RPAY earnings analysis
What we found in RPAY's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
REPAY delivered strong year-over-year revenue growth to $100.705 million and improved adjusted EPS to $0.20, while free cash flow rose sequentially to $27.4 million and adjusted EBITDA increased 14% to $36.3 million. Revenue nevertheless missed consensus by 1.2%, and free cash flow remained below the $33 million prior-year level. The company maintained its 2026 outlook of $490 million-$500 million in revenue, but leverage of $753.1 million following the KUBRA acquisition and integration execution remain significant risks.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth Accelerated
- Revenue was $100.705 million, up approximately 33% from $76 million in Q2 2025 and approximately 24% from $81 million in Q1 2026, although it was 1.2% below the $101.918 million consensus estimate.
- Adjusted EPS Returned Positive
- Adjusted EPS was $0.20, matching the $0.20 consensus estimate and improving from a $0.12 loss per diluted share in Q1 2026 and a $1.15 loss in Q2 2025.
- Free Cash Flow Improved Sequentially
- Free cash flow was $27.4 million, increasing from $17 million in Q1 2026 and remaining below the $33 million reported in Q2 2025.
- Adjusted EBITDA Increased 14%
- Adjusted EBITDA increased 14% year over year to $36.3 million, indicating improved earnings generation despite the revenue shortfall versus consensus.
- 2026 Outlook Reiterated
- REPAY reiterated its 2026 outlook for total revenue of $490 million-$500 million, approximately 10%-12% organic revenue growth, and KUBRA revenue of $150 million-$154 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Higher Leverage and Rate Exposure
- Debt increased materially following the KUBRA acquisition: Term Loan Facility and convertible senior notes indebtedness totaled $753.1 million at June 30, 2026, versus $426.5 million of convertible senior notes at December 31, 2025. Floating-rate debt carries margins as high as 5.5% over adjusted SOFR for the term loan, exposing results to higher interest expense.
- KUBRA Integration Risk
- The KUBRA acquisition closed on June 1, 2026 and creates integration and execution risk, including potential delays in synergies, unanticipated costs, and loss of key employees, partners, or customers. The filing specifically notes that acquisition benefits may not be realized on the expected timeline or at all.
- Anti-Takeover and Activism Risk
- The stockholder rights plan adopted in April 2026 would impose significant dilution on any person or group that becomes the beneficial owner of 12.5% or more of Class A common stock, potentially limiting takeover activity and shareholder influence.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.2
What they said about what is next.
Management reiterated 2026 outlook of approximately 10%-12% organic revenue growth, KUBRA revenue of $150 million-$154 million, and total revenue of $490 million-$500 million.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 4, 2026
- Repay Holdings Corporation reported a revenue increase of 4.5% year-over-year to $80.8 million for Q1 2026, reflecting continued client growth. Despite the revenue gain, the net loss attributable to the company…
- 10-K · April 30, 2026
- Repay Holdings reported a modest revenue increase but faced challenges in profitability with an operating margin of -2.5% and a net loss of $10.9 million in 2025, reflecting performance instability. Key developments…
- 10-K · March 9, 2026
- Repay describes a vertical-focused payments strategy built on a proprietary, integrated payments platform and ~294 software integrations to embed into client workflows. Revenue was roughly stable quarter-to-quarter in…
- 10-Q · November 10, 2025
- Repay reported Q3 revenue of $77,725,000 and a diluted loss per share of $0.08. Consumer Payments grew to $71,721 (three months), but overall operating loss widened and the company recorded a large nine-month impairment…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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