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…
Earnings analysis · 10-Q
RPAY earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
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.…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.2
What stood out
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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.
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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.
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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.
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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.
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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.
What to watch
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.