4B | $2.8B |
| Gross profit | $141M | $173M | $178M | $278M | $470M | $688M | $973M | $1.4B |
| Research and development | $2M | $2M | $1M | $2M | $500,000 | $1M | $4M | $6M |
| Selling, general and admin | $80M | $117M | $186M | $220M | $267M | $329M | $459M | $682M |
| Operating income | -$13M | -$4M | -$58M | -$49M | $95M | $115M | $247M | $351M |
| Interest expense | $47M | $52M | $40M | $28M | $32M | $32M | $62M | $190M |
| Pre-tax income | -$60M | -$55M | -$114M | -$77M | $87M | $120M | -$1M | $195M |
| Income tax | -$4M | $2M | -$2M | -$3M | $200,000 | -$3M | -$296M | $48M |
| Net income | -$55M | -$57M | -$18M | -$48M | $75M | $86M | $230M | $119M |
| Diluted shares | — | — | — | — | 4M | 2M | 2M | 1M |
| Gross margin | 25.1% | 23.7% | 23.2% | 20.4% | 23.6% | 26.8% | 29.2% | 34.2% |
| Operating margin | -2.3% | -0.6% | -7.5% | -3.6% | 4.8% | 4.5% | 7.4% | 8.4% |
| Net margin | -9.9% | -7.7% | -2.4% | -3.5% | 3.8% | 3.4% | 6.9% | 2.8% |
Balance sheet
Fiscal years, from Shift4 Payments's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | — | $4M | $928M | $1.2B | $702M | $455M | $1.2B | $964M |
| Receivables | — | $79M | $93M | $206M | $195M | $257M | $349M | $742M |
| Inventory | — | $8M | $2M | $4M | $5M | $3M | $9M | — |
| Total current assets | — | $106M | $1.0B | $1.5B | $992M | $1.2B | $1.9B | $2.2B |
| Property, plant and equipment | — | $15M | $15M | $18M | $22M | $29M | — | — |
| Goodwill | $392M | $421M | $477M | $538M | $735M | $1.1B | $1.5B | $2.7B |
| Total assets | — | $784M | $1.8B | $2.3B | $2.6B | $3.4B | $5.0B | $8.7B |
| Total current liabilities | — | $130M | $99M | $184M | $268M | $704M | $1.4B | $1.3B |
| Long-term debt | — | $635M | $1.0B | $1.7B | $1.7B | $1.8B | $2.2B | $4.5B |
| Total liabilities | — | $774M | $1.1B | $1.9B | $2.1B | $2.5B | $4.0B | $6.8B |
| Shareholders' equity | $36M | -$33M | $460M | $273M | $347M | $653M | $807M | $1.4B |
| Net debt | — | $637M | $78M | $507M | $1.0B | $1.3B | $1.6B | $3.6B |
Cash flow
Fiscal years, from Shift4 Payments's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $26M | $8M | $4M | $3M | $275M | $346M | $500M | $634M |
| Capital spending | $2M | $9M | $5M | $9M | $10M | $14M | $7M | $10M |
| Free cash flow | $24M | -$1M | -$1M | -$6M | $265M | $332M | $493M | $624M |
| Stock-based compensation | — | $0 | $66M | $41M | $50M | $57M | $65M | $82M |
| Share buybacks (net) | — | $0 | $0 | -$20M | -$186M | -$105M | -$146M | -$453M |
| Net borrowing | — | $90M | $1.1B | $632M | $0 | $0 | $1.1B | $2.8B |
| Free cash flow margin | 4.3% | -0.2% | -0.2% | -0.4% | 13.3% | 12.9% | 14.8% | 14.9% |
Questions
What was Shift4 Payments's revenue in 2025?
$4.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Shift4 Payments generate?
$624M in fiscal 2025 (operating cash flow minus capital spending).
From Shift4 Payments's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.