Shift4 Payments, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
FOUR$43.73-2.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows
(Unaudited) (in millions)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Operating activities | ||
| Net income | $94.0 | $155.2 |
| Adjustments to reconcile net income to net cash provided by operating activities | ||
| Depreciation and amortization | 298.7 | 213.1 |
| Equity-based compensation expense | 56.8 | 51.4 |
| Revaluation of contingent liabilities | (7.4) | 3.9 |
| Gain on investments in securities | — | (21.6) |
| Change in TRA liability | (2.0) | 294.2 |
| Amortization of capitalized financing costs, net of premium accretion | 11.8 | 6.6 |
| Loss on extinguishment of debt | 12.3 | — |
| Provision for bad debts | 7.8 | 6.4 |
| Deferred income taxes | (7.0) | (300.1) |
| Unrealized foreign exchange losses (gains) | 4.7 | (0.5) |
| Other noncash items | — | (1.1) |
| Change in operating assets and liabilities | ||
| Accounts receivable | (6.9) | (46.0) |
| Prepaid expenses and other assets | 0.6 | (11.5) |
| Capitalized customer acquisition costs | (40.5) | (30.0) |
| Accounts payable | 0.5 | 24.9 |
| Accrued expenses and other liabilities | (6.5) | 35.5 |
| Payments on contingent liabilities in excess of initial fair value | (0.8) | (0.3) |
| Right-of-use assets and lease liabilities, net | (0.4) | (0.6) |
| Deferred revenue | (5.4) | (10.2) |
| Net cash provided by operating activities | 410.3 | 369.3 |
| Investing activities | ||
| Acquisitions, net of cash acquired | (2,568.3) | (305.9) |
| Acquisition of equipment to be leased | (89.6) | (75.9) |
| Capitalized software development costs | (68.1) | (48.4) |
| Acquisition of property, plant and equipment | (8.8) | (5.5) |
| Deposits with sponsor bank, net | (26.8) | — |
| Residual commission buyouts | (19.1) | (3.6) |
| Proceeds from sale of investments in securities | 3.0 | 4.1 |
| Investments in securities | (3.0) | — |
| Net cash used in investing activities | (2,780.7) | (435.2) |
| Financing activities | ||
| Proceeds from long-term debt | 2,313.2 | 1,100.0 |
| Proceeds from preferred stock | 1,000.0 | — |
| Repayment of debt | (450.0) | — |
| Deferred financing costs | (72.9) | (16.3) |
| Settlement line of credit | 26.8 | — |
| Settlement activity, net | (58.0) | (14.4) |
| Proceeds from common stock | 87.8 | — |
| Global Blue shares purchased through squeeze-out merger | (47.3) | — |
| Repurchases of Class A common stock | (148.2) | (35.9) |
| Payments for withholding tax related to vesting of restricted stock units | (22.8) | (17.6) |
| Payments of preferred dividends | (14.5) | — |
| Payments on contingent liabilities | (1.7) | (1.5) |
| Distributions to noncontrolling interests | (18.8) | (6.6) |
| Net change in bank deposits | — | (70.8) |
| Other financing activities | (2.4) | (0.7) |
| Net cash provided by financing activities | 2,591.2 | 936.2 |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 50.3 | 3.3 |
| Change in cash and cash equivalents and restricted cash | 271.1 | 873.6 |
| Cash and cash equivalents and restricted cash, beginning of period | 1,438.6 | 721.8 |
| Cash and cash equivalents and restricted cash, end of period | $1,709.7 | $1,595.4 |
| See accompanying notes to unaudited condensed consolidated financial statements. | ||
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