Third Quarter 2026 Results
• Third quarter 2026 GAAP diluted earnings per share (EPS) of $1.06 and adjusted EPS of $3.58, an increase of 10%.
• Third quarter 2026 GAAP revenue of $3.31 billion and adjusted net revenue of $3.18 billion. On a normalized basis 1 , adjusted net revenue accelerated sequentially to more than 4%.
• Raises expectations for annual run-rate Worldpay integration expense synergies to $650 million.
ATLANTA -- Global Payments Inc. (NYSE: GPN) today announced results for the third quarter ending September 30, 2026.
“We delivered third quarter results consistent with our expectations, reflecting the ongoing disciplined execution of our team members worldwide,” said Cameron Bready, chief executive officer. “We continue to make substantial progress integrating Worldpay, giving us confidence to increase our run-rate expense synergy target to $650 million. With the foundation of the combined company firmly established, we are sharply focused on executing our strategy and positioning Global Payments as the worldwide partner of choice for commerce solutions.”
Bready continued, “Our strategy is anchored in delivering differentiated products and solutions, providing a distinctive client and partner experience, and harnessing our unmatched scale and distribution to deepen relationships, expand our reach and drive sustainable growth."
Bready concluded, “We are also pleased to have returned more than $1.4 billion in capital to shareholders year-to-date, underscoring our continued commitment to our capital allocation priorities.”
• Adjusted net revenues increased approximately 31% to $3.18 billion. On a normalized basis 1 , consistent with our full-year outlook, adjusted net revenue increased over 4%. Adjusted operating margin expanded 220 basis points on a normalized basis 1 to 42.5%.
1 Normalized comparisons include the pre-acquisition results of Worldpay and exclude the results of Issuer Solutions and other divested businesses, as presented in Exhibit 99.2 to the Company's Current Report on Form 8-K filed on August 5, 2026. 1
“Our third quarter financial performance demonstrates the durability of our business model and our ability to generate sustainable growth, margin expansion and strong free cash flow,” said Josh Whipple, chief financial officer. “We remain focused on driving commercial excellence, realizing the benefits of our increased scale and rigorous integration execution as we build on the financial strength of the combined company.”
Whipple continued, “Our full year outlook is unchanged. We continue to expect normalized 1 , constant currency adjusted net revenue growth of approximately 4% – 5% and adjusted earnings per share of $13.60 – $13.80 for the full year. We continue to expect normalized 1 adjusted operating margin expansion of approximately 150 basis points for the full year and to return more than $2 billion of capital to shareholders in 2026.”
Global Payments’ Board of Directors approved a dividend of $0.25 per share payable on December 24, 2026 to shareholders of record as of December 10, 2026.
Global Payments’ management will host a live audio webcast today, November 5, 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.
Global Payments supplements its reporting of revenue, operating income, operating margin, net income attributable to Global Payments, earnings per share, free cash flow, and free cash flow conversion with certain non-GAAP financial measures. These non-GAAP financial measures include adjusted revenue, adjusted operating income, adjusted operating margin, adjusted net income attributable to Global Payments, adjusted earnings per share, adjusted free cash flow, and adjusted free cash flow conversion. 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.
We believe these non-GAAP financial measures assist investors with evaluating the performance of our business. Management uses these non-GAAP financial measures to focus on the factors that it believes are relevant to managing our business, operations, and performance. Any non-GAAP financial measures should be considered in context with our reporting in accordance with GAAP and should not be 2 considered in isolation or as a substitute for GAAP measures. 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.
Global Payments Inc. (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.
This earnings release and associated webcast contain forward-looking statements, which are made pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may include, but are not limited to, statements we make regarding our business strategy and means to implement the strategy; measures of future financial performance or results of operations; operating metrics such as shares outstanding and capital expenditures; liquidity and deleveraging plans and capital available for allocation; the strategic rationale and anticipated benefits of acquisitions or dispositions, including our acquisition of Worldpay and divestiture of our Issuer Solutions business; the development and introduction of new services and expansion of our business; 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,” “plans,” “anticipates,” “projects,” “estimates,” “forecast,” “budget,” “could,” “should,” “may,” “will,” “would,” or words of similar meaning.
Forward-looking statements are based on current expectations, estimates and projections about our business and the industry and geographies in which we operate, and on the beliefs of, and assumptions made by, our management. Although we believe that the plans and expectations reflected in any forward- looking statements are based on reasonable assumptions, actual events, outcomes and results may differ materially from what is expressed or forecasted in forward-looking statements. Accordingly, we cannot guarantee or give assurance that our plans and expectations will be achieved. 3 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; failing to fully realize anticipated cost savings and other anticipated benefits of the acquisition of Worldpay, either when expected or at all; business disruptions from the acquisition of Worldpay that may harm our business or operations; 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; 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; our ability to safeguard our data; risks associated with our indebtedness; 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; 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 readers are cautioned not to place undue reliance on 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 and do not intend to publicly update or revise these forward-looking statements, except as required by law.
Investor investor.relatio… Media contact: media.relations@… contact: Nathan Rozof, CFA Matt Cochran
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 to the most comparable GAAP measure, and Schedule 10 for a discussion of non-GAAP financial measures. 6
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.
September 30, 2026 December 31, 2025 ────────────────────────────────────────────────────────────────────────────── ASSETS Current assets: Cash and cash equivalents $ 5,570,261 $ 8,336,402 Accounts receivable, net 1,614,201 784,174 Settlement processing 2,809,192 1,476,543 assets Prepaid expenses and other current 1,033,447 802,018 assets Current assets of discontinued — 1,203,534 operations Total current assets 11,027,101 12,602,671 Goodwill 26,991,930 17,076,624 Other intangible assets, 18,577,954 4,231,227 net Property and equipment, net 2,342,776 1,501,763 Deferred income taxes 349,343 171,430 Notes receivable 856,841 816,810 Other noncurrent assets 2,276,411 1,868,788 Noncurrent assets of discontinued — 15,069,171 operations Total assets $ 62,422,356 $ 53,338,484 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Current liabilities: Settlement lines of credit $ 1,167,929 $ 345,007 Current portion of 1,455,324 1,920,792 long-term debt Accounts payable and 3,659,311 2,542,627 accrued liabilities Settlement processing 5,971,235 1,720,608 obligations Income taxes payable 1,238,519 117,509 Current liabilities of discontinued — 810,301 operations Total current liabilities 13,492,318 7,456,844 Long-term debt 21,080,837 19,541,512 Deferred income taxes 2,840,319 1,605,504 Other noncurrent 1,035,794 522,121 liabilities Noncurrent liabilities of discontinued — 433,022 operations Total liabilities 38,449,268 29,559,003 Commitments and contingencies Redeemable noncontrolling 202,181 201,003 interests 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, 2026 and December 31, 2025; 264,555,011 shares issued and — — outstanding at September 30, 2026 and 236,692,592 shares issued and outstanding at December 31, 2025 Paid-in capital 19,307,175 17,078,652 Retained earnings 4,225,665 5,936,322 Accumulated other -396,921 -126,207 comprehensive loss Total Global Payments shareholders’ 23,135,919 22,888,767 equity Nonredeemable 634,988 689,711 noncontrolling interests Total equity 23,770,907 23,578,478 Total liabilities, redeemable $ 62,422,356 $ 53,338,484 noncontrolling interests and equity
Nine Months September 30, September 30, Ended 2026 2025 ────────────────────────────────────────────────────────────────────────────── Cash flows from operating activities: Net income $ -1,459,932 $ 1,219,465 (loss) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization of 373,725 319,726 property and equipment Amortization of acquired 2,259,141 759,634 intangibles Amortization of capitalized 81,141 100,005 contract costs Share-based compensation 91,476 114,821 expense Provision for operating 104,450 60,340 losses and credit losses Noncash lease 48,037 35,575 expense Deferred income -945,497 83,738 taxes Paid-in-kind interest capitalized to -51,207 -43,192 principal of notes receivable Equity in income of equity method -59,111 -55,055 investments, net of tax Distributions received on — 7,512 investments Impairment of — 33,218 goodwill Gain on business -22,174 -348,151 dispositions Other, net 79,228 25,364 Changes in operating assets and liabilities, net of the effects of business combinations:
Accounts -182,419 -125,307 receivable Prepaid expenses and -351,654 -158,424 other assets Income taxes 1,123,713 94,797 payable Accounts payable and -876,008 17,314 other liabilities Net cash provided by 212,909 2,141,380 operating activities Cash flows from investing activities: Business combinations and other acquisitions, -740,516 -201,853 net of cash and restricted cash acquired Capital -728,937 -449,556 expenditures Principal payments received on 13,125 13,125 notes receivable Net cash from sales of 7,362,347 709,653 businesses Proceeds from sales of — 8,258 investments Net cash provided by 5,906,019 79,627 investing activities Cash flows from financing activities: Changes in funds held for -73,441 -156,589 customers Changes in settlement processing assets -573,242 139,819 and obligations, net Net borrowings from settlement 856,881 439,363 lines of credit Net borrowings from commercial 699,401 — paper notes Proceeds from 11,642,241 4,899,113 long-term debt Repayments of -20,411,254 -5,972,773 long-term debt Payments of debt issuance -9,798 -41,414 costs Repurchases of -1,239,988 -1,191,089 common stock Proceeds from stock issued under 19,014 23,723 share-based compensation plans Common stock repurchased - share-based -35,070 -38,663 compensation plans Distributions to -48,666 -49,179 noncontrolling interests Contributions from — 1,145 noncontrolling interests Dividends paid -200,713 -179,464 Net cash used in financing -9,374,635 -2,126,008 activities Effect of exchange rate changes on cash, -43,572 205,657 cash equivalents and restricted cash Increase (decrease) in cash, cash -3,299,279 300,656 equivalents and restricted cash Cash, cash equivalents and restricted 9,116,414 2,735,975 cash, beginning of the period Cash, cash equivalents and restricted $ 5,817,135 $ 3,036,631 cash, end of the period
(1) Include adjustments to revenues for gross-up related payments (included in operating expenses) associated with certain lines of business to reflect economic benefits to the company. For the three months ended September 30, 2025, net revenue adjustments also include eliminations for services provided by discontinued operations to our continuing operations.
(2) For the three months ended September 30, 2026, earnings adjustments to operating income include $763.4 million in cost of service (COS) and $343.7 million in selling, general and administrative expenses (SG&A). Adjustments to COS include amortization of acquired intangibles of $754.5 million and other items of $8.9 million. Adjustments to SG&A include acquisition, integration and separation expenses of $222.4 million, charges for business transformation activities of $51.1 million, employee termination benefits of $62.7 million, and other items of $7.5 million.
For the three months ended September 30, 2025, earnings adjustments to operating income (inclusive of discontinued operations) include $343.1 million of amortization of acquired intangibles in COS and $231.7 million in SG&A. Adjustments to SG&A include acquisition, integration and separation expenses of $104.6 million, facilities exit charges of $4.9 million, charges for business transformation activities of $100.6 million, modernization charges of $9.5 million, employee termination benefits of $4.3 million, and other items of $7.8 million.
Earnings adjustments for the three months ended September 30, 2025, also include the add back of $169.6 million of depreciation and amortization (D&A) of long- lived assets which is no longer recognized under GAAP once the assets are classified as discontinued operations.
For the three months ended September 30, 2025, earnings adjustments to operating income also include the elimination of a $343.9 million gain on business disposition.
(3) Income taxes on adjustments reflect the tax effect of earnings adjustments to income before income taxes. The tax rate used in determining the tax impact of earnings adjustments is either the jurisdictional statutory rate in effect at the time of the adjustment or the jurisdictional expected annual effective tax rate for the period, depending on the nature and timing of the adjustment. For the three months ended September 30, 2025, the tax expense adjustment related to the gain on business disposition is higher than the expense at the statutory rate by $92.5 million due to the derecognition of goodwill that is not deductible for tax reporting purposes.
(1) Include adjustments to revenues for gross-up related payments (included in operating expenses) associated with certain lines of business to reflect economic benefits to the company. Net revenue adjustments also include eliminations for services provided by discontinued operations to our continuing operations.
(2) For the nine months ended September 30, 2026, earnings adjustments to operating income (inclusive of discontinued operations) include $2,286.9 million in COS and $973.0 million in SG&A. Adjustments to COS include amortization of acquired intangibles of $2,259.1 million, acquisition, integration and separation expenses of $0.6 million, and other items of $27.2 million. Adjustments to SG&A include acquisition, integration and separation expenses of $671.0 million, facilities exit charges of $4.8 million, charges for business transformation activities of $187.1 million, employee termination benefits of $94.8 million, and other items of $15.3 million.
For the nine months ended September 30, 2026, earnings adjustments to operating income also include the elimination of a $22.2 million gain on business disposition for Discontinued Operations.
For the nine months ended September 30, 2025, earnings adjustments to operating income (inclusive of discontinued operations) included $1,008.0 million of amortization of acquired intangibles in COS and $545.9 million in SG&A. Adjustments to SG&A included acquisition, integration and separation expenses of $157.4 million, facilities exit charges of $14.8 million, charges for business transformation activities of $276.4 million (including non-cash write-down), modernization charges of $27.2 million, employee termination benefits of $28.9 million, charges related to the resolution of a certain legal matter of $18.3 million, and other items of $22.9 million.
Earnings adjustments for the nine months ended September 30, 2025, also include the add back of $309.7 million of D&A of long-lived assets which is no longer recognized under GAAP once the assets are classified as discontinued operations.
For the nine months ended September 30, 2025, earnings adjustments to operating income also included a $33.2 million noncash goodwill impairment charge in connection with the classification of our Issuer Solutions business as assets held for sale, and the elimination of a $348.2 million gain on business dispositions.
(3) Income taxes on adjustments reflect the tax effect of earnings adjustments to income before income taxes. The tax rate used in determining the tax impact of earnings adjustments is either the jurisdictional statutory rate in effect at the time of the adjustment or the jurisdictional expected annual effective tax rate for the period, depending on the nature and timing of the adjustment. For the nine months ended September 30, 2026, income taxes on adjustments include the removal of $1,573.8 million in tax charges related to discontinued operations. In addition, for the nine months ended September 30, 2025, the tax expense adjustment related to gains on business dispositions is higher than the expense at the statutory rate by $294.5 million due to the derecognition of goodwill that is not deductible for tax reporting purposes.
RECONCILIATION OF SEGMENT NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES (UNAUDITED)
(1) Include adjustments to revenues for gross-up related payments (included in operating expenses) associated with certain lines of business to reflect economic benefits to the company. For the three months ended September 30, 2025, net revenue adjustments also include eliminations for services provided by discontinued operations to our continuing operations.
(2) For the three months ended September 30, 2026, earnings adjustments to operating income include $763.4 million in COS and $343.7 million in SG&A. Adjustments to COS include amortization of acquired intangibles of $754.5 million and other items of $8.9 million. Adjustments to SG&A include acquisition, integration and separation expenses of $222.4 million, charges for business transformation activities of $51.1 million, employee termination benefits of $62.7 million, and other items of $7.5 million.
For the three months ended September 30, 2025, earnings adjustments to operating income (inclusive of discontinued operations) include $343.1 million of amortization of acquired intangibles in COS and $231.7 million in SG&A. Adjustments to SG&A include acquisition, integration and separation expenses of $104.6 million, facilities exit charges of $4.9 million, charges for business transformation activities of $100.6 million, modernization charges of $9.5 million, employee termination benefits of $4.3 million, and other items of $7.8 million.
Earnings adjustments for the three months ended September 30, 2025, also include the add back of $169.6 million of D&A of long-lived assets which is no longer recognized under GAAP once the assets are classified as discontinued operations.
For the three months ended September 30, 2025, earnings adjustments to operating income also include the elimination of a $343.9 million gain on business disposition.
RECONCILIATION OF SEGMENT NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES (UNAUDITED)
(1) Include adjustments to revenues for gross-up related payments (included in operating expenses) associated with certain lines of business to reflect economic benefits to the company. Net revenue adjustments also include eliminations for services provided by discontinued operations to our continuing operations.
(2) For the nine months ended September 30, 2026, earnings adjustments to operating income (inclusive of discontinued operations) include $2,286.9 million in COS and $973.0 million in SG&A. Adjustments to COS include amortization of acquired intangibles of $2,259.1 million, acquisition, integration and separation expenses of $0.6 million, and other items of $27.2 million. Adjustments to SG&A include acquisition, integration and separation expenses of $671.0 million, facilities exit charges of $4.8 million, charges for business transformation activities of $187.1 million, employee termination benefits of $94.8 million, and other items of $15.3 million.
For the nine months ended September 30, 2026, earnings adjustments to operating income also include the elimination of a $22.2 million gain on business disposition for Discontinued Operations.
For the nine months ended September 30, 2025, earnings adjustments to operating income (inclusive of discontinued operations) included $1,008.0 million of amortization of acquired intangibles in COS and $545.9 million in SG&A. Adjustments to SG&A included acquisition, integration and separation expenses of $157.4 million, facilities exit charges of $14.8 million, charges for business transformation activities of $276.4 million (including non-cash write-down), modernization charges of $27.2 million, employee termination benefits of $28.9 million, charges related to the resolution of a certain legal matter of $18.3 million, and other items of $22.9 million.
Earnings adjustments for the nine months ended September 30, 2025, also include the add back of $309.7 million of D&A of long-lived assets which is no longer recognized under GAAP once the assets are classified as discontinued operations.
For the nine months ended September 30, 2025, earnings adjustments to operating income also included a $33.2 million noncash goodwill impairment charge in connection with the classification of our Issuer Solutions business as assets held for sale, and the elimination of a $348.2 million gain on business dispositions.
2026 Growth Revenues: GAAP revenues 68% to 69% Adjustments incl Worldpay Proforma(1) (66)% FX impact 0% Constant currency (CC) adj net revenue 2% to 3% Dispositions 2% CC adjusted net revenue excluding 4% to 5% dispositions Earnings Per Share: GAAP diluted EPS (186)% to (188)% Adjustments(2) 199% FX impact 0% CC adjusted EPS 11% to 13%
(1) Include adjustments to revenues for gross-up related payments (included in operating expenses) associated with certain lines of business to reflect economic benefit to the company. Net revenue adjustments also include the effect of discontinued operations.
(2) Adjustments to 2025 GAAP diluted EPS include the removal of 1) acquisition accounting fair value adjustments for software-related contract liabilities associated with acquired businesses of $0.01, 2) acquisition-related amortization expense of $4.42, 3) acquisition, integration, and separation expense of $1.06, 4) charges for business transformation activities of $1.27, 5) employee termination benefits of $0.10, 6) modernization charges of $0.12, 7) facilities exit charges of $0.06, 8) goodwill impairment of $0.11, 9) gain/loss on business dispositions of $(0.49), 10) add back of D&A of long-lived assets which is no longer recognized under GAAP once the assets are classified as discontinued operations of $(1.43), 11) other income and expense of $0.19, 12) equity method investment earnings from our interest in a private equity investment fund of $(0.20), 13) discrete tax items of $1.18, 14) other items of $0.04, 15) the effect of noncontrolling interests and income taxes, as applicable.
Global Payments supplements revenues, operating income, operating margin, net income attributable to Global Payments, and earnings per share (EPS) determined in accordance with U.S. GAAP by providing these measures with certain adjustments (such measures being non-GAAP financial measures) in this document 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. Management uses these non-GAAP financial measures, together with other metrics, to set goals for and measure the performance of the business and to determine incentive compensation. Adjusted net revenue, adjusted operating income, adjusted operating margin, adjusted net income attributable to Global Payments, and adjusted EPS should be considered in addition to, and not as substitutes for, revenues, operating income, and EPS determined in accordance with GAAP. The non-GAAP financial measures reflect management's judgment of particular items, and may not be comparable to similarly titled measures reported by other companies.
Adjusted net revenue excludes gross-up related payments associated with certain lines of business to reflect economic benefits to the company. On a GAAP basis, these payments are presented gross in both revenues and operating expenses. Management believes adjusted net revenue more closely reflects the economic benefits to the company's core business and allows for better comparisons with industry peers.
Adjusted operating income, adjusted operating margin, adjusted net income attributable to Global Payments and adjusted EPS exclude acquisition-related amortization expense, acquisition, integration, separation and transformation expense, gains or losses on business dispositions, and certain other items specific to each reporting period as more fully described in the accompanying reconciliations in Schedules 6 and 7. In addition depreciation expense of certain acquired technology assets is also excluded, as it is a noncash expense and, based on its nature, is impacted by future integration initiatives. Excluding such depreciation expense supplements GAAP information with a measure that can be used to assess the comparability of operating performance across periods, as such assets were recognized as part of acquisition accounting. The tax rate used in determining the income tax impact of earnings adjustments is either the jurisdictional statutory rate in effect at the time of the adjustment or the jurisdictional expected annual effective tax rate for the period, depending on the nature and timing of the adjustment. In addition, income taxes on adjustments include the removal of tax charges related to business dispositions. Adjusted operating margin is derived by dividing adjusted operating income by adjusted net revenue. 14
Full text with the tables
Global Payments Reports
Third Quarter 2026 Results
November 5, 2026
• Third quarter 2026 GAAP diluted earnings per share (EPS) of $1.06 and adjusted
EPS of $3.58, an increase of 10%.
• Third quarter 2026 GAAP revenue of $3.31 billion and adjusted net revenue of
$3.18 billion. On a normalized basis 1 , adjusted net revenue accelerated
sequentially to more than 4%.
• Reaffirms 2026 full year outlook and capital return plan.
• Raises expectations for annual run-rate Worldpay integration expense synergies
to $650 million.
ATLANTA -- Global Payments Inc. (NYSE: GPN) today announced results for the
third quarter ending September 30, 2026.
“We delivered third quarter results consistent with our expectations, reflecting
the ongoing disciplined execution of our team members worldwide,” said Cameron
Bready, chief executive officer. “We continue to make substantial progress
integrating Worldpay, giving us confidence to increase our run-rate expense
synergy target to $650 million. With the foundation of the combined company
firmly established, we are sharply focused on executing our strategy and
positioning Global Payments as the worldwide partner of choice for commerce
solutions.”
Bready continued, “Our strategy is anchored in delivering differentiated
products and solutions, providing a distinctive client and partner experience,
and harnessing our unmatched scale and distribution to deepen relationships,
expand our reach and drive sustainable growth."
Bready concluded, “We are also pleased to have returned more than $1.4 billion
in capital to shareholders year-to-date, underscoring our continued commitment
to our capital allocation priorities.”
Third Quarter 2026 Summary
• GAAP revenues were $3.31 billion and diluted earnings per share were $1.06.
• Adjusted net revenues increased approximately 31% to $3.18 billion. On a
normalized basis 1 , consistent with our full-year outlook, adjusted net revenue
increased over 4%. Adjusted operating margin expanded 220 basis points on a
normalized basis 1 to 42.5%.
• Adjusted EPS increased 10% to $3.58.
1 Normalized comparisons include the pre-acquisition results of Worldpay and
exclude the results of Issuer Solutions and other divested businesses, as
presented in Exhibit 99.2 to the Company's Current Report on Form 8-K filed on
August 5, 2026.
1
2026 Outlook
“Our third quarter financial performance demonstrates the durability of our
business model and our ability to generate sustainable growth, margin expansion
and strong free cash flow,” said Josh Whipple, chief financial officer. “We
remain focused on driving commercial excellence, realizing the benefits of our
increased scale and rigorous integration execution as we build on the financial
strength of the combined company.”
Whipple continued, “Our full year outlook is unchanged. We continue to expect
normalized 1 , constant currency adjusted net revenue growth of approximately 4%
– 5% and adjusted earnings per share of $13.60 – $13.80 for the full year. We
continue to expect normalized 1 adjusted operating margin expansion of
approximately 150 basis points for the full year and to return more than $2
billion of capital to shareholders in 2026.”
Capital Allocation
Global Payments’ Board of Directors approved a dividend of $0.25 per share
payable on December 24, 2026 to shareholders of record as of December 10, 2026.
Conference Call
Global Payments’ management will host a live audio webcast today, November 5,
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 its reporting of revenue, operating income,
operating margin, net income attributable to Global Payments, earnings per
share, free cash flow, and free cash flow conversion with certain non-GAAP
financial measures. These non-GAAP financial measures include adjusted revenue,
adjusted operating income, adjusted operating margin, adjusted net income
attributable to Global Payments, adjusted earnings per share, adjusted free cash
flow, and adjusted free cash flow conversion. 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.
We believe these non-GAAP financial measures assist investors with evaluating
the performance of our business. Management uses these non-GAAP financial
measures to focus on the factors that it believes are relevant to managing our
business, operations, and performance. Any non-GAAP financial measures should be
considered in context with our reporting in accordance with GAAP and should not
be
2
considered in isolation or as a substitute for GAAP measures. 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 Inc. (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
This earnings release and associated webcast contain forward-looking statements,
which are made pursuant to the "safe-harbor" provisions of the Private
Securities Litigation Reform Act of 1995.
Forward-looking statements may include, but are not limited to, statements we
make regarding our business strategy and means to implement the strategy;
measures of future financial performance or results of operations; operating
metrics such as shares outstanding and capital expenditures; liquidity and
deleveraging plans and capital available for allocation; the strategic rationale
and anticipated benefits of acquisitions or dispositions, including our
acquisition of Worldpay and divestiture of our Issuer Solutions business; the
development and introduction of new services and expansion of our business; 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,” “plans,” “anticipates,”
“projects,” “estimates,” “forecast,” “budget,” “could,” “should,” “may,” “will,”
“would,” or words of similar meaning.
Forward-looking statements are based on current expectations, estimates and
projections about our business and the industry and geographies in which we
operate, and on the beliefs of, and assumptions made by, our management.
Although we believe that the plans and expectations reflected in any forward-
looking statements are based on reasonable assumptions, actual events, outcomes
and results may differ materially from what is expressed or forecasted in
forward-looking statements. Accordingly, we cannot guarantee or give assurance
that our plans and expectations will be achieved.
3
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; failing to fully
realize anticipated cost savings and other anticipated benefits of the
acquisition of Worldpay, either when expected or at all; business disruptions
from the acquisition of Worldpay that may harm our business or operations;
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; 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; our ability to safeguard our data; risks associated with our
indebtedness; 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; 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
readers are cautioned not to place undue reliance on 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
and do not intend to publicly update or revise these forward-looking statements,
except as required by law.
Investor investor.relatio… Media contact: media.relations@…
contact:
Nathan Rozof, CFA Matt Cochran
Source: Global Payments Inc.
4
SCHEDULE 1
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands, except per share data)
T… N…
M… M…
E… Se… % E… Se… %
2… 30, 2… C… 2… 30, 2… C…
──────────────────────────────────────────────────────────────────────────────
R… $ 3,… $ 2,… 63… % $ 9,… $ 5,… 65… %
O…
e…
C…
of 1,… 55… 13… % 3,… 1,… 14… %
s…
S…
g… 1,… 1,… 71… % 5,… 3,… 70… %
a…
a…
I…
of — — nm — 33… nm
g…
G…
on — -3… nm — -3… nm
b…
d…
3,… 1,… 9,… 4,…
O… 24… 77… -6… % 56… 1,… -6… %
i…
I…
a… 34… 21… 58… % 11… 95… 18… %
o…
i…
I…
a… -2… -1… 91… % -7… -4… 78… %
o…
e…
-2… -1… -6… -3…
I…
(…
f…
c…
o…
b…
i…
t… 4,… 65… -9… % -1… 1,… -1… %
a…
e…
in
i…
of
e…
m…
i…
I…
t… -6… 19… -1… % -8… 28… -1… %
e…
(…
I…
(…
f…
c…
o…
b…
e… 70… 45… -8… % -3… 90… -1… %
in
i…
of
e…
m…
i…
E…
in
i…
of
e… 17… 16… 4.2 % 59… 55… 7.3 %
m…
i…
n…
of
t…
I…
f… 88… 46… 26… 95…
c…
o…
I…
(…
f…
d… 20… 19… 5.2 % -1… 26… nm
o…
n…
of
t…
N…
i… 29… 66… -5… % -1… 1,… nm
(…
N…
i…
a… -9… -2… -6… % -4… -3… 25… %
to
n…
i…
N…
i…
(…
a… $ 28… $ 63… -5… % $ -1… $ 1,… nm
to
G…
P…
B…
e…
(…
p…
s…
a…
to
G…
P…
C… $ 0.… $ 1.… -8… % $ -0… $ 3.… -1… %
o…
D… $ 0.… $ 0.… nm $ -5… $ 1.… nm
o…
T…
b…
e…
(…
p… $ 1.… $ 2.… -6… % $ -5… $ 4.… nm
s…
a…
to
G…
P…
D…
e…
(…
p…
s…
a…
to
G…
P…
C… $ 0.… $ 1.… -8… % $ -0… $ 3.… -1… %
o…
D… $ 0.… $ 0.… nm $ -5… $ 1.… nm
o…
T…
d…
e…
(…
p… $ 1.… $ 2.… -5… % $ -5… $ 4.… nm
s…
a…
to
G…
P…
Note: nm = not meaningful.
5
SCHEDULE 2
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands, except per share data)
Th… N…
Mo… M…
En… Se… % E… Se… %
20… 30, 20… C… 2… 30, 2… C…
──────────────────────────────────────────────────────────────────────────────
A…
n… $ 3,… $ 2,… 31… % $ 9,… $ 6,… 31… %
r…
A…
o… $ 1,… $ 1,… 23… % $ 3,… $ 3,… 24… %
i…
A…
n…
i…
a… $ 94… $ 78… 21… % $ 2,… $ 2,… 22… %
to
G…
P…
A…
d…
e…
p…
s… $ 3.… $ 3.… 9.8 % $ 10… $ 9.… 10… %
a…
to
G…
P…
--------------------------------------------------------------------------------
--
Note: Financials include the impact of the sold Issuer Solutions business.
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 to the most
comparable GAAP measure, and Schedule 10 for a discussion of non-GAAP financial
measures.
6
SCHEDULE 3
SEGMENT INFORMATION (UNAUDITED)
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands)
T… S… S…
M… 3… 3… %
E… 2… 2… C…
──────────────────────────────────────────────────────────────────────────────
G… N… G… N… G… N…
…
… $ 8… $ 8… $ 1… $ 1… 4… % 44… %
… 6… 6… 2… 2… 1… % 18… %
… 1… 1… 1… 1… 2… % 17… %
… — — — 5… nm nm
…
… 1… 1… 2… 2… -… % -1… %
…
… — — — -… nm nm
…
$ 3… $ 3… $ 2… $ 2… 6… % 31… %
…
…
…
… $ 2… $ 6… $ 8… $ 1… 2… % 46… %
… 1… 2… 1… 1… 8… % 12… %
… 6… 9… 6… 8… -… % 12… %
… — — — 2… nm nm
…
… -… -… -… -… 1… % 11… %
…
… — — 3… — nm nm
…
…
$ 2… $ 1… $ 7… $ 1… -… % 23… %
N… S… S…
M… 3… 3… %
E… 2… 2… C…
──────────────────────────────────────────────────────────────────────────────
G… N… G… N… G… N…
…
… $ 2… $ 2… $ 4… $ 4… 4… % 44… %
… 1… 1… 8… 6… 1… % 17… %
… 4… 4… 3… 3… 2… % 18… %
… — 4… — 1… nm nm
…
… 5… 5… 6… 6… -… % -1… %
…
… — -… — -… nm nm
…
$ 9… $ 9… $ 5… $ 6… 6… % 31… %
…
…
…
… $ 6… $ 1… $ 2… $ 3… 1… % 46… %
… 5… 8… 3… 3… 6… % 11… %
… 1… 2… 1… 2… -… % 9.6 %
… — 1… — 7… nm nm
…
… -… -… -… -… 9… % 89… %
…
… — — -… — nm nm
…
…
… — — 3… — nm nm
…
…
$ 5… $ 3… $ 1… $ 3… -… % 24… %
--------------------------------------------------------------------------------
--
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.
7
SCHEDULE 4
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands, except share data)
September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
ASSETS
Current assets:
Cash and cash equivalents $ 5,570,261 $ 8,336,402
Accounts receivable, net 1,614,201 784,174
Settlement processing 2,809,192 1,476,543
assets
Prepaid expenses and other
current 1,033,447 802,018
assets
Current assets of
discontinued — 1,203,534
operations
Total current assets 11,027,101 12,602,671
Goodwill 26,991,930 17,076,624
Other intangible assets, 18,577,954 4,231,227
net
Property and equipment, net 2,342,776 1,501,763
Deferred income taxes 349,343 171,430
Notes receivable 856,841 816,810
Other noncurrent assets 2,276,411 1,868,788
Noncurrent assets of
discontinued — 15,069,171
operations
Total assets $ 62,422,356 $ 53,338,484
LIABILITIES, REDEEMABLE
NONCONTROLLING
INTERESTS AND EQUITY
Current liabilities:
Settlement lines of credit $ 1,167,929 $ 345,007
Current portion of 1,455,324 1,920,792
long-term debt
Accounts payable and 3,659,311 2,542,627
accrued liabilities
Settlement processing 5,971,235 1,720,608
obligations
Income taxes payable 1,238,519 117,509
Current liabilities of
discontinued — 810,301
operations
Total current liabilities 13,492,318 7,456,844
Long-term debt 21,080,837 19,541,512
Deferred income taxes 2,840,319 1,605,504
Other noncurrent 1,035,794 522,121
liabilities
Noncurrent liabilities of
discontinued — 433,022
operations
Total liabilities 38,449,268 29,559,003
Commitments and
contingencies
Redeemable noncontrolling 202,181 201,003
interests
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, 2026
and December 31, 2025;
264,555,011
shares issued and — —
outstanding at
September 30, 2026 and
236,692,592
shares issued and
outstanding at
December 31, 2025
Paid-in capital 19,307,175 17,078,652
Retained earnings 4,225,665 5,936,322
Accumulated other -396,921 -126,207
comprehensive loss
Total Global Payments
shareholders’ 23,135,919 22,888,767
equity
Nonredeemable 634,988 689,711
noncontrolling interests
Total equity 23,770,907 23,578,478
Total liabilities,
redeemable $ 62,422,356 $ 53,338,484
noncontrolling interests
and equity
8
SCHEDULE 5
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands)
Nine Months September 30, September 30,
Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash flows from
operating
activities:
Net income $ -1,459,932 $ 1,219,465
(loss)
Adjustments to
reconcile net
income
(loss) to net
cash provided
by operating
activities:
Depreciation
and
amortization of 373,725 319,726
property and
equipment
Amortization of
acquired 2,259,141 759,634
intangibles
Amortization of
capitalized 81,141 100,005
contract
costs
Share-based
compensation 91,476 114,821
expense
Provision for
operating 104,450 60,340
losses and
credit losses
Noncash lease 48,037 35,575
expense
Deferred income -945,497 83,738
taxes
Paid-in-kind
interest
capitalized to -51,207 -43,192
principal of
notes
receivable
Equity in
income of
equity method -59,111 -55,055
investments,
net of tax
Distributions
received on — 7,512
investments
Impairment of — 33,218
goodwill
Gain on
business -22,174 -348,151
dispositions
Other, net 79,228 25,364
Changes in
operating
assets and
liabilities,
net of the
effects of
business
combinations:
Accounts -182,419 -125,307
receivable
Prepaid
expenses and -351,654 -158,424
other assets
Income taxes 1,123,713 94,797
payable
Accounts
payable and -876,008 17,314
other
liabilities
Net cash
provided by 212,909 2,141,380
operating
activities
Cash flows from
investing
activities:
Business
combinations
and other
acquisitions, -740,516 -201,853
net of cash and
restricted
cash acquired
Capital -728,937 -449,556
expenditures
Principal
payments
received on 13,125 13,125
notes
receivable
Net cash from
sales of 7,362,347 709,653
businesses
Proceeds from
sales of — 8,258
investments
Net cash
provided by 5,906,019 79,627
investing
activities
Cash flows from
financing
activities:
Changes in
funds held for -73,441 -156,589
customers
Changes in
settlement
processing
assets -573,242 139,819
and
obligations,
net
Net borrowings
from settlement 856,881 439,363
lines of
credit
Net borrowings
from commercial 699,401 —
paper
notes
Proceeds from 11,642,241 4,899,113
long-term debt
Repayments of -20,411,254 -5,972,773
long-term debt
Payments of
debt issuance -9,798 -41,414
costs
Repurchases of -1,239,988 -1,191,089
common stock
Proceeds from
stock issued
under 19,014 23,723
share-based
compensation
plans
Common stock
repurchased -
share-based -35,070 -38,663
compensation
plans
Distributions
to -48,666 -49,179
noncontrolling
interests
Contributions
from — 1,145
noncontrolling
interests
Dividends paid -200,713 -179,464
Net cash used
in financing -9,374,635 -2,126,008
activities
Effect of
exchange rate
changes on
cash, -43,572 205,657
cash
equivalents and
restricted cash
Increase
(decrease) in
cash, cash -3,299,279 300,656
equivalents and
restricted cash
Cash, cash
equivalents and
restricted 9,116,414 2,735,975
cash, beginning
of the period
Cash, cash
equivalents and
restricted $ 5,817,135 $ 3,036,631
cash, end of
the period
9
SCHEDULE 6
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES (UNAUDITED)
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands, except per share data)
Th…
Mo…
En…
Se…
30,
20…
──────────────────────────────────────────────────────────────────────────────
Net In…
GA… Di… Re… Ea… Ta… No…
Op… Ad… Ad… on
Ad…
R… $ 3,… $ — $ -1… $ — $ — $ 3,1…
O… $ 24… $ — $ -11 $ 1,… $ — $ 1,3…
i…
N…
i…
a… $ 28… $ -11 $ 1,… $ -43… $ 948…
to
G…
P…
D…
e…
p…
s… $ 1.… $ 3.58
a…
to
G…
P…
D…
w… 26… 265…
s…
o…
Th…
Mo…
En…
Se…
30,
20…
Net In…
GA… Di… Re… Ea… Ta… No…
Op… Ad… Ad… on
Ad…
R… $ 2,… $ 63… $ -2… $ — $ — $ 2,4…
O… $ 77… $ 25… $ 2,… $ 61… $ — $ 1,0…
i…
N…
i…
a… $ 63… $ 2,… $ 71… $ 74,… $ 782…
to
G…
P…
D…
e…
p…
s… $ 2.… $ 3.26
a…
to
G…
P…
D…
w… 24… 240…
s…
o…
--------------------------------------------------------------------------------
--
(1) Include adjustments to revenues for gross-up related payments (included in
operating expenses) associated with certain lines of business to reflect
economic benefits to the company. For the three months ended September 30, 2025,
net revenue adjustments also include eliminations for services provided by
discontinued operations to our continuing operations.
(2) For the three months ended September 30, 2026, earnings adjustments to
operating income include $763.4 million in cost of service (COS) and $343.7
million in selling, general and administrative expenses (SG&A). Adjustments to
COS include amortization of acquired intangibles of $754.5 million and other
items of $8.9 million. Adjustments to SG&A include acquisition, integration and
separation expenses of $222.4 million, charges for business transformation
activities of $51.1 million, employee termination benefits of $62.7 million, and
other items of $7.5 million.
For the three months ended September 30, 2025, earnings adjustments to operating
income (inclusive of discontinued operations) include $343.1 million of
amortization of acquired intangibles in COS and $231.7 million in SG&A.
Adjustments to SG&A include acquisition, integration and separation expenses of
$104.6 million, facilities exit charges of $4.9 million, charges for business
transformation activities of $100.6 million, modernization charges of $9.5
million, employee termination benefits of $4.3 million, and other items of $7.8
million.
Earnings adjustments for the three months ended September 30, 2025, also include
the add back of $169.6 million of depreciation and amortization (D&A) of long-
lived assets which is no longer recognized under GAAP once the assets are
classified as discontinued operations.
For the three months ended September 30, 2025, earnings adjustments to operating
income also include the elimination of a $343.9 million gain on business
disposition.
(3) Income taxes on adjustments reflect the tax effect of earnings adjustments
to income before income taxes. The tax rate used in determining the tax impact
of earnings adjustments is either the jurisdictional statutory rate in effect at
the time of the adjustment or the jurisdictional expected annual effective tax
rate for the period, depending on the nature and timing of the adjustment. For
the three months ended September 30, 2025, the tax expense adjustment related to
the gain on business disposition is higher than the expense at the statutory
rate by $92.5 million due to the derecognition of goodwill that is not
deductible for tax reporting purposes.
See "Non-GAAP Financial Measures" discussion on Schedule 10.
Note: Amounts may not sum due to rounding.
10
SCHEDULE 7
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES (UNAUDITED)
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands, except per share data)
Ni…
Mo…
En…
Se…
30,
20…
──────────────────────────────────────────────────────────────────────────────
Di… Net Ea… In…
GA… Op… Re… Ad… on No…
Ad… Ad…
R… $ 9,… $ 54… $ -4… $ — $ — $ 9,1…
O… $ 56… $ 14… $ -23 $ 3,… $ — $ 3,8…
i…
N…
i…
(…
a… $ -1… $ -23 $ 3,… $ 943… $ 2,6…
to
G…
P…
D…
e…
(…
p…
s… $ -5… $ 10.…
a…
to
G…
P…
D…
w… 26… 269…
s…
o…
Ni…
Mo…
En…
Se…
30,
20…
Di… Net Ea… In…
GA… Op… Re… Ad… on No…
Ad… Ad…
R… $ 5,… $ 1,… $ -6… $ — $ — $ 6,9…
O… $ 1,… $ 60… $ 3,… $ 92… $ — $ 3,0…
i…
N…
i…
a… $ 1,… $ 3,… $ 92… $ 91,… $ 2,2…
to
G…
P…
D…
e…
p…
s… $ 4.… $ 9.04
a…
to
G…
P…
D…
w… 24… 243…
s…
o…
--------------------------------------------------------------------------------
--
(1) Include adjustments to revenues for gross-up related payments (included in
operating expenses) associated with certain lines of business to reflect
economic benefits to the company. Net revenue adjustments also include
eliminations for services provided by discontinued operations to our continuing
operations.
(2) For the nine months ended September 30, 2026, earnings adjustments to
operating income (inclusive of discontinued operations) include $2,286.9 million
in COS and $973.0 million in SG&A. Adjustments to COS include amortization of
acquired intangibles of $2,259.1 million, acquisition, integration and
separation expenses of $0.6 million, and other items of $27.2 million.
Adjustments to SG&A include acquisition, integration and separation expenses of
$671.0 million, facilities exit charges of $4.8 million, charges for business
transformation activities of $187.1 million, employee termination benefits of
$94.8 million, and other items of $15.3 million.
For the nine months ended September 30, 2026, earnings adjustments to operating
income also include the elimination of a $22.2 million gain on business
disposition for Discontinued Operations.
For the nine months ended September 30, 2025, earnings adjustments to operating
income (inclusive of discontinued operations) included $1,008.0 million of
amortization of acquired intangibles in COS and $545.9 million in SG&A.
Adjustments to SG&A included acquisition, integration and separation expenses of
$157.4 million, facilities exit charges of $14.8 million, charges for business
transformation activities of $276.4 million (including non-cash write-down),
modernization charges of $27.2 million, employee termination benefits of $28.9
million, charges related to the resolution of a certain legal matter of $18.3
million, and other items of $22.9 million.
Earnings adjustments for the nine months ended September 30, 2025, also include
the add back of $309.7 million of D&A of long-lived assets which is no longer
recognized under GAAP once the assets are classified as discontinued operations.
For the nine months ended September 30, 2025, earnings adjustments to operating
income also included a $33.2 million noncash goodwill impairment charge in
connection with the classification of our Issuer Solutions business as assets
held for sale, and the elimination of a $348.2 million gain on business
dispositions.
(3) Income taxes on adjustments reflect the tax effect of earnings adjustments
to income before income taxes. The tax rate used in determining the tax impact
of earnings adjustments is either the jurisdictional statutory rate in effect at
the time of the adjustment or the jurisdictional expected annual effective tax
rate for the period, depending on the nature and timing of the adjustment. For
the nine months ended September 30, 2026, income taxes on adjustments include
the removal of $1,573.8 million in tax charges related to discontinued
operations. In addition, for the nine months ended September 30, 2025, the tax
expense adjustment related to gains on business dispositions is higher than the
expense at the statutory rate by $294.5 million due to the derecognition of
goodwill that is not deductible for tax reporting purposes.
See "Non-GAAP Financial Measures" discussion on Schedule 10.
Note: Amounts may not sum due to rounding.
11
SCHEDULE 8
RECONCILIATION OF SEGMENT NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES
(UNAUDITED)
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands)
Thr…
Mon…
End…
Sep…
30,
2026
──────────────────────────────────────────────────────────────────────────────
Dis… Net Earn…
GAAP Ope… Reve… Adju… Non-…
Adju…
Re…
En… $ 836… $ — $ -27 $ — $ 836…
Pl… 633… — -8,… — 624…
SMB 1,6… — -11… — 1,5…
Ot… 172… — — — 172…
re…
$ 3,3… $ — $ -12… $ — $ 3,1…
Op…
in…
(l…
En… $ 277… $ — $ -11 $ 380… $ 658…
Pl… 196… — — 81,… 278…
SMB 636… — — 291… 927…
Co… -86… — — 352… -51…
$ 246… $ — $ -11 $ 1,1… $ 1,3…
Thr…
Mon…
End…
Sep…
30,
2025
Dis… Net Earn…
GAAP Ope… Reve… Adju… Non-…
Adju…
Re…
En… $ 156… $ — $ -1,… $ — $ 154…
Pl… 284… — -64… — 220…
SMB 1,3… — -57… — 1,3…
Is… — 638… -87… — 550…
So…
Ot… 207… — -163 — 207…
re…
In… — — -18… — -18…
el…
$ 2,0… $ 638… $ -22… $ — $ 2,4…
Op…
in…
(l…
En… $ 88,… $ — $ — $ 28,… $ 117…
Pl… 108… — — 13,… 121…
SMB 659… — — 168… 828…
Is… — 254… 2,5… 6,0… 263…
So…
Co… -42… — — 188… -23…
Ga…
on 343… — — -34… —
bu…
di…
$ 774… $ 254… $ 2,5… $ 61,… $ 1,0…
--------------------------------------------------------------------------------
----------
(1) Include adjustments to revenues for gross-up related payments (included in
operating expenses) associated with certain lines of business to reflect
economic benefits to the company. For the three months ended September 30, 2025,
net revenue adjustments also include eliminations for services provided by
discontinued operations to our continuing operations.
(2) For the three months ended September 30, 2026, earnings adjustments to
operating income include $763.4 million in COS and $343.7 million in SG&A.
Adjustments to COS include amortization of acquired intangibles of $754.5
million and other items of $8.9 million. Adjustments to SG&A include
acquisition, integration and separation expenses of $222.4 million, charges for
business transformation activities of $51.1 million, employee termination
benefits of $62.7 million, and other items of $7.5 million.
For the three months ended September 30, 2025, earnings adjustments to operating
income (inclusive of discontinued operations) include $343.1 million of
amortization of acquired intangibles in COS and $231.7 million in SG&A.
Adjustments to SG&A include acquisition, integration and separation expenses of
$104.6 million, facilities exit charges of $4.9 million, charges for business
transformation activities of $100.6 million, modernization charges of $9.5
million, employee termination benefits of $4.3 million, and other items of $7.8
million.
Earnings adjustments for the three months ended September 30, 2025, also include
the add back of $169.6 million of D&A of long-lived assets which is no longer
recognized under GAAP once the assets are classified as discontinued operations.
For the three months ended September 30, 2025, earnings adjustments to operating
income also include the elimination of a $343.9 million gain on business
disposition.
See "Non-GAAP Financial Measures" discussion on Schedule 10.
Note: Amounts may not sum due to rounding.
12
SCHEDULE 9
RECONCILIATION OF SEGMENT NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES
(UNAUDITED)
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands)
Nine
Mon…
End…
Sep…
30,
2026
──────────────────────────────────────────────────────────────────────────────
Dis… Net Ear…
GAAP Ope… Rev… Adj… Non…
Adj…
Re…
En… $ 2,3… $ — $ -406 $ — $ 2,39…
Pl… 1,8… — -56,… — 1,79…
SMB 4,8… — -386… — 4,42…
Is… — 54,… -8,2… — 45,9…
So…
Ot… 529… — 560 — 529,…
re…
In… — — -1,7… — -1,7…
el…
$ 9,5… $ 54,… $ -453… $ — $ 9,19…
Op…
in…
(l…
En… $ 686… $ — $ -34 $ 1,18… $ 1,87…
Pl… 556… — — 262,… 819,…
SMB 1,8… — — 809,… 2,62…
Is… — -8,… 11 27,6… 19,5…
So…
Co… -2,… — — 971,… -1,5…
Ga…
on — 22,… — -22,… —
bu…
di…
$ 567… $ 14,… $ -23 $ 3,23… $ 3,81…
Nine
Mon…
End…
Sep…
30,
2025
Dis… Net Ear…
GAAP Ope… Rev… Adj… Non…
Adj…
Re…
En… $ 440… $ — $ -4,1… $ — $ 436,…
Pl… 846… — -193… — 652,…
SMB 3,9… — -167… — 3,75…
Is… — 1,8… -247… — 1,60…
So…
Ot… 603… — 124 — 604,…
re…
In… — — -53,… — -53,…
el…
$ 5,8… $ 1,8… $ -666… $ — $ 6,99…
Op…
in…
(l…
En… $ 243… $ — $ — $ 87,2… $ 330,…
Pl… 344… — — 39,9… 383,…
SMB 1,9… — -92 483,… 2,39…
Is… — 607… 3,297 162,… 773,…
So…
Co… -1,… — — 470,… -804…
Im…
of -33… — — 33,2… —
go…
Ga…
on 348… — — -348… —
bu…
di…
$ 1,5… $ 607… $ 3,205 $ 929,… $ 3,07…
--------------------------------------------------------------------------------
--
(1) Include adjustments to revenues for gross-up related payments (included in
operating expenses) associated with certain lines of business to reflect
economic benefits to the company. Net revenue adjustments also include
eliminations for services provided by discontinued operations to our continuing
operations.
(2) For the nine months ended September 30, 2026, earnings adjustments to
operating income (inclusive of discontinued operations) include $2,286.9 million
in COS and $973.0 million in SG&A. Adjustments to COS include amortization of
acquired intangibles of $2,259.1 million, acquisition, integration and
separation expenses of $0.6 million, and other items of $27.2 million.
Adjustments to SG&A include acquisition, integration and separation expenses of
$671.0 million, facilities exit charges of $4.8 million, charges for business
transformation activities of $187.1 million, employee termination benefits of
$94.8 million, and other items of $15.3 million.
For the nine months ended September 30, 2026, earnings adjustments to operating
income also include the elimination of a $22.2 million gain on business
disposition for Discontinued Operations.
For the nine months ended September 30, 2025, earnings adjustments to operating
income (inclusive of discontinued operations) included $1,008.0 million of
amortization of acquired intangibles in COS and $545.9 million in SG&A.
Adjustments to SG&A included acquisition, integration and separation expenses of
$157.4 million, facilities exit charges of $14.8 million, charges for business
transformation activities of $276.4 million (including non-cash write-down),
modernization charges of $27.2 million, employee termination benefits of $28.9
million, charges related to the resolution of a certain legal matter of $18.3
million, and other items of $22.9 million.
Earnings adjustments for the nine months ended September 30, 2025, also include
the add back of $309.7 million of D&A of long-lived assets which is no longer
recognized under GAAP once the assets are classified as discontinued operations.
For the nine months ended September 30, 2025, earnings adjustments to operating
income also included a $33.2 million noncash goodwill impairment charge in
connection with the classification of our Issuer Solutions business as assets
held for sale, and the elimination of a $348.2 million gain on business
dispositions.
See "Non-GAAP Financial Measures" discussion on Schedule 10.
Note: Amounts may not sum due to rounding.
13
SCHEDULE 10
OUTLOOK SUMMARY (UNAUDITED)
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In millions, except per share data)
2026 Growth
Revenues:
GAAP revenues 68% to 69%
Adjustments incl Worldpay Proforma(1) (66)%
FX impact 0%
Constant currency (CC) adj net revenue 2% to 3%
Dispositions 2%
CC adjusted net revenue excluding 4% to 5%
dispositions
Earnings Per Share:
GAAP diluted EPS (186)% to (188)%
Adjustments(2) 199%
FX impact 0%
CC adjusted EPS 11% to 13%
(1) Include adjustments to revenues for gross-up related payments (included in
operating expenses) associated with certain lines of business to reflect
economic benefit to the company. Net revenue adjustments also include the effect
of discontinued operations.
(2) Adjustments to 2025 GAAP diluted EPS include the removal of 1) acquisition
accounting fair value adjustments for software-related contract liabilities
associated with acquired businesses of $0.01, 2) acquisition-related
amortization expense of $4.42, 3) acquisition, integration, and separation
expense of $1.06, 4) charges for business transformation activities of $1.27, 5)
employee termination benefits of $0.10, 6) modernization charges of $0.12, 7)
facilities exit charges of $0.06, 8) goodwill impairment of $0.11, 9) gain/loss
on business dispositions of $(0.49), 10) add back of D&A of long-lived assets
which is no longer recognized under GAAP once the assets are classified as
discontinued operations of $(1.43), 11) other income and expense of $0.19, 12)
equity method investment earnings from our interest in a private equity
investment fund of $(0.20), 13) discrete tax items of $1.18, 14) other items of
$0.04, 15) the effect of noncontrolling interests and income taxes, as
applicable.
NON-GAAP FINANCIAL MEASURES
Global Payments supplements revenues, operating income, operating margin, net
income attributable to Global Payments, and earnings per share (EPS) determined
in accordance with U.S. GAAP by providing these measures with certain
adjustments (such measures being non-GAAP financial measures) in this document
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. Management uses these non-GAAP financial measures, together with
other metrics, to set goals for and measure the performance of the business and
to determine incentive compensation. Adjusted net revenue, adjusted operating
income, adjusted operating margin, adjusted net income attributable to Global
Payments, and adjusted EPS should be considered in addition to, and not as
substitutes for, revenues, operating income, and EPS determined in accordance
with GAAP. The non-GAAP financial measures reflect management's judgment of
particular items, and may not be comparable to similarly titled measures
reported by other companies.
Adjusted net revenue excludes gross-up related payments associated with certain
lines of business to reflect economic benefits to the company. On a GAAP basis,
these payments are presented gross in both revenues and operating expenses.
Management believes adjusted net revenue more closely reflects the economic
benefits to the company's core business and allows for better comparisons with
industry peers.
Adjusted operating income, adjusted operating margin, adjusted net income
attributable to Global Payments and adjusted EPS exclude acquisition-related
amortization expense, acquisition, integration, separation and transformation
expense, gains or losses on business dispositions, and certain other items
specific to each reporting period as more fully described in the accompanying
reconciliations in Schedules 6 and 7. In addition depreciation expense of
certain acquired technology assets is also excluded, as it is a noncash expense
and, based on its nature, is impacted by future integration initiatives.
Excluding such depreciation expense supplements GAAP information with a measure
that can be used to assess the comparability of operating performance across
periods, as such assets were recognized as part of acquisition accounting. The
tax rate used in determining the income tax impact of earnings adjustments is
either the jurisdictional statutory rate in effect at the time of the adjustment
or the jurisdictional expected annual effective tax rate for the period,
depending on the nature and timing of the adjustment. In addition, income taxes
on adjustments include the removal of tax charges related to business
dispositions.
Adjusted operating margin is derived by dividing adjusted operating income by
adjusted net revenue.
14