Global Payments (GPN) Q4 2025 Financial Results Summary

February 18, 2026

Global Payments Inc. (NYSE: GPN) released its financial results for the fourth quarter and full year 2025 today. The report includes several key metrics, strategic developments, and financial outlooks.

Fourth Quarter 2025 Summary

• GAAP diluted EPS: $0.92, a decrease of 59.1% compared to Q4 2024 ($2.25).
• Adjusted EPS: $3.18, an increase of 11% (11% constant currency) compared to adjusted EPS of $2.85 in Q4 2024.
• GAAP revenue: $1.90 billion, a slight decrease of 0.1% from $1.90 billion in Q4 2024.
• Adjusted net revenue: $2.32 billion, an increase of 1% (6% constant currency excluding dispositions) compared to Q4 2024 ($2.29 billion).
• Adjusted operating margin: Expanded by 80 basis points to 44.7%.

Full Year 2025 Summary

• GAAP revenue: $7.71 billion, compared to $7.74 billion in 2024, a decrease of 0.4%.
• Adjusted net revenue: $9.32 billion, an increase of 2% (6% constant currency excluding dispositions) from $9.15 billion in 2024.
• Adjusted EPS: $12.22, reflecting as an 11% increase over $11.02 in 2024.
• Adjusted operating margin: Increased by 97 basis points to 44.2%.

Key Developments

• Acquisition of Worldpay: The company completed the acquisition of Worldpay, further establishing its position as a leading pure-play merchant solutions provider.
• Divestiture of Issuer Solutions: The divestiture aligns with the company’s plan to streamline operations.
• Share Repurchase Authorization: The Board authorized a total of $2.5 billion for share repurchases and initiated a $550 million accelerated share repurchase plan.
• 2026 Outlook Provided: Management expects constant currency adjusted net revenue growth of approximately 5% excluding dispositions in 2026, along with an adjusted operating margin expansion of around 150 basis points. The forecast for adjusted EPS in 2026 is between $13.80 and $14.00, indicating an anticipated growth of 13% to 15%.

Strategic Focus and Statements

Cameron Bready, CEO, emphasized that 2025 was a transformative year for Global Payments, with a significant focus on integrating the Worldpay acquisition and accelerating their transformation agenda.

CFO Josh Whipple noted that the Merchant Solutions business concluded the year with just above 6% growth and highlighted the company’s strong adjusted free cash flow generation capability.

Capital Allocation

• The company’s capital return strategy remains a priority, with expectations to return over $2 billion to shareholders through share repurchases and dividends in 2026.
• A quarterly dividend of $0.25 per share was approved, payable on March 30, 2026, to shareholders of record as of March 9, 2026.

Summary of Financial Metrics

Fourth Quarter Comparison

• GAAP Revenues:
  • Q4 2025: $1.90 billion
  • Q4 2024: $1.90 billion
  • Change: -0.1%
• Adjusted Revenues:
  • Q4 2025: $2.32 billion
  • Q4 2024: $2.29 billion
  • Change: 1%

Full Year Comparison

• GAAP Revenues:
  • 2025: $7.71 billion
  • 2024: $7.74 billion
  • Change: -0.4%
• Adjusted Revenues:
  • 2025: $9.32 billion
  • 2024: $9.15 billion
  • Change: 2%

EPS

• Diluted EPS:
  • Q4 2025: $0.92
  • Q4 2024: $2.25
  • Change: -59.1%
• Adjusted EPS:
  • Q4 2025: $3.18
  • Q4 2024: $2.85
  • Change: 11%

This report illustrates a strategic and financial focus on growth while positioning the business effectively in the competitive landscape of payment technologies.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

In thousands, except per share data

Note: Amounts in thousands

	Three Months Ended		Year Ended
	December 31,		December 31,
	2025	2024	% Change	2025	2024	% Change
Revenues	$ 1,896,765	$ 1,898,345	-0.1%	$ 7,705,878	$ 7,735,970	-0.4%
Operating expenses:
Cost of service	557,343	505,608	10.2%	2,113,381	2,033,471	3.9%
Selling, general and administrative	1,091,918	945,512	15.5%	4,120,631	4,001,133	3.0%
Impairment of goodwill	—	—	nm	33,218	—	nm
Net (gain) loss on business dispositions	32,174	-273,134	nm	-315,976	-273,134	nm
Total operating expenses	1,681,435	1,177,986		5,951,254	5,761,470
Operating income	215,330	720,359	-70.1%	1,754,624	1,974,500	-11.1%
Interest and other income	60,096	35,379	69.9%	155,138	158,692	-2.2%
Interest and other expense