Filing Flows › Shift4 Payments (FOUR) › Q2 2026 › vs Q2 2025
Shift4 Payments (FOUR) Q2 2026 vs Q2 2025 (year over year)
Shift4 Payments's revenue rose $329M (+34%) from $966M in Q2 2025 to $1.3B in Q2 2026. The biggest changes: Payments-based revenue +$205M (+24%); TFS revenue +$117M (—); Subscription and other revenue +$7.0M (+7%). Operating margin 7.3% against 8.6% (-1.3 pts).
Shift4 Payments, Q2 2026: revenue $1.3B (+34% year over year), operating margin 7.3%, net earnings $22.0M, operating cash flow $63.0M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 7.3% | 8.6% | -1.3 pts |
| Net margin | 1.7% | 3.5% | -1.8 pts |
| Free cash flow margin | 4.4% | 14.6% | -10.2 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Payments-based revenue | $1.1B | $868M | $205M | +24% |
| TFS revenue | $117M | $0 | $117M | — |
| Subscription and other revenue | $105M | $98.0M | $7.0M | +7% |
| Revenue | $1.3B | $966M | $329M | +34% |
| Operating profit | $95.0M | $83.0M | $12.0M | +14% |
| Costs & expenses | $1.2B | $883M | $317M | +36% |
| Pre-tax earnings | $37.0M | $56.0M | −$19.0M | -34% |
| Other expense, net | $58.0M | $27.0M | $31.0M | +115% |
| Cost of revenue | $849M | $674M | $175M | +26% |
| Sales & marketing | $11.0M | $7.0M | $4.0M | +57% |
| General & admin | $231M | $131M | $100M | +76% |
| Other operating costs | $109M | $71.0M | $38.0M | +54% |
| Net earnings | $22.0M | $34.0M | −$12.0M | -35% |
| Minority interests | $2.0M | $7.0M | −$5.0M | -71% |
| Income tax | $13.0M | $15.0M | −$2.0M | -13% |
| Operating cash sources | $192M | $137M | $55.0M | +40% |
| Depreciation & amortization | $139M | $88.0M | $51.0M | +58% |
| Share-based compensation | $31.0M | $15.0M | $16.0M | +107% |
| Working capital & other | $129M | −$5.0M | $134M | — |
| Operating cash flow | $63.0M | $142M | −$79.0M | -56% |
| Free cash flow (OCF − capex) | $57.0M | $141M | −$84.0M | -60% |
| Capital expenditures | $6.0M | $1.0M | $5.0M | +500% |
Questions
How much did Shift4 Payments's revenue grow year over year in Q2 2026?
Shift4 Payments's revenue rose $329M (+34%) from $966M in Q2 2025 to $1.3B in Q2 2026.
What drove Shift4 Payments's revenue change in Q2 2026?
Payments-based revenue +$205M (+24%); TFS revenue +$117M (—); Subscription and other revenue +$7.0M (+7%).