Filing Flows › Repay Holdings (RPAY) › Q4 2025
Repay Holdings (RPAY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 9, 2026
Repay Holdings (RPAY) reported revenue of $78.6M for the fourth quarter 2025 (Q4 2025), +0.4% from a year earlier and +1% from the quarter before. Operating margin was -182.2%, net loss $148M (188.7% of revenue).
Repay Holdings, Q4 2025: revenue $78.6M (+0.4% year over year), operating margin -182.2%, net loss $148M, operating cash flow $23.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $78.6M | +1% | +0.4% |
| Operating profit | −$143M | — | — |
| Net earnings | −$148M | — | — |
| Operating cash flow | $23.3M | -28% | -32% |
| Free cash flow | $13.8M | — | — |
What changed
Revenue was $78.6M in Q4 2025, roughly flat year over year and up 1% from the previous quarter.
Gross margin was 74.2%, down 2.0 points from Q4 2024. Operating costs exceeded revenue by $143.2M, an operating margin of -182.2%. Operating expenses grew 231% against flat revenue. The fastest-growing cost line was Other operating costs (+575%). The quarter ended with a net loss of $148.3M, wider than the previous quarter's $6.6M loss. Minority interests bore $8.2M of it: to shareholders the quarter was a loss of $140.1M.
Operating cash flow was $23.3M (down 32% year over year). Non-cash charges added back $25.6M of depreciation and amortization and $4.4M of share-based compensation. Working capital and other items added $141.5M. After capitalized software development costs ($9.3M) and purchases of intangible assets ($200K) and cash paid for property and equipment ($87K), free cash flow as the company reports it was $13.8M.
Questions
What was Repay Holdings' revenue in the fourth quarter 2025?
Repay Holdings (RPAY) reported revenue of $78.6M for the fourth quarter 2025 (Q4 2025), +0.4% from a year earlier and +1% from the quarter before.
Was Repay Holdings profitable in the fourth quarter 2025?
Operating loss was $143M (-182.2% of revenue) and net loss $148M.
Source: Repay Holdings 10-K on SEC EDGAR.