Revenue was essentially in line, but below the published bar. Second-quarter revenue was $274.3 million versus a published consensus of approximately $275.9 million, while revenue excluding interest income rose 10% year over year to $222.2 million. The miss is small, but the result does not qualify as an upside surprise.
| Metric | 2Q 2026 | 2Q 2025 / expectation | Read |
|---|---|---|---|
| Revenue | $274.3 million | $260.6 million / ~$275.9 million consensus | 5% YoY; slightly below consensus (Financial Highlights) |
| Revenue ex. interest income | $222.2 million | $202.3 million | 10% YoY growth (Financial Highlights) |
| Volume | $23.7 billion | $20.7 billion | 15% YoY growth (Operational Metrics) |
| B2B volume | $4.3 billion | $2.9 billion implied by 48% growth | 48% YoY growth (Second Quarter 2026 Business Highlights) |
| Adjusted EBITDA | $71.4 million | $66.4 million | 7% YoY growth (Reconciliation of Net Income to Adjusted EBITDA) |
| GAAP EPS | $(0.01) | ~$0.06 consensus | Missed by roughly $0.07 (Earnings Per Share) |
The underlying payments business was stronger than the headline revenue suggests. Volume increased 15%, led by B2B volume up 48%, Checkout volume up 52%, and enterprise payouts up 22%; however, marketplace SMB volume grew only 2%. ARPU excluding interest income rose 22% for the eighth consecutive quarter, while the overall take rate remained pressured at 116 basis points versus 126 basis points a year earlier (Second Quarter 2026 Business Highlights; Operational Metrics). This is a constructive mix shift, but not an across-the-board acceleration.
The GAAP loss reflects transaction-related and financial costs more than a collapse in operating performance. Net income fell to a $2.4 million loss from $19.5 million of profit, mainly because other financial expense rose to $10.6 million and M&A-related expenses jumped to $13.5 million, including $10.8 million of third-party costs tied to the Nuvei transaction (Income Statement; Reconciliation of Net Income to Adjusted EBITDA). Adjusted EBITDA still reached $71.4 million, but the unusually large add-back means the clean operating result is less informative than usual during the pending deal.
The acquisition now dominates the investor read, making this less of a conventional earnings catalyst. The $7.40-per-share cash acquisition was already announced on June 15, 2026, and the antitrust waiting period ended early on July 28, so neither the transaction nor that regulatory milestone is new in this filing (Proposed Transaction with Nuvei; Second Quarter 2026 Business Highlights). Payoneer withdrew its 2026 and longer-term outlook, suspended earnings calls, and halted further buybacks while the deal remains pending (Upcoming Investor Communications and Financial Outlook). Net: strong operating momentum and B2B execution offset a modest revenue shortfall and a clear EPS miss, but the removal of guidance and the pending take-private transaction leave limited new standalone equity information.
Read the original 8-K on SEC EDGAR ↗