In Q4 2025 Payoneer posted revenue of $275M, with revenue excluding interest income rising 9% year-over-year and total payment volume up 10%. Adjusted EBITDA for the quarter was $69M (25% margin) and net income reached $19M (EPS $0.05). For the full year, revenue excluding interest income grew 14%, adjusted EBITDA totaled $272M (26% margin) and free cash flow was $146M, a near 200% conversion rate.

Management highlighted accelerated B2B volume growth of 21% in Q4 and 28% revenue growth in 2025, driving B2B to 30% of revenue excluding interest, up from 20% in 2023. Larger customers with over $600K in annual volume represented 42% of revenue and accounted for 60% of overall growth. Enterprise payout volumes grew 27% in Q4 and 17% for the year, while ARPU increased 15% (21% excluding interest).

Customer funds held rose 13% year-over-year to $7.9B, with hedges on $4B (51%) locking in over $130M of interest income for 2026. Payoneer repurchased $175M of shares in 2025 (including $80M in Q4 at $5.76 average) and has $192M remaining under its buyback authorization. Transaction costs in Q4 were $43M, flat y/y and representing 15.6% of revenue.

For 2026 the company forecasts revenue excluding interest of $900M–$940M (12% growth) and core adjusted EBITDA of $90M, more than doubling prior levels. Management expects a 300bp headwind from migrating its checkout business to Stripe’s solution and optimizing its customer portfolio. Payoneer also plans to embed stablecoin workflows via its partnership with Bridge and expand local collection services in Indonesia and Mexico.