Shift4 Payments, Inc.
shift4.comWhat Do They Do?
Processes payments and sells integrated commerce software to merchants ranging from local businesses to multinational enterprises. Provides tax-free shopping services to merchants and travelers.
10-K for FY2025, filed Feb 27, 2026We power billions of transactions annually for hundreds of thousands of businesses in virtually every industry. We achieved our leadership…View ↗
At the heart of our business is our payments platform. Our payments platform is a full suite of integrated payment products and services…View ↗
end-to-end payment processing for a broad range of payment types; merchant acquiring services; a proprietary omni-channel gateway capable…View ↗
As a result of the acquisition of Global Blue Group Holding AG (“Global Blue”) in the third quarter of 2025 (“Global Blue Merger”) we are…View ↗
SkyTab POS – We provide purpose-built POS workstations pre-loaded with powerful, mission-critical software and integrated payment…View ↗
How Do They Make Money?
Merchants pay processing fees based on payment volume or per transaction; gateway services also carry per-transaction or monthly fees. Software and hardware-service fees recur over time, while the company earns a commission on completed, customs-validated tax refunds.
10-K for FY2025, filed Feb 27, 2026Payments-based revenue includes fees for payment processing and gateway services. Payment processing fees are primarily driven as a…View ↗
The Company satisfies its performance obligations and recognizes transaction fees upon authorization of a transaction by the merchant’s…View ↗
For TFS services, the Company provides a solution that facilitates the VAT refund process for both merchants and travelers. Specifically…View ↗
The Company also generates revenues from recurring fees which are based on the technology deployed by the merchant. This includes statement…View ↗
(1)Software: The Company provides a “Hybrid Cloud” agreement which includes on-premise software as well as a cloud component. The…View ↗
(2)Hardware: The Company’s standard business practice is to provide hardware to its merchants as a lease. The hardware is typically…View ↗
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10-K for FY2025, filed Feb 27, 2026
FY2025 revenue by product or service ↗
$4.2B
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10-K for FY2025, filed Feb 27, 2026
$4.2B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Payments-based revenue
Usage-based
10-K for FY2025, filed Feb 27, 2026 |
83%
FY2022: 93%
|
Payments-based revenue, FY2025
$3.5B Sources
|
Usage-based |
|
TFS revenue
Usage-based
|
6.1% |
TFS revenue, FY2025
$255M Sources
|
Usage-based |
|
Subscription and other revenues
Mix
10-K for FY2025, filed Feb 27, 2026 |
11%
FY2022: 6.9%
|
Subscription and other revenues, FY2025
$454M Sources
|
Mix |
Who Are Their Customers?
Serves merchants ranging from small owner-operated businesses to multinational enterprises, including stadiums, resorts and airlines. Internal sales teams sell directly, while independent software vendors and value-added resellers also distribute its offerings to merchants.
10-K for FY2025, filed Feb 27, 2026We power billions of transactions annually for hundreds of thousands of businesses in virtually every industry. We achieved our leadership…View ↗
We distribute our services through a network of internal sales teams, as well as through our network of partners. Our partners are…View ↗
Independent software vendors – Our solutions are connected into hundreds of integrations with market-leading software providers, including…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 3 cents of every revenue dollar as net income in FY2025 and turned 15 cents into free cash flow.
10-K for FY2025, filed Feb 27, 2026
$351MView ↗
10-K for FY2025, filed Feb 27, 2026
$119MView ↗
10-K for FY2025, filed Feb 27, 2026
$624MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
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Aug 6, 2026
Cuts full-year revenue guidance amid travel disruption
Lowered the 2026 midpoint for gross revenue less network fees, citing Middle East travel disruption and foreign-exchange effects.
Sources
8-K, filed Aug 6, 2026
We are often asked about why a merchant chooses Shift4 and the answer is how we deliver in the moments that matter. The businesses we serve…View ↗
Growing. Revenue grew 3.1x in 4 years, from $1.4B in FY2021 to $4.2B in FY2025, about 32% a year.
Adds tax-free shopping
Global Blue adds a tax-free shopping business that facilitates VAT refunds for merchants and travelers, alongside its payment processing and technology solutions.
10-K for FY2022, filed Mar 1, 2023 10-K for FY2025, filed Feb 27, 2026
Who Do They Compete With?
Competes with Chase Paymentech, Elavon, Worldpay, Fiserv, Global Payments, Adyen, Lightspeed, Shopify, Square, Toast, and FreedomPay
10-K for FY2025, filed Feb 27, 2026We compete in a highly competitive industry with a range of providers. For certain services and solutions, including end-to-end payments…View ↗
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