Global Payments (GPN) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered strong results with adjusted EPS up 11% constant currency to $3.26, GAAP EPS up 113% to $2.64, and robust execution of transformation initiatives.

• Achieved U.K. regulatory approval for the Worldpay acquisition, expected to close in Q1 2026, alongside Issuer Solutions divestiture.

• Completed Payroll Solutions sale for $1.1 billion, returning $500M to shareholders and recognizing a $343.9M gain.

• Transformation initiatives target $650M annual run-rate operating income benefit by H1 2027.

• Expanded Genius platform with new features, hardware, and geographies, and announced partnerships with Google and PayPal.

Financial highlights

• Adjusted net revenue grew 6% constant currency excluding dispositions, reaching $2.43B; GAAP revenue was flat at $2.01B.

• Adjusted operating margin expanded 110 bps to 45.0%; GAAP operating margin was 38.8%.

• Adjusted EPS was $3.26, up 12% reported and 11% constant currency; GAAP diluted EPS was $2.64, up 113%.

• Adjusted free cash flow was $784M for Q3, with a 100% conversion rate; YTD adjusted free cash flow reached $2.1B.

• Net leverage reduced to 2.9x, below the 3x target.

Outlook and guidance

• Full-year 2025 guidance: 5%-6% constant currency adjusted net revenue growth, excluding dispositions.

• Dispositions expected to impact reported adjusted net revenue growth by ~400 bps for the year.

• Full-year adjusted operating margin expansion of 50 bps+ (excluding dispositions); adjusted EPS growth at high end of 10%-11% range.

• Transformation initiatives expected to deliver over $650M annual run-rate operating income benefit by H1 2027.

• Adjusted free cash flow conversion expected to exceed 90%; expect to end year at or below 3x net leverage.