Shift4 Cuts Full-Year GRLNF and Adjusted EBITDA Outlook

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter gross revenue less network fees were $648 million as the company lowered 2026 GRLNF guidance to $2.45–$2.46 billion.

Shift4 Payments (FOUR) lowered its full-year 2026 gross revenue less network fees outlook to $2.45 billion to $2.46 billion and adjusted full-year Adjusted EBITDA to $1.11 billion to $1.13 billion, citing travel disruption, currency, inflation and same-store sales pressure. The company said the new GRLNF range is roughly 4% below its original 2026 guidance and Adjusted EBITDA roughly 6% below. It also revised full-year volume guidance to $240 billion to $250 billion, tightening the upper end of the range.

In the third quarter, gross revenue less network fees were $648 million, up 10% from a year earlier, or 9% on an organic constant-currency basis. Gross revenue was $1,319 million, up 12%. Gross profit was $434 million, up 6%. Volume was $61 billion, up 11%.

Payments-based gross revenue less network fees, which the company called its north star, were $402 million, up 18% year over year. Tax-Free Shopping GRLNF was $139 million, up 7%. Subscription and Other GRLNF was $107 million, down 10%. Blended spreads were 64 basis points.

Net income was $40 million, or $0.38 a share on a basic basis and $0.37 diluted. Non-GAAP net income was $132 million, or $1.49 a share. EBITDA was $261 million, up 13%. Adjusted EBITDA was $310 million, up 6%, for an Adjusted EBITDA margin of 48%.

Net cash provided by operating activities was $221 million, up 28%. Adjusted Free Cash Flow was $200 million, up 42%, which the company described as a quarterly record.

Chief Executive Officer Taylor Lauber said the company largely achieved its guidance despite a more challenging backdrop, with travel disruption weighing on Tax-Free Shopping and same-store sales under pressure off low comparables. He said the company is growing despite those headwinds and that he believes they will abate.

The company said it repurchased roughly 5% of shares outstanding in the quarter, invested record amounts in product development, expanded into multiple new country markets and made progress toward an M&A transaction. It said Shift4 One is live in 15 countries ahead of schedule and that it expects to exit the year with nearly $50 million in synergies from Global Blue, against a previously stated 2027 synergy target of $70 million.

Year-to-date, payments-based GRLNF grew 23%, which the company said was in line with its low-20s% growth algorithm. Americas payments-based GRLNF grew 16%, worldwide excluding Americas 44%, Tax-Free Shopping 6%, and Subscription and Other 2%. Total GRLNF grew 33% year to date.

The company said it continues to see opportunities to trade single-product revenue for higher-quality payments-based revenue and will do so as aggressively as it can. It said international expansion remains on track.

Full-year Adjusted Free Cash Flow guidance of $465 million to $475 million was affirmed, with free cash flow conversion unchanged at 42%. Lauber said the revisions reflect both continued macro challenges and near-term opportunities to accelerate payments-based revenue growth in the quarters ahead.

The company said it signed Kahala Brands as its single largest restaurant customer, added the MSG Sphere and several EU hotels, and won Kering for tax-free shopping.