Payoneer Global (PAYO) FY2025 results: revenue $1.1 billion, up 7.7% on the year
Payoneer Global Inc. (PAYO) reported revenue of $1.1 billion for fiscal 2025, the year ended 31 December 2025, up 7.7% on the year before. Net income was $73 million, down 39.6%, and diluted earnings per share $0.19. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$1.1 billion
+7.7% on the year
FY2019FY2025
Operating margin
11.8%
15.2% a year earlier
FY2019FY2025
Net income
$73 million
-39.6% on the year
FY2019FY2025
Diluted EPS
$0.19
-38.7% on the year
FY2019FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 6 new.
Revenue passed $1 billion in 2025: Management said annual revenue crossed $1 billion in 2025, with significant profitability and meaningful free cash flow generated during the year.
Revenue excluding interest up 14%: Full-year revenue was $1,052.8 million, up 8%, while revenue excluding interest income rose 14% in 2025.
Interest income declined on lower rates: Interest income declined year-over-year because of lower interest rates. Customer funds growth of 13% partly offset the decline.
Card spend reached $6.1 billion: Annual spend on Payoneer cards was $6.1 billion, up 18%, driven by higher usage per customer.
Pricing and larger customers lifted ARPU: Management attributed ARPU expansion to larger customers, growth in higher take rate B2B, Checkout and Card franchises, and strategic pricing initiatives.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
233
177
159
+32.0%
Capital expenditure
26.9
8.2
8.5
+228.2%
Free cash flow
207
169
151
+22.4%
Free cash flow margin
19.6%
17.3%
18.2%
Cash from investing
-218
-1,961
-44.3
Cash from financing
738
428
512
+72.5%
Depreciation and amortisation
65.6
47.3
27.8
+38.8%
Share-based compensation
73.1
64.8
65.8
+12.8%
Buybacks
174
138
55.4
+26.2%
Diluted shares, weighted
377m
386m
393m
-2.5%
Shares outstanding at period end
349m
360m
358m
-3.2%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
704
725
664
-2.8%
Debt
0.0
0.0
18.4
Other liabilities
8,252
7,206
6,600
+14.5%
Total liabilities and equity
8,957
7,930
7,283
+12.9%
Fixed assets
32.4
16.1
15.5
+102.1%
Goodwill
77.8
77.8
19.9
0.0%
Intangible assets
208
102
76.3
+103.2%
Cash and equivalents
416
497
617
-16.5%
Receivables
10.4
11.9
8.0
-12.8%
Other assets
8,212
7,225
6,546
+13.7%
Total assets
8,957
7,930
7,283
+12.9%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.