Filing Flows › Paymentus Holdings (PAY) › Q4 2025
Paymentus Holdings (PAY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Paymentus Holdings (PAY) reported revenue of $330M for the fourth quarter 2025 (Q4 2025), +28% from a year earlier and +6% from the quarter before. Operating margin was 7.3%, net earnings $20.7M (6.3% of revenue).
Paymentus Holdings, Q4 2025: revenue $330M (+28% year over year), operating margin 7.3%, net earnings $20.7M, operating cash flow $45.1M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $330M | +6% | +28% |
| Gross profit | $84.0M | +12% | +27% |
| Operating profit | $24.1M | +21% | +70% |
| Net earnings | $20.7M | +17% | +57% |
| Operating cash flow | $45.1M | +29% | +62% |
| Free cash flow | $35.7M | — | +89% |
What changed
Revenue was $330.5M in Q4 2025, up 28% year over year and up 6% from the previous quarter. Payment Transaction Processing Revenue was the largest line at 99% of revenue.
Gross margin was 25.4%, down 0.2 points from a year earlier. Operating profit was $24.1M, a 7.3% margin (up 1.8 points year over year). Of the extra revenue versus a year earlier, 14% reached operating profit, above the 6% margin then. Operating expenses grew 16% against revenue growth of 28%. The fastest-growing cost line was General & admin (+36%). Net earnings were $20.7M, up 57% year over year. The effective tax rate was 22.0%.
Operating cash flow was $45.1M (up 62% year over year), 218% of net earnings. Non-cash charges added back $9.6M of depreciation and amortization and $5.7M of share-based compensation. Working capital and other items added $9.2M. After capitalized internal-use software development costs ($9.3M) and purchases of property and equipment ($82K), free cash flow as the company reports it was $35.7M.
Questions
What was Paymentus Holdings' revenue in the fourth quarter 2025?
Paymentus Holdings (PAY) reported revenue of $330M for the fourth quarter 2025 (Q4 2025), +28% from a year earlier and +6% from the quarter before.
Was Paymentus Holdings profitable in the fourth quarter 2025?
Operating profit was $24.1M (7.3% of revenue) and net earnings $20.7M.
Source: Paymentus Holdings 10-K on SEC EDGAR.