Shift4 Payments (FOUR) Cost of Revenue (2019 - 2026)
Shift4 Payments (FOUR) reported Cost of Revenue of $849 million for Q2 2026, up 26.0% from $674 million a year earlier and up 16.5% from the prior quarter.
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Analysis
Shift4 Payments (FOUR) Cost of Revenue (2019 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Shift4 Payments' Cost of Revenue came in at $3.07 billion, up 22.2% year-over-year; for FY2025, it was $2.75 billion, up 16.7% from FY2024.
- Cost of Revenue has increased for seven consecutive years, with a five-year compound annual growth rate of 36.1% (FY2020 to FY2025).
- By year, Cost of Revenue came in at $2.36 billion in FY2024 (+25.6%), $1.88 billion in FY2023 (+23.2%), $1.52 billion in FY2022 (+39.9%) and $1.09 billion in FY2021 (+84.9%).
- The Q2 2026 figure ranks as the highest quarterly Cost of Revenue in data going back to Q1 2019.
- Year over year, Cost of Revenue has now increased in each of the last 24 quarters, with growth averaging 20.4% over the last eight quarters.
- Over the past five years, the year-over-year growth in Cost of Revenue ranged from 13.2% (Q2 2025) to 97.6% (Q4 2021).
- Per Business Quant data, the three quarters before Q2 2026 came in at $729 million (Q1 2026), $739.1 million (Q4 2025) and $747.9 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Coinbase Global | 48.27 Bn | 5.08 Bn | - | - |
| 2 | PayPal Holdings | 45.51 Bn | 3.74 Bn | - | - |
| 3 | Block | 44.67 Bn | 15.93 Bn | 3.17 Bn | 3.45 Bn |
| 4 | Iren | 31.78 Bn | 19.37 Bn | 103.89 Mn | 33.34 Mn |
| 5 | Corpay | 25.91 Bn | 16.11 Bn | - | - |
| 6 | Fiserv | 23.59 Bn | 20.29 Bn | 2.90 Bn | 2.40 Bn |
| 7 | Global Payments | 20.83 Bn | -735.18 Mn | 2.03 Bn | 1.29 Bn |
| 8 | Bitmine Immersion Technologies | 15.23 Bn | 12.61 Bn | 40.81 Mn | 5.73 Mn |
| 9 | Guidewire Software | 12.47 Bn | 9.03 Bn | 269.68 Mn | 141.41 Mn |
| 10 | Shift4 Payments | 5.62 Bn | 2.43 Bn | 446.00 Mn | 849.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 849.00 Mn |
| Mar 31, 2026 | 729.00 Mn |
| Dec 31, 2025 | 739.10 Mn |
| Sep 30, 2025 | 747.90 Mn |
| Jun 30, 2025 | 674.00 Mn |
| Mar 31, 2025 | 591.00 Mn |
| Dec 31, 2024 | 601.30 Mn |
| Sep 30, 2024 | 641.90 Mn |
| Jun 30, 2024 | 595.20 Mn |
| Mar 31, 2024 | 519.60 Mn |
| Dec 31, 2023 | 510.20 Mn |
| Sep 30, 2023 | 495.10 Mn |
| Jun 30, 2023 | 470.10 Mn |
| Mar 31, 2023 | 401.60 Mn |
| Dec 31, 2022 | 393.60 Mn |
| Sep 30, 2022 | 411.60 Mn |
| Jun 30, 2022 | 400.90 Mn |
| Mar 31, 2022 | 317.30 Mn |
| Dec 31, 2021 | 315.30 Mn |
| Sep 30, 2021 | 313.40 Mn |
API Access
Shift4 Payments Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=FOUR&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "FOUR", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=FOUR&period=max&api_key=YOUR_API_KEY");
const data = await res.json();