Shift4 Payments, Inc.

NYSE-FOUR

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	233.3	272.1	285.5	294.5	174.4	148.7
Net Income
Depreciation & Amortization	382.2	334.4	315.7	296.6	275	252.8
Depreciation and Amortization
Share-Based Compensation Expense	70.9	69.6	68.7	65.5	62.4	60.5
Equity-Based Compensation Expense
Other Adjustments	-60.5	-81.3	-91.2	-80.4	-3.8	14.2
Revaluation of Contingent Liabilities
Impairment of Intangible Assets
Gain on Investments in Securities
Change in TRA Liability
Amortization of Capitalized Financing Costs, Net of Premium Accretion
Loss on Extinguishment of Debt
Provision for Bad Debts
Deferred Income Taxes
Unrealized Foreign Exchange Gains
Other Noncash Items
Impact of Lease Modifications
Changes in Trade Receivables	-35.9	-62.2	-60.3	-75	-54.9	-51.6
Accounts Receivable
Changes in Inventories	—	—	—	8.3	—	—
Inventory
Changes in Accounts Payable	—	—	—	24.9	23.8	31.8
Accounts Payable
Changes in Accrued Expenses	0.1	21.8	12.4	42.1	18.5	16
Accrued Expenses and Other Liabilities
Changes in Unearned Revenue	-10.3	-7.9	-13.7	-15.1	-15.6	-19.9
Deferred Revenue
Changes in Other Operating Activities	-62	-54.6	-50.5	-61.1	-54.9	-73.3
Contract Assets
Prepaid Expenses and Other Assets
Capitalized Customer Acquisition Costs
Payments on Contingent Liabilities in Excess of Initial Fair Value
Right-of-Use Assets and Lease Liabilities, Net
Cash from Operating Activities	555.7	526.4	496.3	500.3	474.6	443.8
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-125.4	-114.4	-114.5	-108.4	-98.9	-98.3
Acquisition of Equipment to Be Leased
Acquisition of Property, Plant and Equipment
Purchases of Intangible Assets	-116.5	-93.3	-85.7	-81.3	-66.8	-59.8
Capitalized Software Development Costs
Customer Acquisition Costs
Residual Commission Buyouts
Purchase of Intangible Assets
Purchases of Investments	—	—	—	—	—	—
Investments in Securities
Proceeds from Sale of Investments	125.3	125.8	125.1	126.4	19	25
Proceeds from Sale of Investments in Securities
Payments for Business Acquisitions	-2,818.9	-258.8	-558.3	-554.6	-439.3	-501.5
Acquisitions, Net of Cash Acquired
Other Investing Activities	-113.4	-113.4	—	-73.2	—	—
Deposits with Sponsor Bank, Net
Cash from Investing Activities	-3,036.6	-441.8	-736.4	-691.1	-586	-575.4
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	113.4	113.4	—	73.2	—	—
Proceeds from Revolving Line of Credit
Settlement Line of Credit
Repayments of Short-Term Debt	—	—	—	—	—	—
Repayment of Revolving Line of Credit
Net Issuance / (Repayments) of Short-Term Debt	113.4	113.4	—	73.2	—	—
Issuance of Long-Term Debt	—	—	—	1,100	—	—
Proceeds from Long-Term Debt
Repayments of Long-Term Debt	—	—	—	—	—	—
Repayment of Debt
Principal Repayments of Capital Leases
Net Issuance / (Repayments) of Long-Term Debt	—	—	—	1,100	—	—
Issuance of Common Shares	—	—	—	—	—	—
IPO Proceeds, Net of Underwriting Discounts and Commissions
Proceeds from Private Placement
Follow-on Offering Proceeds, Net of Underwriting Discounts and Commissions
Repurchases of Common Shares	-296.2	-318.6	-250.3	-178.7	-69.5	-52.2
Repurchases of Class a Common Stock
Payments for Withholding Tax Related to Vesting of Restricted Stock Units
Net Issuance / (Repurchases) of Common Shares	-296.2	-318.6	-250.3	-178.7	-69.5	-52.2
Common Share Dividends Paid	—	—	—	—	—	—
Capital Distributions
Preferred Share Dividends Paid	—	—	—	—	—	—
Preferred Return on Preferred Stock
Other Financing Activities	65.2	128.2	-2.5	7.9	-62.9	-82.8
Deferred Financing Costs
Settlement Line of Credit
Settlement Activity, Net
Payments on Contingent Liabilities
Offering Costs
Distributions to Noncontrolling Interests
Net Change in Bank Deposits
Other Financing Activities
Capital Distributions
Cash from Financing Activities	2,569.8	2,695.7	922.2	929.2	908.3	-191.8
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	430.3	412	381.8	391.9	375.7	345.5
NOPAT	286.5	-4,374.3	-3,565.2	-45,463.4	-316.2	149.6
Levered Free Cash Flow	492.8	513.2	375.2	1,590.1	275.3	215.3
Unlevered Free Cash Flow	471.1	-4,195	-3,415.7	-45,276.1	-168.3	258.7
Net Change in Cash	88.9	2,780.3	682.1	738.4	796.9	-323.4