0001794669-26-000049
SEC filingQ3 2026营收增12%至$1,319M、Non-GAAP EPS $1.49，支付类GRLNF增18%为主引擎，但全年指引下调。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Gross revenue | $1,319M | $1,177M | +12% |
| Gross revenue less network fees (Non-GAAP) | $648M | $589M | +10% |
| Gross profit | $434M | $409M | +6% |
| Income from operations | $130M | $115M | — |
| Net income | $40M | $33M | — |
| Diluted EPS (GAAP) | $0.37 | $0.17 | — |
| Non-GAAP EPS | $1.49 | $1.47 | — |
| Adjusted EBITDA (Non-GAAP) | $310M | $293M | +6% |
| Adjusted EBITDA margin | 48% | 50% | — |
| Volume | $61B | — | +11% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY 2026 | Volume | $240–$250 billion | N/A |
| FY 2026 | Gross Revenue Less Network Fees | $2.45–$2.46 billion | Non-GAAP |
| FY 2026 | Adjusted EBITDA | $1.11–$1.13 billion | Non-GAAP |
| FY 2026 | Non-GAAP EPS | $5.05–$5.15 | Non-GAAP |
| FY 2026 | Adjusted Free Cash Flow | $465–$475 million | Non-GAAP |
本季增长主引擎是支付类业务：Payments-Based GRLNF $402M 同比 +18%，有机口径 +14%；TFS $139M 同比 +7%，Subscription and Other $107M 同比 -10%，结构上向高质量支付收入倾斜。利润率方面，Adjusted EBITDA margin 由去年同期 50% 降至 48%，公司归因于旅行中断对 Tax-Free Shopping 的拖累及同店销售压力；GRLNF 有机固定汇率增速 +9%，低于表观 +10%，汇率与并购贡献需区分看待。经营现金流 $221M、Adjusted Free Cash Flow $200M 创季度纪录，转化能力仍是支撑。
管理层口径偏谨慎：CEO 直言全年股价跌约 40%、市场怀疑仍高，并将 FY2026 Volume 收窄至 $240–250B、GRLNF 下调至 $2.45–2.46B、Adjusted EBITDA 下调至 $1.11–1.13B，Non-GAAP EPS 由 $5.15–5.35 降至 $5.05–5.15，但维持 Adjusted FCF $465–475M 与 42% 转化率。资本返还积极：Q3 回购 4.2mm 股约 $190M（约占流通股 5%）及 $10M 优先股，现有授权余 $175mm，并新批 $1B 授权；Global Blue 协同年底近 $50M，指向 2027 年 $70M 目标。主要风险为旅行中断、汇率波动、通胀与同店销售疲软。