Payoneer Global Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −8.32%.
Did PAYO Beat Earnings? Q4 2025 Results
Payoneer Global posted a mixed fourth quarter, falling short on both the top and bottom lines as declining interest income weighed on results. Revenue came in at $274.69 million, up 5.0% year-over-year but trailing the $282.39 million consensus by 2.73%, while earnings per share of $0.05 missed the $0.07 estimate by 24.59%. The primary culprit was a familiar one: interest income slid 8% year-over-year in the quarter as lower rates eroded yield on $7.90 billion in customer funds, masking genuinely solid momentum in the company's core business, where revenue excluding interest grew 9% in Q4 and the B2B segment expanded 17%. The quarter capped a full year in which Payoneer crossed $1.05 billion in total revenue, and shares rallied on the company's announcement of plans to pursue a national trust bank charter to integrate stablecoin infrastructure into its payments platform. Looking ahead, management guided 2026 revenue of $1.09 billion to $1.13 billion with adjusted EBITDA of $275 million to $285 million, targeting mid-teens growth exiting the year.
- B2B SMB revenue growth of 17% YoY in Q4 and 28% for the full year
- Checkout revenue growth of 25% YoY in Q4 and 55% for the full year
- ARPU grew 15% YoY, and excluding interest income was up 21%, marking 6 consecutive quarters of 20%+ growth
- Customer funds grew 13% YoY to $7.9 billion partially offsetting interest income decline from lower rates
- Continued strength with larger customers and strategic pricing initiatives
- Growth in higher take rate B2B, Checkout and Card franchises
“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 Global CEO, on the earnings call
Forward Guidance & Outlook
For 2026, Payoneer guides revenue of $1,090-$1,130 million, transaction costs of ~15.0% of revenue, and adjusted EBITDA of $275-$285 million. Revenue excluding interest income is expected to be $900-$940 million, with adjusted EBITDA ex. interest of $85-$95 million, more than doubling the prior year. Guidance includes a 300 basis point estimated headwind from deliberate customer portfolio optimization efforts. The company expects to accelerate growth during the year as it executes on its upmarket strategy, targeting mid-teens growth exiting the year and beyond. The company is investing in agentic AI capabilities and stablecoin infrastructure to unlock further platform leverage.
PAYO YoY Financials
PAYO Revenue by Segment
PAYO Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.