- Third quarter 2025 GAAP diluted earnings per share (EPS) of $2.64 and adjusted EPS of $3.26, an increase of 11% constant currency
- Third quarter 2025 GAAP revenue of $2.01 billion1, approximately flat, and adjusted net revenue of $2.43 billion, an increase of 6% constant currency ex-dispositions
- Reaffirms outlook for the full year 2025
- Receives Competition and Markets Authority (CMA) clearance in the U.K. for Worldpay acquisition, and now expects transactions to close in the first quarter of 2026
ATLANTA–(BUSINESS WIRE)–#globalpayments–Global Payments Inc. (NYSE: GPN) today announced results for the third quarter ended September 30, 2025.
“We are pleased to deliver third quarter results that accelerated sequentially across our key financial metrics as we advance our transformation program,” said Cameron Bready, chief executive officer. “Our team continues to execute at a high level, positioning us well to deliver on our overall expectations for the year.”
Bready continued, “Our Merchant business is exhibiting ongoing momentum with adjusted net revenue growth accelerating to 6% constant currency excluding dispositions. Our strategic focus remains on the development and roll-out of Genius, while also improving our overall sales effectiveness and unifying our business globally. In the few months since we launched Genius, monthly sales increased significantly, demonstrating how well Genius is resonating in the market.”
Bready concluded, “Further, we recently received merger control approval for our acquisition of Worldpay from the Competition & Markets Authority in the U.K., which is a critical regulatory milestone. Given the strong progress we have made with the regulatory approval process, we now expect to close our acquisition of Worldpay and divestiture of Issuer Solutions in the first quarter of 2026. We are eager to complete these transactions, which will catalyze our transformation and unlock compelling value creation opportunities by positioning Global Payments as a pureplay merchant solutions provider with sustainable revenue growth, leading scale, focused investments, and meaningful synergies.”
Third Quarter 2025 Summary
- GAAP revenues were $2.01 billion1, diluted EPS were $2.64, and operating margin was 38.8%.
- Adjusted net revenues increased 3% (6% constant currency excluding dispositions) to $2.43 billion.
- Adjusted EPS increased 12% (11% constant currency) to $3.26.
- Adjusted operating margin expanded 110 basis points to 45.0%.
2025 Outlook
“We are pleased with our financial and operational performance in the third quarter, which were consistent with our expectations and the outlook we previously provided,” said Josh Whipple, chief financial officer. “In addition to the financial metrics that Cameron referenced, we also produced strong adjusted free cash flow of $784 million in the quarter, allowing us to de-lever to 2.9-times adjusted net leverage at the end of the quarter, below the 3.0 times target we had committed to achieve by year end.”
Whipple concluded, “The company continues to expect constant currency adjusted net revenue growth in the range of 5% to 6%, excluding dispositions, for the full year. We still expect annual adjusted operating margin expansion to be more than 50 basis points, excluding dispositions, and for our constant currency adjusted earnings per share growth to be at the high end of the 10% to 11% range in 2025.”
Financial Reporting Considerations for Pending 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. Until closing, Issuer Solutions will continue to operate as a business of Global Payments; accordingly, our non-GAAP financial measures reflect total company performance.
Capital Allocation
Global Payments’ Board of Directors approved a dividend of $0.25 per share payable on December 26, 2025 to shareholders of record as of December 12, 2025.
Conference Call
Global Payments’ management will host a live audio webcast today, November 4, 2025, 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) helps businesses around the world enable commerce and provide exceptional experiences to their customers. Our payment technology and software solutions enable merchants, issuers and developers to deliver seamless customer experiences, run smarter operations and adapt quickly to change. Because if it has anything to do with commerce, we are already on it.
With 27,000 team members across 38 countries, we have the scale and expertise to help businesses grow with confidence. Headquartered in Georgia, Global Payments is a Fortune 500® company and a member of the S&P 500.
Learn more at company.globalpayments.com and follow us on X, LinkedIn and Facebook.
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 2025; the effects of general economic conditions on our business; statements about the strategic rationale and anticipated benefits of acquisitions or dispositions, such as our proposed acquisition of Worldpay and divestiture of our Issuer Solutions business, including future financial and operating results, and the successful integration of our acquisitions; our ability to timely complete the acquisition of Worldpay and divestiture of our Issuer Solutions business, including receiving all required regulatory approvals in connection with the transactions; 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: the occurrence of any event, change or other circumstances that could give rise to the right of one or more of the parties to terminate the transaction agreements for the divestiture of the Company’s Issuer Solutions business and the acquisition of Worldpay (collectively, the “Transaction”); the outcome of any legal proceedings that may be instituted against Worldpay, Global Payments, or its directors; the ability to obtain regulatory approvals and meet other closing conditions for the Transaction on a timely basis or at all, including the risk that regulatory approvals required for the Transaction are not obtained on a timely basis or at all, or are obtained subject to conditions that are not anticipated or that could adversely affect Global Payments following the Transaction or the expected benefits of the Transaction; risks related to the financing in connection with the Transaction; 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 Transaction when expected or at all, business disruptions from the proposed transaction that will harm Global Payments’ or Worldpay’s businesses, including current plans and operations; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Transaction, including as it relates to Global Payments’ or Worldpay’s 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; the ability of Global Payments or Worldpay to retain and hire key personnel; the diversion of management’s attention from ongoing business operations; uncertainty as to the long-term value of the common stock of Global Payments following the Transaction, including the dilution caused by Global Payments’ issuance of additional shares of its common stock in connection with the Transaction; 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 effects of a security breach or operational failure on our business; the ability to maintain Visa and Mastercard registration and financial institution sponsorship; difficulties, 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 |
|
Nine Months Ended |
||||||||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Revenues |
$ |
2,007,637 |
|
|
$ |
1,997,660 |
|
|
0.5 |
% |
|
$ |
5,773,071 |
|
|
$ |
5,802,780 |
|
|
(0.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cost of service |
|
556,682 |
|
|
|
504,563 |
|
|
10.3 |
% |
|
|
1,544,335 |
|
|
|
1,508,079 |
|
|
2.4 |
% |
|
Selling, general and administrative |
|
1,016,832 |
|
|
|
1,050,351 |
|
|
(3.2 |
)% |
|
|
2,991,571 |
|
|
|
3,016,975 |
|
|
(0.8 |
)% |
|
Gain on business dispositions |
|
(343,891 |
) |
|
|
— |
|
|
nm |
|
|
(348,151 |
) |
|
|
— |
|
|
nm |
||
|
|
|
1,229,623 |
|
|
|
1,554,914 |
|
|
|
|
|
4,187,755 |
|
|
|
4,525,054 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating income |
|
778,014 |
|
|
|
442,746 |
|
|
75.7 |
% |
|
|
1,585,316 |
|
|
|
1,277,726 |
|
|
24.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest and other income |
|
21,469 |
|
|
|
54,087 |
|
|
(60.3 |
)% |
|
|
95,026 |
|
|
|
123,295 |
|
|
(22.9 |
)% |
|
Interest and other expense |
|
(143,773 |
) |
|
|
(148,865 |
) |
|
(3.4 |
)% |
|
|
(444,173 |
) |
|
|
(451,430 |
) |
|
(1.6 |
)% |
|
|
|
(122,304 |
) |
|
|
(94,778 |
) |
|
|
|
|
(349,147 |
) |
|
|
(328,135 |
) |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Income from continuing operations before income taxes and equity in income of equity method investments |
|
655,710 |
|
|
|
347,968 |
|
|
88.4 |
% |
|
|
1,236,169 |
|
|
|
949,591 |
|
|
30.2 |
% |
|
Income tax expense |
|
199,309 |
|
|
|
59,873 |
|
|
232.9 |
% |
|
|
362,572 |
|
|
|
131,254 |
|
|
176.2 |
% |
|
Income from continuing operations before equity in income of equity method investments |
|
456,401 |
|
|
|
288,095 |
|
|
58.4 |
% |
|
|
873,597 |
|
|
|
818,337 |
|
|
6.8 |
% |
|
Equity in income of equity method investments, net of tax |
|
16,874 |
|
|
|
15,783 |
|
|
6.9 |
% |
|
|
55,084 |
|
|
|
50,439 |
|
|
9.2 |
% |
|
Income from continuing operations |
|
473,275 |
|
|
|
303,878 |
|
|
|
|
|
928,681 |
|
|
|
868,776 |
|
|
|
||
|
Income from discontinued operations, net of tax |
|
187,320 |
|
|
|
29,655 |
|
|
|
|
|
290,784 |
|
|
|
177,094 |
|
|
|
||
|
Net income |
|
660,595 |
|
|
|
333,533 |
|
|
98.1 |
% |
|
|
1,219,465 |
|
|
|
1,045,870 |
|
|
16.6 |
% |
|
Net income attributable to noncontrolling interests, net of income tax |
|
(25,386 |
) |
|
|
(18,408 |
) |
|
37.9 |
% |
|
|
(36,882 |
) |
|
|
(42,678 |
) |
|
(13.6 |
)% |
|
Net income attributable to Global Payments |
$ |
635,209 |
|
|
$ |
315,125 |
|
|
101.6 |
% |
|
$ |
1,182,583 |
|
|
$ |
1,003,192 |
|
|
17.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Basic earnings per share attributable to Global Payments: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Continued operations |
$ |
1.87 |
|
|
$ |
1.13 |
|
|
65.5 |
% |
|
$ |
3.68 |
|
|
$ |
3.25 |
|
|
13.2 |
% |
|
Discontinued operations |
$ |
0.78 |
|
|
$ |
0.11 |
|
|
609.1 |
% |
|
$ |
1.18 |
|
|
$ |
0.68 |
|
|
73.5 |
% |
|
Total basic earnings per share attributable to Global Payments |
$ |
2.65 |
|
|
$ |
1.24 |
|
|
113.7 |
% |
|
$ |
4.86 |
|
|
$ |
3.93 |
|
|
23.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Diluted earnings per share attributable to Global Payments: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Continued operations |
$ |
1.86 |
|
|
$ |
1.13 |
|
|
64.6 |
% |
|
$ |
3.67 |
|
|
$ |
3.24 |
|
|
13.3 |
% |
|
Discontinued operations |
$ |
0.78 |
|
|
$ |
0.11 |
|
|
609.1 |
% |
|
$ |
1.18 |
|
|
$ |
0.68 |
|
|
73.5 |
% |
|
Total diluted earnings per share attributable to Global Payments |
$ |
2.64 |
|
|
$ |
1.24 |
|
|
112.9 |
% |
|
$ |
4.85 |
|
|
$ |
3.92 |
|
|
23.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
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 |
|
Nine Months Ended |
||||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||||
|
|
|
2025 |
|
|
2024 |
|
% Change |
|
|
2025 |
|
|
2024 |
|
% Change |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Adjusted net revenue |
$ |
2,428,678 |
|
$ |
2,356,931 |
|
3.0 |
% |
|
$ |
6,994,740 |
|
$ |
6,864,992 |
|
1.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Adjusted operating income |
$ |
1,092,829 |
|
$ |
1,035,569 |
|
5.5 |
% |
|
$ |
3,079,466 |
|
$ |
2,952,158 |
|
4.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Adjusted net income attributable to Global Payments |
$ |
782,973 |
|
$ |
743,454 |
|
5.3 |
% |
|
$ |
2,202,454 |
|
$ |
2,091,483 |
|
5.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Adjusted diluted earnings per share attributable to Global Payments |
$ |
3.26 |
|
$ |
2.92 |
|
11.8 |
% |
|
$ |
9.04 |
|
$ |
8.17 |
|
10.6 |
% |
———————————————————————————-
|
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 |
|
|
|
|
||||||||||||||||
|
|
|
September 30, 2025 |
|
September 30, 2024 |
|
% Change |
||||||||||||||||
|
|
|
GAAP |
|
Non-GAAP |
|
GAAP |
|
Non-GAAP |
|
GAAP |
|
Non-GAAP |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Merchant Solutions |
|
$ |
2,007,637 |
|
|
$ |
1,884,279 |
|
|
$ |
1,997,660 |
|
|
$ |
1,844,321 |
|
|
0.5 |
% |
|
2.2 |
% |
|
Issuer Solutions |
|
|
— |
|
|
|
561,775 |
|
|
|
— |
|
|
|
529,041 |
|
|
nm |
|
6.2 |
% |
|
|
Intersegment eliminations |
|
|
— |
|
|
|
(17,376 |
) |
|
|
— |
|
|
|
(16,431 |
) |
|
nm |
|
(5.8 |
)% |
|
|
|
|
$ |
2,007,637 |
|
|
$ |
2,428,678 |
|
|
$ |
1,997,660 |
|
|
$ |
2,356,931 |
|
|
0.5 |
% |
|
3.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Merchant Solutions |
|
$ |
749,987 |
|
|
$ |
962,335 |
|
|
$ |
707,547 |
|
|
$ |
921,472 |
|
|
6.0 |
% |
|
4.4 |
% |
|
Issuer Solutions |
|
|
— |
|
|
|
263,488 |
|
|
|
— |
|
|
|
240,385 |
|
|
nm |
|
9.6 |
% |
|
|
Corporate |
|
|
(315,864 |
) |
|
|
(132,994 |
) |
|
|
(264,801 |
) |
|
|
(126,288 |
) |
|
(19.3 |
)% |
|
(5.3 |
)% |
|
Gain on business disposition |
|
|
343,891 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
nm |
|
nm |
||
|
|
|
$ |
778,014 |
|
|
$ |
1,092,829 |
|
|
$ |
442,746 |
|
|
$ |
1,035,569 |
|
|
75.7 |
% |
|
5.5 |
% |
|
|
|
Nine Months Ended |
|
|
|
|
||||||||||||||||
|
|
|
September 30, 2025 |
|
September 30, 2024 |
|
% Change |
||||||||||||||||
|
|
|
GAAP |
|
Non-GAAP |
|
GAAP |
|
Non-GAAP |
|
GAAP |
|
Non-GAAP |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Merchant Solutions |
|
$ |
5,773,071 |
|
|
$ |
5,407,861 |
|
|
$ |
5,802,780 |
|
|
$ |
5,340,324 |
|
|
(0.5 |
)% |
|
1.3 |
% |
|
Issuer Solutions |
|
|
— |
|
|
|
1,637,958 |
|
|
|
— |
|
|
|
1,571,143 |
|
|
nm |
|
4.3 |
% |
|
|
Intersegment eliminations |
|
|
— |
|
|
|
(51,079 |
) |
|
|
— |
|
|
|
(46,475 |
) |
|
nm |
|
(9.9 |
)% |
|
|
|
|
$ |
5,773,071 |
|
|
$ |
6,994,740 |
|
|
$ |
5,802,780 |
|
|
$ |
6,864,992 |
|
|
(0.5 |
)% |
|
1.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Merchant Solutions |
|
$ |
2,081,020 |
|
|
$ |
2,688,549 |
|
|
$ |
1,960,509 |
|
|
$ |
2,596,659 |
|
|
6.1 |
% |
|
3.5 |
% |
|
Issuer Solutions |
|
|
— |
|
|
|
774,786 |
|
|
|
— |
|
|
|
728,408 |
|
|
nm |
|
6.4 |
% |
|
|
Corporate |
|
|
(843,855 |
) |
|
|
(383,869 |
) |
|
|
(682,783 |
) |
|
|
(372,909 |
) |
|
(23.6 |
)% |
|
(2.9 |
)% |
|
Gain on business disposition |
|
|
348,151 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
nm |
|
nm |
||
|
|
|
$ |
1,585,316 |
|
|
$ |
3,079,466 |
|
|
$ |
1,277,726 |
|
|
$ |
2,952,158 |
|
|
24.1 |
% |
|
4.3 |
% |
———————————————————————————-
|
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)
|
|
September 30, 2025 |
|
December 31, 2024 |
||||
|
|
|
|
|
||||
|
ASSETS |
|
|
|
||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
2,603,047 |
|
|
$ |
2,356,434 |
|
|
Accounts receivable, net |
|
878,198 |
|
|
|
782,306 |
|
|
Settlement processing assets |
|
2,128,927 |
|
|
|
1,599,390 |
|
|
Prepaid expenses and other current assets |
|
411,895 |
|
|
|
350,274 |
|
|
Current assets of discontinued operations |
|
1,184,860 |
|
|
|
942,828 |
|
|
Total current assets |
|
7,206,927 |
|
|
|
6,031,232 |
|
|
Goodwill |
|
16,725,085 |
|
|
|
16,777,532 |
|
|
Other intangible assets, net |
|
4,286,117 |
|
|
|
4,527,382 |
|
|
Property and equipment, net |
|
1,440,437 |
|
|
|
1,400,247 |
|
|
Deferred income taxes |
|
96,046 |
|
|
|
98,386 |
|
|
Notes receivable |
|
804,351 |
|
|
|
772,297 |
|
|
Other noncurrent assets |
|
1,894,772 |
|
|
|
1,845,053 |
|
|
Noncurrent assets of discontinued operations |
|
15,508,684 |
|
|
|
15,438,126 |
|
|
Total assets |
$ |
47,962,419 |
|
|
$ |
46,890,255 |
|
|
|
|
|
|
||||
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Settlement lines of credit |
$ |
973,247 |
|
|
$ |
503,407 |
|
|
Current portion of long-term debt |
|
1,903,388 |
|
|
|
1,008,750 |
|
|
Accounts payable and accrued liabilities |
|
2,452,553 |
|
|
|
2,626,159 |
|
|
Settlement processing obligations |
|
2,266,673 |
|
|
|
1,518,541 |
|
|
Current liabilities of discontinued operations |
|
837,144 |
|
|
|
595,857 |
|
|
Total current liabilities |
|
8,433,005 |
|
|
|
6,252,714 |
|
|
Long-term debt |
|
13,322,847 |
|
|
|
15,058,675 |
|
|
Deferred income taxes |
|
1,690,428 |
|
|
|
1,574,232 |
|
|
Other noncurrent liabilities |
|
555,865 |
|
|
|
543,603 |
|
|
Noncurrent liabilities of discontinued operations |
|
462,437 |
|
|
|
444,464 |
|
|
Total liabilities |
|
24,464,582 |
|
|
|
23,873,688 |
|
|
Commitments and contingencies |
|
|
|
||||
|
Redeemable noncontrolling interests |
|
181,240 |
|
|
|
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 September 30, 2025 and December 31, 2024; 236,613,976 shares issued and outstanding at September 30, 2025 and 248,708,899 shares issued and outstanding at December 31, 2024 |
|
— |
|
|
|
— |
|
|
Paid-in capital |
|
17,032,946 |
|
|
|
18,118,942 |
|
|
Retained earnings |
|
5,777,855 |
|
|
|
4,774,736 |
|
|
Accumulated other comprehensive loss |
|
(142,713 |
) |
|
|
(612,992 |
) |
|
Total Global Payments shareholders’ equity |
|
22,668,088 |
|
|
|
22,280,686 |
|
|
Nonredeemable noncontrolling interests |
|
648,509 |
|
|
|
575,258 |
|
|
Total equity |
|
23,316,597 |
|
|
|
22,855,944 |
|
|
Total liabilities, redeemable noncontrolling interests and equity |
$ |
47,962,419 |
|
|
$ |
46,890,255 |
|
SCHEDULE 5
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
|
(In thousands) |
Nine Months Ended |
||||||
|
|
September 30, 2025 |
|
September 30, 2024 |
||||
|
|
|
|
|
||||
|
Cash flows from operating activities: |
|
|
|
||||
|
Net income |
$ |
1,219,465 |
|
|
$ |
1,045,870 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
|
Depreciation and amortization of property and equipment |
|
319,726 |
|
|
|
368,905 |
|
|
Amortization of acquired intangibles |
|
759,634 |
|
|
|
1,036,768 |
|
|
Amortization of capitalized contract costs |
|
100,005 |
|
|
|
102,926 |
|
|
Share-based compensation expense |
|
114,821 |
|
|
|
134,361 |
|
|
Provision for operating losses and credit losses |
|
60,340 |
|
|
|
60,677 |
|
|
Noncash lease expense |
|
35,575 |
|
|
|
44,205 |
|
|
Deferred income taxes |
|
83,738 |
|
|
|
(251,652 |
) |
|
Paid-in-kind interest capitalized to principal of notes receivable |
|
(43,192 |
) |
|
|
(54,743 |
) |
|
Equity in income of equity method investments, net of tax |
|
(55,055 |
) |
|
|
(50,644 |
) |
|
Technology asset charge |
|
— |
|
|
|
55,808 |
|
|
Distributions received on investments |
|
7,512 |
|
|
|
— |
|
|
Impairment of goodwill |
|
33,225 |
|
|
|
— |
|
|
Gains on business dispositions |
|
(348,151 |
) |
|
|
— |
|
|
Other, net |
|
25,357 |
|
|
|
22,869 |
|
|
Changes in operating assets and liabilities, net of the effects of business combinations: |
|
|
|
||||
|
Accounts receivable |
|
(125,307 |
) |
|
|
(39,204 |
) |
|
Prepaid expenses and other assets |
|
(158,424 |
) |
|
|
(167,511 |
) |
|
Accounts payable and other liabilities |
|
112,111 |
|
|
|
(134,489 |
) |
|
Net cash provided by operating activities |
|
2,141,380 |
|
|
|
2,174,146 |
|
|
Cash flows from investing activities: |
|
|
|
||||
|
Business combinations and other acquisitions, net of cash and restricted cash acquired |
|
(201,853 |
) |
|
|
(373,790 |
) |
|
Capital expenditures |
|
(449,556 |
) |
|
|
(490,913 |
) |
|
Principal payment received on notes receivable |
|
13,125 |
|
|
|
— |
|
|
Proceeds from business disposition, net of funds held for customers |
|
709,653 |
|
|
|
— |
|
|
Proceeds from sales of investments |
|
8,258 |
|
|
|
18,076 |
|
|
Other, net |
|
— |
|
|
|
6 |
|
|
Net cash provided by (used in) investing activities |
|
79,627 |
|
|
|
(846,621 |
) |
|
Cash flows from financing activities: |
|
|
|
||||
|
Changes in funds held for customers |
|
(156,589 |
) |
|
|
(84,592 |
) |
|
Changes in settlement processing assets and obligations, net |
|
139,819 |
|
|
|
789,702 |
|
|
Net borrowings from (repayments of) settlement lines of credit |
|
439,363 |
|
|
|
(184,454 |
) |
|
Net repayments of commercial paper notes |
|
— |
|
|
|
(1,367,859 |
) |
|
Proceeds from long-term debt |
|
4,899,113 |
|
|
|
7,637,904 |
|
|
Repayments of long-term debt |
|
(5,972,773 |
) |
|
|
(5,802,954 |
) |
|
Payments of debt issuance costs |
|
(41,414 |
) |
|
|
(33,056 |
) |
|
Repurchases of common stock |
|
(1,191,089 |
) |
|
|
(900,047 |
) |
|
Proceeds from stock issued under share-based compensation plans |
|
23,723 |
|
|
|
33,531 |
|
|
Common stock repurchased – share-based compensation plans |
|
(38,663 |
) |
|
|
(53,780 |
) |
|
Distributions to noncontrolling interests |
|
(49,179 |
) |
|
|
(29,356 |
) |
|
Contributions from noncontrolling interests |
|
1,145 |
|
|
|
2,116 |
|
|
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 |
|
(179,464 |
) |
|
|
(190,478 |
) |
|
Net cash used in financing activities |
|
(2,126,008 |
) |
|
|
(445,963 |
) |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
205,657 |
|
|
|
1,078 |
|
|
Increase in cash, cash equivalents and restricted cash |
|
300,656 |
|
|
|
882,640 |
|
|
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 |
$ |
3,036,631 |
|
|
$ |
3,139,515 |
|
Contacts
Investor contact:
[email protected]
Nathan Rozof
Media contact:
[email protected]
Matt Cochran
