Global Payments (GPN) Q2 2026 earnings summary

Executive summary

• Delivered strong Q2 2026 results with adjusted net revenue of $3.16 billion, up 4% normalized year-over-year, and adjusted EPS of $3.46, up 12% year-over-year, despite a 100 bps headwind from the Middle East conflict impacting the travel portfolio.

• Completed acquisition of Worldpay and divestiture of Issuer Solutions, transforming into a pure-play commerce solutions provider with three new segments: Enterprise, Platforms, and SMB.

• Integration of Worldpay progressing rapidly, with key milestones achieved in operating model, technology architecture, and commercial alignment across all segments.

• Continued investment in AI and innovation, particularly in the Genius platform, driving improved sales effectiveness, new client wins, and product launches.

• Returned $1.2 billion in capital to shareholders year-to-date, exceeding 50% of the 2026 plan.

Financial highlights

• Adjusted net revenue: $3.16 billion, up 4% normalized year-over-year and 34% year-over-year; GAAP revenue: $3.32 billion.

• Adjusted operating margin expanded 70 bps to 42.0% on a normalized basis; adjusted EPS rose 12% to $3.46.

• Adjusted net income attributable to shareholders was $934 million, up 24% year-over-year.

• Adjusted free cash flow: $687 million, with a 75% conversion rate from adjusted net income.

• GAAP net income was $13 million, down from $242 million a year ago, reflecting discontinued operations and one-time items.

Outlook and guidance

• Full-year 2026 guidance: normalized constant currency adjusted net revenue growth of 4–5%, with adjusted EPS forecasted at $13.60–$13.80 and operating margin expected to expand by 150 bps.

• Free cash flow conversion rate expected to exceed 90% for the year; capital expenditures planned at ~$1B.

• Over $2 billion in capital to be returned to shareholders in 2026; $7.5 billion planned from 2025–2027.

• Confident in accelerating growth in 2027 as headwinds subside and Genius/Worldpay synergies ramp.