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Company Research11 Mar 2024
Companies That Had Their IPO in 2001: The Deflating Dot Com Bubble
An overview of the IPO landscape in 2001 as the dot com bubble continued to deflate and the number of companies going public dramatically decreased.
Global Payments (GPN) investor relations material
Global Payments Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 results exceeded expectations, with adjusted EPS up 11% constant currency to $3.26 and GAAP EPS up 113% year-over-year, driven by gains on business dispositions and strong Merchant Solutions momentum.
Adjusted net revenue increased 6% constant currency excluding dispositions, reaching $2.43 billion, while GAAP revenue was flat at $2.01 billion.
Received UK regulatory approval for Worldpay acquisition, expected to close in Q1 2026 alongside Issuer Solutions divestiture, both classified as discontinued operations.
Completed sale of Payroll Solutions for $1.1 billion, recognizing a $343.9 million gain and returning $500 million to shareholders via accelerated share repurchase.
Transformation initiatives underway, targeting $650 million in annual run-rate operating income benefit by H1 2027 and expanding the Genius platform.
Financial highlights
Q3 2025 adjusted net revenue was $2.43 billion, up 6% YoY constant currency excluding dispositions; GAAP revenue was $2.01 billion, flat YoY.
Adjusted operating margin expanded 110 bps to 45.0%; GAAP operating margin was 38.8% (up from 22.2%).
Adjusted EPS was $3.26, up 12% reported, 11% constant currency; GAAP diluted EPS was $2.64, up 113%.
Adjusted free cash flow was $784 million in Q3, with a 96–100% conversion rate; YTD $2.1 billion.
Net leverage reduced to 2.9x, below 3x target, with $4.1 billion available liquidity.
Outlook and guidance
FY2025 constant currency adjusted net revenue growth expected at 5–6% over 2024, excluding dispositions.
Dispositions to impact reported adjusted net revenue growth by ~400 bps for the year.
Full-year adjusted operating margin to expand by 50 bps+ (ex-dispositions); adjusted EPS growth at high end of 10–11% range.
Adjusted free cash flow conversion expected >90% for the year; net leverage to remain at or below 3x.
Transformation initiatives expected to deliver over $650 million in annual run-rate operating income benefit by H1 2027.
Worldpay deal delay: financial implications?
Long-term strategy for Genius platform?
Reason for Issuer Solutions operating income decline?
Worldpay integration: orchestration layer impact?
Genius: future vertical/geographic expansion plans?
AI strategy post-Worldpay: data leverage?
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Next Global Payments earnings date
Q4 202513 Feb, 2026
Next Global Payments earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Enabling Smooth Payments
Global Payments Inc. is a provider of payment technology and software solutions and has played a role in redefining the way commerce is conducted across the globe. With its headquarters in Atlanta, the company aims to streamline transaction processing on an international scale, across different platforms and currencies. With a focus on providing commerce with seamless transactions, Global Payments has continually striven to meet the rising demands of consumers and businesses alike in an increasingly digital world.
Further reading: The Payments Value Chain: A Complex Ecosystem
Growth and Expansion
Since its formation in the early 2000s, Global Payments has remained committed to its aim of facilitating smooth and efficient commercial transactions worldwide. This journey of growth and innovation has seen the company transform from a relatively modest payment processor to a massive provider of fintech solutions. A significant part of the company's strategy, apart from expanding through organic growth, has been the use of strategic acquisitions and alliances. These moves have not only enabled Global Payments to diversify and enhance its service portfolio but also to expand its geographic presence.
Enabling Payments for Large Companies
Global Payments offers an extensive suite of services that are designed to cater to a variety of sectors that deal with a large number of payments every day. The company's service portfolio includes merchant services that cater to businesses of all sizes, providing them with the tools they need to facilitate transactions seamlessly. Regardless of whether it’s a retail store like H&M looking for a way to charge customers for their products, or whether a coffee chain like Starbucks needs a payment solution, Global Payments has a product that suits their needs.
For Banks and Financial Institutions
For banks, as well as financial institutions like PayPal, Global Payments offers comprehensive, innovative solutions that go beyond traditional payment processing. Their services provide a technology-driven ecosystem that includes advanced data analytics for informed decision-making and strategic planning. Additionally, their adaptable payment technology supports various transaction methods, catering to the shift toward digital and contactless payments. Global Payments also provides bespoke solutions, specifically tailored to meet the unique needs of each institution.
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