Lightspeed delivered a clean beat-and-raise quarter with accelerating growth in its core retail/hospitality engines, positive free cash flow for the first full year, and a large NCIB authorization. The Upserve divestiture simplifies the story. Watch for continued execution on Customer Location growth and margin expansion in FY2027; the stock may re-rate if organic growth sustains above 12%.
Price Chart
Executive Summary
Lightspeed reported Q4 FY2026 revenue of $290.8M (+15% YoY) and gross profit of $129.1M (+15% YoY), above its outlook. For the full fiscal year, revenue was $1.227B (+14% YoY), and the company generated positive cash flow from operations of $55.5M and Adjusted Free Cash Flow of $18.2M, a milestone. The company guided FY2027 organic revenue growth of 12-15% and announced a renewed NCIB for up to 10% of public float (up to $400M authorization). The divestiture of non-core Upserve for up to $81M streamlines focus on retail in North America and hospitality in Europe, which grew revenue 24% YoY in Q4.
Key Facts
- Q4 FY2026 revenue of $290.8M, up 15% YoY, above the company's outlook
- Q4 gross profit of $129.1M, up 15% YoY; gross margin stable at 44%
- Full FY2026 revenue of $1.227B, up 14% YoY; gross profit of $526.9M, up 17% YoY
- Full FY2026 cash flow from operations of $55.5M vs. -$32.8M prior year; Adjusted Free Cash Flow of $18.2M vs. -$11.2M prior year
- FY2027 guidance: organic revenue growth 12-15%, gross profit growth 12-16%, Adjusted EBITDA $75M-$95M
- Growth engines (retail NA, hospitality EU) Q4 revenue +24% YoY, GTV +19% YoY, added ~3,200 net Customer Locations
- Total ARPU increased 10% YoY to $602; GPV grew 22% YoY to $9.6B in Q4
- Board renewed NCIB for up to 10% of public float (up to $400M authorization)
- Divested non-core Upserve U.S. hospitality product line for up to $81M total cash consideration
- Cash and cash equivalents of $453.9M as of March 31, 2026
Financial Impact
Q4 revenue beat of ~$5M vs. guidance midpoint; FY2027 guidance implies ~12-15% organic revenue growth; NCIB up to $400M represents ~30% of market cap at current prices
Risk Factors
- Macroeconomic headwinds (inflation, tariffs, consumer spending) could pressure SMB customers and GTV growth
- Integration of unified POS/payments strategy may face partner pushback or customer churn
- FY2027 guidance implies deceleration in reported revenue growth (flat to +3% YoY) due to Upserve divestiture; organic growth of 12-15% needs to materialize
- Goodwill impairment risk remains if market cap stays below carrying value; annual test in December 2026
- Sales and marketing spend increased 28% YoY in Q4, outpacing revenue growth; efficiency needs to improve
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001823306-26-000024 |
| Document: annualreportfy26_eng.htm | 0001823306-26-000024 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 18d ago | 6-K | $10.41 | awaiting T+60 | — | $11.13 (+6.92%) |
Aug 25, 2026 8w ago | 6-K | $10.64 | awaiting T+60 | — | $11.13 (+4.61%) |
Jul 31, 2026 12w ago | 6-K | $10.11 $11.09 | ▲ +9.69% | ▲ +7.24% | $11.13 (+10.09%) |
Jul 30, 2026 12w ago | 6-K | $9.66 $11.13 | ▲ +15.22% | ▲ +12.75% | $11.13 (+15.22%) |
Jul 30, 2026 12w ago | 6-K | $9.66 $11.13 | ▲ +15.22% | ▲ +12.75% | $11.13 (+15.22%) |
Jul 9, 2026 15w ago | 6-K | $10.22 $9.82 | ▼ −3.91% | ▼ −5.55% | $11.13 (+8.90%) |
May 21, 2026 22w ago | 6-K | $8.37 $10.23 | ▲ +22.22% | ▲ +17.92% | $11.13 (+32.97%) |
May 7, 2026 24w ago | 6-K | $9.78 $10.27 | ▲ +5.01% | ▲ +1.18% | $11.13 (+13.80%) |
Apr 29, 2026 25w ago | 6-K | $9.06 $9.91 | ▲ +9.38% | ▲ +5.27% | $11.13 (+22.85%) |
Apr 9, 2026 28w ago | 6-K | $8.62 $10.63 | ▲ +23.32% | ▲ +12.54% | $11.13 (+29.12%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers