Shift4 Payments, Inc. is a leading independent provider of software and payment processing solutions in the United States. The company offers a comprehensive payments platform that supports various channels, including in-store, online, mobile, and tablet-based transactions, catering to industries such as food and beverage, hospitality, gaming, specialty retail, non-profits, and eCommerce. Shift4 sells integrated payment products and services, including end-to-end payment processing, software integrations, and point-of-sale solutions.
- Payments-based Revenue - Provides payment processing services and gateway services, driven by a percentage of end-to-end payment volume, including fixed fees, minimum monthly usage fees, and transaction-based fees.
- Subscription and Other Revenues - Offers software as a service (SaaS) for point-of-sale systems and terminals, along with revenue from software license sales, hardware sales, third-party residuals, and technology support fees.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jared Isaacman ExecutiveBoard | CEO and Chairman of the Board | Founder of Draken International; Polaris Dawn Mission Commander | Founder of Shift4 Payments in 1999, recognized for entrepreneurial achievements, and involved in space exploration missions. | View Report → |
James J. Whalen Executive | Chief Accounting Officer (CAO) and Principal Accounting Officer | None | Joined Shift4 Payments in August 2023, previously held finance and accounting roles at Commvault Systems and Deloitte. | |
Jordan Frankel Executive | Secretary, General Counsel, and Executive Vice President, Legal, Risk, and Compliance | None | Oversees legal, risk, and compliance functions at Shift4 since 2014, with a background in finance and law. | |
Nancy Disman Executive | Chief Financial Officer (CFO) | Member of the Audit Committee of West Technology Group LLC; Board Member of Intrado Foundation, Various Subsidiaries of Intrado Corporation, and iCIMS, Inc. | Extensive experience in financial leadership roles, previously CFO and CAO at Intrado Corporation and TSYS. | |
Taylor Lauber Executive | President and Chief Strategy Officer | None | Responsible for overseeing growth, product development, and strategic partnerships at Shift4, joined in 2018. | |
Christopher Cruz Board | Board Member | Partner at Searchlight Capital Partners; Board Member at Neon NewCo Corp., Flowbird Group, and Sightline Payments | Partner at Searchlight Capital Partners, serving on multiple boards, with a focus on investment management. | |
Jonathan Halkyard Board | Board Member | CFO of MGM Resorts International; Board Member at Dave & Buster’s Entertainment, Inc. and MGM China Holdings Limited | CFO of MGM Resorts International, with extensive experience in financial leadership and board roles in the hospitality industry. | |
Karen Roter Davis Board | Board Member | Managing Partner at Entrada Ventures; Board Member at 360Learning S.A.; Member of Lawrence Livermore National Laboratory’s Carbon Impact Initiative Committee | Extensive experience in technology and leadership roles, previously at Alphabet (Google) and involved in venture capital. | |
Sam Bakhshandehpour Board | Board Member | President and Board Member of José Andrés Group; CEO & Managing Partner of Silverstone; Advisory Board Member of Fiserv, Inc. | Board member since October 2022, with leadership roles in hospitality and investment firms. | |
Sarah Goldsmith-Grover Board | Board Member | Board Member at ChowNow; Communications Director for the Polaris Program; Consulting Practice | Marketing and leadership experience in the restaurant and consumer industries, with a focus on strategic counsel and interim CMO roles. |
- In light of the recent softening in consumer spending, particularly in the restaurant vertical, how do you plan to mitigate the impact on transaction volumes and sustain growth momentum amidst potential further macroeconomic headwinds?
- Your aggressive M&A strategy has increased operational complexity; how are you ensuring successful integration of recent acquisitions like Revel, Vectron, and Givex to realize the expected synergies within the projected 12 to 18 months?
- Given that you fell short of your goal to onboard 10,000 international hotel and restaurant merchants in 2024, what specific challenges did you encounter in your international card-present expansion, and how are you adjusting your strategy to meet your international growth objectives?
- With over $100 billion of annualized volume still remaining in your gateway conversion funnel, what are the main obstacles preventing faster conversion, and how do you plan to accelerate this process to fully capitalize on this opportunity?
- As you aim to grow your presence in the global e-commerce market against established competitors, how do you plan to differentiate your offerings to attract blue-chip customers and become a strong third choice for global e-commerce merchants?
Research analysts who have asked questions during Shift4 Payments earnings calls.
Darrin Peller
Wolfe Research, LLC
4 questions for FOUR
Rayna Kumar
Oppenheimer & Co. Inc.
4 questions for FOUR
Timothy Chiodo
UBS Group AG
4 questions for FOUR
Andrew Schmidt
Citigroup Inc.
3 questions for FOUR
Sanjay Sakhrani
Keefe, Bruyette & Woods (KBW)
3 questions for FOUR
Daniel Perlin
RBC Capital Markets
2 questions for FOUR
Dominic Ball
Redburn Atlantic
2 questions for FOUR
Adam Frisch
Evercore ISI
1 question for FOUR
Andrew Bauch
Wells Fargo & Company
1 question for FOUR
Andrew Harte
BTIG, LLC
1 question for FOUR
Andrew Jeffrey
William Blair & Company
1 question for FOUR
Dan Dolev
Mizuho Financial Group
1 question for FOUR
Dan Perlin
RBC Capital Markets
1 question for FOUR
James Friedman
Susquehanna Financial Group, LLLP
1 question for FOUR
Jason Kupferberg
Bank of America
1 question for FOUR
Jeff Cantwell
Seaport Research Partners
1 question for FOUR
John Davis
Raymond James Financial
1 question for FOUR
Matthew O'Neill
Financial Technology Partners
1 question for FOUR
Will Nance
Goldman Sachs
1 question for FOUR
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Global Blue | 2025 | Shift4 will acquire Global Blue for $7.50 per common share in cash in a deal valued at approximately $2.5 billion, financed with cash on hand and a $1.8 billion short‐term bridge loan. This acquisition enhances Shift4’s position in tax refunds, dynamic currency conversion, and luxury retail payments—with an expected $80 million in revenue synergies by 2027 and a regulatory requirement to tender at least 90% of Global Blue’s shares. |
Givex Corp. | 2024 | Completed on November 8, 2024, the Givex acquisition was executed for approximately $146 million in cash, expanding Shift4’s global gift card, loyalty, and POS solutions. The deal provides a $300 billion payment volume cross‐sell opportunity by broadening the customer base and geographic footprint. |
Vectron Systems AG | 2024 | Acquired on June 14, 2024, the transaction involved a purchase consideration of about $66.1 million (net of cash) with additional contingent consideration, giving Shift4 access to local product expertise and a well-established European distribution network in the restaurant and hospitality sectors. |
Revel Systems, Inc. | 2024 | Completed on June 13, 2024, the Revel Systems acquisition involved a $255.3 million cash deal that added a cloud-based POS system for multi-location restaurants and retail. This strategic move is aimed at leveraging cross-sell opportunities—especially via SkyTab—and reducing customer acquisition costs. |
Finaro (Credorax, Inc.) | 2023 | Finalized on October 26, 2023, the acquisition combined $200 million in cash, $287.6 million in Class A common stock, and up to $50 million in performance-based earnout, plus $25 million in employee incentives. This deal expands Shift4’s cross-border eCommerce payments and European footprint, with rebranding to Shift4 and lock-up provisions on issued shares. |
Focus POS Systems | 2023 | Completed on April 3, 2023, the Focus POS acquisition was valued at $45.2 million (comprising $36.0 million in cash and $10.2 million in stock) and adds restaurant POS software to Shift4’s portfolio. The integration provides access to over 10,000 restaurant clients, facilitating conversion to Shift4’s SkyTab POS system and shifting the revenue model towards payments and SaaS. |
A Restaurant Technology Partner | 2023 | Completed on January 20, 2023, this acquisition involved a purchase consideration of $1.5 million for 100% ownership, with an earnout capped at $2.5 million based on merchant conversion within 24 months. The deal is designed to onboard the partner’s customers to Shift4’s end-to-end payment solutions and enhance its distribution network. |
The Giving Block, Inc. | 2022 | Finalized on February 28, 2022, the acquisition was valued at $106.9 million (a mix of cash, stock, RSUs, and contingent consideration), positioning Shift4 in the cryptocurrency donation marketplace. This strategic move aims to accelerate growth in the non-profit sector and unlock significant cross-sell opportunities. |
Recent press releases and 8-K filings for FOUR.
- Shift4 Payments announced an initial dividend of $1.50 per share for its 10,000,000 shares of 6% Series A Mandatory Convertible Preferred Stock.
- The dividend will be paid on November 3, 2025, to holders of record as of October 15, 2025.
- The declaration and payment of future quarterly dividends will be at the sole discretion of the Board of Directors.
- Shift4 Payments, LLC, a wholly owned subsidiary of Shift4 Payments, Inc., entered into Amendment No. 1 to its Settlement Line Credit Agreement with Citizens Bank, N.A., effective September 29, 2025.
- The amendment extends the scheduled maturity date of the Settlement Line to September 28, 2026.
- The aggregate amount available under the Settlement Line was increased by $25.0 million, raising the total available amount to $125.0 million from the original $100.0 million.
- Management Transition: Taylor Lauber has taken over as CEO of Shift4 Payments, with strategic priorities remaining consistent, while Chris Cruz has been appointed as the new CFO, focusing on profitability per share.
- Significant Growth & Scale: Since its IPO, Shift4 Payments has grown substantially, becoming 12 times larger on an EBITDA basis and 25 times larger on a free cash flow basis, with its workforce expanding to 6,000 people, 65% of whom are outside the U.S..
- Strategic Acquisitions & International Expansion: The company completed its largest acquisition to date, Global Blue, a leader in currency conversion and tax refunds, which is expected to provide significant synergies and open doors to new luxury retail clients. Additionally, Shift4 gained operational control of Vectron in Germany, a restaurant point-of-sale business with 65,000 restaurants, further expanding its international SMB footprint.
- Continued M&A Strategy: Shift4 Payments plans to continue its M&A strategy, contemplating approximately $200 million annually for redeployment into new market access or cross-sell opportunities, having acquired six businesses in the last 18 months.
- Taylor Lauber has been appointed CEO, and Chris Cruz will assume the CFO role, with a strong focus on profitability per share.
- Shift4 has experienced substantial growth since its IPO, now 12X larger on an EBITDA basis and 25X on a free cash flow basis, with 6,000 employees, 65% of whom are outside the United States.
- The company gained operational control of Vectron in Germany, a restaurant POS business with 65,000 restaurants, and is integrating payments for these customers.
- The Global Blue acquisition, the largest in Shift4's history, is projected to grow 12% to 14% over the medium term, with expected synergies from currency conversion and cross-selling payments to its luxury retail client base.
- Shift4 maintains a strong presence in the U.S. hospitality sector, serving approximately 40% of hotels, and has significant market share across U.S. sports leagues, with plans for international expansion in these verticals.
- Taylor Lauber has taken over as CEO, with Chris Cruz appointed as CFO, who will focus on profitability per share.
- Shift4 Payments has significantly scaled since its IPO, growing 12 times on an EBITDA basis and 25 times on a free cash flow basis, and expanding its workforce to 6,000 people, with 65% outside the United States.
- The company's largest acquisition, Global Blue, is expected to grow 12% to 14% over the medium term and expands Shift4's reach into luxury retail in Europe and Asia.
- Shift4 is actively pursuing international expansion, having gained operational control of Vectron in Germany (serving 65,000 restaurants) and now operating in 50 new countries.
- The company plans to redeploy approximately $200 million annually into M&A opportunities that provide access to new markets or cross-sell.
- Taylor Lauber has assumed the role of CEO, emphasizing continuity with the founder's strategic priorities while noting the company's significant growth since its IPO, including a 12x increase in EBITDA and 25x in free cash flow.
- Chris Cruz, a current board member, is taking over as CFO, with a focus on profitability per share and a significant role in shaping the company's guidance philosophy.
- Shift4 Payments completed its largest acquisition, Global Blue, which is expected to generate synergies by enabling currency conversion for Shift4 customers and cross-selling payments to Global Blue's luxury retail clients.
- The company continues its international expansion, notably gaining operational control of Vectron in Germany, focusing on integrated payments for its 65,000 restaurant customers.
- Shift4 plans to continue its M&A strategy, anticipating approximately $200 million annually for redeployment into new market access or cross-sell opportunities, having recently entered 50 new countries.
- Shift4 Payments Inc. confirmed the closing of the Global Blue acquisition in early July and is now tracking towards a 30% CAGR in gross revenue less network fees and adjusted EBITDA, as outlined in their third scenario.
- Meaningful synergies from the Global Blue integration, including cross-selling payment products and embedding currency conversion, are anticipated to begin in Q1 of next year (2026).
- The company announced a planned CFO transition, with Nancy leaving after three years and Chris Cruz, a long-time investor and board member, taking over; no changes to the overall guidance philosophy or methodology are expected.
- Jacques Stern, former CEO of Global Blue, has been appointed head of Shift4 International, leveraging his experience in global operations to drive international expansion.
- Shift4 Payments reported strong Q2 2025 financial results, including a 25% year-over-year increase in payment volumes to $50 billion, a 29% rise in gross revenue less network fees to $413 million, and 26% growth in adjusted EBITDA to $205 million.
- The company closed the Global Blue acquisition in early July and successfully completed a $3.3 billion capital raise in May, which included a $1 billion mandatory convertible instrument, to fund the acquisition and manage debt maturities.
- Full-year 2025 guidance was updated to include Global Blue, with consolidated gross revenue less network fees projected between $1.965 billion and $2.035 billion (45% to 50% growth) and adjusted EBITDA between $965 million and $990 million (42% to 46% growth).
- CFO Nancy announced her retirement, effective at year-end, and will transition her role to Chris while rejoining the Board of Directors.
- Shift4 Payments completed its largest acquisition to date, acquiring approximately 97.37% of Global Blue Group Holding's shares for approximately $2.7 billion.
- The acquisition was funded by expanded credit facilities, including a $1 billion term loan effective July 3, 2025, and aims to enhance Shift4's unified commerce capabilities and global reach.
- Shift4 plans to delist Global Blue from the NYSE and integrate its merchant solutions, including launching a comprehensive payment terminal offering VAT refunds, dynamic currency conversion, and payment processing.
- The acquisition resulted in a change of control at Global Blue, with several board members resigning and new directors being appointed.
- CEO Taylor Lauber emphasized the company’s evolving strategic trajectory with a focus on international growth, noting a workforce of 6,000 employees and significant expansion in non-U.S. markets.
- The call highlighted a shift from an indirect to a direct go-to-market approach in key U.S. segments, particularly for restaurants and enterprise clients, while continuing to leverage partner channels in less dense regions.
- The Global Blue acquisition was discussed as a critical asset, supporting enhanced currency conversion services and expediting the localization of products like SkyTab, especially in challenging markets such as Germany.
- The company detailed its disciplined capital strategy, including a multi-component debt issuance structure intended to maintain a targeted leverage ratio, alongside an active, opportunistic M&A approach.