Payoneer Reports Fourth Quarter and Full Year 2025 Financial Results

14% increase in revenue ex. interest, including 28% B2B revenue growth, in 2025

2026 Guidance reflects focus on high margin growth and significant core business profitability unlock

NEW YORK, Feb. 26, 2026 /PRNewswire/ -- Payoneer Global Inc. ("Payoneer" or the "Company") (NASDAQ:PAYO), the global financial technology company powering business growth across borders, today reported financial results for its fourth quarter and full year ended December 31, 2025. 

Fourth Quarter 2025 Financial Highlights

"Payoneer continued to support the global ambitions of our customers and delivered record results in 2025. We crossed $1 billion in annual revenue, delivered significant profitability, and generated meaningful free cash flow. We repurchased $175 million, or 8% of shares outstanding during the year, underscoring our conviction in the intrinsic value of the business and our commitment to driving long-term shareholder returns.

Payoneer is positioned to be a category defining company in cross border commerce. We have product market fit, deep global distribution, and robust payment and regulatory infrastructure that are highly differentiated and difficult to replicate. In 2026, we are moving our strategy upmarket to serve the more complex needs of SMBs and SMEs engaged in global trade and to drive high margin growth. We are also strengthening our platform for the future of money movement and orienting the company towards an AI-first strategy that will accelerate product delivery, improve customer engagement, and unlock leverage. Our ambition is bold, our strategy is clear, and we have the assets and team to execute."

John Caplan, Chief Executive Officer 

Fourth Quarter 2025 Business Highlights (unless otherwise noted)

• SMB customer revenue of $197 million grew 9% year-over-year, reflecting:
  • SMBs that sell on marketplaces revenue of $122 million, up 4% year-over-year.
  • B2B SMBs revenue of $65 million, up 17% year-over-year, and representing 30% of revenue ex. interest. 
  • Checkout revenue of $11 million, up 25% year-over-year.
• $1.6 billion of spend on Payoneer cards, up 6% year-over-year, reflecting continued, though more muted, growth with large ecomm sellers at 15%, likely a result of tariff related headwinds to spending behavior, and softness in Latin America.
• $7.9 billion of customer funds (including both short-term and long-term funds) as of December 31, 2025. Customer funds growth of 13% year-over-year partially offset the interest income decline due to lower interest rates year-over-year.
• Accelerated share repurchases in the quarter to $80 million at a weighted average price of $5.76.
• In January 2026, acquired Boundless for $13 million, with an additional earn-out of up to $4 million contingent upon reaching certain performance and tenure milestones. The acquisition deepens and broadens Payoneer's global workforce management capabilities.
• In January 2026, received in-principle authorization as a Payment Aggregator-Cross Border (PA-CB) in India, a key milestone in enabling Payoneer to expand its operations and provide end-to-end cross-border payment solutions for Indian businesses.
• In February 2026, announced plans to launch a suite of stablecoin capabilities embedded within the Payoneer platform, powered by Bridge.
• In February 2026, filed an application with the Office of the Comptroller of the Currency (OCC) to establish an uninsured national trust bank in the United States to support Payoneer's broader stablecoin strategy.

Full Year 2025 Business Highlights

• SMB customer revenue of $742 million grew 15% year-over-year, reflecting:
  • SMBs that sell on marketplaces revenue of $469 million, up 8% year-over-year.
  • B2B SMBs revenue of $237 million, up 28% year-over-year. 
  • Checkout revenue of $35 million, up 55% year-over-year.
• ARPU grew 15% year-over-year and, excluding interest income, was up 21%, marking 6 consecutive quarters of 20%+ growth. ARPU expansion was driven by continued strength with larger customers, growth in higher take rate B2B, Checkout and Card franchises, and strategic pricing initiatives.  
• $6.1 billion of annual spend on Payoneer cards, up 18% year-over-year, driven by higher usage per customer. Additionally, in July Payoneer renewed its long-term agreement with Mastercard to support its multi-currency card offerings for customers with cross-border AP needs.
• Completed the acquisition of a licensed China-based payment service provider, Easylink Payment Co., Ltd., now Payoneer Payments (Guangdong) Co., Ltd. The acquisition strengthens Payoneer's global regulatory infrastructure and positions the company to better serve its customers in China as they export globally. 
• Launched partnership with Stripe to enhance and expand Payoneer's Checkout offering, combining their best-in-class technology with Payoneer's local market expertise and comprehensive financial stack, to deliver best-in-class capabilities.
• Strengthened and expanded ecosystem of enterprise relationships, including with Airbnb, Upwork, TikTok Live, Alibaba, Mercado Libre, and Best Buy.
• $175 million of share repurchases in 2025, at a weighted average price of $6.41, up versus $137 million of repurchases in 2024.

2026 Outlook

"We are delivering profitable, sustainable growth. In 2025, we generated mid-teens growth in revenue excluding interest income and a significant increase in core business profitability.  We continued to invest in our regulatory and money movement infrastructure, strengthened our competitive differentiators, and accelerated the pace of buybacks. We deepened our geographic footprint and regulatory framework, expanded our marketplace and partner ecosystem, drove significant enhancements to our customer experience and made meaningful investments in the infrastructure needed to enable stablecoin capabilities.

In 2026, we expect to deliver $900-940 million in revenue ex. interest and $85-95 million of adjusted EBITDA¹ ex. interest, more than double the prior year. We are taking deliberate actions to optimize our customer portfolio and guidance for revenue ex. interest includes a 300 basis point estimated headwind related to those efforts. We expect to accelerate growth during the year as we execute on our upmarket strategy and lap these headwinds, delivering mid-teens growth exiting the year and beyond, as we continue to unlock leverage in our model from ongoing investments in our platform, including in agentic AI capabilities."  

Bea Ordonez, Chief Financial Officer

2026 guidance is as follows: 

Webcast

Payoneer will host a live webcast of its earnings on a conference call with the investment community beginning at 8:30 a.m. ET today, February 26, 2026. To access the webcast, go to the investor relations section of the Company's website at https://investor.payoneer.com. A replay will be available on the investor relations website following the call.

About Payoneer

Payoneer is the financial platform for cross-border business and global payments. Payoneer empowers millions of businesses with the financial tools and services they need to grow and transact globally with confidence. We make it easier for SMBs, particularly in emerging markets, to connect to the global economy, pay and get paid across borders, manage their funds across multiple currencies, and grow their businesses. 

Forward-Looking Statements

This press release includes, and oral statements made from time to time by representatives of Payoneer, may be considered "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Payoneer's future financial or operating performance. For example, projections of future revenue, transaction costs and adjusted EBITDA are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expect," "intend," "plan," "will," "estimate," "anticipate," "believe," "predict," "potential" or "continue," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Payoneer and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) changes in applicable laws or regulations; (2) the possibility that Payoneer may be adversely affected by geopolitical events and conflicts, such as Israel's conflicts in the Middle East, and other economic, business and/or competitive factors, such as changes in global trade policies (including the imposition of tariffs); (3) changes in the assumptions underlying our financial estimates; (4) the outcome of any known and/or unknown legal or regulatory proceedings; and (5) other risks and uncertainties set forth in Payoneer's Annual Report on Form 10-K for the period ended December 31, 2025 and future reports that Payoneer may file with the SEC from time to time. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Payoneer does not undertake any duty to update these forward-looking statements.

Financial Information; Non-GAAP Financial Measures

Some of the financial information and data contained in this press release, such as adjusted EBITDA and Free Cash Flow, have not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). Payoneer uses certain non-GAAP measures to compare Payoneer's performance to that of prior periods for budgeting and planning purposes. Payoneer believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Payoneer's results of operations. Payoneer's method of determining these non-GAAP measures may be different from other companies' methods and, therefore, may not be comparable to those used by other companies and Payoneer does not recommend the sole use of these non-GAAP measures to assess its financial performance. Payoneer management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Payoneer's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review Payoneer's financial statements, which are included in Payoneer's Annual Report on Form 10-K for the year ended December 31, 2025 and its subsequent Quarterly Reports on Form 10-Q, and not rely on any single financial measure to evaluate Payoneer's business.  

Non-GAAP measures include the following items:

Adjusted EBITDA: We provide adjusted EBITDA, a non-GAAP financial measure that represents our net income (loss) adjusted to exclude, as applicable: M&A related expense (income), stock-based compensation expenses, restructuring charges, share in losses (gain) of associated company, loss (gain) from change in fair value of warrants and warrant repurchase/redemption, other financial expense (income), net, income taxes, and depreciation and amortization.

Adjusted EBITDA ex. Interest: represents Adjusted EBITDA excluding interest income.  

Free Cash Flow: represents net cash provided by operating activities, less purchase of property, equipment and software, and capitalization of internal use software.

Other companies may calculate the above measure differently, and therefore Payoneer's measures may not be directly comparable to similarly titled measures of other companies.

Additional Information and Definitions

In this earnings release, we reference volume, which is an operational metric. Volume refers to the total dollar value of transactions successfully completed or enabled by our platform, not including orchestration transactions. For a customer that both receives and later sends payments, we count the volume only once. Note: orchestration transactions ceased in 2023 and were related to our 2020 acquisition of optile GmbH.

We also reference ARPU (Average Revenue Per User), which is defined as the Revenue from Active Customers divided by the number of Active Customers over the period in which the Revenue was earned. Active Customers for these purposes are defined as Payoneer accountholders with at least 1 financial transaction over the period. Revenue from Active Customers represents revenue attributed to Active Customers based on their use of the Payoneer platform, including interest income earned from their balances, and excluding revenues unrelated to their activities. 

For revenues from SMBs that sell on marketplaces and from B2B SMBs referenced in the fourth quarter and full year 2025 highlights, note that 2024 revenues used for comparison were restated. Certain non-volume revenues, including those related to banking partnerships and FX, which were previously allocated to SMBs that sell on marketplaces have been re-classified to B2B SMBs to better reflect the customers generating those revenues. Accordingly, the year-over-year change is calculated on a restated comparative basis. This change had no impact on total revenue or volumes.

Investor Contact:

Michelle Wang

[email protected] 

Media Contact:

Angela Sullivan

[email protected] 

Disaggregation of revenue

The following table presents revenue recognized from contracts with customers as well as revenue from other sources:

The following table presents the Company's revenue disaggregated by primary regional market, with revenues being attributed to the country (in the region) in which the billing address of the transacting customer is located, with the exception of global bank transfer revenues, where revenues are disaggregated based on the billing address of the transaction funds source.

Note that in 2024, the Company updated the definition of its primary regional markets to align with the view used by Management. This update eliminates South Asia, Middle East and North Africa as a separate region and instead includes revenues from South Asia in the Asia-Pacific region and Middle East and North Africa in the Europe, Middle East, and Africa region. The update has been applied to all periods reflected in the table below.

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SOURCE Payoneer