LSPD Lightspeed Commerce Inc.
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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.
Actionable Insight
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%.
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
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 | ||||
|---|---|---|---|---|---|
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May 21, 2026
19d ago
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6-K
| $8.37 $9.68 | ▲ +15.65% | ▲ +13.80% | $9.54 (+13.98%) |
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May 7, 2026
4w ago
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6-K
| $9.78 $8.88 | ▼ −9.20% | ▼ −10.71% | $9.54 (−2.45%) |
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Apr 29, 2026
5w ago
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6-K
| $9.06 $9.42 | ▲ +3.97% | ▲ +0.86% | $9.54 (+5.30%) |
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Apr 9, 2026
8w ago
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6-K
| $8.62 $9.53 | ▲ +10.56% | ▲ +7.37% | $9.54 (+10.67%) |
US Market Status
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