FOUR · Shift4 Payments, Inc.

Shift4 Payments delivered resilient Q1 2026 results amid macroeconomic volatility—including Middle East conflict, inconsistent consumer sentiment, and evolving AI dynamics—while absorbing a meaningful drag from shifting global travel patterns. Gross revenue grew 32% year over year to $1.1 billion, driven by both organic momentum and acquisition contributions, though intentionally deprecated legacy revenue streams reduced organic growth by ~400 basis points. Organic growth still reached 11% year over year, underscoring the effectiveness of Shift4’s strategic pivot toward higher-value, complex merchants and international expansion. Gross profit surged 54% year over year to $370 million, significantly outpacing top-line growth and reflecting disciplined pricing, improved product mix, and operating leverage—consistent with management’s emphasis on GRLNF as a core indicator of customer value and platform maturity. Adjusted EBITDA rose 39% to $234 million, reaffirming its role as management’s primary operational performance metric; the 39% growth lagged EBITDA’s 63% increase, suggesting elevated non-recurring adjustments tied to integration and restructuring. Adjusted Free Cash Flow grew 26% to $88 million, supporting capital allocation flexibility despite uncertainty. Management explicitly characterized performance as 'in-line with guidance' but negatively impacted by unforeseeable events—highlighting the success of its multi-year diversification strategy across geographies (now operating in >75 countries), verticals (restaurants, hotels, sports & entertainment), and products (e.g., Shift4 Dine’s 40% YoY active merchant growth). The letter underscores confidence in sustainable, profitable growth and expanded capital allocation opportunities, though no forward guidance for Q2 or full-year 2026 is quantitatively disclosed in the filing.