Payoneer Global (NASDAQ:PAYO) executives used the company’s fourth-quarter 2025 earnings call to highlight record quarterly revenue, accelerating growth in its B2B franchise, and a 2026 outlook centered on expanding profitability in its core business. CEO John Caplan and CFO Bea Ordonez also detailed steps the company is taking to move upmarket, migrate its checkout business to Stripe’s solution, and invest in stablecoin capabilities and an AI-first operating model.
Record quarter and full-year profitability progress
Ordonez said Payoneer delivered record quarterly revenue of $275 million in Q4, with revenue excluding interest income up 9% year-over-year. She attributed the growth primarily to accelerating B2B performance and continued implementation of pricing actions.
For full-year 2025, Caplan said Payoneer grew revenue excluding interest income by 14% and generated total adjusted EBITDA of $272 million, a 26% margin, despite what he described as a $25 million headwind from declining interest income. The company also reported $40 million of adjusted EBITDA excluding interest income, nearly triple 2024’s level, and free cash flow of $146 million, which management said represented nearly 200% free cash flow conversion.
Volume trends: B2B acceleration and steady enterprise payouts
Ordonez said total volume grew 10% year-over-year in Q4, driven by enterprise payout volumes, while SMB volumes grew 5%. Volume from SMBs that sell on marketplaces increased 1%, though she noted an intra-quarter acceleration and “mid-single-digit” growth during the holiday season.
B2B was a key focus throughout the call. Ordonez said Q4 B2B volume grew 21% and accelerated sequentially, led by strong acquisition and ramp-up of large customers in China, Asia Pacific, and EMEA. Caplan said B2B revenue grew 28% in 2025—twice the pace of overall revenue excluding interest income—and now represents about 30% of that revenue base, up from 20% in 2023.
Enterprise payouts also remained a growth driver. Ordonez said full-year enterprise payout volumes grew 17% in 2025 and accelerated to 27% growth in Q4, supported by deeper relationships and new client onboarding. Management cited relationships including Airbnb, Upwork, TikTok LIVE, Alibaba, MercadoLibre, and Best Buy, and noted a recent renewal with Upwork.
Upmarket strategy and key operating metrics
Caplan framed 2025 as a “pivotal year” and said the company is entering a “next stage” of its transformation, moving further upmarket to serve larger, more sophisticated customers. He described these customers as often multi-entity and multi-geography businesses with more complex cross-border needs and higher retention, ARPU, and product adoption.
Caplan pointed to growth in larger customer cohorts, stating that customers with $600,000 or more of annual average volume represented 42% of revenue and were the fastest-growing segment in 2025, driving 60% of overall growth. In the Q&A, management added that in Q4 2025, customers doing over $50,000 accounted for 42% of revenue, up 10 percentage points versus Q1 2022.
Both executives highlighted ARPU gains. Ordonez said Q4 ARPU increased 15%, while ARPU excluding interest income rose 21%—the sixth consecutive quarter of 20%+ expansion. Caplan said 2025 included 21% ARPU expansion excluding interest income, driven by upmarket momentum and multi-product adoption.
Caplan also cited a 9 basis point expansion in SMB take rate in 2025. Ordonez said Q4 SMB take rate was 113 basis points, up about 4 basis points year-over-year, reflecting mix shift toward higher take rate areas and execution of pricing strategy.
Interest income hedging, costs, and capital returns
Customer funds held in Payoneer accounts increased 13% year-over-year to $7.9 billion. Ordonez said customer funds growth helped partially offset lower interest rates, and interest income in Q4 was $56 million.
Management emphasized steps to reduce interest rate sensitivity. Ordonez said that as of December 31, 2025, Payoneer had hedges related to about $4 billion, or 51%, of customer funds. She said the company had secured over $130 million of interest income in 2026, over $110 million in 2027, and over $90 million in 2028 “irrespective of the direction of short-term interest rates,” and plans to lock in additional amounts as the portfolio runs off.
On expenses, Ordonez said total operating expenses were $246 million in Q4, up 6%, driven primarily by IT and communications and labor-related expenses, including impacts from the EasyLink acquisition in China. Transaction costs were $43 million and roughly flat year-over-year, which management attributed to operational efficiency and a new agreement with Mastercard signed in July. Transaction costs represented 15.6% of revenue in Q4, down about 90 basis points year-over-year; excluding interest income, transaction costs were 19.6% of revenue, down about 180 basis points.
Payoneer also returned capital to shareholders. Caplan said the company repurchased $175 million of shares in 2025, including $80 million in Q4. Ordonez said Q4 repurchases were made at a weighted average price of $5.76, and that $192 million remained under the authorization as of year-end. She added that assuming comparable share-price levels, the company would expect to use the remaining authorization in 2026.
2026 guidance: portfolio optimization and core margin expansion
For 2026, management guided to total revenue of $1.09 billion to $1.13 billion, including $190 million of interest income, and revenue excluding interest income of $900 million to $940 million. Caplan said revenue excluding interest income implies 12% growth at the midpoint and that the company expects to “more than double” core adjusted EBITDA to $90 million at the midpoint.
Management said the outlook reflects deliberate actions to optimize the checkout business and customer portfolio, which are expected to reduce 2026 revenue growth by about 300 basis points. Ordonez said the headwind includes anticipated churn related to the transition of Payoneer’s checkout offering to Stripe’s solution, as well as changes to acquisition focus and onboarding flows. She said the company has been migrating checkout for the past six months and expects the transition to be accretive to revenue less transaction costs and adjusted EBITDA in 2026, with improved yield and margin dynamics as it scales.
Payoneer expects revenue excluding interest income growth to accelerate through 2026, with high single-digit growth in the first half and a mid-teens exit rate in the second half. Ordonez said the midpoint assumptions include high teens B2B volume growth, mid-single-digit growth in marketplace-related SMB volume, and mid-teens enterprise payout volume growth.
For profitability, Payoneer guided to adjusted EBITDA of $275 million to $285 million, about a 25% margin, despite an estimated $42 million decline in interest income. Excluding interest income, adjusted EBITDA is expected to be $85 million to $95 million, and management said it expects to achieve a double-digit margin for the first time as a public company and to be positive excluding interest income even when fully burdened with stock-based compensation.
Management also discussed strategic investments. Caplan said Payoneer is partnering with Bridge, a Stripe company, to launch stablecoin capabilities, with a waitlist opened weeks earlier and initial customers already live. He added that Payoneer applied to establish an uninsured national trust bank in the U.S., which management expects would help integrate stablecoin capabilities into its ecosystem. Separately, executives emphasized an AI-first strategy aimed at improving product velocity, go-to-market efficiency, and reducing cost in customer support and compliance, with continued expansion of the company’s presence in India, including a new technology hub in Gurgaon and an expanded operations and compliance hub in Bangalore.
About Payoneer Global (NASDAQ:PAYO)
Payoneer Global (NASDAQ: PAYO) operates a digital payments platform that enables businesses, marketplaces and professionals to send and receive cross-border payments. The company’s core offerings include multi-currency receiving accounts, mass payout services and working capital solutions. Through its platform, Payoneer facilitates global transactions by connecting payors and payees across a network of local bank transfers, card payouts and digital wallets, supporting the seamless movement of funds in over 150 currencies.
Founded in 2005, Payoneer has grown from a small fintech venture into a widely adopted payments infrastructure provider that serves clients in more than 200 countries and territories.
