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 unlock
NEW 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 4Q 1Q 2Q 3Q 4Q
noted) 2024 2025 2025 2025 2025 Change 2024 2025 Change
------ ------ ------ ------ ------ ------ ------ -------- ------
Revenue ex.
interest
income $201.1 $188.6 $202.3 $211.4 $218.9 9 % $720.9 $821.2 14 %
Interest income 60.6 58.0 58.3 59.5 55.8 (8) % 256.8 231.6 (10) %
------ ------ ------ ------ ------ ------ --------
Revenue $261.7 $246.6 $260.6 $270.9 $274.7 5 % $977.7 $1,052.8 8 %
Transaction
costs as a % of (90)
revenue 16.5 % 16.0 % 15.6 % 15.7 % 15.6 % bps 15.6 % 15.7 % 10 bps
Net income $18.2 $20.6 $19.5 $14.1 $19.0 5 % $121.2 $73.2 (40) %
Adjusted EBITDA 63.3 65.4 66.4 71.3 68.5 8 % 270.6 271.7 0 %
Adjusted EBITDA
ex. interest
income 2.7 7.5 8.1 11.7 12.8 377 % 13.7 40.0 192 %
Operational
Metrics
----------------
Volume ($bn) $22.5 $19.7 $20.7 $22.3 $24.8 10 % $80.1 $87.5 9 %
Active Ideal
Customer
Profiles (ICPs)
('000s)(1) 560 556 559 548 536 (4) % 560 536 (4) %
Average Revenue
Per User
(ARPU)(2) $425 $439 $452 $471 $488 15 % $425 $488 15 %
Revenue as a % 116 125 126 121 111 (5) 122 120 bps (2)
of volume bps bps bps bps bps bps bps bps
("Take Rate")
SMB customer 109 119 120 121 113 4 bps 109 118 bps 9 bps
take rate(3) bps bps bps bps bps 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 Highlights
-- SMB 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 EBITDA(1) 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 Officer
2026 guidance is as follows:
Revenue $1,090 million - $1,130 million
Transaction costs 15.0% of revenue
Adjusted EBITDA(1) $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.
Webcast
Payoneer 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 Payoneer
Payoneer 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 Statements
This 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 Measures
Some 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 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 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 - 1
PAYONEER GLOBAL INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(U.S. dollars in thousands, except share and per share data)
(Unaudited)
Three months ended Year ended
December 31, December 31,
-------------------------- --------------------------
2025 2024 2025 2024
------------ ------------ ------------ ------------
Revenues $ 274,693 $ 261,739 $ 1,052,774 $ 977,716
Transaction costs 42,841 43,121 165,239 152,106
Other operating
expenses 40,518 43,133 165,265 169,550
Research and
development expenses 40,901 40,384 155,423 134,631
Sales and marketing
expenses 63,623 59,024 235,150 211,839
General and
administrative
expenses 38,344 33,227 141,405 113,263
Depreciation and
amortization 19,542 13,666 65,625 47,296
----------- ----------- ----------- -----------
Total 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 -- -- -- 2,767
Loss on warrant
repurchase/redemption -- -- -- (14,746)
Other financial income
(expense), net (1,466) (2,978) (9,079) 2,419
----------- ----------- ----------- -----------
Financial 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) 90
Unrealized gain (loss)
on cash flow hedges,
net (920) (15,976) 1,557 1,295
Tax 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 3,661
Foreign 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 356,307,429 360,292,619 361,172,145 358,345,945
=========== =========== =========== ===========
Weighted average
common shares
outstanding --
Diluted 362,604,735 385,074,151 376,731,192 386,237,179
=========== =========== =========== ===========
Disaggregation of revenue
The 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 2024
------------ -------- ---------- --------
Revenue recognized
at a point in
time $ 215,992 $197,456 $ 809,581 $707,644
Revenue recognized
over time 976 777 3,832 2,650
-------- ------- --------- -------
Revenue from
contracts with
customers $ 216,968 $198,233 $ 813,413 $710,294
Interest income on
customer
balances $ 55,777 $ 60,595 $ 231,614 $256,846
Capital advance
income 1,948 2,911 7,747 10,576
-------- ------- --------- -------
Revenue from other
sources $ 57,725 $ 63,506 $ 239,361 $267,422
-------- ------- --------- -------
Total revenues $ 274,693 $261,739 $1,052,774 $977,716
======== ======= ========= =======
The 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 2024
------------ -------- ---------- --------
Primary regional
markets
Greater China(1) $ 92,132 $ 89,938 $ 354,100 $340,846
Europe, Middle
East, and
Africa(2) 69,985 65,312 264,508 253,096
Asia-Pacific(2) 59,016 52,628 221,221 186,582
Latin America(2) 26,696 27,963 111,424 100,324
North America(3) 26,864 25,898 101,521 96,868
-------- ------- --------- -------
Total 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 - 2
PAYONEER 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 2024
------- ------- -------- --------
Net income $19,012 $18,190 $ 73,192 $121,163
Depreciation and
amortization 19,542 13,666 65,625 47,296
Income taxes 8,446 8,016 42,396 18,308
Other financial expense
(income), net 1,466 2,978 9,079 (2,419)
------ ------ ------- -------
EBITDA 48,466 42,850 190,292 184,348
Stock based compensation
expenses(1) 16,491 18,614 73,104 64,787
M&A related expenses(2) 1,339 1,807 3,393 9,439
Gain from change in fair
value of Warrants(3) -- -- -- (2,767)
Restructuring charges(4) 2,243 -- 4,873 --
Loss on Warrant
repurchase/redemption(5) -- -- -- 14,746
Adjusted EBITDA $68,539 $63,271 $271,662 $270,553
====== ====== ======= =======
Three months ended,
Dec. Mar. June Sept. Dec.
31, 31, 30, 30, 31,
2024 2025 2025 2025 2025
------- ------- ------- ------- -------
Net income $18,190 $20,577 $19,480 $14,123 $19,012
Depreciation
and
amortization 13,666 14,390 15,553 16,140 19,542
Income taxes 8,016 7,192 10,370 16,388 8,446
Other financial
expense net 2,978 1,550 227 5,836 1,466
------ ------ ------ ------ ------
EBITDA 42,850 43,709 45,630 52,487 48,466
Stock based
compensation
expenses(1) 18,614 18,755 20,059 17,799 16,491
M&A related
expenses(2) 1,807 337 736 981 1,339
Restructuring
charges(4) -- 2,630 -- -- 2,243
Adjusted 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 - 3
PAYONEER 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 2024
------------ ------------ ------------ ------------
Numerator:
Net income $ 19,012 $ 18,190 $ 73,192 $ 121,163
Denominator:
Weighted
average
common shares
outstanding
--
Basic 356,307,429 360,292,619 361,172,145 358,345,945
Add:
Dilutive
impact of
RSUs, ESPP
and options
to purchase
common
stock 6,297,306 23,903,275 15,018,484 27,104,075
Dilutive
impact of
private
Warrants -- 878,257 540,563 787,159
Weighted
average
common shares
-- diluted 362,604,735 385,074,151 376,731,192 386,237,179
=========== =========== =========== ===========
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
=========== =========== =========== ===========
TABLE - 4
PAYONEER GLOBAL INC.
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except share and per share data)
December 31, December 31,
2025 2024
-------------- --------------
Assets:
Current assets:
Cash and cash equivalents $ 415,537 $ 497,467
Restricted cash 6,090 6,633
Customer funds 7,544,541 6,439,153
Accounts receivable (net of allowance of
$501 and $382 at December 31, 2025 and
2024, respectively) 10,412 11,937
Capital advance receivables (net of
allowance of $3,953 and $4,955 at
December 31, 2025 and 2024,
respectively) 43,665 56,242
Other current assets 90,671 88,210
---------- ----------
Total current assets 8,110,916 7,099,642
Non-current assets:
Property, equipment and software, net 32,437 16,053
Goodwill 77,785 77,785
Intangible assets, net 208,053 102,390
Customer funds 350,000 525,000
Restricted cash 23,604 17,653
Deferred tax assets, net 56,898 41,523
Severance pay fund 856 757
Operating lease right-of-use assets 62,257 19,403
Other assets 33,783 30,174
---------- ----------
Total assets $ 8,956,589 $ 7,930,380
========== ==========
Liabilities and shareholders' equity:
Current liabilities:
Trade payables $ 44,611 $ 37,302
Outstanding operating balances 7,894,541 6,964,153
Other payables 144,568 129,621
---------- ----------
Total current liabilities 8,083,720 7,131,076
Non-current liabilities:
Deferred tax liabilities, net 25,051 1,471
Other long-term liabilities 143,391 73,043
---------- ----------
Total liabilities 8,252,162 7,205,590
Commitments 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 3,960
Treasury 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 896,294 821,196
Accumulated other comprehensive loss (6,277) (12,609)
Retained earnings 179,159 105,967
---------- ----------
Total shareholders' equity 704,427 724,790
---------- ----------
Total liabilities and shareholders'
equity $ 8,956,589 $ 7,930,380
========== ==========
TABLE - 5
PAYONEER GLOBAL INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands)
December 31,
------------------------
2025 2024
---------- ------------
Cash Flows from Operating Activities
Net income $ 73,192 $ 121,163
Adjustment to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 65,625 47,296
Deferred taxes (17,405) (22,616)
Stock-based compensation expenses 73,104 64,787
Gain from change in fair value of warrants -- (2,767)
Loss on warrant repurchase/redemption -- 14,746
Interest 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) 3,522
Changes in operating assets and
liabilities:
Other current assets 4,357 (42,872)
Trade payables 7,868 1,127
Deferred revenue 1,060 2,039
Accounts receivable, net 1,534 337
Capital advance extended to customers (313,264) (329,512)
Capital advance collected from customers 325,841 318,763
Other payables (797) 3,967
Other long-term liabilities 18,060 6,358
Operating lease right-of-use assets 10,995 14,068
Other 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) 83
Customer 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 328,500 277,000
Purchases 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 21,119
Outstanding operating balances, net 908,251 563,622
Borrowings under related party facility -- 15,120
Repayments under related party facility -- (33,531)
Receipts of collateral on interest rate
derivatives 126,060 37,890
Payments 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 7,018,367
--------- -----------
Cash, cash equivalents, restricted cash and
customer funds at end of period $6,416,707 $ 5,658,210
========= ===========
Supplemental information of investing and
financing activities not involving cash
flows:
Property, equipment, and software acquired
but not paid $ 453 $ 1,530
Internal use software capitalized but not
paid $ 7,814 $ 7,108
Common stock repurchased but not paid $ 51,305 $ 8,617
Right of use assets obtained in exchange
for new operating lease liabilities $ 2,317 $ 775
View original content to download multimedia:https://www.prnewswire.com/news-releases/payoneer-reports-fourth-quarter-and-full-year-2025-financial-results-302697783.html
SOURCE Payoneer
(END) Dow Jones Newswires
February 26, 2026 07:30 ET (12:30 GMT)
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