💵 Revenue: $2.84 billion (Expected $2.75 billion) 🟢 | +32 % YoY
🏭 Operating result: $343 million (Erw. $311 million) 🟢
🛒 GMV: $92.0bn (Expected $88.9bn) 🟢 | +32% YoY
💻 MRR: $193m (erw. $195m) 🟡 | +10 % YoY
📊 Outlook (Q4 2025):
- Revenue growth: Mid to upper 20% YoY
- Gross profit growth: Low to mid 20% YoY
- Operating costs: 30-31% of sales
- Free cash flow margin: Slightly above Q3
🔹 Segment development:
📦 Subscription Solutions: $699m (+15% YoY)
💳 Merchant Solutions: $2.15bn (+38% YoY)
→ Merchant solutions now account for around 75% of total sales
💰 Profitability & margins:
- Gross profit: $1.39bn (+24% YoY)
- Free cash flow: $507m | 18% margin (9th consecutive quarter >10%)
- Gross margin: ~49 %
- Transaction & credit losses: $148m (vs. $58m YoY) due to store pay growth
- Share-based compensation (Q4 expectation): $130m
🗣️ Harley Finkelstein, President:
"We build. We deliver. We are growing. This model is running at full speed - GMV +32 %, turnover +32 %, free cash flow margin 18 %."
💬 Jeff Hoffmeister, CFO:
"An outstanding quarter - both sales growth and free cash flow margins again outperformed our strong Q2 performance."