44% B2B volume growth reflects acceleration across every major region
Increases 2026 guidance
NEW YORK, May 7, 2026 /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 first quarter ended March 31, 2026.
First Quarter 2026 Financial Highlights
($ 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
$19.6
(5) %
Adjusted EBITDA
65.4
66.4
71.3
68.5
69.4
6 %
Adjusted EBITDA ex. interest income
7.5
8.1
11.7
12.8
17.9
140 %
Operational Metrics
Volume ($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
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.
"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.
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."
John Caplan, Chief Executive Officer
First Quarter 2026 Business Highlights (unless otherwise noted)
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:
SMBs that sell on marketplaces revenue of $115 million, up 4% year-over-year.
B2B SMBs revenue of $64 million, up 23% year-over-year.
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.
2026 Outlook
"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
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
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
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.
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 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.
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 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.
Non-GAAP measures include the following items:
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.
Adjusted EBITDA ex. Interest: represents Adjusted EBITDA excluding interest income.
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.
Additional Information and Definitions
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.
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.
Investor Contact:Michelle Wang[email protected]
Media Contact:Angela Sullivan[email protected]
TABLE - 1
PAYONEER GLOBAL INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(U.S. dollars in thousands, except share and per share data)
(Unaudited)
Three months ended March 31,
2026
2025
Revenues
$
261,595
$
246,617
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
Operating income
30,021
29,319
Financial expense:
Other financial expense, net
812
1,550
Financial expense, net
812
1,550
Income before income taxes
29,209
27,769
Income taxes
9,641
