Paysafe Reports $298M Free Cash Flow and 6% Revenue Growth in 2025
Paysafe generated $298M in unlevered free cash flow in 2025 despite divesting a $40M EBITDA business, and returned over $90M to shareholders while net leverage rose to 5.5x from 4.7x. Full-year revenue reached $1.7B (6% growth excl. dispositions) with e-commerce up double digits and digital wallet active users at 7.8M.
1. Financial Performance Highlights
Paysafe achieved $1.7B in full-year revenue for 2025, representing 6% growth excluding a disposed business, while adjusted EBITDA declined 5% to $429M due to a mix shift and lower interest revenue. Q4 revenue of $438.4M grew 4% on both reported and organic bases, driven by 24% e-commerce expansion.
2. Cash Flow and Leverage
The company generated $298M of unlevered free cash flow in 2025 despite divesting a $40M EBITDA business line, and returned over $90M through share repurchases. Net leverage rose to 5.5x from 4.7x, largely due to FX effects and the business disposal, with management targeting leverage below 5x by end-2026.
3. Growth Drivers
E-commerce experienced double-digit growth, including record U.S. iGaming volumes, while digital wallets expanded to 7.8M active users, supported by strong Latin America and European demand. Product initiatives contributed 10% of revenue growth, with the Vitality Index reaching $270M (16% of total revenue).
4. 2026 Outlook and Priorities
Guidance calls for $1.79–$1.83B in revenue and $449–$464M in adjusted EBITDA, reflecting 5–8% growth. Management plans to moderate capital returns, prioritize deleveraging and focus Paysafe Wallet expansion in Europe over aggressive global rollouts.