- Fourth quarter 2025 GAAP diluted earnings per share (EPS) of $0.921 and adjusted EPS of $3.18, an increase of 11% constant currency
- Fourth quarter 2025 GAAP revenue of $1.90 billion1 and adjusted net revenue of $2.32 billion, an increase of 6% constant currency ex-dispositions
- Completed acquisition of Worldpay and divestiture of Issuer Solutions, repositioning the company as a leading pure-play merchant solutions provider
- Announces share repurchase authorization of $2.5 billion
- Entering into $550 million accelerated share repurchase plan
- Provides 2026 outlook for the new Global Payments
ATLANTA–(BUSINESS WIRE)–#globalpayments–Global Payments Inc. (NYSE: GPN) today announced results for the fourth quarter and year ended December 31, 2025.
“2025 was a transformative year for Global Payments,” said Cameron Bready, chief executive officer. “We significantly advanced our agenda to reposition our business as a unified, streamlined operating company, while delivering strong financial results that were consistent with the commitments we established at the outset of the year.”
Bready continued, “A cornerstone of our transformation was the launch of our Genius platform in the second quarter of 2025. We are pleased with the pace of the rollout and encouraged by the strong commercial traction we are seeing from our ongoing investments in our go-to-market capabilities. Importantly, we closed the acquisition of Worldpay and sale of Issuer Solutions well ahead of schedule, accelerating our transformation agenda and sharpening our strategic focus as the world’s leading commerce solutions provider. The Worldpay acquisition marks a pivotal moment in our evolution, and as we integrate our businesses, our North Star remains driving consistent, durable growth underpinned by an unrelenting focus on our clients.”
Bready concluded, “Our strategic actions in 2025 strengthened our foundation for sustainable growth and meaningfully enhanced our cash‑flow generation profile. Free cash flow creation and return of capital remain central pillars of our investment thesis. With our major transactions now complete, we continue to expect to return $7.5 billion of capital to shareholders through the end of 2027, consistent with targets we established at our 2024 investor conference. To support that objective, we are entering into an accelerated share repurchase agreement to immediately repurchase $550 million of our shares.”
Fourth Quarter 2025 Summary
- GAAP revenues were $1.90 billion1 and diluted EPS were $0.92.
- Adjusted net revenues increased 1% (6% constant currency excluding dispositions) to $2.32 billion.
- Adjusted EPS increased 12% (11% constant currency) to $3.18.
- Adjusted operating margin expanded 80 basis points to 44.7%.
Full Year 2025 Summary
- GAAP revenues were $7.71 billion1, compared to $7.74 billion in 2024 and diluted earnings per share were $5.78, compared to $6.16 in the prior year.
- Adjusted net revenues increased 2% (6% constant currency excluding dispositions) to $9.32 billion, compared to $9.15 billion in 2024.
- Adjusted EPS increased 11% to $12.22, compared to $11.02 in 2024.
- Adjusted operating margin expanded 97 basis points to 44.2%.
“We are pleased with our financial and operational performance during 2025, with our Merchant Solutions business exiting the year at slightly more than 6% growth,” said Josh Whipple, chief financial officer. “We generated strong adjusted free cash flow during the year and balanced ongoing investments in the business with our commitment to return capital to shareholders and reduce our net leverage.”
Whipple continued, “Looking ahead, the new Global Payments has an enhanced financial profile with meaningful scale and strong cash flow generation, and we are confident in our ability to deliver sustained, long-term value for our shareholders.”
|
________________________________ |
|
| 1 GAAP revenue excludes discontinued operations related to the disposition of the Issuer Solutions business; non-GAAP results reflect total company performance. |
2026 Outlook
- Constant currency adjusted net revenue growth of approximately 5% excluding dispositions.2
- Adjusted operating margin expansion of approximately 150 basis points.2
- Adjusted earnings per share of $13.80 to $14.00, or growth of 13% to 15%.
|
_______________________________ |
|
|
2 Adjusted net revenue growth and adjusted operating margin expansion are based on 2025 supplemental combined financial information, which presents all prior periods to include Worldpay and exclude Issuer Solutions. |
Financial Reporting Considerations for Issuer Solutions Transaction
Effective in the second quarter of 2025, the company began accounting for the Issuer Solutions business as discontinued operations as a result of the announced divestiture to Fidelity National Information Services. Issuer Solutions continued to operate as a business of Global Payments until closing; accordingly, our non-GAAP financial measures reflect total company performance.
Capital Allocation
The Board of Directors authorized share repurchases of $2.5 billion. The company is entering into a $550 million accelerated share repurchase plan.
The company expects to return over $2 billion to shareholders through repurchases and dividends in 2026, including the $550 million accelerated share repurchase plan announced today.
Global Payments’ Board of Directors approved a dividend of $0.25 per share payable on March 30, 2026 to shareholders of record as of March 9, 2026.
Leadership Appointment
The company also announced the appointment of Jennifer Bozeman Whyte, CPA, as chief accounting officer and principal accounting officer, effective March 1, 2026.
Conference Call
Global Payments’ management will host a live audio webcast today, February 18, 2026, at 8:00 a.m. ET to discuss financial results and business highlights. The audio webcast, along with supplemental financial information, can be accessed via the investor relations page of the company’s website at investors.globalpayments.com. A replay of the audio webcast will be archived on the company’s website following the live event.
Non-GAAP Financial Measures
Global Payments supplements revenue, operating income, operating margin, net income, earnings per share, free cash flow, and free cash flow conversion determined in accordance with GAAP by providing these measures with certain adjustments (such measures being non-GAAP financial measures) in this earnings release to assist with evaluating our performance. In addition to GAAP measures, management uses these non-GAAP financial measures to focus on the factors the company believes are pertinent to the daily management of our operations. The constant currency growth measures adjust for the impact of exchange rates and are calculated using average exchange rates during the comparable period in the prior year.
Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP measure is included in the schedules to this release, except for forward-looking measures where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of the items that are excluded from the non-GAAP outlook measures. The company is unable to address the probable significance of the unavailable information.
About Global Payments
Global Payments (NYSE: GPN) is a leading payment technology and software company that powers commerce for businesses of all sizes worldwide. We help businesses grow with confidence by delivering innovative solutions that enable seamless payment acceptance, smarter operations and exceptional client experiences – online, in store and everywhere in between. With its global reach, local expertise and scale, Global Payments manages trillions in payments volume and billions of transactions across more than 175 countries. Headquartered in Atlanta, Georgia, Global Payments is a Fortune 500® company and a member of the S&P 500. Learn more at company.globalpayments.com.
Forward-Looking Statements
Investors are cautioned that some of the statements we use in this release contain forward-looking statements and are made pursuant to the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and geographies in which we operate, and beliefs of and assumptions made by our management, involve risks, uncertainties and assumptions that could significantly affect the financial condition, results of operations, business plans and the future performance of Global Payments. Actual events or results might differ materially from those expressed or forecasted in these forward-looking statements. Accordingly, we cannot guarantee that our plans and expectations will be achieved. Examples of forward-looking statements include, but are not limited to, statements we make regarding our business strategy and means to implement the strategy; measures of future results of operations, such as revenues, expenses, operating margin, income tax rates and earnings per share; other operating metrics such as shares outstanding and capital expenditures; liquidity and deleveraging plans and capital available for allocation, statements we make regarding guidance and projected financial results for the year 2026; the effects of general economic conditions on our business; statements about the strategic rationale and anticipated benefits of acquisitions or dispositions, including our acquisition of Worldpay and divestiture of our Issuer Solutions business, including future financial and operating results, and the successful integration of our acquisitions; statements about the completion of anticipated benefits and strategic or operational initiatives; statements regarding our success and timing in developing and introducing new services and expanding our business; and other statements regarding our future financial performance and the company’s plans, objectives, expectations and intentions. Statements can generally be identified as forward-looking because they include words such as “believes,” “anticipates,” “expects,” “intends,” “plan,” “forecast,” “could,” “should,” “will,” “would,” or words of similar meaning. Although we believe that the plans and expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our plans and expectations will be attained, and therefore actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.
In addition to factors previously disclosed in Global Payments’ reports filed with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: difficulties and delays in integrating the Worldpay business into that of Global Payments, including with respect to implementing controls to prevent a material security breach of any internal systems or to successfully manage credit and fraud risks in business units; failing to fully realize anticipated cost savings and other anticipated benefits of the acquisition of Worldpay when expected or at all, business disruptions from the acquisition of Worldpay that may harm our business, including current plans and operations; potential adverse reactions or changes to business relationships resulting from the acquisition of Worldpay, including as it relates to our ability to successfully renew existing client contracts on favorable terms or at all and obtain new clients; failing to comply with the applicable requirements of Visa, Mastercard or other payment networks or card schemes or changes in those requirements; our ability to retain and hire key personnel; the diversion of management’s attention from ongoing business operations; uncertainty as to the long-term value of our common stock following the acquisition of Worldpay, including the dilution caused by issuance of additional shares of Global Payments’ common stock in connection with the acquisition of Worldpay; the continued availability of capital and financing; the effects of global economic, political, market, health and social events or other conditions; the imposition of tariffs and other trade policies and the resulting impacts on market volatility and global trade; macroeconomic pressures and general uncertainty regarding the overall future economic environment; foreign currency exchange, inflation and rising interest rate risks; the effect of a security breach or operational failure on our business; the ability to maintain Visa and Mastercard registration and financial institution sponsorship; increased competition in the markets in which we operate and our ability to increase our market share in existing markets and expand into new markets; our ability to safeguard our data; risks associated with our indebtedness; the potential effect of climate change including natural disasters; the effects of new or changes in current laws, regulations, credit card association rules or other industry standards on us or our partners and customers, including privacy and cybersecurity laws and regulations; and other events beyond our control, and other factors included in the “Risk Factors” section in our most recent Annual Report on Form 10-K and in other documents that we file with the SEC, which are available at https://www.sec.gov.
These cautionary statements qualify all of our forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements. Our forward-looking statements speak only as of the date they are made and should not be relied upon as representing our plans and expectations as of any subsequent date. While we may elect to update or revise forward-looking statements at some time in the future, we specifically disclaim any obligation to publicly release the results of any revisions to our forward-looking statements, except as required by law.
|
SCHEDULE 1 |
|||||||||||||||||||||
|
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
|||||||||||||||||||||
|
GLOBAL PAYMENTS INC. AND SUBSIDIARIES |
|||||||||||||||||||||
|
(In thousands, except per share data) |
|||||||||||||||||||||
|
|
|||||||||||||||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||||
|
|
December 31, |
|
December 31, |
||||||||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Revenues |
$ |
1,896,765 |
|
|
$ |
1,898,345 |
|
|
(0.1 |
)% |
|
$ |
7,705,878 |
|
|
$ |
7,735,970 |
|
|
(0.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cost of service |
|
557,343 |
|
|
|
505,608 |
|
|
10.2 |
% |
|
|
2,113,381 |
|
|
|
2,033,471 |
|
|
3.9 |
% |
|
Selling, general and administrative |
|
1,091,918 |
|
|
|
945,512 |
|
|
15.5 |
% |
|
|
4,120,631 |
|
|
|
4,001,133 |
|
|
3.0 |
% |
|
Impairment of goodwill |
|
— |
|
|
|
— |
|
|
nm |
|
|
33,218 |
|
|
|
— |
|
|
nm |
||
|
Net (gain) loss on business dispositions |
|
32,174 |
|
|
|
(273,134 |
) |
|
nm |
|
|
(315,976 |
) |
|
|
(273,134 |
) |
|
nm |
||
|
|
|
1,681,435 |
|
|
|
1,177,986 |
|
|
|
|
|
5,951,254 |
|
|
|
5,761,470 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating income |
|
215,330 |
|
|
|
720,359 |
|
|
(70.1 |
)% |
|
|
1,754,624 |
|
|
|
1,974,500 |
|
|
(11.1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest and other income |
|
60,096 |
|
|
|
35,379 |
|
|
69.9 |
% |
|
|
155,138 |
|
|
|
158,692 |
|
|
(2.2 |
)% |
|
Interest and other expense |
|
(204,504 |
) |
|
|
(151,393 |
) |
|
35.1 |
% |
|
|
(649,643 |
) |
|
|
(602,876 |
) |
|
7.8 |
% |
|
|
|
(144,408 |
) |
|
|
(116,014 |
) |
|
|
|
|
(494,505 |
) |
|
|
(444,184 |
) |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Income from continuing operations before income taxes and equity in income of equity method investments |
|
70,922 |
|
|
|
604,345 |
|
|
(88.3 |
)% |
|
|
1,260,119 |
|
|
|
1,530,316 |
|
|
(17.7 |
)% |
|
Income tax expense |
|
(32,625 |
) |
|
|
108,411 |
|
|
(130.1 |
)% |
|
|
251,557 |
|
|
|
241,513 |
|
|
4.2 |
% |
|
Income from continuing operations before equity in income of equity method investments |
|
103,547 |
|
|
|
495,934 |
|
|
(79.1 |
)% |
|
|
1,008,562 |
|
|
|
1,288,803 |
|
|
(21.7 |
)% |
|
Equity in income of equity method investments, net of tax |
|
65,030 |
|
|
|
19,741 |
|
|
229.4 |
% |
|
|
120,114 |
|
|
|
70,180 |
|
|
71.2 |
% |
|
Income from continuing operations |
|
168,577 |
|
|
|
515,675 |
|
|
|
|
|
1,128,676 |
|
|
|
1,358,983 |
|
|
|
||
|
Income from discontinued operations, net of tax |
|
68,005 |
|
|
|
82,608 |
|
|
|
|
|
327,371 |
|
|
|
285,170 |
|
|
|
||
|
Net income |
|
236,582 |
|
|
|
598,283 |
|
|
(60.5 |
)% |
|
|
1,456,047 |
|
|
|
1,644,153 |
|
|
(11.4 |
)% |
|
Less: Net income attributable to noncontrolling interests |
|
(19,058 |
) |
|
|
(31,110 |
) |
|
(38.7 |
)% |
|
|
(55,940 |
) |
|
|
(73,788 |
) |
|
(24.2 |
)% |
|
Net income attributable to Global Payments |
$ |
217,524 |
|
|
$ |
567,173 |
|
|
(61.6 |
)% |
|
$ |
1,400,107 |
|
|
$ |
1,570,365 |
|
|
(10.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Basic earnings per share attributable to Global Payments: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Continued operations |
$ |
0.63 |
|
|
$ |
1.93 |
|
|
(67.4 |
)% |
|
$ |
4.44 |
|
|
$ |
5.06 |
|
|
(12.3 |
)% |
|
Discontinued operations |
$ |
0.29 |
|
|
$ |
0.33 |
|
|
(12.1 |
)% |
|
$ |
1.35 |
|
|
$ |
1.12 |
|
|
20.5 |
% |
|
Total basic earnings per share attributable to Global Payments |
$ |
0.92 |
|
|
$ |
2.26 |
|
|
(59.3 |
)% |
|
$ |
5.79 |
|
|
$ |
6.18 |
|
|
(6.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Diluted earnings per share attributable to Global Payments: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Continued operations |
$ |
0.63 |
|
|
$ |
1.92 |
|
|
(67.2 |
)% |
|
$ |
4.43 |
|
|
$ |
5.04 |
|
|
(12.1 |
)% |
|
Discontinued operations |
$ |
0.29 |
|
|
$ |
0.33 |
|
|
(12.1 |
)% |
|
$ |
1.35 |
|
|
$ |
1.12 |
|
|
20.5 |
% |
|
Total diluted earnings per share attributable to Global Payments |
$ |
0.92 |
|
|
$ |
2.25 |
|
|
(59.1 |
)% |
|
$ |
5.78 |
|
|
$ |
6.16 |
|
|
(6.2 |
)% |
|
|
|||||||||||||||||||||
|
Note: nm = not meaningful. |
|||||||||||||||||||||
|
SCHEDULE 2 |
|||||||||||||||||
|
NON-GAAP FINANCIAL MEASURES (UNAUDITED) |
|||||||||||||||||
|
GLOBAL PAYMENTS INC. AND SUBSIDIARIES |
|||||||||||||||||
|
(In thousands, except per share data) |
|||||||||||||||||
|
|
|||||||||||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||
|
|
December 31, |
|
December 31, |
||||||||||||||
|
|
|
2025 |
|
|
2024 |
|
% Change |
|
|
2025 |
|
|
2024 |
|
% Change |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Adjusted net revenue |
$ |
2,320,316 |
|
$ |
2,289,015 |
|
1.4 |
% |
|
$ |
9,315,056 |
|
$ |
9,154,007 |
|
1.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Adjusted operating income |
$ |
1,036,821 |
|
$ |
1,004,165 |
|
3.3 |
% |
|
$ |
4,116,287 |
|
$ |
3,956,323 |
|
4.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Adjusted net income attributable to Global Payments |
$ |
754,712 |
|
$ |
717,931 |
|
5.1 |
% |
|
$ |
2,957,165 |
|
$ |
2,809,413 |
|
5.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Adjusted diluted earnings per share attributable to Global Payments |
$ |
3.18 |
|
$ |
2.85 |
|
11.6 |
% |
|
$ |
12.22 |
|
$ |
11.02 |
|
10.8 |
% |
|
________________________ |
|
|
|
|
|
See Schedules 6 and 7 for a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure, Schedules 8 and 9 for a reconciliation of adjusted net revenue and adjusted operating income by segment and supplemental non-GAAP information to the most comparable GAAP measure, and Schedule 10 for a discussion of non-GAAP financial measures. |
|
|
|
|
|
All non-GAAP results now include the effect of share-based compensation expense, and prior period non-GAAP results have been recast to reflect this change. |
|
SCHEDULE 3 |
||||||||||||||||||||||
|
SEGMENT INFORMATION (UNAUDITED) |
||||||||||||||||||||||
|
GLOBAL PAYMENTS INC. AND SUBSIDIARIES |
||||||||||||||||||||||
|
(In thousands) |
||||||||||||||||||||||
|
|
||||||||||||||||||||||
|
|
|
Three Months Ended |
|
|
|
|
||||||||||||||||
|
|
|
December 31, 2025 |
|
December 31, 2024 |
|
% Change |
||||||||||||||||
|
|
|
GAAP |
|
Non-GAAP |
|
GAAP |
|
Non-GAAP |
|
GAAP |
|
Non-GAAP |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Merchant Solutions |
|
$ |
1,896,765 |
|
|
$ |
1,781,900 |
|
|
$ |
1,898,345 |
|
|
$ |
1,775,408 |
|
|
(0.1 |
)% |
|
0.4 |
% |
|
Issuer Solutions |
|
|
— |
|
|
|
557,070 |
|
|
|
— |
|
|
|
530,137 |
|
|
nm |
|
5.1 |
% |
|
|
Intersegment Elimination |
|
|
— |
|
|
|
(18,655 |
) |
|
|
— |
|
|
|
(16,530 |
) |
|
nm |
|
(12.9 |
)% |
|
|
|
|
$ |
1,896,765 |
|
|
$ |
2,320,316 |
|
|
$ |
1,898,345 |
|
|
$ |
2,289,015 |
|
|
(0.1 |
)% |
|
1.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Merchant Solutions |
|
$ |
653,799 |
|
|
$ |
877,093 |
|
|
$ |
645,296 |
|
|
$ |
852,882 |
|
|
1.3 |
% |
|
2.8 |
% |
|
Issuer Solutions |
|
|
— |
|
|
|
267,780 |
|
|
|
— |
|
|
|
253,589 |
|
|
nm |
|
5.6 |
% |
|
|
Corporate |
|
|
(406,295 |
) |
|
|
(108,052 |
) |
|
|
(198,071 |
) |
|
|
(102,306 |
) |
|
(105.1 |
)% |
|
(5.6 |
)% |
|
Gain (loss) on business disposition |
|
|
(32,174 |
) |
|
|
— |
|
|
|
273,134 |
|
|
|
— |
|
|
nm |
|
nm |
||
|
|
|
$ |
215,330 |
|
|
$ |
1,036,821 |
|
|
$ |
720,359 |
|
|
$ |
1,004,165 |
|
|
(70.1 |
)% |
|
3.3 |
% |
|
|
|
Year Ended |
|
|
|
|
||||||||||||||||
|
|
|
December 31, 2025 |
|
December 31, 2024 |
|
% Change |
||||||||||||||||
|
|
|
GAAP |
|
Non-GAAP |
|
GAAP |
|
Non-GAAP |
|
GAAP |
|
Non-GAAP |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Merchant Solutions |
|
$ |
7,705,878 |
|
|
$ |
7,225,748 |
|
|
$ |
7,735,970 |
|
|
$ |
7,150,433 |
|
|
(0.4 |
)% |
|
1.1 |
% |
|
Issuer Solutions |
|
|
— |
|
|
|
2,161,337 |
|
|
|
— |
|
|
|
2,067,976 |
|
|
nm |
|
4.5 |
% |
|
|
Intersegment eliminations |
|
|
— |
|
|
|
(72,030 |
) |
|
|
— |
|
|
|
(64,403 |
) |
|
nm |
|
(11.8 |
)% |
|
|
|
|
$ |
7,705,878 |
|
|
$ |
9,315,056 |
|
|
$ |
7,735,970 |
|
|
$ |
9,154,007 |
|
|
(0.4 |
)% |
|
1.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Merchant Solutions |
|
$ |
2,735,163 |
|
|
$ |
3,566,828 |
|
|
$ |
2,582,220 |
|
|
$ |
3,449,964 |
|
|
5.9 |
% |
|
3.4 |
% |
|
Issuer Solutions |
|
|
— |
|
|
|
1,041,380 |
|
|
|
— |
|
|
|
981,574 |
|
|
nm |
|
6.1 |
% |
|
|
Corporate |
|
|
(1,263,297 |
) |
|
|
(491,921 |
) |
|
|
(880,854 |
) |
|
|
(475,215 |
) |
|
(43.4 |
)% |
|
(3.5 |
)% |
|
Impairment of goodwill |
|
|
(33,218 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
nm |
|
nm |
||
|
Gain on business disposition |
|
|
315,976 |
|
|
|
— |
|
|
|
273,134 |
|
|
|
— |
|
|
nm |
|
nm |
||
|
|
|
$ |
1,754,624 |
|
|
$ |
4,116,287 |
|
|
$ |
1,974,500 |
|
|
$ |
3,956,323 |
|
|
(11.1 |
)% |
|
4.0 |
% |
|
_______________________ |
|
|
See Schedules 8 and 9 for a reconciliation of adjusted net revenue and adjusted operating income by segment to the most comparable GAAP measures and Schedule 10 for a discussion of non-GAAP financial measures. |
|
|
|
|
|
Note: Amounts may not sum due to rounding. |
|
|
|
|
|
Note: nm = not meaningful. |
|
SCHEDULE 4 |
|||||||
|
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
|||||||
|
GLOBAL PAYMENTS INC. AND SUBSIDIARIES |
|||||||
|
(In thousands, except share data) |
|||||||
|
|
|||||||
|
|
December 31, 2025 |
|
December 31, 2024 |
||||
|
|
|
|
|
||||
|
ASSETS |
|
|
|
||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
8,336,402 |
|
|
$ |
2,356,470 |
|
|
Accounts receivable, net |
|
784,174 |
|
|
|
787,687 |
|
|
Settlement processing assets |
|
1,476,543 |
|
|
|
1,599,390 |
|
|
Prepaid expenses and other current assets |
|
802,018 |
|
|
|
550,083 |
|
|
Current assets of discontinued operations |
|
1,203,534 |
|
|
|
737,602 |
|
|
Total current assets |
|
12,602,671 |
|
|
|
6,031,232 |
|
|
Goodwill |
|
17,076,624 |
|
|
|
17,027,574 |
|
|
Other intangible assets, net |
|
4,231,227 |
|
|
|
4,614,172 |
|
|
Property and equipment, net |
|
1,501,763 |
|
|
|
1,421,268 |
|
|
Deferred income taxes |
|
171,430 |
|
|
|
98,386 |
|
|
Notes receivable |
|
816,810 |
|
|
|
772,297 |
|
|
Other noncurrent assets |
|
1,868,788 |
|
|
|
1,851,788 |
|
|
Noncurrent assets of discontinued operations |
|
15,069,171 |
|
|
|
15,073,538 |
|
|
Total assets |
$ |
53,338,484 |
|
|
$ |
46,890,255 |
|
|
|
|
|
|
||||
|
LIABILITIES AND EQUITY |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Settlement lines of credit |
$ |
345,007 |
|
|
$ |
503,407 |
|
|
Current portion of long-term debt |
|
1,920,792 |
|
|
|
1,018,327 |
|
|
Accounts payable and accrued liabilities |
|
2,660,136 |
|
|
|
2,836,301 |
|
|
Settlement processing obligations |
|
1,720,608 |
|
|
|
1,518,541 |
|
|
Current liabilities of discontinued operations |
|
810,301 |
|
|
|
376,138 |
|
|
Total current liabilities |
|
7,456,844 |
|
|
|
6,252,714 |
|
|
Long-term debt |
|
19,541,512 |
|
|
|
15,079,453 |
|
|
Deferred income taxes |
|
1,605,504 |
|
|
|
1,584,421 |
|
|
Other noncurrent liabilities |
|
522,121 |
|
|
|
550,445 |
|
|
Noncurrent liabilities of discontinued operations |
|
433,022 |
|
|
|
406,655 |
|
|
Total liabilities |
|
29,559,003 |
|
|
|
23,873,688 |
|
|
Commitments and contingencies |
|
|
|
||||
|
Redeemable noncontrolling interests |
|
201,003 |
|
|
|
160,623 |
|
|
Equity: |
|
|
|
||||
|
Preferred stock, no par value; 5,000,000 shares authorized and none issued |
|
— |
|
|
|
— |
|
|
Common stock, no par value; 400,000,000 shares authorized at December 31, 2025 and 2024; 236,692,592 shares issued and outstanding at December 31, 2025, and 248,708,899 shares issued and outstanding at December 31, 2024 |
|
— |
|
|
|
— |
|
|
Paid-in capital |
|
17,078,652 |
|
|
|
18,118,942 |
|
|
Retained earnings |
|
5,936,322 |
|
|
|
4,774,736 |
|
|
Accumulated other comprehensive loss |
|
(126,207 |
) |
|
|
(612,992 |
) |
|
Total Global Payments shareholders’ equity |
|
22,888,767 |
|
|
|
22,280,686 |
|
|
Nonredeemable noncontrolling interests |
|
689,711 |
|
|
|
575,258 |
|
|
Total equity |
|
23,578,478 |
|
|
|
22,855,944 |
|
|
Total liabilities, redeemable noncontrolling interests and equity |
$ |
53,338,484 |
|
|
$ |
46,890,255 |
|
|
SCHEDULE 5 |
|||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
|||||||
|
GLOBAL PAYMENTS INC. AND SUBSIDIARIES |
|||||||
|
(In thousands) |
|||||||
|
|
|||||||
|
|
Year Ended |
||||||
|
|
December 31, 2025 |
|
December 31, 2024 |
||||
|
|
|
|
|
||||
|
Cash flows from operating activities: |
|
|
|
||||
|
Net income |
$ |
1,456,047 |
|
|
$ |
1,644,153 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
|
Depreciation and amortization of property and equipment |
|
418,837 |
|
|
|
493,003 |
|
|
Amortization of acquired intangibles |
|
996,540 |
|
|
|
1,369,328 |
|
|
Amortization of capitalized contract costs |
|
127,730 |
|
|
|
138,051 |
|
|
Share-based compensation expense |
|
153,647 |
|
|
|
164,244 |
|
|
Provision for operating losses and credit losses |
|
78,773 |
|
|
|
81,018 |
|
|
Noncash lease expense |
|
45,466 |
|
|
|
58,728 |
|
|
Deferred income taxes |
|
(82,040 |
) |
|
|
(346,228 |
) |
|
Paid-in-kind interest capitalized to principal of notes receivable |
|
(59,356 |
) |
|
|
(74,139 |
) |
|
Equity in income of equity method investments, net of tax |
|
(120,013 |
) |
|
|
(70,499 |
) |
|
Distributions received on investments |
|
35,831 |
|
|
|
32,849 |
|
|
Impairment of goodwill |
|
33,218 |
|
|
|
— |
|
|
Technology asset charge |
|
— |
|
|
|
55,808 |
|
|
Net (gain) loss on business dispositions |
|
(155,527 |
) |
|
|
(273,134 |
) |
|
Other, net |
|
74,096 |
|
|
|
45,787 |
|
|
Changes in operating assets and liabilities, net of the effects of business combinations and dispositions: |
|
|
|
||||
|
Accounts receivable |
|
(33,274 |
) |
|
|
(10,443 |
) |
|
Prepaid expenses and other assets |
|
(173,369 |
) |
|
|
(221,447 |
) |
|
Accounts payable and other liabilities |
|
(140,014 |
) |
|
|
(29,496 |
) |
|
Net cash provided by operating activities |
|
2,656,592 |
|
|
|
3,057,583 |
|
|
Cash flows from investing activities: |
|
|
|
||||
|
Business combinations and other acquisitions, net of cash and restricted cash acquired |
|
(352,090 |
) |
|
|
(487,056 |
) |
|
Capital expenditures |
|
(617,769 |
) |
|
|
(674,917 |
) |
|
Payments received on notes receivable |
|
17,500 |
|
|
|
— |
|
|
Net cash from sales of businesses |
|
713,136 |
|
|
|
962,435 |
|
|
Proceeds from sales of investments |
|
8,926 |
|
|
|
19,008 |
|
|
Other, net |
|
— |
|
|
|
6,639 |
|
|
Net cash used in investing activities |
|
(230,297 |
) |
|
|
(173,891 |
) |
|
Cash flows from financing activities: |
|
|
|
||||
|
Changes in funds held for customers |
|
(50,983 |
) |
|
|
136,759 |
|
|
Changes in settlement processing assets and obligations, net |
|
432,122 |
|
|
|
338,341 |
|
|
Net (repayments) borrowings from settlement lines of credit |
|
(201,874 |
) |
|
|
(442,713 |
) |
|
Net (repayments) borrowings from commercial paper notes |
|
— |
|
|
|
(1,367,859 |
) |
|
Proceeds from long-term debt |
|
12,300,948 |
|
|
|
9,635,049 |
|
|
Repayments of long-term debt |
|
(7,207,564 |
) |
|
|
(8,334,846 |
) |
|
Payments of debt issuance costs |
|
(88,110 |
) |
|
|
(33,056 |
) |
|
Repurchases of common stock |
|
(1,191,020 |
) |
|
|
(1,551,950 |
) |
|
Proceeds from stock issued under share-based compensation plans |
|
30,773 |
|
|
|
43,009 |
|
|
Common stock repurchased – share-based compensation plans |
|
(39,635 |
) |
|
|
(56,229 |
) |
|
Distributions to noncontrolling interests |
|
(58,459 |
) |
|
|
(38,086 |
) |
|
Contributions from noncontrolling interests |
|
44,841 |
|
|
|
4,044 |
|
|
Payment of deferred and contingent consideration in business combination |
|
— |
|
|
|
(6,390 |
) |
|
Purchase of capped calls related to issuance of convertible notes |
|
— |
|
|
|
(256,250 |
) |
|
Dividends paid |
|
(238,521 |
) |
|
|
(252,811 |
) |
|
Purchase of subsidiary shares from noncontrolling interest |
|
— |
|
|
|
(108,770 |
) |
|
Net cash provided by (used in) financing activities |
|
3,732,518 |
|
|
|
(2,291,758 |
) |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
221,626 |
|
|
|
(112,834 |
) |
|
Increase in cash, cash equivalents and restricted cash |
|
6,380,439 |
|
|
|
479,100 |
|
|
Cash, cash equivalents and restricted cash, beginning of the period |
|
2,735,975 |
|
|
|
2,256,875 |
|
|
Cash, cash equivalents and restricted cash, end of the period |
$ |
9,116,414 |
|
|
$ |
2,735,975 |
|
Contacts
Investor contact:
[email protected]
Nathan Rozof
Media contact:
[email protected]
Matt Cochran
