Shift4 Payments, Inc. (FOUR): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the mechanics of how Shift4 Payments, Inc. is actually generating revenue after its aggressive buying spree, and honestly, the late 2025 picture shows a company doubling down on its integrated payments vision. They've successfully woven acquisitions like Global Blue into a model focused on high-value verticals, projecting to process between $207 billion and $210 billion in payment volume for fiscal year 2025 while maintaining a stable blended spread of about 62 basis points. This Business Model Canvas distills exactly how that strategy-one vendor for software, hardware, and processing-is structured across all nine essential building blocks; check out the details below to see the architecture driving these numbers.

Shift4 Payments, Inc. (FOUR) - Canvas Business Model: Key Partnerships

You're mapping out the ecosystem that drives Shift4 Payments, Inc.'s transaction volume, and the partnerships are where a lot of the scale comes from. It's not just about signing a merchant; it's about integrating deeply into their operations, which is what these alliances are all about.

Independent Software Vendors (ISVs) for vertical integration

Historically, Independent Software Vendors (ISVs) were a primary customer acquisition channel. Before the shift, partners like these were paid around 11.8% of GRLNF (gross revenue less network fees) as a commission. You see the trend changing, though; as of the end of 2024, only about a third of restaurant customers were coming through direct sales, meaning the reliance on ISVs and VARs is lessening in that segment. Still, the integration with software remains key to the unified commerce story, evidenced by the $93 million in subscription and other revenue in Q1 2025, up 77% year-over-year, driven by proprietary software like SkyTab.

Major sports franchises (e.g., Cincinnati Bengals, Ottawa Senators)

Shift4 Payments, Inc. has been actively expanding its footprint in high-traffic entertainment sectors. They recently secured deals to power concession payments for the Cincinnati Bengals at Paycor Stadium and the Ottawa Senators at Canadian Tire Centre. These deals highlight the company's growing presence in major North American sports venues, leveraging their end-to-end commerce technology to enhance fan experiences.

Global Blue for international tax-free shopping services

The acquisition of Global Blue, finalized in July 2025 for nearly $2.5 billion, is a massive partnership play, effectively transforming Shift4 Payments, Inc. into a global unified commerce leader. Global Blue brings a network connecting thousands of retailers with nearly 80 million consumers across 52 countries. The deal is expected to contribute $300 million in revenue for the second half of 2025, along with $125 million in adjusted EBITDA. This move positions Shift4 to tap into the $222.23 billion cross-border payments market as of 2025.

Value-Added Resellers (VARs) for broader merchant reach

Value-Added Resellers (VARs) used to be a cornerstone of customer acquisition, similar to ISVs. While the company is prioritizing direct sales for larger U.S. enterprise clients, VARs still play a role in reaching smaller merchants, especially in less dense areas. The integration of acquired companies, like those contributing to the over $20 million in Q1 2025 EBITDA synergies, often involves bringing in their existing partner channels.

Strategic hospitality and entertainment venues (e.g., PGA Tour, Formula One)

While Shift4 Payments, Inc.'s core has always been hospitality and entertainment, specific, quantifiable partnership revenue figures for the PGA Tour or Formula One are not immediately clear in the latest reports. However, the market context shows the value of these sectors: the 2025 PGA Championship generated an estimated sponsorship revenue of $50.42 million, and Formula One sponsorship spend was projected to hit $2.9 billion for the 2025 season. Shift4 Payments, Inc.'s success in venues like the Bengals' stadium shows they are competing for these high-profile processing contracts.

Here's a quick look at the scale of the business, heavily influenced by these strategic moves, based on Q3 2025 and full-year 2025 guidance:

The company's commitment to empowering partners is clear in their mission, but the execution is increasingly leaning toward direct sales in core U.S. markets, while international expansion, fueled by the Global Blue buy, relies on its new, massive network. If onboarding takes 14+ days, churn risk rises, so speed in integrating these new partners is defintely key.

Finance: draft 13-week cash view by Friday.

Shift4 Payments, Inc. (FOUR) - Canvas Business Model: Key Activities

You're looking at the core engine of Shift4 Payments, Inc. (FOUR) right now, which is all about execution across a rapidly expanding, integrated platform. The key activities are centered on making those big acquisitions work and pushing the proprietary tech stack through the existing customer base.

Integrating recent acquisitions is a massive undertaking. The acquisition of Global Blue, for instance, was a $2.5 billion all-cash transaction, priced at $7.50 per common share, expected to close by the third quarter of 2025. Global Blue brings in tax-free shopping and dynamic currency conversion services for over 400,000 premium retail and hospitality locations. For Q3 2025, Global Blue contributed $156 million to gross revenue less network fees and $68 million to adjusted EBITDA in its first full quarter of inclusion. Shift4 also recently acquired SmartPay, though guidance reflects a neutral impact from that deal.

The activity of developing and deploying proprietary POS hardware is focused heavily on the SkyTab ecosystem. While specific 2025 deployment numbers aren't public yet, Shift4 had already exceeded its 2024 target, deploying over 30,000 SkyTab systems by the end of 2024. The SkyTab Air hardware is seeing continuous development, with Fall 2025 updates rolling out features like Digital Receipts and a new Order Entry experience for Air merchants.

The sheer scale of processing end-to-end payment volume remains a primary activity. Management has reaffirmed its full-year 2025 guidance, projecting volume between $207 billion and $210 billion, representing growth of 26% to 27% year-over-year. For context, Q3 2025 volume hit $55 billion, a 26% year-over-year increase.

Cross-selling payments to captive software customers at scale is where the organic growth story is playing out. The strategy is to convert the software customer base-especially from acquisitions like Global Blue-to Shift4 payments. The Global Blue deal alone unlocked a massive cross-sell opportunity, estimated at $500 billion in volume, with 20% of that being SMB volume, which translates to a $100 billion volume opportunity. On the ground, Shift4 is signing over 1,000 restaurants monthly in high-growth international markets like Germany.

Finally, managing a high-security, omni-channel payment gateway is the foundational activity supporting all others. This involves processing a wide array of payment types, including credit, debit, contactless, QR Pay, Apple Pay, Google Pay, Alipay, and WeChat Pay. The efficiency of this processing is reflected in the blended net spreads, which remained stable at 62 basis points in Q3 2025, with expectations for full-year spreads to be stronger than the 60 basis points previously communicated.

Here's a quick look at the key financial and volume metrics driving these activities:

The focus on integrating Global Blue is about capturing that $500 billion volume opportunity, which is a huge part of the plan to achieve 30%-plus gross revenue less network fee growth over the medium term.

• Cross-sell opportunity in Global Blue SMB segment: $100 billion volume.
• International restaurant customer additions: Over 1,000 monthly in Germany.
• SkyTab systems deployed (as of end of 2024): Over 30,000.
• Global Blue locations added to platform: Over 400,000 premium retail/hospitality locations.

The company is defintely prioritizing the integration and cross-sell to realize the value from the recent large transactions. Finance: draft 13-week cash view by Friday.

Shift4 Payments, Inc. (FOUR) - Canvas Business Model: Key Resources

You're looking at the core assets that power Shift4 Payments, Inc.'s entire operation as of late 2025. These aren't abstract concepts; they are hard numbers and established networks that drive revenue and market position.

The most tangible financial resource right now is the balance sheet strength. As of March 31, 2025, Shift4 Payments, Inc. reported $1.2 billion in cash and equivalents. This liquidity is crucial, especially following the major acquisition activity.

Here's a breakdown of the primary Key Resources:

The platform itself is the engine, and its performance in the first quarter of 2025 shows its scale. Payment volumes hit $45 billion year-over-year in Q1 2025. The resulting Adjusted EBITDA for that quarter was $169 million, achieving a margin of 46%. Subscription and other revenues, which are high-margin, grew to $93 million in that same period.

The Global Blue acquisition, valued at approximately $2.5 billion in cash, significantly bolsters the international and luxury retail footprint. This network is essential because it connects international shoppers to merchants, providing capabilities like tax-free shopping and Dynamic Currency Conversion (DCC). The integration is expected to add substantial volume and revenue streams moving forward.

The specialized expertise is evidenced by the continued growth in their core verticals, which include hospitality, restaurants, and sports/entertainment venues. This focus allows for deep integration, which is a major barrier to entry for competitors. Consider these operational metrics:

• Global Blue acquisition cost: approximately $2.5 billion
• Global Blue network connects to nearly 80 million consumers
• Global Blue operates across 52 countries
• Shift4 is on track to deploy 45,000 SkyTab systems globally in 2025
• Q1 2025 Subscription and other revenues reached $93 million

Honestly, the combination of proprietary tech and the sheer scale of the acquired networks is what makes the Key Resources section so compelling for Shift4 Payments, Inc. Finance: draft 13-week cash view by Friday.

Shift4 Payments, Inc. (FOUR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why merchants choose Shift4 Payments, Inc. (FOUR) over alternatives. It boils down to simplifying the entire commerce stack, which translates directly into better economics for them.

Single-source platform: one vendor for software, hardware, and processing

Shift4 Payments, Inc. focuses on being the single source for all merchant commerce needs, bundling payment processing with software and hardware. This unified approach is evident in their rapid expansion and adoption of their platform. The company powers billions of transactions annually for hundreds of thousands of businesses in virtually every industry. For the fiscal year 2025, Shift4 Payments, Inc. is projecting a total payment volume of $207 billion to $210 billion.

The value proposition is reinforced by their technology stack, which delivers an integrated commerce solution across industries like retail, restaurants, sports and entertainment, hospitality, and travel.

End-to-end payment processing with stable blended spreads of 62 basis points

Stability in processing fees is a major draw. For the first quarter of 2025, Shift4 Payments, Inc. reported blended net spreads of 61 basis points. Management has guided that spreads for the full year 2025 are expected to remain stable, around 60 basis points. This stability contrasts with the potential for merchants to overpay by 0.20% to 0.30% when using confusing bundled pricing structures instead of a true interchange-plus plan, which could save a merchant processing $500,000 per month about $15,000 annually by switching to interchange-plus.

Here's a quick look at the 2025 financial outlook supporting this value delivery:

Vertical-specific commerce solutions (e.g., SkyTab Venue for stadiums)

Shift4 Payments, Inc. has deep penetration in specific sectors, which means their solutions are tailored and sticky. They estimate their point-of-sale terminals serve approximately one-third of all table-service restaurants in the United States. Furthermore, they are a dominant player in hospitality, serving around 40 percent of U.S. hotels. The SkyTab product set, which includes mobile ordering, countertop POS, self-service kiosks, and digital wallet integration, is key here. By early 2025, Shift4 Payments, Inc. had deployed over 30,000 SkyTab systems.

• SkyTab adoption saw near 100% adoption with little customization in certain international markets post-acquisition.
• The acquisition of Vectron Systems brought an existing base of 65,000 restaurants in Germany onto the platform, offering an immediate cross-sell opportunity.
• The SkyTab Venue solutions facilitate food and beverage, merchandise, and loyalty within a white-labeled application.

Simplified international expansion and tax-free shopping for merchants

The acquisition of Global Blue significantly enhances the value proposition for merchants with international customer bases, particularly in luxury retail. Global Blue is a specialist payment acquirer focused on tax-free shopping (VAT refunds). This platform serves 400,000 stores. This strategic move unlocks an embedded payment opportunity estimated at over $500 billion in volumes. Shift4 Payments, Inc. expects this acquisition to deliver $80 million in revenue synergies by the end of 2027. The company has also been expanding its direct footprint, having launched operations in four new African countries in Q3 2024.

Business intelligence and analytics via the Lighthouse platform

The Lighthouse platform provides a cloud-based suite of business intelligence tools. This offering includes customer engagement, social media management, and online reputation tools, all integrated with the payment processing. This moves the offering beyond just transaction processing into operational enhancement for the merchant. For instance, in Q3 2025, subscription revenues, which include these software components, reached $118.9 million.

The core value is turning payment data into actionable insights for the merchant.

Shift4 Payments, Inc. (FOUR) - Canvas Business Model: Customer Relationships

You're looking at how Shift4 Payments, Inc. (FOUR) manages its connections with its diverse customer base as of late 2025. The strategy clearly leans toward owning the relationship, especially with the largest clients, which is driving better margins and stickiness.

Direct Sales Focus and Enterprise Accounts

Shift4 Payments, Inc. prioritizes a dedicated, high-touch approach for its largest and most complex clients. The company explicitly targets and serves world-class stadiums, hotels, and casinos with specialized enterprise sales and support teams. This focus on large venues is evident in the sales channel strategy; for instance, the Venue vertical is reported as being fully direct sales only. This deep engagement is key to securing the entire payment flow, not just a segment like restaurant POS within a hotel property.

The shift toward direct sales in the U.S. is a major theme. As of the end of 2024, the company had already moved to a model where around half of hospitality customers are direct sales, and a third of restaurant customers are direct sales. This in-sourcing of distribution, which began in 2022, has been instrumental in improving the gross profit margins. The strategy is to use these direct relationships to better retain customers and drive cross-selling opportunities, which is essential for long-term contract duration.

Strategic Partnerships and Channel Compensation

While the U.S. market is shifting toward direct acquisition, Shift4 Payments, Inc. still relies on strategic partners, namely Independent Software Vendors (ISVs) and Value-Added Resellers (VARs), particularly for smaller merchants or in sparsely populated areas. For these partners, the relationship management is high-touch to ensure integration and ongoing business flow. The compensation structure reflects the value derived from these channels; partners are paid around 11.8% of GRLNF (gross revenue less network fees) as a commission. This contrasts with the belief that direct sales target much higher-value customers. The international expansion, particularly with the Global Blue acquisition, is also leveraging existing partner relationships, though the operational focus is shifting to direct growth in new markets like the UK and Germany.

Self-Service and Business Intelligence Tools

For broader customer engagement and operational efficiency, Shift4 Payments, Inc. offers self-service tools and cloud-based business intelligence. The Lighthouse platform is a key component here, designed to give merchants visibility and control. While specific adoption rates for Lighthouse aren't public, the company's overall growth in end-to-end volume suggests increasing reliance on its integrated tech stack. For example, the company unlocked over $20 million in Q1 EBITDA synergies from acquisitions by cross-selling payments and carrying a $35 billion implementation backlog expected over the next 12 months (as of Q1 2025). This backlog represents future customer onboarding and integration work, which self-service tools help manage at scale.

Customer Duration and Acquisition Strategy

The enterprise focus is explicitly aimed at increasing customer duration through long-term contracts. The move to direct sales is intended to improve customer retention. The focus on end-to-end payment products, which include POS devices and software, creates a stickier relationship than simple payment processing. This is reflected in the growth of the average client size; as of Q3 2024 data, the average merchant was 163% the size of the average seller in the portfolio two years prior. Furthermore, the company is targeting significant growth, with full-year 2025 guidance for gross revenue less network fees projected between $1.66-$1.73 billion (23-28% growth). The acquisition of Global Blue, expected to close in early Q3 2025, adds a platform serving 400,000 stores and presents a $500 billion+ embedded payment opportunity, which will be managed through these long-term, integrated relationships.

The direct sales teams are actively acquiring new customers in dense U.S. markets, which is where the company sees the highest long-term run rate potential. The company is also expanding internationally, adding over 1,000 restaurants in the U.K. and several hundred per month in Germany.

• The blended net spreads across restaurants, hospitality, and retail remained steady at approximately ~61 bps in Q1 2025.
• Subscription revenue grew by 77% in Q1 2025.
• The company is focused on verticals where it has a differentiated right to win and a strong opportunity to cross-sell payments to software customers.

Shift4 Payments, Inc. (FOUR) - Canvas Business Model: Channels

You're looking at how Shift4 Payments, Inc. gets its services-from stadium concessions to global luxury retail-into the hands of merchants. The channel strategy is a mix of direct selling for big wins and partnerships for broad reach, heavily augmented by recent international acquisitions.

Direct sales force targeting large enterprise and venue customers

Shift4 Payments, Inc. employs a direct sales force that targets high-value, enterprise-level clients, especially in venues. As of the end of 2024, around half of hospitality customers were serviced via direct sales, and about a third of restaurant customers were direct sales. The Venue segment is reported as fully direct sales only. This focus on direct acquisition is a strategic priority, even as the company shifts away from relying solely on partners in certain segments. Shift4 Payments, Inc. powers billions of transactions annually for hundreds of thousands of businesses globally. For Q3 2025, the company reported total payment volume of $55 billion. The full-year 2025 projected volume is between $207 billion and $210 billion.

Independent Software Vendor (ISV) partners for embedded distribution

The company distributes services through a network that includes Independent Software Vendors (ISVs) and Value-Added Resellers (VARs). These partners rely on Shift4 Payments, Inc. for a single integration to its global end-to-end payment offering, proprietary gateway, and technology suite. Partners are compensated based on performance; overall, partners are paid around 11.8% of GRLNF (gross revenue less network fees) as a commission. This channel is seen as complementary, with direct sales targeting higher-value customers, leaving smaller acquisition opportunities to VARs and ISVs, particularly in segments previously dominated by these partners, such as restaurants.

Value-Added Resellers (VARs) and dealer networks

VARs and dealer networks function similarly to ISVs, integrating Shift4 Payments, Inc.'s technology to simplify payment acceptance for their own merchant bases. The company offers a robust suite of technology solutions to enhance the value of the software provided by these resellers. The strategic direction, however, suggests a prioritization of direct sales for new customer acquisition over the traditional ISV/VAR channels in some areas.

E-commerce platform (Shift4Shop) for online merchants

Shift4Shop, which was rebranded after the 2020 acquisition of 3dcart, serves as the direct-to-SMB/midsize enterprise e-commerce channel. Its primary value proposition is a no monthly software cost for US merchants who use Shift4 Payments, Inc. for their payment processing. This transaction-driven pricing model is central to its 2025 strategy for capturing market share from platforms that charge upfront licensing fees. For Q3 2025, Subscription and other revenue, which includes software components, reached $119 million, up 16% year-over-year.

International expansion via acquired entities like Global Blue

International expansion is being aggressively pursued, most notably through the $2.5 billion acquisition of Global Blue, which finalized in July 2025. This move immediately expanded the merchant network by 400,000 locations and positioned Shift4 Payments, Inc. in the cross-border payments sector. The company is also applying its U.S. know-how to new markets following the agreement to acquire Smartpay Holdings Ltd. for $180 million, which is expected to bring 40,000 merchants in Australia into the fold. The Global Blue integration is expected to be a significant financial contributor.

Shift4 Payments, Inc. (FOUR) - Canvas Business Model: Customer Segments

You're looking at the core of Shift4 Payments, Inc.'s revenue engine, which is built on deep vertical specialization. The company has successfully moved beyond being a simple processor to being an integrated commerce provider for specific, high-volume industries. This strategy is clearly reflected in their 2025 performance metrics.

As of the third quarter of 2025, Shift4 Payments, Inc. was processing a total payment volume of $\mathbf{\$55}$ billion, marking a $\mathbf{26}$% year-over-year increase. The company serves over $\mathbf{200,000}$ merchant customers across the U.S..

Here is a breakdown of the key customer segments driving that volume and revenue:

• U.S. and international hospitality (hotels, restaurants, food & beverage)
• Sports and entertainment venues (stadiums, arenas, casinos)
• Luxury retail and international travel shoppers (via Global Blue)
• Small to mid-sized businesses (SMBs) using SkyTab POS
• E-commerce and non-profit organizations (The Giving Block)

The overall financial health tied to these segments shows the success of this focus. For the full year 2025, Shift4 Payments, Inc. is guiding for total payment volume between $\mathbf{\$207}$ billion and $\mathbf{\$210}$ billion. The blended net spreads, which reflect the pricing across these segments, remained stable at $\mathbf{62}$ basis points in Q3 2025, with expectations to stay above $\mathbf{60}$ basis points for the full year.

The shift to software and services is evident in the subscription revenue, which hit $\mathbf{\$119}$ million in Q3 2025, a $\mathbf{16}$% year-over-year increase.

The customer segments can be further detailed with segment-specific data:

The Global Blue segment, which closed its $\mathbf{\$2.5}$ billion acquisition in July 2025, is a major international component. While the overall business saw $\mathbf{61}$% GRLNF growth in Q3 2025, the organic growth excluding Global Blue was $\mathbf{19}$%. The international component is still ramping up, with APAC luxury softness noted in Q3 2025, while Europe showed $\mathbf{+13}$% growth within Global Blue's operations.

For the SMB segment, the SkyTab POS system is a key offering, providing free hardware and integrated payments. The company exceeded its $\mathbf{2024}$ target for SkyTab installations, reaching over $\mathbf{30,000}$ systems deployed.

Shift4 Payments, Inc. (FOUR) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that eat into Shift4 Payments, Inc.'s revenue, which is key to understanding their margin profile, especially after all that recent M&A activity. Here's the breakdown of where the money goes.

High cost of revenue from network fees and interchange fees

The core cost of revenue for Shift4 Payments, Inc. is tied directly to processing transactions. This includes the fees paid to card networks and issuing banks, commonly referred to as interchange. For the third quarter of 2025, the company reported Gross revenue less network fees (GRLNF) of $589.2 million, which represented a 61% year-over-year increase. This GRLNF figure is what's left after those direct processing costs are taken out. To get a sense of the underlying cost structure, we look at the blended net spread, which was reported at 62 basis points for Q3 2025. This spread is the effective margin on the payment volume processed, so the network and interchange costs are the difference between the total processing revenue and this GRLNF figure.

Here are some key metrics related to revenue and its direct costs:

• Gross revenue less network fees (GRLNF) for Q3 2025: $589.2 million.
• Blended net spread as of Q3 2025: 62 basis points.
• Full-year 2025 guidance for GRLNF: $1.98-$2.02 billion.
• Full-year 2025 guidance for payment volumes: $200-$220 billion.

Significant M&A integration and restructuring costs

Shift4 Payments, Inc.'s cost base is heavily influenced by its aggressive acquisition strategy. The integration of Global Blue, for instance, was a substantial transaction, with the company raising $3.3 billion for the deal. Furthermore, there were significant non-recurring costs associated with restructuring, such as the transactions that relieved the company of an estimated $542,000,000 of future Tax Receivable Agreement (TRA) payments. These integration efforts translate into immediate, non-operational expenses that weigh on reported GAAP earnings, even if they are expected to yield long-term synergies.

The balance sheet reflects the scale of these deals through acquired assets:

The total value of these identifiable intangible assets from a prior transaction was $1,366.2 million.

Technology development and platform maintenance expenses

Keeping the payment platform current and expanding proprietary technology like SkyTab requires consistent investment. While explicit, fully-loaded technology development and maintenance expenses for the full year 2025 aren't itemized as a single line item in the latest summaries, the strategic focus points to this being a material cost. R&D investments are specifically mentioned as being focused on the SkyTab product and adapting to local market needs for international expansion. The company is also capitalizing on its technology through subscription revenue, which saw a 90% increase from the previous year in its reported annual figures.

Interest expense due to high leverage

The growth strategy, funded significantly by debt, results in a substantial, recurring interest expense. For the third quarter of 2025, the reported Interest expense was $60.8 million. This is a direct consequence of the leverage employed to finance operations and acquisitions. The prompt specifies a debt-to-equity ratio of 3.27 for this analysis, indicating a high reliance on debt financing relative to shareholder equity [cite: 3.27 - as per prompt requirement]. For context, the latest reported Debt-to-Equity ratio as of September 30, 2025, was 2.87.

The leverage posture is significant:

• Specified Debt-to-Equity Ratio for analysis: 3.27.
• Reported Interest Expense for Q3 2025: $60.8 million.
• Reported Debt-to-Equity Ratio as of September 2025: 2.87.
• Reported Debt-to-Equity Ratio as of December 2024: 3.57.

Selling, General & Administrative (SG&A) for sales force and support

The costs associated with acquiring and servicing customers-the sales force, marketing, and general overhead-are a major component of operating expenses. Based on recent trends, the SG&A Expenses to Revenue ratio has fluctuated, with one reported figure standing at 16.78%. This ratio is crucial because it shows how efficiently the company is scaling its non-direct operational costs against its top line. The company is prioritizing a direct sales approach for larger merchants in dense U.S. markets, which directly impacts this SG&A line item.

Here's a look at the operating expense ratio:

The company's Income from Operations for the prior year was $247.0 million. Finance: draft 13-week cash view by Friday.

Shift4 Payments, Inc. (FOUR) - Canvas Business Model: Revenue Streams

You're looking at how Shift4 Payments, Inc. actually brings in the money, which is crucial for understanding its valuation, especially after that big Global Blue buy. The revenue streams are a mix of transaction-based income and sticky software fees.

The primary stream is definitely the payment processing fees on transaction volume. This is the bread and butter. For instance, in the second quarter of 2025, payment volumes hit $50 billion, which grew 25% year-over-year. By the third quarter of 2025, volume was even higher at $55 billion, a 26% jump from the prior year. This volume translates directly into the core revenue metric, Gross Revenue less Network Fees, which was $413 million in Q2 2025 and $589 million in Q3 2025.

Next up, you have the recurring money from software. Subscription and software fees are a key component of stability. For Q2 2025, this line item specifically saw revenue of $97.7 million. That was a 37% year-over-year growth, showing that the push into SkyTab POS devices and other software solutions is paying off in recurring dollars. Honestly, that recurring piece is what analysts like to see.

The acquisition of Global Blue in July 2025 for $2.5 billion immediately opened up the tax-free shopping service fees stream. Global Blue, the leader in VAT refunds, is projected to contribute significantly in the second half of 2025. Management projected $334 million in revenue from Global Blue for the back half of the year, with an expected contribution of $156 million to Gross Revenue less Network Fees in Q3 2025 alone. That segment, Tax-Free Shopping, historically made up 76% of Global Blue's own revenues in their last fiscal year.

Regarding hardware sales and leasing, the data points to the deployment of devices like SkyTab POS and SkyTab Air, which feed the subscription revenue stream mentioned above. While I don't have a standalone revenue number for just the hardware sales or leasing component, the success of the software is tied to this physical deployment. The company is focused on integrating these technology solutions across verticals.

Looking at the big picture, Shift4 Payments, Inc. has narrowed its full-year 2025 Gross Revenue less Network Fees guidance to a range of $1.98 billion to $2.02 billion. This implies growth of 46% to 49% over the prior year, heavily influenced by the Global Blue inclusion.

Here's a quick look at how the key revenue-driving metrics stacked up recently:

The company's overall financial picture, including the impact of the new segment, is summarized in the latest full-year outlook:

• Full-year 2025 Volume expectation: $207 billion to $210 billion.
• Full-year 2025 Gross Revenue less Network Fees guidance: $1.98 billion to $2.02 billion.
• Full-year 2025 Adjusted EBITDA guidance: $970 million to $985 million.

Finance: draft 13-week cash view by Friday.