Lightspeed’s adjusted EPS matched the calendar estimate at US$0.17, while revenue came in at US$323.8 million. The bigger story is the mix: organic growth outpaced reported growth, but operating cash flow turned negative.
Lightspeed Commerce Inc. (TSX: LSPD) reported results before market open on November 5 for the three months ended September 30, 2026. Adjusted earnings were US$0.17 per share, matching the calendar estimate—not beating it. Revenue of US$323.8 million topped the US$320.75 million estimate cited in company news. The sale of Upserve also affects year-over-year comparisons: reported revenue grew 2%, compared with 15% organic growth.
Recent earnings trend
Lightspeed Commerce Inc
LSPD.TO
LSPD.TO
Lightspeed Commerce Inc
WealthAwesomeMarket cap
$1.89B
52W high
$19.25
52W low
$10.80
1W change
+6.11%
Beta
1.65
Analyst Price Targets
Based on analyst covering LSPD · as of Nov 6, 2026
Wall Street analysts forecast LSPD stock price to rise 21.5% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$17.72
+21.5% Upside
Previously C$17.61 on Nov 5, 2026
Current Price
C$14.59
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on LSPD's historical volatility
30-Day Vol
46.2%
Annualized
90-Day Vol
46.1%
Annualized
Trend (90d)
-0.3%
Annualized drift
90d Mean
C$14.58
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$14.59 | C$12.44 – C$17.10 |
| 60 trading days | C$14.58 | C$11.64 – C$18.26 |
| 90 trading days | C$14.58 | C$11.06 – C$19.20 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 11 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 1 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-05 | 0.1700 | 0.1700 | +0.0% |
| 2026-06-30 | 2026-07-30 | 0.1300 | 0.1200 | +8.3% |
| 2026-03-31 | 2026-05-21 | 0.0800 | 0.1200 | -33.3% |
| 2025-12-31 | 2026-02-05 | 0.1500 | 0.1500 | +0.0% |
| 2025-09-30 | 2025-11-06 | 0.1600 | 0.1200 | +33.3% |
| 2025-06-30 | 2025-07-31 | 0.0600 | 0.1300 | -53.8% |
Investor takeaway: Lightspeed grew in its target markets and modestly increased adjusted earnings, but the quarter did not show a clear path to profitability. Adjusted EBITDA rose to US$22.7 million from US$21.3 million. At the same time, the company reported a US$4.2 million IFRS net loss and used US$7.5 million in operating cash. Lightspeed said merchant cash advances grew by US$26.0 million during the quarter, contributing to the cash-flow decline. For Canadian investors, the key is to separate adjusted results from IFRS figures and watch whether organic growth leads to steady cash generation.
US$323.8 million in quarterly revenue
Revenue was about 0.95% above the US$320.75 million estimate cited in company news. Lightspeed reported 2% year-over-year growth, or 15% organic growth after adjusting for the Upserve divestiture. Adjusted EPS of US$0.17 matched the calendar estimate. Company news also cites a US$0.16 Zacks consensus, showing that estimates differ by source.
Bull case
Organic revenue grew 15% year over year, and organic gross profit rose 11% to US$142.8 million. Revenue grew 17% in North American retail and European hospitality, two of Lightspeed’s key growth markets. GTV in those markets also increased 14%. Subscription revenue rose 9% organically, and the company said overall software gross margin improved to 84%. Lightspeed ended the quarter with US$342.9 million in cash and cash equivalents.
Bear case
Reported revenue grew just 2%, and the Upserve divestiture makes comparisons harder. Transaction-based revenue fell 1% as reported, despite 17% organic growth. Customer locations totaled 146,000, slightly below the 146,650 estimate cited in company news. Transaction-based revenue also came in just below its estimate. Lightspeed remains unprofitable under IFRS, with trailing EPS of -US$0.98 and a reported profit margin of -7.81%. Operating cash flow and adjusted free cash flow both fell year over year.
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