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GPNGlobal Payments

Financials · Business Services · NYSE

Global Payments Inc. and its consolidated subsidiaries are referred to collectively as "Global Payments," the "Company," "we," "our" or "us," unless the context requires otherwise. 10-K, Item 1

Headquarters
Atlanta, GA
CEO
Cameron M. Bready
Next results
around Feb 17, 2027
Compare with peers → Embed
All key numbers (39, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)-4.66Sales (ttm)11.5BNet income (ttm)-1.3BSales growth-0.4%EPS growth-6.2%Sales Q/Q+63.7%
Free cash flow-169.0MGross margin61.5%Oper. margin6.8%Net margin-11.2%FCF margin-1.5%ROE-5.6%
ROA-2.1%R&D / sales-Dividend1.00Debt/Eq0.98Curr. ratio0.82Cash5.6B
Op. cash flow (ttm)728.1MEBITDA3.0BEBITDA margin38.7%Net debt17.0BQuick ratio0.82Interest cover2.77
ROIC3.1%Payout ratio17.3%Tax rate20.0%Stock pay / sales2.0%Shares out.264.6MShares Y/Y-5.0%
Book / share87.43Cash / share21.05Sales / share43.43Asset turnover0.18Days sales out.37Sales 3Y CAGR-5.0%
Sales 5Y CAGR+0.7%EPS 3Y CAGR+144%EPS 5Y CAGR+24.3%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Debt rose 33%$16.2B → $21.6B · Short-term + long-term debt at year end
  • Revenue growth slowed to -0.4%+4.8% → -0.4% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
  • Operating margin narrowed to 22.8%25.5% → 22.8% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

GPN against Financials peers

Ten years, side by side → · All 76 →
GrowthProfitBalanceCleanInsiders
GPNPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 76 companies, the better end on the right. Hover a dot for the company.

Sales growth
-0.4%68th of 76 · median +7.2%
Net margin
-11.2%74th of 76 · median 20.4%
Return on equity
-5.6%72nd of 74 · median 16.7%
Free cash flow margin
-1.5%46th of 49 · median 21.5%
Debt / equity (less is better)
0.9843rd of 62 · median 0.70
GPN and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
GPN Global Payments$11.5B -0.4%61.5%-11.2%-5.6%-1.5%0.98
FIS Fidelity National Information Services$12.9B +5.4%35.8%26.8%21.3%21.5%1.28
FITB Fifth Third Bancorp$11.7B +6.3%-21.9%7.7%23.8%0.54
HBAN Huntington Bancshares$10.4B +10.6%-24.0%7.7%28.1%0.73
WTW Willis Towers Watson$10.3B -2.2%-15.2%20.1%17.0%0.84
MTB M&T Bank$10.0B +4.4%-30.2%10.7%-0.71

From $8.5B of sales to $965.5M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $4.8BRevenue to Cost of revenue: $3.8BGross profit to Operating profit: $1.4BGross profit to Operating expenses: $3.4BOperating profit to Net profit: $965.5MOperating profit to Tax & other: $393.4M Revenue: $8.5B Revenue$8.5B +15% Y/Y Gross profit: $4.8B · 56% margin Gross profit$4.8B56% margin Cost of revenue: $3.8B · 44% of revenue Cost of revenue$3.8B44% of revenue Operating profit: $1.4B · 16% margin Operating profit$1.4B16% margin +52% Y/Y Operating expenses: $3.4B · 40% of revenue Operating expenses$3.4B40% of revenue Net profit: $965.5M · 11% margin Net profit$965.5M11% margin +65% Y/Y Tax & other: $393.4M · 5% of revenue Tax & other$393.4M5% of revenue

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From $9.0B of sales to $111.5M of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $5.2BRevenue to Cost of revenue: $3.8BGross profit to Operating profit: $640.2MGross profit to Operating expenses: $4.6BOperating profit to Net profit: $111.5MOperating profit to Tax & other: $528.7M Revenue: $9.0B Revenue$9.0B +5% Y/Y Gross profit: $5.2B · 58% margin Gross profit$5.2B58% margin Cost of revenue: $3.8B · 42% of revenue Cost of revenue$3.8B42% of revenue Operating profit: $640.2M · 7% margin Operating profit$640.2M7% margin −53% Y/Y Operating expenses: $4.6B · 51% of revenue Operating expenses$4.6B51% of revenue Net profit: $111.5M · 1% margin Net profit$111.5M1% margin −88% Y/Y Tax & other: $528.7M · 6% of revenue Tax & other$528.7M6% of revenue

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From $7.4B of sales to $986.2M of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $5.3BRevenue to Cost of revenue: $2.1BGross profit to Operating profit: $1.3BGross profit to Operating expenses: $4.0BOperating profit to Net profit: $986.2MOperating profit to Tax & other: $329.4M Revenue: $7.4B Revenue$7.4B −18% Y/Y Gross profit: $5.3B · 72% margin Gross profit$5.3B72% margin Cost of revenue: $2.1B · 28% of revenue Cost of revenue$2.1B28% of revenue Operating profit: $1.3B · 18% margin Operating profit$1.3B18% margin +106% Y/Y Operating expenses: $4.0B · 54% of revenue Operating expenses$4.0B54% of revenue Net profit: $986.2M · 13% margin Net profit$986.2M13% margin +785% Y/Y Tax & other: $329.4M · 4% of revenue Tax & other$329.4M4% of revenue

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From $7.7B of sales to $1.6B of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $5.7BRevenue to Cost of revenue: $2.0BGross profit to Operating profit: $2.0BGross profit to Operating expenses: $3.7BOperating profit to Net profit: $1.6BOperating profit to Tax & other: $404.1M Revenue: $7.7B Revenue$7.7B +5% Y/Y Gross profit: $5.7B · 74% margin Gross profit$5.7B74% margin Cost of revenue: $2.0B · 26% of revenue Cost of revenue$2.0B26% of revenue Operating profit: $2.0B · 26% margin Operating profit$2.0B26% margin +50% Y/Y Operating expenses: $3.7B · 48% of revenue Operating expenses$3.7B48% of revenue Net profit: $1.6B · 20% margin Net profit$1.6B20% margin +59% Y/Y Tax & other: $404.1M · 5% of revenue Tax & other$404.1M5% of revenue

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From $7.7B of sales to $1.4B of profit

FY2025, from the 10-K income statement
Revenue to Gross profit: $5.6BRevenue to Cost of revenue: $2.1BGross profit to Operating profit: $1.8BGross profit to Operating expenses: $3.8BOperating profit to Net profit: $1.4BOperating profit to Tax & other: $354.5M Revenue: $7.7B Revenue$7.7B +0% Y/Y Gross profit: $5.6B · 73% margin Gross profit$5.6B73% margin Cost of revenue: $2.1B · 27% of revenue Cost of revenue$2.1B27% of revenue Operating profit: $1.8B · 23% margin Operating profit$1.8B23% margin −11% Y/Y Operating expenses: $3.8B · 50% of revenue Operating expenses$3.8B50% of revenue Net profit: $1.4B · 18% margin Net profit$1.4B18% margin −11% Y/Y Tax & other: $354.5M · 5% of revenue Tax & other$354.5M5% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 3
  • !
    Net margin below the peer median-11.2% vs 20.4%
  • !
    Return on equity below 15%-5.6%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 6.0% → 18.2%

Balance sheet

1 of 3
  • !
    Interest covered less than 5 timesOperating income is 2.8× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.98 on the latest balance sheet (peer median 0.70)
  • !
    Current ratio below 1Current ratio 0.82
Debt / equity at each year end, FY2016 to FY2025: 1.69 → 0.94
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 9 years$2.0B last year
  • ✓
    Share count down over 5 years−19.5%
  • ✓
    Dividend per share up over 5 years$0.78 → $1.00
  • ✓
    Cash from operations above net income$2.7B vs $1.4B
Free cash flow, FY2016 to FY2025: 330.5M → 2.0B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026
Debt: $22.6B Debt$22.6B Long-term debt: $21.2B · 94% Long-term debt$21.2B · 94% Due within a year: $1.5B · 6% Due within a year$1.5B · 6% Next 12 months: $1.4B · 6% Next 12 months$1.4B · 6% Year 2: $3.8B · 17% Year 2$3.8B · 17% Year 3: $3.3B · 14% Year 3$3.3B · 14% Year 4: $5.0B · 22% Year 4$5.0B · 22% Year 5: $3.7B · 16% Year 5$3.7B · 16% After year 5: $5.5B · 24% After year 5$5.5B · 24%

The debt note's own lines, 2025-12-31

Line, as the company names itKindRateFixed or floatingAmount
Senior Unsecured Notes (Senior Notes)Secured–not stated$16.4B
Senior notesNotes and bonds–not stated$16.3B
1.500% convertible notes due March 1, 2031 (Convertible Debt)Convertible1.50%not stated$2.0B
1.500% convertible senior notes due March 1, 2031 (Convertible Debt)Convertible1.50%not stated$2.0B
4.500% senior notes due November 15, 2028 (Senior Notes)Notes and bonds4.50%not stated$1.7B
5.550% senior notes due November 15, 2035 (Senior Notes)Notes and bonds5.55%not stated$1.7B
4.875% senior notes due November 15, 2030 (Senior Notes)Notes and bonds4.88%not stated$1.7B
1.000% convertible notes due August 15, 2029 (Convertible Debt)Convertible1.00%not stated$1.5B
1.000% convertible senior notes due August 15, 2029 (Convertible Debt)Convertible1.00%not stated$1.5B
3.200% senior notes due August 15, 2029 (Senior Notes)Notes and bonds3.20%not stated$1.2B
1.200% senior notes due March 1, 2026 (Senior Notes)Notes and bonds1.20%not stated$1.1B
2.900% senior notes due May 15, 2030 (Senior Notes)Notes and bonds2.90%not stated$994.9M
5.200% senior notes due November 15, 2032 (Senior Notes)Notes and bonds5.20%not stated$990.2M
4.875% senior notes due March 17, 2031 (Senior Notes)Notes and bonds4.88%not stated$932.7M
4.800% senior notes due April 1, 2026 (Senior Notes)Notes and bonds4.80%not stated$752.8M
2.150% senior notes due January 15, 2027 (Senior Notes)Notes and bonds2.15%not stated$748.7M
2.900% senior notes due November 15, 2031 (Senior Notes)Notes and bonds2.90%not stated$745.1M
5.400% senior notes due August 15, 2032 (Senior Notes)Notes and bonds5.40%not stated$744.6M
4.150% senior notes due August 15, 2049 (Senior Notes)Notes and bonds4.15%not stated$741.6M
5.950% senior notes due August 15, 2052 (Senior Notes)Notes and bonds5.95%not stated$739.4M
4.950% senior notes due August 15, 2027 (Senior Notes)Notes and bonds4.95%not stated$498.4M
5.300% senior notes due August 15, 2029 (Senior Notes)Notes and bonds5.30%not stated$497.5M
4.450% senior notes due June 1, 2028 (Senior Notes)Notes and bonds4.45%not stated$460.6M
Line of Credit–4.43%not stated$345.0M
Other borrowings––not stated$136.0M
All 25 lines

From the debt note in the 10-K's XBRL (0001123360-26-000008), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 7.7B Net income 1.4B
FY2016 revenue 3.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001123360-19-000008 FY2016 net income 201.8M · NetIncomeLoss, 0001123360-19-000008 3.4B FY2016 FY2017 revenue 4.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001123360-20-000009 FY2017 net income 468.4M · NetIncomeLoss, 0001123360-20-000009 4.0B FY2017 FY2018 revenue 3.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001123360-21-000009 FY2018 net income 452.1M · NetIncomeLoss, 0001123360-21-000009 3.4B FY2018 FY2019 revenue 4.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001123360-22-000007 FY2019 net income 430.6M · NetIncomeLoss, 0001123360-22-000007 4.9B FY2019 FY2020 revenue 7.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001123360-23-000009 FY2020 net income 584.5M · NetIncomeLoss, 0001123360-23-000009 7.4B FY2020 FY2021 revenue 8.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001123360-24-000004 FY2021 net income 965.5M · NetIncomeLoss, 0001123360-24-000004 8.5B FY2021 FY2022 revenue 9.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001123360-25-000011 FY2022 net income 111.5M · NetIncomeLoss, 0001123360-25-000011 9.0B FY2022 FY2023 revenue 7.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001123360-26-000008 FY2023 net income 986.2M · NetIncomeLoss, 0001123360-26-000008 7.4B FY2023 FY2024 revenue 7.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001123360-26-000008 FY2024 net income 1.6B · NetIncomeLoss, 0001123360-26-000008 7.7B FY2024 FY2025 revenue 7.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001123360-26-000008 FY2025 net income 1.4B · NetIncomeLoss, 0001123360-26-000008 7.7B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

GPN's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Revenue7.7B
FY2016: 3.4BFY2017: 4.0BFY2018: 3.4BFY2019: 4.9BFY2020: 7.4BFY2021: 8.5BFY2022: 9.0BFY2023: 7.4BFY2024: 7.7BFY2025: 7.7B FY2017FY2019FY2021FY2023FY2025
Net income1.4B
FY2016: 201.8MFY2017: 468.4MFY2018: 452.1MFY2019: 430.6MFY2020: 584.5MFY2021: 965.5MFY2022: 111.5MFY2023: 986.2MFY2024: 1.6BFY2025: 1.4B FY2017FY2019FY2021FY2023FY2025
Free cash flow2.0B
FY2016: -FY2017: 330.5MFY2018: 892.8MFY2019: 1.1BFY2020: 1.9BFY2021: 2.3BFY2022: 1.6BFY2023: 1.9BFY2024: 2.4BFY2025: 2.0B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)5.78
FY2016: 1.37FY2017: 3.01FY2018: 2.84FY2019: 2.16FY2020: 1.95FY2021: 3.29FY2022: 0.40FY2023: 3.77FY2024: 6.16FY2025: 5.78 FY2017FY2019FY2021FY2023FY2025
Dividend per share1.00
FY2016: -FY2017: 0.04FY2018: 0.04FY2019: 0.23FY2020: 0.78FY2021: 0.89FY2022: 1.00FY2023: 1.00FY2024: 1.00FY2025: 1.00 FY2017FY2019FY2021FY2023FY2025
Diluted shares242.0M
FY2016: -FY2017: 155.5MFY2018: 159.3MFY2019: 199.1MFY2020: 300.5MFY2021: 293.7MFY2022: 275.6MFY2023: 261.7MFY2024: 254.8MFY2025: 242.0M FY2017FY2019FY2021FY2023FY2025

The segments changed

10-K filed 2026-02-20

Compared with the 10-K of Feb 14, 2025: no longer reported: Issuer Solutions.

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Merchant Solutions 7.7B100.0% -0.4%
Consumer Solutions 00.0% -

10-K 0001123360-26-000008, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue3.4B4.0B3.4B4.9B7.4B8.5B9.0B7.4B7.7B7.7B
Cost of revenue1.6B1.9B1.1B2.1B3.7B3.8B3.8B2.1B2.0B2.1B
SG&A1.4B1.5B1.5B2.0B2.9B3.4B3.5B3.9B4.0B4.1B
Operating income356.3M558.9M737.1M791.4M894.0M1.4B640.2M1.3B2.0B1.8B
Interest expense-174.3M195.5M301.2M326.8M328.0M437.0M627.6M608.4M633.5M
Pretax income257.0M392.7M562.2M517.9M594.0M1.0B224.3M781.7M1.5B1.3B
Income tax36.3M-101.4M77.5M62.2M77.2M169.0M166.7M186.5M241.5M251.6M
Net income201.8M468.4M452.1M430.6M584.5M965.5M111.5M986.2M1.6B1.4B
EPS (diluted)1.373.012.842.161.953.290.403.776.165.78
Diluted shares-155.5M159.3M199.1M300.5M293.7M275.6M261.7M254.8M242.0M
Depreciation & amortization-451.2M522.8M878.3M1.6B1.7B1.7B1.1B1.2B1.2B
EBITDA-1.0B1.3B1.7B2.5B3.1B2.3B2.5B3.2B3.0B
Operating margin10.6%14.1%21.9%16.1%12.0%15.9%7.1%17.8%25.5%22.8%
Net margin6.0%11.8%13.4%8.8%7.9%11.3%1.2%13.4%20.3%18.2%
Revenue growth-+17.9%-15.3%+45.9%+51.1%+14.8%+5.3%-17.8%+4.8%-0.4%
EPS growth-+120%-5.6%-23.9%-9.7%+68.7%-87.8%+842%+63.4%-6.2%

Balance sheet

From EDGAR

Cash flow

From EDGAR

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)-39.1M57.8M89.6M148.8M180.8M163.3M209.0M164.2M153.6M
Stock-based pay / revenue-1.0%1.7%1.8%2.0%2.1%1.8%2.8%2.1%2.0%
Operating lease cost---85.9M147.0M195.6M137.8M73.0M85.3M62.6M
Operating lease cash paid---70.4M117.7M123.6M120.7M78.3M62.2M62.7M
Finance lease principal paid----11.2M22.6M21.2M10.4M12.8M21.6M
Right-of-use assets--236.0M436.8M481.2M494.1M360.5M301.4M247.5M250.4M
Operating lease liabilities--274.0M486.3M551.7M654.3M519.8M492.9M383.6M363.9M
Finance lease liabilities--033.0M76.0M64.4M32.4M15.6M10.9M21.3M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on GPN in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/GPN/export.csv") into a cell.