Shift4 Payments

Shift4 is growing fast. In the first quarter of 2026, its core revenue after network fees jumped 49% to 549 million dollars, and total payment volume hit 56 billion dollars, up 24% from a year earlier. The company processes payments for huge names like the Chicago Cubs, Inter Miami, and the Houston Astros, and keeps winning new business every single month.

What used to be a U.S. restaurant and hotel company is now a worldwide platform. Its acquisition of Global Blue added tax-free shopping for luxury brands, a business that brought in 102 million dollars in just one quarter. Its all-in-one product is already live in seven European countries, with a target of fifteen by year end, opening up a huge new pool of customers.

Growth has come at a price. Shift4 carries about 3.35 billion dollars in net debt from its buying spree, and interest payments alone cost it 65 million dollars in a single quarter. That left bottom-line profit at just 12 million dollars for the quarter, so a lot of cash is going toward servicing debt rather than flowing to shareholders.

Swallowing a company as big as Global Blue takes time. Profit margins on its core revenue slipped from around 50% to 43% as it absorbs the new business, and the tax-free shopping arm leans on international tourist spending, which can dry up fast when travel slows. If the promised savings show up late, the turnaround could take longer than investors hope.