Global Payments (GPN) Q4 2025 earnings summary

Executive summary

• Completed Worldpay acquisition and Issuer Solutions divestiture, transforming into a unified, pure-play merchant solutions provider and accelerating strategic focus on commerce solutions.

• Achieved strong 2025 growth with margin expansion, double-digit adjusted EPS growth, and operational streamlining, including a unified global operating model and AI-enabled tools.

• Announced $2.5B share repurchase authorization and initiated a $550M accelerated buyback.

• Returned $1B to shareholders in 2025 and generated $1.2B from divestitures.

• Expanded salesforce and launched the Genius platform, achieving strong commercial traction.

Financial highlights

• Full-year 2025 adjusted net revenue: $9.32B, up 6% YoY constant currency ex-dispositions; Q4 adjusted net revenue: $2.32B, up 6% YoY.

• Adjusted operating margin for 2025: 44.2%, up 97–100 bps YoY; Q4 margin expanded to 44.7%.

• Adjusted EPS for 2025: $12.22, up 11–12% YoY; Q4 adjusted EPS: $3.18, up 11–12% YoY.

• Adjusted free cash flow exceeded $3B with over 100% conversion rate.

• Ended 2025 with $8.34B in cash and $19.54B in long-term debt.

Outlook and guidance

• 2026 constant currency adjusted net revenue growth expected at ~5%, with acceleration in H2.

• Adjusted operating margin expansion of ~150 bps in 2026, driven by integration synergies.

• Adjusted EPS guidance for 2026: $13.80–$14.00, representing 13–15% growth.

• Capital expenditures projected at ~$1B (8% of adjusted net revenue) in 2026.

• Plan to return over $2B to shareholders in 2026 and $7.5B by end of 2027 via buybacks and dividends.