Thomas Priore and Priority Close Out 2025 with Record Profits and a Bold Outlook for Priority’s Billion-Dollar Future
Summary
Priority Technology Holdings, led by CEO Thomas Priore, posted strong 2025 results that the company says validate its Connected Commerce platform strategy. Full-year revenue was $953.0m (up 8.3%), adjusted gross profit rose 14.2% to $374.7m, and adjusted EBITDA increased 10.2% to $225.2m. Higher‑margin Payables and Treasury Solutions drove margin expansion, while selective M&A and operational leverage strengthened profitability and free cash flow.
Priore set a clear target for 2026: Priority expects to cross the $1bn revenue threshold, with guidance of $1.01bn–$1.04bn, and plans to lean into enterprise sales and verticals such as real estate, healthcare, college sports (NIL), and remittances.
Key Points
- 2025 full-year revenue: $953.0m, +8.3% year‑on‑year.
- Adjusted gross profit: $374.7m (+14.2%); Q4 adjusted gross profit margin 40.6% (up 360bps YoY).
- Adjusted EBITDA: $225.2m, +10.2% YoY.
- Payables and Treasury Solutions now account for ~62% of adjusted gross profit (63% organic); Treasury Solutions revenue $215.8m (+19.6%).
- Payables revenue topped $100.9m (+13.2%); Payables adjusted EBITDA more than doubled to $14.6m for the year.
- Customer base grew to 1.8m accounts (from 1.2m), a 50% increase; annual transaction volume reached $150bn (+$20bn).
- CFTPay averaged 1.1m billed clients in Q4; Passport product grew >110% in Q4; Priority Tech Ventures recorded >200% revenue growth.
- 2026 guidance: revenue $1.01bn–$1.04bn; adjusted gross profit $405m–$425m; adjusted EBITDA $230m–$245m.
- Balance sheet and cash flow: net leverage 4.2x (down from 4.4x); pro forma below 4.0x; Q4 free cash flow about $28m and an annualised CFO run rate north of $110m.
- Adjusted diluted EPS for 2025 was $1.03, up 102% from $0.51 in 2024.
- 2025 acquisitions (Boom Commerce and Dealer Merchant Services) were accretive, improving Merchant Solutions margins.
Why should I read this?
Short answer: because Priority just proved it can grow revenue and margins at the same time — and is aiming to hit $1bn next year. If you follow fintech plays, payments platforms or fast-moving scaleups, this is the sort of results and plan that changes the conversation. Priore isn’t celebrating a fluke; he’s pointing to platform economics, targeted M&A and enterprise sales as the reasons this could stick. Read it if you want the quick version of why Priority might be one to watch (or re-evaluate) in 2026.