Revenue growth has decelerated to 6.1% in 2026Q1, while operating margins have compressed to 12.2% from a 2024Q2 peak of 19.3% due to rising overhead costs.
| Sales/Revenue | 1.07B | 1.05B | 977.72M | 831.1M | 627.62M | 473.4M | 345.59M | 317.75M | 260.13M |
| Revenue Growth % | 7.19% | 7.68% | 17.64% | 32.42% | 32.58% | 36.98% | 8.76% | 22.15% | - |
| Cost of Goods Sold | 199.55M | 230.86M | 152.11M | 122.29M | 110.17M | 101.48M | 97.04M | 94.67M | 81.37M |
| COGS % of Revenue | - | 21.93% | 15.56% | 14.71% | 17.55% | 21.44% | 28.08% | 29.79% | 31.28% |
| Gross Profit | 868.2M | 821.91M | 825.61M | 708.81M | 517.46M | 371.93M | 248.55M | 223.09M | 178.77M |
| Gross Margin % | 81.31% | 78.07% | 84.44% | 85.29% | 82.45% | 78.56% | 71.92% | 70.21% | 68.72% |
| Gross Profit Growth % | - | -0.45% | 16.48% | 36.98% | 39.13% | 49.64% | 11.42% | 24.79% | - |
| Operating Expenses | 740.85M | 697.24M | 676.58M | 605.2M | 539.67M | 402.14M | 265.85M | 219.44M | 180.69M |
| OpEx % of Revenue | - | 66.23% | 69.2% | 72.82% | 85.99% | 84.95% | 76.93% | 69.06% | 69.46% |
| Selling, General & Admin | 385.81M | 376.56M | 351.43M | 315.69M | 280.88M | 178.73M | 114.47M | 92.04M | 74.55M |
| SG&A % of Revenue | - | 35.77% | 35.94% | 37.98% | 44.75% | 37.75% | 33.12% | 28.96% | 28.66% |
| Research & Development | 161.48M | 155.42M | 134.63M | 119.2M | 115.04M | 80.76M | 52.3M | 34.77M | 29.38M |
| R&D % of Revenue | - | 14.76% | 13.77% | 14.34% | 18.33% | 17.06% | 15.13% | 10.94% | 11.3% |
| Other Operating Expenses | 4M | 165.26M | 190.52M | 170.32M | 143.75M | 142.65M | 99.07M | 92.64M | 76.76M |
| Operating Income | 127.36M | 124.67M | 149.03M | 103.61M | -22.21M | -30.21M | -17.3M | 3.64M | -1.93M |
| Operating Margin % | 11.93% | 11.84% | 15.24% | 12.47% | -3.54% | -6.38% | -5% | 1.15% | -0.74% |
| Operating Income Growth % | - | -16.35% | 43.84% | 566.41% | 26.47% | -74.67% | -575.01% | 288.95% | - |
| EBITDA | 209.76M | 190.29M | 157.73M | 111.7M | -13.93M | -23.15M | -10.45M | 9.73M | 2.38M |
| EBITDA Margin % | 19.65% | 18.08% | 16.13% | 13.44% | -2.22% | -4.89% | -3.02% | 3.06% | 0.92% |
| EBITDA Growth % | 20.23% | 20.64% | 41.21% | 901.9% | 39.84% | -121.59% | -207.36% | 308.05% | - |
| D&A (Non-Cash Add-back) | 82.41M | 65.63M | 8.7M | 8.09M | 8.29M | 7.06M | 6.85M | 6.09M | 4.31M |
| EBIT | 125.89M | 115.59M | 139.47M | 132.54M | 11.75M | -25.06M | -15.43M | 4.08M | -4.1M |
| Net Interest Income | 112.42M | 0 | 259.26M | 242.2M | 45.16M | -220K | 0 | 0 | 0 |
| Interest Income | 117.86M | 0 | 259.26M | 242.2M | 55.29M | 0 | 0 | 0 | 0 |
| Interest Expense | 5.45M | 0 | 0 | 0 | 10.13M | 220K | 0 | 0 | 0 |
| Other Income/Expense | -10.33M | -9.08M | -9.56M | 28.93M | 23.83M | 4.93M | 1.87M | 443K | -2.17M |
| Pretax Income | 117.03M | 115.59M | 139.47M | 132.54M | 1.62M | -25.28M | -15.43M | 4.08M | -4.1M |
| Pretax Margin % | 10.96% | 10.98% | 14.27% | 15.95% | 0.26% | -5.34% | -4.46% | 1.29% | -1.58% |
| Income Tax | 44.84M | 42.4M | 18.31M | 39.2M | 13.59M | 8.71M | 8.32M | 4.71M | 3.09M |
| Effective Tax Rate % | 38.32% | 36.68% | 13.13% | 29.58% | 840.72% | -34.46% | -53.93% | 115.3% | -75.34% |
| Net Income | 72.18M | 73.19M | 121.16M | 93.33M | -11.97M | -33.99M | -23.75M | -625K | -7.19M |
| Net Margin % | 6.76% | 6.95% | 12.39% | 11.23% | -1.91% | -7.18% | -6.87% | -0.2% | -2.76% |
| Net Income Growth % | -35.99% | -39.59% | 29.82% | 879.72% | 64.78% | -43.13% | -3699.36% | 91.31% | - |
| Net Income (Continuing) | 72.18M | 73.19M | 121.16M | 93.33M | -11.97M | -33.99M | -23.75M | -625K | -7.19M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.21 | 0.19 | 0.31 | 0.24 | -0.03 | -0.19 | -0.07 | -0.00 | -0.02 |
| EPS Growth % | -33.4% | -38.71% | 29.17% | 797.67% | 81.89% | -172.21% | - | 92.45% | - |
| EPS (Basic) | - | 0.20 | 0.34 | 0.26 | -0.03 | -0.20 | -0.07 | -0.00 | -0.02 |
| Diluted Shares Outstanding | 350.47M | 376.73M | 386.24M | 392.67M | 348.04M | 357.49M | 338.35M | 338.35M | 338.35M |
| Basic Shares Outstanding | 345.34M | 361.17M | 358.35M | 361.68M | 348.04M | 340.05M | 338.35M | 338.35M | 338.35M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Macro-sensitive interest income dependency
As indicated by the most recent quarterly filings, Payoneer's year-over-year revenue growth has decelerated significantly to 6.1% in 2026Q1, down from the double-digit expansion observed throughout 2024, suggesting that the company's core marketplace transaction volume is struggling to maintain its previous momentum in a competitive landscape.
The transition from high-teens growth to single-digit expansion suggests that the company's reliance on established marketplace ecosystems may be reaching a saturation point. Investors should monitor whether the strategic pivot toward B2B services can effectively offset the cooling demand in the broader cross-border e-commerce sector.
Based on the provided financial data, Payoneer's gross margin experienced a notable contraction to 77.3% in 2025Q4 before recovering slightly to 79.3% in 2026Q1, highlighting an underlying sensitivity in the cost of revenue that appears tied to fluctuating transaction processing and banking network fees.
While the company maintains a structurally high gross margin profile compared to traditional payment processors, the recent variability suggests that the cost of maintaining global compliance and banking rails is not entirely fixed. This volatility may imply that the company lacks the absolute pricing power required to fully insulate its margins from shifts in regional payment mix.
According to the income statement history, operating margins have compressed from a peak of 19.3% in 2024Q2 to 12.2% in 2026Q1, demonstrating that the company's operating expenses are currently scaling at a rate that outpaces the growth of its gross profit contribution.
The persistent level of SG&A spending suggests that the company is prioritizing investment in compliance and risk management infrastructure over immediate margin expansion. This trend warrants further investigation into whether these expenditures are truly scalable or if they represent a permanent, high-cost floor required to operate in complex emerging markets.
As reported in recent financial statements, Payoneer consistently records quarterly stock-based compensation expenses ranging between $13.7 million and $20.1 million, which significantly impacts the quality of reported net income and suggests that GAAP earnings may overstate the true cash-generative capacity of the business.
The reliance on equity-based incentives to manage talent costs creates a persistent wedge between GAAP profitability and actual shareholder value creation. Investors should be wary of the potential for ongoing share count dilution, which may continue to pressure EPS growth even if the company achieves its operational targets.
Based on the company's recent performance, the significant contribution of interest income to the bottom line appears to be a double-edged sword, as the 2026Q1 net margin of 7.5% remains highly vulnerable to any potential downward shifts in the global interest rate environment.
Short-term profitability is currently bolstered by macro-driven float income rather than purely operational efficiency, which may lead to a valuation disconnect if rates decline. The market may be mispricing the durability of these earnings, as they are inherently tied to central bank policy rather than the company's underlying competitive moat.
Quick answers to the most common questions about buying PAYO stock.
For fiscal year 2025, Payoneer Global Inc. (PAYO) reported total revenue of $1.05B. This represents a 304.7% increase compared to $260.1M in 2018.
Payoneer Global Inc. (PAYO) is profitable, generating $73.2M in net income for the fiscal year ending 2025 with a net profit margin of 7.0%.
Payoneer Global Inc. (PAYO) reported an operating income of $124.7M, resulting in an operating profit margin of 11.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Payoneer Global Inc. (PAYO) generated $821.9M in gross profit for the year, representing a gross profit margin of 78.1%. This demonstrates the company's core pricing power and production efficiency.