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 6% constant currency adjusted net revenue growth and 11–12% adjusted EPS growth, margin expansion, and robust free cash flow.

• Launched the Genius platform, expanded salesforce, and invested in AI and product innovation.

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

• Transitioned to a unified global operating model and modernized technology stack.

Financial highlights

• Full-year 2025 adjusted net revenue: $9.32B, up 6% year-over-year (constant currency, ex-dispositions).

• Adjusted operating margin for 2025: 44.2%, up 97–100 bps; Q4 margin: 44.7%, up 80 bps.

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

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

• Q4 2025 GAAP revenue: $1.90B; full year GAAP revenue: $7.71B.

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.

• Over $2B to be returned to shareholders in 2026 via buybacks and dividends.