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Guidance history, every release

Shift4 Payments (FOUR) · 8 releases, Aug 8, 2024 to Aug 6, 2026 · rows are metrics, columns are releases

Raised · a change from the previous releaseSame · restated unchanged— · not stated in that releaseEvery value links to its sentence in the filing

Metric	Aug 8, 2024 FY24 Q2	Nov 12, 2024 FY24 Q3	Feb 16, 2025 FY24 Q4	Apr 29, 2025 FY25 Q1	Nov 6, 2025 FY25 Q3	Feb 26, 2026 FY25 Q4	May 7, 2026 FY26 Q1	Aug 6, 2026 FY26 Q2
For FY2027
Global Blue run-rate revenue synergies	—	—	—	New“~$80M”	—	—	—	—
Run-rate revenue synergies (Global Blue acquisition)	—	—	New“~$80 million”	—	—	—	—	—
Exit Rate	—	—	—	—	New“$1 billion”	—	—	—
Incremental ROIC (Global Blue integration)	—	—	—	—	—	New“~40%”	—	—
For FY2026
FX translation impact on Gross Revenue less Network Fees	—	—	—	—	—	—	—	New“roughly $20 million”
Gross revenue less network fee growth	—	—	—	—	—	New“26%-31%”	—	—
Gross Revenue Less Network Fees	—	—	—	—	—	New“~$548 Million”	—	—
Middle East influenced travel disruption impact on Gross Revenue less Network Fees	—	—	—	—	—	—	—	New“approximately $25 million”
Net Payments-Based Revenue share of GRLNF growth	—	—	—	—	—	New“~60%”	—	—
Payments-based revenue less network fee growth within our core America's business	—	—	—	—	—	New“mid-teen”	—	—
Payments-Based Revenue Less Network Fees growth - Worldwide (excl. Americas)	—	—	—	—	—	New“high 20s %”	—	—
Subscription and other revenue growth	—	—	—	—	—	New“low-single-digit growth”	—	—
TFS revenue growth	—	—	—	—	—	New“mid-single-digit growth”	—	—
Adjusted EBITDA	—	—	—	—	—	New“~$233 Million”	—	—
EBITDA (management comment)	—	—	—	—	New“over 1B EBITDA next year”	—	—	—
Non-GAAP Net Income	—	—	—	—	—	—	—	New“$965 Million to $990 Million”
Adj. FCF Conversion	—	—	—	—	—	—	New“42%”	Lowered“40%”
Adjusted FCF Conversion	—	—	—	—	—	New“42%”	—	—
Adjusted FCF Conversion	—	—	—	—	—	New“30%”	—	—
Adjusted Free Cash Flow	—	—	—	—	—	New“+35% Adj. FCF Conversion”	—	—
Adjusted Free Cash Flow	—	—	—	—	—	New“~$70 Million”	—	—
Bambora acquisition expected close	—	—	—	—	New“early 2026”	—	—	—
Blended spreads	—	—	—	—	—	New“60bps+”	—	—
Effective tax rate	—	—	—	—	—	New“26%”	—	—
Effective tax rate assumption	—	—	—	—	—	—	New“26%”	—
Effective tax rate assumption underlying	—	—	—	—	—	—	—	New“26% effective tax rate”
Middle East influenced travel disruption impact	—	—	—	—	—	—	—	New“approximately $25 million”
Shift4 Dine Australia launch	—	—	—	—	—	—	New“general release planned for July”	—
Shift4 One country expansion goal	—	—	—	—	—	—	—	New“15+ Countries”
Shift4 One international expansion goal	—	—	—	—	—	—	New“live in 15 countries by year end”	—
Shift4 One live countries target	—	—	—	—	—	—	—	New“a total of 15 countries by the end of this year”
Tax-Free Shopping growth (pro forma)	—	—	—	—	—	New“MSD”	—	—
Tax-Free Shopping share of GRLNF growth	—	—	—	—	—	New“~40%”	—	—
For FY2025
Gross Revenue Less Network Fees growth (adjusted for contribution from Finaro/Appetize)	—	—	—	—	New“31% YoY GRLNF growth in Q4”	—	—	—
Organic revenue growth	—	—	—	New“well north of 25% YoY”	Reiterated“well north of 25% YoY”	—	—	—
Adjusted EBITDA	—	—	—	New“$830 Million to $855 Million”	—	—	—	—
Adjusted EBITDA Margin	—	—	—	New“~50%”	—	—	—	—
Adjusted FCF Conversion	—	—	—	New“50%+”	—	—	—	—
Adjusted Free Cash Flow	—	—	—	New“50%+ Adj. FCF Conversion”	Revised“+50% Adj. FCF Conversion”	—	—	—
Adjusted Free Cash Flow Conversion	—	—	New“50%+ Adj. FCF Conversion”	—	—	—	—	—
Blended spreads	—	—	—	—	New“north of 60 bps”	—	—	—
Blended Spreads	—	—	—	New“~60bps”	—	—	—	—
Gift card platform consolidation	—	—	—	New“complete in 2H”	—	—	—	—
Global Blue acquisition closing	—	—	—	New“early Q3”	—	—	—	—
Global Blue net leverage at closing	—	—	—	New“~3.6x”	—	—	—	—
Medium term compound annual growth rate	—	—	—	—	New“over 30%”	—	—	—
Net leverage	—	—	—	New“~3.3x”	—	—	—	—
Net leverage (Global Blue transaction)	—	—	New“~3.3x net leverage”	—	—	—	—	—
Organic Growth	—	—	New“20%+ Organic Growth”	—	—	—	—	—
Path to full control / formal integration (UK/Ireland dealer network)	—	—	—	New“expected in Q2”	—	—	—	—
SkyTab systems installed	—	—	—	New“45,000”	—	—	—	—
Sportsbook locations live	—	—	—	New“24”	Reiterated“24”	—	—	—
Spreads	—	—	—	New“~60bps”	—	—	—	—
Volume	—	—	—	New“$1.65 Billion to $1.72 Billion”	—	—	—	—
For FY2024
Organic revenue growth	New“well north of 25% YoY”	—	—	—	—	—	—	—
Revel EBITDA contribution	New“~$15 million of EBITDA”	—	—	—	—	—	—	—
Adjusted FCF conversion	—	New“+58%”	—	—	—	—	—	—
Adjusted Free Cash Flow	New“59%+ Adj. FCF Conversion”	—	Lowered“58%+ Adj. FCF Conversion”	—	—	—	—	—
Adjusted Free Cash Flow Conversion	—	New“58%+ Adj. FCF Conversion”	—	—	—	—	—	—
Anticipated full year blended spread	—	New“61bps”	—	—	—	—	—	—
BetMGM sportsbook locations live	—	New“all 24”	—	—	—	—	—	—
Blended spread	New“61bps”	—	—	—	—	—	—	—
Organic GRLNF growth	—	New“exceeding 25%”	—	—	—	—	—	—
Restaurants and hotels added in Europe and Canada	New“over 10,000”	—	—	—	—	—	—	—
SkyTab installs	—	New“exceed 35,000”	—	—	—	—	—	—
No period stated
Gross Revenue Less Network Fees 3-Year CAGR (Impact of Global Blue)	—	—	—	—	New“25%+”	—	—	—
Gross Revenue Less Network Fees 3-Year CAGR (Most Likely Case)	—	—	—	—	New“30%+”	—	—	—
Adjusted EBITDA 3-Year CAGR (Most Likely Case)	—	—	—	—	New“30%+”	—	—	—
Margin Expansion (Impact of Global Blue)	—	—	—	—	New“+300bps”	—	—	—
Americas Growth Algorithm	—	—	—	—	—	—	—	New“Mid-Teens Growth”
Annual run rate in adjusted free cash flow	—	—	New“$1 billion”	—	—	—	—	—
Blended Spreads Growth Algorithm	—	—	—	—	—	—	—	New“~60 bps”
FX translation impact	—	—	—	—	—	—	—	New“roughly $20 million”
Medium-term CAGR	—	—	—	—	New“over 30% compound annual growth rate”	—	—	—
Net leverage (Global Blue transaction)	—	—	New“~3.6x net leverage”	—	—	—	—	—
New stock repurchase authorization	—	—	—	—	New“$1 billion”	—	—	—
Organic GRLNF growth	—	—	New“exceeding 25%”	Reiterated“exceeding 25%”	—	—	—	—
Payments-Based GRLNF (Total) Growth Algorithm	—	—	—	—	—	—	—	New“Low-20s% Growth”
Restaurant/hotel target in Europe	—	—	—	New“10,000”	—	—	—	—
Share repurchase authorization remaining	—	—	—	—	—	—	New“$400mm remaining”	—
Sportsbook locations live	—	—	New“all 24 sportsbook locations”	—	—	—	—	—
Stock repurchase program	—	—	—	—	New“$1 billion”	—	—	—
Subscription & Other Growth Algorithm	—	—	—	—	—	—	—	New“LSD Growth”
Tax-Free Shopping (TFS) Growth Algorithm	—	—	—	—	—	—	—	New“MSD PF Growth”
Total GRLNF Growth Algorithm	—	—	—	—	—	—	—	New“26%-31%”
Worldwide (ex. Americas) Growth Algorithm	—	—	—	—	—	—	—	New“High-20s% Growth”

Values in quotation marks are the company’s words. Change labels compare each statement with the same metric and target year in the previous release. HighGravityData does not judge whether guidance was met.