Release Details

Payoneer Reports Third Quarter 2025 Financial Results

November 5, 2025
PDF Version

Record quarterly revenue demonstrates strength and resilience of diverse business model

Increasing 2025 Guidance

NEW YORK, Nov. 5, 2025 /PRNewswire/ -- Payoneer Global Inc. ("Payoneer" or the "Company") (NASDAQ: PAYO), the global financial technology company powering business growth across borders, today reported financial results for its third quarter ended September 30, 2025. 

Third Quarter 2025 Financial Highlights















   YoY    

($ in mm)

   3Q 2024    

   4Q 2024    

   1Q 2025    

   2Q 2025    

   3Q 2025    

   Change    

Revenue ex. interest income

$183.1

$201.1

$188.6

$202.3

$211.4

15 %

Interest income

65.2

60.6

58.0

58.3

59.5

(9) %

Revenue

$248.3

$261.7

$246.6

$260.6

$270.9

9 %

   Transaction costs as a % of revenue    

 15.3 %  

 16.5 %  

 16.0 %  

 15.6 %  

 15.7 %  

   40 bps    

Net income

$41.6

$18.2

$20.6

$19.5

$14.1

(66) %

Adjusted EBITDA

69.3

63.3

65.4

66.4

71.3

3 %








   Operational Metrics    







Volume ($bn)

$20.4

$22.5

$19.7

$20.7

$22.3

9 %

Active Ideal Customer Profiles (ICPs) ('000s)1

557

560

556

559

548

(2) %

   Revenue as a % of volume ("Take Rate")    

   122 bps    

   116 bps    

   125 bps    

   126 bps    

   121 bps    

   (1      )       bp    

   SMB customer take rate2    

   109 bps    

   109 bps    

   119 bps    

   120 bps    

   121 bps    

   12 bps    














_________________________

 1.  

 Active ICPs are defined as customers with a Payoneer Account that have on average over $500 per month in volume (including intra-network transactions with other Payoneer customers) and were active over the trailing twelve-month period.  

 2.  

 SMB customer take rate represents revenue from SMBs who sell on marketplaces, B2B SMBs, and Checkout (previously known as Merchant Services), divided by the associated volume from each respective channel.  

"Payoneer delivered a record revenue quarter, and three consecutive quarters of mid-teens revenue growth ex. interest, demonstrating the strength of our business in the dynamic macro environment.

Our mission is straightforward: remove friction between an entrepreneur's ambition and their achievement by delivering a financial stack that is secure, easy to use, and built for global commerce. We are executing against our strategy and have driven over 10 consecutive quarters of year-over-year ARPU and SMB take rate expansion as we move upmarket, increase adoption of multiple products and services, and align our pricing with the value we offer customers. We will continue to navigate short term volatility as our customers adapt their businesses in a dynamic landscape while evolving our business to capture the significant long-term opportunity in front of us, with a clear focus on delivering shareholder returns."

John Caplan, Chief Executive Officer 

Third Quarter 2025 Business Highlights

  • Revenue excluding interest income grew 15% year-over-year, driven by 9% volume growth and significant take rate expansion with SMB customers.
  • ARPU excluding interest income grew 22% year-over-year, representing the fifth consecutive quarter of 20%+ growth, driven by continued strength with larger customers, growth in higher take rate B2B, Checkout and Card franchises, and strategic pricing initiatives.
  • SMB customer revenue of $192 million grew 17% year-over-year, reflecting:
    • SMBs that sell on marketplaces revenue of $121 million, up 11% year-over-year.
    • B2B SMBs revenue of $62 million, up 27% year-over-year.
    • Checkout revenue of $9 million, up 49% year-over-year.
  • Record $1.6 billion of spend on Payoneer cards, up 19% year-over-year, driven by higher usage per customer.
  • $7.1 billion of customer funds (including both short-term and long-term funds) as of September 30, 2025. Customer fund growth of 17% year-over-year partially offsetting the impact of lower interest rates year-over-year.
  • Accelerated share repurchases to $45 million at a weighted average price of $6.73, bringing year-to-date repurchases to $94 million.

2025 Outlook

"Payoneer continues to make meaningful progress in capturing our long-term opportunity. We delivered record quarterly revenue and are unlocking significant leverage through growth, optimizing transaction costs, and managing opex.

We are raising our guidance for total revenue, reflecting consistent expectations for revenue ex. interest as we continue to navigate our business through a dynamic macro environment, and increased expectations for interest income to reflect the strong year-over-year growth in customer funds on our platform. We are increasing our guidance, at the midpoint, for adjusted EBITDA1 and we believe we can continue to unlock significant leverage even as we invest for the future."

Bea Ordonez, Chief Financial Officer

2025 guidance is as follows: 

Revenue 

$1,050 million - $1,070 million 



Transaction costs  

~16.0% of revenue 



Adjusted EBITDA1

$270 million to $275 million 




1.

The Company cannot reconcile its expected adjusted EBITDA to expected net income under "2025 Guidance" without unreasonable effort because certain items that impact net income and other reconciling metrics are out of the Company's control and/or cannot be reasonably predicted at this time, including income taxes and other financial (income) expense, net. Such unavailable information could have a significant impact on the Company's GAAP financial results. Please refer to "Financial Information; Non-GAAP Financial Measures" below for a description of the calculation of adjusted EBITDA. 

Webcast

Payoneer will host a live webcast of its earnings on a conference call with the investment community beginning at 8:30 a.m. ET today, November 5, 2025. To access the webcast, go to the investor relations section of the Company's website at https://investor.payoneer.com. A replay will be available on the investor relations website following the call.

About Payoneer

Payoneer is the financial platform for cross-border business and global payments. Payoneer empowers millions of businesses with the financial tools and services they need to grow and transact globally with confidence. We make it easier for SMBs, particularly in emerging markets, to connect to the global economy, pay and get paid across borders, manage their funds across multiple currencies, and grow their businesses. 

Forward-Looking Statements

This press release includes, and oral statements made from time to time by representatives of Payoneer, may be considered "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Payoneer's future financial or operating performance. For example, projections of future revenue, transaction cost and adjusted EBITDA are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expect," "intend," "plan," "will," "estimate," "anticipate," "believe," "predict," "potential" or "continue," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Payoneer and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) changes in applicable laws or regulations; (2) the possibility that Payoneer may be adversely affected by geopolitical events and conflicts, such as Israel's conflicts in the Middle East, and other economic, business and/or competitive factors, such as changes in global trade policies (including the imposition of tariffs); (3) changes in the assumptions underlying our financial estimates; (4) the outcome of any known and/or unknown legal or regulatory proceedings; and (5) other risks and uncertainties set forth in Payoneer's Annual Report on Form 10-K for the period ended December 31, 2024 and future reports that Payoneer may file with the SEC from time to time. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Payoneer does not undertake any duty to update these forward-looking statements.

Financial Information; Non-GAAP Financial Measures

Some of the financial information and data contained in this press release, such as adjusted EBITDA, have not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). Payoneer uses these non-GAAP measures to compare Payoneer's performance to that of prior periods for budgeting and planning purposes. Payoneer believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Payoneer's results of operations. Payoneer's method of determining these non-GAAP measures may be different from other companies' methods and, therefore, may not be comparable to those used by other companies and Payoneer does not recommend the sole use of these non-GAAP measures to assess its financial performance. Payoneer management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Payoneer's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review Payoneer's financial statements, which are included in Payoneer's Annual Report on Form 10-K for the year ended December 31, 2024 and its subsequent Quarterly Reports on Form 10-Q, and not rely on any single financial measure to evaluate Payoneer's business.  

Non-GAAP measures include the following item:

Adjusted EBITDA: We provide adjusted EBITDA, a non-GAAP financial measure that represents our net income (loss) adjusted to exclude, as applicable: M&A related expense (income), stock-based compensation expenses, restructuring charges, share in losses (gain) of associated company, loss (gain) from change in fair value of warrants and warrant repurchase/redemption, other financial expense (income), net, income taxes, and depreciation and amortization.

Other companies may calculate the above measure differently, and therefore Payoneer's measures may not be directly comparable to similarly titled measures of other companies.

In addition, in this earnings release, we reference volume, which is an operational metric. Volume refers to the total dollar value of transactions successfully completed or enabled by our platform, not including orchestration transactions. For a customer that both receives and later sends payments, we count the volume only once. We also reference ARPU (Average Revenue Per User), which is defined as the Revenue from Active Customers divided by the number of Active Customers over the period in which the Revenue was earned. Active Customers for these purposes are defined as Payoneer accountholders with at least 1 financial transaction over the period. Revenue from Active Customers represents revenue attributed to Active Customers based on their use of the Payoneer platform, including interest income earned from their balances, and excluding revenues unrelated to their activities. 

 TABLE - 1

 PAYONEER GLOBAL INC.  

 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)  

(U.S. dollars in thousands, except share and per share data)

 


   Three months ended
September 30,    



 2025  


 2024  








Revenues


$

270,850


$

248,274








Transaction costs (Excluding depreciation and amortization shown separately below)



42,483



38,058

Other operating expenses



40,386



44,892

Research and development expenses



39,864



34,616

Sales and marketing expenses



59,489



52,311

General and administrative expenses



36,141



29,725

Depreciation and amortization



16,140



13,510

   Total operating expenses    



234,503



213,112








   Operating income    



36,347



35,162








   Financial income (expense):    







Gain from change in fair value of Warrants



—



—

Loss on warrant repurchase/redemption



—



(14,746)

Other financial income (expense), net



(5,836)



1,674

   Financial expense, net    



(5,836)



(13,072)








   Income before income taxes    



30,511



22,090








   Tax      benefit (expense) on      income    



(16,388)



19,484








   Net income    


$

14,123


$

41,574








   Other comprehensive income    







Unrealized gain on available-for-sale debt securities, net



892



12,256

Tax expense on unrealized gains on available-for-sale debt securities, net



(200)



(2,816)

Unrealized gain (loss) on cash flow hedges, net



(1,668)



1,168

Tax benefit (expense) on unrealized gains (losses) on cash flow hedges, net



320



(211)

Unrealized loss on interest rate floor, net



(6,190)



—

Tax benefit on unrealized losses on interest rate floor, net



1,376



—

Foreign currency translation adjustments



(444)



—

   Other comprehensive income    



(5,914)



10,397








   Comprehensive income    


$

8,209


$

51,971








   Per Share Data    







Net income per share attributable to common stockholders — Basic earnings per share


$

0.04


$

0.12

— Diluted earnings per share


$

0.04


$

0.11








Weighted average common shares outstanding — Basic



368,266,611



357,297,824

Weighted average common shares outstanding — Diluted



377,633,523



374,303,470

 

 Disaggregation of revenue  

The following table presents revenue recognized from contracts with customers as well as revenue from other sources:   



   (Unaudited)    



   Three months ended    



   September 30,    



 2025  


 2024  

Revenue recognized at a point in time


$

208,696


$

179,641

Revenue recognized over time



990



719

Revenue from contracts with customers


$

209,686


$

180,360

Interest income on customer balances


$

59,531


$

65,162

Capital advance income



1,633



2,752

Revenue from other sources


$

61,164


$

67,914

Total revenues


$

270,850


$

248,274

The following table presents the Company's revenue disaggregated by primary regional market, with revenues being attributed to the country (in the region) in which the billing address of the transacting customer is located, with the exception of global bank transfer revenues, where revenues are disaggregated based on the billing address of the transaction funds source.

Note that in 2024, the Company updated the definition of its primary regional markets to align with the view used by Management. This update eliminates South Asia, Middle East and North Africa as a separate region and instead includes revenues from South Asia in the Asia-Pacific region and Middle East and North Africa in the Europe, Middle East, and Africa region. The update has been applied to all periods reflected in the table below.   



   (Unaudited)    



   Three months ended    



   September    



 2025  


 2024  

Primary regional markets







Greater China(1)


$

91,159


$

85,111

Europe, Middle East, and Africa(2)



68,234



65,869

Asia-Pacific(2)



57,183



47,376

Latin America(2)



27,972



24,756

North America(3)



26,302



25,162

Total revenues


$

270,850


$

248,274

_________________________

1.

Greater China is inclusive of mainland China, Hong Kong, Macao and Taiwan.

2.

No single country included in any of these regions generated more than 10% of total revenue.

3.

The United States is the Company's country of domicile. Of North America revenues, the U.S. represents $25,165 and $24,030 during the three months ended September 30, 2025 and 2024, respectively.

 

 TABLE - 2  

 PAYONEER GLOBAL INC.  

 RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (UNAUDITED)  

(U.S. dollars in thousands)

 


   Three months ended    



   September 30,    



 2025  


 2024  

Net income


$

14,123


$

41,574

Depreciation and amortization



16,140



13,510

Tax (benefit) expense on income



16,388



(19,484)

Other financial expense (income), net



5,836



(1,674)

   EBITDA    



 52,487  



 33,926  

Stock based compensation expenses(1)



17,799



17,430

M&A related expenses(2)



981



3,166

Gain from change in fair value of Warrants(3)



—



—

Restructuring charges(4)



—



—

Loss on Warrant repurchase/redemption(5)



—



14,746

   Adjusted EBITDA    


 $  

 71,267  


 $  

 69,268  

 



   Three months ended,     



   Sept. 30, 2024    


   Dec. 31, 2024    


   Mar. 31, 2025    


   June 30, 2025    


   Sept. 30, 2025    

Net income


$

41,574


$

18,190


$

20,577


$

19,480


$

14,123

Depreciation and amortization



13,510



13,666



14,390



15,553



16,140

Tax (benefit) expense on income



(19,484)



8,016



7,192



10,370



16,388

Other financial expense (income), net



(1,674)



2,978



1,550



227



5,836

   EBITDA    



 33,926  



 42,850  



 43,709  



 45,630  



 52,487  

Stock based compensation expenses(1)



17,430



18,614



18,755



20,059



17,799

M&A related expenses(2)



3,166



1,807



337



736



981

Gain from change in fair value of Warrants(3)



—



—



—



—



—

Restructuring charges(4)



—



—



2,630



—



—

Loss on Warrant repurchase/redemption(5)



14,746



—



—



—



—

   Adjusted EBITDA    


 $  

 69,268  


 $  

 63,271  


 $  

 65,431  


 $  

 66,425  


 $  

 71,267  

_________________________

(1)

Represents non-cash charges associated with stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy.

(2)

Amounts relate to M&A-related third-party fees, including related legal, consulting and other expenditures. Additionally, amounts for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024 include $0.1, $0.1, $0.3, and $1.8 million, respectively, in non-recurring fair value adjustment of the Skuad contingent consideration liability.

(3)

Changes in the estimated fair value of the warrants are recognized as gain or loss on the consolidated statements of comprehensive income. The impact is removed from EBITDA as it represents market conditions that are not in our control.

(4)

Represents non-recurring costs related to severance and other employee termination benefits.

(5)

Amounts relate to a non-recurring loss on the repurchase and redemption of outstanding public warrants.

 

 TABLE - 3  

 PAYONEER GLOBAL INC.  

 EARNINGS PER SHARE (UNAUDITED)  

(U.S. dollars in thousands, except share and per share data)

 


   Three months ended September 30,    



 2025  


 2024  

Numerator:







Net income


$

14,123


$

41,574

Denominator:







Weighted average common shares outstanding —







Basic



368,266,611



357,297,824

Add:







Dilutive impact of RSUs, ESPP and options to purchase common stock



8,824,839



16,222,829

Dilutive impact of private Warrants



542,073



782,817

Weighted average common shares — diluted



377,633,523



374,303,470

Net income per share attributable to common stockholders — Basic earnings per share


$

0.04


$

0.12

Diluted earnings per share


$

0.04


$

0.11

 

 TABLE - 4  

 PAYONEER GLOBAL INC.  

 CONSOLIDATED BALANCE SHEETS (UNAUDITED)  

(U.S. dollars in thousands, except share and per share data)

 


   September 30,    


   December 31,    



 2025  


 2024  

   Assets:    







   Current assets:    







Cash and cash equivalents


$

479,448


$

497,467

Restricted cash



8,659



6,633

Customer funds



6,772,912



6,439,153

Accounts receivable (net of allowance of $339 and $382 at September 30, 2025 and
December 31, 2024, respectively)



14,351



11,937

Capital advance receivables (net of allowance of $4,258 at September 30, 2025 and
$4,955 at December 31, 2024, respectively)



42,385



56,242

Other current assets



83,641



88,210

   Total current assets    



7,401,396



7,099,642

   Non-current assets:    







Property, equipment and software, net



20,552



16,053

Goodwill



77,785



77,785

Intangible assets, net



205,890



102,390

Customer funds



350,000



525,000

Restricted cash



20,916



17,653

Deferred tax assets, net



49,898



41,523

Severance pay fund



813



757

Operating lease right-of-use assets



48,777



19,403

Other assets



29,429



30,174

   Total assets    


$

8,205,456


$

7,930,380

   Liabilities and shareholders' equity:    







   Current liabilities:    







Trade payables


$

39,676


$

37,302

Outstanding operating balances



7,122,912



6,964,153

Other payables



145,731



129,621

   Total current liabilities    



7,308,319



7,131,076

   Non-current liabilities:    







Deferred tax liabilities, net



25,098



1,471

Other long-term liabilities



121,552



73,043

   Total liabilities    



7,454,969



7,205,590

   Commitments and contingencies    














   Shareholders' equity:    







Preferred stock, $0.01 par value, 380,000,000 shares authorized; no shares were issued
and outstanding at September 30, 2025 and December 31, 2024.



—



—

Common stock, $0.01 par value, 3,800,000,000 and 3,800,000,000 shares authorized;
408,020,561 and 395,965,588 shares issued and 358,836,004 and 360,093,249 shares
outstanding at September 30, 2025 and December 31, 2024, respectively.



4,080



3,960

Treasury stock at cost, 49,184,557 and 35,872,339 shares as of September 30, 2025 and
December 31, 2024, respectively.



(287,978)



(193,724)

Additional paid-in capital



875,504



821,196

Accumulated other comprehensive loss



(1,266)



(12,609)

Retained earnings



160,147



105,967

   Total shareholders' equity    



750,487



724,790

   Total liabilities and shareholders' equity    


$

8,205,456


$

7,930,380

 

 TABLE - 5  

 PAYONEER GLOBAL INC.  

 CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)  

(U.S. dollars in thousands)

 





   Nine months ended
 September 30,    



 2025  


 2024  

   Cash Flows from Operating Activities    







Net income


$

54,180


$

102,973

   Adjustment to reconcile net income to net cash provided by operating activities:    







Depreciation and amortization



46,083



33,630

Deferred taxes



(11,761)



(17,073)

Stock-based compensation expenses



56,613



46,173

Gain from change in fair value of Warrants



—



(2,767)

Loss on warrant repurchase/redemption



—



14,746

Interest and amortization of discount on investments



(2,086)



(6,401)

Foreign currency re-measurement gain



(4,965)



(109)

   Changes in operating assets and liabilities:    







Other current assets



11,279



(36,277)

Trade payables



2,882



8,904

Deferred revenue



258



808

Accounts receivable, net



(2,405)



(1,255)

Capital advance extended to customers



(235,407)



(260,435)

Capital advance collected from customers



249,264



248,980

Other payables



1,394



(6,619)

Other long-term liabilities



13,086



(3,667)

Operating lease right-of-use assets



7,610



9,802

Other assets



(7,448)



(374)

   Net      cash provided by operating activities    



178,577



131,039








   Cash Flows from Investing Activities    







Purchase of property, equipment and software



(12,285)



(4,449)

Capitalization of internal use software



(43,886)



(39,666)

Severance pay fund distributions, net



(56)



12

Customer funds in transit, net



(56,747)



(80,098)

Purchases of investments in available-for-sale debt securities



(351,824)



(1,255,686)

Maturities and sales of investments in available-for-sale debt securities



253,500



214,000

Purchases of investments in term deposits



—



(600,000)

Maturities of investments in term deposits



75,000



—

Cash paid in connection with acquisition, net of cash and customer funds acquired



(33,081)



(48,219)

   Net cash      provided by (      used in      )       investing activities    



(169,379)



(1,814,106)








   Cash Flows from Financing Activities    







Proceeds from issuance of common stock in connection with stock-based compensation plan, net of
taxes paid related to settlement of equity awards and proceeds from employee equity transactions to
be remitted to employees



(3,237)



23,015

Outstanding operating balances, net



136,622



(314,764)

Borrowings under related party facility



—



15,120

Repayments under related party facility



—



(20,312)

Receipts of collateral on interest rate derivatives



89,550



—

Payments of collateral on interest rate derivatives



(90,010)



—

Consideration related to previous acquisitions



455



—

Warrant repurchase/redemption



—



(19,534)

Payment on exercise of warrants



(1,332)



—

Common stock repurchased



(95,029)



(120,457)

   Net cash provided by      (used in) financing      activities    



37,019



(436,932)








   Effect of exchange rate changes on cash and cash equivalents    



5,177



109








   Net change in cash, cash equivalents, restricted cash and customer funds    



51,394



(2,119,890)

   Cash, cash equivalents, restricted cash and customer funds at beginning of period    



5,658,210



7,018,367

   Cash, cash equivalents, restricted cash and customer funds at end of period    


$

5,709,604


$

4,898,477

   Supplemental information of investing and financing activities not involving cash flows:    







Property, equipment, and software acquired but not paid


$

505


$

1,569

Internal use software capitalized but not paid


$

6,201


$

6,271

Common stock repurchased but not paid


$

—


$

150

Right of use assets obtained in exchange for new operating lease liabilities


$

34,440


$

6,533

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/payoneer-reports-third-quarter-2025-financial-results-302604833.html

SOURCE Payoneer

Investor Contact: Michelle Wang, investor@payoneer.com; Media Contact: Angela Sullivan, PR@payoneer.com