| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q4'26 | August 19, 2026 | 3/12 | 1 high, 3 medium, 1 low flags | 1 | 0 | Call sheet → |
| Q3'26 | May 7, 2026 | 7/12 | 1 high, 6 medium, 1 low flags | 2 | 0 | Call sheet → |
| Q2'26 | February 5, 2026 | 8/12 | 1 high, 3 medium, 3 low flags | 6 | 0 | Call sheet → |
| Q1'26 | 2025-11-06 | 11/12 | 1 medium, 5 low flags | 5 | 0 | Call sheet → |
| Q4'25 | 2025-08-27 | 10/12 | 4 medium, 6 low flags | 6 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q4'26 | Delivered | Reduce workforce by up to 30% by year‑end FY26 Restructuring completed in Q4 as described. |
| Q3'26 | Pending | We would expect Embed 2.0 numbers to start showing up closer to next year (Q2) No material Embed 2.0 revenue disclosed in Q3 |
| Q3'26 | Pending | More holistic pricing optimization to roll out in fiscal '27 (Q2) Confirmed still planning for FY27 rollout |
| Q3'26 | Pending | W-9 agent expected to collect 3 million W-9s by end of year (Q2) No update provided on progress toward 3M target |
| Q3'26 | Exceeded | Benefits of efficiency initiatives will start to be realized in fiscal '27 (Q2) Accelerated timeline with 30% workforce cut effective by end of Q4 |
| Q3'26 | Pending | We expect SPP volume to be excellent complement to virtual cards (Q2) Still at same $400M TPV commitment despite doubling supplier count |
| Q3'26 | Delivered | We expect this number [NNAs] to trend down slightly in short term (Q2) Guided below 4,000, delivered 4,100 but blamed wealth management lumpiness |
| Q2'26 | Delivered | Cash account product launch Launched in Q2 with 70%+ of users increasing spend volumes |
| Q2'26 | Delivered | Pricing changes to align with value delivery Implemented targeted subscription price increases with minimal churn |
| Q2'26 | Delivered | AI agents deployment across platform W-9 agent, coding agent, Bill Assistant all live with usage metrics |
| Q2'26 | Exceeded | Embed 2.0 partnerships going live All 3 partners (NetSuite, Paychex, Acumatica) live within 3 months |
| Q2'26 | Delivered | Multi-entity capability rollout for larger businesses Explicitly stated 'we scaled our multi-entity capability' |
| Q2'26 | Pending | Rewards optimization to improve unit economics Rewards rate only improved 1 bps to 133, still rising YoY - limited progress |
| Q2'26 | Delivered | Enhanced focus on larger customers and ARPU expansion Subscription ARPU up 1% sequentially, net adds staying flat as planned |
| Q1'26 | Exceeded | Drive operating leverage and margin expansion 17% operating margin vs ~14% prior quarter, well ahead of expectations |
| Q1'26 | Delivered | Continued focus on mid-market customer expansion Card spend per customer at records, new global capabilities rolling out |
| Q1'26 | Exceeded | Embed 2.0 partnerships to drive market penetration Three major partnerships signed, NetSuite already live - major acceleration |
| Q1'26 | Exceeded | Launch AI agents and platform in FY26 Multiple agents already launched including W-9, expense coding, onboarding - ahead of schedule |
| Q1'26 | Pending | Spend & Expense take rate at lower end of 250-260 bps range for FY26 Need to see if rewards optimization actually happens to hit this |
| Q1'26 | Pending | Similar level of take rate expansion in AP/AR as fiscal 2025 (~0.4 bps) Q1 showed 0.3 bps expansion, tracking toward promise but early |
| Q1'26 | Delivered | Focus on higher ROI customer acquisition over pure net adds growth Net adds down to 4,000 from 4,700 but card spend per customer hit record $145K - executing strategy |
| Q4'25 | Delivered | More color on FY26 outlook during August earnings call Provided full FY26 guidance with detailed assumptions and strategic priorities |
| Q4'25 | Exceeded | Disciplined approach balancing growth and profitability Beat operating income guidance by 17%, expanded margins while investing in AI |
| Q4'25 | Delivered | Price increases on checks and ACH starting in May Implemented as scheduled, contributing to Q4 monetization |
| Q4'25 | Delivered | Local transfer driving solid adoption for international payments 10,000+ customers using it in Q4, representing half of international FX volume |
| Q4'25 | Exceeded | Rolling out advanced ACH more broadly over next several quarters Launched as Supplier Payments Plus in June, ahead of schedule with enterprise customers |
| Q4'25 | Delivered | Expecting similar monetization in Q4 vs Q3 for APAR APAR monetization stayed stable, benefited from ad valorem product growth and pricing |
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