Rule of X for 2025 Organic Top Line Growth + Normalized EBITDA Margin

Top line is gross profit for Toast, Shopify and Block and gross revenue less network fees for Shift4 Payments. Normalized EBITDA equals GAAP operating profit plus depreciation and amortization and non-recurring acquisition, integration and restructuring costs
Chart: by Bob's Payment Stock SubstackSource: Company reports and Bob's Payment Stock Substack estimatesCreated with Datawrapper