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Shift4 Payments cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$216M in Q3 2026 · $624M over twelve months

Operating cash flow$221M
Capital spending−$5.0M
Free cash flow+$216M
Cash / net income5.5×

Analysis

In Q3 2026, Shift4 Payments generated $221M of operating cash flow and spent $5.0M on capital projects, leaving free cash flow of $216M. That is $51.0M more than in Q3 2025 ($165M).

Over the twelve months to Sep 30, 2026, operating cash flow was $642M; the largest uses were other financing ($954M), buybacks ($816M), other investing ($238M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.5B); the cash balance fell by $72.0M.

Operating cash flow was $221M against net income of $40.0M — 5.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$129M, receivables +$63.0M, deferred taxes −$28.0M.

Free cash flow

Shift4 Payments: free cash flow by quarterShift4 Payments: free cash flow by quarter$129MQ4 2024$95.0MQ1 2025$141MQ2 2025$165MQ3 2025$223MQ4 2025$128MQ1 2026$57.0MQ2 2026$216MQ3 2026
Operating cash flow less capital spending.
Shift4 Payments: operating cash flow against capital spendingShift4 Payments: operating cash flow against capital spendingOperating cash flowCapital spending$131M$1.5MQ4 2024$96.0M$1.0MQ1 2025$142M$1.0MQ2 2025$172M$7.0MQ3 2025$224M$1.0MQ4 2025$134M$6.0MQ1 2026$63.0M$6.0MQ2 2026$221M$5.0MQ3 2026
Latest (Q3 2026): Operating cash flow $221M, Capital spending $5.0M.

Capital allocation, year by year

Shift4 Payments: where the cash came from (up) and went (down), by fiscal yearShift4 Payments: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $3.0MFY2021: Net borrowing $632MFY2021: Capital spending −$8.2MFY2021: Acquisitions −$54.5MFY2021: Buybacks −$19.5M$636MFY2021FY2022: Operating cash flow $275MFY2022: Capital spending −$8.0MFY2022: Acquisitions −$135MFY2022: Buybacks −$186M$275MFY2022FY2023: Operating cash flow $346MFY2023: Capital spending −$14.0MFY2023: Acquisitions −$170MFY2023: Buybacks −$105M$346MFY2023FY2024: Operating cash flow $500MFY2024: Net borrowing $1.1BFY2024: Capital spending −$7.0MFY2024: Acquisitions −$555MFY2024: Buybacks −$146M$1.6BFY2024FY2025: Operating cash flow $634MFY2025: Net borrowing $2.8BFY2025: Shares issued $1.1BFY2025: Capital spending −$10.0MFY2025: Acquisitions −$2.7BFY2025: Buybacks −$453M$4.6BFY2025
Over these 5 years operating cash flow totalled $1.8B; the largest uses were acquisitions ($3.7B) and buybacks ($909M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.2B
Debt$5.5B
Net debt$4.2B
Due within a year$10.0M

Shift4 Payments funds itself: free cash flow was $624M over the last twelve months, and $1.2B of cash and investments stands against $5.5B of debt ($10.0M due within a year, 124.2× covered by cash).

Shift4 Payments: debt maturities by year (FY2025)Shift4 Payments: debt maturities by year (FY2025)$10.0MYear 1$643MYear 2$10.0MYear 3$10.0MYear 4$10.0MYear 5$3.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.2B of cash and investments now.

Where the cash came from and went

Shift4 Payments: sources (+) and uses (−) of cash, Q3 2026Shift4 Payments: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$990MCash drawn (+) / kept (−)−$877MOperating cash flow$221MBuybacks−$190MOther financing−$58.0MOther investing−$51.0MAcquisitions−$29.0MCapital spending−$5.0MTaxes on employees’ shares−$1.0M
Shift4 Payments: sources (+) and uses (−) of cash, TTM to Q3 2026Shift4 Payments: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$1.5BOther financing−$954MBuybacks−$816MOperating cash flow$642MOther investing−$238MAcquisitions−$135MCash drawn (+) / kept (−)$72.0MPartners−$30.0MTaxes on employees’ shares−$22.0MCapital spending−$18.0MExchange rates−$10.0M

From profit to cash

Shift4 Payments: net income to operating cash flow, Q3 2026Shift4 Payments: net income to operating cash flow, Q3 2026Net income$40.0MDepreciation & amortization$129MStock-based pay$19.0MDeferred taxes−$28.0MReceivables$63.0MPayables$9.0MAccrued liabilities−$20.0MOperating cash flow$221M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202545159-13
Q2 202533137-3
Q1 202536139-2
Q4 202435138-2

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$221M−$5.0M−$29.0M−$190M$990M−$877M$216M
Q2 2026$63.0M−$6.0M−$27.0M−$26.0M—$162M$57.0M
Q1 2026$134M−$6.0M$98.0M−$295M—$262M$128M
Q4 2025$224M−$1.0M−$177M−$305M$519M$525M$223M
Q3 2025$172M−$7.0M−$2.6B—$1.0B$1.5B$165M
Q2 2025$142M−$1.0M—−$85.0M—−$1.9B$141M
Q1 2025$96.0M−$1.0M−$4.0M−$63.0M—$55.0M$95.0M
Q4 2024$131M−$1.5M−$249M−$110M—$157M$129M

Shift4 Payments: income statement and cash flow

Shift4 Payments, Q3 2026: revenue $1.3B (+12% year over year), operating margin 9.9%. The chart follows the revenue to costs, profit and cash.

Shift4 Payments: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.