Shift4 Payments, Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
View on SEC.govAbout this filing
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, 2026 · Filed Nov 5, 2026
FOUR$43.96+2.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001794669-26-000045
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsKey Performance Indicators and Non-GAAP MeasuresCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001794669-26-000051
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsKey Performance Indicators and Non-GAAP MeasuresThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 151 previous paragraphs and 143 current paragraphs.
93 unchanged; 39 reworded; 11 added; 17 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 21 previous and 23 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
•Payments-based revenue increased by $145 million, or 16%, primarily due to an 11% increase in volume and the inclusion of$29 million of revenue attributable to recent acquisitions.
Current report
•TFS revenue increased by $9 million, or 7%, primarily due to increased purchasing volumes, despite moderated tourism activity as compared to the prior year period.
Current report
•Subscription and other revenue decreased by $12 million, or 10%. The decrease in subscription and other revenue was primarily driven by period-over-period pricing dynamics.
Current report
The decrease in professional expenses was primarily due to lower consulting costs, as the prior year included costs associated with the acquisition of Global Blue in 2025.
Current report
Nine months ended September 30, 2026 compared to nine months ended September 30, 2025
Current report
Gross revenue increased by $744 million, or 25%.
Current report
•Payments-based revenue increased by $511 million, or 20%, primarily due to a 19% increase in volume and the inclusion of$158 million of revenue attributable to recent acquisitions.
Current report
The decrease in professional expenses was primarily due to lower consulting costs, as the prior year included costs associated with the acquisition of Global Blue in 2025.
Current report
Non-Operating Income & Expenses.
Current report
During the nine months ended September 30, 2026, we repurchased 170,000 shares of Preferred Stock for $10 million, including commissions, at an average price of $58.48 per share.
Current report
As of September 30, 2026, $175 million remained available for common and preferred stock repurchases.
Removed paragraphs (17)
Previous report
Payments-based revenue increased by $205 million, or 24%, primarily due to:
Previous report
•The increase in volume of $11 billion, or 22%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, and;
Previous report
•our recent acquisitions.
Previous report
Six months ended June 30, 2026 compared to six months ended June 30, 2025
Previous report
Payments-based revenue increased by $366 million, or 23%, primarily due to:
Previous report
•The increase in volume of $22 billion, or 23%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, and;
Previous report
•our recent acquisitions.
Previous report
Subscription and other revenue increased by $17 million, or 9%. The increase in subscription and other revenue was primarily driven by the impact of recent acquisitions as well as higher SaaS revenue associated with our technology solutions.
Previous report
As of June 30, 2026, we had $4,549 million total principal amount of debt outstanding, including $633 million of 2027 Convertible Notes, $1,650 million of 2032 Senior Notes, $1,271 million of 2033 Euro Notes, and $995 million of principal outstanding on the Term Loan Facility.
Previous report
Settlement Line Agreement
Previous report
Our discussion and analysis of our historical financial condition and results of operations for the periods described is based on our audited consolidated financial statements, and our accompanying unaudited condensed consolidated financial statements, each of which have been prepared in accordance with U.S. GAAP. The preparation of these historical financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions and judgments in certain circumstances that affect the reported amounts of assets, liabilities and contingencies as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. We evaluate our assumptions and estimates on an ongoing basis. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. In many cases, the accounting treatment of a particular transaction is specifically dictated by U.S. GAAP and does not require management’s judgment in its application, while in other cases, significant judgment is required in selecting among available alternative accounting standards that allow different accounting treatment for similar transactions. We consider these policies requiring significant management judgment to be critical accounting policies, which are:
Previous report
•Revenue recognition;
Previous report
•Business combinations and the valuation of acquired assets and liabilities;
Previous report
•Impairment assessments; and
Reworded paragraphs (39)
Previous wording
In August 2026, we signed a definitive agreement to acquire 100% of an account-to-account payments company for an initial payment of approximately $143 million of cash. The terms and conditions also include contingent consideration of up to $173 million, resulting in an aggregate maximum consideration of approximately $316 million. The acquisition is expected to close in the second half of 2026, subject to customary regulatory approvals.
Current wording
In August 2026, we signed a definitive agreement to acquire 100% of Paramount Commerce Group Limited and its subsidiaries (“Paramount”) for an initial payment of approximately $143 million of cash. The terms and conditions also include contingent consideration of up to $174 million, resulting in an aggregate maximum consideration of approximately $317 million. Paramount is an account-to-account payments company, serving high-growth verticals such as iGaming, online sports betting, remittance, billing, and digital exchanges, with its core market in Canada. The acquisition is expected to close in the fourth quarter of 2026, subject to customary regulatory approvals.
Previous wording
Depreciation and amortization expense consists of depreciation and amortization expenses related to merchant relationships, trademarks and trade names, residual commission buyouts, equipment under lease, leasehold improvements, other intangible assets, and property and equipment. We depreciate and amortize our assets on a straight-line basis. Leasehold improvements are depreciated over the lesser of the estimated life of the leasehold improvement or the remaining lease term. Maintenance and repairs, which do not extend the useful life of the respective assets, are charged to expense as incurred. Intangible assets are amortized on a straight-line basis over their estimated useful lives which range from two years to twenty years.
Current wording
Depreciation and amortization expense consists of depreciation and amortization expenses related to merchant relationships, trademarks and trade names, residual commission buyouts, equipment under lease, leasehold improvements, and property and equipment. We depreciate and amortize our assets on a straight-line basis. Leasehold improvements are depreciated over the lesser of the estimated life of the leasehold improvement or the remaining lease term. Maintenance and repairs, which do not extend the useful life of the respective assets, are charged to expense as incurred. Intangible assets are amortized on a straight-line basis over their estimated useful lives which range from two years to twenty years.
Previous wording
Gain (loss) on investments in securities represents adjustments to the fair value of our investments in securities.
Current wording
Gain on investments in securities represents adjustments to the fair value of our investments in securities.
Previous wording
Income tax benefit (expense) represents federal, state, local and foreign income taxes.
Current wording
Income tax expense represents federal, state, local and foreign income taxes.
Previous wording
(a)Depreciation and amortization expense includes depreciation of equipment under lease of$26 million and$17 million for the three months ended June 30, 2026 and 2025, respectively.
Current wording
(a)Depreciation and amortization expense includes depreciation of equipment under lease of$25 million and$20 million for the three months ended September 30, 2026 and 2025, respectively.
Previous wording
Gross revenue increased by $329 million, or 34%. Gross revenue is comprised of payments-based revenue, TFS revenue, and subscription and other revenue.
Current wording
Gross revenue increased by $142 million, or 12%. Gross revenue is comprised of payments-based revenue, TFS revenue, and subscription and other revenue.
Previous wording
The 21% increase in network fees was primarily due tothe increase in payments-based revenue.
Current wording
The 14% increase in network fees was primarily due tothe increase in payments-based revenue.
Previous wording
Gross revenue less network fees increased by $211 million, or 51%, primarily due to the impact of recent acquisitions, the increase in volume, and higher Subscription and other revenue. See Key Performance Indicators and Non-GAAP Measures for a discussion and reconciliation of gross revenue less network fees.
Current wording
Gross revenue less network fees of $648 million increased by $59 million, or 10%. This increase also includes a $12 million impact from recent acquisitions, net of dispositions. See Key Performance Indicators and Non-GAAP Measures for a discussion and reconciliation of gross revenue less network fees.
Previous wording
The increase in other costs of sales was primarily driven by our recent acquisitions and incremental residual commissions associated with revenue growth.
Current wording
The increase in other costs of sales was primarily driven by incremental residual commissions associated with revenue growth and higher amortization of intangible assets.
Previous wording
The increase in general and administrative expenses was primarily due to expenses associated with our growth, which includes the impact of our recent acquisitions.
Current wording
The increase in general and administrative expenses was primarily due to higher employee expenses associated with our growth and includes the impact of our recent acquisitions.
Previous wording
The increase in depreciation and amortization expense was primarily due to the amortization of intangible assets recognized in connection with recent acquisitions, and increased depreciation of equipment under lease associated with our growth.
Current wording
The decrease in depreciation and amortization expense was primarily due to lower residual commission buyout amortization, partially offset by amortization of intangible assets recognized in connection with recent acquisitions and higher depreciation of equipment under lease associated with our growth.
Previous wording
The increase in interest expense was primarily due to new debt issuances in 2025 related to the acquisition of Global Blue.
Current wording
The increase in interest expense was primarily due to the $1 billion incremental term loan issued in July 2026.
Previous wording
The effective tax rate for the three months ended June 30, 2026 was approximately 34%, compared to the effective tax rate for the three months ended June 30, 2025 of approximately 26%. The effective tax rate for the three months ended June 30, 2026 was different than the U.S. federal statutory income tax rate of 21% primarily due to the mix of income and valuation allowances in various jurisdictions.
Current wording
The effective tax rate for the three months ended September 30, 2026 was approximately 39%, compared to the effective tax rate for the three months ended September 30, 2025 of approximately 45%. The effective tax rate for the three months ended September 30, 2026 was different than the U.S. federal statutory income tax rate of 21% primarily due to the mix of income and valuation allowances in various jurisdictions.
Previous wording
Comparison of Results for the Six Months Ended June 30, 2026 and 2025
Current wording
Comparison of Results for the Nine Months Ended September 30, 2026 and 2025
Previous wording
(a)Depreciation and amortization expense includes depreciation of equipment under lease of$48 million and $33 million for the six months ended June 30, 2026 and 2025, respectively.
Current wording
(a)Depreciation and amortization expense includes depreciation of equipment under lease of $73 million and $53 million for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
TFS revenue increased by $117 million. TFS revenue is the result of the acquisition of Global Blue in the third quarter of 2025.
Current wording
•TFS revenue increased by $228 million and is primarily attributable to the acquisition of Global Blue in the third quarter of 2025.
Previous wording
Subscription and other revenue increased by $7 million, or 7%. The increasein subscription and other revenue was primarily driven by the impact of recent acquisitions.
Current wording
•Subscription and other revenue increased by $5 million, or 2%. The increase in subscription and other revenue was primarily driven by the impact of recent acquisitions, partially offset byperiod-over-period pricing dynamics.
Previous wording
The 20% increase in network fees was primarily due tothe increase in payments-based revenue.
Current wording
The 18% increase in network fees was primarily due tothe increase in payments-based revenue.
Previous wording
Gross revenue less network fees increased by $391 million, or 50%, primarily due to the impact of recent acquisitions, the increase in volume, and higher Subscription and other revenue. See Key Performance Indicators and Non-GAAP Measures for a discussion and reconciliation of gross revenue less network fees.
Current wording
Gross revenue less network fees of$1,821 million increased by $450 million, or 33%. This increase also includes a $320 million impact from recent acquisitions, net of dispositions. See Key Performance Indicators and Non-GAAP Measures for a discussion and reconciliation of gross revenue less network fees.
Previous wording
The increasein other costs of sales was primarily driven by our recent acquisitions and incremental residual commissions associated with revenue growth.
Current wording
The increasein other costs of sales was primarily driven by our recent acquisitions, incremental residual commissions associated with revenue growth, and higher amortization of intangible assets.
Previous wording
The increase in general and administrative expenses was primarily due to expenses associated with our growth, which includes the impact of our recent acquisitions.
Current wording
The increase in general and administrative expenses was primarily due to higher employee expenses associated with our growth and includes the impact of our recent acquisitions.
Previous wording
The increase in depreciation and amortization expense was primarily due to the amortization of intangible assets recognized in connection with recent acquisitions, and increased depreciation of equipment under lease associated with our growth.
Current wording
The increase in depreciation and amortization expense was primarily due to the amortization of intangible assets recognized in connection with recent acquisitions and increased depreciation of equipment under lease associated with our growth, partially offset by lower residual commission buyout amortization.
Previous wording
The increase in advertising and marketing expenses was primarily due to incremental brand awareness costs.
Current wording
The increase in advertising and marketing expenses was primarily due to incremental brand awareness costs, partially in connection with our recent acquisitions
Previous wording
The increase in interest expense was primarily due to new debt issuances in 2025 related to the acquisition of Global Blue.
Current wording
The increase in interest expense was primarily due to new debt issuances in 2025 related to the acquisition of Global Blue and the $1 billion incremental term loan issued in July 2026.
Previous wording
The effective tax rate for the six months ended June 30, 2026 was appr oximately (42)%, compared to the effective tax rate for the six months ended June 30, 2025 of approximately 10%. The income tax benefit for the six months ended June 30, 2026 was primarily due to a discrete tax benefit resulting from the Simplification Transactions andthe mix of income and valuation allowances in various jurisdictions.
Current wording
The effective tax rate for the nine months ended September 30, 2026 was approximately 17%, compared to the effective tax rate for the nine months ended September 30, 2025 of approximately 26%. The effective tax rate for the nine months ended September 30, 2026 was different than the U.S. federal statutory income tax rate of 21% primarily due to the mix of income and valuation allowances in various jurisdictions, partially offset by a discrete tax benefit resulting from the Simplification Transactions.
Previous wording
(a)For the three months ended June 30, 2026, consisted of $13 million of restructuring, integration and other costs and $2 million of acquisition-related professional costs. For the six months ended June 30, 2026, consisted of $30 million of restructuring, integration and other costs and $8 million of acquisition-related professional costs. For the three months ended June 30, 2025, consisted of$6 million of acquisition-related professional costs and$5 million of restructuring, integration and other costs. For the six months ended June 30, 2025, consisted of $20 million of acquisition-related professional costs and $18 million of restructuring, integration and other costs.
Current wording
(a)For the three months ended September 30, 2026, consisted of $24 million of restructuring, integration and other costs and $4 million of acquisition-related professional costs. For the nine months ended September 30, 2026, consisted of $54 million of restructuring, integration and other costs and $12 million of acquisition-related professional costs. For the three months ended September 30, 2025, consisted of$23 million of acquisition-related professional costs and$7 million of restructuring, integration and other costs. For the nine months ended September 30, 2025, consisted of $43 million of acquisition-related professional costs and $25 million of restructuring, integration and other costs.
Previous wording
(e)For the three months ended June 30, 2026, consisted of $3 million of expenses related to non-routine matters and $1 million of expenses related to the non-routine upgrade of our IT systems, partially offset by $2 million of foreign exchange-related gains. For the six months ended June 30, 2026, consisted of $9 million of expenses related to non-routine matters and $4 million of expenses related to the non-routine upgrade of our IT systems. For the three months ended June 30, 2025, consisted of$7 million of expenses related to non-routine matters,$3 million of expenses related to the non-routine upgrade of our IT systems, and$2 million of foreign exchange-related losses. For the six months ended June 30, 2025, consisted of$10 million of expenses related to non-routine matters,$6 million of expenses related to the non-routine upgrade of our IT systems, and$4 million of foreign exchange-related losses.
Current wording
(e)For the three months ended September 30, 2026, consisted of $4 million of expenses related to non-routine matters and $1 million of expenses related to the non-routine upgrade of our IT systems, partially offset by $3 million of foreign exchange-related gains. For the nine months ended September 30, 2026, consisted of $13 million of expenses related to non-routine matters and $5 million of expenses related to the non-routine upgrade of our IT systems, partially offset by $3 million of foreign exchange-related gains.. For the three months ended September 30, 2025, consisted of$6 million of expenses related to non-routine matters,$4 million of expenses related to the non-routine upgrade of our IT systems, and$1 million of foreign exchange-related losses. For the nine months ended September 30, 2025, consisted of$16 million of expenses related to non-routine matters,$10 million of expenses related to the non-routine upgrade of our IT systems, and$5 million of foreign exchange-related losses.
Previous wording
We have historically sourced our liquidity requirements primarily with cash flows from operations and, when needed, with debt or equity financing. The principal uses for liquidity have been acquisitions, capital expenditures, share repurchases and debt service. As of June 30, 2026, our cash and cash equivalents balance was $356 million. In addition, “Settlement assets” include $405 million of cash that will be used to settle merchant liabilities. The cash included within Settlement assets is typically paid to merchants within a few days of receipt in order to settle related liabilities.
Current wording
We have historically sourced our liquidity requirements primarily with cash flows from operations and, when needed, with debt or equity financing. The principal uses for liquidity have been acquisitions, capital expenditures, share repurchases and debt service. As of September 30, 2026, our cash and cash equivalents balance was $1,242 million. In addition, “Settlement assets” include $396 million of cash that will be used to settle merchant liabilities. The cash included within Settlement assets is typically paid to merchants within a few days of receipt in order to settle related liabilities.
Previous wording
While we intend to pay quarterly cash dividends on our 6.00% Series A Mandatory Convertible Preferred Stock (“Preferred Stock”), we do not intend to pay cash dividends on our Class A common stock in the foreseeable future. Shift4 Payments, Inc. is a holding company that does not conduct any business operations of its own. As a result, Shift4 Payments, Inc.’s ability to pay cash dividends on its common stock, if any, is dependent upon cash dividends and distributions and other transfers from Shift4 Payments, LLC. The amounts available to Shift4 Payments, Inc. to pay cash dividends are subject to the covenants and distribution restrictions in its subsidiaries’ agreements governing its indebtedness, including covenants in such agreements providing that the payments of dividends or other distributions are subject to annual limitations based on our market capitalization.
Current wording
While we intend to pay quarterly cash dividends on our 6.00% Series A Mandatory Convertible Preferred Stock (“Preferred Stock”), we do not intend to pay cash dividends on our Class A common stock in the foreseeable future.
Previous wording
For the six months ended June 30, 2026, net cash provided by operating activities of$197 million was primarily a result of net income of$36 million, adjusted for non-cash depreciation and amortization of$274 million, equity-based compensation of$47 million, and provision for bad debts of$13 million, partially offset by deferred income taxes of$(21) million and an impact from working capital items of$(152) million.
Current wording
For the nine months ended September 30, 2026, net cash provided by operating activities of$418 million was primarily a result of net income of$76 million, adjusted for non-cash depreciation and amortization of$403 million, equity-based compensation of$66 million, and provision for bad debts of$21 million, partially offset by an impact from working capital items of$(96) million anddeferred income taxes of$(49) million.
Previous wording
For the six months ended June 30, 2025, net cash provided by operating activities of $238 million was primarily a result of net income of $61 million, adjusted for non-cash depreciation and amortization of $173 million, equity-based compensation of $41 million, amortization of capitalized financing costs, net of premium accretion of $9 million, and provision for bad debts of $6 million, partially offset by deferred income taxes of $(21) million and an impact from working capital items of $(32) million.
Current wording
For the nine months ended September 30, 2025, net cash provided by operating activities of $410 million was primarily a result of net income of $94 million, adjusted for non-cash depreciation and amortization of $298 million and equity-based compensation of $57 million, partially offset by an impact from working capital items of $(59) million.
Previous wording
Net cash used in investing activities was$89 million for the six months ended June 30, 2026, a decrease of $43 million compared to net cash used in investing activities of $132 million for the six months ended June 30, 2025. This decrease was primarily the result of$185 million of settlement cash acquired from Bambora in March 2026 and a$10 million decrease in deposits made with our sponsor bank, partially offset by a$110 million increase in net cash paid for acquisitions (excluding settlement cash), a$23 million increase in capitalized software development costs, and a$10 million increase in acquisitions of property and equipment.
Current wording
Net cash used in investing activities was$174 million for the nine months ended September 30, 2026, a decrease of $2,607 million compared to net cash used in investing activities of$2,781 million for the nine months ended September 30, 2025. This decrease was primarily the result of the Global Blue acquisition in 2025.
Previous wording
Net cash used in financing activities was$518 million for the six months ended June 30, 2026, an increase of $2,144 million compared to net cash provided by financing activities of $1,626 million for the six months ended June 30, 2025. This increase was primarily due to $2.3 billion of gross proceeds received from debt and equity issuances in 2025, a$173 million increase in payments for the repurchase of common stock, a$122 million increase in distributions to noncontrolling interests, and a$31 million increase in preferred dividends paid, partially offset by the $450 million repayment of our 2026 Senior Notes in 2025 and a$42 million decrease in deferred financing costs.
Current wording
Net cash provided by financing activities was$223 million for the nine months ended September 30, 2026, a decreaseof $2,368 million compared to net cash provided by financing activities of $2,591 million for the nine months ended September 30, 2025. This decrease was primarily due to $3.4 billion of gross proceeds received from debt and equity issuances in 2025, a$363 million increase in payments for the repurchase of common stock, a$122 million increase in distributions to noncontrolling interests, and a$31 million increase in preferred dividends paid, partially offset by $990 million of gross proceeds received from the term loan issuance in 2026, the $450 million repayment of our 2026 Senior Notes in 2025 and a$61 million decrease in deferred financing costs.
Previous wording
As of December 31, 2025, we had $4,589 million total principal amount of debt outstanding, including $633 million of 2027 Convertible Notes, $1,650 million of 2032 Senior Notes, $1,309 million of 2033 Euro Notes, and $997 million of principal outstanding on the Term Loan Facility.
Current wording
As of September 30, 2026 and December 31, 2025, we had$5,539 million and $4,589 million total principal amount of debt outstanding, respectively.
Previous wording
We have a Settlement Line Agreement with an aggregate available amount of up to $125 million. As of June 30, 2026, borrowings against the Settlement Line amounted to $106 million which have been deposited in an account owned and controlled by Citizens. The deposit and borrowing have been netted on our unaudited Condensed Consolidated Balance Sheets because a right of offset exists and the parties intend to net settle.
Current wording
We have a Settlement Line Agreement with an aggregate available amount of up to $125 million. As of September 30, 2026, borrowings against the Settlement Line amounted to $102 million which have been deposited in an account owned and controlled by Citizens. The deposit and borrowing have been netted on our unaudited Condensed Consolidated Balance Sheets because a right of offset exists and the parties intend to net settle.
Previous wording
In November 2025, the Board authorized a new stock repurchase program, replacing the prior program, pursuant to which we are authorized to repurchase up to $1.0 billion of shares of our Class A common stock through December 31, 2026. During the six months ended June 30, 2026, we repurchased 6,137,541 shares of Class A common stock for $320 million, including commissions, at an average price of $52.17 per share. As of June 30, 2026, $375 million remained available for stock repurchases.
Current wording
During the nine months ended September 30, 2026, we repurchased 10,303,695 shares of Class A common stock for $511 million, including commissions, at an average price of $49.52 per share.
Previous wording
As of June 30, 2026, we had $4,549 million of debt principal outstanding, with $10 million payable within twelve months, and future interest payments, at current interest rates, associated with the outstanding debt totaled $1,556 million, with $242 million payable within twelve months.
Current wording
As of September 30, 2026, we had$5,539 million of debt principal outstanding, with $653 million payable within twelve months, and future interest payments, at current interest rates, associated with the outstanding debt totaled$1,845 million, with$306 million payable within twelve months.
Previous wording
As of June 30, 2026, we had 10,423,296 shares ofour Preferred Stock outstanding, with an aggregate liquidation preference of approximately $1.0 billion. Dividends on the Preferred Stock are cumulative and accrue at an annual rate of 6.00% on the liquidation preference, payable quarterly in arrears, when and if declared by our Board. Subject to declaration, expected cash dividend payments on the preferred stock total$63 million over the next twelve months.
Current wording
As of September 30, 2026, we had 10,253,296 shares of our Preferred Stock outstanding, with an aggregate liquidation preference of approximately $1.0 billion. Divid ends on the Preferred Stock are cumulative and accrue at an annual rate of 6.00% on the liquidation preference, payable quarterly in arrears, when and if declared by our Board. Subject to declaration, expected cash dividend payments on the preferred stock total$61 million over the next twelve months.
Previous wording
As of June 30, 2026, the fair value of contingent liabilities to potentially be paid out in cash was $13 million, with $9 million payable within twelve months. As of June 30, 2026, the maximum amount of contingent liabilities to potentially be paid out in cash was $22 million, with $13 million payable within twelve months.
Current wording
As of September 30, 2026, the fair value of contingent liabilities to potentially be paid out in cash was$15 million, with$6 million payable within twelve months. As of September 30, 2026, the maximum amount of contingent liabilities to potentially be paid out in cash was$48 million, with$10 million payable within twelve months.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Gross revenue increased by $602 million, or 33%. Gross revenue is comprised of payments-based revenue, TFS revenue, and subscription and other revenue.
Previous report — wording carried elsewhere
TFS revenue increased by $219 million. TFS revenue is the result of the acquisition of Global Blue in the third quarter of 2025.