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Debt | 3 Months Ended
--- | ---
Mar. 31, 2026
Debt Disclosure [Abstract] |
Debt | Debt The Company’s outstanding debt consisted of the following:
|  | Maturity |  | Effective Interest Rate |  | March 31, 2026 |  | December 31, 2025
Convertible Senior Notes due 2027 ("2027 Convertible Notes") |  | August 1, 2027 |  | 0.90% |  | $ | 633 |  |  | $ | 633 |
Term Loan B due 2032 ("Term Loan") |  | July 3, 2032 |  | 5.88% |  | 997 |  |  | 997 |
6.750% Senior Notes due 2032 ("2032 Senior Notes") |  | August 15, 2032 |  | 6.90% |  | 1,650 |  |  | 1,650 |
5.500% Senior Notes due 2033 ("2033 Euro Notes") |  | May 15, 2033 |  | 5.55% |  | 1,283 |  |  | 1,309 |
Total debt principal |  |  |  |  |  | 4,563 |  |  | 4,589 |
Less: Unamortized capitalized financing fees |  |  |  |  |  | (55) |  |  | (58) |
Plus: Unamortized premium |  |  |  |  |  | 14 |  |  | 15 |
Total debt |  |  |  |  |  | $ | 4,522 |  |  | $ | 4,546 |
Current portion of debt |  |  |  |  |  | $ | 10 |  |  | $ | 10 |
Long-term debt |  |  |  |  |  | 4,512 |  |  | 4,536 |
Total debt |  |  |  |  |  | $ | 4,522 |  |  | $ | 4,546 |
The amortization of capitalized financing fees and accretion of debt premiums are included within “Interest expense” in the Company’s unaudited Condensed Consolidated Statements of Operations. Amortization expense for capitalized financing fees, net of premium accretion, was $3 million for the three months ended March 31, 2026 and 2025. Future principal payments As of March 31, 2026, future principal payments associated with the Company’s debt were as follows:
2026 |  | $ | 7 |
2027 |  | 643 |
2028 |  | 10 |
2029 |  | 10 |
2030 |  | 10 |
Thereafter |  | 3,883 |
Total |  | $ | 4,563 |
Credit F acilities On January 5, 2026, Shift4 Payments, LLC (the “Borrower”) entered into an Amendment No. 3 to its Second Amended and Restated First Lien Credit Agreement, with Goldman Sachs Bank USA and the lenders party thereto. As a result of the Amendment No. 3, the applicable interest rate margin over the relevant benchmark rate on the Borrower’s term loans has been, (a) in the case of term loans that bear interest with reference to term SOFR, reduced from 2.50% per annum under the Credit Agreement to 2.00% per annum under the Amended Credit Agreement and (b) in the case of alternate base rate loans, reduced from between 1.50% per annum under the Credit Agreement to 1.00% per annum under the Amended Credit Agreement. As of March 31, 2026, there were no borrowings outstanding under the Revolving Credit Facility, and borrowing capacity on the Revolving Credit Facility was $550 million. Settlement Line Agreement The Company has a Settlement Line Credit Agreement (the “Settlement Line Agreement”) with an aggregate available amount of $125 million. As of March 31, 2026, borrowings against the Settlement Line amounted to $100 million which have been deposited in an account owned and controlled by the Company’s sponsor bank. The deposit and borrowing have been netted on the Company’s unaudited Condensed Consolidated Balance Sheets because a right of offset exists and the parties intend to net settle. Restrictions and Covenants The 2027 Convertible Notes, 2032 Senior Notes, 2033 Euro Notes (collectively, the “Notes”) and Credit Facilities include certain restrictions on the ability of Shift4 Payments, LLC to make loans, advances, or pay dividends to Shift4 Payments, Inc. As of March 31, 2026 and December 31, 2025, the Company was in compliance with all financial covenants under its debt agreements.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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