Payoneer (NASDAQ: PAYO) lifts 2026 outlook after Q1 core growth

Rhea-AI Filing Summary

Payoneer Global Inc. reported solid first quarter 2026 growth with stronger core operations. Revenue ex. interest income rose 11% year over year to $210.1 million, while total revenue increased 6% to $261.6 million. Adjusted EBITDA grew 6% to $69.4 million, showing healthy profitability.

Net income was $19.6 million, slightly below $20.6 million a year earlier, and transaction costs improved to 13.5% of revenue from 16.0%. Volume reached $22.8 billion, up 16%, and B2B volume grew 44%, helping lift ARPU to $513, a 17% increase. The company raised its 2026 outlook to $900–$940 million in revenue ex. interest, $200 million in interest income and adjusted EBITDA of $285–$295 million, with transaction costs targeted at about 15% of revenue.

Positive

• Raised 2026 guidance: Revenue ex. interest outlook increased to $900–$940 million, interest income to $200 million and adjusted EBITDA to $285–$295 million, signaling management confidence in continued growth and profitability.
• Strong core and B2B growth: Q1 2026 revenue ex. interest rose 11% to $210.1 million, B2B volume grew 44% and ARPU climbed 17% to $513, reflecting deeper customer engagement and stronger monetization.

Negative

• None.

Insights

Equity research analyst

Payoneer posts strong core growth, improved efficiency and raises 2026 guidance.

Payoneer delivered Q1 2026 revenue of $261.6M, up 6%, with revenue ex. interest up 11% to $210.1M. Adjusted EBITDA increased to $69.4M, also up 6%, as transaction costs fell to 13.5% of revenue.

Operationally, volume grew 16% to $22.8B, B2B volume advanced 44% and ARPU rose 17% to $513. These trends indicate broader platform engagement and improved monetization per customer, even though GAAP net income dipped slightly by 5% to $19.6M.

Management increased full-year 2026 guidance to revenue ex. interest of $900–$940M, interest income of $200M and adjusted EBITDA of $285–$295M, with transaction costs around 15% of revenue. Future filings will show how well the company tracks against these higher targets and maintains profitability as it invests in areas like stablecoin and agentic AI.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Revenue ex. interest income: $210.1M Total revenue: $261.6M Adjusted EBITDA: $69.4M +5 more

8 metrics

Revenue ex. interest income $210.1M Q1 2026, up 11% year over year

Total revenue $261.6M Q1 2026, up 6% year over year

Adjusted EBITDA $69.4M Q1 2026, up 6% year over year

Net income $19.6M Q1 2026, down 5% year over year

Total volume $22.8B Q1 2026, up 16% year over year

Average Revenue Per User (ARPU) $513 Q1 2026, up 17% year over year

2026 revenue ex. interest guidance $900–$940M Full-year 2026 outlook

2026 adjusted EBITDA guidance $285–$295M Full-year 2026 outlook

Key Terms

Adjusted EBITDA, revenue ex. interest income, Take Rate, B2B volume, +2 more

6 terms

Adjusted EBITDA financial

"Adjusted EBITDA | 65.4 | ... | 69.4 | | 6%"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

revenue ex. interest income financial

"Revenue ex. interest income | $188.6 | ... | $210.1 | | 11%"

Take Rate financial

"Revenue as a % of volume ("Take Rate") | 125 bps | ... | 115 bps | | (10) bps"

Take rate is the share of a platform’s total transaction volume that the platform keeps as revenue, usually expressed as a percentage of the money that passes through it. Investors watch take rate because it shows how well a business converts activity into income — like a marketplace owner keeping a slice of every sale — and changes in the take rate can signal improving monetization, pricing power, or margin pressure.

B2B volume financial

"44% B2B volume growth reflects acceleration across every major region"

stablecoin technical

"including in stablecoin and agentic AI, that we believe will support our durable, profitable growth"

A stablecoin is a type of digital currency designed to keep its value steady, often by being backed by traditional assets like money or commodities. For investors, stablecoins offer a reliable way to move money quickly across digital platforms without the value fluctuations common with other cryptocurrencies, making them useful for saving, trading, or transferring funds with less risk of sudden losses.

agentic AI technical

"including in stablecoin and agentic AI, that we believe will support our durable, profitable growth"

Agentic AI refers to computer systems that can make their own decisions and take actions without needing someone to tell them what to do each time. It's like giving a robot a degree of independence to solve problems or achieve goals on its own, which matters because it could change how we work and interact with technology in everyday life.

Earnings Snapshot

Revenue: $261.6M · Guidance included

Q1 2026

Revenue $261.6M +6% YoY

Revenue ex. interest income $210.1M +11% YoY

Net income $19.6M -5% YoY

Adjusted EBITDA $69.4M +6% YoY

Guidance

For 2026, Payoneer guides to $900–$940M revenue ex. interest income, $200M interest income, total revenue of $1.10–$1.14B and adjusted EBITDA of $285–$295M, with transaction costs around 15% of revenue.

Understanding 8-K Material Events →

0001845815false00018458152026-05-072026-05-07

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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Form 8-K

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CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

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Date of Report (Date of earliest event reported): May 7, 2026

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	Payoneer Global Inc.
	(Exact Name of Registrant as Specified in its Charter)

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Delaware	​ ​	001-40547	​ ​	86-1778671
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

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195 Broadway, 27th floor New York, New York	​ ​ ​ ​ ​	10007
(Address of Principal Executive Offices)		(Zip Code)

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Registrant’s telephone number, including area code: (212) 600-9272

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​	N/A
	(Former name or former address, if changed since last report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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​	☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
​	☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
​	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
​	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Securities registered pursuant to Section 12(b) of the Act:

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Title of each class	​ ​	Trading Symbol(s)	​ ​	Name of each exchange on which registered
Common Stock, par value $0.01 per share		PAYO		The Nasdaq Stock Market LLC

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (Sec.230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (Sec.240.12b-2 of this chapter).

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Emerging growth company ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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​ Item 2.02 Results of Operations and Financial Condition.

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On May 7, 2026, Payoneer Global Inc. issued a press release announcing its financial results for the fiscal quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report.

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The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

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​	Item 9.01	Financial Statements and Exhibits.

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(d) Exhibits.

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Exhibit No.		Description
99.1		Press release, dated May 7, 2026, issued by Payoneer Global Inc.
104	​	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURE

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Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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	PAYONEER GLOBAL INC.
May 7, 2026	By:	/s/ Bea Ordonez
		Name: Bea Ordonez
		Title: Chief Financial Officer

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Exhibit 99.1

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Payoneer Reports First Quarter 2026 Financial Results

11% increase in revenue ex. interest and strong profitability

44% B2B volume growth reflects acceleration across every major region

Increases 2026 guidance

NEW YORK – May 7, 2026 – 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 first quarter ended March 31, 2026.

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First Quarter 2026 Financial Highlights

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($ in mm unless otherwise noted)	1Q 2025	​	2Q 2025	​	3Q 2025	​	4Q 2025	​	1Q 2026	​	YoY Change
Revenue ex. interest income	$188.6	​	$202.3	​	$211.4	​	$218.9	​	$210.1	​	11%
Interest income	58.0	​	58.3	​	59.5	​	55.8	​	51.5	​	(11)%
Revenue	$246.6	​	$260.6	​	$270.9	​	$274.7	​	$261.6	​	6%
Transaction costs as a % of revenue	16.0%	​	15.6%	​	15.7%	​	15.6%	​	13.5%	​	(250) bps
Net income	$20.6	​	$19.5	​	$14.1	​	$19.0	​	$19.6	​	(5)%
Adjusted EBITDA	65.4	​	66.4	​	71.3	​	68.5	​	69.4	​	6%
Adjusted EBITDA ex. interest income	7.5	​	8.1	​	11.7	​	12.8	​	17.9	​	140%
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Operational Metrics	​	​	​	​	​	​	​	​	​	​	​
Volume ($bn)	$19.7	​	$20.7	​	$22.3	​	$24.8	​	$22.8	​	16%
Average Revenue Per User (ARPU)1	$ 439	​	$ 452	​	$ 471	​	$ 488	​	$ 513	​	17%
Revenue as a % of volume ("Take Rate")	125 bps	​	126 bps	​	121 bps	​	111 bps	​	115 bps	​	(10) bps
SMB customer take rate2	119 bps	​	120 bps	​	121 bps	​	113 bps	​	120 bps	​	1 bp

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1. Please refer to “Additional Information and Definitions” for a description of ARPU.

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.

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“In Q1 we delivered acceleration across major KPIs: revenue growth ex. interest accelerated to 11%, B2B volume growth more than doubled to 44%, and we delivered another quarter of significant core profitability expansion. We are driving broad-based momentum across our business, supported by differentiated assets that compound as we scale. We have infrastructure built on years of investment and innovation, network effects that strengthen as volumes grow, and platform depth that allows us to meet the needs of how our customers operate globally.

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We're a profitable, scaled platform in a multi-trillion-dollar B2B market that's still in the early innings of digitization, and our strong Q1 results demonstrate we're capturing share. We are executing consistently, moving fast where we see opportunities, and building a business that's not just larger, but structurally more valuable, with deeper strategic advantages and stronger customer relationships."

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John Caplan, Chief Executive Officer

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First Quarter 2026 Business Highlights (unless otherwise noted)

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● Revenue excluding interest income grew 11% year-over-year, driven by 16% volume growth led by a significant acceleration in B2B.

● SMB customer revenue of $189 million grew 12% year-over-year, reflecting:

o SMBs that sell on marketplaces revenue of $115 million, up 4% year-over-year.

o B2B SMBs revenue of $64 million, up 23% year-over-year.

o Checkout revenue of $10 million, up 46% year-over-year.

● B2B volume growth accelerated significantly to 44% year-over-year driven by strong growth in China, EMEA and APAC.

● Strong enterprise payouts momentum continued with 28% year-over-year volume growth.

● 17% growth in ARPU, and 22% growth in ARPU excluding interest income, the seventh consecutive quarter of 20%+ growth in ARPU excluding interest income.

● 1bp of SMB customer take rate expansion driven by mix shift towards higher yield products and services and the impact of our fee and monetization initiatives.

● $7.6 billion of customer funds (including both short-term and long-term funds) as of March 31, 2026. Customer funds growth of 15% year-over-year partially offset the impact of lower interest rates on year-over-year interest income.

● Significant year-over-year increase in share repurchases, with $74 million in the first quarter at a weighted average price of $5.16, vs $17 million in Q1 2025.

● Announced a strategic collaboration with FundPark, a fintech that provides financing solutions that help e-commerce businesses in Hong Kong accelerate their global business expansion.

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2026 Outlook

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“We begin 2026 with strong momentum. Revenue ex. interest is accelerating, robust growth in our B2B franchise is driving SMB take rate expansion, execution against our upmarket strategy is gaining traction and contributed to a seventh consecutive quarter of 20%+ growth in ARPU ex. interest, and core business profitability increased substantially. We’re unlocking significant operating leverage while making meaningful investments, including in stablecoin and agentic AI, that we believe will support our durable, profitable growth.

We are increasing our full year 2026 guidance, reflecting $900-$940 million in revenue ex. interest and $200 million in interest income. We expect adjusted EBITDA¹ of $285-$295 million. Our business fundamentals are strong, our strategic initiatives are working, and we're well-positioned to capitalize on the significant opportunity ahead of us."

Bea Ordonez, Chief Financial Officer

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2026 guidance is as follows: 

		Revenue	$1,100 million - $1,140 million
		Transaction costs	~15.0% of revenue
		Adjusted EBITDA1	$285 million to $295 million

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1. The Company cannot reconcile its expected adjusted EBITDA to expected net income under “2026 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

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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, May 7, 2026. 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.

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About Payoneer

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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.

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Forward-Looking Statements

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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 costs 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 and the United States’ 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, 2025 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.

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Financial Information; Non-GAAP Financial Measures

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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 certain 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, 2025 and its subsequent Quarterly Reports on Form 10-Q, and not rely on any single financial measure to evaluate Payoneer’s business. 

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Non-GAAP measures include the following items:

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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, loss (gain) from change in fair value of warrants and warrant repurchase/redemption, other financial expense (income), net, income taxes, and depreciation and amortization.

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Adjusted EBITDA ex. Interest: represents Adjusted EBITDA excluding interest income.

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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.

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Additional Information and Definitions

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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. Note: orchestration transactions ceased in 2024 and were related to our 2020 acquisition of optile GmbH.

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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.

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Investor Contact:

Michelle Wang

investor@payoneer.com

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Media Contact:

Angela Sullivan

PR@payoneer.com

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TABLE - 1

PAYONEER GLOBAL INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

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

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​	​	(Unaudited)
​	​	Three months ended March 31,
​	​ ​ ​	2026		​ ​ ​	2025
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Revenues	​	$	261,595	​	$	246,617
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Transaction costs	​		35,202	​		39,349
Other operating expenses	​		40,011	​		41,658
Research and development expenses	​		43,326	​		37,271
Sales and marketing expenses	​		58,112	​		54,726
General and administrative expenses	​		36,007	​		29,904
Depreciation and amortization	​		18,916	​		14,390
Total operating expenses	​		231,574	​		217,298
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Operating income	​		30,021	​		29,319
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Financial expense:	​		​	​		​
Other financial expense, net	​		812	​		1,550
Financial expense, net	​	​	812	​	​	1,550
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Income before income taxes	​	​	29,209	​	​	27,769
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Income taxes	​	​	9,641	​		7,192
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Net income	​	$	19,568	​	$	20,577
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Other comprehensive income (loss)	​	​	​	​	​	​
Unrealized gain (loss) on available-for-sale debt securities, net	​	​	(8,351)	​	​	7,239
Tax benefit (expense) on unrealized gain (loss) on available-for-sale debt securities, net	​	​	1,902	​	​	(1,605)
Unrealized loss on cash flow hedges, net	​	​	(2,284)	​	​	(1,787)
Tax benefit on unrealized loss on cash flow hedges, net	​	​	446	​	​	327
Unrealized gain on interest rate floor, net	​	​	2,154	​	​	6,021
Tax expense on unrealized gain on interest rate floor, net	​	​	(613)	​	​	(1,276)
Foreign currency translation adjustments	​	​	(111)	​	​	(169)
Other comprehensive income (loss)	​	​	(6,857)	​	​	8,750
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Comprehensive income	​	$	12,711	​	$	29,327
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Per Share Data	​	​	​	​	​	​
Net income per share attributable to common stockholders — Basic earnings per share	​	$	0.06	​	$	0.06
— Diluted earnings per share	​	$	0.06	​	$	0.05
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Weighted average common shares outstanding — Basic	​	​	345,342,308	​	​	362,979,571
Weighted average common shares outstanding — Diluted	​	​	350,470,788	​	​	382,215,129

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Disaggregation of revenue

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

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​	​	(Unaudited)
​	​	Three months ended
​	​	March 31,
​	​ ​ ​	2026		​ ​ ​	2025
Revenue recognized at a point in time	​	$	206,899	​	$	185,333
Revenue recognized over time	​	​	1,152	​		930
Revenue from contracts with customers	​	$	208,051	​	$	186,263
Interest income on customer balances	​	$	51,537	​	$	57,972
Capital advance income	​	​	2,007	​	​	2,382
Revenue from other sources	​	$	53,544	​	$	60,354
Total revenues	​	$	261,595	​	$	246,617

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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.

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​	​	(Unaudited)
​	​	Three months ended
​	​	March 31,
​	​ ​ ​	2026		​ ​ ​	2025
Primary regional markets		​	​		​	​
Greater China(1)	​	$	86,616	​	$	84,896
Europe, Middle East, and Africa(2)	​	​	64,751	​	​	58,893
Asia-Pacific(2)	​	​	58,185	​	​	51,260
Latin America(2)	​		26,047	​		27,873
North America(3)	​		25,996	​		23,695
Total revenues	​	$	261,595	​	$	246,617

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 $25,123 and $22,624 during the three months ended March 31, 2026 and 2025

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TABLE - 2

PAYONEER GLOBAL INC.

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (UNAUDITED)

(U.S. dollars in thousands)

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​	​	Three months ended
​	​	March 31,
​	​ ​ ​	2026		​ ​ ​	2025
Net income	​	$	19,568	​	$	20,577
Depreciation and amortization	​		18,916	​		14,390
Income taxes	​		9,641	​		7,192
Other financial expense, net	​		812	​		1,550
EBITDA	​		48,937	​		43,709
Stock based compensation expenses(1)	​		18,524	​		18,755
M&A related expenses(2)	​		478	​		337
Restructuring charges(3)	​	​	1,509	​	​	2,630
Adjusted EBITDA	​	$	69,448	​	$	65,431

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Three months ended,

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Mar. 31, 2025

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June 30, 2025

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Sept. 30, 2025

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Dec. 31, 2025

​ ​ ​

Mar. 31, 2026

Net income

​

$

20,577

​

$

19,480

​

$

14,123

​

$

19,012

​

$

19,568

Depreciation and amortization

​

14,390

​

15,553

​

16,140

​

19,542

​

18,916

Income taxes

​

7,192

​

10,370

​

16,388

​

8,446

​

9,641

Other financial expense, net

​

1,550

​

227

​

5,836

​

1,466

​

812

EBITDA

​

43,709

​

45,630

​

52,487

​

48,466

​

48,937

Stock based compensation expenses(1)

​

18,755

​

20,059

​

17,799

​

16,491

​

18,524

M&A related expenses(2)

​

337

​

736

​

981

​

1,339

​

478

Restructuring charges(3)

​

​

2,630

​

​

—

​

​

—

​

​

2,243

​

​

1,509

Adjusted EBITDA

​

$

65,431

​

$

66,425

​

$

71,267

​

$

68,539

​

$

69,448

​

(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. For the three months ended March 31, 2026, $0.5 million of these expenses related to the acquisition of Boundless and the non-recurring fair value adjustment of the Skuad contingent consideration liability discussed in Note 3 to our condensed consolidated financial statements included elsewhere within this Quarterly Report on Form 10-Q. Amounts for the three months ended March 31, 2025 include $0.3 million in non-recurring fair value adjustment of the Skuad contingent consideration liability discussed in Note 3 to our condensed consolidated financial statements included elsewhere within this Quarterly Report on Form 10-Q.

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

​

​

TABLE - 3

PAYONEER GLOBAL INC.

EARNINGS PER SHARE

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

​

​	​	​	​	​	​	​
​	​	(Unaudited)
​	​	Three months ended March 31,
​	​ ​ ​	2026		​ ​ ​	2025
Numerator:		​	​		​	​
Net income	​	$	19,568	​	$	20,577
Denominator:	​		​	​		​
Weighted average common shares outstanding —	​		​	​		​
Basic	​	​	345,342,308	​		362,979,571
Add:	​	​	​	​	​	​
Dilutive impact of RSUs, ESPP and options to purchase common stock	​	​	5,128,480	​	​	18,362,026
Dilutive impact of private Warrants	​	​	—	​	​	873,532
Weighted average common shares — diluted	​	​	350,470,788	​	​	382,215,129
Net income per share attributable to common stockholders — Basic earnings per share	​	$	0.06	​	$	0.06
Diluted earnings per share	​	$	0.06	​	$	0.05

​

​

​

​

TABLE - 4

PAYONEER GLOBAL INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

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

​

​	​	​	​	​	​	​
​	​ ​ ​	March 31,		​ ​ ​	December 31,
​	​	2026		​	2025
Assets:		​	​		​	​
Current assets:		​	​		​	​
Cash and cash equivalents	​	$	339,365	​	$	415,537
Restricted cash	​		4,851	​		6,090
Customer funds	​		7,245,415	​		7,544,541
Accounts receivable (net of allowance of $843 and $501 at March 31, 2026 and December 31, 2025, respectively)	​		12,634	​		10,412
Capital advance receivables (net of allowance of $3,676 at March 31, 2026 and $3,953 at December 31, 2025)	​		37,234	​		43,665
Other current assets	​		83,969	​		90,671
Total current assets	​		7,723,468	​		8,110,916
Non-current assets:	​		​	​		​
Property, equipment and software, net	​		39,739	​		32,437
Goodwill	​		86,188	​		77,785
Intangible assets, net	​		214,443	​		208,053
Customer funds	​	​	350,000	​	​	350,000
Restricted cash	​		23,561	​		23,604
Deferred tax assets, net	​		60,261	​		56,898
Severance pay fund	​		867	​		856
Operating lease right-of-use assets	​		63,750	​		62,257
Other assets	​		35,729	​		33,783
Total assets	​	$	8,598,006	​	$	8,956,589
Liabilities and shareholders’ equity:	​		​	​		​
Current liabilities:	​		​	​		​
Trade payables	​	$	41,811	​	$	44,611
Outstanding operating balances	​		7,595,415	​		7,894,541
Other payables	​	​	124,637	​	​	144,568
Total current liabilities	​		7,761,863	​		8,083,720
Non-current liabilities:	​		​	​		​
Deferred tax liabilities, net	​	​	25,455	​	​	25,051
Other long-term liabilities	​		151,613	​		143,391
Total liabilities	​		7,938,931	​		8,252,162
Commitments and contingencies	​		​	​		​
​	​	​	​	​	​	​
Shareholders’ equity:	​		​	​		​
Preferred stock, $0.01 par value, 380,000,000 shares authorized; no shares were issued and outstanding at March 31, 2026 and December 31, 2025.	​		—	​		—
Common stock, $0.01 par value, 3,800,000,000 and 3,800,000,000 shares authorized; 415,278,698 and 411,826,086 shares issued and 337,813,340 and 348,704,315 shares outstanding at March 31, 2026 and December 31, 2025, respectively.	​	​	4,153	​	​	4,118
Treasury stock at cost, 77,465,358 and 63,121,771 shares as of March 31, 2026 and December 31, 2025, respectively.	​	​	(443,483)	​	​	(368,867)
Additional paid-in capital	​		912,812	​		896,294
Accumulated other comprehensive loss	​		(13,134)	​		(6,277)
Retained earnings	​		198,727	​		179,159
Total shareholders’ equity	​		659,075	​		704,427
Total liabilities and shareholders’ equity	​	$	8,598,006	​	$	8,956,589

​

​

​

​

TABLE - 5

PAYONEER GLOBAL INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(U.S. dollars in thousands)

​

​	​	​	​	​	​	​
​	​ ​ ​	​
​	​	March 31,
​	​ ​ ​	2026		​	2025
Cash Flows from Operating Activities		​	​		​	​
Net income	​	$	19,568	​	$	20,577
Adjustment to reconcile net income to net cash provided by operating activities:	​		​	​		​
Depreciation and amortization	​		18,916	​		14,390
Deferred taxes	​		(1,108)	​		(2,279)
Stock-based compensation expenses	​		18,524	​		18,755
Interest on certificate of deposits	​	​	(5,718)	​	​	(6,725)
Interest and amortization of premium/discount on investments	​	​	401	​	​	(2,685)
Net realized (gains) losses on derivative instruments	​	​	(94)	​	​	117
Foreign currency re-measurement (gain) loss	​		684	​		(1,811)
Changes in operating assets and liabilities:	​		​	​		​
Other current assets	​		6,802	​		17,165
Trade payables	​		(6,750)	​		(2,883)
Deferred revenue	​		1,900	​		358
Accounts receivable, net	​		(2,187)	​		2,555
Capital advance extended to customers	​		(64,160)	​		(84,078)
Capital advance collected from customers	​		70,591	​		95,232
Other payables	​		(15,154)	​		(17,108)
Other long-term liabilities	​		6,603	​		(781)
Operating lease right-of-use assets	​		3,139	​		2,121
Other assets	​		(126)	​		796
Net cash provided by operating activities	​		51,831	​		53,716
​	​	​	​	​	​	​
Cash Flows from Investing Activities	​		​	​		​
Purchase of property, equipment and software	​		(10,148)	​		(4,726)
Capitalization of internal use software	​		(18,619)	​		(16,067)
Severance pay fund distributions, net	​		(11)	​		17
Customer funds in transit, net	​		(22,319)	​		(19,742)
Purchases of investments in available-for-sale debt securities	​	​	(80,375)	​	​	(71,968)
Maturities of investments in available-for-sale debt securities	​	​	75,000	​	​	64,500
Settlement of cash flow hedges	​	​	2,061	​	​	—
Cash paid in connection with acquisition, net of cash acquired	​	​	(6,479)	​	​	—
Net cash used in investing activities	​		(60,890)	​		(47,986)
​	​	​	​	​	​	​
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	​		(2,543)	​		(4,400)
Outstanding operating balances, net	​		(301,781)	​		(385,763)
Receipts of collateral on interest rate derivatives	​	​	32,860	​	​	25,610
Payments of collateral on interest rate derivatives	​	​	(32,680)	​	​	(20,140)
Consideration related to previous acquisitions	​	​	(6,519)	​	​	—
Common stock repurchased	​	​	(74,991)	​	​	(17,753)
Net cash used in financing activities	​		(385,654)	​		(402,446)
​	​	​	​	​	​	​
Effect of exchange rate changes on cash and cash equivalents	​		(808)	​		1,878
​	​	​	​	​	​	​
Net change in cash, cash equivalents, restricted cash and customer funds	​		(395,521)	​		(394,838)
Cash, cash equivalents, restricted cash and customer funds at beginning of period	​		6,416,707	​		5,658,210
Cash, cash equivalents, restricted cash and customer funds at end of period	​	$	6,021,186	​	$	5,263,372
Supplemental information of investing and financing activities not involving cash flows:	​		​	​		​
Property, equipment, and software acquired but not paid	​	$	1,485	​	$	—
Internal use software capitalized but not paid	​	$	6,694	​	$	4,959
Common stock repurchased but not paid	​	$	1,942	​	$	—
Right of use assets obtained in exchange for new operating lease liabilities	​	$	2,330	​	$	2,724

​

FAQ

How did Payoneer (PAYO) perform financially in Q1 2026?

Payoneer reported Q1 2026 revenue of $261.6 million, up 6% year over year. Revenue excluding interest income grew 11% to $210.1 million. Adjusted EBITDA reached $69.4 million, increasing 6%, while net income was $19.6 million compared with $20.6 million in the prior-year quarter.

What guidance did Payoneer (PAYO) give for full-year 2026?

Payoneer increased its 2026 guidance, projecting revenue of $1.10–$1.14 billion. This includes $900–$940 million in revenue excluding interest income and $200 million of interest income. The company expects adjusted EBITDA between $285 million and $295 million and transaction costs of about 15% of revenue.

How are Payoneer’s (PAYO) profitability metrics trending in Q1 2026?

Profitability remained strong in Q1 2026. Adjusted EBITDA rose 6% to $69.4 million, and transaction costs improved to 13.5% of revenue from 16.0% a year earlier. Net income was $19.6 million, slightly below $20.6 million in the prior-year quarter, while diluted EPS stayed at $0.06.

What operational trends did Payoneer (PAYO) highlight for Q1 2026?

Payoneer showed healthy operational expansion in Q1 2026. Total volume reached $22.8 billion, up 16% year over year, with B2B volume growing 44%. Average revenue per user increased 17% to $513, and the overall take rate was 115 basis points, indicating solid monetization of payment flows.

How did Payoneer’s (PAYO) revenue mix evolve in Q1 2026?

Total revenues climbed to $261.6 million, with most from customer contracts. Revenue from contracts with customers was $208.1 million, while revenue from other sources, mainly interest income and capital advance income, totaled $53.5 million. Interest income on customer balances decreased to $51.5 million from $58.0 million a year earlier.

What regions drove Payoneer’s (PAYO) Q1 2026 revenue?

Payoneer generated diversified revenue across its key regions. Q1 2026 revenues were $86.6 million from Greater China, $64.8 million from Europe, Middle East and Africa, $58.2 million from Asia-Pacific, $26.0 million from Latin America and $26.0 million from North America, for total revenues of $261.6 million.

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