US Market News
1月前
Payoneer Reports First Quarter 2026 Financial ResultsMay 7, 2026 7:30 AM
PR Newswire (US) 11% increase in revenue ex. interest and strong profitability 44% B2B volume growth reflects acceleration across every major regionIncreases 2026 guidanceNEW YORK, May 7, 2026 /PRNewswire/ -- Payoneer Global Inc. ("Payoneer" or the "Company") (NASDAQ: PAYO), the global financial technology company powering business growth across borders, today reported financial results for its first quarter ended March 31, 2026. First Quarter 2026 Financial Highlights
($ in mm unless otherwise noted) 1Q 2025
2Q 2025
3Q 2025
4Q 2025
1Q 2026
YoY ChangeRevenue ex. interest income$188.6
$202.3
$211.4
$218.9
$210.1
11 %Interest income58.0
58.3
59.5
55.8
51.5
(11) %Revenue$246.6
$260.6
$270.9
$274.7
$261.6
6 %Transaction costs as a % of revenue16.0 %
15.6 %
15.7 %
15.6 %
13.5 %
(250) bpsNet income $20.6
$19.5
$14.1
$19.0
$19.6
(5) %Adjusted EBITDA65.4
66.4
71.3
68.5
69.4
6 %Adjusted EBITDA ex. interest income7.5
8.1
11.7
12.8
17.9
140 %
Operational Metrics
Volume ($bn)$19.7
$20.7
$22.3
$24.8
$22.8
16 %Average Revenue Per User (ARPU)1$ 439
$ 452
$ 471
$ 488
$513
17 %Revenue as a % of volume ("Take Rate")125 bps
126 bps
121 bps
111 bps
115 bps
(10) bpsSMB customer take rate2119 bps
120 bps
121 bps
113 bps
120 bps
1 bp
1.Please refer to "Additional Information and Definitions" for a description of ARPU.2.SMB customer take rate represents revenue from SMBs who sell on marketplaces, B2B SMBs, and Checkout (previously known as Merchant Services), divided by the associated volume from each respective channel."In Q1 we delivered acceleration across major KPIs: revenue growth ex. interest accelerated to 11%, B2B volume growth more than doubled to 44%, and we delivered another quarter of significant core profitability expansion. We are driving broad-based momentum across our business, supported by differentiated assets that compound as we scale. We have infrastructure built on years of investment and innovation, network effects that strengthen as volumes grow, and platform depth that allows us to meet the needs of how our customers operate globally.We're a profitable, scaled platform in a multi-trillion-dollar B2B market that's still in the early innings of digitization, and our strong Q1 results demonstrate we're capturing share. We are executing consistently, moving fast where we see opportunities, and building a business that's not just larger, but structurally more valuable, with deeper strategic advantages and stronger customer relationships."John Caplan, Chief Executive OfficerFirst Quarter 2026 Business Highlights (unless otherwise noted)Revenue excluding interest income grew 11% year-over-year, driven by 16% volume growth led by a significant acceleration in B2B.SMB customer revenue of $189 million grew 12% year-over-year, reflecting:SMBs that sell on marketplaces revenue of $115 million, up 4% year-over-year.B2B SMBs revenue of $64 million, up 23% year-over-year.Checkout revenue of $10 million, up 46% year-over-year.B2B volume growth accelerated significantly to 44% year-over-year driven by strong growth in China, EMEA and APAC.Strong enterprise payouts momentum continued with 28% year-over-year volume growth.17% growth in ARPU, and 22% growth in ARPU excluding interest income, the seventh consecutive quarter of 20%+ growth in ARPU excluding interest income.1bp of SMB customer take rate expansion driven by mix shift towards higher yield products and services and the impact of our fee and monetization initiatives.$7.6 billion of customer funds (including both short-term and long-term funds) as of March 31, 2026. Customer funds growth of 15% year-over-year partially offset the impact of lower interest rates on year-over-year interest income.Significant year-over-year increase in share repurchases, with $74 million in the first quarter at a weighted average price of $5.16, vs $17 million in Q1 2025.Announced a strategic collaboration with FundPark, a fintech that provides financing solutions that help e-commerce businesses in Hong Kong accelerate their global business expansion.2026 Outlook"We begin 2026 with strong momentum. Revenue ex. interest is accelerating, robust growth in our B2B franchise is driving SMB take rate expansion, execution against our upmarket strategy is gaining traction and contributed to a seventh consecutive quarter of 20%+ growth in ARPU ex. interest, and core business profitability increased substantially. We're unlocking significant operating leverage while making meaningful investments, including in stablecoin and agentic AI, that we believe will support our durable, profitable growth.We are increasing our full year 2026 guidance, reflecting $900-$940 million in revenue ex. interest and $200 million in interest income. We expect adjusted EBITDA1 of $285-$295 million. Our business fundamentals are strong, our strategic initiatives are working, and we're well-positioned to capitalize on the significant opportunity ahead of us."Bea Ordonez, Chief Financial Officer2026 guidance is as follows:
Revenue $1,100 million - $1,140 million
Transaction costs ~15.0% of revenue
Adjusted EBITDA1$285 million to $295 million
1.The Company cannot reconcile its expected adjusted EBITDA to expected net income under "2026 Guidance" without unreasonable effort because certain items that impact net income and other reconciling metrics are out of the Company's control and/or cannot be reasonably predicted at this time, including income taxes and other financial (income) expense, net. Such unavailable information could have a significant impact on the Company's GAAP financial results. Please refer to "Financial Information; Non-GAAP Financial Measures" below for a description of the calculation of adjusted EBITDA. WebcastPayoneer will host a live webcast of its earnings on a conference call with the investment community beginning at 8:30 a.m. ET today, May 7, 2026. To access the webcast, go to the investor relations section of the Company's website at https://investor.payoneer.com. A replay will be available on the investor relations website following the call.About PayoneerPayoneer is the financial platform for cross-border business and global payments. Payoneer empowers millions of businesses with the financial tools and services they need to grow and transact globally with confidence. We make it easier for SMBs, particularly in emerging markets, to connect to the global economy, pay and get paid across borders, manage their funds across multiple currencies, and grow their businesses. Forward-Looking StatementsThis press release includes, and oral statements made from time to time by representatives of Payoneer, may be considered "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Payoneer's future financial or operating performance. For example, projections of future revenue, transaction costs and adjusted EBITDA are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expect," "intend," "plan," "will," "estimate," "anticipate," "believe," "predict," "potential" or "continue," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Payoneer and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) changes in applicable laws or regulations; (2) the possibility that Payoneer may be adversely affected by geopolitical events and conflicts, such as Israel's and the United States' conflicts in the Middle East, and other economic, business and/or competitive factors, such as changes in global trade policies (including the imposition of tariffs); (3) changes in the assumptions underlying our financial estimates; (4) the outcome of any known and/or unknown legal or regulatory proceedings; and (5) other risks and uncertainties set forth in Payoneer's Annual Report on Form 10-K for the period ended December 31, 2025 and future reports that Payoneer may file with the SEC from time to time. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Payoneer does not undertake any duty to update these forward-looking statements.Financial Information; Non-GAAP Financial MeasuresSome of the financial information and data contained in this press release, such as adjusted EBITDA, have not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). Payoneer uses certain non-GAAP measures to compare Payoneer's performance to that of prior periods for budgeting and planning purposes. Payoneer believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Payoneer's results of operations. Payoneer's method of determining these non-GAAP measures may be different from other companies' methods and, therefore, may not be comparable to those used by other companies and Payoneer does not recommend the sole use of these non-GAAP measures to assess its financial performance. Payoneer management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Payoneer's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review Payoneer's financial statements, which are included in Payoneer's Annual Report on Form 10-K for the year ended December 31, 2025 and its subsequent Quarterly Reports on Form 10-Q, and not rely on any single financial measure to evaluate Payoneer's business. Non-GAAP measures include the following items:Adjusted EBITDA: We provide adjusted EBITDA, a non-GAAP financial measure that represents our net income (loss) adjusted to exclude, as applicable: M&A related expense (income), stock-based compensation expenses, restructuring charges, loss (gain) from change in fair value of warrants and warrant repurchase/redemption, other financial expense (income), net, income taxes, and depreciation and amortization.Adjusted EBITDA ex. Interest: represents Adjusted EBITDA excluding interest income.Other companies may calculate the above measure differently, and therefore Payoneer's measures may not be directly comparable to similarly titled measures of other companies.Additional Information and Definitions In this earnings release, we reference volume, which is an operational metric. Volume refers to the total dollar value of transactions successfully completed or enabled by our platform, not including orchestration transactions. For a customer that both receives and later sends payments, we count the volume only once. Note: orchestration transactions ceased in 2024 and were related to our 2020 acquisition of optile GmbH.We also reference ARPU (Average Revenue Per User), which is defined as the Revenue from Active Customers divided by the number of Active Customers over the period in which the Revenue was earned. Active Customers for these purposes are defined as Payoneer accountholders with at least 1 financial transaction over the period. Revenue from Active Customers represents revenue attributed to Active Customers based on their use of the Payoneer platform, including interest income earned from their balances, and excluding revenues unrelated to their activities. Investor Contact:
Michelle Wang
investor@payoneer.comMedia Contact:
Angela Sullivan
PR@payoneer.comTABLE - 1PAYONEER GLOBAL INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)(U.S. dollars in thousands, except share and per share data)
(Unaudited)
Three months ended
March 31,
2026
2025
Revenues
$261,595
$246,617
Transaction costs
35,202
39,349Other operating expenses
40,011
41,658Research and development expenses
43,326
37,271Sales and marketing expenses
58,112
54,726General and administrative expenses
36,007
29,904Depreciation and amortization
18,916
14,390Total operating expenses
231,574
217,298
Operating income
30,021
29,319
Financial expense:
Other financial expense, net
812
1,550Financial expense, net
812
1,550
Income before income taxes
29,209
27,769
Income taxes
9,641
7,192
Net income
$19,568
$20,577
Other comprehensive income (loss)
Unrealized gain (loss) on available-for-sale debt securities, net
(8,351)
7,239Tax benefit (expense) on unrealized gain (loss) on available-for-sale debt securities, net
1,902
(1,605)Unrealized loss on cash flow hedges, net
(2,284)
(1,787)Tax benefit on unrealized loss on cash flow hedges, net
446
327Unrealized gain on interest rate floor, net
2,154
6,021Tax expense on unrealized gain on interest rate floor, net
(613)
(1,276)Foreign currency translation adjustments
(111)
(169)Other comprehensive income (loss)
(6,857)
8,750
Comprehensive income
$12,711
$29,327
Per Share Data
Net income per share attributable to common stockholders — Basic earnings per
share
$0.06
$0.06— Diluted earnings per share
$0.06
$0.05
Weighted average common shares outstanding — Basic
345,342,308
362,979,571Weighted average common shares outstanding — Diluted
350,470,788
382,215,129Disaggregation of revenueThe following table presents revenue recognized from contracts with customers as well as revenue from other sources:
(Unaudited)
Three months ended
March 31,
2026
2025Revenue recognized at a point in time
$206,899
$185,333Revenue recognized over time
1,152
930Revenue from contracts with customers
$208,051
$186,263Interest income on customer balances
$51,537
$57,972Capital advance income
2,007
2,382Revenue from other sources
$53,544
$60,354Total revenues
$261,595
$246,617The following table presents the Company's revenue disaggregated by primary regional market, with revenues being attributed to the country (in the region) in which the billing address of the transacting customer is located, with the exception of global bank transfer revenues, where revenues are disaggregated based on the billing address of the transaction funds source.
(Unaudited)
Three months ended
March 31,
2026
2025Primary regional markets
Greater China(1)
$86,616
$84,896Europe, Middle East, and Africa(2)
64,751
58,893Asia-Pacific(2)
58,185
51,260Latin America(2)
26,047
27,873North America(3)
25,996
23,695Total revenues
$261,595
$246,617
1.Greater China is inclusive of mainland China, Hong Kong, Macao and Taiwan.2.No single country included in any of these regions generated more than 10% of total revenue.3.The United States is the Company's country of domicile. Of North America revenues, the U.S. represents $25,123 and $22,624 during the three months ended March 31, 2026 and 2025 TABLE - 2PAYONEER GLOBAL INC.RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (UNAUDITED)(U.S. dollars in thousands)
Three months ended
March 31,
2026
2025Net income
$19,568
$20,577Depreciation and amortization
18,916
14,390Income taxes
9,641
7,192Other financial expense, net
812
1,550EBITDA
48,937
43,709Stock based compensation expenses(1)
18,524
18,755M&A related expenses(2)
478
337Restructuring charges(3)
1,509
2,630Adjusted EBITDA
$69,448
$65,431
Three months ended,
Mar. 31, 2025
June 30, 2025
Sept. 30, 2025
Dec. 31, 2025
Mar. 31, 2026Net income
$20,577
$19,480
$14,123
$19,012
$19,568Depreciation and amortization
14,390
15,553
16,140
19,542
18,916Income taxes
7,192
10,370
16,388
8,446
9,641Other financial expense, net
1,550
227
5,836
1,466
812EBITDA
43,709
45,630
52,487
48,466
48,937Stock based compensation expenses(1)
18,755
20,059
17,799
16,491
18,524M&A related expenses(2)
337
736
981
1,339
478Restructuring charges(3)
2,630
—
—
2,243
1,509Adjusted EBITDA
$65,431
$66,425
$71,267
$68,539
$69,448
1.Represents non-cash charges associated with stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy.2.Amounts relate to M&A-related third-party fees, including related legal, consulting and other expenditures. For the three months ended March 31, 2026, $0.5 million of these expenses related to the acquisition of Boundless and the non-recurring fair value adjustment of the Skuad contingent consideration liability discussed in Note 3 to our condensed consolidated financial statements included elsewhere within this Quarterly Report on Form 10-Q. Amounts for the three months ended March 31, 2025 include $0.3 million in non-recurring fair value adjustment of the Skuad contingent consideration liability discussed in Note 3 to our condensed consolidated financial statements included elsewhere within this Quarterly Report on Form 10-Q.3.Represents non-recurring costs related to severance and other employee termination benefits. TABLE - 3PAYONEER GLOBAL INC.EARNINGS PER SHARE (U.S. dollars in thousands, except share and per share data)
(Unaudited)
Three months ended March 31,
2026
2025Numerator:
Net income
$19,568
$20,577Denominator:
Weighted average common shares outstanding —
Basic
345,342,308
362,979,571Add:
Dilutive impact of RSUs, ESPP and options to purchase common stock
5,128,480
18,362,026Dilutive impact of private Warrants
—
873,532Weighted average common shares — diluted
350,470,788
382,215,129Net income per share attributable to common stockholders — Basic earnings per
share
$0.06
$0.06Diluted earnings per share
$0.06
$0.05 TABLE - 4PAYONEER GLOBAL INC.CONSOLIDATED BALANCE SHEETS (UNAUDITED)(U.S. dollars in thousands, except share and per share data)
March 31,
December 31,
2026
2025Assets:
Current assets:
Cash and cash equivalents
$339,365
$415,537Restricted cash
4,851
6,090Customer funds
7,245,415
7,544,541Accounts receivable (net of allowance of $843 and $501 at March 31, 2026 and
December 31, 2025, respectively)
12,634
10,412Capital advance receivables (net of allowance of $3,676 at March 31, 2026 and $3,953 at
December 31, 2025)
37,234
43,665Other current assets
83,969
90,671Total current assets
7,723,468
8,110,916Non-current assets:
Property, equipment and software, net
39,739
32,437Goodwill
86,188
77,785Intangible assets, net
214,443
208,053Customer funds
350,000
350,000Restricted cash
23,561
23,604Deferred tax assets, net
60,261
56,898Severance pay fund
867
856Operating lease right-of-use assets
63,750
62,257Other assets
35,729
33,783Total assets
$8,598,006
$8,956,589Liabilities and shareholders' equity:
Current liabilities:
Trade payables
$41,811
$44,611Outstanding operating balances
7,595,415
7,894,541Other payables
124,637
144,568Total current liabilities
7,761,863
8,083,720Non-current liabilities:
Deferred tax liabilities, net
25,455
25,051Other long-term liabilities
151,613
143,391Total liabilities
7,938,931
8,252,162Commitments and contingencies
Shareholders' equity:
Preferred stock, $0.01 par value, 380,000,000 shares authorized; no shares were issued
and outstanding at March 31, 2026 and December 31, 2025.
—
—Common stock, $0.01 par value, 3,800,000,000 and 3,800,000,000 shares authorized;
415,278,698 and 411,826,086 shares issued and 337,813,340 and 348,704,315 shares
outstanding at March 31, 2026 and December 31, 2025, respectively.
4,153
4,118Treasury stock at cost, 77,465,358 and 63,121,771 shares as of March 31, 2026 and
December 31, 2025, respectively.
(443,483)
(368,867)Additional paid-in capital
912,812
896,294Accumulated other comprehensive loss
(13,134)
(6,277)Retained earnings
198,727
179,159Total shareholders' equity
659,075
704,427Total liabilities and shareholders' equity
$8,598,006
$8,956,589 TABLE - 5PAYONEER GLOBAL INC.CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(U.S. dollars in thousands)
March 31,
2026
2025Cash Flows from Operating Activities
Net income
$19,568
$20,577Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
18,916
14,390Deferred taxes
(1,108)
(2,279)Stock-based compensation expenses
18,524
18,755Interest on certificate of deposits
(5,718)
(6,725)Interest and amortization of premium/discount on investments
401
(2,685)Net realized (gains) losses on derivative instruments
(94)
117Foreign currency re-measurement (gain) loss
684
(1,811)Changes in operating assets and liabilities:
Other current assets
6,802
17,165Trade payables
(6,750)
(2,883)Deferred revenue
1,900
358Accounts receivable, net
(2,187)
2,555Capital advance extended to customers
(64,160)
(84,078)Capital advance collected from customers
70,591
95,232Other payables
(15,154)
(17,108)Other long-term liabilities
6,603
(781)Operating lease right-of-use assets
3,139
2,121Other assets
(126)
796Net cash provided by operating activities
51,831
53,716
Cash Flows from Investing Activities
Purchase of property, equipment and software
(10,148)
(4,726)Capitalization of internal use software
(18,619)
(16,067)Severance pay fund distributions, net
(11)
17Customer funds in transit, net
(22,319)
(19,742)Purchases of investments in available-for-sale debt securities
(80,375)
(71,968)Maturities of investments in available-for-sale debt securities
75,000
64,500Settlement of cash flow hedges
2,061
—Cash paid in connection with acquisition, net of cash acquired
(6,479)
—Net cash used in investing activities
(60,890)
(47,986)
Cash Flows from Financing Activities
Proceeds from issuance of common stock in connection with stock-based compensation plan,
net of taxes paid related to settlement of equity awards and proceeds from employee equity
transactions to be remitted to employees
(2,543)
(4,400)Outstanding operating balances, net
(301,781)
(385,763)Receipts of collateral on interest rate derivatives
32,860
25,610Payments of collateral on interest rate derivatives
(32,680)
(20,140)Consideration related to previous acquisitions
(6,519)
—Common stock repurchased
(74,991)
(17,753)Net cash used in financing activities
(385,654)
(402,446)
Effect of exchange rate changes on cash and cash equivalents
(808)
1,878
Net change in cash, cash equivalents, restricted cash and customer funds
(395,521)
(394,838)Cash, cash equivalents, restricted cash and customer funds at beginning of period
6,416,707
5,658,210Cash, cash equivalents, restricted cash and customer funds at end of period
$6,021,186
$5,263,372Supplemental information of investing and financing activities not involving cash flows:
Property, equipment, and software acquired but not paid
$1,485
$—Internal use software capitalized but not paid
$6,694
$4,959Common stock repurchased but not paid
$1,942
$—Right of use assets obtained in exchange for new operating lease liabilities
$2,330
$2,724 View original content to download multimedia:https://www.prnewswire.com/news-releases/payoneer-reports-first-quarter-2026-financial-results-302764826.htmlSOURCE Payoneer Original: Payoneer Reports First Quarter 2026 Financial Results
US Market News
4月前
Payoneer Reports Fourth Quarter and Full Year 2025 Financial ResultsFebruary 26, 2026 7:30 AM
PR Newswire (US)
14% increase in revenue ex. interest, including 28% B2B revenue growth, in 2025
2026 Guidance reflects focus on high margin growth and significant core business profitability unlockNEW YORK, Feb. 26, 2026 /PRNewswire/ -- Payoneer Global Inc. ("Payoneer" or the "Company") (NASDAQ: PAYO), the global financial technology company powering business growth across borders, today reported financial results for its fourth quarter and full year ended December 31, 2025.
Fourth Quarter 2025 Financial Highlights
YoY
YoY($ in mm unless otherwise noted)4Q 20241Q 20252Q 20253Q 20254Q 2025Change
20242025ChangeRevenue ex. interest income$201.1$188.6$202.3$211.4$218.99 %
$720.9$821.214 %Interest income60.658.058.359.555.8(8) %
256.8231.6(10) %Revenue$261.7$246.6$260.6$270.9$274.75 %
$977.7$1,052.88 %Transaction costs as a % of revenue16.5 %16.0 %15.6 %15.7 %15.6 %(90) bps
15.6 %15.7 %10 bpsNet income $18.2$20.6$19.5$14.1$19.05 %
$121.2$73.2(40) %Adjusted EBITDA63.365.466.471.368.58 %
270.6271.70 %Adjusted EBITDA ex. interest income2.77.58.111.712.8377 %
13.740.0192 %
Operational Metrics
Volume ($bn)$22.5$19.7$20.7$22.3$24.810 %
$80.1$87.59 %Active Ideal Customer Profiles (ICPs) ('000s)1 560556559548536(4) %
560536(4) %Average Revenue Per User (ARPU)2$425$439$452$471$48815 %
$425$48815 %Revenue as a % of volume ("Take Rate")116 bps125 bps126 bps121 bps111 bps(5) bps
122 bps120 bps(2) bpsSMB customer take rate3109 bps119 bps120 bps121 bps113 bps4 bps
109 bps118 bps9 bps
1.Active ICPs are defined as customers with a Payoneer Account that have on average over $500 per month in volume (including intra-network transactions with other Payoneer customers) and were active over the trailing twelve-month period. 2.Please refer to "Additional Information and Definitions" for a description of ARPU.3.SMB customer take rate represents revenue from SMBs who sell on marketplaces, B2B SMBs, and Checkout (previously known as Merchant Services), divided by the associated volume from each respective channel."Payoneer continued to support the global ambitions of our customers and delivered record results in 2025. We crossed $1 billion in annual revenue, delivered significant profitability, and generated meaningful free cash flow. We repurchased $175 million, or 8% of shares outstanding during the year, underscoring our conviction in the intrinsic value of the business and our commitment to driving long-term shareholder returns.Payoneer is positioned to be a category defining company in cross border commerce. We have product market fit, deep global distribution, and robust payment and regulatory infrastructure that are highly differentiated and difficult to replicate. In 2026, we are moving our strategy upmarket to serve the more complex needs of SMBs and SMEs engaged in global trade and to drive high margin growth. We are also strengthening our platform for the future of money movement and orienting the company towards an AI-first strategy that will accelerate product delivery, improve customer engagement, and unlock leverage. Our ambition is bold, our strategy is clear, and we have the assets and team to execute."John Caplan, Chief Executive Officer Fourth Quarter 2025 Business Highlights (unless otherwise noted)SMB customer revenue of $197 million grew 9% year-over-year, reflecting:SMBs that sell on marketplaces revenue of $122 million, up 4% year-over-year.B2B SMBs revenue of $65 million, up 17% year-over-year, and representing 30% of revenue ex. interest. Checkout revenue of $11 million, up 25% year-over-year.$1.6 billion of spend on Payoneer cards, up 6% year-over-year, reflecting continued, though more muted, growth with large ecomm sellers at 15%, likely a result of tariff related headwinds to spending behavior, and softness in Latin America.$7.9 billion of customer funds (including both short-term and long-term funds) as of December 31, 2025. Customer funds growth of 13% year-over-year partially offset the interest income decline due to lower interest rates year-over-year.Accelerated share repurchases in the quarter to $80 million at a weighted average price of $5.76.In January 2026, acquired Boundless for $13 million, with an additional earn-out of up to $4 million contingent upon reaching certain performance and tenure milestones. The acquisition deepens and broadens Payoneer's global workforce management capabilities.In January 2026, received in-principle authorization as a Payment Aggregator-Cross Border (PA-CB) in India, a key milestone in enabling Payoneer to expand its operations and provide end-to-end cross-border payment solutions for Indian businesses.In February 2026, announced plans to launch a suite of stablecoin capabilities embedded within the Payoneer platform, powered by Bridge.In February 2026, filed an application with the Office of the Comptroller of the Currency (OCC) to establish an uninsured national trust bank in the United States to support Payoneer's broader stablecoin strategy.Full Year 2025 Business HighlightsSMB customer revenue of $742 million grew 15% year-over-year, reflecting:SMBs that sell on marketplaces revenue of $469 million, up 8% year-over-year.B2B SMBs revenue of $237 million, up 28% year-over-year. Checkout revenue of $35 million, up 55% year-over-year.ARPU grew 15% year-over-year and, excluding interest income, was up 21%, marking 6 consecutive quarters of 20%+ growth. ARPU expansion was driven by continued strength with larger customers, growth in higher take rate B2B, Checkout and Card franchises, and strategic pricing initiatives. $6.1 billion of annual spend on Payoneer cards, up 18% year-over-year, driven by higher usage per customer. Additionally, in July Payoneer renewed its long-term agreement with Mastercard to support its multi-currency card offerings for customers with cross-border AP needs.Completed the acquisition of a licensed China-based payment service provider, Easylink Payment Co., Ltd., now Payoneer Payments (Guangdong) Co., Ltd. The acquisition strengthens Payoneer's global regulatory infrastructure and positions the company to better serve its customers in China as they export globally. Launched partnership with Stripe to enhance and expand Payoneer's Checkout offering, combining their best-in-class technology with Payoneer's local market expertise and comprehensive financial stack, to deliver best-in-class capabilities.Strengthened and expanded ecosystem of enterprise relationships, including with Airbnb, Upwork, TikTok Live, Alibaba, Mercado Libre, and Best Buy.$175 million of share repurchases in 2025, at a weighted average price of $6.41, up versus $137 million of repurchases in 2024.2026 Outlook"We are delivering profitable, sustainable growth. In 2025, we generated mid-teens growth in revenue excluding interest income and a significant increase in core business profitability. We continued to invest in our regulatory and money movement infrastructure, strengthened our competitive differentiators, and accelerated the pace of buybacks. We deepened our geographic footprint and regulatory framework, expanded our marketplace and partner ecosystem, drove significant enhancements to our customer experience and made meaningful investments in the infrastructure needed to enable stablecoin capabilities.In 2026, we expect to deliver $900-940 million in revenue ex. interest and $85-95 million of adjusted EBITDA1 ex. interest, more than double the prior year. We are taking deliberate actions to optimize our customer portfolio and guidance for revenue ex. interest includes a 300 basis point estimated headwind related to those efforts. We expect to accelerate growth during the year as we execute on our upmarket strategy and lap these headwinds, delivering mid-teens growth exiting the year and beyond, as we continue to unlock leverage in our model from ongoing investments in our platform, including in agentic AI capabilities." Bea Ordonez, Chief Financial Officer2026 guidance is as follows:
Revenue
$1,090 million - $1,130 million
Transaction costs
~15.0% of revenue
Adjusted EBITDA1
$275 million to $285 million
1.The Company cannot reconcile its expected adjusted EBITDA to expected net income under "2026 Guidance" without unreasonable effort because certain items that impact net income and other reconciling metrics are out of the Company's control and/or cannot be reasonably predicted at this time, including income taxes and other financial (income) expense, net. Such unavailable information could have a significant impact on the Company's GAAP financial results. Please refer to "Financial Information; Non-GAAP Financial Measures" below for a description of the calculation of adjusted EBITDA.WebcastPayoneer will host a live webcast of its earnings on a conference call with the investment community beginning at 8:30 a.m. ET today, February 26, 2026. To access the webcast, go to the investor relations section of the Company's website at https://investor.payoneer.com. A replay will be available on the investor relations website following the call.About PayoneerPayoneer is the financial platform for cross-border business and global payments. Payoneer empowers millions of businesses with the financial tools and services they need to grow and transact globally with confidence. We make it easier for SMBs, particularly in emerging markets, to connect to the global economy, pay and get paid across borders, manage their funds across multiple currencies, and grow their businesses. Forward-Looking StatementsThis press release includes, and oral statements made from time to time by representatives of Payoneer, may be considered "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Payoneer's future financial or operating performance. For example, projections of future revenue, transaction costs and adjusted EBITDA are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expect," "intend," "plan," "will," "estimate," "anticipate," "believe," "predict," "potential" or "continue," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Payoneer and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) changes in applicable laws or regulations; (2) the possibility that Payoneer may be adversely affected by geopolitical events and conflicts, such as Israel's conflicts in the Middle East, and other economic, business and/or competitive factors, such as changes in global trade policies (including the imposition of tariffs); (3) changes in the assumptions underlying our financial estimates; (4) the outcome of any known and/or unknown legal or regulatory proceedings; and (5) other risks and uncertainties set forth in Payoneer's Annual Report on Form 10-K for the period ended December 31, 2025 and future reports that Payoneer may file with the SEC from time to time. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Payoneer does not undertake any duty to update these forward-looking statements.Financial Information; Non-GAAP Financial MeasuresSome of the financial information and data contained in this press release, such as adjusted EBITDA and Free Cash Flow, have not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). Payoneer uses certain non-GAAP measures to compare Payoneer's performance to that of prior periods for budgeting and planning purposes. Payoneer believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Payoneer's results of operations. Payoneer's method of determining these non-GAAP measures may be different from other companies' methods and, therefore, may not be comparable to those used by other companies and Payoneer does not recommend the sole use of these non-GAAP measures to assess its financial performance. Payoneer management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Payoneer's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review Payoneer's financial statements, which are included in Payoneer's Annual Report on Form 10-K for the year ended December 31, 2025 and its subsequent Quarterly Reports on Form 10-Q, and not rely on any single financial measure to evaluate Payoneer's business. Non-GAAP measures include the following items:Adjusted EBITDA: We provide adjusted EBITDA, a non-GAAP financial measure that represents our net income (loss) adjusted to exclude, as applicable: M&A related expense (income), stock-based compensation expenses, restructuring charges, share in losses (gain) of associated company, loss (gain) from change in fair value of warrants and warrant repurchase/redemption, other financial expense (income), net, income taxes, and depreciation and amortization.Adjusted EBITDA ex. Interest: represents Adjusted EBITDA excluding interest income. Free Cash Flow: represents net cash provided by operating activities, less purchase of property, equipment and software, and capitalization of internal use software.Other companies may calculate the above measure differently, and therefore Payoneer's measures may not be directly comparable to similarly titled measures of other companies.Additional Information and DefinitionsIn this earnings release, we reference volume, which is an operational metric. Volume refers to the total dollar value of transactions successfully completed or enabled by our platform, not including orchestration transactions. For a customer that both receives and later sends payments, we count the volume only once. Note: orchestration transactions ceased in 2023 and were related to our 2020 acquisition of optile GmbH.We also reference ARPU (Average Revenue Per User), which is defined as the Revenue from Active Customers divided by the number of Active Customers over the period in which the Revenue was earned. Active Customers for these purposes are defined as Payoneer accountholders with at least 1 financial transaction over the period. Revenue from Active Customers represents revenue attributed to Active Customers based on their use of the Payoneer platform, including interest income earned from their balances, and excluding revenues unrelated to their activities. For revenues from SMBs that sell on marketplaces and from B2B SMBs referenced in the fourth quarter and full year 2025 highlights, note that 2024 revenues used for comparison were restated. Certain non-volume revenues, including those related to banking partnerships and FX, which were previously allocated to SMBs that sell on marketplaces have been re-classified to B2B SMBs to better reflect the customers generating those revenues. Accordingly, the year-over-year change is calculated on a restated comparative basis. This change had no impact on total revenue or volumes.Investor Contact:
Michelle Wang
investor@payoneer.com Media Contact:
Angela Sullivan
PR@payoneer.com TABLE - 1PAYONEER GLOBAL INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (U.S. dollars in thousands, except share and per share data)
(Unaudited)
Three months ended
December 31,
Year ended
December 31,
2025
2024
2025
2024
Revenues
$274,693
$261,739
$1,052,774
$977,716
Transaction costs
42,841
43,121
165,239
152,106Other operating expenses
40,518
43,133
165,265
169,550Research and development expenses
40,901
40,384
155,423
134,631Sales and marketing expenses
63,623
59,024
235,150
211,839General and administrative expenses
38,344
33,227
141,405
113,263Depreciation and amortization
19,542
13,666
65,625
47,296Total operating expenses
245,769
232,555
928,107
828,685
Operating income (loss)
28,924
29,184
124,667
149,031
Financial income (expense):
Gain from change in fair value of Warrants
—
—
—
2,767Loss on warrant repurchase/redemption
—
—
—
(14,746)Other financial income (expense), net
(1,466)
(2,978)
(9,079)
2,419Financial expense, net
(1,466)
(2,978)
(9,079)
(9,560)
Income before income taxes
27,458
26,206
115,588
139,471
Income taxes
8,446
8,016
42,396
18,308
Net income
$19,012
$18,190
$73,192
$121,163
Other comprehensive income (loss)
Unrealized gain (loss) on available-for-sale debt
securities, net
945
(13,539)
11,641
(412)Tax (expense) benefit on unrealized gain (loss) on
available-for-sale debt securities, net
(247)
2,906
(2,621)
90Unrealized gain (loss) on cash flow hedges, net
(920)
(15,976)
1,557
1,295Tax benefit (expense) on unrealized gain (loss) on
cash flow hedges, net
165
3,519
(323)
(233)Unrealized loss on interest rate floor, net
(6,374)
—
(4,426)
(16,768)Tax benefit on unrealized loss on interest rate floor,
net
1,486
—
1,117
3,661Foreign currency translation adjustments
(66)
(66)
(613)
(66)Other comprehensive income (loss)
(5,011)
(23,156)
6,332
(12,433)
Comprehensive income
$14,001
$(4,966)
$79,524
$108,730
Per Share Data
Net income per share attributable to common
stockholders — Basic earnings per share
$0.05
$0.05
$0.20
$0.34— Diluted earnings per share
$0.05
$0.05
$0.19
$0.31
Weighted average common shares outstanding — Basic
356,307,429
360,292,619
361,172,145
358,345,945Weighted average common shares outstanding — Diluted
362,604,735
385,074,151
376,731,192
386,237,179Disaggregation of revenueThe following table presents revenue recognized from contracts with customers as well as revenue from other sources:
(Unaudited)
Three months ended
Year ended
December 31,
December 31,
2025
2024
2025
2024Revenue recognized at a point in time
$215,992
$197,456
$809,581
$707,644Revenue recognized over time
976
777
3,832
2,650Revenue from contracts with customers
$216,968
$198,233
$813,413
$710,294Interest income on customer balances
$55,777
$60,595
$231,614
$256,846Capital advance income
1,948
2,911
7,747
10,576Revenue from other sources
$57,725
$63,506
$239,361
$267,422Total revenues
$274,693
$261,739
$1,052,774
$977,716The following table presents the Company's revenue disaggregated by primary regional market, with revenues being attributed to the country (in the region) in which the billing address of the transacting customer is located, with the exception of global bank transfer revenues, where revenues are disaggregated based on the billing address of the transaction funds source.Note that in 2024, the Company updated the definition of its primary regional markets to align with the view used by Management. This update eliminates South Asia, Middle East and North Africa as a separate region and instead includes revenues from South Asia in the Asia-Pacific region and Middle East and North Africa in the Europe, Middle East, and Africa region. The update has been applied to all periods reflected in the table below.
(Unaudited)
Three months ended
Year ended
December 31,
December 31,
2025
2024
2025
2024Primary regional markets
Greater China(1)
$92,132
$89,938
$354,100
$340,846Europe, Middle East, and Africa(2)
69,985
65,312
264,508
253,096Asia-Pacific(2)
59,016
52,628
221,221
186,582Latin America(2)
26,696
27,963
111,424
100,324North America(3)
26,864
25,898
101,521
96,868Total revenues
$274,693
$261,739
$1,052,774
$977,716
1.Greater China is inclusive of mainland China, Hong Kong, Macao and Taiwan.2.No single country included in any of these regions generated more than 10% of total revenue.3.The United States is the Company's country of domicile. Of North America revenues, the U.S. represents $25,967 and $28,194 during the three months ended December 31, 2025 and 2024, and $97,221 and $95,794 during the years ended December 31, 2025 and 2024, respectively. TABLE - 2PAYONEER GLOBAL INC.RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (UNAUDITED)(U.S. dollars in thousands)
Three months ended
Year ended
December 31,
December 31,
2025
2024
2025
2024Net income
$19,012
$18,190
$73,192
$121,163Depreciation and amortization
19,542
13,666
65,625
47,296Income taxes
8,446
8,016
42,396
18,308Other financial expense (income), net
1,466
2,978
9,079
(2,419)EBITDA
48,466
42,850
190,292
184,348Stock based compensation expenses(1)
16,491
18,614
73,104
64,787M&A related expenses(2)
1,339
1,807
3,393
9,439Gain from change in fair value of Warrants(3)
—
—
—
(2,767)Restructuring charges(4)
2,243
—
4,873
—Loss on Warrant repurchase/redemption(5)
—
—
—
14,746Adjusted EBITDA
$68,539
$63,271
$271,662
$270,553
Three months ended,
Dec. 31, 2024
Mar. 31, 2025
June 30, 2025
Sept. 30, 2025
Dec. 31, 2025Net income
$18,190
$20,577
$19,480
$14,123
$19,012Depreciation and amortization
13,666
14,390
15,553
16,140
19,542Income taxes
8,016
7,192
10,370
16,388
8,446Other financial expense net
2,978
1,550
227
5,836
1,466EBITDA
42,850
43,709
45,630
52,487
48,466Stock based compensation expenses(1)
18,614
18,755
20,059
17,799
16,491M&A related expenses(2)
1,807
337
736
981
1,339Restructuring charges(4)
—
2,630
—
—
2,243Adjusted EBITDA
$63,271
$65,431
$66,425
$71,267
$68,539
(1)Represents non-cash charges associated with stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy.(2)Amounts relate to M&A-related third-party fees, including related legal, consulting and other expenditures. Additionally, amounts for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024 include $0.2, $0.1, $0.1, $0.3, and $1.8 million, respectively, in non-recurring fair value adjustment of the Skuad contingent consideration liability.(3)Changes in the estimated fair value of the public warrants are recognized as gain or loss on the consolidated statements of comprehensive income. The impact is removed from EBITDA as it represents market conditions that are not in our control.(4)Represents non-recurring costs related to severance and other employee termination benefits.(5)Amounts relate to a non-recurring loss on the repurchase and redemption of outstanding public warrants. TABLE - 3PAYONEER GLOBAL INC.EARNINGS PER SHARE (U.S. dollars in thousands, except share and per share data)
(Unaudited)
Three months ended December 31,
Year ended December 31,
2025
2024
2025
2024Numerator:
Net income
$19,012
$18,190
$73,192
$121,163Denominator:
Weighted average common shares outstanding —
Basic
356,307,429
360,292,619
361,172,145
358,345,945Add:
Dilutive impact of RSUs, ESPP and options to
purchase common stock
6,297,306
23,903,275
15,018,484
27,104,075Dilutive impact of private Warrants
—
878,257
540,563
787,159Weighted average common shares — diluted
362,604,735
385,074,151
376,731,192
386,237,179Net income per share attributable to common
stockholders — Basic earnings per share
$0.05
$0.05
$0.20
$0.34Diluted earnings per share
$0.05
$0.05
$0.19
$0.31 TABLE - 4PAYONEER GLOBAL INC.CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands, except share and per share data)
December 31,
December 31,
2025
2024Assets:
Current assets:
Cash and cash equivalents
$415,537
$497,467Restricted cash
6,090
6,633Customer funds
7,544,541
6,439,153Accounts receivable (net of allowance of $501 and $382 at December 31, 2025 and 2024,
respectively)
10,412
11,937Capital advance receivables (net of allowance of $3,953 and $4,955 at December 31,
2025 and 2024, respectively)
43,665
56,242Other current assets
90,671
88,210Total current assets
8,110,916
7,099,642Non-current assets:
Property, equipment and software, net
32,437
16,053Goodwill
77,785
77,785Intangible assets, net
208,053
102,390Customer funds
350,000
525,000Restricted cash
23,604
17,653Deferred tax assets, net
56,898
41,523Severance pay fund
856
757Operating lease right-of-use assets
62,257
19,403Other assets
33,783
30,174Total assets
$8,956,589
$7,930,380Liabilities and shareholders' equity:
Current liabilities:
Trade payables
$44,611
$37,302Outstanding operating balances
7,894,541
6,964,153Other payables
144,568
129,621Total current liabilities
8,083,720
7,131,076Non-current liabilities:
Deferred tax liabilities, net
25,051
1,471Other long-term liabilities
143,391
73,043Total liabilities
8,252,162
7,205,590Commitments and contingencies
Shareholders' equity:
Preferred stock, $0.01 par value, 380,000,000 shares authorized; no shares were issued
and outstanding at December 31, 2025 and December 31, 2024.
—
—Common stock, $0.01 par value, 3,800,000,000 and 3,800,000,000 shares authorized;
411,826,086 and 395,965,588 shares issued and 348,704,315 and 360,093,249 shares
outstanding at December 31, 2025 and December 31, 2024, respectively.
4,118
3,960Treasury stock at cost, 63,121,771 and 35,872,339 shares as of December 31, 2025 and
December 31, 2024, respectively.
(368,867)
(193,724)Additional paid-in capital
896,294
821,196Accumulated other comprehensive loss
(6,277)
(12,609)Retained earnings
179,159
105,967Total shareholders' equity
704,427
724,790Total liabilities and shareholders' equity
$8,956,589
$7,930,380 TABLE - 5PAYONEER GLOBAL INC.CONSOLIDATED STATEMENTS OF CASH FLOWS (U.S. dollars in thousands)
December 31,
2025
2024Cash Flows from Operating Activities
Net income
$73,192
$121,163Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
65,625
47,296Deferred taxes
(17,405)
(22,616)Stock-based compensation expenses
73,104
64,787Gain from change in fair value of warrants
—
(2,767)Loss on warrant repurchase/redemption
—
14,746Interest on certificate of deposits
(13,370)
(11,442)Interest and amortization of discount on investments
1,180
(8,577)Foreign currency re-measurement (gain) loss
(5,031)
3,522Changes in operating assets and liabilities:
Other current assets
4,357
(42,872)Trade payables
7,868
1,127Deferred revenue
1,060
2,039Accounts receivable, net
1,534
337Capital advance extended to customers
(313,264)
(329,512)Capital advance collected from customers
325,841
318,763Other payables
(797)
3,967Other long-term liabilities
18,060
6,358Operating lease right-of-use assets
10,995
14,068Other assets
540
(3,462)Net cash provided by operating activities
233,489
176,925
Cash Flows from Investing Activities
Purchase of property, equipment and software
(26,874)
(8,189)Capitalization of internal use software
(60,855)
(52,203)Severance pay fund distributions, net
(99)
83Customer funds in transit, net
(38,683)
(50,768)Investments in interest rate derivatives
(15,950)
(35,200)Purchases of investments in available-for-sale debt securities
(446,303)
(1,443,772)Maturities of investments in available-for-sale debt securities
328,500
277,000Purchases of investments in term deposits
—
(600,000)Maturities of investments in term deposits
75,000
—Cash paid in connection with acquisition, net of cash and customer funds acquired
(33,081)
(48,218)Net cash provided by (used in) investing activities
(218,345)
(1,961,267)
Cash Flows from Financing Activities
Proceeds from issuance of common stock in connection with stock-based compensation plan, net of taxes
paid related to settlement of equity awards and proceeds from employee equity transactions to be remitted
to employees
714
21,119Outstanding operating balances, net
908,251
563,622Borrowings under related party facility
—
15,120Repayments under related party facility
—
(33,531)Receipts of collateral on interest rate derivatives
126,060
37,890Payments of collateral on interest rate derivatives
(117,590)
(19,100)Consideration related to previous acquisitions
(4,461)
—Warrant repurchase/redemption
—
(19,834)Payment on exercise of warrants
(1,332)
—Common stock repurchased
(173,601)
(137,513)Net cash provided by (used in) financing activities
738,041
427,773
Effect of exchange rate changes on cash and cash equivalents
5,312
(3,588)
Net change in cash, cash equivalents, restricted cash and customer funds
758,497
(1,360,157)Cash, cash equivalents, restricted cash and customer funds at beginning of period
5,658,210
7,018,367Cash, cash equivalents, restricted cash and customer funds at end of period
$6,416,707
$5,658,210Supplemental information of investing and financing activities not involving cash flows:
Property, equipment, and software acquired but not paid
$453
$1,530Internal use software capitalized but not paid
$7,814
$7,108Common stock repurchased but not paid
$51,305
$8,617Right of use assets obtained in exchange for new operating lease liabilities
$2,317
$775
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Original: Payoneer Reports Fourth Quarter and Full Year 2025 Financial Results
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