Revenue growth has decelerated to a 1.8% year-over-year decline as of 2025Q3, while persistent SG&A expenses frequently consume the entirety of the company's 75% gross margin.
| Sales/Revenue | 312.73M | 309.26M | 313.04M | 296.63M | 279.23M | 219.26M | 155.04M | 104.6M | 130.01M | 93.95M | 82.3M |
| Revenue Growth % | 1% | -1.21% | 5.53% | 6.23% | 27.35% | 41.42% | 48.21% | -19.54% | 38.38% | 14.16% | - |
| Cost of Goods Sold | 58.58M | 77.24M | 71.64M | 69.7M | 64.83M | 55.48M | 41.45M | 25.87M | 1.15M | 57.6M | 53.24M |
| COGS % of Revenue | - | 24.98% | 22.88% | 23.5% | 23.22% | 25.31% | 26.73% | 24.73% | 0.89% | 61.31% | 64.69% |
| Gross Profit | 173.36M | 232.02M | 241.41M | 226.92M | 214.4M | 163.77M | 113.59M | 78.73M | 128.86M | 36.35M | 29.06M |
| Gross Margin % | 55.43% | 75.02% | 77.12% | 76.5% | 76.78% | 74.69% | 73.27% | 75.27% | 99.11% | 38.69% | 35.31% |
| Gross Profit Growth % | - | -3.89% | 6.38% | 5.84% | 30.91% | 44.18% | 44.28% | -38.9% | 254.5% | 25.1% | - |
| Operating Expenses | 366.35M | 244.05M | 249.18M | 338.34M | 261.6M | 217.77M | 145.6M | 126.94M | 1.15M | 22.06M | 27.32M |
| OpEx % of Revenue | - | 78.91% | 79.6% | 114.06% | 93.69% | 99.32% | 93.91% | 121.35% | 0.89% | 23.48% | 33.2% |
| Selling, General & Admin | 140.97M | 142.01M | 145.47M | 0 | 149.06M | 0 | 0 | 0 | 1.15M | 14.6M | 23.57M |
| SG&A % of Revenue | - | 45.92% | 46.47% | - | 53.38% | - | - | - | 0.89% | 15.54% | 28.65% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 102.05M | 103.71M | 338.34M | 112.54M | 217.77M | 145.6M | 126.94M | 0 | -1.23M | 0 |
| Operating Income | -112.2M | -12.03M | -7.77M | -111.41M | -47.2M | -54M | -32.01M | -48.21M | -1.15M | 16.39M | 1.75M |
| Operating Margin % | -35.88% | -3.89% | -2.48% | -37.56% | -16.9% | -24.63% | -20.65% | -46.09% | -0.89% | 17.44% | 2.12% |
| Operating Income Growth % | - | -54.88% | 93.03% | -136.04% | 12.59% | -68.69% | 33.6% | -4087.59% | -107.02% | 838.78% | - |
| EBITDA | -9.91M | 90.01M | 95.94M | -27.34M | 60.55M | 27.23M | 28.8M | -18.23M | 9.27M | 23.85M | 5.44M |
| EBITDA Margin % | -3.17% | 29.11% | 30.65% | -9.22% | 21.68% | 12.42% | 18.57% | -17.43% | 7.13% | 25.38% | 6.61% |
| EBITDA Growth % | -112.03% | -6.18% | 450.85% | -145.16% | 122.36% | -5.44% | 257.97% | -296.65% | -61.13% | 338.2% | - |
| D&A (Non-Cash Add-back) | 102.29M | 102.05M | 103.71M | 84.07M | 107.75M | 81.23M | 60.81M | 29.98M | 10.42M | 7.46M | 3.7M |
| EBIT | -257.5M | -263.01M | -3.05M | -25.59M | 19.29M | -45.97M | -34.52M | -28.11M | 16.61M | 15.15M | 1.75M |
| Net Interest Income | -8.13M | -9.89M | -1.88M | -1.05M | -4.25M | -3.68M | -14.45M | -9.07M | -6.07M | -5.71M | 0 |
| Interest Income | 3.12M | 4.06M | 5.99M | 0 | 130K | 0 | 0 | 0 | 0 | 0 | 2.25M |
| Interest Expense | 7M | 13.95M | 7.87M | 1.05M | 4.38M | 3.68M | 14.45M | 9.07M | 6.07M | 5.71M | 0 |
| Other Income/Expense | -164.14M | -264.92M | -3.15M | -8.12M | 62.12M | -32.73M | -73M | -17.36M | -6.07M | -6.94M | -2.26M |
| Pretax Income | -276.34M | -276.96M | -10.92M | -119.53M | 14.91M | -86.73M | -105.01M | -65.57M | 1.52M | 9.45M | -511.71K |
| Pretax Margin % | -88.36% | -89.55% | -3.49% | -40.3% | 5.34% | -39.56% | -67.73% | -62.69% | 1.17% | 10.06% | -0.62% |
| Income Tax | -7.45M | -5.87M | -575K | -2.12M | 6.17M | -30.69M | 12.36M | 4.99M | -2.67M | 0 | 0 |
| Effective Tax Rate % | 2.7% | 2.12% | 5.27% | 1.77% | 41.39% | 35.39% | -11.77% | -7.61% | -175.57% | 0% | 0% |
| Net Income | -258.72M | -256.72M | -10.16M | -110.49M | 12.84M | -50.08M | -105.6M | -55.29M | 1.52M | 9.45M | -511.71K |
| Net Margin % | -82.73% | -83.01% | -3.24% | -37.25% | 4.6% | -22.84% | -68.11% | -52.86% | 1.17% | 10.06% | -0.62% |
| Net Income Growth % | -1906.96% | -2427.81% | 90.81% | -960.78% | 125.63% | 52.57% | -90.99% | -3729.36% | -83.88% | 1946.42% | - |
| Net Income (Continuing) | -272.86M | -271.09M | -10.35M | -117.42M | 8.74M | -56.04M | -117.37M | -70.56M | 10.54M | 9.45M | -511.71K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -2.74M | -2.65M | 11.9M | 15.65M | 33.73M | 39.03M | 46.87M | 206.16M | 0 | 0 | 0 |
| EPS (Diluted) | -3.14 | -3.00 | -0.11 | -1.23 | 0.12 | -0.60 | -0.67 | 0.28 | 0.05 | 1.45 | -0.08 |
| EPS Growth % | -1997.33% | -2627.27% | 91.06% | -1125% | 120% | 10.45% | -339.29% | 493.22% | -96.74% | 1958.97% | - |
| EPS (Basic) | - | -3.00 | -0.11 | -1.23 | 0.14 | -0.60 | -0.67 | 0.28 | 0.05 | 1.45 | -0.08 |
| Diluted Shares Outstanding | 82.52M | 85.56M | 89.92M | 90.05M | 110.67M | 83.32M | 52.18M | 37.53M | 32.25M | 6.52M | 6.6M |
| Basic Shares Outstanding | 82.52M | 85.56M | 89.92M | 90.05M | 88.79M | 83.32M | 52.18M | 37.53M | 32.25M | 6.52M | 6.6M |
| Dividend Payout Ratio | - | - | - | - | 7.41% | - | - | - | 414.06% | 57.99% | - |
Regulatory and M&A integration
As reported in recent financial statements, RPAY's revenue growth has decelerated significantly, culminating in a 1.8% year-over-year decline in 2025Q3, which suggests that the company's core lending vertical is facing substantial pressure from a tightening credit environment and potential loss of market share.
The transition from mid-single-digit growth to contraction indicates that the company's reliance on non-prime consumer lending is highly sensitive to macroeconomic shifts. Investors should monitor whether this trend reflects a permanent maturation of the core business or temporary cyclical weakness in the underlying loan repayment volume.
Based on the provided income statement data, RPAY maintains a robust gross margin profile, consistently hovering around 75%, yet this structural strength fails to translate into bottom-line profitability, suggesting that the company's operating cost structure remains misaligned with its current revenue scale and transactional take rates.
The high gross margin likely reflects a net revenue reporting model, which obscures the true cost of processing. Despite this, the inability to achieve consistent operating profitability suggests that the company's fixed cost base, including personnel and amortization, is too heavy for its current transaction volume.
According to historical income statement filings, RPAY's net income has experienced extreme volatility, including a massive $140.1 million loss in 2025Q4, which indicates that non-cash charges and potential goodwill impairments are significantly distorting the company's reported earnings and masking its underlying operational performance.
The frequent, large-scale net losses suggest that the company's aggressive M&A strategy has resulted in significant intangible asset write-downs. Analysts should treat reported net income with caution, as these non-recurring items make it difficult to assess the true cash-generating capability of the legacy business.
As evidenced by the persistent negative operating margins, RPAY has failed to demonstrate meaningful operating leverage, with SG&A expenses frequently consuming the entirety of gross profit, which warrants further investigation into the efficiency of the company's corporate overhead and its ability to scale without proportional cost increases.
The lack of operating leverage suggests that the company's business model may be more capital-intensive than initially perceived. Without a clear path to scaling revenue faster than operating expenses, the company remains vulnerable to continued margin compression and potential liquidity constraints.
Quick answers to the most common questions about buying RPAY stock.
For fiscal year 2025, Repay Holdings Corporation (RPAY) reported total revenue of $309.3M. This represents a 275.8% increase compared to $82.3M in 2016.
Repay Holdings Corporation (RPAY) reported a net loss of $256.7M for the fiscal year ending 2025.
Repay Holdings Corporation (RPAY) reported an operating income of $-12.0M, resulting in an operating profit margin of -3.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Repay Holdings Corporation (RPAY) generated $232.0M in gross profit for the year, representing a gross profit margin of 75.0%. This demonstrates the company's core pricing power and production efficiency.