Filing Flows › Paysign (PAYS) › Q4 2025
Paysign (PAYS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 25, 2026
Paysign (PAYS) reported revenue of $22.8M for the fourth quarter 2025 (Q4 2025), +46% from a year earlier and +5% from the quarter before. Operating margin was 8.1%, net earnings $1.4M (6.0% of revenue).
Paysign, Q4 2025: revenue $22.8M (+46% year over year), operating margin 8.1%, net earnings $1.4M, operating cash flow $48.1M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $22.8M | +5% | +46% |
| Gross profit | $13.1M | +8% | +43% |
| Operating profit | $1.9M | +17% | +299% |
| Net earnings | $1.4M | -38% | -0.7% |
| Operating cash flow | $48.1M | +612% | +236% |
| Free cash flow | $47.5M | +654% | +235% |
What changed
Revenue was $22.8M in Q4 2025, up 46% year over year and up 5% from the previous quarter. Plasma Industry was the largest line at 55% of revenue.
Gross margin was 57.7%, down 1.3 points from Q4 2024. Operating profit was $1.9M, a 8.1% margin (up 5.2 points year over year). Of the extra revenue versus Q4 2024, 19% reached operating profit, above the 3% margin then. Operating expenses grew 29% against revenue growth of 46%. The fastest-growing cost line was Other operating costs (+30%). Net earnings were $1.4M, down 1% year over year. The effective tax rate was 45.4%. Non-operating items added $639K, 26% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $48.1M (up 236% year over year), 3529% of net earnings. Non-cash charges added back $2.2M of depreciation and amortization and $1.4M of share-based compensation. Working capital and other items added $43.2M. Capital expenditures of $591K left free cash flow of $47.5M.
Questions
What was Paysign's revenue in the fourth quarter 2025?
Paysign (PAYS) reported revenue of $22.8M for the fourth quarter 2025 (Q4 2025), +46% from a year earlier and +5% from the quarter before.
Was Paysign profitable in the fourth quarter 2025?
Operating profit was $1.9M (8.1% of revenue) and net earnings $1.4M.
Source: Paysign 10-K on SEC EDGAR.