10-Q · May 7, 2026
Shift4 Payments, Inc. reported strong results for Q1 2026, with revenues reaching $1.121 billion, exceeding consensus estimates of $978.1 million. The company's diluted EPS was $0.97, outperforming estimates and the…
Earnings analysis · 10-Q
FOUR earnings analysis
Filed November 5, 2026 · Our reading of the company's report
The latest report
Shift4 delivered a strong Q3, with revenue of $1.319 billion, GAAP diluted EPS of $0.37 and Adjusted Free Cash Flow of $200 million; payments-based GRLNF rose 18% to $402 million. Revenue and non-GAAP EPS exceeded…
Read full summary
Shift4 delivered a strong Q3, with revenue of $1.319 billion, GAAP diluted EPS of $0.37 and Adjusted Free Cash Flow of $200 million; payments-based GRLNF rose 18% to $402 million. Revenue and non-GAAP EPS exceeded consensus by 10.1% and 13.7%, respectively, although the broader FY2026 outlook had previously been reduced for GRLNF, Adjusted EBITDA and non-GAAP EPS. Balance-sheet risk remains meaningful, with $1.990 billion of floating-rate term debt and 29% of revenue denominated in non-U.S. currencies; management reported no material changes to the 2025 Form 10-K risk factors.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.37
- Segment
- Payments-based revenue / GRLNF: $402 million, up 18% year over year
What stood out
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Revenue exceeded consensus by 10.1%
Q3 revenue was $1.319 billion, up from $1.29 billion in Q2 2026 and $1.18 billion in Q3 2025. The quarter exceeded the $1.197829256 billion consensus estimate by approximately 10.1%.
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EPS materially exceeded expectations
GAAP diluted EPS was $0.37, compared with $0.08 in Q2 2026 and $0.17 in Q3 2025. Non-GAAP EPS was $1.49 versus the $1.31 estimate, a 13.7% beat.
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Payments growth remained strong
Payments-based GRLNF increased 18% year over year to $402 million, indicating continued expansion in the core payments business.
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Cash generation remained robust
Adjusted Free Cash Flow reached $200 million in Q3, while full-year Adjusted Free Cash Flow guidance was maintained at $465-$475 million with 42% conversion.
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No material control deficiencies reported
Disclosure controls were assessed as effective as of September 30, 2026, and management reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls.
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Share repurchases continued
The company repurchased 4,336,154 shares during Q3, including 4,166,154 Class A common shares and 170,000 preferred shares; $175 million remained available under the program.
What to watch
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Floating-rate debt creates interest risk
The company had $1.990 billion outstanding under its floating-rate Term Loan Facility at September 30, 2026. A 25-basis-point change in SOFR would change annualized interest expense by approximately $5 million.
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Foreign-exchange exposure increased
Approximately 29% of Q3 revenue was denominated in currencies other than the U.S. dollar, up from 26% in the prior-year quarter. A stronger U.S. dollar could reduce reported revenue and operating income.
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No formal risk-factor changes; insider plan noted
The filing states there were no material changes to risk factors previously disclosed in the 2025 Form 10-K. Separately, the CEO entered a Rule 10b5-1 plan covering sales of up to 30,000 Class A shares beginning December 9, 2026.
Management's outlook
No quantitative guidance was identified in the provided 10-Q text. The previously disclosed FY2026 outlook in the November 5, 2026 earnings materials lowered GRLNF to $2.45-$2.46 billion, Adjusted EBITDA to $1.11-$1.13 billion, and non-GAAP EPS to $5.05-$5.15, while maintaining Adjusted Free Cash Flow guidance at $465-$475 million.
Earlier filings 4
10-K · February 27, 2026
Shift4 Payments, Inc. reported a significant increase in revenue for the year ended December 31, 2025, driven primarily by acquisitions and growth in both payments-based and subscription revenues. The company's recent…
10-Q · November 6, 2025
Shift4 Payments, Inc. reported strong financial results for Q3 2025, significantly exceeding expectations with revenues of $1.18 billion and EPS of $1.47, marking solid growth driven largely by the acquisition of Global…
10-Q · August 5, 2025
Shift4 Payments reported strong revenue growth in Q2 2025 with total revenue reaching $966 million, a 17% increase from the same quarter last year, driven particularly by a 15% rise in payments-based revenue. While EPS…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.