Revenue growth accelerated to 34% year-over-year in 2026Q2, reaching $1.3B, while gross margin expanded to 34.4% from 26.5% in 2024Q1, but operating margin remains volatile at 7.3% and diluted EPS fell 72.5% year-over-year to $0.09 due to $31M in stock-based compensation.
Shift4 Payments, Inc. (FOUR) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 4.92B | 4.18B | 3.33B | 2.56B | 1.99B | 1.37B | 766.9M | 731.4M | 560.6M |
| Revenue Growth % | 26.96% | 25.5% | 29.86% | 28.65% | 45.78% | 78.32% | 4.85% | 30.47% | - |
| Cost of Goods Sold | 3.18B | 2.75B | 2.36B | 1.88B | 1.52B | 1.09B | 589.1M | 558M | 419.9M |
| COGS % of Revenue | - | 65.84% | 70.78% | 73.18% | 76.41% | 79.64% | 76.82% | 76.29% | 74.9% |
| Gross Profit | 1.75B | 1.43B | 973.1M | 687.8M | 470.2M | 278.4M | 177.8M | 173.4M | 140.7M |
| Gross Margin % | 35.48% | 34.16% | 29.22% | 26.82% | 23.59% | 20.36% | 23.18% | 23.71% | 25.1% |
| Gross Profit Growth % | - | 46.75% | 41.48% | 46.28% | 68.89% | 56.58% | 2.54% | 23.24% | - |
| Operating Expenses | 1.34B | 1.08B | 726.1M | 573M | 375.5M | 327.4M | 235.4M | 177.8M | 153.8M |
| OpEx % of Revenue | - | 25.77% | 21.8% | 22.34% | 18.84% | 23.94% | 30.7% | 24.31% | 27.43% |
| Selling, General & Admin | 956M | 801M | 522.6M | 377.5M | 315.6M | 265.2M | 194.7M | 141.1M | 93.3M |
| SG&A % of Revenue | - | 19.16% | 15.69% | 14.72% | 15.83% | 19.39% | 25.39% | 19.29% | 16.64% |
| Research & Development | 0 | 0 | 0 | 0 | 500K | 1.8M | 1.2M | 1.6M | 1.6M |
| R&D % of Revenue | - | - | - | - | 0.03% | 0.13% | 0.16% | 0.22% | 0.29% |
| Other Operating Expenses | 4M | 276M | 203.5M | 194.3M | 59.4M | 60.4M | 39.5M | 35.1M | 58.9M |
| Operating Income | 403M | 351M | 247M | 114.8M | 94.7M | -49.2M | -57.6M | -4.4M | -13.1M |
| Operating Margin % | 8.18% | 8.4% | 7.42% | 4.48% | 4.75% | -3.6% | -7.51% | -0.6% | -2.34% |
| Operating Income Growth % | - | 42.11% | 115.16% | 21.22% | 292.48% | 14.58% | -1209.09% | 66.41% | - |
| EBITDA | 939.3M | 783M | 543.6M | 329.4M | 243.8M | 55.2M | 26.6M | 58.2M | 57.7M |
| EBITDA Margin % | 19.08% | 18.73% | 16.32% | 12.84% | 12.23% | 4.04% | 3.47% | 7.96% | 10.29% |
| EBITDA Growth % | 35.76% | 44.04% | 65.03% | 35.11% | 341.67% | 107.52% | -54.3% | 0.87% | - |
| D&A (Non-Cash Add-back) | 536.3M | 432M | 296.6M | 214.6M | 149.1M | 104.4M | 84.2M | 62.6M | 70.8M |
| EBIT | 420M | 385M | 60.2M | 151.6M | 119.4M | -49.1M | -73.6M | -3.4M | 6.7M |
| Net Interest Income | -239M | -131M | -28.1M | -200K | -21.7M | -28M | -40.2M | -51.5M | -47M |
| Interest Income | 30M | 59M | 33.7M | 31.9M | 10.8M | 0 | 0 | 0 | 0 |
| Interest Expense | 269M | 190M | 61.8M | 32.1M | 32.5M | 28M | 40.2M | 51.5M | 47M |
| Other Income/Expense | -245M | -156M | -248.6M | 4.7M | -7.8M | -27.9M | -56.2M | -50.5M | -46.4M |
| Pretax Income | 158M | 195M | -1.6M | 119.5M | 86.9M | -77.1M | -113.8M | -54.9M | -59.5M |
| Pretax Margin % | 3.21% | 4.67% | -0.05% | 4.66% | 4.36% | -5.64% | -14.84% | -7.51% | -10.61% |
| Income Tax | 29M | 48M | -296.1M | -3.4M | 200K | -3.1M | -2.4M | 1.7M | -4.1M |
| Effective Tax Rate % | 18.35% | 24.62% | 18506.25% | -2.85% | 0.23% | 4.02% | 2.11% | -3.1% | 6.89% |
| Net Income | 100M | 119M | 229.6M | 86.2M | 75.1M | -48.9M | -18.4M | -56.6M | -55.4M |
| Net Margin % | 2.03% | 2.85% | 6.89% | 3.36% | 3.77% | -3.58% | -2.4% | -7.74% | -9.88% |
| Net Income Growth % | -48.67% | -48.17% | 166.36% | 14.78% | 253.58% | -165.76% | 67.49% | -2.17% | - |
| Net Income (Continuing) | 129M | 147M | 294.5M | 122.9M | 86.7M | -74M | -111.4M | -56.6M | -55.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 127M | 515M | 211.1M | 215.1M | 133.3M | 126.9M | 210.4M | 0 | 0 |
| EPS (Diluted) | 1.28 | 1.08 | 3.03 | 1.43 | 1.05 | -0.89 | -0.43 | -1.23 | -1.42 |
| EPS Growth % | -61.06% | -64.36% | 111.89% | 36.19% | 217.98% | -106.98% | 65.04% | 13.38% | - |
| EPS (Basic) | - | 1.15 | 3.36 | 1.45 | 1.34 | -0.89 | -0.43 | -1.23 | -1.42 |
| Diluted Shares Outstanding | 78.21M | 88.95M | 91.52M | 60.99M | 82.77M | 54.92M | 45.03M | 45.94M | 39.03M |
| Basic Shares Outstanding | 77.51M | 68.06M | 67.68M | 59.68M | 56.17M | 54.92M | 45.03M | 45.94M | 39.03M |
| Dividend Payout Ratio | - | 25.21% | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying FOUR stock.
For fiscal year 2025, Shift4 Payments, Inc. (FOUR) reported total revenue of $4.18B. This represents a 645.6% increase compared to $560.6M in 2018.
Shift4 Payments, Inc. (FOUR) is profitable, generating $119.0M in net income for the fiscal year ending 2025 with a net profit margin of 2.8%.
Shift4 Payments, Inc. (FOUR) reported an operating income of $351.0M, resulting in an operating profit margin of 8.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Shift4 Payments, Inc. (FOUR) generated $1.43B in gross profit for the year, representing a gross profit margin of 34.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
EPS dilution from SBC
Metrics are mathematically derived from official filings.
Revenue Growth Accelerates on Volume
Shift4's revenue grew 34% year-over-year in 2026Q2, reaching $1.3B, according to the latest quarterly report, marking a clear acceleration from the 16.8% growth seen in 2025Q2.
The sequential acceleration from 16.8% in 2025Q2 to 34.0% in 2026Q2 suggests that the company is gaining market share or benefiting from increased payment volumes. The consistent high-teens to mid-thirties growth rates over the past two years indicate a durable expansion trajectory, likely driven by both organic volume growth and strategic acquisitions. Investors should monitor whether this pace is sustainable as the base of revenues expands.
Gross Margin Expansion Reflects Mix Shift
Gross margin improved from 26.5% in 2024Q1 to 34.4% in 2026Q2, as reported in financial statements, indicating a favorable shift toward higher-margin services and software.
The 780 basis point improvement in gross margin over the period suggests that Shift4 is successfully shifting its revenue mix toward more profitable payment processing and software solutions. This trend is particularly notable given the competitive pricing pressures in the payments industry. However, the margin still lags peers like Payoneer (78.1%) and EVERTEC (49.7%), implying room for further optimization or a different business model focus.
Operating Leverage Emerging but Inconsistent
Operating margin swung from 3.0% in 2025Q1 to 7.3% in 2026Q2, per the income statement, but remains volatile, suggesting limited operating leverage despite revenue growth.
While revenue has grown steadily, operating income has not scaled proportionally, with operating margins fluctuating between 3.0% and 10.8% over the last ten quarters. The spike in SG&A in 2026Q1 ($248M) and 2025Q1 ($179M) relative to revenue suggests that the company is investing heavily in sales and marketing, which may be necessary to sustain growth but compresses near-term profitability. The lack of consistent operating leverage warrants close attention to SG&A efficiency as the company scales.
EPS Volatility Masks Underlying Profitability
Diluted EPS swung from $1.43 in 2024Q4 to $0.09 in 2026Q2, as per the latest filings, with stock-based compensation of $31M in 2026Q2, indicating significant non-cash charges affecting reported earnings.
The dramatic fluctuations in EPS, including a negative EPS in 2026Q1, are not fully explained by operating performance, as net income has been positive but modest. Stock-based compensation has averaged around $15-30M per quarter, which, when added back, would improve earnings quality. The 2024Q4 EPS of $1.43 likely included one-time tax benefits or other non-operating items, as net income of $116M was disproportionately high relative to operating income of $86M. Investors should adjust for these items to assess underlying profitability.
SG&A Escalation Pressures Margins
SG&A expenses rose from $119.5M in 2024Q1 to $242M in 2026Q2, a 102% increase, according to the income statement, outpacing revenue growth of 84% over the same period.
The rapid escalation in SG&A, particularly in 2025Q1 and 2026Q1, suggests aggressive investment in sales, marketing, and administrative infrastructure to support expansion. While this may be necessary to capture market share, it has compressed operating margins, which fell to 4.5% in 2026Q1. The company's ability to moderate these costs while maintaining growth will be critical to improving profitability. R&D expenses are not separately disclosed, which limits visibility into product investment.
Growth Sustainability Questioned by SBC
Despite 34% revenue growth, diluted EPS declined 72.5% year-over-year in 2026Q2, as reported, with stock-based compensation of $31M, suggesting that reported earnings are being diluted by heavy equity issuance.
Short-sellers would likely highlight the disconnect between top-line growth and shareholder value creation, as EPS has been volatile and often negative on a diluted basis. The consistent use of stock-based compensation, which totaled $31M in 2026Q2, dilutes existing shareholders and may indicate that growth is partly funded by equity rather than cash flow. Additionally, the company's operating margin of 7.3% is below peers like Payoneer (11.8%) and EVERTEC (20.0%), raising questions about competitive positioning. If revenue growth decelerates, the lack of operating leverage could lead to margin compression and further EPS deterioration.