Shift4 Payments (FOUR) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 results with strong growth across key metrics despite global travel disruptions and a challenging macro environment.

• Gross revenue rose 32% year-over-year to $1,121 million, driven by payments-based and TFS revenue growth, including contributions from recent acquisitions.

• Diversified business model and international expansion contributed to resilience and scalability.

• Completed the acquisition of Bambora and finalized the Up-C Collapse, simplifying the corporate structure and eliminating future TRA payments.

• Competitive differentiation in experience economy verticals remains robust, with significant wins in restaurants, hotels, and sports/entertainment.

Financial highlights

• Gross revenue less network fees (GRLNF) grew 49% year-over-year to $549M; gross revenue reached $1.12B.

• Adjusted EBITDA rose 39% year-over-year to $234M (43% margin); adjusted free cash flow up 26% to $88M.

• Payments-based revenue increased 21% to $917 million; TFS revenue contributed $102 million following the Global Blue acquisition.

• Volumes increased 24% year-over-year to $56B, with blended spreads at 61 basis points.

• Operating cash flow was $134 million, up from $96 million in the prior year.

Outlook and guidance

• Full-year 2026 guidance unchanged: 26%-31% GRLNF growth.

• Q2 2026 guidance: GRLNF of $615M (includes ~$20M travel disruption impact), adjusted EBITDA of $278M, adjusted free cash flow of $10M, gross revenue of $1.17B.

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

• Seasonality in tax-free shopping (TFS) expected; first half cash flow consumptive, second half generative.

• Guidance reflects a neutral outlook with no dramatic recovery forecasted.