Operating cash flow of $113M in 2026Q2 far exceeded the $2.4M net loss, but FCF of $57.2M was outpaced by $92.7M in buybacks, and a $55.9M capex spike (20.4% of revenue) suggests an investment phase.
Payoneer Global Inc. (PAYO) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | 273.93M | 233.49M | 176.93M | 159.49M | 83.96M | 20.02M | 9.53M | -14.31M | -5.99M |
| Operating CF Margin % | - | 22.18% | 18.1% | 19.19% | 13.38% | 4.23% | 2.76% | -4.5% | -2.3% |
| Operating CF Growth % | 84.12% | 31.97% | 10.93% | 89.96% | 319.49% | 110.11% | 166.56% | -139.01% | - |
| Net Income | 50.27M | 73.19M | 121.16M | 93.33M | -11.97M | -33.99M | -23.75M | -625K | -7.19M |
| Depreciation & Amortization | 94.74M | 65.63M | 45.45M | 27.81M | 20.86M | 18M | 17.09M | 10.34M | 7.87M |
| Stock-Based Compensation | 90.81M | 73.1M | 64.79M | 65.77M | 52.15M | 37.01M | 11.07M | 9.54M | 6.92M |
| Deferred Taxes | -13.21M | -17.41M | -22.62M | -11.12M | 731K | -1.22M | -721K | -694K | -414K |
| Other Non-Cash Items | -18.97M | -17.22M | 8.77M | -21.72M | -31.21M | -5.6M | -433K | -440K | 2.54M |
| Working Capital Changes | 50.72M | 56.19M | -40.63M | 5.42M | 53.4M | 5.81M | 6.26M | -32.43M | -15.72M |
| Change in Receivables | -1.51M | 1.53M | 337K | 4.9M | 964K | 3.93M | 255.92M | 129.32M | -2.2M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -14.36M |
| Change in Payables | -2.9M | 7.87M | 1.13M | -8.33M | 24.28M | 469K | 2.87M | 6.82M | 1.53M |
| Cash from Investing | -95.35M | -218.34M | -1.96B | -44.25M | 5.73M | 10.16M | -66.85M | -20.58M | -11.43M |
| Capital Expenditures | -71.65M | -26.87M | -8.19M | -12.06M | -28.83M | -6.89M | -4.99M | -9.15M | -10.86M |
| CapEx % of Revenue | 6.63% | 2.55% | 0.84% | 1.45% | 4.59% | 1.46% | 1.44% | 2.88% | 4.18% |
| Acquisitions | -12.96M | -33.08M | -48.22M | 0 | 0 | 0 | -15.48M | -6.5M | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 40.28M | -40.59M | -102.89M | -32.2M | 34.57M | 17.05M | -46.38M | -4.93M | -566K |
| Cash from Financing | 94.51M | 738.04M | 427.77M | 511.95M | 1.46B | 1.4B | 1.67B | 353.74M | 553.62M |
| Debt Issued (Net) | 0 | 0 | -18.41M | 2.27M | 2.61M | -26.36M | -19.98M | 60M | 0 |
| Equity Issued (Net) | -288.68M | -174.22M | -136.23M | -42.23M | 21.35M | -20.8M | 32.65M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -291.51M | -174.93M | -137.51M | -55.44M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 383.19M | 912.26M | 582.41M | 551.91M | 1.44B | 1.44B | 1.66B | 293.74M | 553.62M |
| Net Change in Cash | 7.04B | 758.5M | -1.36B | 631.65M | 1.55B | 1.43B | 1.62B | 319.37M | 533.67M |
| Free Cash Flow | 185.8M | 206.62M | 116.53M | 111.7M | 55.13M | -884K | -4.51M | -31.6M | -16.85M |
| FCF Margin % | 17.18% | 19.63% | 11.92% | 13.44% | 8.78% | -0.19% | -1.31% | -9.95% | -6.48% |
| FCF Growth % | 11.39% | 77.3% | 4.33% | 102.62% | 6336.09% | 80.4% | 85.73% | -87.53% | - |
| FCF per Share | 0.55 | 0.55 | 0.30 | 0.28 | 0.16 | -0.00 | -0.01 | -0.09 | -0.05 |
| FCF Conversion (FCF/Net Income) | 3.70x | 3.19x | 1.46x | 1.71x | -7.01x | -0.59x | -0.40x | 22.90x | 0.83x |
| Interest Paid | 0 | 0 | 1.4M | 1.77M | 1.47M | 1.92M | 1.89M | 311K | 0 |
| Taxes Paid | 0 | 0 | 52.32M | 40.91M | 9.43M | 3.69M | 5.71M | 1.94M | 3.33M |
Quick answers to the most common questions about buying PAYO stock.
Payoneer Global Inc. (PAYO) generated $233.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Payoneer Global Inc. (PAYO) generated $206.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Payoneer Global Inc. (PAYO) spent $26.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Payoneer Global Inc. (PAYO) spent $174.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Margin compression and revenue deceleration
Metrics are mathematically derived from official filings.
Earnings Quality Diverges Sharply
In 2026Q2, operating cash flow of $113M vastly exceeded a $2.4M net loss, yielding a negative OCF/NI ratio, per the latest quarterly report, suggesting earnings quality is heavily influenced by non-cash items.
The gap between net income and operating cash flow widened dramatically in 2026Q2, with OCF/NI at -46.4, indicating that reported losses are not reflective of cash generation. This divergence appears driven by substantial non-cash charges, including $38M in stock-based compensation and $40.1M in depreciation and amortization, which may mask underlying cash profitability. Investors should monitor whether this cash generation can persist as revenue growth slows and margins compress.
Free Cash Flow Volatility Persists
Free cash flow swung from $23.1M in 2026Q1 to $57.2M in 2026Q2, with FCF margin expanding to 20.8%, as reported in the cash flow statement, though the trajectory remains uneven across quarters.
FCF margins have ranged from 8.8% to 26.1% over the past year, reflecting significant quarterly volatility. The 2026Q2 surge to 20.8% was aided by a $23.1M working capital benefit, which may not be sustainable. Compared to net income, FCF has consistently exceeded reported earnings, suggesting that cash generation is stronger than GAAP profitability, but the inconsistency warrants caution.
Capital Intensity Spikes Temporarily
Capital expenditures jumped to $55.9M in 2026Q2, representing 20.4% of revenue, a sharp increase from the prior quarter's 3.9%, according to the cash flow statement, suggesting a possible investment phase.
The capex-to-revenue ratio spiked to 20.4% in 2026Q2, far above the historical range of 0.2% to 6.3% seen in prior quarters. This could indicate a one-time investment in infrastructure or technology, but if sustained, it would pressure free cash flow margins. Given the company's asset-light model, this elevated capex appears anomalous and may warrant further investigation into its nature.
Working Capital Adds to Cash Flow
Working capital changes contributed $23.1M to operating cash flow in 2026Q2, reversing the negative contributions seen in early 2024, as per the cash flow statement, indicating improved efficiency in collections or payables.
After several quarters of negative working capital changes in 2024, the last four quarters have shown positive contributions, with 2026Q2 being the largest at $23.1M. This suggests that Payoneer may be managing its receivables and payables more effectively, or that timing effects are favorable. However, such benefits are often cyclical and may reverse, so investors should not extrapolate this as a permanent tailwind.
Buybacks Outpace Cash Generation
Share repurchases totaled $92.7M in 2026Q2, exceeding free cash flow of $57.2M, as reported in the cash flow statement, indicating aggressive capital return despite volatile earnings.
Payoneer has consistently repurchased shares each quarter, with buybacks accelerating to $92.7M in 2026Q2, up from $75.0M in the prior quarter. This deployment exceeds free cash flow, suggesting the company is using balance sheet cash or other sources to fund buybacks. While this may signal confidence, it also reduces liquidity and could be unsustainable if cash generation falters.
Cash Flow Strength May Be Overstated
Operating cash flow in 2026Q2 included $23.1M from working capital and $38M in stock-based compensation, per the cash flow statement, which may inflate cash generation relative to underlying operations.
The robust operating cash flow of $113M in 2026Q2 is partly attributable to non-cash stock-based compensation and favorable working capital movements. Excluding these, cash generation would be significantly lower, potentially aligning more closely with the reported net loss. This suggests that the company's cash flow quality may be weaker than it appears, and investors should adjust for these items when assessing sustainability.