NYSE: GPN · Transaction & Payment Processing Services
Global Payments
Global Payments, based in Atlanta, is a payments technology company that provides merchant acquiring, point-of-sale and business management software to merchants in North America, Europe, Asia-Pacific and Latin America. In January 2026 it acquired Worldpay from FIS and GTCR and, at the same time, sold its Issuer Solutions business to FIS; Issuer Solutions is therefore reported as discontinued operations. 2025 revenue from continuing operations was $7,706 million and net income attributable to Global Payments $1,400 million. With Worldpay, first-half 2026 revenue rose to $6,290 million from $3,790 million, and the company realigned into Enterprise, Platforms and SMB segments. It targets $600 million of annual run-rate expense synergies from Worldpay by year-end 2028.
Last updated
Analysis last edited: October 25, 2026 · Financial data fetched: October 25, 2026 03:26 (SEC EDGAR) · Source 10-K filed: February 20, 2026
Built on10-K FY2025 · filed 2026-02-2010-Q (quarter ended 2026-09-30) · filed 2026-11-05Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 2.2%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 22.8%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -3.0 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 4.4x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.90x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 0 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- —
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.12
Higher than 9% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 63% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 16% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 83% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 68% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$98.04close on 2026-11-04
Market cap$23.21B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- —
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 1.0x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 12.2x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 8.8%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.0%
At FY2025 year-end: 13.4x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 0.8x
Book value at FY2025 year-end
At FY2025 year-end: 10.6x
EBITDA for FY2025
At FY2025 year-end: 11.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$2.02B → $3.31B (vs. a year earlier)↑ +63.7%$2.02B → $3.31B (vs. a year earlier)
- Operating margin38.3% → 7.4% (vs. a year earlier)↓ −30.9 pts38.3% → 7.4% (vs. a year earlier)
- Net income$635M → $281M (vs. a year earlier)↓ −55.8%$635M → $281M (vs. a year earlier)
- Diluted EPS$2.64 → $1.06 (vs. a year earlier)↓ −59.8%$2.64 → $1.06 (vs. a year earlier)
- Cash$5.41B → $5.57B (vs. previous quarter-end)↑ +3.0%$5.41B → $5.57B (vs. previous quarter-end)
- Long-term debt$22.52B → $22.62B (vs. previous quarter-end)→ +0.4%$22.52B → $22.62B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 5, 2026.
Management outlook → Reaffirmed
Reaffirmed 2026 full-year outlook and capital return plan. Source sentence
Reaffirms 2026 full year outlook and capital return plan.
Key changes
Raised expected Worldpay expense synergies to $650M a year. Source sentence
Raises expectations for annual run-rate Worldpay integration expense synergies to $650 million.
Adjusted net revenues up about 31% to $3.18B. Source sentence
Adjusted net revenues increased approximately 31% to $3.18 billion.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- GLOBAL PAYMENTS INC
- Headquarters
- ATLANTA, GA
- Incorporated in
- Georgia
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: GPN
- Industry
- Transaction & Payment Processing Services
- CIK
- 1123360
Workforce (as of FY2025 year-end)
Employees
26,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 44–49 days after quarter end (Feb 18, 2026; Feb 13, 2025; Feb 14, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 30–49 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 5, 2026 (+36 days) | Nov 5, 2026 10-Q (+36 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 5, 2026 (+36 days) | Aug 5, 2026 10-Q (+36 days) |
| Q1 FY2026 | Mar 31, 2026 | May 6, 2026 (+36 days) | May 8, 2026 10-Q (+38 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 18, 2026 (+49 days) | Feb 20, 2026 10-K (+51 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 4, 2025 (+35 days) | Nov 4, 2025 10-Q (+35 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 6, 2025 (+37 days) | Aug 6, 2025 10-Q (+37 days) |
| Q1 FY2025 | Mar 31, 2025 | May 6, 2025 (+36 days) | May 6, 2025 10-Q (+36 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 13, 2025 (+44 days) | Feb 14, 2025 10-K (+45 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 30, 2024 (+30 days) | Oct 31, 2024 10-Q (+31 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 7, 2024 (+38 days) | Aug 7, 2024 10-Q (+38 days) |
| Q1 FY2024 | Mar 31, 2024 | May 1, 2024 (+31 days) | May 1, 2024 10-Q (+31 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 14, 2024 (+45 days) | Feb 14, 2024 10-K (+45 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Merchant Solutions
Merchant acquiring
Authorization, settlement and funding of card and digital payments for merchants, including ecommerce and omnichannel.
Merchant Solutions
Vertical software
Specialty point-of-sale and business management software for numerous vertical markets.
Merchant Solutions
Commerce enablement
Data analytics, customer engagement, accounts receivable automation, inventory management and reporting.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
The 10-K describes Global Payments as a leading payments technology company but gives no market share or rank.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
Recent developments.
Worldpay / Issuer swap
Closed January 2026: acquired Worldpay for total consideration of $16,983M and transferred Issuer Solutions to FIS.
Source: Form 10-Q (quarter ended 2026-06-30)
Q2 2026
Revenue $3,321M versus $1,969M; net income attributable to Global Payments $13M versus $242M, including a $102M loss from discontinued operations.
Source: Form 10-Q (quarter ended 2026-06-30)
New segments
Realigned in Q2 2026 into Enterprise, Platforms and SMB; Worldpay goodwill allocated $8.8B Enterprise, $0.6B Platforms, $0.6B SMB.
Source: Form 10-Q (quarter ended 2026-06-30)
Financing
Issued $6.2B of senior notes in November 2025 and $1.0B more in March 2026.
Source: Form 10-K (FY2025)
Capex ÷ D&A (FY2025)
0.50x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$618M ÷ $1,229M = 0.50x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (3-year total)
$5.06B
Latest year: $352M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $658M in FY2023 to $618M in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
08
Key figures at a glanceFrom SEC data
FY2023–FY2025, 3 years.
Revenue (FY2025)
$7.71B
As reported in the 10-K
Revenue CAGR (2 years)
+2.2%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($7,706M ÷ $7,380M) ^ (1÷2) − 1 = 2.2%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
22.8%▲favorable
+4.9pt vs. 2 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,755M ÷ $7,706M × 100 = 22.8%
ROE (FY2025)
6.2%
3-year average: 5.8%
As reported in the 10-K
P/B (FY2025 end)
0.80x
Below 1x (price below book value per share)
formulafiscal year-end closing price ÷ book value per share
e.g.$77.40 ÷ $96.70 = 0.80x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
10.6x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($18,320M + $21,551M − $8,336M) ÷ ($1,755M + $1,229M) = 10.6x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ―
Revenue grew +2.2% a year over 2 years (modest growth)
From $7.38B in FY2023 to $7.71B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 17.8% → 22.8%
How much operating profit is left per $100 of revenue. It moved +4.9 points over 2 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 42.9% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 3 of 3 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ―
ROE averaged 5.8% over 3 years (latest: 6.2%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Worldpay (from FIS and GTCR)
- Acrisure
07 · what it does
Key activities
- Merchant acquiring and payment processing
- Vertical POS and business management software
- Commerce enablement (data analytics, customer engagement, inventory)
06 · what it draws on
Key resources
- About 26,000 team members in 37 countries (end-2025)
- Processing platforms and specialty POS software
- Card network and bank sponsor relationships
02 · why customers buy
Value propositions
- Payment processing and point-of-sale and business software for merchants.
04 · how it keeps them
Customer relationships
- Recurring transaction fees and software subscriptions.
03 · how it reaches them
Channels
- Direct sales force, trade associations, agents, enterprise software partners and financial institutions.
01 · who it serves
Customer segments
- Merchants of all sizes, from SMBs to large enterprises
- Software platforms (from 2026 Platforms segment)
09 · where money goes
Cost structure
FY2025, share of revenue ($7.71B)
- Cost of revenue27.4%
- Selling, general & administrative53.5%
Operating profit left: 22.8% of revenue. Depreciation & amortization (inside the costs above): $1.23B. Capital spending: $618M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Revenue from continuing operations $7,706M (2025)
- US customers 73% of 2025 revenue
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Earns fees for processing card and digital payments for merchants (merchant acquiring) and sells point-of-sale and business management software and related commerce services.
01 what it draws on
Inputs & resources
- About 26,000 team members in 37 countries (end-2025)
- Processing platforms and specialty POS software
- Card network and bank sponsor relationships
02 what it does
Activities
- Merchant acquiring and payment processing
- Vertical POS and business management software
- Commerce enablement (data analytics, customer engagement, inventory)
03 who it serves
Customers
- Merchants of all sizes, from SMBs to large enterprises
- Software platforms (from 2026 Platforms segment)
04 how money comes in
How it earns
- Revenue from continuing operations $7,706M (2025)
- US customers 73% of 2025 revenue
How the business makes money
- Worldpay total purchase consideration $16,983M: 42.8M shares and $6,047M cash to GTCR, plus the Issuer Solutions business transferred to FIS (fair value $15,086M) net of $7,516M cash received.
- GTCR holds about 15.45% of Global Payments shares after closing.
- Sold AdvancedMD (Dec 2024, ~$1.1B) and Heartland Payroll Solutions (Sep 2025, ~$1.1B).
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Global Payments depends on card-network sponsorship and is exposed to sanctions and trade restrictions.
Approvals & licenses
Network sponsorship
Card transactions run through sponsor banks that are members of the card networks.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Trade & export rules
Sanctions and anti-corruption laws
Governments may tighten sanctions, tariffs or trade restrictions affecting the business.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Merchant Solutions
7,706 (100%)
Source: Form 10-K (FY2025) Single reportable segment in 2025 (Issuer Solutions is discontinued). From Q2 2026 the company reports Enterprise, Platforms and SMB segments.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
United States — 73% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
5,625.4 (73%)Outside the United States
2,080.6 (27%)
Source: Form 10-K (FY2025) Calculated from the 10-K: US customers were 73% of 2025 revenue of $7,706M.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
Worldpay (from FIS and GTCR)
Acquired 100% of Worldpay in January 2026 while selling Issuer Solutions to FIS.
Source: Form 8-K (2026-01-12) — Items 1.01/2.01 completion of Worldpay acquisition and Issuer Solutions sale
Business partnership
Acrisure
Mutual referral agreement and long-term commercial partnership entered on the sale of Heartland Payroll Solutions (Sep 2025).
Source: Form 10-K (FY2025)
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Merchants of all sizes in North America, Europe, Asia-Pacific and Latin America.
Named by the company
The 10-K says results are not significantly reliant upon any single customer.
Suppliers
Card networks, sponsor banks and third-party service providers.
Named by the company
No single supplier is named.
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Global Payments competes with financial institutions, fintech companies, traditional payment providers and new entrants; the 10-K names no specific competitors.
Competitors named in the 10-K
The 10-K names competitor categories only.
Peer group the company chose
2025 compensation peer group (18 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Publicly traded technology companies with revenue and market cap near the median and with which it competes for talent.
- Adobesite ↗
- Bread Financial (f/k/a Alliance Data Systems)site ↗
- Automatic Data Processingsite ↗
- Broadridgesite ↗
- Cognizantsite ↗
- Equifaxsite ↗
- Fidelity National Information Servicessite ↗
- Fiservsite ↗
- Corpaysite ↗
- Intercontinental Exchangesite ↗
- Intuitsite ↗
- Mastercardsite ↗
- Paychexsite ↗
- PayPalsite ↗
- Salesforcesite ↗
- TransUnionsite ↗
- Verisk Analyticssite ↗
- Workdaysite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
| Line item | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|
| Income statement ($M) | |||
| Revenue | 7,380 | 7,736 | 7,706 |
| Operating income | 1,316 | 1,975 | 1,755 |
| Pretax income | 782 | 1,530 | 1,260 |
| Net income (attributable) | 986 | 1,570 | 1,400 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 4.8% | -0.4% |
| Operating margincalcoperating income ÷ revenue × 100 | 17.8% | 25.5% | 22.8% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 13.4% | 20.3% | 18.2% |
| Balance sheet ($M) | |||
| Total assets | 50,570 | 46,890 | 53,338 |
| Total equity | 23,280 | 22,856 | 23,578 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 16,368 | 16,326 | 21,551 |
| Equity ratio | 45.5% | 47.5% | 42.9% |
| ROE | 4.4% | 6.9% | 6.2% |
| Cash flow ($M) | |||
| Operating CF | 2,550 | 3,058 | 2,657 |
| Investing CF | -4,361 | -174 | -230 |
| Financing CF | 1,840 | -2,292 | 3,733 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,892 | 2,383 | 2,039 |
| Cash and equivalents | 2,089 | 2,356 | 8,336 |
| Per share & other | |||
| EPS ($) | 3.77 | 6.16 | 5.78 |
| BVPS ($) | 88.33 | 89.59 | 96.70 |
| Dividend per share ($) | 1.00 | 1.00 | 1.00 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 26.5% | 16.2% | 17.3% |
| P/E (x) | 33.7 | 18.2 | 13.4 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 19.3 | 13.1 | 10.6 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.44 | 1.25 | 0.80 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Periods below 1x are shown in red. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $3.31B+63.7% | $246M-68.2% | $281M-55.8% | $1.06 |
| 2026-06-30 | $3.32B+68.6% | $337M-14.3% | $13M-94.6% | $0.05 |
| 2026-03-31 | $2.97B+63.1% | −$16M-104.2% | −$1.8B-688.7% | $-6.59 |
| 2025-12-31 † | $1.9B+40.8% | $215M-64.4% | $218M-61.6% | — |
| 2025-09-30 | $2.02B | $774M | $635M | $2.64 |
| 2025-06-30 | $1.97B | $393M | $242M | $0.99 |
| 2025-03-31 | $1.82B | $372M | $306M | $1.24 |
| 2024-12-31 † | $1.35B | $604M | $567M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
Data left out of this analysis
- FY2020, FY2021, FY2022: FY2020–FY2022 were not recast for the Issuer Solutions business (discontinued operations from 2025), so they are not comparable.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
3.4%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,755M × (1 − 19%) ÷ $42,156M × 100 = 3.4%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
6.39%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $18.32B ÷ ($18.32B + $21.55B) = 45.9%
e.g.Debt weight: $21.55B ÷ ($18.32B + $21.55B) = 54.1%
e.g.WACC: 11.1% × 45.9% + 2.9% × (1 − 19%) × 54.1% = 6.39%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 5.5%–7.5% and ROIC − WACC runs −4.1 to −2.1 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 6.39% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.12 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 11.11%
- Cost of debt
- 2.94%
- Tax rate
- 19% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 46% : 54%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 6.39%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.12 (price-derived adjusted beta. Raw β 1.19, R² 0.20, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.185 + 0.33 = 1.124
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.12 × 5.5% = 11.1%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
0.8%
Perpetual FCF growth: g = r − FCF ÷ EV = 6.4% − 5.6%
Past FCF growth (FY2023–FY2025)
+3.8%
Compound annual rate, 2 years
Past revenue growth (FY2023–FY2025)
+2.2%
Compound annual rate, 2 years
Inputs (FY2025): free cash flow $2.04B (operating CF − capex); enterprise value $36.42B = market cap $23.21B (latest close, 2026-11-04) + debt $21.55B − cash and short-term investments $8.34B; r = WACC of 6.4% using this page’s default assumptions (β 1.12, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$36.41B
FCF $2.04B ÷ (6.4% − 0.8%)
Theoretical ÷ actual enterprise value
1.00x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 4.4% | 5.4% | 6.4% | 7.4% | 8.4% |
|---|---|---|---|---|---|
| 0% | 1.27x | 1.04x | 0.87x | 0.76x | 0.67x |
| 2% | 2.33x | 1.65x | 1.27x | 1.04x | 0.87x |
| 4% | 14.00x | 4.00x | 2.33x | 1.65x | 1.27x |
| 6% | — | — | 14.00x | 4.00x | 2.33x |
| 8% | — | — | — | — | 14.00x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
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Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.14x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -2.5%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 139%
Most profit comes from core operations.
- ✓
Days sales outstanding: 55 → 37 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$2,657M ÷ $1,400M = 1.90x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,755M ÷ $1,260M × 100 = 139%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($788M + $784M) ÷ 2 ÷ $7,706M × 365 = 37 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 100%+
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- ≈0%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 21 of 416
- Beta (adjusted)
- 1.12
Reported total 106.7%
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 5% of covered companies have more
above 1 = swings more than the market
- 282.4M shares reported by 795 13F filers ÷ 264.6M shares outstanding on 2026-07-31. Option positions are excluded.
- The 13F total exceeds shares outstanding because some shares are reported twice — for example shares lent to short sellers and then bought by another manager, or holdings that overlapping managers both report.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-17 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-31)
20
Strengths & weaknessesSite analysis
Strengths
1. Scale after Worldpay
First-half 2026 revenue rose to $6,290M from $3,790M, with Worldpay adding revenue in all three segments.
Evidence: Form 10-Q (quarter ended 2026-06-30)
2. Cash generation
Operating cash flow of $2,657M in 2025 against capital expenditures of $618M.
Evidence: Form 10-K (FY2025)
3. Shareholder returns
Accelerated share repurchases of $550M (Feb 2026) and $500M (May 2026); quarterly dividend $0.25.
Evidence: Form 8-K (2026-05-07) — Item 8.01 $500 million accelerated share repurchase
Weaknesses
1. High leverage
Long-term debt rose to $21,493M at June 30, 2026 from $19,542M at end-2025 after Worldpay financing.
Evidence: Form 10-Q (quarter ended 2026-06-30)
2. Integration costs
First-half 2026 operating income fell to $321M from $765M and interest expense rose to $520M from $301M.
Evidence: Form 10-Q (quarter ended 2026-06-30)
3. Large intangibles
Worldpay added $16,404M of identifiable intangible assets plus goodwill; impairments are a stated risk.
Evidence: Form 10-Q (quarter ended 2026-06-30)
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
13.4x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
1.29%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
17%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
11.1%
(Operating CF − capex) ÷ market cap
1. Merchant scale
Worldpay adds enterprise merchant acquiring at scale.
- What has to hold
- Integration delivers synergies.
- The other side
- Integration costs and higher interest expense weigh on earnings.
Evidence: Form 10-Q (quarter ended 2026-06-30)
2. Buybacks
$1,050M of ASRs in H1 2026; $676.5M authorization remaining at end-2025.
- What has to hold
- Cash flow funds both debt paydown and buybacks.
- The other side
- High leverage.
Evidence: Form 10-K (FY2025)
Revenue is from continuing operations (Issuer Solutions discontinued). FY2020–FY2022 are dropped because they were not recast. Net income includes discontinued operations.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
4.3x
$8.34B vs. $1.92B
Interest coverage (operating income ÷ interest expense)
2.8x
$1.75B vs. $634M
Free cash flow ÷ dividends paid
8.5x
$2.04B vs. $239M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -0.4% in FY2025 ($7.74B → $7.71B) | Not yet, as of FY2025 |
| Operating income | -11.1% in FY2025 ($1.97B → $1.75B) | Not yet, as of FY2025 |
Covers only the 3 fiscal years on record (FY2023–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Recurring processing fees
Operating cash flow stayed above $2.5B in each of 2023–2025.
Source: Form 10-K (FY2025)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Global Payments discloses only claims and lawsuits incidental to its business, which it does not expect to be material.
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-06-30) — Note 16, Legal Matters, reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1M&A & integration
Worldpay integration
- Company disclosure (summarized from the 10-K)
- Expected synergies ($600M run-rate by end-2028) and benefits of the Worldpay acquisition may not be realized.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2Competition & technology shift
Competitive payments market
- Company disclosure (summarized from the 10-K)
- Competes with financial institutions, fintech companies, traditional payment providers and new entrants.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Funding & liquidity
Debt and credit ratings
- Company disclosure (summarized from the 10-K)
- Significant debt; rating downgrades could raise financing costs.
- Company’s stated mitigation
- We have sought to reduce our interest rate risk through the issuance of fixed rate debt in place of variable rate debt and through interest rate swap hedging arrangements that convert a significant portion of the eligible variable rate borrowings under our revolving credit facility to a fixed rate.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Information security
Data breaches
- Company disclosure (summarized from the 10-K)
- Processes large volumes of cardholder data; a breach could cause losses and fines.
- Company’s stated mitigation
- We have adopted policies and procedures as part of our information security program, as well as an incident response plan, that are designed to facilitate the identification, assessment and management of those risks, including any risks that have the potential to be material.
- This site’s assessment
- Impact High / Likelihood Med
- 5Law & regulation
Payments regulation
- Company disclosure (summarized from the 10-K)
- Subject to card network rules and payments, privacy and data localization regulation.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
The acquisition and integration of Worldpay involves a number of risks. Read more
The combination of two independent businesses is complex, costly and time consuming, and we will be required to devote significant management attention and resources to integrating the business practices and operations of Worldpay. Potential difficulties that we may encounter as part of the integration process include the following:
• The inability to successfully combine the business of Worldpay in a manner that permits us to achieve, on a timely basis, or at all, the enhanced revenue opportunities and cost savings and other benefits anticipated to result from the acquisition;
• Complexities associated with managing the combined businesses, including difficulty addressing possible differences in corporate cultures and management philosophies and the challenge of integrating complex systems, technology, networks and other assets in a seamless manner that minimizes any adverse impact on customers, suppliers, employees and other stakeholders (with such complexities heightened because we are managing the separation of our Issuer Solutions business, which was recently divested to FIS, at the same time we are managing the integration of Worldpay);
• Our ability to retain personnel after the Worldpay Acquisition, including Worldpay's key management, who may be critical to our future operations, which could disrupt our operations, loss of existing customers, loss of key information, expertise or know-how and unanticipated additional recruitment and training costs;
• Our ability to manage the combined, now significantly larger, Merchant Solutions business, including challenges related to management and monitoring of new operations and the associated increased costs and complexity of the combined business;
• Potential adverse reactions or changes to business relationships resulting from the Worldpay Acquisition, including as it relates to our or Worldpay's ability to successfully renew existing client contracts on favorable terms or at all and obtain new clients;
• There may be potential adverse reactions or changes to business relationships resulting from the acquisition or joint venture, including as it relates to our or the acquired company's or our joint venture partners' ability to successfully renew existing client contracts on favorable terms or at all and obtain new clients;
Many merchants in our enterprise merchant segment have non-exclusive agreements with multiple providers of payment processing services and receive services simultaneously from multiple providers. Read more
These large merchants frequently have the contractual right and the technical capabilities to redirect and reallocate transaction volume between payment processors at any time and in their discretion. There are many reasons why an enterprise merchant may decide to direct transaction volume away from us including a failure by us to provide services in accordance with merchants’ expectations and an offer for more competitive pricing by another provider. If our enterprise customers shift significant transaction volume to other providers, it will adversely affect our business, financial condition, results of operations and cash flows.
No longer in the text (4)
• Consolidation among financial institutions or among retail customers, including the merger of our customers with entities that are not our customers or the sale of portfolios by our customers to entities that are not our customers, could materially affect our business, financial condition, results of operations and cash flows.
• If we do not renew or renegotiate our agreements on favorable terms with our customers within the Issuer Solutions segment, our business will suffer. Read more
The timing of the conversions or deconversions of card portfolios could also affect the amount and timing of our revenues and expenses.
Consolidation among financial institutions or among retail customers, including the merger of our customers with entities that are not our customers or the sale of portfolios by our customers to entities that are not our customers, could materially affect our business, financial condition, results of operations and cash flows.
Consolidation among financial institutions, particularly in the area of credit card operations and consolidation in the retail industry, is a risk that could negatively affect our existing customer agreements and future revenues. Read more
In addition, consolidation among financial institutions has led to an increasingly concentrated customer base, which results in a changing mix toward larger customers. Continued consolidation among financial institutions could increase the bargaining power of our current and future customers and further increase our customer concentration. Consolidation among financial institutions and retail customers and the resulting loss of any significant number of customers by us could have a material adverse effect on our business, financial condition, results of operations and cash flows.
6 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 20, 2026 ↗ with the 10-K filed Feb 14, 2025 ↗.
26
What to watch going forwardSite analysis
- Worldpay integration and progress toward $600M of run-rate expense synergies.
- Debt reduction after the Worldpay financing.
- Growth in the new Enterprise, Platforms and SMB segments.
- Pace of share repurchases.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 25, 2026 · Financial data fetched: October 25, 2026 03:26 (SEC EDGAR) · Source 10-K filed: February 20, 2026
Built on10-K FY2025 · filed 2026-02-20Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Global Payments’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.