Revenue growth has decelerated from 27.0% in 2024Q3 to 13.2% in 2026Q4, while gross margins remain volatile, contracting sharply to 31.4% in the most recent quarter.
| Sales/Revenue | 1.23B | 1.08B | 909.27M | 730.51M | 548.37M | 221.73M | 120.64M | 77.45M | 57.08M | 42.61M | 42.61M |
| Revenue Growth % | 13.95% | 18.43% | 24.47% | 33.21% | 147.32% | 83.8% | 55.76% | 35.69% | 33.95% | - | - |
| Cost of Goods Sold | 700.12M | 626.62M | 524.02M | 398.55M | 277.2M | 94.06M | 43.2M | 23.57M | 17.48M | 15M | 15M |
| COGS % of Revenue | 57.06% | 58.19% | 57.63% | 54.56% | 50.55% | 42.42% | 35.81% | 30.44% | 30.62% | 35.21% | 35.21% |
| Gross Profit | 526.92M | 450.2M | 385.25M | 331.96M | 271.17M | 127.67M | 77.44M | 53.88M | 39.6M | 27.61M | 27.61M |
| Gross Margin % | 42.94% | 41.81% | 42.37% | 45.44% | 49.45% | 57.58% | 64.19% | 69.56% | 69.38% | 64.79% | 64.79% |
| Gross Profit Growth % | 17.04% | 16.86% | 16.05% | 22.42% | 112.4% | 64.87% | 43.73% | 36.06% | 43.43% | - | - |
| Operating Expenses | 674.51M | 1.15B | 588.27M | 1.43B | 589.51M | 257.39M | 135.84M | 75.65M | 60.87M | 58.25M | 58.25M |
| OpEx % of Revenue | 54.97% | 106.44% | 64.7% | 195.89% | 107.5% | 116.08% | 112.61% | 97.68% | 106.64% | 136.71% | 136.71% |
| Selling, General & Admin | 397.42M | 332.76M | 338.03M | 356.31M | 311.91M | 149.94M | 79.87M | 52.83M | 42.45M | 38.77M | 38.77M |
| SG&A % of Revenue | 32.39% | 30.9% | 37.18% | 48.78% | 56.88% | 67.62% | 66.21% | 68.21% | 74.38% | 90.98% | 90.98% |
| Research & Development | 126.33M | 151.95M | 129.42M | 140.44M | 121.15M | 55.3M | 31.81M | 18.28M | 13.29M | 13.68M | 13.68M |
| R&D % of Revenue | 10.3% | 14.11% | 14.23% | 19.23% | 22.09% | 24.94% | 26.37% | 23.61% | 23.29% | 32.1% | 32.1% |
| Other Operating Expenses | 150.76M | 661.5M | 120.82M | 934.25M | 156.45M | 52.15M | 24.16M | -191.22M | -59.98M | -20.28M | -20.28M |
| Operating Income | -147.59M | -696.01M | -203.02M | -1.1B | -318.34M | -129.72M | -58.41M | -23.22M | -21.92M | -34M | -34M |
| Operating Margin % | -12.03% | -64.63% | -22.33% | -150.45% | -58.05% | -58.5% | -48.42% | -29.98% | -38.41% | -79.79% | -79.79% |
| Operating Income Growth % | 78.8% | -242.83% | 81.53% | -245.24% | -145.41% | -122.09% | -151.58% | -5.9% | 35.53% | - | - |
| EBITDA | 3.18M | -595.02M | -93.39M | -983.78M | -213.79M | -93.23M | -44.94M | -18.76M | -16.83M | -28.29M | -28.29M |
| EBITDA Margin % | 0.26% | -55.26% | -10.27% | -134.67% | -38.99% | -42.05% | -37.25% | -24.22% | -29.48% | -66.38% | -66.38% |
| EBITDA Growth % | 100.53% | -537.12% | 90.51% | -360.15% | -129.31% | -107.46% | -139.54% | -11.5% | 40.52% | - | - |
| D&A (Non-Cash Add-back) | 150.76M | 100.99M | 109.63M | 115.26M | 104.55M | 36.48M | 13.47M | 4.46M | 5.1M | 5.72M | 5.72M |
| EBIT | -142.78M | -658.03M | -159.06M | -1.07B | -312.49M | -127.17M | -47.72M | -21.77M | -21.27M | -30.64M | -30.64M |
| Net Interest Income | 19.92M | 36.5M | 42.53M | 24.81M | 2.99M | -353K | 1.77M | 181K | -26K | 73K | 73K |
| Interest Income | 21.18M | 37.98M | 43.77M | 26.87M | 5.86M | 2.54M | 1.77M | 181K | 0 | 73K | 73K |
| Interest Expense | 1.26M | 1.48M | 1.24M | 2.05M | 2.87M | 2.9M | 0 | 0 | 26K | 0 | 0 |
| Other Income/Expense | 3.54M | 36.5M | 42.53M | 24.81M | 2.99M | -353K | 1.77M | -191.04M | -60.01M | -20.21M | -20.21M |
| Pretax Income | -144.05M | -659.51M | -160.49M | -1.07B | -315.35M | -130.07M | -56.64M | -214.25M | -81.93M | -54.21M | -54.21M |
| Pretax Margin % | -11.74% | -61.25% | -17.65% | -147.05% | -57.51% | -58.66% | -46.95% | -276.63% | -143.54% | -127.22% | -127.22% |
| Income Tax | 361K | 7.69M | 3.48M | -4.22M | -26.92M | -5.79M | -3.11M | -30.73M | 14.25M | 4.19M | 4.19M |
| Effective Tax Rate % | -0.25% | -1.17% | -2.17% | 0.39% | 8.54% | 4.45% | 5.49% | 14.34% | -17.39% | -7.74% | -7.74% |
| Net Income | -144.41M | -667.2M | -163.96M | -1.07B | -288.43M | -124.28M | -53.53M | -183.53M | -96.18M | -58.4M | -58.4M |
| Net Margin % | -11.77% | -61.96% | -18.03% | -146.47% | -52.6% | -56.05% | -44.37% | -236.96% | -168.5% | -137.06% | -137.06% |
| Net Income Growth % | 78.36% | -306.92% | 84.68% | -270.97% | -132.09% | -132.16% | 70.83% | -90.82% | -64.68% | - | - |
| Net Income (Continuing) | -144.41M | -667.2M | -163.96M | -1.07B | -288.43M | -124.28M | -53.53M | -183.53M | -96.18M | -58.4M | -58.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.03 | -4.34 | -1.07 | -7.11 | -2.04 | -1.18 | -0.62 | -2.25 | -1.18 | -0.72 | -0.72 |
| EPS Growth % | 76.27% | -305.61% | 84.95% | -248.53% | -72.88% | -90.32% | 72.44% | -90.68% | -63.89% | - | - |
| EPS (Basic) | -1.03 | -4.34 | -1.07 | -7.11 | -2.04 | -1.18 | -0.62 | -2.25 | -1.18 | -0.72 | -0.72 |
| Diluted Shares Outstanding | 139.17M | 153.68M | 153.77M | 150.4M | 141.58M | 105.22M | 85.89M | 81.49M | 81.49M | 81.49M | 81.49M |
| Basic Shares Outstanding | 139.17M | 153.68M | 153.77M | 150.4M | 141.58M | 105.22M | 85.89M | 81.49M | 81.49M | 81.49M | 81.49M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Persistent operating margin deficits
As reported in recent financial filings, Lightspeed's year-over-year revenue growth has decelerated from 27.0% in 2024Q3 to 13.2% by 2026Q4, suggesting that the company's aggressive acquisition-led expansion strategy is facing significant headwinds as it attempts to transition toward a more mature, organic growth phase.
The consistent decline in top-line growth rates indicates that the company is struggling to maintain momentum as it pivots away from inorganic expansion. Investors should monitor whether the mandated migration to integrated payment rails can offset the slowing pace of new merchant acquisition.
Based on the provided income statement data, gross margins have exhibited significant volatility, dropping sharply to 31.4% in 2026Q4 from a more stable 42.8% in 2026Q3, which highlights the sensitivity of the company's profitability to shifts in payment processing costs and product mix.
The erratic nature of these margins suggests that the company lacks consistent pricing power in its transaction-based segment. This instability warrants further investigation into whether the current payment processing model is structurally capable of delivering the high-margin software profile that investors initially anticipated.
According to the company's historical income statements, operating expenses continue to consume a disproportionate share of gross profit, with operating margins remaining persistently negative at -11.7% in 2026Q4, failing to demonstrate the expected scaling benefits typically associated with a mature software-as-a-service business model.
The inability to achieve positive operating income despite significant revenue scale suggests that the company's cost structure remains bloated by high sales and marketing requirements. This lack of operating leverage implies that the current business model may require a fundamental restructuring to reach sustainable profitability.
As evidenced by the quarterly data, SG&A expenses have remained stubbornly high, frequently exceeding $90 million per quarter, which indicates that management has yet to successfully implement the expense discipline necessary to align operational costs with the company's current, more modest revenue growth trajectory.
The persistence of these high overhead costs, even as revenue growth slows, suggests a potential misalignment between strategic investment and operational reality. Investors should monitor whether the recent leadership transition will lead to a more rigorous approach to managing these core operating expenditures.
Based on the reported figures, the company's reliance on transaction-based revenue, which is inherently sensitive to consumer discretionary spending, presents a significant risk, as evidenced by the sharp margin compression observed in periods where payment processing costs outpaced the growth of the core subscription revenue base.
Short-sellers may focus on the company's inability to generate consistent net income despite years of operation. The recurring reliance on stock-based compensation and the volatility in gross margins suggest that the path to long-term profitability remains highly speculative and vulnerable to competitive pricing pressures.
Quick answers to the most common questions about buying LSPD stock.
For fiscal year 2026, Lightspeed Commerce Inc. (LSPD) reported total revenue of $1.23B. This represents a 2779.6% increase compared to $42.6M in 2016.
Lightspeed Commerce Inc. (LSPD) reported a net loss of $144.4M for the fiscal year ending 2026.
Lightspeed Commerce Inc. (LSPD) reported an operating income of $-147.6M, resulting in an operating profit margin of -12.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Lightspeed Commerce Inc. (LSPD) generated $526.9M in gross profit for the year, representing a gross profit margin of 42.9%. This demonstrates the company's core pricing power and production efficiency.