At a glance
Shift4 Payments Inc is worth $3.01B. Revenue grew 25.5% to $4.18B in fiscal 2025, with 2.8% kept as profit; over 5 years it has grown 40.4% a year. It pays no dividend; it spent $909.4M buying back its shares over FY2021–FY2025. The stock returned −49.3% over the past year with dividends reinvested and −9.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 53.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months after the low.
The business in plain English
Shift4 Payments helps businesses accept card, mobile and online payments. It describes itself as a leading independent provider of payment processing and software in the U.S., and it is expanding abroad. Its merchants range from small owner-run businesses to stadiums, arenas, resorts and airlines. Shift4 also offers point-of-sale (POS) systems under the SkyTab name. These are the checkout hardware and software a business uses to ring up sales. It also offers reporting tools and an online-store builder.
Most revenue comes from processing fees. Shift4 charges a percentage of each sale, a flat fee per transaction, or both. In fiscal 2025, which ended December 31, 2025, payments-based revenue was $3.47 billion, or 83% of the $4.18 billion total. Subscriptions and other revenue, including POS software fees, added 10.9%. Shift4 reaches merchants through its own sales staff, through software companies that build in its payments, and through resellers. Its annual report says no single merchant accounts for more than 3% of revenue.
In the third quarter of 2025, Shift4 acquired Global Blue, which it calls a leader in tax-free shopping. This service refunds value-added tax (VAT) to travelers from abroad, minus a commission. VAT is a sales tax built into prices in many countries. Tax-free shopping supplied 6.1% of fiscal 2025 revenue, covering only the months after the deal. By region, the U.S. produced 79.2% of revenue and international markets 20.8%.
Price history
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FOUR -49.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Payments-based revenue | $3.47B | 83% |
| Subscription and other revenues | $454.0M | 10.9% |
| TFS revenue | $255.0M | 6.1% |
By geography
| U.S. | $3.31B | 79.2% |
| International | $868.0M | 20.8% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.29B, up 34.1% from a year earlier, and net income was $22.0M (-35.3%).
- For fiscal 2025, revenue was $4.18B (+25.5% year over year; +40.4% a year from FY2020 to FY2025) with a 2.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +40.4% good |
|---|---|
| Operating margin | 8.4% watch |
| Free cash flow margin | 14.9% good |
| Return on equity (FY2025) | 8.3% watch |
| Return on assets (FY2025) | 1.4% weak |
| Net cash (cash minus debt) | $-4.16B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $766.9M | $-18.4M | $-800K |
| FY2021 | $1.37B | $-48.2M | $-5.2M |
| FY2022 | $1.99B | $75.1M | $267.4M |
| FY2023 | $2.56B | $86.0M | $332.0M |
| FY2024 | $3.33B | $230.0M | $493.0M |
| FY2025 | $4.18B | $119.0M | $624.0M |
Valuation snapshot
| Market value | $3.01B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FOUR price data to Oct 28, 2026 | -39.5% | -49.3% | -4.4% | -9.9% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -39.5% |
| 2025 | -39.3% |
| 2024 | +39.6% |
| 2023 | +32.9% |
| 2022 | -3.5% |
| 2021 | -23.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.1% over that stretch · deepest drop along the way 53.5%, back to its old high 7.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (23 read): 6 open-market purchases ($33.6M) and 4 sales ($1.3M), 4 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 11, 2026 | Jared Isaacman 10% owner | buy | $8.1M |
| May 12, 2026 | Jared Isaacman 10% owner | buy | $7.8M |
| Feb 27, 2026 | Jared Isaacman 10% owner | buy | $7.0M |
| Feb 26, 2026 | Jared Isaacman 10% owner | buy | $6.6M |
| Mar 10, 2026 | Jared Isaacman 10% owner | buy | $2.0M |
Who owns it
Large shareholders (13G filings)
| Jared Isaacman | 25.2% | Dec 31, 2025 |
| Darlington Partners Capital Management, LP | 8.3% | Mar 31, 2026 |
| BlackRock, Inc. | 7.4% | Jun 30, 2026 |
| Durable Capital Partners LP | 5.6% | Jun 30, 2026 |
| PRUDENTIAL FINANCIAL INC | 3.4% | Dec 31, 2024 |
| Jennison Associates LLC | 3.4% | Dec 31, 2024 |
| Wasatch Advisors LP | 2.7% | Jun 30, 2026 |
ETFs with the most weight in FOUR
| IPAY Amplify Mobile Payments ETF | 3.26% |
| PJFM PGIM Jennison Focused Mid-Cap ETF | 2.71% |
| BPAY iShares FinTech Active ETF | 2.39% |
| MVPA Miller Value Partners Appreciation ETF | 2.15% |
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 1.66% |
| FDIG Fidelity Crypto Industry and Digital Payments ETF | 1.62% |
| FINX Global X FinTech ETF | 1.42% |
| SMCO Hilton Small-MidCap Opportunity ETF | 0.97% |
What could go wrong
- Global Blue integration could stumble. Shift4 acquired Global Blue in the third quarter of 2025. Merging systems, staff and controls may distract management. Expected cost savings could arrive late or never, and partners might change or end contracts.
- Tax-free shopping hinges on VAT rules. Lower VAT rates, less generous refund rules, or prices converging between tourists' home and destination countries could shrink demand. The business relies on airport concessions and agent agreements, and others could bypass its refund process.
- Heavy debt load. As of June 30, 2026, total debt was about $4.5 billion against $356 million of cash and investments. Variable-rate debt adds interest-rate risk, and loan terms limit how Shift4 operates and raises money.
- Large payments owed to a former owner. A tax receivable agreement requires Shift4 to pay Searchlight, its former sponsor, cash tied to certain tax benefits. The company expects substantial payments, which in some cases could exceed the benefits it realizes.
- Founder controls key shareholder decisions. Shift4's founder has significant influence over shareholder votes, including any change in control. Delaware law and antitakeover provisions in the company's governing documents could also delay or block a takeover.
- Fierce competition and being cut out. Shift4 competes with payment processors, financial services firms, software platforms and newer mobile and online payment systems. Rivals may innovate faster, and other players in the payment chain could cut Shift4 out.
Recent events
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Major agreement signed
- Major agreement signed; New debt or financial obligation
- Major agreement signed; Executive or board change
- Major agreement signed; New debt or financial obligation
For income and retirement investors
Shift4 does not pay a dividend, and it paid none from fiscal 2021 through fiscal 2025. For an income investor, that means no cash payments, so any return depends on the share price. The company has used buybacks (repurchases of its own shares) instead. It spent about $909 million on them over those five years, including $453 million in fiscal 2025. Shares outstanding fell 2.8% between February 19 and July 31, 2026.
In the 2022 bear market (a broad market drop of 20% or more), the stock fell 53.5% between March 29 and June 16, 2022. It recovered by February 2, 2023, about 7.6 months later. As of October 28, 2026, the shares were down 49.3% over one year, and their deepest drop over three years was 71.7%. The price history does not reach back to the 2008 crisis or the 2020 COVID crash. A single stock such as Shift4 carries more risk than a diversified fund.
Questions investors ask
How does Shift4 make money?
Mostly from fees for processing card and digital payments. It charges a percentage of each sale, a flat fee per transaction, or both. In fiscal 2025, which ended December 31, 2025, payments-based revenue was $3.47 billion, or 83% of the $4.18 billion total. Subscriptions and other revenue, such as fees for SkyTab point-of-sale software and business tools, made up 10.9%. Tax-free shopping, added through the Global Blue acquisition, contributed 6.1%. The U.S. supplied 79.2% of revenue.
Does Shift4 pay a dividend?
No. Shift4 paid no dividends from fiscal 2021 through fiscal 2025, so the shares have produced no income. Instead it has spent cash on buybacks, repurchasing about $909 million of its own stock over those five years, including $453 million in fiscal 2025. Buybacks shrink the share count, which can raise each remaining share's claim on profits. But they do not put cash in shareholders' pockets the way a dividend does.
Is Shift4 profitable?
Yes, but its profit margin is thin. In fiscal 2025, Shift4 earned net income of $119 million on revenue of $4.18 billion, a net margin of 2.8%. Revenue grew 25.5%, while net income fell 48.3%. Free cash flow was stronger at $624 million. That is the cash left after running the business and investing in equipment. In the quarter ended June 30, 2026, revenue rose 34.1% from a year earlier to $1.3 billion, but net income fell 35.3% to $22 million. Shift4 posted net losses in fiscal 2020 and 2021.
How much debt does Shift4 have?
A large amount relative to its size. As of June 30, 2026, Shift4 had about $4.51 billion of total debt and $356 million of cash and investments. That left net debt of about $4.16 billion. Shareholders' equity was $1.62 billion. The company's stock market value was about $3.01 billion as of October 28, 2026. Shift4 reported new debt or financial obligations in filings dated December 8, 2025, January 5, 2026 and July 13, 2026. Its 10-K warns that variable-rate debt adds interest-rate risk.
Have Shift4 insiders been purchasing shares?
Yes. Between October 29, 2025 and October 29, 2026, insiders reported 6 purchases worth about $33.6 million. They also reported 4 sales worth about $1.3 million, all made under prearranged trading plans. Jared Isaacman, a 10% owner who held 25.2% of the stock as of December 31, 2025, made the largest purchases. They included about $8.1 million on May 11, 2026 and $7.8 million on May 12, 2026. Insider purchases can signal confidence, but they do not guarantee results.