Payoneer Global Inc. reported its fourth‑quarter and full‑year 2025 financial results on February 26, 2026. Total revenue for the year reached $1.0528 billion, up 8% from $973.5 million in 2024, while revenue excluding interest rose 14% to $821.2 million. Net income for the year was $73.2 million, a 40% decline from the prior year, and adjusted EBITDA excluding interest grew 192% to $40.0 million, reflecting a sharp rebound in operating leverage after a 2024 loss in that metric.
In the fourth quarter, Payoneer generated $274.7 million in total revenue, a 5% year‑over‑year increase, and $218.9 million in revenue excluding interest, up 9% from $201.4 million in Q4 2024. Net income for the quarter was $19 million, up from $18 million in the same period last year, but the company missed analyst expectations for both revenue and earnings per share. The miss was largely driven by lower interest income, a consequence of falling rates, and a deliberate shift in the customer portfolio that reduced volume in lower‑margin segments.
Segment performance highlighted a 28% jump in B2B revenue to $237 million, driven by higher demand from mid‑market merchants, while transaction volume grew 9%. However, the company’s interest‑income hedge program and the impact of lower rates contributed to the revenue shortfall. The company also noted that its strategic focus on high‑margin B2B growth and core‑business profitability unlock was a key driver of the adjusted EBITDA expansion, even as it accepted a 300‑basis‑point headwind to revenue growth in 2026 to strengthen its customer mix.
For 2026, Payoneer guided total revenue of $1.090 billion to $1.130 billion, a range that is slightly below analyst consensus of $1.15 billion. Adjusted EBITDA guidance is $275 million to $285 million in total terms, but the company clarified that adjusted EBITDA excluding interest is expected to be $85 million to $95 million. Management emphasized a focus on high‑margin growth and core‑business profitability, noting that the guidance reflects a conservative outlook amid competitive pressures and a lower interest‑income environment.
Investors reacted negatively to the earnings release, citing the miss on Q4 revenue and EPS and the guidance that falls short of consensus estimates. The market’s response underscores concerns about near‑term momentum, even as Payoneer’s long‑term strategy—highlighted by the acquisition of Boundless, a partnership with Stripe, and investments in AI and stablecoin capabilities—remains aimed at sustaining growth and improving margins.
The company’s strategic moves, including the acquisition of Boundless for $13 million and the partnership with Stripe to enhance its Checkout offering, signal a continued commitment to expanding its product portfolio and improving customer experience. These initiatives, coupled with the company’s focus on high‑margin B2B growth, position Payoneer to navigate short‑term headwinds while pursuing long‑term value creation.
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